Wikipedia:WikiProject Trains/ICC valuations/Lehigh Valley Railroad

Interstate Commerce Commission, Valuation Reports, Volume 34

Location and General Description of Property
The railroad of the Lehigh Valley Railroad Company, herein called the Lehigh Valley, is a standard-gage steam railroad, located in the States of New York, New Jersey, and Pennsylvania. The railroad owned by this company lies almost wholly in the State of Pennsylvania, except for a short section of the main line across the Delaware River into New Jersey, and some yard tracks and terminal property in New York, N. Y. It extends from Phillipsburg, N. J., to Wilkes-Barre, Pa., and from Penn Haven Junction, via Hazleton, to Mount Carmel, all in Pennsylvania. The Lehigh Valley solely uses under lease terminal property in New York, Buffalo, Suspension Bridge, Rochester, and North Fair Haven, N. Y.; and Wilkes-Barre, Pa.

The system operated by the Lehigh Valley, consisting of its owned and leased lines, embraces a main stem, with numerous lateral lines, extending from its termini at Jersey City, N. J., to Buffalo, N. Y., and running a general northwesterly direction across the State of New Jersey, through the anthracite coal region of northeastern Pennsylvania, into central and extreme western New York. The Lehigh Valley also has an entrance into the city of New York, which it reaches by ferry from Jersey City. In addition to its rail lines, the Lehigh Valley operates a fleet of sea-going tugs and barges for the transportation of coal between its eastern terminals and various New England coastwise points, and a line of steamships on the Great Lakes between Buffalo, N. Y., Chicago, Ill., and Duluth, Minn., for the transportation of coal, iron ore, and other commodities between these points.

The main stem of the system between Jersey City, N. J. and Buffalo, N. Y., 447 miles, is double track throughout, with third and fourth tracks on some of the principal grades and approaches to important terminals. Other important double-track main lines extend from Penn Haven Junction to Mount Carmel, Pa., and from South Plainfield to Perth Amboy, N. J. Of the entire operated lines about 49 per cent is single track, 41 per cent double track, 7 per cent three track, and 3 per cent four track.

The Lehigh Valley wholly owns 324.225 miles of road, all of which it uses. It also wholly uses 1,085.329 miles of road owned by other companies, of which 2.588 miles, from New Boston Junction to Lehigh Colliery, Pa., are owned by the Mill Creek Coal Company and 0.572 mile at Perth Amboy, N. J., is owned by the Raritan Terminal & Transportation Company, both noncarrier corporations. The remaining mileage, owned by lessors of the Lehigh Valley, is described in the paragraphs below. In addition to the above, 0.041 undivided mile, shown in Appendix 1, is jointly owned by a lessor with another carrier, and the railroad of the Bay Shore Connecting Railroad, 1.103 undivided miles, is used jointly with The Central Railroad Company of New Jersey.

The Lehigh Valley wholly owns and uses 926.905 miles of all tracks, wholly owns but does not use 0.245 mile of all tracks, and wholly uses but does not own 2,458.245 miles. These tracks, consisting of first main track, second and other main tracks, and yard tracks and sidings, are classified in the trackage table in Appendix 1. In addition to the above, the Lehigh Valley jointly uses but does not own 3.397 undivided miles of all tracks, of which 0.647 mile is jointly owned by its lessors with other carriers, and 2.750 miles is wholly owned by the Bay Shore Connecting Railroad Company, but is jointly used by the Lehigh Valley and The Central Railroad Company of New Jersey, as shown in the trackage table in Appendix 1.

Introductory
The Lehigh Valley is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa.

It is controlled by its stockholders, no one of whom owns a majority of the capital stock.

On the other hand, the Lehigh Valley solely controls, through ownership of capital stock to the extent indicated below, the transportation companies listed hereunder, whose several common-carrier properties it operates: In addition, The Lehigh Valley solely controls, through ownership of all the capital stock, the Lehigh Valley Harbor Terminal Railway Company, whose property is under construction on date of valuation. It also solely controls, through ownership of capital stock to the extent indicated below, the following noncarrier corporations, whose properties it uses, under lease: The Lehigh Valley controls jointly with other companies, through ownership of capital stock to the extent indicated, the following named companies, the properties of which are separately operated: In the chapter on investments in other companies, will be found detailed the ownership by the Lehigh Valley of stocks of certain other corporations. The records reviewed do not indicate the extent of control vested in the Lehigh Valley by virtue of such holdings.

The property of the Lehigh Valley has been operated by its own organization during its entire life.

Corporate History
The Lehigh Valley was Incorporated by special act of Pennsylvania, approved April 21, 1846, under the name of The Delaware, Lehigh, Schuylkill and Susquehanna Railroad Company. Its name was changed to Lehigh Valley Railroad Company by special act of the above named State, approved January 7, 1853.

Since its incorporation, the Lehigh Valley has acquired the franchises, rights, and properties of five companies. The Lehigh Valley, itself, and those corporations, together with their predecessors, total seven corporations, of which four underwent a change of name, and comprise the line of corporate succession culminating in the Lehigh Valley as at present constituted.

The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Development of Fixed Physical Property
The road wholly owned by the Lehigh Valley, amounting to 324.225 miles, was acquired through construction, merger, and purchase.

