Wikipedia:WikiProject Trains/ICC valuations/New York Central Railroad


 * Interstate Commerce Commission, Valuation Reports, Volume 27
 * Interstate Commerce Commission, Valuation Reports, Volume 28
 * ICC Docket 1022 NYC Development of Physical Property 1917

The New York Central Railroad
The railroad operated by The New York Central Railroad Company, hereinafter called the New York Central, is standard gauge, and is located in New York, New Jersey, Massachusetts, Pennsylvania, Ohio, Michigan, Indiana, Illinois, and the Provinces of Ontario and Quebec, Canada. Only that portion of the property within the United States is included in this report. The system comprises a trunk-line railroad, the principal main line of which extends from New York City in a general northwesterly direction through Albany, Syracuse, Rochester, and Buffalo, N.Y.; Erie, Pa.; Cleveland and Toledo, Ohio, to its western terminus at Chicago, Ill., a distance of about 953 miles, all of which is double tracked, with additional main tracks for a major portion of the distance. Other important main lines extend, one from Jersey City, N.J., northerly along the west shore of the Hudson River to Ravena, N.Y., thence westerly through Syracuse to Buffalo, N.Y., and another from Boston, Mass., westerly to Rensselaer, N.Y. Projecting from these lines are many branches serving the coal fields of Pennsylvania and principal industrial centers within the territory traversed. It operates extensive terminal facilities in New York City which, in connection with steamship companies, forms one of the most important outlets for transoceanic freight shipments. The entire railroad is operated by steam with these exceptions: That part of the line extending from Grand Central Terminal to Mott Haven is operated by electricity; that part of the line from Mott Haven to Croton and from Mott Haven to North White Plains is operated by electricity for passenger service and by steam for freight service; that part of the line between Riverside and Newton Lower Falls is equipped with an overhead trolly system for the electrical operation of suburban passenger trains.

At various points connection is made by the New York Central with separately operated controlled lines of its system which reach the cities of Pittsburgh, Pa.; Columbus and Cincinnati, Ohio; Louisville, Ky.; Indianapolis, Ind.; Peoria and Cairo, Ill.; and St. Louis, Mo. It connects at Chicago, Ill., with all transcontinental railroads.

The New York Central owns its principal main line between New York and Chicago, with the exception of about 5 miles of road from the Grand Central Terminal to Mott Haven Junction, N.Y. The more important owned branch lines, many of which are double tracked, extend from One hundred and fifty-fifth Street, New York City to Putnam Junction, Herkimer to Malone Junction, Tupper Lake to International Boundary, Utica to Ogdensburg, Syracuse to Massena Springs, Pulaski to Suspension Bridge, Watertown to Newton Falls, Syracuse Junction to Brighton (Rochester), Ames Street Junction, Rochester, to Suspension Bridge and Seneca Street in Buffalo to Lewiston, all within the State of New York; also from Lyons, N.Y. to Newberry Junction, Pa., Dunkirk, N.Y. to Titusville, Pa., Ashtabula Harbor, Ohio to Oil City, Pa., Polk Junction to Rose Siding, Pa., Collinwood to Rockport, Ohio, Elyria Junction to Millbury Junction, Ohio, Air Line Junction, Ohio to Detroit, Mich., Air Line Junction to Vulcan, Ohio, Palmyra, Mich. to Elkhart, Ind., Jonesville to North Lansing, Mich., White Pigeon to Kalamazoo, Mich., South Bend, Ind. to Seatonville Junction, Ill., and from Indiana Harbor, Ind. to Danville, Ill. The New York Central jointly owns with other carriers extensive passenger-terminal facilities at Cleveland and Chicago, together with tracks appurtenant thereto. The lines used under lease include other important main lines heretofore mentioned and additional branches.

The principal cities served by this system are New York, Albany, Syracuse, Rochester, and Buffalo, N.Y.; Boston, Mass.; Erie, Pa.; Cleveland and Toledo, Ohio; Detroit, Kalamazoo, and Grand Rapids, Mich.; Fort Wayne, Gary, and South Bend, Ind.; and Chicago, Ill.

The New York Central wholly owns and uses 3,704.433 miles of road, with 1,423.504 miles of second, 708.619 miles of third, 666.209 miles of fourth, 14.418 miles of fifth, and 2.985 miles of sixth main tracks. It also jointly owns and uses 6.984 undivided miles of road, wholly owns but does not use 9.470 miles of road, wholly uses but does not own 1,844.257 miles of road, and jointly uses but does not own 6.881 undivided miles of road.

[...]

In addition to properties above mentioned, the New York Central has exclusive use of other miscellaneous items of property consisting principally of buildings, dock facilities, and lands owned by other companies or individuals, and it jointly uses tracks and other facilities owned by other carriers. Included in the latter classification is the Lansing Manufacturers Railroad, consisting of a single-track belt line around the city of Lansing, Mich., 5.221 miles in length, which is used jointly with The Michigan Central Railroad Company. It also has trackage rights over about 436 miles of the road of other carriers, the greater part of which is used to connect its main and branch lines and a part of which affords access to Montreal and Ottawa, in Canada, Lake Placid, N.Y., Williamsport, Pa., and other points in the coal fields of Pennsylvania. Further details with respect to these trackage rights are given in the chapter on leased railway property in Appendix 2.

The New York Central wholly owns and uses 10,119.721 miles of all tracks, jointly owns and uses 29.908 miles of all tracks, wholly owns but does not use 33.839 miles of all tracks, wholly uses but does not own 4,234.309 miles of all tracks, and jointly uses but does not own 11.210 miles of all tracks. These tracks are classified by States in the trackage table in Appendix 1. The New York Central's portion of jointly owned or used tracks, based on percentage of ownership or use, is likewise shown in the trackage table.

Introductory
The New York Central is a corporation of the States of New York, Ohio, Indiana, Illinois, Michigan, and Pennsylvania, having its principal office at Albany, N.Y., and its general administrative office at New York, N.Y. Although the New York Central acquired title to its original property through consolidation December 23, 1914, it did not commence recording the results of the operations of its property in its books until January 1, 1915. The accounting data in this report, therefore, cover the period from January 1, 1915.

The records reviewed do not indicate that the New York Central is controlled by any individual or corporation. The company reports as of December 31, 1916, that it had 22,532 stockholders, the largest individual holders being the Oregon Short Line Railroad Company, 200,000 shares, and W. K. Vanderbilt, 135,994 shares.

On the other hand, the New York Central solely controls, directly or indirectly, 11 railroad companies, whose several common-carrier properties it operates under arrangements described in the chapter devoted to leased railway property. The names of these companies, together with a statement showing the extent of the New York Central's control, are given below.

In addition, it solely controls the New Jersey Junction Railroad Company, whose common-carrier property is operated in part by the New York Central and in part by the Erie Railroad Company.

The New York Central controls further, solely, five railroad companies, one electric company, two coal companies, and four miscellaneous companies, which operate their own properties, as follows:

The New York Central controls, further, jointly, directly or indirectly, 15 railroad and terminal companies, and one miscellaneous company, that are operated independently with exception of the Lake Erie and Pittsburg, which is solely operated by the New York Central. The names of these companies, together with a statement showing the extent of the New York Central's control, are given below.

In addition to the foregoing, the New York Central solely controls the following corporations which own no completed property at date of valuation.

The property of the New York Central, with exception of certain portions, aggregating 9.470 miles, as hereinafter referred to, has been operated by its own organization from January 1, 1915, to date of valuation. The excepted sections have been operated under lease by the companies named below:

Corporate History
The New York Central was incorporated under the general laws of the States of New York, Ohio, Indiana, Illinois, Michigan, and Pennsylvania, through filing with the secretaries of state of New York, Ohio, Indiana, Illinois, and Pennsylvania, December 22, 1914, and with the secretary of state of Michigan, December 23, 1914, an agreement dated April 29, 1914, for the purpose of consolidating the property, rights, and franchises of the following corporations:
 * The New York Central and Hudson River Railroad Company (second corporation).
 * The Lake Shore and Michigan Southern Railway Company.
 * Geneva, Corning and Southern Railroad Company.
 * The Terminal Railway of Buffalo.
 * The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company.
 * Chicago, Indiana and Southern Railroad Company.
 * The Detroit and Chicago Rail Road Company.
 * Detroit, Monroe and Toledo Railroad Company.
 * Kalamazoo and White Pigeon Rail Road Company.
 * The Northern Central Michigan Rail Road Company.
 * The Swan Creek Railway Company of Toledo.

The date of organization of the New York Central was December 23, 1914.

Pursuant to the above purpose, the New York Central acquired at its organization the property, rights, and franchises of the 11 companies named. It subsequently acquired by merger or purchase the property, rights, and franchises of 6 other railroad corporations. The New York Central, itself, and those corporations, together with their predecessors, total 183 different corporations, of which 8 underwent a change of name, and comprise the line of corporate succession culminating in the New York Central 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 respective number shown in the first column.

Development of Fixed Physical Property
The road wholly owned by the New York Central, amounting to 3,713.903 miles, was acquired by it as indicated hereunder:

Of the 182 corporations which comprise the line of succession culminating in the New York Central as at present constituted, 23 did not construct or improve any property. Those 23 corporations were:
 * Amboy, Lansing and Traverse Bay Railroad Company.
 * Board of Commissioners, Western Division, Buffalo and Mississippi Rail Road Company.
 * Chicago and Canada Southern Railway Company (first corporation).
 * Chicago and Canada Southern Railway Company (second corporation).
 * Chicago and Canada Southern Railway Company (third corporation).
 * Conewango Valley Rail Road Company.
 * The Indiana and Southwestern Railway Company.
 * Indiana, Illinois and Iowa Railroad Company (of Indiana).
 * Indiana, Illinois and Iowa Railroad Company (of Iowa).
 * Kankakee and Illinois River Railroad Company.
 * The Michigan Air Line Railroad Company.
 * The Mohawk Valley and Northern Railway Company.
 * New York and Ottawa Railroad Company (first corporation).
 * The Northern Indiana Rail Road Company (of La Port County, Ind.).
 * The Northern Indiana Rail Road Company (of Ohio).
 * The North Western Ohio Rail Road Company.
 * Oil Creek Junction Railroad Company.
 * Plymouth, Kankakee and Pacific Railroad Company (first corporation).
 * River Raisin and Lake Erie Rail Road Company.
 * South Eastern Michigan Railway Company.
 * The Sturgis and State Line Railway Company.
 * Syracuse and Utica Direct Rail Road Company.
 * The Syracuse Northwestern Railroad Company.

Eight others acquired property from predecessors, but either these have no records, or the records reviewed do not show whether they improved such property while they owned it. These corporations were:
 * The Detroit and Chicago Rail Road Company.
 * Herkimer, Newport and Poland Railway Company.
 * Kalamazoo and White Pigeon Rail Road Company.
 * New York, Westchester and Putnam Railway Company.
 * Niagara Bridge and Canandaigua Rail Road Company.
 * The Sturgis, Goshen and St. Louis Railway Company.
 * The Syracuse and Northern Rail Road Company.
 * Syracuse, Phoenix and Oswego Railway Company.

Of the 151 other corporations, 13 only improved property completed by others. Those corporations were:
 * The Buffalo and Erie Railroad Company.
 * The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company.
 * Geneva, Corning and Southern Railroad Company.
 * Junction Railroad Company.
 * Little Falls and Dolgeville Railroad Company (second corporation).
 * New York and Ottawa Railway Company.
 * The New York and Putnam Railroad Company.
 * The New York Central Railroad Company (of 1853).
 * Northern New York Railroad Company.
 * Rochester and Lake Beach Railroad Company.
 * Syracuse, Geneva and Corning Railway Company (of 1885).
 * The Utica and Black River Railroad Company (third corporation).
 * The Utica and Black River Railroad Company (second corporation).

The data with respect to the miles of road constructed by the 138 remaining corporations, the years in which the various portions of the line were constructed, and the manner in which the New York Central acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained.

Total recorded wholly owned mileage as of date of valuation 3,712.60 miles.


 * Acquired by consolidation, Dec. 23, 1914
 * From The New York Central and Hudson River Railroad Company (second corporation): 1,835.48 miles.
 * Constructed by The New York Central and Hudson River Railroad Company (second corporation), branch and extension at Rome, N.Y., completed Jan. 2, 1914. 8.22 miles.
 * Constructed by The New York Central and Hudson River Railroad Company (first corporation)— 7.15 miles.
 * Carman to South Schenectady, N.Y., 1903. 4.65 miles.
 * Hoffmans to Rotterdam Junction, N.Y., 1903. 2.50 miles.
 * Constructed by The Albany and Schenectady Rail Road Company— 16.89 miles.
 * Albany to Schenectady, N.Y., 1831, 1844, and 1845. 27.21 miles.
 * Less mileage abandoned by this company. 10.32 miles.
 * Constructed by the Buffalo and Rochester Railroad Company, Batavia to Depew, N.Y., 1852. 26.63 miles.
 * Constructed by The Tonawanda Rail-Road Company, Rochester to Attica, N.Y., 1837. 43.14 miles.
 * Constructed by The Attica and Buffalo Rail-Road Company— 9.39 miles.
 * Attica to Buffalo, N.Y., 1842. 31.50 miles.
 * Less road, Attica to a point near Depew, N.Y., sold by the Buffalo and Rochester Railroad Company. 22.11 miles.
 * Constructed by The Utica and Schenectady Rail Road Company, Schenectady to Utica, N.Y., 1836. 77.67 miles.
 * Constructed by The Rochester, Lockport & Niagara Falls Railroad Company— 52.61 miles.
 * Niagara Falls to Rochester, N.Y., 1853. 75.61 miles.
 * Less old road, Niagara Falls to Lockport, N.Y., abandoned by this company. 23.00 miles.
 * Constructed by the Lockport and Niagara Falls Rail-Road Company, Lockport to Niagara Falls, N.Y., 1838. 23.00 miles.
 * Constructed by The Rochester and Syracuse Rail Road Company, Syracuse to Rochester, N.Y., 1853. 80.33 miles.
 * Constructed by The Auburn and Syracuse Rail-Road Company, Syracuse Junction to Auburn, N.Y., 1838. 23.26 miles.
 * Constructed by The Auburn and Rochester Rail-Road Company, Auburn, N.Y., to Brighton, Rochester, N.Y., 1841. 73.03 miles.
 * Acquired by The Direct Railway Between Syracuse and Rochester (certain right of way only).
 * Constructed by The Syracuse and Utica Rail-Road Company, Utica to Syracuse, N.Y., 1839. 52.83 miles.
 * Constructed by The Schenectady and Troy Rail-Road Company, Schenectady to Troy, N.Y., 1842. 20.91 miles.
 * Constructed by The Buffalo and Lockport Rail Road Company, Buffalo to Lockport, N.Y., 1853. 22.21 miles.
 * Acquired by The Mohawk Valley Rail Road Company (certain engineering only).
 * Acquired by the Mohawk Valley Rail Road Company (options on certain right of way and some engineering).
 * Constructed by The Lewiston Rail-Road Company, Lewiston to Suspension Bridge, N.Y., 1854. 5.38 miles.
 * Constructed by the Rochester and Lake Ontario Rail Road Company, Jay Street, Rochester, N.Y., to Ontario Beach, N.Y., 1853. 7.43 miles.
 * Constructed by The Saratoga and Hudson River Rail Road Company— 0.0 miles.
 * Schenectady Junction to Athens, N.Y., 1866. 37.87 miles.
 * Less road, Schenectady Junction to Athens, N.Y., conveyed by The New York Central and Hudson River Railroad Company (first corporation) to the New York, West Shore and Buffalo Railway Company for second main track. 37.87 miles.
 * Constructed by The Buffalo and Niagara Falls Rail-Road Company— 7.96 miles.
 * Black Rock to Niagara Falls, N.Y., 1845. 19.00 miles.
 * Less road Buffalo to North Tonawanda, N.Y., abandoned by this company. 11.04 miles.
 * Constructed by The Buffalo and Black Rock Rail-Road Company, Buffalo to Black Rock, N.Y., 1834. 3.00 miles.
 * Constructed by The Hudson River Rail-Road Company—
 * New York to Poughkeepsie, N.Y., 1849. 144.15 miles.
 * Poughkeepsie to Albany, N.Y., 1851. [mileage included above]
 * Constructed by The Junction Railroad Company, Williams Street, Buffalo, to North Buffalo Junction, N.Y., 1871. 7.23 miles.
 * Constructed by The Syracuse Junction Rail Road Company, East Syracuse to Syracuse Junction, N.Y., 1874. 8.31 miles.
 * Constructed by The Canandaigua and Niagara Falls Railroad Company, Canandaigua to North Tonawanda, N.Y., 1851-1854. 85.80 miles.
 * Constructed by The Geneva and Lyons Railroad Company, Geneva to Lyons, N.Y., 1878. 14.08 miles.
 * Constructed by The Spuyten Duyvil and Port Morris Railroad Company— 5.13 miles.
 * Spuyten Duyvil to Mott Haven Junction, N.Y., 1872. 5.86 miles.
 * Less reduction due to line changes, 1904. 0.73 miles.
 * Constructed partly by Yonkers Rapid Transit Railway Company and The Yonkers Rapid Transit Railway Company and completed by The New York and Northern Railway Company, Van Cortlandt Junction to Getty Square, Yonkers, N.Y., 1888. 3.10 miles.
 * Constructed partly by The New York and Boston Rail Road Company, 1872, and completed by The New York City and Northern Railroad Company, High Bridge to Tilly Foster Mines, N.Y., 1880. 50.71 miles.
 * Constructed by The New York and Boston Rail Road Company, Putnam Junction to Tilly Foster Mines, N.Y., 1872. 1.98 miles.
 * Constructed by the West Side and Yonkers Railway Company, One hundredth and fifty-fifth Street and Eighth Avenue, New York, to High Bridge, N.Y., 1881. 1.04 miles.
 * Constructed by The Mahopac Falls Railroad Company— 2.05 miles.
 * Baldwin Place to Mahopac Falls, N.Y., and Mahopac Falls to Mahopac Mines, N.Y. 4.05 miles.
 * Less mileage, Mahopac Falls to Mahopac Mines abandoned. 2.00 miles.
 * Constructed by the Buffalo Erie Basin Railroad Company— 0.0 miles.
 * Buffalo and Niagara Falls Branch to Erie Docks, at Buffalo, N.Y., 1877. 0.25 miles.
 * Reclassified as yard tracks and sidings. 0.25 miles.
 * Constructed by The New York Central Niagara River Railroad Company— 0.0 miles.
 * North Tonawanda to Tonawanda Island, N.Y., 1877. 2.81 miles.
 * Reclassified as yard tracks and sidings. 2.81 miles.
 * Constructed by The Mohawk and Malone Railway Company— 8.82 miles
 * Prospect Junction to Hinckley, N.Y., 1892. 2.93 miles.
 * Lake Clear Junction to Saranac Lake, N.Y., 1892. 5.89 miles.
 * Constructed partly by the Herkimer, Newport and Poland Extension Railway Company, St. Lawrence and Adirondack Railroad Company and Mohawk and Adirondack Railroad Company and completed by The Mohawk and Malone Railway Company, Poland to Malone, N.Y., 1891-1892. 156.81 miles.
 * Constructed by the Herkimer, Newport and Poland Narrow Gauge Railway Company (first corporation)—
 * Herkimer to Newport, N.Y., 1881. 16.52 miles.
 * Newport to Poland, N.Y., 1883. [mileage included above]
 * Constructed by the New York and Ottawa Railroad Company (second corporation), Moira to Nyando, N.Y., 1898. 14.34 miles.
 * Constructed by the Northern Adirondack Railroad Company— 21.00 miles.
 * Paul Smith's to Tupper Lake, N.Y., and Black Rapids Junction to Black Rapids, N.Y., 1890. 23.50 miles.
 * Less mileage abandoned by the New York and Ottawa Railroad Company (second corporation). 2.50 miles.
 * Constructed by The Northern Adirondack Railroad Company, Moira to St. Regis Falls, N.Y., 1884. 11.93 miles.
 * Constructed by the Northern Adirondack Extension Railroad Company, St. Regis Falls to Paul Smith's N.Y., 1886. 22.00 miles.
 * Constructed by the Carthage and Adirondack Railway Company—
 * Carthage to Jayville, N.Y., 1886. 45.75 miles.
 * Jayville to Benson Mines, N.Y., 1889. [mileage included above]
 * Benson Mines to Newton Falls, N.Y., 1896. [mileage included above]
 * Constructed by The Gouverneur and Oswegatchie Railroad Company, Gouverneur and Oswegatchie Junction to Edwards, N.Y., 1893. 13.07 miles.
 * Constructed by the Tivoli Hollow Railroad Company, West Albany to Albany, N.Y., 1893. 1.24 miles.
 * Constructed by the Tonawanda Island Bridge Company— 0.0 miles.
 * Bridge from North Tonawanda to Tonawanda Island, N.Y., 1887. 0.10 miles.
 * Reclassified as yard tracks and sidings. 0.10 miles.
 * Constructed by the Rome, Watertown and Ogdensburg Railroad Company, Main Street, Watertown to Roots, N.Y., 1911. 5.21 miles.
 * Constructed by the Rome, Watertown and Ogdensburg Rail Road Company (third corporation)— 72.72 miles.
 * Charlotte to Lewiston Junction, N.Y., 1876. 72.72 miles.
 * Lewiston Junction to Lewiston, N.Y., date not ascertained. 3.60 miles.
 * Less road abandoned by the Rome, Watertown and Ogdensburg Rail Road Company (third corporation). 3.60 miles.
 * Constructed partly by the Lake Ontario Rail Road Company and completed by the Rome, Watertown and Ogdensburg Rail Road Company (second corporation), Ontario to Charlotte, N.Y., 1875. 18.06 miles.
 * Constructed by the Rome, Watertown and Ogdensburg Rail Road Company (first corporation)— 118.59 miles.
 * Rome to Cape Vincent, N.Y., 1851. 99.70 miles.
 * DeKalb Junction to Ogdensburg, N.Y., 1862. 18.89 miles.
 * Constructed by The Potsdam and Watertown Rail Road Company, Watertown to Norwood, N.Y., 1857. 74.89 miles.
 * Constructed by the Lake Ontario Shore Rail Road Company, Oswego to Ontario, N.Y., 1873. 52.00 miles.
 * Constructed by the Syracuse Northern Rail Road Company— 37.49 miles.
 * Syracuse to Sandy Creek Junction, N.Y., 1871. 44.58 miles.
 * Less road, Pulaski to Sandy Creek Junction, N.Y., abandoned by the Rome, Watertown and Ogdensburg Rail Road Company. 7.09 miles.
 * Constructed by the Oswego Railroad Bridge Company, bridge across Oswego River at Oswego, N.Y., 1876.
 * Constructed partly by the Syracuse, Phoenix and Oswego Railroad Company and The Syracuse, Phoenix and Oswego Rail Road Company and completed by The Syracuse, Phoenix and Oswego Railway Company, Woodard to a point 1½ miles south of Fulton, N.Y., 1885. 15.60 miles.
 * Constructed by the Fulton and Oswego Railroad Company, Fulton, N.Y., to a point south thereof, 1886. 1.50 miles.
 * Constructed by the Norwood and Montreal Railroad Company, Norwood to Massena Springs, N.Y., 1886. 12.90 miles.
 * Constructed partly by the Windsor Beach and Ontario Railroad Company and completed by the Rome, Watertown and Ogdensburg Terminal Railroad Company, Windsor Beach to State Street, Rochester, N.Y., 1887. 2.40 miles.
 * Constructed by the Rochester and Ontario Belt Railway Company, Windsor Beach to Avenue E, Rochester, N.Y., 1883. 4.87 miles.
 * Constructed by The Niagara Falls Branch Rail Road Company, Suspension Bridge to Niagara Junction, N.Y., 1881. 8.58 miles.
 * Constructed by The Utica and Black River Railroad Company (first corporation)—
 * Boonville to Lyons Falls, N.Y., 1866. 52.25 miles.
 * Lyons Falls to Lowville, N.Y., 1868. [mileage included above]
 * Lowville to Carthage, N.Y., 1871. [mileage included above]
 * Carthage to Philadelphia, N.Y., 1873. [mileage included above]
 * Constructed by The Black River and Utica Railroad Company, Utica to Boonville, N.Y., 1855. 34.86 miles.
 * Constructed by the Black River and Morristown Railroad Company—
 * Philadelphia to Theresa, N.Y., 1872. 36.54 miles.
 * Theresa to Redwood, N.Y., 1874. [mileage included above]
 * Redwood to Morristown, N.Y., 1875. [mileage included above]
 * Constructed by the Clayton and Theresa Railroad Company, Rivergate to Clayton, N.Y., 1873. 15.85 miles.
 * Constructed by The Ogdensburg and Morristown Railroad Company, Morristown to Ogdensburg, N.Y., 1878. 10.67 miles.
 * Constructed by the Oswego and Rome Rail Road Company, Paul to Richland, N.Y., 1866. 26.62 miles.
 * Constructed by the Carthage, Watertown and Sackets Harbor Rail Road Company, Carthage to Sackets Harbor, N.Y., 1872. 29.07 miles.
 * Constructed by the Little Falls and Dolgeville Railroad Company (first corporation), Little Falls to Dolgeville, N.Y., 1893. 10.08 miles.
 * Less difference not accounted for in the records reviewed. 1.37 miles.
 * From The Lake Shore and Michigan Southern Railway Company: 853.72 miles.
 * Constructed by The Lake Shore and Michigan Southern Railway Company— 20.42 miles.
 * Ashtabula to Ashtabula Harbor, Ohio, 1873. 2.32 miles.
 * Carson to Mann, Ohio, 1904. 18.10 miles.
 * Miscellaneous tracks, 1872. 5.50 miles.
 * Less road subsequently reclassified as yard tracks and sidings. 5.50 miles.
 * Constructed partly by the Lake Shore Railway Company, The Lake Shore Railway Company and Lake Shore and Michigan Southern Railway Company and completed by The Lake Shore and Michigan Southern Railway Company, Ashtabula, Ohio, to Ohio-Pennsylvania State line, 1872. 30.72 miles.
 * Constructed by The Cleveland, Painesville and Ashtabula Railroad Company, Cleveland, Ohio, to Ohio-Pennsylvania State line, 1852. 69.49 miles.
 * Constructed by the Franklin Canal Company, Erie, Pa., to Ohio-Pennsylvania State line, 1852. 25.51 miles.
 * Constructed by The Cleveland and Toledo Rail Road Company, Elyria to Oberlin, Ohio, 1866. 7.76 miles.
 * Constructed partly by the Toledo, Norwalk and Cleveland Rail Road Company and completed by The Cleveland and Toledo Rail Road Company, Millbury to Toledo, Ohio, 1855. 7.49 miles.
 * Constructed partly by the Ohio Rail-Road Company and the Junction Rail Road Company (of Ohio) and completed by The Cleveland and Toledo Rail Road Company, Cleveland to Millbury, Ohio, 1853-1855. 99.21 miles.
 * Constructed by the Toledo, Norwalk and Cleveland Rail Road Company, Oberlin to Millbury, Ohio, 1853. 70.99 miles.
 * Constructed by The Michigan Southern and Northern Indiana Rail Road Company— 33.24 miles.
 * Toledo to Vulcan, Ohio, 1855. 3.88 miles.
 * Air Line Junction to Ohio-Michigan State line, 1857. 7.42 miles.
 * Manchester to Jackson, Mich., 1858. 20.13 miles.
 * Palmyra to Lenawee Junction, Mich., 1858. 1.81 miles.
 * Constructed partly by The Northern Indiana Rail Road Company (first and second corporations of Indiana and Ohio) and The Northern Indiana Rail Road Company (of Illinois, Indiana, and Ohio) and completed by The Michigan Southern and Northern Indiana Rail Road Company, Air Line Junction, Toledo, Ohio, to Goshen, Ind., 1857. 122.00 miles.
 * Constructed by The Michigan Southern Rail Road Company— 78.87 miles.
 * Hillsdale, Mich., to Michigan-Indiana State line, 1850-1851. 61.98 miles.
 * White Pigeon to Constantine, Mich., 1852. 3.92 miles.
 * Tecumseh to Manchester, Mich., 1855. 12.97 miles.
 * Constructed by the Southern Railroad (of Michigan), Monroe to Hillsdale, Mich., 1839-1843. 66.73 miles.
 * Constructed by The Palmyra and Jacksonburgh Rail Road Company, Lenawee Junction to Tecumseh, Mich., 1844. 9.01 miles.
 * Constructed by The Northern Indiana and Chicago Rail Road Company, Chicago, Ill., to Illinois-Indiana State line, 1852. 13.90 miles.
 * Constructed by the Northern Indiana Rail Road Company (of Indiana)— 111.48 miles.
 * Michigan-Indiana State line to South Bend, Ind., 1851. 29.79 miles.
 * South Bend, Ind., to Indiana-Illinois State line, 1852. 71.46 miles.
 * Elkhart to Goshen, Ind., 1852. 10.23 miles.
 * Constructed by The Erie and North East Rail Road Company, Erie, Pa., to Pennsylvania-New York State line, 1852. 18.45 miles.
 * Constructed partly by the Dunkirk and State Line Railroad Company and completed by the Buffalo and State Line Railroad Company, Pennsylvania-New York State line to Buffalo, N.Y., 1852. 68.44 miles.
 * Constructed by The Silver Creek and Dunkirk Railway Company, Silver Creek to Dunkirk, N.Y., 1892. 8.71
 * Less difference not accounted for in the records reviewed. 8.70 miles.
 * From the Geneva, Corning and Southern Railroad Company: 231.66 miles.
 * Constructed by the Syracuse, Geneva and Corning Railway Company (of 1875), Geneva to Corning, N.Y., 1877. 57.94 miles.
 * Constructed by the Penn Yan and New York Railway Company, Dresden to Penn Yan, N.Y., 1885. 6.55 miles.
 * Constructed by the Jersey Shore, Pine Creek and Buffalo Railway Company, Wellsboro Junction to Newberry Junction, Pa., and wye at Jersey Shore Junction, Pa., 1883. 75.82 miles.
 * Constructed by the Fall Brook Railway Company, Elkland to Ulysses, Pa., 1883, 1891 and 1893. 28.40 miles.
 * Constructed by the Tioga Coal, Iron Mining and Manufacturing Company, Corning, N.Y., to New York-Pennsylvania State line, 1840. 13.63 miles.
 * Constructed by the Wellsboro and Lawrenceville Railroad Company, Antrim, Pa., to New York-Pennsylvania State line, 1872. 37.87 miles.
 * Constructed by the Cowanesque Valley Railroad Company, Cowanesque Valley Junction to Elkland, Pa., 1873. 11.45 miles.
 * From The Terminal Railway of Buffalo: 12.96 miles.
 * Constructed by that company, Depew to Bay View, N.Y., 1895-1898. 12.96 miles.
 * From The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company: 90.51 miles.
 * Constructed by the Warren and Venango Rail Road Company, Warren to Titusville, Pa., 1872. 36.00 miles.
 * Constructed partly by the Dunkirk, Warren and Pittsburgh Rail Road Company and completed by The Dunkirk, Warren and Pittsburgh Railway Company, Dunkirk to Warren, Pa., 1871. 54.51 miles.
 * From the Chicago, Indiana and Southern Railroad Company: 331.07 miles.
 * Constructed by the Chicago, Indiana and Southern Railroad Company, dates not determined— 17.78 miles.
 * Indiana Harbor to Dune Park, Ind. 15.77 miles.
 * Gibson to Ivanhoe, Ind. 1.52 miles.
 * Ladd Junction to N. Y. C. Junction, Ill. 0.49 miles.
 * Constructed by the Indiana Harbor Railroad Company—
 * Indiana Harbor to Osborn, Ind., 1903. 100.77 miles.
 * Osborn, Ind., to Indiana-Illinois State line, 1906. [included above]
 * Constructed by The Indiana, Illinois and Iowa Railroad Company, dates not determined— 5.67 miles.
 * Depue Junction to Depue, Ill. 1.27 miles.
 * Ladd to Churchill, Ill. 2.79 miles.
 * St. Joseph Junction to Benton Harbor, Mich. 1.61 miles.
 * Constructed partly by The Streator and Clinton Railroad Company and completed by The Indiana, Illinois and Iowa Railroad Company, Streator to Seatonville Junction, Ill., 1901. 39.80 miles.
 * Constructed by the Indiana, Illinois and Iowa Railway Company of the State of Indiana— 35.32 miles.
 * Knox to South Bend, Ind., 1894. 33.39 miles.
 * Michigan Central connecting branch at South Bend, Ind., 1894. 1.93 miles.
 * Constructed by the Indiana, Illinois and Iowa Railroad Company— 78.00 miles.
 * Dwight to Streator, Ill., 1882. 21.80 miles.
 * Momence, Ill., to North Judson, Ind., 1883. 56.20 miles.
 * North Judson to Knox, Ind., 1886. [included above]
 * Constructed partly by the Plymouth, Kankakee and Pacific Railroad Company (second corporation) and completed by the Indiana, Illinois and Iowa Railroad Company (of Illinois), 1881— 45.24 miles.
 * Momence to Dwight, Ill. 40.40 miles.
 * Kankakee to Bradley, Ill. 1.35 miles.
 * Reddick to Cardiff, Ill. 3.49 miles.
 * Constructed by The Danville and Indiana Harbor Railroad Company, Danville, Ill., to Indiana-Illinois State line, 1906. 8.49 miles.
 * From The Detroit and Chicago Rail Road Company: 25.22 miles.
 * Constructed by The Chicago and Canada Southern Railway Company, Grosse Isle, Mich., to Fayette, Ohio, 1872-1873. 67.60 miles.
 * Less road sold and abandoned by The Detroit and Chicago Rail Road Company, Grosvenor to near Slocum Junction, Mich. 42.38 miles.
 * From the Detroit, Monroe and Toledo Railroad Company: 51.63 miles.
 * Constructed by that company, D. & M. Junction, Detroit, Mich., to Michigan-Ohio State line, 1856-1857. 51.63
 * From the Kalamazoo and White Pigeon Rail Road Company: 32.62 miles.
 * Constructed by the Kalamazoo and Schoolcraft Rail Road Company, Schoolcraft to Kalamazoo, Mich., 1867. 13.14 miles.
 * Constructed by the Schoolcraft and Three Rivers Rail Road Company, Three Rivers to Schoolcraft, Mich., 1867. 12.01 miles.
 * Constructed by the St. Joseph Valley Rail Road Company, 1855, and reconstructed by the Schoolcraft and Three Rivers Rail Road Company, Constantine to Three Rivers, Mich., 1867. 7.47 miles.
 * From The Northern Central Michigan Rail Road Company: 61.34 miles.
 * Constructed by that company, Jonesville to North Lansing, Mich., 1872. 61.34 miles.
 * From The Swan Creek Railway Company of Toledo: 1.31 miles.
 * Constructed by that company at Toledo, Ohio, 1875. 1.31 miles.
 * Acquired by purchase
 * From the Jamestown, Franklin and Clearfield Railroad Company, Apr. 7, 1915: 126.02 miles.
 * Constructed partly by the Jamestown and Franklin Railroad Company, Polk Junction to Belmar, Pa., and partly by the Franklin and Clearfield Railroad Company, Franklin to Rose Siding, Pa., and completed by the Jamestown, Franklin and Clearfield Railroad Company, 1909. 67.05 miles.
 * Constructed by the Jamestown and Franklin Railroad Company, Jamestown to Franklin, Pa., 1866-1867. 41.88 miles.
 * Constructed by the Connection Railroad Company, Franklin to Oil City, Pa., 1870. 7.91 miles.
 * Constructed by the Central Trunk Railway, Jamestown, Pa., to Pennsylvania-Ohio State line, 1870. 5.21 miles.
 * Constructed by The Jackson Coal Rail Road Company, branch to mines near Stoneboro, Pa., 1884. 3.97 miles.
 * From The Cleveland Short Line Railway Company, Apr. 19, 1915: 20.29 miles.
 * Constructed by that company, Rockport to Collinwood, Ohio, 1910-1912. 20.29 miles.
 * From The Elkhart and Western Railroad Company, June 11, 1915: 12.10 miles.
 * Constructed by that company, Elkhart to Mishawaka, Ind., date not determined. 12.10 miles.
 * From The Sturgis, Goshen and St. Louis Railway Company, June 11, 1915: 28.92 miles.
 * Constructed by the Canada and St. Louis Railway Company, Sturgis, Mich., to Goshen, Ind., 1888. 28.92 miles.
 * From the Cornwall Bridge Company, June 23, 1917: 0.18 miles.
 * Constructed by that company, near Nyando, N.Y., to international boundary line, 189.8 0.18 miles.
 * Acquired by merger
 * From the Dolgeville and Salisbury Railway Company, Jan. 16, 1917: 3.70 miles.
 * Constructed by that company, Dolgeville to Irondale, N.Y., 1909. 3.70 miles.
 * Deduction
 * Mileage reclassified by the New York Central as yard tracks and sidings, previously acquired from—
 * The Swan Creek Railway Company of Toledo. 1.31 miles.
 * Jamestown, Franklin and Clearfield Railroad Company. 3.97 miles.
 * Unlocated difference between mileage acquired from predecessors and the recorded mileage on date of valuation. 0.85 miles.
 * Total deductions. 6.13 miles.

