Wikipedia:WikiProject Trains/ICC valuations/Elmira and Williamsport Railroad

Interstate Commerce Commission, Volume 22, Valuation Reports

Elmira and Williamsport Railroad
The railroad of the Elmira and Williamsport Railroad Company, herein called the Elmira and Williamsport, is located in New York and Pennsylvania and extends from Williamsport, Pa., to Elmira, N. Y., 73.517 miles. With the exception of 1.800 miles of second main track the railroad is single track.

Introductory
The Elmira and Williamsport is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa. The records reviewed do not indicate that the Elmira and Williamsport is controlled by any individual or corporation, nor, that it controls any common-carrier corporations. The property of the Elmira and Williamsport has been operated during its corporate life as indicated below.


 * By receiver. May 11, 1860, to July 17, 1860.
 * By own organization. July 17, 1860, to Apr. 30, 1863.
 * By The Northern Central Railway Company. May 1, 1863, to Dec. 31, 1910.
 * By Pennsylvania Railroad. Jan. 1, 1911, to Dec. 31, 1917.

On January 1, 1918, the common-carrier property of the Elmira and Williamsport was taken over for operation by the United States Railroad Administration as a part of the operating system of the Pennsylvania Railroad and it is so operated on date of valuation.

Corporate History
The Elmira and Williamsport was incorporated March 12, 1860, under special act of the State of Pennsylvania, and by articles of association dated April 17, 1860, for the purpose of acquiring the property, rights and franchises of the Williamsport and Elmira Rail-Road Company, which was done. The latter company was incorporated June 9, 1832, under special act of the State of Pennsylvania. Under special act of the State of New York, April 9, 1850, it was granted authority to extend its road from the Pennsylvania-New York State line to Elmira, N. Y. The property, rights and franchises of the Williamsport and Elmira Rail-Road Company were, under special act of the State of Pennsylvania, April 5, 1849, sold at foreclosure on October 1, 1849, and were conveyed by deed of a sequestrator, dated October 6, 1849, to William Chester, et al. Under special act of the State of Pennsylvania, March 11, 1851, the purchasers became stockholders of the corporation, and, by deed dated March 12, 1853, they reconveyed the property to the Williamsport and Elmira Rail-Road Company. The property, rights and franchises of the company were again sold at foreclosure on April 18, 1860, after receivership begun about September 22, 1859, to interests which conveyed the property to the Elmira and Williamsport by deed dated May 11, 1860. The date of organization of the Elmira and Williamsport was April 17, 1860.

Development of Fixed Physical Property
The owned mileage of the Elmira and Williamsport, 73.517 miles, was all acquired by purchase after foreclosure proceedings from the Williamsport and Elmira Rail-Road Company. It was constructed by that company as indicated in the following statement:

Constructed by the Williamsport and Elmira Rail-Road Company:
 * Williamsport to Ralston, Pa., 1834, to Jan. 12, 1837, reconstructed 1862-1854. 24.00
 * Ralston, Pa., to Elmira, N. Y., 1852-1854. 51.50
 * 75.50
 * Less remeasurement or readjustment by the Elmira and Williamsport. 2.01
 * Total. 73.49
 * Difference between total recorded mileage and mileage inventoried. 0.027

Mileage inventoried as of date of valuation. 73.517

Leased Railway Property
The property of the Elmira and Williamsport was solely operated by the Pennsylvania Railroad under lease, from January 1, 1911, to December 31, 1917. From January 1, 1918, to date of valuation the property has been operated by the United States Railroad Administration as a part of the operating system of the Pennsylvania Railroad. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the Pennsylvania Railroad.

Williamsport and Elmira Rail-Road Company
Introductory

This company was incorporated June 9, 1832, in Pennsylvania. On April 9, 1850, it was granted authority to extend its railroad into the State of New York. No accounting records of the company, for the period from the date of its incorporation to February, 1853, were obtained, and the accounting records obtained for the period subsequently thereto are incomplete and fragmentary. For these reasons only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on April 18, 1860, the date of sale, nor whether it then controlled any common-carrier corporation. The property was operated during its corporate life as indicated below:


 * By own organization. About Jan., 1837, to about Apr. 4, 1849.
 * By sequestrator. About Apr. 5, 1849, to Oct. 5, 1849.
 * By own organization. Oct. 6, 1849, to about Sept. 21, 1859.
 * By receiver. Sept. 22, 1859, to Apr. 27, 1860.

From April 28, 1860, the property was operated by Edward S. Whelen, purchaser at foreclosure, until May 11, 1860, the date it was conveyed to the Elmira and Williamsport. The railroad owned amounted to 75.50 miles, and consisted of a single-track, standard-gauge, steam railroad, extending from Williamsport, Pa., to Elmira, N. Y.

Development of Fixed Physical Property

The entire road had been acquired by construction between 1834–1854. The records reviewed indicate that about 51.50 miles of the road was constructed under contract by King, Stancliff and Company, apparently independent contractors. This contract also possibly covered the reconstruction in 1852–1854, of about 24 miles. It is not known whether the original construction work of the 24 miles referred to above was performed by company forces or by contract.