Wikipedia:WikiProject Trains/ICC valuations/Lehigh and Hudson River Railway

Interstate Commerce Commission, Valuation Reports, Volume 137

Location and General Description of Property
The railroad of The Lehigh and Hudson River Railway Company, herein called the carrier, is a standard-gauge, steam railroad, located in New York, New Jersey, and Pennsylvania. The main line consists of two disconnected sections, one extending southwesterly from Maybrook, N. Y., to Belvidere, N. J., 72.047 miles. The other section extends from Phillipsburg, N. J., to Easton, Pa., 1.128 miles, and includes a railroad bridge across the Delaware River and a large freight yard at Phillipsburg. The carrier has trackage rights over the line operated by The Pennsylvania Railroad Company between Belvidere and Phillipsburg, N. J., 13.43 miles, thus affording a connection of the two sections of its main line. It also has trackage rights over lines of other carriers between Andover Junction and Port Morris, N. J. The carrier owns and uses 73.175 miles of first main track, 0.438 mile of second main track, and 57.506 miles of yard tracks and sidings. Its road thus embraces 131.119 miles of all tracks owned and used, as shown in the trackage table in Appendix 1.

Economic Conditions Relating to Traffic
The surrounding country is well developed agriculturally. Considerable attention is given to dairying and truck gardening. No coal is mined along this road but great quantities are received from connecting carriers and shipped over this line, en route to New England States.

Physical Characteristics of Road
The grading is comparatively heavy, averaging about 35,000 cubic yards per mile, of which about 3 per cent is solid rock and 1 per cent loose-rock excavation. The most important bridge on the road is that crossing the Delaware River. This structure is 1,310 feet in length and consists of 4 through-pin-connected truss spans and 10 deck-plate girder spans, on 2 stone abutments, 7 stone and concrete piers, and 8 concrete pedestals. The crossties in the main track average about 2,800 to the mile and are about 50 per cent treated. The rail in the main track is new 100 and 80 pound, the former predominating. The tracks are ballasted with sand, gravel, and cinders.

Introductory
The carrier is a corporation of the States of New York and New Jersey, having its principal office at Warwick, N. Y. Articles of consolidation covering the consolidation of certain companies that finally culminated in the present company indicate that the Lehigh and Hudson River Railroad Company and the Pequest and Walkill Railroad Company were consolidated in 1881 to form The Lehigh and Hudson River Railroad Company; that in 1882 the last-mentioned company and the Warwick Valley Railroad Company were consolidated to form the Lehigh and Hudson River Railway Company; that in 1907 the last-mentioned company and the Orange County Railroad Company were consolidated to form a company which was also called The Lehigh and Hudson River Railway Company; and that in 1912 the last-mentioned company, the South Easton and Phillipsburg Railroad Company of New Jersey, the South Easton and Phillipsburg Railroad Company of Pennsylvania, and the Mine Hill Railroad Company were consolidated to form the present company which is also called The Lehigh and Hudson River Railway Company. However, there is but one set of accounts recording the transactions of the Lehigh and Hudson River Railroad Company, The Lehigh and Hudson River Railroad Company, and the three companies each styled The Lehigh and Hudson River Railway Company. There were no entries made as of the dates of the several consolidations to close the accounts of the several consolidated companies and to record the formation of the several new companies. Owing to the accounts having been stated in this manner, the accounting data in this report treats of these five companies collectively, and they will be considered as included within the term "carrier." The properties of the several other companies hereinbefore mentioned were treated in the accounts as having been acquired by merger and are so reported upon in the chapters devoted to financial dealings, corporate operations, and investments.

The records reviewed do not indicate whether the carrier was controlled by any individual, association, or corporation on date of valuation, nor, on the other hand, whether it controls any common-carrier corporation. The property of the carrier has been operated by its own organization from the dates the various sections of its road were acquired to December 31, 1917. As of January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, and is so operated on date of valuation.

Corporate History
The carrier was incorporated under the general laws of the State of New York and New Jersey for the purpose of acquiring the property, rights, and franchises of The Lehigh and Hudson River Railway Company (second corporation), the South Easton and Phillipsburg Railroad Company of New Jersey, the South Easton and Phillipsburg Railroad Company of Pennsylvania, and the Mine Hill Railroad Company. Pursuant to the above purpose, the carrier acquired at its organization the property, rights, and franchises of the four railroad corporations named. The company, itself, and those corporations, together with their predecessors, total 13 different corporations and comprise the line of corporate succession culminating in the carrier 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 number shown in the first column.

Development of Fixed Physical Property
The owned mileage of the carrier, about 73.62 miles, was all acquired in the consolidation of 1912. Of the 12 corporations that comprise the line of succession culminating in the carrier as at present constituted, The Lehigh and Hudson River Railway (second corporation) and the Pequest and Walkill[sic] Railroad Company did not construct any road or other common-carrier property. The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the carrier acquired the property, are indicated in the following table, wherein to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.

The records reviewed indicate that the portion of the road from Belvidere to Hamburg, N. J., was constructed under contract by the Delaware Construction Company. The extent of affiliation, if any, that existed between that company and the several companies for which the property was constructed was not ascertained.

Leased Railway Property
The carrier on December 31, 1917, used property owned by other companies, and other companies used property owned by the carrier to the extent indicated. The arrangements for the use of the properties have been continued by the United States Railroad Administration and are in effect as of date of valuation. The terms of use and the rentals accrued and charged or credited to income for the year ending December 31, 1917, have not been obtained. A description of such property follows.