In addition to the foregoing, the New York Central owns jointly with other common-carrier corporations 6.984 miles of road as detailed below.
 * Details of acquisition and construction not determined:
 * Owned jointly with—
 * The Cleveland and Pittsburgh Railroad Company—
 * At Cleveland, Ohio 0.141
 * The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
 * The Cleveland and Pittsburgh Railroad Company—
 * At Cleveland, Ohio 0.444
 * The Chicago, Rock Island and Pacific Railway Company—
 * At Chicago, Ill. 6.399
 * Total 6.984 miles.

Leased Railway Property
The New York Central uses on date of valuation property owned by other companies and other companies use property owned by the New York Central to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation are as follows:
 * Solely owned or leased, but not used, leased to—
 * The Michigan Central Railroad Company:
 * Tracks, 1.622 miles, from St. Joseph Junction to Benton Harbor, Mich.; term, 45 years from Feb. 15, 1905, with privilege of renewal for 50 years; stipulated payment $5,000 per annum; lessee pays also taxes and maintenance. $4,999.98
 * The New York, Chicago and St. Louis Railroad Company:
 * Tracks, 7.784 miles of first and second main, from Silver Creek to Dunkirk, N.Y.; term 99 years from Apr. 1, 1893, under lease of Dec. 31, 1892, with privilege of renewal; stipulated payment $5,000 per annum; lessee pays also taxes and maintenance. $5,000.00
 * Detroit, Grand Haven and Milwaukee Railway Company:
 * Tracks, 0.064 mile of main track and 1.539 miles of other tracks, certain lands, and improvements thereon at Detroit, Mich. The period and terms of use and rental accrued or received have not been determined. --
 * New York, Ontario and Western Railway Company:
 * Yard tracks, 4.78 miles, at Weehawken, N.J.; for indefinite period from June 1, 1911, terminable on 90 days' notice; stipulated payment $14,910 per annum; lessor pays also maintenance and taxes. $14,910.00
 * Lehigh Valley Railroad Company:
 * Yard tracks, 11.388 miles, at Suspension Bridge, N.Y.; for indefinite period from Mar. 1, 1910; stipulated payment equal to 6 per cent per annum on valuation and additions and betterments; lessee pays also maintenance and taxes. $10,900.56
 * Interborough Rapid Transit Company:
 * Yard at Highbridge, N.Y.; for indefinite period from Jan. 20, 1916; stipulated payment 6 cents per square foot, plus $500 for taxes on buildings. $25,792.33
 * Erie Railroad Company:
 * Side tracks, 2.84 miles, from Weehawken to Jersey City, N.J.; term perpetual from July 1, 1891; stipulated payment $6,000 per annum, plus 40 cents for each loaded car handled over tracks; the entire amount to be not less than $21,000 nor more than $49,000 per annum. $46,137.00
 * Yard tracks, 1.109 miles, and other property at stock yards, Buffalo, N.Y. The period and terms of use and rental accrued or received have not been determined. --
 * Central New York Southern Railroad Corporation:
 * Yard tracks, 0.157 mile, at Auburn, N.Y. The period and terms of use and rental accrued or received have not been determined. --
 * The Lowville & Beaver River Railroad Company:
 * Parcel of land, together with station and office building at Lowville, N.Y. The period and terms of use and rental accrued or received have not been determined. --
 * Coudersport and Port Allegany Railroad:
 * Right of way between Ulysses and Port Allegany, Pa. The period and terms of use and rental accrued or received have not been determined. --
 * Culver and Port Clinton Railroad Company:
 * Yard tracks, 0.994 mile, and certain land at Gypsum, Ohio. The period and terms of use and rental accrued or received have not been determined. --
 * Solely used, but not owned, leased from—
 * Amsterdam, Chuctanunda & Northern:
 * Entire property; for indefinite period from Nov. 1, 1907, terminable on one year's notice; stipulated payment $2,500 per annum. $2,500.00
 * The Barr Clay Company:
 * Sidetracks, 0.098 mile, at Streator Junction, Ill. The period and terms of use and the rental accrued or received have not been determined. --
 * Battle Creek and Sturgis Railway Company:
 * Tracks, 7.19 miles, from Sturgis to Findlay, Mich.; term perpetual from Feb. 1, 1890; stipulated payment to equal interest on $79,000 par value of first-mortgage bonds of lessor, taxes, and maintenance. $2,370.00
 * Beech Creek Extension:
 * Entire property; term 999 years from July 1, 1905; stipulated payment to equal interest on first-mortgage and consolidated-mortgage bonds of lessor, taxes, and maintenance. $281,060.00
 * Beech Creek Railroad:
 * Entire property; term 999 years from Oct. 1, 1890; stipulated payment to equal interest on outstanding mortgage bonds and car-trust certificates, dividends at 4 per cent per annum on capital stock of lessor, not to exceed $6,000 per annum for maintenance of organization of lessor, also taxes and maintenance. $490,000.00
 * Boston and Albany:
 * Entire property; term 99 years from July 1, 1900; stipulated payment a fixed rental of $2,000,000, plus an amount to equal interest on outstanding bonds of lessor, organization expenses, rentals due upon all leases held by the Boston and Albany, taxes, and maintenance. $3,047,329.03
 * Chester and Becket:
 * Entire property; lease assumed from the Boston and Albany; term 99 years from July 1, 1900; subsequently to Dec. 31, 1913, the property has been operated without loss or gain to the lessor, the lessee paying interest on the bonds of the lessor, taxes, and maintenance. $4,192.27
 * Detroit, Hillsdale and South Western:
 * Entire property; term perpetual from July 1, 1881; stipulated payment to equal 4 per cent dividend on capital stock of lessor, organization expenses, taxes, and maintenance. $54,500.00
 * Detroit, Toledo & Milwaukee Railroad Company:
 * Tracks, 46.939 miles, from Dundee to Moscow, Mich.; term during corporate existence from Jan. 1, 1905; the lessee pays the cost of all construction charges, maintenance, operation, and taxes. No rental paid lessor. --
 * Erie and Kalamazoo:
 * Entire property; term during corporate existence from Aug. 1, 1849; stipulated payment to equal 10 per cent dividend on capital stock of lessor, taxes, and maintenance. $30,000.00
 * Fort Wayne & Jackson:
 * Entire property; term perpetual from Sept. 1, 1882; stipulated payment to equal 5.5 per cent dividend on preferred stock of lessor, organization expenses, taxes, and maintenance, and if 8 per cent is earned on preferred stock, a 2 per cent dividend to be paid on the common stock of lessor. $127,527.88
 * Genessee Falls Railway:
 * Entire property; term during corporate existence from Jan. 20, 1887; stipulated payment $1, taxes and maintenance. No rental paid lessor.
 * The Grand Trunk Railway Company of Canada:
 * Tracks, 13.30 miles, from Valleyfield to Beauharnois, Province of Quebec, Canada; assumed from the St. Lawrence & Adirondack; term 99 years from Jan. 1, 1896; fixed rental $10,000. $10,000.00
 * Kalamazoo, Allegan & Grand Rapids
 * Entire property; term 999 years from Sept. 21, 1869; stipulated payment to equal 6 per cent dividend on capital stock of lessor, interest on bonds, taxes, and maintenance. $78,600.00
 * Lake Erie, Alliance & Wheeling
 * Entire property; term during corporate existence from July 1, 1912; stipulated payment to equal 4 per cent dividend on capital stock of lessor, taxes, and maintenance. $120,000.00
 * Lake Erie and Pittsburg:
 * Entire property; jointly leased to be jointly operated by the New York Central and the Pennsylvania Company, but used solely by the New York Central; for indefinite period from Jan. 10, 1908; stipulated payment equal to one-half of 5 per cent dividend on capital stock and interest on bonds of lessor; deficits from operation divided on basis of use. $254,770.98
 * Mahoning Coal Railroad:
 * Entire property; term perpetual from July 1, 1884; stipulated payment to equal 40 per cent of gross earnings from operation of property of lessor, the minimum amount to be not less than interest on bonds of lessor and a 5 per cent dividend on preferred stock; lessee also pays the organization expenses, taxes, and maintenance. $1,726,522.71
 * Mahoning and Shenango Valley:
 * Entire property; lease assumed from Mahoning Coal Railroad; term perpetual from Oct. 1, 1889; stipulated payment maintenance and taxes and not to exceed $1,000 per annum for organization expenses. The rental accrued is included with the rental accrued for the use of the property of the Mahoning Coal Railroad. --
 * The Michigan Central Railroad Company:
 * Sidetracks, 0.128 mile, at Twentieth Street, Detroit, Mich.; for indefinite period from Dec. 31, 1910, terminable on 60 days' notice; stipulated payment $408.77 per annum. $151.24
 * New Jersey Junction Railroad Company:
 * Tracks, 5.62 miles and all other property from Jersey City to Weehawken, N.J., and New Jersey Junction to Harsimus, N.J.; term 100 years from July 1, 1886, with privilege of renewal for 100 years; stipulated payment to equal interest on first-mortgage bonds of lessor, taxes, maintenance, and organization expenses. $68,000.00
 * New York and Fort Lee:
 * Entire property; lease assumed from New Jersey Junction; term 999 years from July 1, 1886; stipulated payment not to exceed $1,000 per annum for organization expenses, all taxes, and maintenance. No rental paid lessor. --
 * New York and Harlem:
 * Entire property, with exception of certain real estate in New York City, and subject to the joint use of the Grand Central Terminal and certain tracks by the New York, New Haven and Hartford Railroad Company under agreement dated Mar. 17, 1848, assigned to the New York Central and Hudson River Railroad Company hereinbefore referred to; term 401 years from Apr. 1, 1873; stipulated payment to equal 10 per cent dividend on the capital stock of lessor, interest on bonds of lessor, taxes, and maintenance. $1,420,000.00
 * New York State Realty and Terminal Company:
 * Various parcels of land leased to and used solely by the New York Central under the terms of a general lease dated Dec. 31, 1912, for a period of one year and thereafter subject to 30 days' notice; no rental paid by New York Central in consideration of that company accepting non-interest bearing notes covering its cash advances, which aggregated $17,800,000 on date of valuation. --
 * North Brookfield Railroad:
 * Entire property; lease assumed from Boston and Albany; term 50 years from Jan. 1, 1886; stipulated payment $3,000 per annum, taxes, and maintenance. $3,000.00
 * Ottawa and New York Railway Company:
 * Entire property; 56.90 miles, all of which is located in Canada; term 99 years from Nov. 1, 1900; stipulated payment to equal interest on bonds of lessor. The bonds of lessor are owned by the New York Central. --
 * Pittsfield and North Adams:
 * Entire property; lease assumed from Boston and Albany; term 99 years from Dec. 1, 1876; stipulated payment to equal 5 per cent dividend on capital stock of lessor. $22,500.00
 * Providence, Webster & Springfield:
 * Entire property; lease assumed from Boston and Albany; term five years from May 1, 1907, and thereafter, terminable on 90 days' notice; stipulated payment equal to 25 per cent of gross earnings from operation of property of lessor. $10,871.87
 * Shenango Valley Railroad:
 * Entire property; lease assumed from Mahoning Coal Railroad; term perpetual from Oct. 1, 1889; stipulated payment maintenance and taxes not to exceed $1,000 per annum for organization expenses. The rental accrued is included with the rental accrued for the use of the property of the Mahoning Coal Railroad. --
 * Stewart Railroad:
 * Entire property; lease assumed from Mahoning Coal Railroad; term perpetual from Oct. 1, 1889; stipulated payment maintenance and taxes not to exceed $1,000 per annum for organization expenses. The rental accrued is included with the rental accrued for the use of the property of the Mahoning Coal Railroad. --
 * St. Lawrence & Adirondack:
 * Entire property; term 21 years from Jan. 1, 1916; stipulated payment to equal interest on first and second mortgage bonds of lessor, taxes, and maintenance. $64,000.00
 * Titusville & Cambridge Railroad Company (Electric line):
 * Tracks, 0.368 mile of main track and certain yard tracks, at Titusville, Pa.; for indefinite period from July 1, 1891, terminable on 30 days' notice; fixed rental $1,700 per annum. $1,700.00
 * Troy & Greenbush:
 * Entire property; term during corporate existence from June 1, 1851; stipulated payment to equal 7 per cent dividend on capital stock of lessor, taxes, and maintenance. $19,250.00
 * Wallkill Valley Railroad:
 * Entire property; term during corporate existence from Apr. 30, 1899; stipulated payment to equal 3.5 per cent dividend on capital stock of lessor, interest on any bonds outstanding, taxes, and maintenance. $11,550.00
 * Ware River Railroad:
 * Entire property; lease assumed from Boston and Albany; term 999 years from July 1, 1900; stipulated payment to equal 7 per cent dividend on capital stock of lessor, taxes, and maintenance. $52,500.00
 * West Shore Railroad:
 * Entire property; term 475 years from Jan. 1, 1886, with privilege of renewal for 500 years; stipulated payment to equal interest on the outstanding mortgage bonds of lessor, taxes, and maintenance. $1,999,780.00
 * Jabez A. Bostwick Estate:
 * Pier, old No. 45, East River, together with the adjoining bulkhead on both sides of the pier extending from Rutgers Street to Jefferson Street, New York City, 295 feet, including wharfage rights; term 20 years from May 1, 1914; stipulated payment $30,000 per annum during first 10 years and thereafter $31,500 per annum, taxes, assessments, and maintenance. --
 * Rhinelander Real Estate Company:
 * Bulkhead, pier, and wharf rights lying west of West Street in the Borough of Manhattan, New York City, known as the Park Place Pier; term 21 years from May 1, 1915; stipulated payment $66,000 per annum, taxes, assessments, and maintenance. --
 * Frederic W. Rhinelander and others:
 * Pier No. 16, North River, at foot of Barclay Street, Borough of Manhattan, New York City, together with adjoining bulkhead running northerly along the westerly side of West Street about 137 feet, wharfage and cranage rights; term 21 years from May 1, 1915; stipulated payment $42,000 per annum, taxes, assessments, and maintenance. --
 * Owned by Hudson River Bridge Company:
 * Entire property operated by virtue of stock control, no rental being paid owning company. The New York Central pays expense of operation and maintenance, including taxes, and retains all revenues. --
 * Owned by The United New Jersey Railroad and Canal Company, but leased from The Pennsylvania Railroad Company:
 * Wharf facilities at Cortlandt Street, New York City, including the southern portion of the street level of the ferry building at Cortlandt Street; agreement dated Sept. 20, 1912; term 10 years from Feb. 6, 1914; stipulated payment $30,813.35 per annum, taxes, maintenance, and a portion of other operating expenses. $30,813.35
 * Jointly used, but not owned, leased from—
 * The Baltimore and Ohio Rail Road Company:
 * Tracks, 37.12 miles of first main track and 36.85 miles of other main track, from Haselton to Ravenna Junction, Ohio; for indefinite period from Oct. 31, 1911; stipulated payment equal to 2.5 per cent on valuation, plus a proportion, on basis of engine and car miles, of maintenance and operation. $143,910.42
 * The Buffalo Creek Railroad Company:
 * Tracks, 3.56 miles of first main track and 4.43 miles of other main track, at Buffalo, N.Y.; term 90 years from Dec. 31, 1910; stipulated payment 50 cents per loaded car and 25 cents per empty car handled. $7,428.74
 * Buffalo, Rochester and Pittsburgh Railway Company:
 * Tracks, 30.65 miles of first main track and 4.93 miles of other main track, from Falls Creek to Clearfield, Pa.; term 25 years from Oct. 1, 1909; stipulated payment equal to 2 per cent on valuation, plus a proportion, on basis of engine and car miles, of maintenance and operation. $44,866.66
 * Tracks, included in above mileage, from C. R. Junction to Clearfield, Pa.; term Apr. 20, 1904, to Jan. 1, 1923; stipulated payment equal to 2 per cent on valuation, plus a proportion, on basis of engine and car miles, of maintenance and operation. $6,936.27
 * Certain tracks at Lincoln Park, Rochester, N.Y.; for indefinite period from Oct. 4, 1909; stipulated payment equal to 2 per cent on valuation, plus a proportion, on wheelage basis, of maintenance and operation. $426.74
 * Boston and Maine Railroad:
 * Yard at Rotterdam Junction, N.Y.; for indefinite period from July 1, 1900, terminable on 6 months' notice; stipulated payment equal to 2 per cent on valuation, plus one-half of maintenance and operation. $12,285.54
 * Tracks, 0.13 mile, and passenger station facilities at Athol, Mass., also passenger station facilities at North Adams, Mass. The period and terms of use and the rental accrued or paid have not been determined. --
 * The Boston Terminal Company:
 * Tracks, 0.46 mile, and passenger station facilities at South Station, Boston, Mass. The period and terms of use and the rental accrued or paid have not been determined. --
 * Chicago, Burlington & Quincy Railroad Company:
 * Tracks, 6.63 miles, from N. Y. C. Junction to Zearing, Ill.; for indefinite period from June 1, 1902, terminable on one year's notice; stipulated payment $8,300 per annum, of which $4,902 was charged to maintenance. $3,398.00
 * Chicago and North Western Railway Company:
 * Tracks, 1.97 miles, from Seatonville Junction to Ladd, Ill.; term 99 years from Sept. 10, 1902; stipulated payment equal to 4 per cent on valuation, plus a proportion, on basis of cars and engines handled, of maintenance and operation. $530.28
 * The De Pue, Ladd and Eastern Railroad Company, used jointly with the Chicago, Milwaukee and St. Paul Railroad Company:
 * Sidetracks, 0.415 mile, at Ladd, Ill.; term 10 years from Jan. 6, 1912; stipulated payment equal to 6 per cent on valuation of $6,078.77, plus a proportion of maintenance. $364.68
 * Canadian Pacific Railway Company:
 * Windsor Street Station, Montreal, Province of Quebec, term seven years from July 1, 1908, and thereafter terminable on 6 months' notice; stipulated payment $12,000 per annum. $12,000.00
 * Tracks. 5.46 miles, from Adirondack Junction to Outremont, Province of Quebec, and 8.80 miles from Adirondack Junction to Montreal, Province of Quebec; term 7 years from July 1, 1908, and thereafter terminable on 6 months' notice; stipulated payment for passenger service 50 cents per train-mile, $1 per car handled in and out, $1 per car handled over St. Lawrence River bridge, plus a proportion, on basis of engines and cars handled, of maintenance; stipulated payment for freight service 50 cents per train-mile, $1 per car handled over St. Lawrence River bridge, 40 cents per ton house freight, and 15 cents per ton track freight. $72,954.12
 * Tracks, 1.09 miles, at Ottawa, Province of Quebec, term three years from Oct. 25, 1908, and thereafter terminable on 6 months' notice; stipulated payment equal to 4.5 per cent on one-half of cost of joint section, plus a proportion, on basis of cars handled, of maintenance and taxes. $2,230.34
 * Cambria and Indiana Railroad Company:
 * Tracks, 1.14 miles, at Manner, Pa. The period and terms of use have not been determined. The rental accrued is included with the rental accrued for the use of property of the Cherry Tree and Dixonville Railroad Company, as detailed below, and is not separable. --
 * Cherry Tree and Dixonville Railroad Company:
 * Tracks, 38.35 miles, used jointly with The Pennsylvania Railroad Company, from Cherry Tree to Idamar, Pa., for indefinite period from Feb. 15, 1905, by virtue of joint stock control; stipulated payment equal to one-half of 4 per cent dividend on capital stock and one-half of interest on bonds, plus a proportion, on basis of engine and car mileage, of maintenance and operation. $33,270.11
 * The payment stated above covers both this jointly used property and the jointly used property, noted above, of the Cambria and Indiana Railroad Company. --
 * The Cleveland, Cincinnati, Chicago and St. Louis Railway Company:
 * Tracks, 6.30 miles of first main track and 4.35 miles of other main track, from Danville to Lyons, Ill., term 99 years from Oct. 9, 1911; stipulated payment equal to 2.5 per cent on valuation, plus a proportion, on basis of engines and cars handled, of maintenance and operation. $28,075.83
 * Terminal facilities at Danville, Ill., term 99 years from Oct. 9, 1911; stipulated payment equal to 43 per cent of 5 per cent on cost of property and improvements. $8,181.40
 * Tracks, 12.18 miles of other main tracks, from Cleveland to Berea, Ohio; term 99 years from Feb. 20, 1868; stipulated payment $42,000 per annum plus $6 per train handled, with a minimum charge for 10 trains per day, of which one-half is charged as rental. $13,279.00
 * Tracks, belt line at Cleveland, Ohio; term 99 years from July 1, 1916; stipulated payment equal to 2.5 per cent on valuation of $601,000, plus a proportion, on basis of tonnage and cars handled, of maintenance and operation. $7,273.46
 * Track, designated as W. & L. E. track, at Cleveland, Ohio; term 99 years from July 1, 1916; stipulated payment a proportion, on basis of tonnage and cars handled, of 5 per cent on valuation of $218,000, maintenance and operation. $2,043.72
 * The Delaware and Hudson Company:
 * Tracks, 10.08 miles, from Saranac Lake to Lake Placid, N.Y.; term five years and thereafter from July 1, 1915; stipulated payment equal to 2.5 per cent on valuation, plus a proportion, on train-mileage basis, of maintenance. $8,632.42
 * Tracks, 1.71 miles of first main track and 0.70 mile of other main tracks, from Kenwood Junction to Albany, N.Y.; for indefinite period from Apr. 30, 1901, terminable on one year's notice; stipulated payment 50 cents per train-mile. $3,685.00
