Wikipedia:WikiProject Trains/ICC valuations/Montrose Railroad

Interstate Commerce Commission, Valuation Reports, Volume 34

Location and General Description of Property
The railroad of the Montrose Railroad Company, herein called the Montrose Railroad, is a single-track line extending in a northerly direction from Tunkhannock to Montrose, Pa., 27.346 miles.

Introductory
The Montrose Railroad is a corporation of the State of Pennsylvania. 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 Montrose Railroad has always been operated by the Lehigh Valley.

Corporate History
The Montrose Railroad was incorporated October 26, 1905, under the general laws of Pennsylvania, through filing with the secretary of state of the State of Pennsylvania an agreement dated September 2, 1905. The purpose for which the company was incorporated was to acquire the property of the Montrose Railway Company, which had been sold under foreclosure proceedings as of the date last above mentioned. The latter company had been incorporated April 15, 1869, under a special act of Pennsylvania. The organization of the Montrose Railroad was perfected on September 2, 1905.

Development of Fixed Physical Property
The owned mileage of the Montrose Railroad, 27.346 miles, was acquired from the Montrose Railway Company, after foreclosure sale on September 2, 1905. The road was originally constructed for the latter company, under contract, and was acquired for operation on December 31, 1873.

Leased Railway Property
The property of the Montrose Railroad devoted to common-carrier purposes has been operated from the date of organization to date of valuation by the Lehigh Valley, through ownership of the entire outstanding capital stock. The latter company pays no rental to the Montrose Railroad, and makes no accounting to it of the results from operations.

Montrose Railway
The Montrose Railway Company was incorporated April 15, 1869, under a special act of Pennsylvania, by which it was authorized to construct, operate, and maintain a railroad from Tunkhannock to Montrose, Pa., a distance of about 27.346 miles. Its organization was perfected May 12, 1871. The property, rights, and franchises of the company were disposed of under a foreclosure sale on September 2, 1905.

At September 2, 1905, the company owned about 27.346 miles of single track, standard-gage, steam-operated railroad, extending from Tunkhannock to Montrose, Pa. The property of the company was operated by its own organization from December 31, 1873, to January 18, 1898, and by the Lehigh Valley from the latter date to September 2, 1905, under a lease agreement dated January 18, 1898. The property of the company was acquired by construction under contract with Percy Marcy, contractor, for cash. The contract included the right of way through his farm and that of his brother. Further developments were made under the supervision of the Lehigh Valley.