Wikipedia:WikiProject Trains/ICC valuations/New York, Lackawanna and Western Railway

Interstate Commerce Commission, Valuation Reports, Volume 39

Location and General Description of Property
The railroad of The New York, Lackawanna and Western Railway Company, hereinafter called the New York, Lackawanna and Western, is located in the States of Pennsylvania and New York. Its main line extends from Binghamton, N. Y., via Waverly and Wilawanna, Pa., to Buffalo, N. Y., a distance of 204.997 miles, with a branch line from East Buffalo to Black Rock, N. Y. The main line of this road forms an important link in the Lackawanna's main line between Hoboken and Buffalo. The line is double-track for practically its entire length and aggregates 214.300 miles of road. The New York, Lackawanna and Western is also the owner of certain wharf property at Buffalo, which the Lackawanna subleases to the Detroit and Cleveland Steam Navigation Company.

Introductory
The New York, Lackawanna and Western is a corporation of the State of New York, having its principal office at New York, N. Y. The accounting records of this company do not include the results of its corporate operations.

The records examined do not indicate that the company is controlled by any individual or corporation. On the other hand this company controls The New York, Lackawanna and Western Railway Company of Pennsylvania, a company that exists merely as a corporation, its property, rights, and franchises, except the right to be a corporation, having been merged with the New York, Lackawanna and Western by agreement of December 29, 1882, filed October 23, 1883.

The property of the New York, Lackawanna and Western was operated by the Lackawanna from September 29, 1882, the date it was placed in operation, to December 31, 1917. From that date to date of valuation it has been operated by the United States Railroad Administration as a part of the operating unit of the Lackawanna.

Corporate History
The New York, Lackawanna and Western was incorporated August 26, 1880, under the general laws of the State of New York for the purpose of constructing and operating a railroad from Binghamton to Buffalo, N. Y., with a branch line to Rochester, N. Y., about 300 miles.

Development of Fixed Physical Property
The owned mileage of the New York, Lackawanna and Western, 214.3 miles, consisting of 204.611 miles of main line from Binghamton to Buffalo, N. Y., and 9.689 miles of branch line from East Buffalo Junction to Black Rock, N. Y., was all acquired by construction and was placed in operation September 29, 1882. The construction work was performed under contract of October 4, 1880, by the Central Railway Construction Company, an affiliated contractor.

Leased Railway Property
The entire property of the New York, Lackawanna and Western is leased to the Lackawanna in perpetuity from October 2, 1882. The terms of the lease and the rental accruing for the year ending December 31, 1917, are given in the chapter on leased railway property of the report on the Lackawanna.

The New York, Lackawanna and Western Railway Company (of Pennsylvania)
The New York, Lackawanna and Western Railway Company (of Pennsylvania) was controlled by the New York, Lackawanna and Western on the date of merger, December 29, 1882. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

This company has no tangible assets and exists in name only, all of its property, rights, and franchises, except the right to be a corporation, having been merged with the New York, Lackawanna and Western. The New York, Lackawanna and Western was constructing a railroad from Binghamton to Buffalo, N. Y. The railroad crossed the State line into Pennsylvania, and in order to secure franchises in that State this company secured the incorporation of the Pennsylvania company.

The New York, Lackawanna and Western Railway Company (of Pennsylvania) issued $12,000 par value of capital stock for a like amount of cash. The cash was passed to the Lackawanna and credited by it against construction advances made to the New York, Lackawanna and Western. At the date of valuation the stock of the Pennsylvania company is held by the New York, Lackawanna and Western but it is not recorded in its books as an asset of value.