 * Tracks, 7.08 miles, from Albany to Troy, N.Y.; for Indefinite period from Oct. 27, 1907; reciprocal arrangement for the use by The Delaware and Hudson Company of certain tracks of the New York Central between the same points. Each company maintains its own tracks and operates its own trains, no rental being paid by either company. --
 * The Montgomery and Erie Railway Company (operated by Erie Railroad Company):
 * Tracks, 4.78 miles, from Montgomery to Campbell Hall, N.Y.; for indefinite period from June 8, 1882; stipulated payment 50 cents per train-mile or 5 cents per car-mile over 10-car trains. $5,889.41
 * Tioga Railroad Company (operated by Erie Railroad Company):
 * Tracks, 29.19 miles, from Lawrenceville to Morris Run, Pa., and Blossburg to Morris Run, Pa.; for indefinite period from Feb. 1, 1883, and Dec. 2, 1908, respectively, terminable on 30 days' notice; stipulated payment 10 cents per ton on coal and 15 cents per ton on other freight. $23,113.99
 * The Sharon Railway (operated by Erie Railroad Company):
 * Tracks, 10.28 miles, from Sharpsville to West Middlesex, Pa.; term 99 years from Oct. 1, 1888; stipulated payment $7,500 per annum, plus a proportion on basis of engines and cars handled, of maintenance and operation. $7,500.00
 * Gary & Western Railway Company, jointly used with the Indiana Harbor Belt Railroad Company:
 * Tracks, 7.53 miles, from Ivanhoe to G. & W. Junction, Ind.; agreement dated Oct. 29, 1906; reciprocal arrangement between the Chicago, Lake Shore and Eastern Railway Company, controlling the Gary & Western Railway Company, and the New York Central. No rental payments. --
 * The Grand Trunk Railway Company of Canada:
 * Tracks, 0.81 mile, at Ottawa, Province of Quebec; for indefinite period from Nov. 9, 1898; stipulated payment $3,000 per annum, plus a proportion, on a wheelage basis of maintenance. $3,000.00
 * Indiana Harbor Belt Railroad Company:
 * Yard tracks at Gibson Transfer Yard, Ind.; for indefinite period from Apr. 25, 1916, terminable on three years' notice; stipulated payment equal to 2.5 per cent on cost of facilities, plus a proportion, on basis of cars handled, of maintenance and operation. $7,001.02
 * The Lake Erie and Western Railroad Company:
 * Engine-house facilities at Sandusky, Ohio; for indefinite period from Jan. 1, 1912, terminable on 30 days' notice; stipulated payment $2,000 per annum. $2,000.00
 * Dock track at Sandusky, Ohio; for indefinite period from Feb. 13, 1906, terminable on one year's notice; stipulated payment equal to 4 per cent on valuation of $13,000. $620.00
 * Fort Wayne & Jackson Railroad Company:
 * Tracks, 1.660 miles, from Hugo to Fort Wayne, Ind. No rental accrued or paid. --
 * Lansing Manufacturers Railroad, jointly used with The Michigan Central Railroad Company:
 * Tracks, 5.221 miles of main line and 2.697 miles of yard tracks and sidings, at Lansing, Mich.; term 25 years from July 1, 1905; stipulated payment equal to one-half of $7,500 per annum, taxes, and maintenance. The amount of rental accrued or paid has not been determined. --
 * Lehigh Valley Railroad Company:
 * Station facilities, Auburn, N.Y.; for indefinite period from Dec. 23, 1913; fixed rental $2,000 per annum. $2,000.00
 * The Michigan Central Railroad Company:
 * Tracks, 0.26 mile of second main track, and station facilities at Kalamazoo, Mich., for indefinite term from Sept. 7, 1899, terminable on 90 days' notice; stipulated payment $1,680 per annum and 30 cents per train-mile for trains handled. $1,008.00
 * Tracks, 0.15 mile, and station facilities at Ypsilanti, Mich.; for indefinite period from Mar. 18, 1891; stipulated payment $600 per annum. $360.00
 * Tracks, 50.41 miles, used as second main track, from Alexis, Ohio, to West Detroit, Mich.; for indefinite period from Feb. 3, 1914, terminable on one year's notice; for the use of these tracks the New York Central permits The Michigan Central Railroad Company to use in like manner its tracks between Alexis, Ohio, and River Rouge, Detroit, Mich. --
 * Tracks, 3 miles, used as second main track, from West Detroit to River Rouge, Detroit, Mich.; for indefinite period from May 17, 1915, terminable on one year's notice; for the use of these tracks the New York Central permits The Michigan Central Railroad Company to use in like manner its tracks between Alexis, Ohio, and Wagon Works, Ohio, for passenger trains only. --
 * Tracks, 2.88 miles, used as second main track, from Vinewood Avenue to Beaubien Street, Detroit, Mich.; for indefinite period from Sept. 22, 1913, terminable on 30 days' notice; for the use of these tracks the New York Central permits The Michigan Central Railroad Company to use in like manner its tracks between the same points. --
 * Tracks, 1.31 miles, from West Detroit to Fifteenth Street passenger station, also passenger station and other terminal facilities at Detroit, Mich.; contract pending; joint use began Apr. 8, 1917; no rental accrued or paid to date of valuation. --
 * Tracks, 0.22 mile, at Jackson, Mich.; for indefinite period from July 20, 1903, terminable on 60 days' notice; reciprocal arrangement; no rental paid. --
 * Tracks, 4.11 miles, used as a second main track, from Haires to Jackson, Mich., and terminal facilities at Jackson, Mich.; for indefinite period from Nov. 6, 1899, terminable on six months' notice; for the use of these tracks the New York Central permits The Michigan Central Railroad Company to use in like manner its tracks between the same points; stipulated payment for use of terminal facilities $500 per annum and one-third of maintenance. $500.00
 * Tracks, 2.56 miles, at South Bend, Ind., from S. S. & S. Junction to Vandalia Railroad tracks; for indefinite period from Jan. 1, 1914, terminable on six months' notice; stipulated payment 50 cents per revenue car. $3,504.30
 * New York, Ontario and Western Railway Company:
 * Tracks, 12.23 miles, from Fulton to Oswego, N.Y.; for indefinite period from Mar. 11, 1886, terminable on six months' notice; stipulated payment one-half of gross train receipts, of which 50 per cent is charged as rental. $6,932.88
 * The New York, Chicago and St. Louis Railroad Company:
 * Tracks, 3.01 miles, from Osborn to Hammond, Ind.; station facilities and loop line at Hammond, Ind.; for indefinite period from Mar. 20, 1915, terminable on 30 days' notice; stipulated payment $900 per annum for use of loop line, $125 per month for use of station, and 75 cents per train mile for use of other tracks. $2,714.40
 * Cleveland and Pittsburgh Rail Road Company (operated by the Pennsylvania Company):
 * Tracks, 33.78 miles, M. V. Junction to Minerva, Ohio; for indefinite period from Oct. 31, 1911, terminable on 18 months' notice; stipulated payment 55 cents per train mile, with a minimum charge of $3,333.33 per month. $19,262.45
 * Cleveland and Pittsburgh Rail Road Company and The Youngstown and Ravenna Railroad Company (operated by the Pennsylvania Company):
 * Tracks, 2.81 miles, from Brady Lake Junction to M. V. Junction, Ohio, and 1.14 miles, from M. V. Junction to Ravenna Junction, Ohio, owned respectively by the companies named above; for indefinite period from Oct. 15, 1911; stipulated payment equal to 2.5 per cent on valuation of $611,022.63, plus a proportion, on wheelage basis, of maintenance and operation. $9,929.11
 * The Pennsylvania Railroad Company:
 * Tracks, 20.91 miles, from Rose Siding to Falls Creek, Pa.; for indefinite period from Aug. 2, 1909; stipulated payment equal to 2 per cent per annum on agreed valuation, plus a proportion, on basis of car and engine mileage, of maintenance. $27,260.99
 * Tracks, 40.16 miles, from Mahaffey Junction to Patton, Pa., also to various mines, together with station facilities at Cherry Tree, Pa.; for indefinite period from Dec. 22, 1891; stipulated payment equal to 2.5 per cent on agreed valuation, plus a proportion, on basis of car and engine miles, of maintenance. $26,648.62
 * Tracks, 44.96 miles, from McElhattan to Keating, Pa.; for indefinite period from Jan. 3, 1911; stipulated payment equal to 2 per cent per annum on valuation of $4,069,400, plus a proportion, on basis of car and engine mileage, of maintenance. $81,389.75
 * Tracks, 11.18 miles, from McGees Junction to Rossiter Junction, Pa.; for indefinite period from Mar. 30, 1900; stipulated payment equal to 2.5 per cent per annum on agreed valuation, plus a proportion, on basis of car and engine miles, of maintenance. $6,637.94
 * Philadelphia and Reading Railway Company:
 * Tracks, 3.71 miles of double track, from Newberry Junction to Williamsport, Pa.; for indefinite period from May 22, 1900, terminable on 30 days' notice; stipulated payment 30 cents per train-mile, plus one-half of maintenance and operation. $1,944.42
 * Station facilities at Williamsport, Pa.; for indefinite period from Feb. 1, 1917, terminable on 30 days' notice; fixed rental $2,400 per annum. $2,400.00
 * Rutland Railroad Company:
 * Tracks, 37.10 miles, from Norwood to Malone Junction, N.Y.; for indefinite period from June 26, 1903, terminable on 30 days' notice; stipulated payment 50 cents per train-mile, $1 for double-header service. $36,417.03
 * Tracks, 0.15 mile, and station facilities at Moira, N.Y.; for indefinite period from May 1, 1910, terminable on 90 days' notice; stipulated payment 2.5 per cent on valuation, plus one-half of maintenance. $131.40
 * The Troy Union Railroad Company:
 * Tracks, 2.03 miles, at Troy, N.Y.; term perpetual from July 1, 1858; stipulated payment one-half of bridge rental, maintenance, and taxes. $31,614.63

There are other facilities of minor importance, such as stations, interlockers' yard tracks, and sidings, in which the New York Central grants or receives joint use, that are not listed in this chapter.

In addition to the foregoing, the telegraph pole line property located along the railroad of the New York Central is in part owned and used by that company and in part owned and used by the Western Union Telegraph Company. Part of the telegraph line so owned by each company is jointly used by the other company, the New York Central, however, reserving the right to use, for railroad purposes only, the telegraph property it leases to the Western Union Telegraph Company. These arrangements with the Western Union Telegraph Company for joint use of property, as well as for the construction and maintenance of telegraph lines on the right of way of the New York Central, are covered by four agreements, dated June 1, 1907, and one agreement, dated October 7, 1909, for the term ending January 1, 1936, and continuing thereafter until canceled by either party.

The New York Central has assigned to it for sole use 474 units, 382 units, and I unit of freight-train cars owned, respectively, by Street's Western Stable Car Lines Company, The Mather Humane Stock Transportation Company, and the Consolidated Rolling Stock Company, also certain power-plant machinery owned by the Page Fence Company. The terms under which this equipment is leased and the rentals paid for the use of it were not obtained.

Hudson River Railroad Company operated as agent for the owners the properties of the Fulton Chain Railway Company and the Raquette Lake Railway Company, the former extending from Fulton Chain to Old Forge, N.Y., 2.21 miles, and the latter extending from Carter to Raquette Lake, N.Y., 18.13 miles.

Lessor Companies

 * Amsterdam, Chuctanunda & Northern
 * Beech Creek Extension
 * Beech Creek Railroad
 * Boston & Albany
 * Chester and Becket
 * Detroit, Hillsdale and South Western
 * Erie and Kalamazoo
 * Fort Wayne & Jackson
 * Genesee Falls Railway
 * Hudson River Bridge Company
 * Kalamazoo, Allegan & Grand Rapids
 * Lake Erie, Alliance & Wheeling
 * Lake Erie and Pittsburg
 * Mahoning Coal Railroad
 * Mahoning and Shenango Valley
 * New York and Fort Lee
 * New York and Harlem
 * North Brookfield Railroad
 * Pittsfield and North Adams
 * Providence, Webster & Springfield
 * Shenango Valley Railroad
 * Stewart Railroad
 * St. Lawrence & Adirondack
 * Troy & Greenbush
 * Wallkill Valley Railroad
 * Ware River Railroad
 * West Shore Railroad

The New York Central and Hudson River Railroad Company (Second Corporation); The New York Central and Hudson River Railroad Company (First Corporation)
Introductory

The New York Central and Hudson River Railroad Company (first corporation) was incorporated under the general laws of the State of New York through articles of consolidation, dated September 15, 1869, filed November 1, 1869. On April 16, 1913, through a so-called consolidation agreement, dated March 5, 1913, filed April 16, 1913, The New York Central and Hudson River Railroad Company (first corporation) consolidated with the following six other companies named to form The New York Central and Hudson River Railroad Company (second corporation):
 * Rome, Watertown and Ogdensburg Railroad Company.
 * The Niagara Falls Branch Rail Road Company.
 * The Utica and Black River Railroad Company (third corporation).
 * Oswego and Rome Rail Road Company.
 * Carthage, Watertown and Sackets Harbor Rail Road Company.
 * Little Falls and Dolgeville Railroad Company (second corporation).

The accounts of the first corporation were continued by the second corporation as if the first corporation had acquired the property of the six companies named in the so-called consolidation agreement dated March 5, 1913, by merger, and the condition of these records is such that separate information can not be given from the accounts regarding the finances, corporate operations, or investments of The New York Central and Hudson River Railroad Company (first corporation) and The New York Central and Hudson River Railroad Company (second corporation). They are, therefore, treated collectively and referred to herein as The New York Central and Hudson River Railroad Company.

Although the company acquired title to its property on November 1, 1869, its books of account were not opened until October 1, 1871, and although it disposed of its property by consolidation December 23, 1914, its accounts were not closed until December 31, 1914. The accounting data in this report, therefore, cover the period October 1, 1871, to December 31, 1914.

The records reviewed do not indicate that The New York Central and Hudson River Railroad Company was controlled by any individual or corporation on December 23, 1914, the date of consolidation. On the other hand, The New York Central and Hudson River Railroad Company, itself, controlled solely or jointly, directly or indirectly, 11 railroad companies, whose several common-carrier properties it operated under lease or through stock control. The names of these companies, together with a statement showing how and the extent of this company's control are given as follows:

The New York Central and Hudson River Railroad Company also controlled solely or jointly 17 common-carrier companies and 8 noncarrier companies that were all operated independently. The names of these companies, the extent and how controlled are shown below.

The property of The New York Central and Hudson River Railroad Company was operated by its own organization during its entire life.

The railroad operated by The New York Central and Hudson River Railroad Company was a standard-gauge railroad located in the States of New York, New Jersey, Pennsylvania, and Massachusetts, aggregating 3,436.12 miles. It was operated by steam with the exception of that part of the line extending from Grand Central Terminal in New York City to North White Plains, N.Y., and from Mott Haven to Croton, N.Y., which was operated by electricity. The owned railroad amounted to 1,835.48 miles and consisted of one main line of double-track railroad extending from New York City through Albany to Buffalo, N.Y., a distance of about 433 miles, of which about 352 miles was third main tracked and about 366 miles was fourth main tracked. Numerous branch lines also located in the State of New York aggregated about 1,402 miles, of which about 219 miles was double-tracked.

The mileage operated under lease or through stock control amounted to 1,600.64 miles and consisted principally of main lines extending from Boston, Mass., to West Albany, N.Y.; New York City to Chatham, N.Y.; Weehawken, N.J., to Buffalo, N.Y.; and from Geneva, N.Y., to the coal fields of Pennsylvania. Other leases of terminal properties and trackage rights over 273.86 miles of road of other carriers afforded The New York Central and Hudson River Railroad Company connection between various sections of its lines and terminal facilities at various points.

In addition to the above, The New York Central and Hudson River Railroad Company operated as agent for the owners the properties of the Fulton Chain Railway Company and the Raquette Lake Railway Company, the former extending from Fulton Chain to Old Forge, N.Y., 2.21 miles, and the latter extending from Carter to Raquette Lake, N.Y., 18.13 miles.

Development of Fixed Physical Property

The 1,835.48 miles of road owned by The New York Central and Hudson River Railroad Company on the date of consolidation had been acquired partly by consolidation, partly by merger and partly by construction as indicated in the following statement.

Total 1,835.48 miles.
 * Acquired in the consolidation of 1869— 727.69 miles.
 * The New York Central Railroad Company (of 1853). 583.54 miles.
 * The Hudson River Rail-Road Company. 144.15 miles.
 * Acquired in the consolidation of 1913— 639.40 miles.
 * Rome, Watertown and Ogdensburg Railroad Company. 414.88 miles.
 * The Niagara Falls Branch Rail Road Company. 8.58 miles.
 * The Utica and Black River Railroad Company (third corporation). 150.17 miles.
 * Oswego and Rome Rail Road Company. 26.62 miles.
 * Carthage, Watertown and Sackets Harbor Rail Road Company. 29.07 miles.
 * Little Falls and Dolgeville Railroad Company (second corporation). 10.08 miles.
 * Acquired through merger— 494.07 miles.
 * The Junction Railroad Company. 7.23 miles.
 * The Syracuse Junction Rail Road Company. 8.31 miles.
 * Niagara Bridge and Canandaigua Rail Road Company. 85.80 miles.
 * The Geneva and Lyons Railroad Company. 14.08 miles.
 * The Spuyten Duyvil and Port Morris Railroad Company. 5.13 miles.
 * The New York and Putnam Railroad Company. 58.88 miles.
 * Buffalo Erie Basin Railroad Company. 0.25 miles.
 * The New York Central Niagara River Railroad Company. 2.81 miles.
 * The Mohawk and Malone Railway Company. 182.15 miles.
 * New York and Ottawa Railway Company. 69.27 miles.
 * Carthage and Adirondack Railway Company. 45.75 miles.
 * The Gouverneur and Oswegatchie Railroad Company. 13.07 miles.
 * Tivoli Hollow Railroad Company. 1.24 miles.
 * Tonawanda Island Bridge Company. 0.10 miles.
 * Acquired by construction. 15.37 miles.
 * Less mileage abandoned, sold, or reclassified. 41.05 miles.

It is not known whether the construction work of The New York Central and Hudson River Railroad Company was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The New York Central Railroad Company (of 1853)
Introductory

The New York Central Railroad Company (of 1853) was incorporated April 2, 1853, under special act of the State of New York through articles of consolidation dated May 17, 1853, effective May 1, 1853, filed July 7, 1853.

The property of The New York Central Railroad Company (of 1853) was acquired by its successor through articles of consolidation filed November 1, 1869, but the accounts of the company, for the results of corporate operations continued to September 30, 1871, and other accounts were not closed until that date.

The accounting data in this report, therefore, cover the period to September 30, 1871.

The records reviewed do not indicate that The New York Central Railroad Company (of 1853) was controlled by any individual or corporation on the date of consolidation. On the other hand, this company, itself, controlled on the date of consolidation, through ownership of a majority of its capital stock, The Hudson River Bridge Company at Albany, whose common-carrier property it operated.

The property of this company was operated by its own organization from the date of acquirement thereof to date of consolidation. The Railroad operated by The New York Central Railroad Company (of 1853) was mostly a single-track, standard-gauge, steam railroad located in New York and aggregated 669.79 miles. The owned mileage amounted to 583.54 miles and consisted of several main lines and projecting branches. The principal main line extended from Albany to Buffalo, Syracuse to Suspension Bridge, and Schenectady to Troy and Athens, N.Y. The principal branch lines extended from Batavia to Attica, Lockport Junction to Tonawanda, and Buffalo to Lewiston, N.Y. The mileage operated under lease or through stock control amounted to 86.25 miles and consisted of a main line extending from Suspension Bridge to Canandaigua, N.Y., and a bridge, together with 0.45 mile of track over the Hudson River at Albany, N.Y.

Development of Fixed Physical Property

Of the 583.54 miles of road owned by The New York Central Railroad Company (of 1853) on the date of consolidation, it had acquired 521.90 miles by consolidation and 61.64 miles by merger, as indicated in the following table:
 * Acquired by consolidation 521.90 miles, from:
 * The Albany and Schenectady Rail Road Company 16.89 miles.
 * Buffalo and Rochester Railroad Company 79.16 miles.
 * The Utica and Schenectady Rail Road Company 77.67 miles.
 * The Rochester, Lockport & Niagara Falls Railroad Company 75.61 miles.
 * The Rochester and Syracuse Rail Road Company 176.62 miles.
 * The Syracuse and Utica Rail-Road Company 52.83 miles.
 * The Schenectady and Troy Rail-Road Company 20.91 miles.
 * The Buffalo and Lockport Rail Road Company 22.21 miles.
 * Acquired by merger 61.64 miles, from:
 * The Lewiston Rail-Road Company, reconstructed by The New York Central Railroad Company (of 1853) 5.38 miles.
 * Rochester and Lake Ontario Rail Road Company 7.43 miles.
 * The Saratoga and Hudson River Rail Road Company 37.87 miles.
 * The Buffalo and Niagara Falls Rail-Road Company 10.96 miles.

