Wikipedia:WikiProject Trains/ICC valuations/Loyalsock Railroad

Interstate Commerce Commission, Valuation Reports, Volume 34

Location and General Description of Property
The railroad of the Loyalsock Railroad Company, herein called the Loyalsock Railroad, is a single-track line extending in a general northwesterly direction from Back Road, near Luzerne, to Bernice Junction, with a branch to Ganoga Lake and two short branches to coal developments, all in Pennsylvania, and totaling 49.984 miles of road.

Introductory
The Loyalsock Railroad is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa. It is controlled by the Lehigh Valley through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company controls any common-carrier corporation. The property of the Loyalsock Railroad has always been operated by the Lehigh Valley.

Corporate History
The Loyalsock Railroad was incorporated by articles of association filed in the office of the secretary of the Commonwealth of Pennsylvania on December 3, 1884, under the provisions of a general act of Pennsylvania approved April 4, 1868. On September 2, 1904, it acquired the franchises, rights, and property of The Wilkes-Barre and Harvey's Lake Railroad Company, which had been incorporated under the general laws of Pennsylvania on September 24, 1885.

Development of Fixed Physical Property
The owned mileage of the Loyalsock Railroad, 49.984 miles, was acquired by construction and merger, as follows:

Leased Railway Property
The property of the Loyalsock Railroad is leased to the Lehigh Valley for the term of its charter, less one day, under the terms of an agreement made in 1884. Stipulated rental consists of the payment by the Lehigh Valley of the interest on the funded and floating debt of the Loyalsock Railroad. Since the Lehigh Valley owns all of the funded debt, no interest or rental has accrued.

The Wilkes-Barre and Harvey's Lake Railroad
The Wilkes-Barre and Harvey's Lake Railroad Company was incorporated September 24, 1885, under the laws of the State of Pennsylvania. On September 2, 1904, its franchises, rights, and property were conveyed to the Loyalsock Railroad.

On the date of its demise, the company owned 14.25 miles of single-track, standard-gage railroad, extending from Luzerne to Harvey's Lake, Pa. The road was constructed by Albert Lewis and opened for operation about August 29, 1887. The conditions under which Lewis, who became president of the company on June 3, 1886, built the road have not been ascertained.

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During the company's corporate existence the property was operated by the Lehigh Valley, but the results of such operations are not reflected in the accounting records of the owning company.