The data with respect to the miles of road constructed, the years in which the various portions of the line were constructed, and the manner in which the Lehigh Valley acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained:

Leased Railway Property
The Lehigh Valley uses on date of valuation property owned by other companies and other companies use property owned by the Lehigh Valley to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation are as follows:

Lessor Companies

 * Loyalsock Railroad
 * Pennsylvania and New York
 * Easton and Northern
 * Schuylkill and Lehigh Valley
 * Lehigh Valley Rail Way
 * Hayts Corners, Ovid and Willard
 * Lehigh and New York
 * Lehigh Valley of New Jersey
 * Montrose Railroad
 * Delaware, Susquehanna and Schuylkill
 * Lehigh-Buffalo Terminal
 * Lehigh Valley Transportation Company

President and Directors of the Beaver Meadow Railroad and Coal Company
The President and Directors of the Beaver Meadow Railroad and Coal Company was incorporated by special act of Pennsylvania approved April 7, 1830. The company’s franchises, rights, and property were acquired by the Lehigh Valley on July 8, 1864. On date of demise the company owned about 21.67 miles of railroad located in Pennsylvania. The main line, about 20.58 miles in length, extended from Mauch Chunk to Leviston, Pa., with a branch about 1.09 miles in length. Of the total mileage owned, about 19.97 miles were constructed between 1833 and 1836, and about 1.70 miles were purchased in 1853 from the Hazleton Railroad Company. The accounting records of the company prior to January 5, 1853, have not been obtained. The information contained herein has been obtained from the accounting records subsequent to the above date, and other data referred to.

Penn Haven and White Haven Railroad
The Penn Haven and White Haven Railroad Company was incorporated by special act of Pennsylvania approved May 4, 1857. Its franchises, rights, and property were acquired by the Lehigh Valley on August 5, 1864. At date of its demise the company owned about 14.83 miles of railroad extending from Penn Haven to White Haven, Pa. The property was constructed by sundry contractors under supervision of the Lehigh Valley, which provided the necessary funds. The property of the company was operated by the Lehigh Valley, which included the results of operation in its own accounts.

The Lehigh and Mahanoy Railroad
Introductory

The Lehigh and Mahanoy Railroad Company was incorporated on December 8, 1862, under the laws of Pennsylvania. Its franchises, rights, and property were acquired by the Lehigh Valley on June 20, 1866. At date of its demise, the company owned about 46.91 miles of railroad located in Pennsylvania. The main line, about 39 miles in length, extended from Black Creek Junction to Mount Carmel, with two branches aggregating about 7 miles.

Development of Fixed Physical Property

Of the 46.91 miles of road owned by The Lehigh and Mahanoy Railroad Company on date of its demise, it had acquired 16.66 miles by purchase from the Quakake Railroad Company and 30.25 miles by construction. Details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Lehigh Valley. Relative to the branch from Laurel Junction to New Boston Junction, included in the constructed mileage above, the Lehigh Valley's corporate history states: "Apparently a discrepancy exists in records as a deed indicates that part of line was purchased in 1887."

Quakake Railroad
Quakake Railroad Company was incorporated by special act of Pennsylvania approved April 25, 1857. Its property was sold under foreclosure proceedings on June 11, 1862, and acquired by The Lehigh and Mahanoy Railroad Company on December 8, 1862. At date of its demise the company owned about 16.66 miles of railroad, extending from Black Creek Junction to Pine Junction, Pa. Of this mileage about 12 miles was acquired in 1857 from the Catawissa, Williamsport and Erie Railroad Company, which constructed the 12 miles of road in question as a part of its property. The remainder of about 5 miles of road was constructed by the Quakake Railroad Company in 1858.

Hazleton Railroad, Formerly Named Hazleton Coal Company
Introductory

The Hazleton Railroad Company was incorporated by special act of Pennsylvania approved March 18, 1836, as the Hazleton Coal Company. Its name was changed to that first mentioned by special act of Pennsylvania, approved March 9, 1865. Effective May 25, 1868, the franchises, rights, and property of the company were acquired by the Lehigh Valley.

Development of Fixed Physical Property

The company acquired by construction about 15.23 miles of railroad, including 0.23 mile of branch line, extending from Penn Haven Junction to Hazleton, Pa. The main line was built in 1838 and the branch line in 1841. In 1853 the Hazleton Coal Company sold to the President and Directors of the Beaver Meadow Railroad and Coal Company about 1.70 miles of road between Penn Haven Junction and Hazle Creek Junction, and abandoned about 5 miles of road between Hazle Creek Junction and Penn Haven Junction. On the date of its demise the Hazleton owned about 8.53 miles of road, including the 0.23 mile of branch line, extending from Hazle Creek Junction to Hazleton, Pa.

Lehigh Luzerne Railroad; The Lehigh Luzerne Railroad; Jeddo and Carbon County Railroad
Lehigh Luzerne Railroad Company was incorporated by special act of Pennsylvania approved March 23, 1854, as the Jeddo and Carbon County Railroad Company. By special act approved February 12, 1856, the name was changed to The Lehigh and Luzerne Railroad Company, and by special act approved April 8, 1857, the name was again changed to the Lehigh Luzerne Railroad Company. On June 16, 1868, the company's franchises, rights, and property were acquired by the Lehigh Valley.

At date of its demise the company owned about 10.68 miles of road situated in Pennsylvania. The main line extended from Ashmore to Freeland, about 5.58 miles, with two branches aggregating 5.10 miles. The property was acquired by construction and opened for operation in 1861. The corporate history of the Lehigh Valley states that a branch about 2.5 miles long was also constructed and later lifted.