Grand total, 583.54 miles.

The Albany and Schenectady Rail Road Company, formerly named Mohawk and Hudson Rail Road Company
Introductory

The Albany and Schenectady Rail Road Company was originally incorporated as the Mohawk and Hudson Rail Road Company in the State of New York on April 17, 1826. The name was changed on April 19, 1847. The accounting records of the company obtained were of such a fragmentary nature that only partial information could be obtained from them regarding its financial dealings and investments and nothing of value could be obtained regarding its corporate operations. However, certain data given below were obtained in part from its accounting records and in part from other documents on file. The records reviewed do not indicate whether The Albany and Schenectady Rail Road Company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

Its property was operated by its own organization from August 9, 1831, the date of completion, to the date of consolidation. The railroad operated by the company amounted to 16.89 miles, all owned. It consisted of a standard-gauge, steam railroad, extending from Albany to Schenectady, N.Y.

Development of Fixed Physical Property

The entire 16.89 miles of road owned by the company on the date of consolidation had been acquired by construction. The construction work was performed by various contractors, none of whom appear to have been affiliated with the company. In addition to the road owned on date of consolidation this company had constructed about 10.32 miles of road which was abandoned in September, 1841. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Buffalo and Rochester Railroad Company
Introductory

The Buffalo and Rochester Railroad Company was incorporated under a special act of the State of New York through articles of consolidation, dated and filed December 7, 1850. The accounting records of the Buffalo and Rochester Railroad Company were of such a fragmentary nature that nothing of value could be obtained from them regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of The New York Central Railroad Company (of 1853) and from other documents on file. The records reviewed do not indicate whether the Buffalo and Rochester Railroad Company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of consolidation. The railroad operated by the Buffalo and Rochester Railroad Company on the date of consolidation amounted to 79.16 miles, all owned. It consisted of a single-track, standard gauge, steam railroad, wholly within the State of New York, and extended from Buffalo to Rochester, via Batavia, and from Batavia to Attica.

Development of Fixed Physical Property

Of the 79.16 miles of road owned by the Buffalo and Rochester Railroad Company on the date of consolidation, it had acquired 9.39 miles from The Attica and Buffalo Rail-Road Company, 43.14 miles from The Tonawanda Rail-Road Company and 26.63 miles by construction. The company originally acquired 31.50 miles of road from The Attica and Buffalo Rail-Road Company of which 22.11 miles extending from Attica to Depew, were sold to the Buffalo and New York City Rail-Road Company, November 1, 1852. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the New York Central.

The Tonawanda Rail-Road Company, Predecessor of the Buffalo and Rochester Railroad Company
The Tonawanda Rail-Road Company was incorporated April 24, 1832, under special act of the Legislature of the State of New York. The accounting records of The Tonawanda Rail-Road Company were of such a fragmentary nature that nothing of value could be obtained from them regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Buffalo and Rochester Railroad Company and from other documents on file. The records reviewed do not indicate whether The Tonawanda Rail-Road Company was controlled by any individual or corporation on December 7, 1850, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporations.

Its property was operated by its own organization from its completion in 1837, to the date of consolidation. The railroad operated by the company amounted to 43.14 miles, all owned. It consisted of a single-track, standard-gauge, steam railroad, extending from Rochester to Attica, N.Y. The entire 43.14 miles of road owned by the company on the date of consolidation had been acquired by construction. The records reviewed did not indicate whether the road was constructed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Attica and Buffalo Rail-Road Company, Predecessor of the Buffalo and Rochester Railroad Company
The Attica and Buffalo Rail-Road Company was incorporated May 3, 1836, under special act of the Legislature of the State of New York. The accounting records of The Attica and Buffalo Rail-Road Company were of such a fragmentary nature that nothing of value could be obtained from them regarding its financial dealings, corporate operations or investments. However, certain data given below were obtained from the records of the Buffalo and Rochester Railroad Company and from other documents on file. The records reviewed do not indicate whether The Attica and Buffalo Rail-Road Company was controlled by any individual or corporation on December 7, 1850, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

Its property was operated by its own organization from December, 1842, the date the construction was completed, to the date of consolidation. The railroad operated by the company amounted to 31.5 miles, all owned. It consisted of a single-track, standard-gauge, steam railroad, extending from Attica to Buffalo, N.Y. The entire 31.5 miles of road owned by the company on the date of consolidation had been acquired by construction. The records reviewed did not indicate whether the road was constructed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Utica and Schenectady Rail Road Company
The Utica and Schenectady Rail Road Company was incorporated April 29, 1833, in the State of New York. The accounting records of The Utica and Schenectady Rail Road Company are incomplete. For that reason only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from reports of The Utica and Schenectady Rail Road Company to the State of New York, and from other sources. The records reviewed do not indicate whether The Utica and Schenectady Rail Road Company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, on the other hand, whether it then controlled any other common-carrier corporations.

The property of the company was operated by its own organization from the date of acquirement thereof to date of consolidation. The railroad owned by The Utica and Schenectady Rail Road Company on date of consolidation consisted of 77.67 miles of standard-gauge, steam railroad, extending from Schenectady to Utica, N.Y. The entire 77.67 miles of road owned by The Utica and Schenectady Rail Road Company on date of consolidation had been acquired by construction prior to August 1, 1836. The records reviewed do not indicate whether the construction work was performed by the company's forces or by contract.

The Rochester, Lockport & Niagara Falls Railroad Company
The Rochester, Lockport & Niagara Falls Railroad Company was incorporated December 14, 1850, in the State of New York. No accounting records of The Rochester, Lockport & Niagara Falls Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether The Rochester, Lockport & Niagara Falls Railroad Company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, on the other hand, whether it then controlled any other common-carrier corporations.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of consolidation. The railroad owned by The Rochester, Lockport & Niagara Falls Railroad Company consisted of 75.61 miles of single-track, standard-gauge, steam railroad, extending from Niagara Falls to Rochester, N.Y. In addition to its owned mileage the company operated 7.43 miles of road owned by the Rochester and Lake Ontario Rail Road Company, extending from Rochester to Ontario Beach, N.Y. The entire 75.61 miles of road owned by the company on date of consolidation had been acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract.

In addition to the 75.61 miles of road owned on date of consolidation, The Rochester, Lockport & Niagara Falls Railroad Company had acquired 23 miles of road between Lockport and Niagara Falls, N.Y., from Samuel Jandon, Joseph B. Varnum, and Isaac C. Colton, who had acquired it at a foreclosure sale on June 2, 1850, from the Lockport and Niagara Falls Rail-Road Company. After acquiring this property, The Rochester, Lockport & Niagara Falls Railroad Company relocated the line between Lockport and Niagara Falls, N.Y., 20.88 miles, and the original 23 miles of road purchased was abandoned.

Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Lockport and Niagara Falls Rail-Road Company, Predecessor of The Rochester, Lockport & Niagara Falls Railroad Company
The Lockport and Niagara Falls Rail-Road Company was incorporated April 24, 1834, in the State of New York. No accounting records of the Lockport and Niagara Falls Rail-Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether the Lockport and Niagara Falls Rail-Road Company was controlled by any individual or corporation on June 2, 1850, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date it was put in operation, sometime in 1838, until January 1, 1844. From the latter date it was operated under lease by Henry Walbridge, Asher Torrence and William E. Cooper. It was not determined from the records reviewed what date this lease terminated.

The railroad owned by the Lockport and Niagara Falls Rail-Road Company consisted of approximately 23 miles of single-track, standard-gauge road extending from Lockport to Niagara Falls, N.Y.

In addition, the records reviewed indicated that some construction work had been contracted for by the company between Lockport and Rochester, N.Y., 54.73 miles, but the extent of the construction work performed could not be ascertained.

The entire 23 miles of railroad owned by the company on date of sale had been acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract.

The Rochester and Syracuse Rail Road Company
Introductory

The Rochester and Syracuse Rail Road Company was incorporated under special act of New York through articles of consolidation, dated July 17, 1850, filed in New York August 1, 1850.

The accounting records of the company are incomplete as to its corporate operations. However, certain information indicated hereinafter with respect to the corporate operations were obtained from reports filed by the company with the State of New York.

The records reviewed do not indicate that The Rochester and Syracuse Rail Road Company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of its formation, August 1, 1850, to the date of consolidation.

The railroad operated by The Rochester and Syracuse Rail Road Company on the date of consolidation amounted to 176.62 miles, all owned. It consisted of two lines from Rochester to Syracuse, N.Y., one by way of Lyons, N.Y., and the other by way of Geneva, N.Y.

Development of Fixed Physical Property

Of the 176.62 miles of road owned by The Rochester and Syracuse Rail Road Company on date of consolidation, it had acquired 23.26 miles from The Auburn and Syracuse Rail-Road Company, 73.03 miles from The Auburn and Rochester Rail-Road Company, and 80.33 miles by construction. The records reviewed do not indicate whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Auburn and Syracuse Rail-Road Company, Predecessor of The Rochester and Syracuse Rail Road Company
Introductory

The Auburn and Syracuse Rail-Road Company was incorporated May 1, 1834, in the State of New York. With the exception of journals, the accounting records of The Auburn and Syracuse Rail-Road Company were not obtained. The accounting data in this report are those obtained from those journals. The records reviewed do not indicate that The Auburn and Syracuse Rail-Road Company was controlled by any individual or corporation on August 1, 1850, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement thereof to the date of consolidation. The railroad operated by The Auburn and Syracuse Rail-Road Company on the date of consolidation amounted to 23.26 miles, all owned. It consisted of a single-track, standard-gauge, steam railroad, wholly within the State of New York and extending from Syracuse to Auburn, N.Y.

Development of Fixed Physical Property

The entire 23.26 miles of road owned by The Auburn and Syracuse Rail-Road Company on the date of consolidation had been acquired by construction. The records reviewed do not indicate whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Auburn and Rochester Rail-Road Company, Predecessor of The Rochester and Syracuse Rail Road Company
Introductory

The Auburn and Rochester Rail-Road Company was incorporated May 13, 1836, in the State of New York. With the exception of journals, the accounting records of The Auburn and Rochester Rail-Road Company were not obtained. The accounting data in this report are those taken from those journals, and from reports filed by The Auburn and Syracuse Rail-Road Company with the State of New York. The records reviewed do not indicate that The Auburn and Rochester Rail-Road Company was controlled by any individual or corporation on August 1, 1850, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement thereof, to the date of consolidation. The railroad operated by The Auburn and Rochester Rail-Road Company on the date of consolidation amounted to 73.03 miles, all owned. It consisted of a single-track, standard-gauge, steel railroad wholly within the State of New York and extending from Auburn to Rochester, N.Y.

Development of Fixed Physical Property

The entire 73.03 miles of road owned by The Auburn and Rochester Rail-Road Company on the date of consolidation had been acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Direct Railway between Syracuse and Rochester, Predecessor of The Rochester and Syracuse Rail Road Company
The Direct Railway between Syracuse and Rochester was incorporated June 18, 1848, in the State of New York. No accounting records of The Direct Railway between Syracuse and Rochester were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations or investments. However, certain data given below were obtained from other sources.

The records reviewed do not indicate whether The Direct Railway between Syracuse and Rochester was controlled by any individual or corporation on August 6, 1850, the date of merger, nor, on the other hand, whether it then controlled any common-carrier corporation. The property owned by The Direct Railway between Syracuse and Rochester on the date of merger consisted of certain right of way on which no construction work had been performed. The records reviewed do not state how much right of way was owned.

The Syracuse and Utica Rail-Road Company
The Syracuse and Utica Rail-Road Company was incorporated May 11, 1836, in the State of New York. No accounting records of The Syracuse and Utica Rail-Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of the successor, and from reports filed by this company with the State of New York. The records reviewed do not indicate whether The Syracuse and Utica Rail-Road Company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of consolidation. The railroad owned by the company consisted of 52.83 miles of double-track, standard-gauge, steam railroad extending from Syracuse to Utica, N.Y. The entire 52.83 miles of road owned by the company on the date of consolidation had been acquired by construction prior to July 3, 1839. The records reviewed did not indicate whether the road was constructed under contract or by company forces.

The Schenectady and Troy Rail-Road Company
Introductory

The Schenectady and Troy Rail-Road Company was incorporated May 21, 1836, in the State of New York. The records reviewed do not indicate that The Schenectady and Troy Rail-Road Company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

Its property was operated by its own organization from the date it was completed to the date of consolidation. The railroad operated by The Schenectady and Troy Rail-Road Company on the date of consolidation amounted to 20.91 miles, all owned. It consisted of a single-track, standard-gauge, steam railroad, wholly within the State of New York and extending from Schenectady to the west bank of the Hudson River, opposite Troy, N.Y.

The Schenectady and Troy Rail-Road Company had trackage rights over the bridge of the Rensselaer and Saratoga Railroad Company and about 2 miles of road of The Troy Union Railroad Company, which afforded it access to Troy, N.Y.

Development of Fixed Physical Property

The entire 20.91 miles of road owned by the company on date of consolidation was acquired by construction which was completed in November, 1842. The records reviewed did not indicate whether the road was constructed under contract or by company forces.

The Buffalo and Lockport Rail Road Company
The Buffalo and Lockport Rail Road Company was incorporated April 29, 1852, in the State of New York. No accounting records of The Buffalo and Lockport Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from agreements and other papers on file. The records reviewed do not indicate whether The Buffalo and Lockport Rail Road Company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The Buffalo and Lockport Rail Road Company owned on the date of consolidation 22.21 miles of railroad, extending from Buffalo to Lockport, N.Y., which had been acquired by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Mohawk Valley Rail Road Company
The Mohawk Valley Rail Road Company was incorporated December 29, 1852, in the State of New York. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the accounting records of the successor. The records reviewed do not indicate whether The Mohawk Valley Rail Road Company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The records reviewed do not indicate that The Mohawk Valley Rail Road Company owned any fixed physical property on the date of consolidation. It had acquired by purchase from the Mohawk Valley Rail Road Company options on certain parcels of land for right of way, also the survey, maps, and profiles of that company and had expended certain amounts, indicated below, for its own organization and engineering, but no construction work had been performed.

Mohawk Valley Rail Road Company, Predecessor of The Mohawk Valley Rail Road Company
The Mohawk Valley Rail Road Company was incorporated January 21, 1851, in the State of New York. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book. The records reviewed do not indicate whether the Mohawk Valley Rail Road Company was controlled by any individual or corporation on January 17, 1853, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The company owned no common-carrier property on the date of sale, but it had acquired options on certain parcels of right of way on that date.

Syracuse and Utica Direct Rail Road Company
The Syracuse and Utica Direct Rail Road Company was incorporated January 26, 1853, under the laws of the State of New York. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate that the company was controlled by any individual or corporation on May 1, 1853, the date of consolidation, nor, that it then controlled any common-carrier corporation. The company did not own or operate any common carrier property on the date of consolidation.

The Lewiston Rail-Road Company
Introductory

The Lewiston Rail-Road Company was incorporated May 6, 1836, in the State of New York. No accounting records of The Lewiston Rail-Road Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other documents on file. The Lewiston Rail-Road Company was controlled on September 30, 1855, the date of merger, by The New York Central Railroad Company (of 1853) through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of completion of its original road, some time during the year 1837, to December 22, 1853. From the latter date to the date of merger it was operated, under lease, by The New York Central Railroad Company (of 1853).

The railroad owned by The Lewiston Rail-Road Company on the date of merger consisted of 5.38 miles of single-track, standard-gauge, steam railroad, extending from Lewiston to Suspension Bridge, N.Y.

Development of Fixed Physical Property

The entire 5.38 miles of road owned by the company on the date of merger had been acquired by construction. The original road constructed by this company extended from Lewiston, N.Y., to a connection with the Lockport and Niagara Falls Railroad, a distance of about 3 miles. The line was relocated, reconstructed, and extended during 1854. The records reviewed do not indicate whether the construction work was performed under contract or by company forces.

Rochester and Lake Ontario Rail Road Company
The Rochester and Lake Ontario Rail Road Company was incorporated May 17, 1852, in the State of New York. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The Rochester and Lake Ontario Rail Road Company was controlled on September 30, 1855, the date of merger, by The New York Central Railroad Company (of 1853) through ownership of a majority of its capital stock. On the other hand the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated by The Rochester, Lockport & Niagara Falls Railroad Company from the date it was placed in operation in 1853, to May 1, 1853. From that date to the date of merger it was operated by The New York Central Railroad Company (of 1853). This company owned on the date of merger 7.43 miles of single-track, standard-gauge, steam railroad, between Jay Street Junction, Rochester and Ontario Beach, N.Y., which had been acquired by construction during 1852 and 1853.

The Saratoga and Hudson River Rail Road Company
The Saratoga and Hudson River Rail Road Company was incorporated April 16, 1864, in the State of New York. No accounting records of The Saratoga and Hudson River Rail Road Company were obtained, with the exception of a construction ledger covering the period from April 16, 1864, to April 30, 1866. The accounting data in this report are those obtained from that ledger, from the records of The New York Central Railroad Company (of 1853), and from other sources.

The Saratoga and Hudson River Rail Road Company was controlled on September 9, 1867, the date of merger, by The New York Central Railroad Company (of 1853) through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporations.

The property of the company was operated under a lease, by The New York Central Railroad Company (of 1853) from the date it was put in operation, June 14, 1866, to date of merger. The railroad owned by The Saratoga and Hudson River Rail Road Company on date of merger consisted of approximately 37.87 miles of single-track, standard-gauge road, extending from Athens to Schenectady Junction, N.Y. The entire 37.87 miles of road owned by the company on date of merger had been acquired by construction prior to June 14, 1866. It is not known whether the construction work was performed by the company's forces or by contract.

The Buffalo and Niagara Falls Rail-Road Company
Introductory

The Buffalo and Niagara Falls Rail-Road Company was incorporated May 3, 1834, in the State of New York. There were no available accounting records of The Buffalo and Niagara Falls Rail-Road Company for the period from the date of its organization to May 30, 1844, and from January 1, 1848, to April 23, 1869, the date of merger. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the periods first mentioned has been taken from sources other than the accounting records of the company. The Buffalo and Niagara Falls Rail-Road Company was controlled on the date of merger by The New York Central Railroad Company (of 1853) through ownership of its capital stock. 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 its own organization from the date it was put in operation, June 1, 1844, until December 22, 1853. From the latter date until the date of merger its property was operated, under lease, by The New York Central Railroad Company (of 1853). The railroad operated by The New York Central Railroad Company (of 1853) and owned by The Buffalo and Niagara Falls Rail-Road Company on the date of merger amounted to 10.96 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from North Tonawanda to Niagara Falls, N.Y.

Development of Fixed Physical Property

Of the 10.96 miles of road owned by The Buffalo and Niagara Falls Rail Road Company on the date of merger, it had acquired 3 miles from The Buffalo and Black Rock Rail-Road Company and 7.96 miles by construction. The records reviewed indicated that this company also constructed approximately 11.04 miles of road between Buffalo and North Tonawanda, N.Y., that was abandoned prior to the date of merger. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Buffalo and Black Rock Rail-Road Company, Predecessor of The Buffalo and Niagara Falls Rail-Road Company
The Buffalo and Black Rock Rail-Road Company was incorporated April 29, 1833, in the State of New York. No accounting records of The Buffalo and Black Rock Rail-Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources.

The records reviewed do not indicate whether The Buffalo and Black Rock Rail-Road Company was controlled by any individual or corporation in 1834, the date of sale, exact date not determined, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was completed to the date of sale. The railroad owned by The Buffalo and Black Rock Rail-Road Company consisted of approximately 3 miles of single-track railroad, extending from Buffalo to Black Rock, N.Y., and was operated by horse power.

The entire 3 miles of road owned by the company on date of sale had been acquired by construction prior to May 16, 1834. It is not known whether the construction work was performed by the company's forces or by contract.

The Hudson River Rail-Road Company
Introductory

The Hudson River Rail-Road Company was incorporated May 12, 1846, in the State of New York. The property of The Hudson River Rail-Road Company was acquired by its successor through a consolidation agreement effective November 1, 1869, but the accounts of the company for the results of corporate operations continued to September 30, 1871, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to September 30, 1871. The records reviewed do not indicate that The Hudson River Rail-Road Company was controlled by any individual or corporation on the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation. The property of this company was operated by its own organization from the date the first section was put in operation, September 30, 1849, to the date of consolidation. The railroad operated by The Hudson River Rail-Road Company was a double-track, standard-gauge, steam railroad, located wholly within the State of New York, aggregating 149.71 miles. The owned mileage amounted to 144.15 miles and consisted of a main line extending from New York to East Albany, N.Y. The mileage operated under lease amounted to 5.56 miles and consisted of a main line extending from Rensselaer to Troy, N.Y.

Development of Fixed Physical Property

The entire 144.15 miles of road owned by The Hudson River Rail-Road Company on the date of consolidation had been acquired by construction. The construction work was all performed by numerous contractors, none of whom appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Junction Railroad Company
Introductory

The Junction Railroad Company was incorporated in the State of New York, April 20, 1870. This company was controlled on October 1, 1879, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of The Junction Railroad Company was operated by The New York Central and Hudson River Railroad Company (first corporation), as lessee, from November 1, 1871, when it was placed in operation, to date of merger. The railroad owned by The Junction Railroad Company on date of merger amounted to 7.23 miles and consisted of a standard-gauge, steam railroad, extending from Buffalo to North Buffalo Junction, N.Y.

Development of Fixed Physical Property

The entire 7.23 miles of road owned by The Junction Railroad Company on the date of merger had been acquired by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Syracuse Junction Rail Road Company
The Syracuse Junction Rail Road Company was incorporated in the State of New York, June 9, 1873. No accounting records of The Syracuse Junction Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated herein were obtained from the report of the New York Central on its corporate history and from the records of The New York Central and Hudson River Railroad Company (first corporation). This company was controlled on October 1, 1879, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of The Syracuse Junction Railroad Company was operated by The New York Central and Hudson River Railroad Company (first corporation), as lessee, from November 16, 1874, the date it was placed in operation, to date of merger.

The railroad owned by The Syracuse Junction Rail Road Company on date of merger amounted to 8.31 miles and consisted of a standard-gauge railroad extending from East Syracuse to Syracuse Junction, N.Y., all of which was acquired by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Niagara Bridge and Canandaigua Rail Road Company
The Niagara Bridge and Canandaigua Rail Road Company was incorporated in the State of New York, August 25, 1858. No accounting records of the Niagara Bridge and Canandaigua Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated herein were obtained from the report of the New York Central on its corporate history, the records of The New York Central and Hudson River Railroad Company (first corporation), and from annual reports rendered to the State of New York by the Niagara Bridge and Canandaigua Rail Road Company. This company was controlled on January 10, 1890, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation), through ownership of its capital stock. On the other hand, the records do not indicate that this company then controlled any common-carrier corporation.

The property of the Niagara Bridge and Canandaigua Rail Road Company was operated by The New York Central Railroad Company (of 1853) and its successor, the New York Central and Hudson River Railroad Company (first corporation), from August 26, 1858, to date of merger, under a lease dated September 1, 1858. The railroad owned by the Niagara Bridge and Canandaigua Rail Road Company on date of merger amounted to 85.80 miles and consisted of a single-track, standard-gauge railroad extending from Canandaigua to North Tonawanda, N.Y., all of which had been acquired from The Canandaigua and Niagara Falls Railroad Company.

The Canandaigua and Niagara Falls Railroad Company
The Canandaigua and Niagara Falls Railroad Company was incorporated in the State of New York, March 18, 1851.

No accounting records of The Canandaigua and Niagara Falls Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated herein were obtained from the report of the New York Central on its corporate history and from annual reports rendered to the State of New York by The Canandaigua and Niagara Falls Railroad Company for the years ended September 30, 1853, 1855, and 1856.

The records reviewed do not indicate whether The Canandaigua and Niagara Falls Railroad Company was controlled by any individual or corporation on November 6, 1857, the date of sale, nor, on the other hand, whether it then controlled any other common-carrier corporation.

The property of The Canandaigua and Niagara Falls Railroad Company was operated by its own organization from January 1, 1853, when the first section of the road was placed in operation, until some time during the year 1856. From that date to date of sale it was operated by J. P. Girard Foster under lease.

The railroad owned by The Canandaigua and Niagara Falls Railroad Company on date of sale amounted to 85.80 miles and consisted of a single-track railroad extending from Canandaigua to North Tonawanda, N.Y., all of which had been acquired by construction from 1851 to 1854.

The Geneva and Lyons Railroad Company
The Geneva and Lyons Railroad Company was incorporated in the State of New York, October 5, 1877. No accounting records of The Geneva and Lyons Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated herein were obtained from the report of the New York Central on its corporate history, the records of The New York Central and Hudson River Railroad Company (first corporation) and from annual reports rendered to the State of New York by The Geneva and Lyons Railroad Company for the years ended September 30, 1878, 1880, and 1885. This company was controlled on January 20, 1890, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its capital stock. On the other hand, the records do not indicate that this company then controlled any common-carrier corporation.

The property of The Geneva and Lyons Railroad Company was operated by The New York Central and Hudson River Railroad Company from 1878, when it was placed in operation, to date of merger. The railroad owned by The Geneva and Lyons Railroad Company on date of merger amounted to 14.08 miles and consisted of a single-track railroad extending from Geneva to Lyons, N.Y., all of which had been acquired by construction.

The Spuyten Duyvil and Port Morris Railroad Company
Introductory

The Spuyten Duyvil and Port Morris Railroad Company was incorporated in the State of New York, March 4, 1869. This company was controlled on March 7, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it then controlled any common-carrier corporation.

The property of The Spuyten Duyvil and Port Morris Railroad Company was operated, under lease, by The New York Central and Hudson River Railroad Company (first corporation) from April 7, 1872, when it was placed in operation, to date of merger. The railroad owned by The Spuyten Duyvil and Port Morris Railroad Company consisted of 5.13 miles of standard-gauge, electrified railroad, extending from Spuyten Duyvil to Mott Haven Junction, N.Y.

Development of Fixed Physical Property

The entire 5.13 miles of road owned by The Spuyten Duyvil and Port Morris Railroad Company on date of merger had been acquired by construction. The original construction work which was done by N. H. Decker, contractor, between June, 1870, and April, 1872, consisted of 5.86 miles. Nine changes in 1904 resulted in a reduction of 0.73 mile. The records reviewed do not indicate that the contractor was affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The New York and Putnam Railroad Company
Introductory

The New York and Putnam Railroad Company was incorporated January 13, 1894, under the general laws of the State of New York.

