Wikipedia:WikiProject Trains/ICC valuations/Middletown and Crawford Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Location and General Description of Property
The railroad of the Middletown and Crawford Railroad Company, herein called the Middletown and Crawford, is a single-track branch line, located within the State of New York and extends from Crawford Junction to Pine Bush, 10.062 miles.

Introductory
The Middletown and Crawford is a corporation of the State of New York, having its principal office at New York, N. Y. The accounting records of the company are incomplete, there being no records obtained for the period October 1, 1874, to September 30, 1881. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments.

The Middletown and Crawford is controlled by the Erie through ownership of a majority of its outstanding capital stock. The records reviewed do not indicate that this company controls any common-carrier corporation.

The property of the Middletown and Crawford has been operated by various companies from the date of completion to December 31, 1917, as follows:


 * New York and Oswego Midland Railroad Company. Jan. 7, 1872, to March, 1875.
 * Own organization. March, 1875, to Jan. 31, 1882.
 * New York, Lake Erie and Western Railroad Company and its receivers. Feb. 1, 1882, to Nov. 30, 1895.
 * Erie. Dec. 1, 1895, to Dec. 31, 1917.

The property of the company was taken over for operation by the United States Railroad Administration on January 1, 1918, as a part of the system of the Erie and it is so operated on date of valuation.

Corporate History
The Middletown and Crawford was incorporated August 3, 1868, under the general laws of New York, for the purpose of constructing, maintaining, and operating a railroad from Crawford Junction to Pine Bush, both in the State of New York. The date of its organization was June 19, 1869.

Development of Fixed Physical Property
The owned mileage of the Middletown and Crawford, extending from Crawford Junction to Pine Bush, N. Y., 10.062 miles, was all acquired by construction during the period April, 1871, to about January 7, 1872. The construction work, with exception of ballasting, tracklaying, and surfacing, was performed by numerous independent contractors. The work of ballasting, tracklaying, and surfacing was performed under contract by the forces of the New York and Oswego Midland Railroad Company.

Leased Railway Property
The property of the Middletown and Crawford has been solely operated by the Erie and its predecessor from February 1, 1882, to December 31, 1917, under a lease dated January 30, 1882, for a period of 99 years. From January 1, 1918, to date of valuation the property of the company has been operated by the United States Railroad Administration as a part of the Erie System. Further details with respect to the operation of this property are given in the chapter on leased railway property in the report on the Erie.