 * Solely owned but jointly used, used with The Pennsylvania Railroad company, tracks, 73.33 miles, from Belvidere, N. J., to Maybrook, N. Y.; term 99 years from Feb. 27, 1889.
 * Jointly used, but not owned, owned by—
 * The Belvidere Delaware Railroad Company, tracks, 13.43 miles, from Belvidere to Phillipsburg, N. J.; term 99 years from Feb. 27, 1889, station facilities at Belvidere, N. J.
 * The Sussex Railroad Company, tracks, 7.66 miles, from Andover Junction to Netcong, N. J.
 * The Morris & Essex Railroad Company, tracks, 3.08 miles, from Netcong to Port Morris, N. J., station facilities at Port Morris, N. J.
 * Central New England Railway Company, terminal facilities at Maybrook, N. Y.
 * New York, Ontario and Western Railway Company, terminal facilities at Burnside, N. Y.
 * The Central Railroad Company of New Jersey, station facilities at Easton. Pa.

Pequest and Walkill Railroad Company [sic]
No accounting records of this company, which was incorporated in the State of New Jersey, March 11, 1880, were obtained. Therefore, no information can be given from its accounts regarding financial dealings or investments. However, certain information given hereafter was obtained from the articles of incorporation forming The Lehigh and Hudson River Railroad Company, and from the report of the carrier on its corporate history. The records reviewed do not indicate whether the company was controlled by any individual, association, or corporation on May 16, 1881, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate that this company constructed any common-carrier property. [...]

Warwick Valley Railroad Company (First and Second Corporations)
Introductory

The accounting records of the Warwick Valley Railroad Company (second corporation), which was incorporated in the State of New York, March 8, 1860, are incomplete. Therefore, only partial information can be given from its accounts regarding its financial transactions, corporate operations, or investments. However, certain data given below were obtained from the reports filed with the New York State Public Service Commission, and from the accounting records of the carrier.

Articles of consolidation indicate that the company was formed in 1880 by consolidation of the Wawayanda Railroad Company and the Warwick Valley Railroad Company (first corporation). However, there is but one set of accounts recording the transactions of the Warwick Valley (first corporation) and the Warwick Valley (second corporation). There were no entries made therein as of the date of the consolidation referred to above to close balances in the accounts of the old company and to record the formation of the new company. Annual reports to the New York State Public Service Commission treat both companies collectively. Therefore, since the accounts and the reports referred to have been stated as described, the accounting data, relative to the several companies' financial transactions, corporate operations and investments, treats of the Warwick Valley (first corporation) and the Warwick Valley (second corporation) collectively.

The records reviewed do not indicate whether the company was controlled by any individual, association, or corporation, on April 2, 1882, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The company reported to the New York State Public Service Commission, that its property was operated by the Erie Railway Company upon completion of the road but the period of such operation was not stated. It was operated on April 2, 1882, the date of the consolidation, forming The Lehigh and Hudson River Railway Company (first corporation), by its own organization. The road owned by the company consisted of 21.65 miles of single-track, standard-gauge, steam railroad, extending from Greycourt, N. Y., to McAfee, N. J. Of this mileage, 14.55 miles had been acquired from the Warwick Valley (first corporation) and 7.10 miles of partly constructed railroad had been acquired from the Wawayanda Railroad in the consolidation of those companies.

Wawayanda Railroad Company
No accounting records of this company, which was incorporated May 23, 1879, in the State of New York, were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from the articles of incorporation forming the Warwick Valley (second corporation) and from reports of that company to the New York State Public Service Commission. The records reviewed do not indicate whether the company was controlled by any individual, association, or corporation on January 30, 1880, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The property owned by this company on the date of consolidation consisted of about 7.10 miles of partly constructed railroad extending from New York-New Jersey State line to McAfee, N. J., which it had acquired by construction in 1880.

Orange County Railroad Company
Introductory

This company, which was incorporated December 3, 1888, in the State of New York, was controlled by the carrier, through ownership of the entire outstanding capital stock, on May 23, 1907, the date of consolidation. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of the company was operated by the carrier from the date placed in operation to date of consolidation. The railroad consisted of 10.19 miles of single-track, standard-gauge, steam railroad, extending from Greycourt to Maybrook, N. Y., all of which was acquired by construction in 1880. The construction work was performed by O'Hehir and Company, but the records reviewed do not indicate the affiliations of the construction company or the terms of the construction contract.

South Easton and Phillipsburg Railroad Company of New Jersey and South Easton and Phillipsburg Railroad Company of Pennsylvania
Introductory

The South Easton and Phillipsburg of New Jersey was incorporated July 25, 1889, in the State of New Jersey. The South Easton and Phillipsburg of Pennsylvania was incorporated July 25, 1889, in the State of Pennsylvania. These companies did not maintain accounting records. Certain information regarding their financial dealings and investments has been taken from their corporate records and from the accounting records of the carrier. They were controlled by the carrier, through ownership of their entire outstanding capital stock on April 2, 1912, the date of consolidation. On the other hand, the records reviewed do not indicate that either company then controlled any common-carrier corporation. These properties were operated by the carrier from the date placed in operation to date of consolidation. The railroad of these companies consisted of 0.29 mile of track and a bridge across the Delaware River. The 0.13 mile located in the State of New Jersey was owned by the New Jersey company and the 0.16 mile located in the State of Pennsylvania was owned by the Pennsylvania company.

This property was acquired by construction in 1890. The records reviewed do not indicate whether it was constructed under contract or by the companies' own forces.

Mine Hill Railroad Company
No accounting records of this company, which was incorporated December 2, 1891, in the State of New Jersey, were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of the carrier. It was controlled by the carrier, through ownership of the entire outstanding capital stock, on April 2, 1912, the date of consolidation. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. This property was operated by the carrier from the date placed in operation to date of consolidation. The railroad owned on date of consolidation, consisted of 2.76 miles of single-track, standard-gauge, steam railroad, extending from Franklin Junction to Mine Hill, N. J., and was acquired by construction between the years of 1890 and 1900.