The New York and Putnam Railroad Company was controlled on March 7, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its entire capital stock. On the other hand, this company, itself, controlled on the date of merger, through ownership of the entire capital stock, The Mahopac Falls Railroad Company, whose common-carrier property it operated, under lease.

The property of The New York and Putnam Railroad Company was operated by The New York Central and Hudson River Railroad Company (first corporation) from the date it was completed and put in operation to the date of merger. The railroad of The New York and Putnam Railroad Company consisted of 58.88 miles of single-track, standard-gauge, steam railroad, all in the State of New York. The main line extended from the city of New York, at One hundred and fifty-fifth Street, to Putnam Junction, N.Y., a distance of 53.73 miles, with branches projecting from Van Cortlandt Junction to Yonkers and from Baldwin Place to Mahopac Falls, N.Y., an aggregate distance of 5.15 miles.

Development of Fixed Physical Property

Of the 58.88 miles of road owned by The New York and Putnam Railroad Company on the date of merger, it had acquired 56.83 miles from The New York and Northern Railway Company through foreclosure and reorganization, under deed dated January 15, 1894, and 2.05 miles by merger of The Mahopac Falls Railroad Company, March 7, 1913.

The New York and Northern Railway Company
Introductory

The New York and Northern Railway Company was incorporated October 11, 1887, in the State of New York. It was controlled by The New York Central and Hudson River Railroad Company (first corporation) on December 28, 1893, the date of sale, through ownership of a majority of the outstanding capital stock. On the other hand, the records do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of The New York and Northern Railway Company was operated by its own organization from the date the original 53.73 miles of road was acquired October 12, 1887, to date of sale, but the accounts of the company for the results of corporate operations cover the period from August 17, 1887, to January 31, 1894, and other accounts were closed as of the latter date. The accounting data in this report for the operating period and for the date of sale are those afforded by these records. The railroad operated by The New York and Northern Railway Company on the date of sale was a standard-gauge, steam railroad, all in the State of New York aggregating 58.88 miles. The owned mileage amounted to 56.83 miles and consisted of a main line extending from one hundred and fifty-fifth Street, New York City, to Putnam Junction, N.Y., and a branch line from Van Cortlandt Junction to Getty Square, Yonkers, N.Y. The mileage operated under lease amounted to 2.05 miles and consisted of a branch line from Baldwin Place to Mahopac Falls, N.Y.

Development of Fixed Physical Property

Of the 56.83 miles of road owned by The New York and Northern Railway Company on date of sale, it had acquired 53.73 miles through a purchasing committee, from The New York City and Northern Railroad Company, and 3.10 miles by completion of construction begun by Yonkers Rapid Transit Railway Company and The Yonkers Rapid Transit Railway Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The New York City and Northern Railroad Company, Predecessor of The New York and Northern Railway Company
Introductory

The New York City and Northern Railroad Company was incorporated March 1, 1878, in the State of New York. The New York City and Northern Railroad Company was controlled on August 17, 1887, the date of sale, by the New York Loan and Improvement Company through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was put in operation, in December, 1880, until the receivership, May 25, 1882. From that date until the date of sale it was operated by a receiver. The railroad operated by the receiver of and owned by The New York City and Northern Railroad Company on the date of sale amounted to 51.75 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from one hundred and fifty-fifth Street, New York City, to Putnam Junction, N.Y.

Development of Fixed Physical Property

Of the 53.73 miles of road owned by The New York City and Northern Railroad Company on date of sale, it had acquired 1.04 miles, together with a bridge over the Harlem River, from the West Side and Yonkers Railway Company, 1.98 miles from the New York, Westchester and Putnam Railway Company and certain individuals, and 50.71 miles by completion of construction begun by The New York and Boston Rail Road Company and which had also been acquired from the New York, Westchester and Putnam Railway Company. The construction work of The New York City and Northern Railroad Company was performed by Lewis Roberts, contractor, who was affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

New York, Westchester and Putnam Railway Company, Predecessor of The New York City and Northern Railroad Company
The New York, Westchester and Putnam Railway Company was incorporated July 3, 1877, in the State of New York. No accounting records of the New York, Westchester and Putnam Railway Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate that the New York, Westchester and Putnam Railway Company was controlled by any individual or corporation on March 21, 1878, the date of sale, nor, on the other hand, that it then controlled any common-carrier corporation.

The New York, Westchester and Putnam Railway Company owned on the date of sale an undivided interest in 1.98 miles of completed railroad between Putnam Junction and Tilly Foster Mines, N.Y., and in about 49 miles of graded right of way between the latter point and High Bridge, N.Y. This property had been acquired on March 21, 1878, from the Farmers Loan and Trust Company, who, as trustees, had acquired it at a foreclosure sale from The New York and Boston Rail Road Company.

The New York and Boston Rail Road Company, Predecessor of the New York, Westchester and Putnam Railway Company
The New York and Boston Rail Road Company was incorporated May 21, 1869, in the State of New York. No accounting records of The New York and Boston Rail Road Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources.

The records reviewed do not indicate that The New York and Boston Rail Road Company was controlled by any individual or corporation on December 18, 1872, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of The New York and Boston Rail Road Company was operated by its own organization from the date it was put in operation to the date of consolidation.

This company owned on the date of consolidation 1.98 miles of railroad between Putnam Junction and Tilly Foster Mines, N.Y., and approximately 49 miles of graded right of way between the latter point and High Bridge, N.Y. This property was all acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

West Side and Yonkers Railway Company, Predecessor of The New York City and Northern Railroad Company
The West Side and Yonkers Railway Company was incorporated August 25, 1879, in the State of New York. No accounting records of the West Side and Yonkers Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from its minute books and from the accounting records of The New York City and Northern Railroad Company. The West Side and Yonkers Railway Company was controlled on July 16, 1887, the date of merger, by The New York City and Northern Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common carrier corporation.

The property of this company was operated, under lease, by The New York City and Northern Railroad Company and the receiver of that company from the date it was completed to the date of merger.

The property owned by this company on the date of merger consisted of a railroad bridge, and approaches thereto, across the Harlem River, with tracks amounting to 1.04 miles, extending from One hundred fifty-fifth Street at Eighth Avenue, New York City to High Bridge, N.Y. This property was all acquired by construction. The construction work was performed by Smith and Ripley and Clark Reeves & Company, contractors, who do not appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Yonkers Rapid Transit Railway Company, Predecessor of The New York and Northern Railway Company
The Yonkers Rapid Transit Railway Company was incorporated March 18, 1879, in the State of New York. No accounting records of The Yonkers Rapid Transit Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the records of The New York and Northern Railway Company. The Yonkers Rapid Transit Railway Company had been controlled from its organization by the New York Loan and Improvement Company through ownership of the entire outstanding capital stock, until November 10, 1887, when, under provisions for the reorganization of The New York City and Northern Railroad Company, this stock was assigned to The New York and Northern Railway Company which controlled the company on November 11, 1887, the date of merger. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any other common-carrier corporation.

The records reviewed indicated that the company owned on the date of merger a partially constructed railroad between Van Cortlandt and the New York City-Yonkers city line, all within the city of New York, N.Y. This property was all acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Yonkers Rapid Transit Railway Company, Predecessor of The New York and Northern Railway Company
The Yonkers Rapid Transit Railway Company was incorporated June 18, 1880, in the State of New York. No accounting records of the Yonkers Rapid Transit Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the records of The New York and Northern Railway Company. The Yonkers Rapid Transit Railway Company had been controlled from its organization by the New York Loan and Improvement Company through ownership of the entire outstanding capital stock, until November 10, 1887, when under provisions for the reorganization of The New York City and Northern Railroad Company, this stock was assigned to The New York and Northern Railway Company, which controlled the company on November 11, 1887, the date of merger. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The records reviewed indicate that the company owned on the date of merger a partially constructed railroad between the New York City-Yonkers city line and Getty Square, all within the city of Yonkers, N.Y. This property was all acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Mahopac Falls Railroad Company
Introductory

The Mahopac Falls Railroad Company was incorporated March 8, 1884, in the State of New York. No entries were recorded in the available accounting records of The Mahopac Falls Railroad Company for the period from March, 1894, to date of merger. For that reason only partial information can be given from the accounts in connection with its financial dealings or investments, and nothing of value can be given regarding its corporate operations. The Mahopac Falls Railroad Company was controlled on March 7, 1913, the date of merger, by The New York and Putnam Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated under a lease to The New York City and Northern Railroad Company by a receiver of that company from the date of completion to October 11, 1887. From that date to December 28, 1893, it was operated, under agreement, by The New York and Northern Railway Company and from the latter date to date of merger it was operated by The New York Central and Hudson River Railroad Company (first corporation). The property owned by the company consisted of 2.05 miles of single-track, standard-gauge, steam railroad, extending from Baldwin Place to Mahopac Falls, N.Y.

Development of Fixed Physical Property

The 2.05 miles of railroad owned by the company on the date of merger, and also 2 miles of road extending from Mahopac Falls to Mahopac Mines, abandoned in 1902, was acquired by construction which was completed in January, 1885. The records reviewed do not indicate whether this property was constructed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Buffalo Erie Basin Railroad Company
The Buffalo Erie Basin Railroad Company was incorporated July 8, 1876, in the State of New York. No accounting records of the Buffalo Erie Basin Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of The New York Central and Hudson River Railroad Company (first corporation). The Buffalo Erie Basin Railroad Company was controlled on March 7, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of the Buffalo Erie Basin Railroad Company was operated under lease by The New York Central and Hudson River Railroad Company (first corporation) from the date it was completed to date of merger. The railroad owned by the Buffalo Erie Basin Railroad Company on date of merger consisted of 0.25 mile of single-track, standard-gauge, steam railroad, extending from Buffalo and Niagara Falls branch to Erie Docks, at Buffalo, N.Y. The 0.25 mile of road owned by the company on date of merger had been acquired by construction, and was placed in operation in 1877. It is not known whether the construction work was performed by the company's forces or by contract.

The New York Central Niagara River Railroad Company
The New York Central Niagara River Railroad Company was incorporated March 26, 1877, in the State of New York. No accounting records of The New York Central Niagara River Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the records of The New York Central and Hudson River Railroad Company (first corporation). The New York Central Niagara River Railroad Company was controlled on March 7, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation), through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any other common-carrier corporation.

The property of the company was operated under lease by The New York Central and Hudson River Railroad Company (first corporation) from the date it was put in operation to the date of merger. This company owned on the date of merger 2.81 miles of railroad, extending from North Tonawanda to Tonawanda Island, N.Y. This property was all acquired by construction prior to April, 1888. It is not known whether the construction work was performed by the company's forces or by contract.

The Mohawk and Malone Railway Company
Introductory

The Mohawk and Malone Railway Company was incorporated under the general laws of New York through articles of consolidation, dated June 22, 1892, filed June 23, 1892. The Mohawk and Malone Railway Company was controlled on March 7, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. Although The Mohawk and Malone Railway Company acquired title to its original property on June 23, 1892, it did not commence recording the results of the operations of its property in its books until July 1, 1892. The accounting data in this report, therefore, cover the period from July 1, 1892. The property of the company was operated by its own organization from the date of acquirement thereof to May 1, 1893. From the latter date until the date of merger its property was operated by The New York Central and Hudson River Railroad Company (first corporation). The railroad operated by The New York Central and Hudson River Railroad Company (first corporation) and owned by The Mohawk and Malone Railway Company on the date of merger amounted to 182.15 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Herkimer to Malone, N.Y., with branches projecting from Prospect Junction to Hinckley, and from Lake Clear Junction to Saranac Lake, N.Y.

Development of Fixed Physical Property

Of the 182.15 miles of road owned by The Mohawk and Malone Railway Company on the date of merger, it had acquired 16.52 miles from the Herkimer, Newport and Poland Railway Company, 8.82 miles by construction, and 156.81 miles by completion of construction begun by the Herkimer, Newport and Poland Extension Railway Company and the St. Lawrence and Adirondack Railroad Company. The construction work was performed by The Railway Construction and Equipment Company, contractors, who do not appear to have been affiliated with the company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Herkimer, Newport and Poland Railway Company; formerly named Herkimer, Newport and Poland Narrow Gauge Railway Company (Second Corporation)
The Herkimer, Newport and Poland Railway Company was incorporated April 30, 1891, in the State of New York as the Herkimer, Newport and Poland Narrow Gauge Railway Company (second corporation). The name was changed on December 8, 1891. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate that the company was controlled by any individual or corporation on June 23, 1892, the date of consolidation, nor that it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of consolidation.

This company owned on the date of consolidation approximately 16.52 miles of railroad, extending from Herkimer to Poland, N.Y., which had been acquired from the Herkimer, Newport and Poland Narrow Gauge Railway Company (first corporation) in the consolidation of April 30, 1891. The road when acquired was a narrow-gauge line and at June 23, 1892, the date of consolidation, it was being changed to a standard-gauge road, but the extent of completion of the work could not be ascertained.

Herkimer, Newport and Poland Narrow Gauge Railway Company (First Corporation), Predecessor of the Herkimer, Newport and Poland Railway Company
The Herkimer, Newport and Poland Narrow Gauge Railway Company (first corporation) was incorporated July 8, 1880, in the State of New York. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate that the company was controlled by any individual or corporation on April 30, 1891, the date of consolidation, nor that it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of completion thereof to the date of consolidation. This company owned on the date of consolidation approximately 16.52 miles of narrow-gauge railroad extending from Herkimer to Poland, N.Y., which had been acquired by construction during 1881, 1882, and 1883.

The Mohawk Valley and Northern Railway Company, Predecessor of the Herkimer, Newport and Poland Railway Company
The Mohawk Valley and Northern Railway Company was incorporated October 31, 1890, in the State of New York. The accounting records of the company were not obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate that the company was controlled by any individual or corporation on April 30, 1891, the date of consolidation, nor, that it then controlled any common-carrier corporation. The records reviewed do not indicate that the company owned any common-carrier property on date of consolidation.

Herkimer, Newport and Poland Extension Railway Company
The Herkimer, Newport and Poland Extension Railway Company was incorporated September 9, 1891, in the State of New York. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding the financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The Herkimer, Newport and Poland Extension Railway Company was controlled on June 23, 1892, the date of consolidation, by the Railway Construction and Equipment Company through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The records reviewed indicate that the company owned on the date of consolidation a partially constructed railroad, extending between Poland and Remsen, N.Y. Its property was under construction for the Mohawk and Adirondack Railroad Company when acquired through The Railway Construction and Equipment Company, but the extent of the construction work performed to the date of consolidation could not be ascertained.

St. Lawrence and Adirondack Railroad Company
The St. Lawrence and Adirondack Railroad Company was incorporated September 9, 1891, in the State of New York. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The St. Lawrence and Adirondack Railroad Company was controlled on June 23, 1892, the date of consolidation, by The Railway Construction and Equipment Company through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The records reviewed indicate that the company owned on the date of consolidation a partially constructed railroad, extending between Remsen and Malone, N.Y. Its property was under construction for the Mohawk and Adirondack Railroad Company when acquired through the Railway Construction and Equipment Company, but the extent of the construction work performed to the date of consolidation could not be ascertained.

Mohawk and Adirondack Railroad Company, Predecessor of the St. Lawrence and Adirondack Railroad Company, Herkimer, Newport and Poland Extension Railway Company
The Mohawk and Adirondack Railroad Company was incorporated May 5, 1891, in the State of New York. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The Mohawk and Adirondack Railroad Company was controlled, on the date it conveyed its property, by The Railway Construction and Equipment Company, through the terms of a construction contract dated December 30, 1891. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The records reviewed indicate that the property owned by the company on the date conveyed consisted of a partially constructed railroad between Poland and Malone, N.Y. The construction work had been performed by The Railway Construction and Equipment Company, but the extent of the work performed could not be ascertained.

New York and Ottawa Railway Company
Introductory

The New York and Ottawa Railway Company was incorporated January 19, 1905, under the general laws of the State of New York. The New York and Ottawa Railway Company was controlled on March 7, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its entire outstanding capital stock. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation.

The property of the New York and Ottawa Railway Company was operated from February 1, 1905, to the date of merger by The New York Central and Hudson River Railroad Company (first corporation), under a lease agreement. The railroad of the New York and Ottawa Railway Company consists of 69.27 miles of single-track, standard-gauge, steam railroad, extending from Tupper Lake to Nyando, all in the State of New York.

Development of Fixed Physical Property

The entire 69.27 miles of road owned by the New York and Ottawa Railway Company on the date of merger had been acquired from the New York and Ottawa Railroad Company (second corporation) through foreclosure and reorganization, under deed dated January 31, 1905.

New York and Ottawa Railroad Company (Second Corporation)
Introductory

The New York and Ottawa Railroad Company (second corporation) was incorporated October 28, 1897, in the State of New York. The records reviewed do not indicate that the New York and Ottawa Railroad Company (second corporation) was controlled by any individual or corporation on December 22, 1904, the date of sale. On the other hand, this company controlled on the date of sale, through ownership of a majority of the capital stock of each, the Ottawa and New York Railway Company and the Cornwall Bridge Company, whose common-carrier properties were separately operated.

The property of this company was operated by its own organization from the date of its formation, October 28, 1897, until the receivership, April 25, 1900. From that date until the date of sale it was operated by receivers. The railroad operated by the receivers of and owned by the New York and Ottawa Railroad Company (second corporation) on the date of sale amounted to 69.27 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Tupper Lake to Nyando, N.Y.

Development of Fixed Physical Property

Of the 69.27 miles of road owned by the New York and Ottawa Railroad Company (second corporation) on the date of sale, it had acquired 57.43 miles from the Northern New York Railroad Company, of which 2.50 miles was abandoned, and 14.34 miles by construction. The records reviewed indicate that the construction work was performed by the New York and Ottawa Company, an affiliated construction company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Northern New York Railroad Company, Predecessor of the New York and Ottawa Railroad Company (Second Corporation)
Introductory

The Northern New York Railroad Company was incorporated May 27, 1895, in the State of New York. The records reviewed do not indicate that the Northern New York Railroad Company was controlled by any individual or corporation on October 28, 1897, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date it was acquired, May 28, 1895, to the date of consolidation. The railroad operated by the Northern New York Railroad Company on the date of consolidation amounted to 57.43 miles, all owned. It consisted of a single-track, standard-gauge, steam railroad, wholly within the State of New York, the main line extending from Moira to Tupper Lake, N.Y., 54.93 miles, with a branch line extending from Black Rapids Junction to Black Rapids, N.Y.

Development of Fixed Physical Property

The entire 57.43 miles of road owned by the Northern New York Railroad Company on the date of consolidation had been acquired from the Northern Adirondack Railroad Company through foreclosure and reorganization, under deed dated May 28, 1895.

Northern Adirondack Railroad Company, Predecessor of the Northern New York Railroad Company
The Northern Adirondack Railroad Company was incorporated April 5, 1890, in the State of New York. No accounting records of the Northern Adirondack Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of the successor and from reports filed by the company with the Railroad Commissioners of the State of New York. The records reviewed do not indicate that the Northern Adirondack Railroad Company was controlled by any individual or corporation on May 25, 1895, the date of sale, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of its formation, April 5, 1890, until the receivership, January 25, 1894. From that date until the date of sale it was operated by receivers. The railroad operated by the receivers of and owned by the Northern Adirondack Railroad Company on the date of sale amounted to 57.43 miles. It consisted of a single track, standard-gauge, steam railroad, wholly within the State of New York, the main line extending from Moira to Tupper Lake, 54.93 miles, with a branch extending from Black Rapids Junction to Black Rapids, amounting to 2.50 miles. Of the 57.43 miles of road owned by the Northern Adirondack Railroad Company on the date of sale, it had acquired 11.93 miles from The Northern Adirondack Railroad Company, 22 miles from the Northern Adirondack Extension Railroad Company, and 23.50 miles by construction. It is not known whether the construction work of the Northern Adirondack Railroad Company was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Northern Adirondack Railroad Company, Predecessor of the Northern Adirondack Railroad Company
Introductory

The Northern Adirondack Railroad Company was incorporated February 9, 1883, in the State of New York. No accounting records of The Northern Adirondack Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below are obtained from the records of the Northern New York Railroad Company, from reports filed by the company with us and with the Railroad Commissioners of the State of New York. The records reviewed do not indicate that The Northern Adirondack Railroad Company was controlled by any individual or corporation on April 5, 1890, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of its formation, February 9, 1883, to the date of consolidation. The railroad operated by The Northern Adirondack Railroad Company was a single-track, standard-gauge, steam railroad, located in New York. The owned mileage amounted to 11.93 miles and consisted of a main line extending from Moira to St. Regis Falls, N.Y. The mileage operated under lease amounted to 22 miles and consisted of a main line extending from St. Regis Falls to Paul Smith's, N.Y.

Development of Fixed Physical Property

The entire 11.93 miles of railroad owned by The Northern Adirondack Railroad Company on the date of consolidation had been acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report of the New York Central.

Northern Adirondack Extension Railroad Company, Predecessor of The Northern Adirondack Railroad Company
The Northern Adirondack Extension Railroad Company was incorporated February 17, 1886, in the State of New York. No accounting records of the Northern Adirondack Extension Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Northern Adirondack Extension Railroad Company was controlled by any individual or corporation on April 5, 1890, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated under lease by The Northern Adirondack Railroad Company from July 6, 1887, to the date of consolidation. The railroad owned by the Northern Adirondack Extension Railroad Company on the date of consolidation consisted of 22 miles of single-track, standard-gauge, steam railroad, extending from St. Regis Falls to Paul Smith's, N.Y., which had been acquired by construction during 1886.

New York and Ottawa Railroad Company (First Corporation), Predecessor of the New York and Ottawa Railroad Company (Second Corporation)
The New York and Ottawa Railroad Company (first corporation) was incorporated July 22, 1897, in the State of New York. No accounting records of the New York and Ottawa Railroad Company (first corporation) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from its minute book and from the accounting records of the successor. The records reviewed do not indicate whether the New York and Ottawa Railroad Company (first corporation) was controlled by any individual or corporation on October 28, 1897, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate that the New York and Ottawa Railroad Company (first corporation) constructed or improved any property.

Carthage and Adirondack Railway Company
Introductory

The Carthage and Adirondack Railway Company was incorporated March 28, 1883, in the State of New York. The Carthage and Adirondack Railway Company was controlled on March 7, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its entire outstanding capital stock. On the other hand, the records do not indicate that this company controlled any common-carrier corporation.

The property of the Carthage and Adirondack Railway Company was operated by its own organization from January 1, 1887, to April 30, 1893. From that date until the date of merger, it was operated under lease by The New York Central and Hudson River Railroad Company (first corporation). The Carthage and Adirondack Railway Company owned on the date of merger 45.75 miles of single-track, standard-gauge, steam railroad, extending from Carthage to Newton Falls, N.Y.

Development of Fixed Physical Property

The entire 45.75 miles of road owned by the Carthage and Adirondack Railway Company on the date of merger had been acquired by construction. The construction work was performed partly by William S. Benson, contractor, who does not appear to have been affiliated with the company, and partly by the forces of The New York Central and Hudson River Railroad Company (first corporation). Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Gouverneur and Oswegatchie Railroad Company
Introductory

The Gouverneur and Oswegatchie Railroad Company was incorporated April 12, 1892, in the State of New York. The Gouverneur and Oswegatchie Railroad Company was controlled on March 7, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its entire outstanding capital stock. On the other hand, the records do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated, under lease, by The New York Central and Hudson River Railroad Company (first corporation) from the date it was completed to the date of merger. The railroad owned by The Gouverneur and Oswegatchie Railroad Company on the date of merger consisted of 13.07 miles of single-track, standard-gauge, steam railroad, extending from Gouverneur Junction to Edwards, N.Y.

Development of Fixed Physical Property

The entire 13.07 miles of road owned by The Gouverneur and Oswegatchie Railroad Company on the date of merger had been acquired by construction during 1892 and 1893. The construction work was performed by The New York Central and Hudson River Railroad Company (first corporation), contractor. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Tivoli Hollow Railroad Company
Introductory

The Tivoli Hollow Railroad Company was incorporated May 15, 1893, in the State of New York. The accounting records of the Tivoli Hollow Railroad Company cover only the period from January, 1903, when new books were opened. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. The Tivoli Hollow Railroad Company was controlled on March 7, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated by The New York Central and Hudson River Railroad Company (first corporation) from the date of completion to the date of merger. The railroad operated by The New York Central and Hudson River Railroad Company (first corporation) and owned by the Tivoli Hollow Railroad Company on the date of merger consisted of 1.24 miles of single-track, standard-gauge, steam railroad, extending from West Albany to Albany, N.Y.

Development of Fixed Physical Property

The entire 1.24 miles of road owned by the Tivoli Hollow Railroad Company on the date of merger had been acquired by construction during 1893. The construction work was performed by, or under the supervision of, the Van Rensselaer Land Company.

Tonawanda Island Bridge Company
Introductory

The Tonawanda Island Bridge Company was incorporated May 13, 1886, in the State of New York. The accounting records of the Tonawanda Island Bridge Company cover only the period from January, 1903, when new books were opened. For that reason only partial information can be given from the accounts in connection with its financial dealing corporate operations, or investments. Certain information indicated hereinafter pertaining to the period prior to January, 1903, has been taken from sources other than the accounting records of the company. The Tonawanda Island Bridge Company was controlled March 14, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the Tonawanda Island Bridge Company was operated by The New York Central and Hudson River Railroad Company (first corporation) from the date of completion to the date of merger. The property operated by The New York Central and Hudson River Railroad Company (first corporation) and owned by the Tonawanda Island Bridge Company on date of merger consisted of a railroad bridge across the Niagara River, including 0.10 mile of track, extending from North Tonawanda to Tonawanda Island, N.Y.

Development of Fixed Physical Property

The entire 0.10 mile of road and bridge owned by the Tonawanda Island Bridge Company on the date of merger had been constructed by The New York Central and Hudson River Railroad Company (first corporation) for the Tonawanda Island Bridge Company and placed in operation in 1887.

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Rome, Watertown and Ogdensburg Railroad Company; Rome, Watertown and Ogdensburgh Rail Road Company (Third Corporation); Rome, Watertown and Ogdensburgh Rail Road Company (Second Corporation); Rome, Watertown and Ogdensburgh Rail Road Company (First Corporation), Formerly Named The Watertown and Rome Rail Road Company ===== Introductory

The Rome, Watertown and Ogdensburg Railroad Company was incorporated April 17, 1832, under special act of the State of New York, as The Watertown and Rome Rail Road Company, which name was changed on August 23, 1861, to the Rome, Watertown and Ogdensburgh Rail Road Company by amending the act. Through successive reincorporating under the same name, through so called merger and consolidation agreements, it acquired certain small properties, the last so-called merger and consolidation agreement being dated March 14, 1885, filed in New York April 20, 1885, through which the railroad bridge of the Oswego Railroad Bridge Company was acquired and the name changed to the Rome, Watertown and Ogdensburg Railroad Company.

