Wikipedia:WikiProject Trains/ICC valuations/Lehigh Coal and Navigation Company


 * Extract from :

The Lehigh Coal and Navigation Company (LC&N or LC&N Co.) is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa. The Lehigh Coal and Navigation Company is engaged in mining and marketing anthracite coal in the Lehigh region of the Pennsylvania coal fields and is also the owner of a standard-gauge railroad extending from Phillipsburg, N. J., to Union Junction, Pa. This road is designated by it and commonly known as the Lehigh and Susquehanna Railroad.
 * LEHIGH COAL, AND NAVIGATION COMPANY (LEHIGH AND SUSQUEHANNA RAILROAD)
 * INTRODUCTORY

The Lehigh Coal and Navigation Company is controlled by no single interest. The records do not indicate that the company controls any common-carrier corporation. It is, however, the intermediate lessee of the properties of the Tresckow Railroad and the Nesquehoning Valley Railroad. Its leasehold rights in these two companies, excepting a tunnel owned by the Nesquehoning Valley Railroad, are assigned to the Central of New Jersey. The obtainable accounting records of the Lehigh Coal and Navigation Company date from May, 1821. The data therein pertaining to the Lehigh and Susquehanna date from the year 1837. The records were found to be incomplete and for that reason only partial information can be given from the accounts in connection with the finances, operation, investment in road and equipment, and original cost.

From the date the road was placed in operation the property designated as the Lehigh and Susquehanna Railroad was operated by the Lehigh Coal and Navigation Company as owner until March 31, 1871. From this date it was operated by the Central of New Jersey and its receivers and lessee until December 31, 1917, under lease agreement. On January 1, 1918, the common-carrier property was taken over for operation by the United States Railroad Administration (USRA), which operates it on date of valuation.

The Lehigh Coal and Navigation Company constructed the Lehigh and Susquehanna pursuant to the provisions of certain special acts of the General Assembly of Pennsylvania and a special act of the Legislature of New Jersey. The first act was approved March 13, 1837, and authorized the construction of a railroad to connect the North Branch division of the Pennsylvania Canal with the slack water navigation of the Lehigh Canal. By a special act approved March [sic], 1863, authority was granted to extend the road from White Haven to Mauch Chunk, Pa.; this act also extended to the Lehigh Coal and Navigation Company certain provisions of the general laws relating to construction, maintenance, use, and management of railroads. On March 16, 1864, an act was approved, supplementary to the one of March 4, 1863, to authorize the extension of the road from Mauch Chunk to the Delaware River and to bridge the river. By a special act of the Legislature of New Jersey, approved April 6, 1865, the Lehigh Coal and Navigation Company was granted the right to bridge the Delaware River at or near Easton, Pa., and extend its road to the east bank [of the Delaware River, so Phillipsburg, New Jersey and a junction with the CNJ, the Central Railroad of New Jersey]. The Lehigh Coal and Navigation Company also succeeded to the corporate use of two other corporations, namely, the Lehigh and Delaware Water Gap Railroad Company and the Nanticoke Railroad Company.
 * CORPORATE HISTORY

The following chart shows the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately [...]

In the year 1837, the Lehigh Coal and Navigation Company began construction of the road and completed what was known as the "upper portion" in the year 1848. Construction work was suspended until 1863, and in 1868, the main line, including the road originally projected by the Lehigh and Delaware Water Gap and the Nanticoke Railroad, had been put in operation. The several sections of the main line and the branch roads were completed and placed in operation as indicated below.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Main line

 * Ashley to South Wilkes-Barre, Pa., 1843 2.000
 * White Haven to Soloman's Gap, Pa., 1843 15.000
 * Mauch Chunk to White Haven, Pa., 1866 24.000
 * Soloman's Gap to Ashley, Pa., 1866 12.000
 * South Wilkes-Barre to Wilkes-Barre, Pa., 1866 1.400
 * Wilkes-Barre to Union Junction, Pa., 1867 5.000
 * Mauch Chunk to Phillipsburg, Pa. Phillipsburg, New Jersey, 1868 46.000
 * Total 105.400

Branch roads
 * Ashley Planes branch, 1843 2.700
 * Lee Mine branch, 1862 1.970
 * Nanticoke branch:
 * Gardners Switch to Wanamie, Pa., 1862 13.000
 * Wanamie to Lee, Pa., 1885 3.980
 * Canal branch:
 * Miners Mill to Enterprise breaker, 1862 3.850
 * Enterprise Breaker to Plains Junction, 1896 1.250
 * Upper Lehigh branch, 1867 9.350
 * Everhart branch, 1867 3.030
 * North Pennsylvania connection, 1867 .330
 * Coplay branch, 1870 .640
 * Carbon branch, 1873 .500
 * Sandy Run branch, 1875 2.570
 * Drifton branch, 1876 10.500
 * Allen Cement branch, 1888 .770
 * Standard Cement branch, 1892 .560
 * Buttonwood branch, 1894 2.190
 * Total 57.090
 * Less portion of Drifton branch abandoned in 1901 8.150
 * Net total, branch roads 48.940
 * Grand total 154.340
 * Difference between recorded mileage and mileage inventoried 1.567
 * Mileage inventoried as of date of valuation 155.907

The mileage includes the projected and partly constructed road of the Lehigh and Delaware Water Gap, which the Lehigh Coal and Navigation Company acquired under the terms of an agreement dated July 10, 1867, and also the projected and partly constructed road of the Nanticoke Railroad, which the Lehigh Coal and Navigation Company acquired under the terms of an agreement dated July 9, 1867. The property thus acquired was merged and consolidated with the property designated Lehigh and Susquehanna Railroad.


 * HISTORY OF CORPORATE FINANCING