Although it entered into several so-called mergers and consolidations for the purpose of acquiring the property of other common-carrier corporations and the corporate name of the consolidated company, in some instances, was changed, the accounting records covering the financial dealings, corporate operations, and investments were continuous from 1848 to April 16, 1913, the date of consolidation. No new capital stock or bonds were issued in any such so-called mergers and consolidations and the properties so acquired were taken over by the Rome, Watertown and Ogdensburg Railroad Company as though by purchase or merger. Therefore, these several combinations are so considered hereinafter in this report, and such property so acquired is stated herein as acquired by the Rome, Watertown and Ogdensburg Railroad Company. The names of the companies whose properties were so acquired, follow.
 * Lake Ontario Rail Road Company.
 * The Syracuse and Northern Rail Road Company.
 * Oswego Railroad Bridge Company.

The Rome, Watertown and Ogdensburg Railroad Company was controlled on April 16, 1913, the date of consolidation, by The New York Central and Hudson River Railroad Company (first corporation), through ownership of a majority of the capital stock. On the other hand, the Rome, Watertown and Ogdensburg Railroad Company, itself, controlled on date of consolidation through ownership of a majority of the capital stock of each of the following companies:
 * The Niagara Falls Branch Rail Road Company.
 * Oswego and Rome Rail Road Company.
 * The Utica and Black River Railroad Company (third corporation).

While it formerly operated under lease the properties of these companies, they were operated under lease by The New York Central and Hudson River Railroad Company (second corporation) on date of the 1913 consolidation.

The property of this company was operated by its own organization from the dates portions of its line were completed for operation or otherwise acquired to March 14, 1891. From that date until the date of consolidation it was operated under lease by The New York Central and Hudson River Railroad Company (first corporation). The railroad of the Rome, Watertown and Ogdensburg Railroad Company was a single-track, standard-gauge, steam railroad, located in New York, and aggregated 414.88 miles. It consisted of 304.82 miles of main line extending from Niagara Junction to Paul, N.Y., Richland to Massena Springs, N.Y., and Rome to Richland, N.Y., with 110.06 miles of various branch lines.

Development of Fixed Physical Property

Of the 414.88 miles of road owned by the Rome, Watertown and Ogdensburg Railroad Company on date of consolidation, it had acquired 52 miles from the Lake Ontario Rail Road Company, 37.49 miles from The Syracuse and Northern Rail Road Company, 74.89 miles from The Potsdam and Watertown Rail Road Company, 17.10 miles from the Syracuse, Phoenix and Oswego Railway Company, 12.90 miles from the Norwood and Montreal Railroad Company, 7.27 miles from the Rome, Watertown and Ogdensburg Terminal Railroad Company, 196.52 miles by construction, and 18.06 miles by completion of construction begun by the Lake Ontario Rail Road Company. It had also acquired from The Syracuse and Northern Rail Road Company 7.09 miles of road between Pulaski and Sandy Creek Junction, N.Y., which had been abandoned prior to the date of consolidation. There is a difference of 1.35 miles between the mileage recorded as constructed and acquired from predecessors and the mileage recorded as owned on date of consolidation. The disposition of this mileage is not indicated in the records reviewed. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Potsdam and Watertown Rail Road Company — Predecessor of the Rome, Watertown and Ogdensburgh Rail Road Company (First Corporation)
Introductory

The Potsdam and Watertown Rail Road Company was incorporated February 25, 1852, under the general laws of the State of New York. All of the accounting records of The Potsdam and Watertown Rail Road Company were not obtained. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. The records reviewed indicate that this company was controlled on July 25, 1860, the date of sale, by Phelps, Mattoon & Barnes, a firm of contractors, through ownership of a majority of its capital stock. On the other hand, the records do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated by its own organization during its entire life. The railroad owned by The Potsdam and Watertown Rail Road Company consisted of 74.89 miles of single-track, standard-gauge, steam railroad, extending from Watertown to Norwood, N.Y.

Development of Fixed Physical Property

The entire 74.89 miles of road owned by The Potsdam and Watertown Rail Road Company had been acquired by construction. The records indicate that the road was partially constructed by Phelps, Mattoon & Barnes, as contractors, and partially by the company's own forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Lake Ontario Rail Road Company — Predecessor of the Rome, Watertown and Ogdensburgh Rail Road Company (Second Corporation)
The Lake Ontario Rail Road Company was incorporated September 29, 1874, under the general laws of the State of New York. No accounting records of the Lake Ontario Rail Road Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the successor company. The Lake Ontario Rail Road Company was controlled on January 14, 1875, the date of consolidation, by Moses Taylor and Marcellus Massey, holders of the entire capital stock, as trustees. 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 under an implied lease by the Rome, Watertown and Ogdensburgh Rail Road Company (second corporation) from the date of acquirement to the date of consolidation. The railroad owned by the Lake Ontario Rail Road Company on the date of consolidation consisted of approximately 52 miles of single-track, standard-gauge, steam railroad, extending from Oswego to Ontario, N.Y. It also owned a partially constructed road between Ontario and Charlotte, N.Y. The 52 miles of road between Oswego and Ontario, N.Y., owned by the company on the date of consolidation was acquired from Moses Taylor and his associates, who had acquired it at a foreclosure sale on September 22, 1874, from the Lake Ontario Shore Rail Road Company. The remainder of the property owned was acquired by construction.

Lake Ontario Shore Rail Road Company — Predecessor of the Lake Ontario Rail Road Company
The Lake Ontario Shore Rail Road Company was incorporated March 27, 1868, under the general laws of the State of New York. No accounting records of the Lake Ontario Shore Rail Road Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Rome, Watertown and Ogdensburgh Rail Road Company (first and second corporations). The records reviewed do not indicate whether the Lake Ontario Shore Rail Road Company was controlled by any individual or corporation on September 22, 1874, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of completion to the date of sale. The railroad owned by the Lake Ontario Shore Rail Road Company consisted of approximately 52 miles of railroad extending from Oswego to Ontario, N.Y., which had been acquired by construction in 1872 and 1873.

The Syracuse and Northern Rail Road Company — Predecessor of the Rome, Watertown and Ogdensburgh Rail Road Company (Third Corporation)
The Syracuse and Northern Rail Road Company was incorporated September 22, 1875, under the general laws of the State of New York. No accounting records of The Syracuse and Northern Rail Road Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the consolidation agreement dated December 20, 1875, and the records of the successor company. The records reviewed indicate that The Syracuse and Northern Rail Road Campany was controlled on December 23, 1875, the date of consolidation, by Marcellus Massey and others, affiliated with the Rome, Watertown and Ogdensburgh Rail Road Company (third corporation), through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated by the Rome, Watertown and Ogdensburgh Rail Road Company (third corporation), under an implied lease from the date of acquirement to the date of consolidation. The railroad owned by The Syracuse and Northern Rail Road Company consisted of 44.58 miles of single-track, standard-gauge, steam railroad, extending from Syracuse to Sandy Creek Junction, N.Y. The entire 44.58 miles of road owned by the company on the date of consolidation had been acquired from Marcellus Massey and others, who had acquired it at a foreclosure sale on July 31, 1875, from the Syracuse Northern Rail Road Company.

Syracuse Northern Rail Road Company — Predecessor of The Syracuse and Northern Rail Road Company
Introductory

The Syracuse Northern Rail Road Company was incorporated February 26, 1868, under the general laws of the State of New York. The records reviewed do not indicate whether this company was controlled by any individual or corporation on July 31, 1875, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of this company was operated by its own organization during its entire life. The railroad operated by the Syracuse Northern Rail Road Company on the date of sale amounted to 44.58 miles, all owned. It consisted of a single-track, standard-gauge, steam railroad, wholly within the State of New York and extending from Syracuse to Sandy Creek Junction, N.Y.

Development of Fixed Physical Property

The entire 44.58 miles of road owned by the Syracuse Northern Rail Road Company on the date of sale had been acquired by construction. The original road was constructed by Dennison, Belden & Company, contractors, who do not appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Oswego Railroad Bridge Company — Predecessor of the Rome, Watertown and Ogdensburg Railroad Company
The Oswego Railroad Bridge Company was incorporated April 27, 1872, under the general laws of the State of New York. No accounting records of the Oswego Railroad Bridge Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the successor company. The Oswego Railroad Bridge Company was controlled on April 20, 1885, the date of consolidation, by the Rome, Watertown and Ogdensburgh Rail Road Company (third corporation), through ownership of a majority of its outstanding capital stock. On the other hand, the records do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated under an implied lease by the Rome, Watertown and Ogdensburgh Rail Road Company (third corporation) from the date it was put in operation to the date of consolidation. The property owned by this company consisted of a bridge across the Oswego River in the city of Oswego, N.Y. The entire property owned by the company on the date of consolidation had been acquired by construction, and was placed in operation during 1876.

Syracuse, Phoenix and Oswego Railway Company — Predecessor of the Rome, Watertown and Ogdensburg Railroad Company
Introductory

The Syracuse, Phoenix and Oswego Railway Company was incorporated April 22, 1886, under the general laws of the State of New York. The records reviewed indicate that the Syracuse, Phoenix and Oswego Railway Company was controlled by Charles Parsons, affiliated with the Rome, Watertown and Ogdensburg Railroad Company, on August 7, 1889, the date of merger. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation.

The property of the company was operated under lease by the Rome, Watertown and Ogdensburg Railroad Company from the date of acquirement thereof to the date of merger. The railroad owned by the Syracuse, Phoenix and Oswego Railway Company consisted of 17.10 miles of single-track, standard-gauge, steam railroad, extending from Woodard, N.Y., to a point 1.5 miles south of Fulton, N.Y.

Development of Fixed Physical Property

Of the 17.10 miles of road owned by the Syracuse Phoenix and Oswego Railway Company on the date of merger, it had acquired through consolidation 15.60 miles from The Syracuse, Phoenix and Oswego Railway Company and 1.50 miles from the Fulton and Oswego Railroad Company.

The Syracuse, Phoenix and Oswego Railway Company — Predecessor of the Syracuse, Phoenix and Oswego Railway Company
Introductory

The Syracuse, Phoenix and Oswego Railway Company was incorporated February 16, 1885, under the general laws of the State of New York. The records reviewed indicate that on April 22, 1886, the date of consolidation, this company was controlled by Charles Parsons and others, who were affiliated with the Rome, Watertown and Ogdensburg Railroad Company, through right to name directors under the provisions of a long-term lease agreement dated December 8, 1885. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation.

The property of the company was operated under lease, by the Rome, Watertown and Ogdensburg Railroad Company from the date it was put in operation to the date of consolidation. The railroad owned by The Syracuse, Phoenix and Oswego Railway Company consisted of 15.60 miles of single-track, standard-gauge, steam railroad, extending from Woodard, N.Y., to a point 1.5 miles south of Fulton, N.Y.

Development of Fixed Physical Property

Of the 15.60 miles of road owned by The Syracuse, Phoenix and Oswego Railway Company on date of consolidation, it had acquired approximately 16 miles of partially constructed road from George Potts, who had previously acquired it at foreclosure sale from The Syracuse, Phoenix and Oswego Rail Road Company. This company completed the construction and opened the road for operation September 7, 1885. The work of completion was performed under contract by George Potts, who was affiliated with the company.

The Syracuse, Phoenix and Oswego Rail Road Company — Predecessor of The Syracuse, Phoenix and Oswego Railway Company
The Syracuse, Phoenix and Oswego Rail Road Company was incorporated June 10, 1875, under the general laws of the State of New York. No accounting records of The Syracuse, Phoenix and Oswego Rail Road Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from annual reports of the company filed with the State of New York. The records reviewed do not indicate whether this company was controlled by any individual or corporation on January 31, 1885, the date of foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The Syracuse, Phoenix and Oswego Rail Road Company owned on the date of sale approximately 16 miles of partly constructed railroad between Woodard and a point 1.5 miles south of Fulton, N.Y. The company acquired from the Syracuse, Phoenix and Oswego Railroad Company a partly constructed road between the points above mentioned. The extent of the construction work performed by this company was not indicated in the records reviewed.

Syracuse, Phoenix and Oswego Railroad Company — Predecessor of The Syracuse, Phoenix and Oswego Rail Road Company
The Syracuse, Phoenix and Oswego Railroad Company was incorporated November 29, 1871, under the general laws of the State of New York. The accounting records of the Syracuse, Phoenix and Oswego Railroad Company were incomplete. For that reason only partial information can be given from the accounts regarding its financial dealings, corporate operations, of investments. The records reviewed do not indicate whether this company was controlled by any individual or corporation on June 10, 1875, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the Syracuse, Phoenix and Oswego Railroad Company was not completed for operation during the life of the company. It began the construction of approximately 16 miles of railroad from Woodard to a point 1.5 miles south of Fulton, N.Y. The construction work was performed principally by Keller & Cockings, contractors, who do not appear to have been affiliated with the company.

The Syracuse Northwestern Railroad Company — Predecessor of The Syracuse, Phoenix and Oswego Rail Road Company
The Syracuse Northwestern Railroad Company was incorporated September 19, 1874, under the general laws of the State of New York. No accounting records of The Syracuse Northwestern Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the reports of the successor company to the State of New York. The records reviewed do not indicate whether The Syracuse Northwestern Railroad Company was controlled by any individual or corporation on June 10, 1875, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The company did not construct any railroad. The authorized capital stock of The Syracuse Northwestern Railroad Company was $150,000 par value, divided into shares of $100 par value each. The reports of the successor company to the State of New York indicate that $1,600 par value of its capital stock was issued in the consolidation for a subscription of that amount which had been paid on $16,000 par value of capital stock of The Syracuse Northwestern Railroad Company.

Fulton and Oswego Railroad Company — Predecessor of The Syracuse, Phoenix and Oswego Railway Company
Introductory

The Fulton and Oswego Railroad Company was incorporated December 18, 1885, under the general laws of the State of New York. The Fulton and Oswego Railroad Company was controlled on April 22, 1886, the date of consolidation by Charles Parsons, jr., affiliated with the Rome, Watertown and Ogdensburg Railroad Company, through ownership of a majority of the outstanding capital stock. On the other hand, the records do not indicate that this company controlled any common-carrier corporation.

The property of the Fulton and Oswego Railroad Company was operated under lease by the Rome, Watertown and Ogdensburg Railroad Company from the date it was completed to the date of consolidation. The railroad owned by the company on the date of consolidation consisted of 1.50 miles of single-track, standard-gauge, steam railroad, extending from Volney to Fulton, N.Y.

Development of Fixed Physical Property

The entire 1.50 miles of road owned by the Fulton and Oswego Railroad Company on the date of consolidation had been acquired by construction, in 1886. The construction work was performed by forces of the Rome, Watertown and Ogdensburg Railroad Company.

Norwood and Montreal Railroad Company — Predecessor of the Rome, Watertown and Ogdensburg Railroad Company
Introductory

The Norwood and Montreal Railroad Company was incorporated March 1, 1884, under the general laws of the State of New York. The records of the Norwood and Montreal Railroad Company do not record any income or profit and loss account. Therefore, no information can be given from its accounts regarding the results of corporate operations. The Norwood and Montreal Railroad Company was controlled on August 7, 1889, the date of merger, by the Rome, Watertown and Ogdensburg Railroad Company through ownership of the entire capital stock. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation.

The property of the Norwood and Montreal Railroad Company was operated under lease by the Rome, Watertown and Ogdensburg Railroad Company from the date it was completed to the date of merger. The railroad owned by the Norwood and Montreal Railroad Company on the date of merger consisted of 12.90 miles of single-track, standard-gauge, steam railroad, extending from Norwood to Massena Springs, N.Y.

Development of Fixed Physical Property

The entire 12.90 miles of road owned by the Norwood and Montreal Railroad Company on the date of merger had been acquired by construction. The construction work was performed by the forces of the Rome, Watertown and Ogdensburg Railroad Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Rome, Watertown and Ogdensburg Terminal Railroad Company — Predecessor of the Rome, Watertown and Ogdensburg Railroad Company
Introductory

The Rome, Watertown and Ogdensburg Terminal Railroad Company was incorporated June 22, 1886, under the general laws of the State of New York. The records of the Rome, Watertown and Ogdensburg Terminal Railroad Company do not record any income or profit or loss account. Therefore, no information can be given from its accounts regarding the results of corporate operations. This company was controlled on April 28, 1890, the date of merger, by the Rome, Watertown and Ogdensburg Railroad Company through ownership of its capital stock. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation.

The property of this company was operated, under lease, by the Rome, Watertown and Ogdensburg Railroad Company from the date it was completed to date of merger.

The railroad owned by the Rome, Watertown and Ogdensburg Terminal Railroad Company on the date of merger amounted to 7.27 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Avenue E to State Street in Rochester, N.Y., with an extension to Windsor Beach, N.Y.

Development of Fixed Physical Property

Of the 7.27 miles of road owned by the Rome, Watertown and Ogdensburg Terminal Railroad Company on the date of merger, it had acquired 4.87 miles from the Rochester and Lake Beach Railroad Company and 2.40 miles by construction. The records reviewed indicate that the latter included the completion of 0.50 mile of partially constructed road acquired from the Windsor Beach and Ontario Railroad Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Windsor Beach and Ontario Railroad Company — Predecessor of the Rome, Watertown and Ogdensburg Terminal Railroad Company
The Windsor Beach and Ontario Railroad Company was incorporated November 30, 1887, under the general laws of the State of New York. This company was controlled by Charles Parsons, jr., affiliated with the Rome, Watertown and Ogdensburg Railroad Company, on February 21, 1888, the date of merger. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation. The Windsor Beach and Ontario Railroad Company began the construction of approximately 0.50 mile of railroad, extending from Washington Street, in Irondequoit, N Y., to Lake Ontario, west of the west line of Charlotte, N.Y., but none of the road was completed on date of merger. The work was done by company forces.

Rochester and Lake Beach Railroad Company — Predecessor of the Rome, Watertown and Ogdensburg Terminal Railroad Company
Introductory

The Rochester and Lake Beach Railroad Company was incorporated February 1, 1888, under the general laws of the State of New York. The records of the Rochester and Lake Beach Railroad Company do not record any income or profit and loss account. Therefore, no information can be given from its accounts regarding the results of corporate operations. The Rochester and Lake Beach Railroad Company was controlled by Charles Parsons, jr., affiliated with the Rome, Watertown and Ogdensburg Railroad Company, through ownership of its capital stock. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation.

The property of this company was operated, under lease, by the Rome, Watertown and Ogdensburg Railroad Company from the date of acquirement thereof to February 21, 1888, the date of merger. The railroad owned by the Rochester and Lake Beach Railroad Company on the date of merger consisted of 4.87 miles of single-track, standard-gauge, steam railroad, extending from Windsor Beach, to Avenue E., Rochester, N.Y.

Development of Fixed Physical Property

The entire 4.87 miles of road owned by the Rochester and Lake Beach Railroad Company on the date of merger was acquired from Charles Parsons, jr., who had acquired it at a foreclosure sale on August 8, 1887, from the Rochester and Ontario Belt Railway Company.

Rochester and Ontario Belt Railway Company — Predecessor of the Rochester and Lake Beach Railroad Company
Introductory

The Rochester and Ontario Belt Railway Company was incorporated January 31, 1882, under the general laws of the State of New York. The records of the Rochester and Ontario Belt Railway Company that were obtained do not record any income subsequently to June 30, 1886. For that reason only partial information can be given from the accounts regarding the results of corporate operations. The Rochester and Ontario Belt Railway Company was controlled on August 8, 1887, the date of sale, by Henry A. Taylor, through ownership of its capital stock. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation.

The property of the Rochester and Ontario Belt Railway Company was operated by its own organization from the date the first section was placed in operation, July, 1883, until the receivership in May, 1884. From that date until July 1, 1886, it was operated by a receiver. From July 1, 1886, to date of sale it was operated, under lease, by the Rome, Watertown and Ogdensburg Railroad Company. The property of the Rochester and Ontario Belt Railway Company consisted of 4.87 miles of single-track, standard-gauge, steam railroad, extending from Avenue E., Rochester, to Windsor Beach, N.Y.

Development of Fixed Physical Property

The entire 4.87 miles of road owned by the Rochester and Ontario Belt Railway Company on the date of sale had been acquired by construction. The construction was performed partly by Henry A. Taylor, affiliated contractor, and by Walston H. Brown & Bros., and was completed by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

[...]

The Niagara Falls Branch Rail Road Company
Introductory

The Niagara Falls Branch Rail Road Company was incorporated December 24, 1875, in the State of New York. The Niagara Falls Branch Rail Road Company was controlled on April 16, 1913, the date of consolidation, by the Rome, Watertown and Ogdensburg Railroad Company through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of The Niagara Falls Branch Rail Road Company was operated during its corporate life as indicated below: Rome, Watertown and Ogdensburgh Rail Road Company (third corporation) from completion to Apr. 19, 1885. Rome, Watertown and Ogdensburg Railroad Company from Apr. 20, 1885, to Mar. 13, 1891. The New York Central and Hudson River Railroad Company (first corporation) from Mar. 14, 1891, to consolidation.

The railroad operated by The New York Central and Hudson River Railroad Company (first corporation) and owned by The Niagara Falls Branch Rail Road Company on the date of consolidation amounted to 8.58 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Suspension Bridge to Niagara Junction, N.Y.

Development of Fixed Physical Property

The owned mileage of The Niagara Falls Branch Rail Road Company extending from Suspension Bridge to Niagara Junction, N.Y., a distance of 8.58 miles, had been constructed by the Rome, Watertown and Ogdensburg Railroad Company for The Niagara Falls Branch Rail Road Company, during the period from December, 1880, to November, 1881.

The Utica and Black River Railroad Company (Third Corporation); The Utica and Black River Railroad Company (Second Corporation); The Utica and Black River Railroad Company (First Corporation)
Introductory

The Utica and Black River Railroad Company (first corporation) was incorporated May 22, 1861, in the State of New York. On November 16, 1883, through a so-called consolidation agreement, filed November 16, 1883, The Utica and Black River Railroad Company (first corporation) consolidated with the Black River and Morristown Railroad Company and formed a new company under the name of The Utica and Black River Railroad Company (second corporation), and through a so-called consolidation agreement dated January 29, 1886, filed March 31, 1886, the latter company consolidated with the Clayton and Theresa Railroad Company and The Ogdensburg and Morristown Railroad Company and formed a new company under the name of The Utica and Black River Railroad Company (third corporation), and in both of these so-called consolidation agreements the consolidated company was designated as that of the first corporation bearing that name formed in 1861.

Separate accounting records for the three companies named above were not maintained and the conditions of the records obtained is such that separate information can not be given from the accounts regarding their financial dealings, corporate operations, or investments. They are therefore treated collectively and referred to herein as The Utica and Black River Railroad Company.

The Utica and Black River Railroad Company was controlled on the date of consolidation by the Rome, Watertown and Ogdensburg Railroad Company through ownership of a majority of its outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of its formation, May 22, 1861, to March 31, 1886. From that date until the date of consolidation, it was operated under lease by The New York Central and Hudson River Railroad Company (first corporation). The railroad owned by The Utica and Black River Railroad Company on the date of consolidation amounted to 150.17 miles and consisted of a main line extending from Utica to Ogdensburg, N.Y., and a branch line extending from Rivergate to Clayton, N.Y.

Development of Fixed Physical Property

Of the 150.17 miles of road owned by The Utica and Black River Railroad Company on the date of consolidation, it had acquired 34.86 miles from The Black River and Utica Railroad Company, 36.54 miles from the Black River and Morristown Railroad Company, 15.85 miles from the Clayton and Theresa Railroad Company, 10.67 miles from The Ogdensburg and Morristown Railroad Company, and 52.25 miles by construction. It is not known whether the construction work of The Utica and Black River Railroad Company was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Black River and Utica Railroad Company
The Black River and Utica Railroad Company was incorporated January 31, 1853, in the State of New York. No accounting records of The Black River and Utica Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether The Black River and Utica Railroad Company was controlled by any individual or corporation on November 2, 1860, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of sale. The railroad owned by The Black River and Utica Railroad Company consisted of 34.86 miles of single-track, standard-gauge, steam railroad extending from Utica to Booneville, N.Y. The entire 34.86 miles of railroad owned by the company on the date of sale had been acquired by construction prior to December, 1855. It is not known whether the construction work was performed by the company's forces or by contract.

Clayton and Theresa Railroad Company
Introductory

The Clayton and Theresa Railroad Company was incorporated February 7, 1871, in the State of New York.

The records reviewed do pot indicate that the Clayton and Theresa Railroad Company was controlled by any individual or corporation on March 31, 1886, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated under leased by The Utica and Black River Railroad Company (first corporation) from the date of acquirement thereof to November 16, 1883. From the latter date until the date of consolidation its property was operated under lease by The Utica and Black River Railroad Company (second corporation). The railroad operated by The Utica and Black River Railroad Company (second corporation) and owned by the Clayton and Theresa Railroad Company on the date of consolidation amounted to 15.85 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Rivergate to Clayton, N.Y.

Development of Fixed Physical Property

The entire 15.85 miles of road owned by the Clayton and Theresa Railroad Company on the date of consolidation had been acquired by construction prior to October, 1873. The records reviewed indicate that part of the construction work of the Clayton and Theresa Railroad Company was performed by contractors, who do not appear to have been affiliated with the company.

The Ogdensburg and Morristown Railroad Company
The Ogdensburg and Morristown Railroad Company was incorporated July 17, 1871, and reincorporated September 11, 1877, in the State of New York. No accounting records of The Ogdensburg and Morristown Railroad Company were obtained. Therefore, no information can be given from its records regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of the successor and other sources. The records reviewed do not indicate whether The Ogdensburg and Morristown Railroad Company was controlled by any individual or corporation on March 31, 1886, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated under lease by The Utica and Black River Railroad Company (first corporation) from the date it was completed to November 16, 1883. From the latter date until the date of consolidation its property was operated under lease by The Utica and Black River Railroad Company (second corporation). The railroad owned by The Ogdensburg and Morristown Railroad Company on the date of consolidation consisted of 10.67 miles of single-track, standard-gauge, steam railroad, extending from Ogdensburg to Morristown, N.Y. The entire 10.67 miles of road owned by the company on the date of consolidation had been acquired by construction prior to August 1, 1878. The records reviewed indicate that the construction work was performed by the forces of The Utica and Black River Railroad Company (first corporation) and The Utica and Black River Railroad Company (second corporation).

Oswego and Rome Rail Road Company
Introductory

The Oswego and Rome Rail Road Company was incorporated April 11, 1863, in the State of New York. The Oswego and Rome Rail Road Company was controlled on April 16, 1913, the date of consolidation, by the Rome, Watertown and Ogdensburg Railroad Company through ownership of a majority of its outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated under lease by the Rome, Watertown and Ogdensburg Railroad Company and its predecessors, from the date it was put in operation, January 1, 1866, to March 14, 1891. From that date to the date of consolidation it was operated under lease by The New York Central and Hudson River Railroad Company (first corporation). The railroad owned by the Oswego and Rome Rail Road Company on the date of consolidation consisted of 26.62 miles of single-track, standard-gauge, steam railroad, extending from Richland to Paul, N.Y.

Development of Fixed Physical Property

The entire 26.62 miles of road owned by the Oswego and Rome Rail Road Company on the date of consolidation had been acquired by construction. The construction work was performed by Merriman, Power and Company, contractors, who do not appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Carthage, Watertown and Sackets Harbor Rail Road Company
Introductory

The Carthage, Watertown and Sackets Harbor Rail Road Company was incorporated February 5, 1869, in the State of New York. The property of this company was acquired by the successor through articles of consolidation filed April 16, 1913, but the accounts of the company for the results of corporate operations continued to April 30, 1913, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to April 30, 1913. The Carthage, Watertown and Sackets Harbor Rail Road Company was controlled on the date of consolidation by The New York Central and Hudson River Railroad Company (first corporation) through ownership of a majority of its outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporations.

The property of this company was operated under lease by The Utica and Black River Railroad Company (third corporation) and certain of its predecessors, from the date it was completed, February 1, 1872, to April 14, 1886. From that date to March 14, 1891, it was operated under lease by the Rome, Watertown and Ogdensburg Railroad Company and from the latter date to the date of consolidation, it was operated under lease by The New York Central and Hudson River Railroad Company (first corporation). The railroad owned by the Carthage, Watertown and Sackets Harbor Rail Road Company on the date of consolidation consisted of 29.07 miles of single-track, standard-gauge, steam railroad, extending from Carthage to Sackets Harbor, N.Y.

Development of Fixed Physical Property

The entire 29.07 miles of road owned by the Carthage, Watertown and Sackets Harbor Rail Road Company on the date of consolidation bad been acquired by construction. The construction work was performed by various contractors, none of whom appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Little Falls and Dolgeville Railroad Company (Second Corporation)
Introductory

The Little Falls and Dolgeville Railroad Company (second corporation) was incorporated December 27, 1902, in the State of New York. The Little Falls and Dolgeville Railroad Company (second corporation) was controlled on April 16, 1913, the date of consolidation, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of consolidation. The railroad operated by the Little Falls and Dolgeville Railroad Company (second corporation) was a single-track, standard-gauge, steam railroad, located in New York and aggregating 13.70 miles. The owned mileage amounted to 10 miles and consisted of a main line extending from Little Falls to Dolgeville, N.Y. The mileage operated under agreement amounted to 3.70 miles and consisted of a main line extending from Dolgeville to Irondale, N.Y. The entire 10 miles of road owned by the company on the date of consolidation was acquired from a purchasing committee, who had acquired it at a foreclosure sale on July 24, 1902, from the Little Falls and Dolgeville Railroad Company (first corporation).

Little Falls and Dolgeville Railroad Company (First Corporation)
The Little Falls and Dolgeville Railroad Company (first corporation) was incorporated February 20, 1891, in the State of New York. No accounting records of the Little Falls and Dolgeville Railroad Company (first corporation), with the exception of a construction ledger for the years 1891 and 1892, were obtained. The accounting data in this report are those obtained from that ledger and from the annual reports of the New York Central to its stockholders. The records reviewed do not indicate that the Little Falls and Dolgeville Rail Road Company (first corporation) was controlled by any individual or corporation on July 24, 1902, the date of sale, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was completed until the receivership, May 27, 1899. From that date the property was operated by a receiver until it was surrendered to its successor December 29, 1902. The railroad owned by the Little Falls and Dolgeville Railroad Company (first corporation) on the date of sale consisted of approximately 10 miles of single-track, standard-gauge, steam railroad, extending from Little Falls to Dolgeville, N.Y. The entire 10 miles of road owned by the company on the date of sale had been acquired by construction. The construction work was performed by G. W. Edwards & Co., contractors. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Lake Shore and Michigan Southern Railway Company; Lake Shore and Michigan Southern Railway Company
Introductory

The Lake Shore and Michigan Southern Railway Company was incorporated in the States of Michigan August 13, 1869; Illinois and New York August 14, 1869, and in Ohio and Pennsylvania August 16, 1869. Its predecessor, the Lake Shore and Michigan Southern Railway Company was incorporated in the States of Ohio, Michigan, Illinois, and Pennsylvania, May 27, June 2, June 11, and August 26, 1869, respectively, and in Indiana, February 22, 1877, under consolidation agreement effective June 2, 1869. Separate accounting records for the two companies named above were not maintained and the condition of the records that were maintained is such that separate information can not be given from the accounts regarding their financial dealings, corporate operations, or investments. They are, therefore, treated collectively and referred to herein as The Lake Shore and Michigan Southern Railway Company.

The property of the Lake Shore and Michigan Southern Railway Company was acquired by its successor under "an agreement of consolidation" effective December 23, 1914, but the accounts of the company for the results of corporate operations were continued to December 31, 1914, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to December 31, 1914.

The Lake Shore and Michigan Southern Railway Company was controlled on the date of consolidation by The New York Central and Hudson River Railroad Company (second corporation), through ownership of a majority of its capital stock. On the other hand, this company, itself, controlled directly or indirectly, 14 railroad corporations, whose several common-carrier properties it operated under lease or through stock control. The names of these companies, together with a statement showing how and the extent of this company's control, are given below.

In addition, it controlled jointly with The Michigan Central Railroad Company the Battle Creek and Sturgis Railway Company and the Detroit, Toledo & Milwaukee Railroad Company to the extent of 16½ per cent and 50 per cent, respectively, a portion of whose common-carrier properties it solely operated.

The Lake Shore and Michigan Southern Railway Company controlled, further, solely or jointly, 15 railroad corporations, 1 private car line company, and 1 coal company, that were operated independently. The names of these corporations, together with a statement showing how and the extent of The Lake Shore and Michigan Southern Railway Company's control, are given below.

The property of this company was operated by its own organization from the date of its formation, June 2, 1869, until date of consolidation.

The railroad operated by The Lake Shore and Michigan Southern Railway Company was mostly a double-track, standard-gauge, steam railroad, located in New York, Pennsylvania, Ohio, Michigan, Indiana, and Illinois and aggregating 1,666.86 miles. The owned mileage amounted to 853.72 miles and consisted of two disconnected (except by leased lines) sections of main line and numerous branch lines. One section of the main line extended from Buffalo, N.Y., to Vulcan (near Toledo), Ohio, and the other extended from Palmyra, Mich., to Chicago, Ill. The more important of the branch lines extended from Elyria to Millbury, Ohio, Air Line Junction, Ohio, to Elkhart, Ind.; Monroe to Lenawee Junction, Mich.; Lenawee Junction to Jackson, Mich., and from Ashtabula, Ohio, to the Ohio-Pennsylvania State line.

The mileage operated under lease or through stock control amounted to 813.14 miles and consisted of a network of main lines, cut-offs, and branches that afforded access to Dillonvale, Youngstown, and Fayette, Ohio; Fort Wayne, Ind.; several of the principal cities of Michigan, and the coal fields of Pennsylvania.

It also operated, as agent for The New York Central and Hudson River Railroad Company (first corporation) and its successor The New York Central and Hudson River Railroad Company (second corporation), lessee, the property of The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company, extending from Dunkirk, N.Y., to Titusville, Pa., 90.51 miles.

Development of Fixed Physical Property

Of the 853.72 miles of road owned by The Lake Shore and Michigan Southern Railway Company on the date of consolidation, it had acquired 435.23 miles from The Michigan Southern and Northern Indiana Rail Road Company, 280.45 miles from The Lake Shore Railway Company, 86.89 miles from The Buffalo and Erie Railroad Company, and 51.15 miles by construction. The construction work of The Lake Shore and Michigan Southern Railway Company was performed principally by its own forces. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Lake Shore Railway Company
Introductory

The Lake Shore Railway Company was incorporated in the States of Ohio and Pennsylvania, through articles of consolidation dated February 11, 1869, filed in Ohio April 6, 1869. The records reviewed do not indicate whether The Lake Shore Railway Company was controlled by any individual or corporation on June 2, 1869, the date of consolidation. On the other hand, this company, itself, controlled on the date of consolidation, through ownership of a majority of the capital stock, the Jamestown and Franklin Railroad Company, whose common carrier property it operated, under lease. Although The Lake Shore Railway Company acquired its property under consolidation agreement effective April 6, 1869, it commenced recording the results of operations of its property in its books on April 1, 1869. The accounting data in this report, therefore, cover the period from April 1, 1869.

The property of this company, with exception of the portion extending from Sandusky to Millbury, Ohio, was operated by its own organization from April 1, 1869, to the date of consolidation. The portion between Sandusky and Millbury, Ohio, was not operated during the life of this company. The railroad operated by The Lake Shore Railway Company was a single-track, standard-gauge, steam railroad, located in Pennsylvania and Ohio aggregating 243.25 miles. The owned mileage amounted to 240.91 and consisted of two main lines, one extending from Erie, Pa., to Toledo, Ohio, the other extending from Elyria to Sandusky, Ohio. The mileage operated under lease amounted to 41.88 miles and consisted of a line extending from Jamestown to Franklin, Pa.

Development of Fixed Physical Property

Of the 240.91 miles of road owned by The Lake Shore Railway Company on the date of consolidation, it had acquired 95.00 miles from the Lake Shore Railway Company and 145.91 miles from The Cleveland and Toledo Rail Road Company. The Lake Shore Railway Company also owned on the date of consolidation a partially constructed road between Ashtabula, Ohio, and the Ohio-Pennsylvania State line that it had acquired from the Lake Shore Railway Company, and 39.54 miles of road between Sandusky and Millbury, Ohio, that it had acquired from The Cleveland and Toledo Rail Road Company, which was not operated during its life.

Lake Shore Railway Company; formerly named The Cleveland, Painesville and Ashtabula Railroad Company
Introductory

The Lake Shore Railway Company was originally incorporated as The Cleveland, Painesville and Ashtabula Railroad Company in the State of Ohio, on February 18, 1848. The name was changed on June 22, 1868. No accounting records of the Lake Shore Railway Company were obtained for the period from the date of its organization to August 12, 1851. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Lake Shore Railway Company was controlled by any individual or corporation on April 6, 1869, the date of consolidation. On the other hand, this company, itself, controlled on the date of consolidation, through ownership of a majority of the capital stock, the Jamestown and Franklin Railroad Company, whose common-carrier property it operated under lease.

The property of this company was operated by its own organization from the date it was put in operation, November 20, 1852, to date of consolidation. The railroad operated by the Lake Shore Railway Company was a single-track, standard-gauge, steam railroad, located in Ohio and Pennsylvania, and aggregating 282.79 miles. The owned mileage amounted to 95 miles and consisted of a main line extending from Cleveland, Ohio, to Erie, Pa., The mileage operated under lease amounted to 187.79 miles and consisted of two main lines, in Ohio, one from Cleveland to Sandusky, the other from Elyria to Toledo.

Development of Fixed Physical Property

Of the 95 miles of road owned by the Lake Shore Railway Company on the date of consolidation, it had acquired 19.89 miles from the Franklin Canal Company, 5.62 miles from Alfred Kelley, who had acquired it by purchase from the Franklin Canal Company, and 69.49 miles by construction. The company also had under construction on the date of consolidation a line between Ashtabula, Ohio, and the Ohio-Pennsylvania State line near Jamestown, Pa.

The construction work of the Lake Shore Railway Company was principally performed by numerous contractors, none of whom appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Franklin Canal Company, Predecessor of the Lake Shore Railway Company
Introductory

The Franklin Canal Company was incorporated May 21, 1846, in the State of Pennsylvania to construct and operate a canal, and on April 9, 1849, it was authorized to construct a railroad. No accounting records of the Franklin Canal Company were obtained for the period from October 31, 1853, to the date of sale. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period subsequently to October 31, 1852, has been taken from sources other than the accounting records of the company. The Franklin Canal Company was controlled on October 4, 1854, the date of sale of the remaining portion of its property, by the Lake Shore Railway Company through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporations.

The property of the company was operated, under a lease, by the Lake Shore Railway Company from the date it was put in operation to July 1, 1854. The records reviewed do not indicate by whom the property was operated from the latter date to October 4, 1854. The railroad owned by the Franklin Canal Company on October 4, 1854, consisted of 19.89 miles of single-track, standard-gauge, steam railroad, extending from Erie to Crooked Creek, Pa.

Development of Fixed Physical Property

The entire 19.89 miles of road owned by the company on October 4, 1854, had been acquired by construction. The company had also acquired by construction 5.62 miles of road between Crooked Creek, Pa., and the Pennsylvania-Ohio State line, that it disposed of prior to October 4, 1854. The construction work of the Franklin Canal Company was all performed by numerous contractors, none of whom appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Cleveland and Toledo Rail Road Company
Introductory

The Cleveland and Toledo Rail Road Company was incorporated in the State of Ohio through articles of consolidation dated July 15, 1853, effective September 1, 1853, filed March 12, 1894. The records of The Cleveland and Toledo Rail Road Company, with respect to its income accounts only cover the period September 1, 1853, to October 31, 1867. Therefore, the accounting data in this report relating to the income accounts cover only that period. The records reviewed do not indicate whether The Cleveland and Toledo Rail Road Company was controlled by any individual or corporation on April 1, 1869, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement thereof to October 31, 1867. From that date to date of consolidation it was operated under lease by The Lake Shore Railway Company. The railroad operated by The Lake Shore Railway Company and owned by The Cleveland and Toledo Rail Road Company was a single-track, standard-gauge, steam railroad, located in the State of Ohio, aggregating 145.91 miles. It consisted of two main lines, one of which extended from Cleveland to Sandusky, Ohio, and the other extended from Elyria to Toledo, Ohio.

Development of Fixed Physical Property

Of the 145.91 miles of road owned by The Cleveland and Toledo Rail Road Company on the date of consolidation, it had acquired 70.99 miles from the Toledo, Norwalk and Cleveland Rail Road Company, 7.49 miles by completion of construction begun by the latter company, 59.67 miles by completion of construction begun by the Junction Rail Road Company and its predecessor, and 7.76 miles by original construction. The Cleveland and Toledo Rail Road Company also acquired by completion of construction begun by the Junction Rail Road Company, 39.54 miles of road between Sandusky and Millbury, Ohio, operation of which was discontinued in 1858. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Toledo, Norwalk and Cleveland Rail Road Company, Predecessor of The Cleveland and Toledo Rail Road Company
Introductory

The Toledo, Norwalk and Cleveland Rail Road Company was incorporated March 7, 1850, in the State of Ohio. Although the property of the Toledo, Norwalk and Cleveland Rail Road Company was not fully completed and opened for operation until January 24, 1853, certain revenues and expenses were recorded in its income accounts from the latter part of December, 1852. The accounting data in this report pertaining to the income accounts, therefore, cover the period from December, 1852, to September 1, 1853, the date of consolidation. The records reviewed do not indicate whether the Toledo, Norwalk and Cleveland Rail Road Company was controlled by any individual or corporation on the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was put in operation to the date of consolidation. The railroad operated by the Toledo, Norwalk and Cleveland Rail Road Company on the date of consolidation amounted to 70.99 miles, all owned. It consisted of a single-track, standard-gauge, steam railroad, wholly within the State of Ohio, and extending from Oberlin to Millbury, Ohio.

Development of Fixed Physical Property

The entire 70.99 miles of road owned by the Toledo, Norwalk and Cleveland Rail Road Company on the date of consolidation had been acquired by construction. The company also owned on the date of consolidation 7.49 miles of partially constructed railroad between Millbury and Toledo, Ohio, that had been acquired by construction. The construction work of the Toledo, Norwalk and Cleveland Rail Road Company was principally performed by Baxter Brown & Company, contractors, who do not appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Junction Rail Road Company — Predecessor of The Cleveland and Toledo Rail Road Company
Introductory

The Junction Rail Road Company was incorporated March 2, 1846, in the State of Ohio. The records reviewed do not indicate whether the Junction Rail Road Company was controlled by any individual or corporation on September 1, 1853, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Junction Rail Road Company owned on the date of consolidation 99.21 miles of partially constructed railroad between Cleveland and Millbury, Ohio, no portion of which had been completed on date of consolidation.

Development of Fixed Physical Property

Of the 99.21 miles of partially constructed road owned by the Junction Rail Road Company on the date of consolidation, it had acquired 39.54 miles by construction and 59.67 miles by continuation of construction begun by the Ohio Rail-Road Company. The construction work of the Junction Rail Road Company was all performed by numerous contractors, none of whom appears to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Ohio Rail-Road Company — Predecessor of the Junction Rail Road Company
The Ohio Rail-Road Company was incorporated March 8, 1836, in the State of Ohio. No accounting records of the Ohio Rail-Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Ohio Rail-Road Company was controlled by any individual or corporation on June 7, 1852, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The Ohio Rail-Road Company owned on the date of sale 106.7 miles of partially constructed road between Cleveland and Toledo, Ohio, about one-third of which was completed ready for the rail, and a partially constructed road between Fremont, Ohio, and the Maumee River. This property was all acquired by construction during the period 1839 to 1843, the construction work being discontinued in the latter year. It is not known whether the construction work was performed by the company's forces or by contract.

The records reviewed indicate that the Junction Rail Road Company, the successor, acquired that portion of the partially constructed railroad of the Ohio Rail-Road Company between Cleveland and Sandusky, Ohio, but it cannot be determined whether the remaining portions of the partially constructed sections of road owned by the Ohio Rail-Road Company were acquired or utilized by The Cleveland and Toledo Rail Road Company or any of the predecessors of that company that constructed railroads over apparently the same routes.

The Michigan Southern and Northern Indiana Rail Road Company
Introductory

The Michigan Southern and Northern Indiana Rail Road Company was incorporated in the States of Ohio, Indiana, Michigan, and Illinois, May 11, 1855, May 17, 1855, May 18, 1855, and May 19, 1855, respectively, under a consolidation agreement effective May 19, 1855. Although The Michigan Southern and Northern Indiana Rail Road Company acquired title to its original property on May 19, 1855, it did not commence recording the results of the operations of its property in its books until June 1, 1855. The accounting data in this report, therefore, cover the period from June 1, 1855. The records reviewed do not indicate that the company was controlled by any individual or corporation on June 2, 1869, the date of consolidation. On the other hand, this company, itself, controlled through ownership of a majority of its capital stock, the Detroit, Monroe and Toledo Railroad Company, whose common-carrier property it operated, under lease.

The property of this company was operated by its own organization from May 19, 1855, the date it acquired its original 279.99 miles of road to date of consolidation. The railroad operated by The Michigan Southern and Northern Indiana Rail Road Company was a single-track, standard-gauge, steam railroad, located in Illinois, Michigan, Indiana, and Ohio and aggregating 541.3 miles. The owned mileage amounted to 435.23 miles and consisted of a main line extending from Monroe, Mich., to Chicago, Ill., and several branch lines. The mileage operated under lease amounted to 106.07 miles and consisted of 21.82 miles of main line extending from Vulcan to Palmyra, Ohio, and two branch lines, one from Constantine to Kalamazoo, Mich., the other from Detroit, Mich., to the Michigan-Ohio State line.

Development of Fixed Physical Property

Of the 435.23 miles of road owned by The Michigan Southern and Northern Indiana Rail Road Company on the date of consolidation, it had acquired 279.99 miles by consolidation and 155.24 miles by construction. The construction work was principally performed by the company's forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Michigan Southern Rail Road Company
Introductory

The Michigan Southern Rail Road Company was incorporated May 9, 1846, in the State of Michigan. No accounting records of The Michigan Southern Rail Road Company were obtained for the period from the date of its organization to June 15, 1850. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Although the property of this company was acquired by successor through articles of consolidation effective May 19, 1855, its accounting records were continued to May 31, 1855. The accounting data in this report, therefore, cover the period June 15, 1850, to May 31, 1855. The records reviewed do not indicate that The Michigan Southern Rail Road Company was controlled by any individual or corporation on May 19, 1855, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement thereof to the date of consolidation. The railroad operated by The Michigan Southern Rail Road Company was a single-track, steam railroad, located in Michigan and Ohio and aggregating 176.43 miles. The owned mileage amounted to 154.61 miles and consisted of a main line extending from Hillsdale, Mich., to the Michigan-Indiana State line, with two branch lines, both in Michigan, one from White Pigeon to Constantine, the other from Tecumseh to Manchester. The mileage operated under lease amounted to 21.82 miles and consisted of a branch line extending from Palmyra, Mich., to Vulcan, Ohio.

Development of Fixed Physical Property

Of the 154.61 miles of road owned by The Michigan Southern Rail Road Company on the date of consolidation, it had acquired 75.74 miles from the State of Michigan and 78.87 miles by construction. The construction work of The Michigan Southern Rail Road Company was performed principally by its own forces. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Southern Railroad (not a Corporation) — Property Acquired by the Michigan Southern Rail Road Company
Southern Railroad was the unincorporated name given by the State of Michigan to a railroad that it owned under the provisions of an act of the State of Michigan, approved March 20, 1837. The accounting records of the State of Michigan, with respect to the Southern Railroad, are of such a fragmentary nature that nothing of value could be obtained from them regarding the operation of and investment in the Southern Railroad. However, certain data indicated as follows were obtained from other sources.

The railroad owned by the State of Michigan, and known as the Southern Railroad, on December 23, 1846, the date of sale thereof, amounted to 75.74 miles. It consisted of a single-track, steam railroad, extending from Monroe to Hillsdale, Mich., with a branch projecting from Lenawee Junction to Tecumseh, Mich. Of the 75.74 miles owned on the date of sale, the State of Michigan, had acquired 9.01 miles from The Palmyra and Jacksonburgh Rail Road Company and 66.73 miles by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

A special report of the Michigan Railroad Commission, rendered in 1919, states that "during the period of public ownership, the State of Michigan expended $948,234.20 in the construction of the 'Southern Railroad,'" and, "presumably the cost of the Palmyra and Jacksonburgh Railroad, the River Raisin and Lake Erie Railroad and La Plaisance-Bay Harbor property are included in this statement."

River Raisin and Lake Erie Rail-Road Company — Predecessor of the Southern Railroad (not a Corporation)
The River Raisin and Lake Erie Rail-Road Company was incorporated March 26, 1836, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings or investments. The records reviewed do not indicate whether the River Raisin and Lake Erie Rail-Road Company was controlled by any individual or corporation on September 17, 1840, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate whether the River Raisin and Lake Erie Rail-Road Company constructed or owned any common-carrier property on the date of sale.

The Palmyra and Jacksonburgh Rail Road Company — Predecessor of the Southern Railroad (not a Corporation)
The Palmyra and Jacksonburgh Rail Road Company was incorporated March 26, 1836, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from documents on file. The records reviewed do not indicate whether The Palmyra and Jacksonburgh Rail Road Company was controlled by any individual or corporation on June 20, 1844, the date of sale, nor, on the other band, whether it then controlled any common-carrier corporation.

This company owned on the date of sale 9.01 miles of single-track, steam railroad, between Lenawee Junction and Tecumseh, Mich., which had been acquired by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Pursuant to an act of the State of Michigan, the State of Michigan loaned to this company $23,000 at 7 per cert interest. Default was made in the payment of principal and interest and the road was sold June 20, 1844, to the State of Michigan and became a part of its Southern Railroad.

The Northern Indiana Rail Road Company (of Illinois, Indiana, and Ohio)
Introductory

The Northern Indiana Rail Road Company (of Illinois, Indiana, and Ohio) was incorporated in the States of Illinois and Indiana through articles of consolidation dated February 27, 1855, filed in the State of Illinois March 27, 1855. No accounting records of The Northern Indiana Rail Road Company (of Illinois, Indiana, and Ohio) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of The Michigan Southern Rail Road Company. The records reviewed do not indicate whether The Northern Indiana Rail Road Company (of Illinois, Indiana, and Ohio) was controlled by any individual or corporation on May 19, 1855, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of consolidation. The Northern Indiana Rail Road Company (of Illinois, Indiana, and Ohio) owned on the date of consolidation 125.38 miles of railroad, extending from Chicago, Ill., to the Michigan-Indiana State line, with a branch projecting from Elkhart to Goshen, Ind. Of this, it acquired 13.90 miles from The Northern Indiana and Chicago Rail Road Company and 111.48 miles from The Northern Indiana Rail Road Company (second corporation of Indiana and Ohio). It also owned on the date of consolidation a partially constructed railroad between Toledo, Ohio, and the Ohio-Indiana State line, that had been acquired by continuation of construction begun by its predecessors. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Northern Indiana and Chicago Rail Road Company — Predecessor of The Northern Indiana Rail Road Company (of Illinois, Indiana, and Ohio)
The Northern Indiana and Chicago Rail Road Company was incorporated November 30, 1850, in the State of Illinois. No accounting records of The Northern Indiana and Chicago Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether The Northern Indiana and Chicago Rail Road Company was controlled by any individual or corporation on March 27, 1855, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by The Northern Indiana Rail Road Company (second corporation of Indiana and Ohio) and certain of its predecessors from the date it was put in operation to the date of consolidation. This company owned on the date of consolidation 13.90 miles of railroad extending from Chicago, Ill., to the Illinois-Indiana State line. This property was all acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Board of Commissioners, Western Division, Buffalo and Mississippi Rail Road Company — Predecessor of The Northern Indiana Rail Road Company (of Illinois, Indiana, and Ohio)
The Board of Commissioners, Western Division, Buffalo and Mississippi Rail Road Company was incorporated February 8, 1848, in the State of Indiana. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 27, 1855, 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 owned any common-carrier property on the date of consolidation.

The Northern Indiana Rail Road Company (second corporation of Indiana and Ohio) — Predecessor of The Northern Indiana Rail Road Company (of Illinois, Indiana, and Ohio)
The Northern Indiana Rail Road Company (second corporation of Indiana and Ohio) was incorporated April 1, 1854, in the State of Indiana. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 27, 1855, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of consolidation. This company owned on the date of consolidation 111.48 miles of railroad, extending from the Michigan-Indiana State line to the Indiana-Illinois State line, with a branch projecting from Elkhart to Goshen, Ind. It also owned a partially constructed railroad between Toledo, Ohio, and the Ohio-Indiana State line that had been acquired by continuation of construction work begun by its predecessors. In addition to its owned mileage the company operated 13.90 miles of road owned by The Northern Indiana and Chicago Rail Road Company. The entire 111.48 miles of road owned on the date of consolidation was acquired from The Northern Indiana Rail Road Company (first corporation of Indiana and Ohio). It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Northern Indiana Rail Road Company (of La Porte County, Ind.) — Predecessor of The Northern Indiana Rail Road Company (second corporation of Indiana and Ohio)
The Northern Indiana Rail Road Company (of La Porte County, Ind.) was incorporated February 11, 1843, in the State of Indiana. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on April 1, 1854, 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 owned any common-carrier property on the date of consolidation.

The Northern Indiana Rail Road Company (first corporation of Indiana and Ohio) — Predecessor of The Northern Indiana Rail Road Company (second corporation of Indiana and Ohio)
The Northern Indiana Rail Road Company (first corporation of Indiana and Ohio) was incorporated June 30, 1853, in the State of Indiana. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on April 1, 1854, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of consolidation. This company owned on the date of consolidation 111.48 miles of railroad, extending from the Michigan-Indiana State line to the Indiana-Illinois State line, with a branch projecting from Elkhart to Goshen, Ind. This property was all acquired from the Northern Indiana Rail Road Company (of Indiana). The company also owned on the date of consolidation a partially constructed railroad between Toledo, Ohio, and the Ohio-Indiana State line which it had acquired by continuation of construction begun by The Northern Indiana Rail Road Company (of Ohio). The company had also awarded contracts for the construction of approximately 70 miles of railroad extending westward from Toledo, Ohio. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Northern Indiana Rail Road Company (of Ohio) — Predecessor of The Northern Indiana Rail Road Company (first corporation of Indiana and Ohio)
The Northern Indiana Rail Road Company (of Ohio) was incorporated March 3, 1851, in the State of Ohio. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 30, 1853, 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 owned any common-carrier property on the date of consolidation.

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Northern Indiana Rail Road Company (of Indiana), formerly named Buffalo and Mississippi Rail Road Company — Predecessor of The Northern Indiana Rail Road Company (first corporation of Indiana and Ohio) ====== The Northern Indiana Rail Road Company (of Indiana) was incorporated February 6, 1835, in the State of Indiana. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 30, 1853, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was put in operation to the date of consolidation. This company owned on the date of consolidation 111.48 miles of railroad extending from the Michigan-Indiana State line to the Indiana-Illinois State line, with a branch projecting from Elkhart to Goshen, Ind. This property was all acquired by construction, a portion being constructed under assignment of charter from The Northern Indiana Rail Road Company (of La Porte County, Ind.). It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Buffalo and Erie Railroad Company
Introductory

The Buffalo and Erie Railroad Company was incorporated in the States of New York and Pennsylvania, June 27, 1867, and June 28, 1867, respectively.

The records reviewed do not indicate whether The Buffalo and Erie Railroad Company was controlled by any individual or corporation on August 16, 1869, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The property of this company was operated by its own organization from the date of acquirement thereof to the date of consolidation. The Buffalo and Erie Railroad Company owned on the date of consolidation 86.89 miles of railroad extending from Buffalo, N.Y., to Erie, Pa.

Development of Fixed Physical Property

Of the 86.89 miles of road owned by The Buffalo and Erie Railroad Company on the date of consolidation, it had acquired 68.44 miles from the Buffalo and State Line Railroad Company and 18.45 miles from The Erie and North East Rail Road Company.

The Erie and North East Rail Road Company
Introductory

The Erie and North East Rail Road Company was incorporated April 12, 1842, in the State of Pennsylvania. No accounting records of The Erie and North East Rail Road Company were obtained for the period subsequent to January 5, 1863, and the records obtained for the period prior to that date are fragmentary. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated hereinafter were obtained from its minute book and from the records of the Buffalo and State Line Railroad Company. The Erie and North East Rail Road Company was controlled on June 28, 1867, the date of consolidation, by the Buffalo and State Line Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was put in operation to November 16, 1853. From that date to date of consolidation, with exception of the period December 7, 1853, to February 1, 1854, when the road was not operated, it was operated under agreement by the Buffalo and State Line Railroad Company. The Erie and North East Rail Road Company owned on the date of consolidation 18.45 miles of railroad extending from Erie, Pa., to the Pennsylvania-New York State line.

Development of Fixed Physical Property

The 18.45 miles of road owned by The Erie and North East Rail Road Company on the date of consolidation had been acquired by construction. The records reviewed indicate that the construction work was performed partly by the company's forces and partly by numerous independent contractors. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Buffalo and State Line Railroad Company
Introductory

The Buffalo and State Line Railroad Company was incorporated April 12, 1848, in the State of New York.

The records reviewed do not indicate whether the Buffalo and State Line Railroad Company was controlled by any individual or corporation on June 28, 1867, the date of consolidation. On the other hand, this company, itself, controlled on the date of consolidation, through ownership of the entire capital stock, The Erie and North East Rail Road Company, whose common-carrier property it operated under agreement.

The property of the Buffalo and State Line Railroad Company was operated by its own organization from the date it was put in operation, October 13, 1849, to the date of consolidation. The railroad operated by the Buffalo and State Line Railroad Company on the date of consolidation amounted to 86.89 miles. The owned mileage amounted to 68.44 miles and consisted of a main line extending from Buffalo, N.Y., to the New York-Pennsylvania State line. The mileage operated under agreement amounted to 18.45 miles and consisted of a main line extending from the Pennsylvania-New York State line to Erie, Pa.

Development of Fixed Physical Property

Of the 68.44 miles of road owned by the Buffalo and State Line Railroad Company on the date of consolidation, it had acquired about 40 miles by construction and about 28 miles by completion of construction begun by the Dunkirk and State Line Railroad Company. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Dunkirk and State Line Railroad Company — Predecessor of the Buffalo and State Line Railroad Company
The Dunkirk and State Line Railroad Company was incorporated April 18, 1850, in the State of New York. No accounting records of the Dunkirk and State Line Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book and from the records of the Buffalo and State Line Railroad Company. The records reviewed do not indicate whether the Dunkirk and State Line Railroad Company was controlled by any individual or corporation on April 15, 1851, the date of sale, or, on the other hand, whether it then controlled any common-carrier corporation.

This company owned on the date of sale a partially constructed railroad between Dunkirk, N.Y., and the New York-Pennsylvania State line, no portion of which had been completed or put in operation on date of sale. This property had all been acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Silver Creek and Dunkirk Railway Company — Predecessor of The Lake Shore and Michigan Southern Railway Company
The Silver Creek and Dunkirk Railway Company was incorporated November 11, 1890, in the State of New York. No accounting records of The Silver Creek and Dunkirk Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book and from the records of The Lake Shore and Michigan Southern Railway Company. The Silver Creek and Dunkirk Railway Company was controlled on June 29, 1894, the date of merger, by The Lake Shore and Michigan Southern Railway Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated under lease by The Lake Shore and Michigan Southern Railway Company from the date it was completed to the date of merger. The railroad owned by The Silver Creek and Dunkirk Railway Company on the date of merger consisted of 8.71 miles of single-track, standard-gauge, steam railroad, extending from Silver Creek to Dunkirk, N.Y. The 8.71 miles of road owned by the company on the date of merger had been acquired by construction which was completed in 1892. The construction work was performed by The Lake Shore and Michigan Southern Railway Company.

Geneva, Corning and Southern Railroad Company
Introductory

The Geneva, Corning and Southern Railroad Company was incorporated under the general laws of New York and Pennsylvania through articles of consolidation dated February 4, 1909, filed in Pennsylvania April 10, 1909, and in New York April, 12, 1909. The Geneva, Corning and Southern Railroad Company was controlled by The New York Central and Hudson River Railroad Company (second corporation) on December 23, 1914, the date of consolidation, through ownership of a majority of the outstanding capital stock. On the other hand, the records do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of the company was operated, under lease, by The New York Central and Hudson River Railroad Company (first corporation) from the date of acquirement thereof, April 12, 1909, until April 16, 1913. From the latter date until date of consolidation its property was operated by The New York Central and Hudson River Railroad Company (second corporation). The railroad owned by the Geneva, Corning and Southern Railroad Company on date of consolidation was a single-track, standard-gauge, steam railroad, located in New York and Pennsylvania, aggregating 231.66 miles, and consisted of a main line extending from Geneva, N.Y., to Newberry Junction, Pa., and three branch lines, one extending from Dresden, N.Y., to Penn Yan, N.Y., one from Cowanesque Valley Junction, Pa., to Ulysses, Pa., and the other from Wellsboro Junction, Pa., to Antrim, Pa.

Development of Fixed Physical Property

Of the 231.66 miles of road owned by the Geneva, Corning and Southern Railroad Company on date of consolidation, it had acquired 64.49 miles from the Syracuse, Geneva and Corning Railway Company, 91.35 miles from the Fall Brook Railway Company, and 75.82 miles from The Pine Creek Railway Company.

Syracuse, Geneva and Corning Railway Company (of 1885); Syracuse, Geneva and Corning Railway Company (of 1875)
Introductory

The Syracuse, Geneva and Corning Railway Company was incorporated August 27, 1875, in the State of New York. Complete accounting records of the Syracuse, Geneva and Corning Railway Company for the period from the date of its incorporation to October 1, 1882, were not obtained. For that reason only partial in formation can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated herein after pertaining to the period first mentioned has been obtained from other sources.

Although the Syracuse, Geneva and Corning Railway Company was incorporated August 27, 1875, as stated, it entered into a subsequent so-called consolidation and merger agreement on September 22, 1885, filed November 2, 1885, but effective October 1, 1885, for the purpose of acquiring the property of the Penn Yan and New York Railway Company, and in this so-called consolidation and merger the corporate name of the consolidated and merged company was designated as the "Syracuse, Geneva and Corning Railway Company." However, the accounting records were continuous from August 27, 1875, to April 12, 1909, no new securities were issued in any such consolidation and merger, and the property so acquired was taken over by the Syracuse, Geneva and Corning Railway Company as though by purchase or merger and it is so considered in this report.

The Syracuse, Geneva and Corning Railway Company was controlled on April 12, 1909, the date of consolidation, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of the Syracuse, Geneva and Corning Railway Company was operated during its corporate life as indicated below:
 * Portion, Geneva to Corning, N.Y.:
 * Fall Brook Coal Company, from December 10, 1877, to July 1, 1892.
 * Fall Brook Railway Company from July 1, 1892, to May 1, 1899.
 * The New York Central and Hudson River Railroad Company (first corporation) from May 1, 1899, to April 12, 1909.
 * Portion, Dresden to Penn Yan, N.Y.:
 * Fall Brook Coal Company from October 1, 1885, to July 1, 1892.
 * Fall Brook Railway Company from July 1, 1892, to May 1, 1899.
 * The New York Central and Hudson River Railroad Company (first corporation) from May 1, 1899, to April 12, 1909.

The railroad owned by the Syracuse, Geneva and Corning Railroad Company consisted of 64.49 miles of single-track, standard-gauge, steam railroad, extending from Geneva to Corning, N.Y., 57.94 miles and from Dresden to Penn Yan, N.Y., 6.55 miles.

Development of Fixed Physical Property

Of the 64.49 miles of road owned by the Syracuse, Geneva and Corning Railway Company on date of consolidation, it had acquired 6.55 miles from the Penn Yan and New York Railway Company, under the so-called consolidation and merger agreement, and 57.94 miles by construction. The construction work was performed by George J. Magee, who appears to have been affiliated with the company.

Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Penn Yan and New York Railway Company
The Penn Yan and New York Railway Company was incorporated August 24, 1877, in the State of New York. No accounting records of the Penn Yan and New York Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operation, or investments. However, certain data indicated below were obtained from its minute book and from the records of the Syracuse, Geneva and Corning Railway Company (of 1875). The records reviewed do not indicate whether the Penn Yan and New York Railway Company was controlled by any individual or corporation on November 2, 1885, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated under lease by the Fall Brook Coal Company from the date it was completed to date of consolidation. The railroad operated by the Fall Brook Coal Company and owned by the Penn Yan and New York Railway Company on date of consolidation amounted to 6.55 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Dresden to Penn Yan, N.Y. The 6.55 miles of road owned by the company on date of consolidation had been acquired by construction prior to August 5, 1885. The minute book referred to indicated that the construction work was performed by James Tillinghast, George J. Magee, and Daniel Beach, contractors.

The Pine Creek Railway Company, formerly named Jersey Shore, Pine Creek and Buffalo Railway Company
Introductory

The Pine Creek Railway Company was originally incorporated as the Jersey Shore, Pine Creek and Buffalo Railway Company in the State of Pennsylvania on February 17, 1870. The name was changed on February 6, 1884. The Pine Creek Railway Company was controlled by The New York Central and Hudson River Railroad Company (first corporation) on April 12, 1909, the date of consolidation, through ownership of a majority of the outstanding capital stock. On the other hand, the records do not indicate that this company, itself, then controlled any other common-carrier corporation.

The property of The Pine Creek Railway Company was operated during its corporate life as indicated below:
 * Fall Brook Coal Company from June 30, 1883, to July 1, 1892.
 * Fall Brook Railway Company from July 1, 1892, to May 1, 1899.
 * The New York Central and Hudson River Railroad Company (first corporation) from May 1, 1899, to April 12, 1909.

The railroad operated by The New York Central and Hudson River Railroad Company (first corporation) and owned by The Pine Creek Railway Company on date of consolidation amounted to 75.82 miles. It consisted of a standard-gauge, steam railroad, extending from Wellsboro Junction to Newberry Junction, Pa.

Development of Fixed Physical Property

The entire 75.82 miles of road owned by The Pine Creek Railway Company on date of consolidation had been acquired by construction prior to June 30, 1883. It is not known whether the construction work was performed by the company's forces or by contract.

Fall Brook Railway Company, formerly named Corning, Cowanesque and Antrim Railway Company
Introductory

The Fall Brook Railway Company was originally incorporated as the Corning, Cowanesque and Antrim Railway Company under the general laws of New York and Pennsylvania, through articles of consolidation dated December 16, 1872, filed in New York January 2, 1873, and in Pennsylvania January 9, 1873. The name was changed on July 1, 1892. No accounting records of the Fall Brook Railway Company were obtained for the period from the date of its organization to June 30, 1897. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period first mentioned has been taken from sources other than the accounting records of the company. The records reviewed do not indicate that the Fall Brook Railway Company was controlled by any individual or corporation on April 12, 1909, the date of consolidation, or, on the other hand, that it then controlled any common-carrier corporation.

The property of the Fall Brook Railway Company was operated during its corporate life as indicated below:
 * Fall Brook Coal Company from date of completion of construction to June 30, 1892.
 * Own organization from July 1, 1892, to April 30, 1899.
 * The New York Central and Hudson River Railroad Company (first corporation) from May 1, 1899, to date of consolidation.

The railroad operated by The New York Central and Hudson River Railroad Company (first corporation) and owned by the Fall Brook Railway Company on the date of consolidation amounted to 91.35 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Corning, N.Y., to Antrim, Pa., with a branch line projecting from Cowanesque Valley Junction to Ulysses, Pa.

Development of Fixed Physical Property

Of the 91.35 miles of road owned by the Fall Brook Railway Company on the date of consolidation, it had acquired 51.50 miles through consolidation, 11.45 miles by purchase, and 28.40 miles by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Blossburg and Corning Rail Road Company
The Blossburg and Corning Rail Road Company was incorporated May 19, 1854, in the State of New York. No accounting records of The Blossburg and Corning Rail Road Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether The Blossburg and Corning Rail Road Company was controlled by any individual or corporation on January 9, 1873, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by the Tioga Rail Road Company from the date it was acquired to October 16, 1862. From the latter date until the date of consolidation its property was operated by the Fall Brook Coal Company. The railroad owned by The Blossburg and Corning Rail Road Company on the date of consolidation consisted of 13.63 miles of single-track, steam railroad, extending from Corning, N.Y., to the New York-Pennsylvania State line. This property was all acquired by purchase. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Corning and Blossburg Railroad Company, formerly named Tioga Coal, Iron Mining and Manufacturing Company - Predecessor of The Blossburg and Corning Rail Road Company
The Corning and Blossburg Railroad Company was originally incorporated as the Tioga Coal, Iron Mining and Manufacturing Company in the State of New York on April 9, 1828. The name was changed on April 5, 1851. No accounting records of The Corning and Blossburg Railroad Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether The Corning and Blossburg Railroad Company was controlled by any individual or corporation on June 13, 1854, the date of sale, or, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to October 16, 1852. From the latter date until the date of sale its property was operated by the Tioga Railroad Company. The railroad owned by The Corning and Blossburg Railroad Company on date of sale consisted of 13.63 miles of single-track, steam railroad, extending from Corning, N.Y., to the New York-Pennsylvania State line. The 13.63 miles of road owned by the company on the date of sale had been acquired by construction prior to September, 1840. It is not known whether the construction work was performed by the company's forces or by contract.

Wellsboro' and Lawrenceville Railroad Company
The Wellsboro' and Lawrenceville Railroad Company was incorporated April 4, 1867, in the State of Pennsylvania. No accounting records of the Wellsboro' and Lawrenceville Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Wellsboro' and Lawrenceville Railroad Company was controlled by any individual or corporation on January 9, 1873, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation.

The property of the Wellsboro' and Lawrenceville Railroad Company was operated by the Fall Brook Coal Company from the date it was put in operation, November 1, 1872, to date of consolidation. The railroad owned by the Wellsboro' and Lawrenceville Railroad Company on date of consolidation consisted of 37.87 miles of single-track, steam railroad, extending from Antrim, Pa., to New York-Pennsylvania State line. The 37.87 miles of road owned by the company on date of consolidation had been acquired by construction prior to November 1, 1872. It is not known whether the construction work was performed by the company's forces or by contract.

Cowanesque Valley Railroad Company
The Cowanesque Valley Railroad Company was incorporated April 9, 1869, in the State of Pennsylvania. No accounting records of the Cowanesque Valley Railroad Company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether the Cowanesque Valley Railroad Company was controlled by any individual or corporation on May 27, 1874, the date of sale, or, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated under lease by the Fall Brook Coal Company from the date it was completed to the date of sale. The railroad owned by the Cowanesque Valley Railroad Company on the date of sale consisted of 11.45 miles of single-track, standard-gauge, steam railroad, extending from Cowanesque Valley Junction at Elkland, Pa. The 11.45 miles of road owned by the company on the date of sale had been acquired by construction prior to September 15, 1873. It is not known whether the construction work was performed by the company's forces or by contract.

The Terminal Railway of Buffalo
Introductory

The Terminal Railway of Buffalo was incorporated in the State of New York, June 17, 1895. It was controlled on December 23, 1914, the date of consolidation, by The New York Central and Hudson River Railroad Company (second corporation) and The Lake Shore and Michigan Southern Railway Company through ownership by each of one-half of the capital stock. On the other hand, the records' reviewed do not indicate that this company, itself, then controlled any common-carrier corporation. The property of this company was operated by The New York Central and Hudson River Railroad Company (first and second corporations) as agent from September 15, 1898, when construction was completed, to date of consolidation. The railroad owned by The Terminal Railway of Buffalo consisted of 12.96 miles of double-track, standard-gauge, steam railroad, extending from Depew to Bay View, N.Y.

Development of Fixed Physical Property

The 12.96 miles of road owned by The Terminal Railway of Buffalo on date of consolidation had been acquired by construction which was performed under a contract dated October 18, 1895, with E. M. Samuel and Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company
Introductory

The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company was incorporated in the States of New York and Pennsylvania, December 31, 1872, and January 3, 1873, respectively. No accounting records of The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company were obtained for the period from the date of its organization to March 31, 1898. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company was controlled on December 23, 1914, the date of consolidation, by The New York Central and Hudson River Railroad Company through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated under lease by The New York Central and Hudson River Railroad Company from the date of acquirement thereof to October 1, 1901. From the latter date the property was operated by The Lake Shore and Michigan Southern Railway Company, as agent for the lessee, to the date of consolidation, but the accounts of the company for the results of corporate operations cover the period from July 1, 1907, to December 31, 1914, and other accounts were closed as of the latter date. The accounting data in this report for the operating period and for the date of consolidation are those afforded by these records. The railroad owned by The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company on the date of consolidation consisted of approximately 90.51 miles of single-track, standard-gauge, steam railroad, extending from Dunkirk, N.Y., to Titusville, Pa.

Development of Fixed Physical Property

Of the 90.51 miles of road owned by The Dunkirk, Allegheny Valley and Pittsburgh Rail Road Company on the date of consolidation, it had acquired 54.51 miles from The Dunkirk, Warren and Pittsburgh Railway Company and 36 miles from the Warren and Venango Rail Road Company.

Warren and Venango Rail Road Company
The Warren and Venango Rail Road Company was incorporated October 6, 1871, in the State of Pennsylvania. With the exception of a construction ledger, no other accounting records of the Warren and Venango Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed of the successor company do not indicate whether the Warren and Venango Rail Road Company was controlled by any individual or corporation on January 3, 1873, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by The Dunkirk, Warren and Pittsburgh Railway Company from the date the completed portions were put in operation to December 1, 1872. From that date until the date of consolidation it was operated by The New York Central and Hudson River Railroad Company.

The Warren and Venango Rail Road Company owned on the date of consolidation approximately 36 miles of railroad, extending from Warren to Titusville, Pa., which had been acquired by construction. The construction ledger records expenditures for road during 1871 and 1872, aggregating $1,239,621.68. The records reviewed indicate that the construction work was performed by Richard Smith and T. J. Skidmore, independent contractors. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Dunkirk, Warren and Pittsburgh Railway Company
The Dunkirk, Warren and Pittsburgh Railway Company was incorporated in the States of Pennsylvania and New York, May 12, 1870, and May 14, 1870, respectively. No accounting records of The Dunkirk, Warren and Pittsburgh Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book and from other sources. The records reviewed do not indicate whether The Dunkirk, Warren and Pittsburgh Railway Company was controlled by any individual or corporation on January 3, 1873, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was completed until December 1, 1872. From that date until the date of consolidation, it was operated by The New York Central and Hudson River Railroad Company. The Dunkirk, Warren and Pittsburgh Railway Company owned on the date of consolidation approximately 54.51 miles of railroad, extending from Dunkirk, N.Y., to Warren, Pa. The portion of the road between the Pennsylvania-New York State line and Warren, Pa., was acquired by construction and the portion between Dunkirk, N.Y., and the New York-Pennsylvania State line was acquired by completion of construction begun by the Dunkirk, Warren and Pittsburgh Rail Road Company. The construction work was performed by J. Condit Smith, apparently an affiliated contractor. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Conewango Valley Rail Road Company
The Conewango Valley Rail Road Company was incorporated March 24, 1870, in the State of Pennsylvania. No accounting records of the Conewango Valley Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute books. The records reviewed do not indicate whether the Conewango Valley Rail Road Company was controlled by any individual or corporation on May 14, 1870, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The minute book states that the company entered into a contract with J. Condit Smith, contractor, for the construction of its property, but the records reviewed do not indicate that this company performed any construction work or that it owned any common-carrier property on the date of consolidation.

Dunkirk, Warren and Pittsburgh Rail Road Company
The Dunkirk, Warren and Pittsburgh Rail Road Company was incorporated March 14, 1867, in the State of New York. No accounting records of the Dunkirk, Warren and Pittsburgh Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Dunkirk, Warren and Pittsburgh Rail Road Company was controlled by any individual or corporation on May 14, 1870, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. This company owned on the date of consolidation a partially constructed railroad between Dunkirk, N.Y., and the New York-Pennsylvania State line, no portion of which had been completed or put in operation by it. This property was all acquired by construction. The construction work was performed by J. Condit Smith, contractor. [...]

Chicago, Indiana and Southern Railroad Company
Introductory

The Chicago, Indiana and Southern Railroad Company was incorporated in the States of Indiana and Illinois, April 6 and April 9, 1906, respectively. The property of the Chicago, Indiana and Southern Railroad Company was acquired by its successor through a consolidation agreement effective December 23, 1914, but the accounts of the company, for the results of corporate operations continued to December 31, 1914, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to December 31, 1914. The Chicago, Indiana and Southern Railroad Company was controlled by The Lake Shore and Michigan Southern Railway Company on December 23, 1914, the date of consolidation, through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company, with exception of the portions extending from Indiana Harbor to Gary and Western Junction, Ind., and from St. Joseph Junction to Benton Harbor, Mich., was operated by its own organization from the date the original 313.29 miles was acquired, April 9, 1906, until it was surrendered to the New York Central, January 1, 1915, although the consolidation agreement was effective December 23, 1914. The portion from Indiana Harbor to Gary and Western Junction, Ind., was operated under contract by the Elgin, Joliet and Eastern Railway Company from the date it was put in operation to December 31, 1914 , and the portion from St. Joseph Junction to Benton Harbor , Mich. , was operated under lease by The Michigan Central Railroad Company from April 9, 1906, to December 31, 1914. The railroad operated by the Chicago, Indiana and Southern Railroad Company was a single-track, standard-gauge, steam railroad, located in the States of Indiana and Illinois, and aggregating 321.22 miles. The owned mileage amounted to 331.07 miles, of which 9.85 miles were leased to others, and consisted of three main lines and several branch lines. One main line extended from South Bend, Ind., to Seatonville Junction, Ill., and the other two extended from Indiana Harbor, Ind., to Danville, Ill., and Dune Park, Ind. Trackage rights over 37 miles of road of other carriers afforded the Chicago, Indiana and Southern Railroad Company access to Chicago, Ladd, and Zearing, Ill., and Ivanhoe, Ind.

Development of Fixed Physical Property

Of the 331.07 miles of road owned by the Chicago, Indiana and Southern Railroad Company on the date of consolidation, it had acquired 100.77 miles from the Indiana Harbor Railroad Company, 204.03 miles from The Indiana, Illinois and Iowa Railroad Company, 8.49 miles from The Danville and Indiana Harbor Railroad Company, and 17.78 miles by construction. The construction work was performed partly by the company's forces and partly by independent contractors. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Indiana Harbor Railroad Company
Introductory

The Indiana Harbor Railroad Company was incorporated November 23, 1901, in the State of Indiana. The company was controlled on April 9, 1906, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company, through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement thereof, to the date of consolidation. The railroad operated by the Indiana Harbor Railroad Company was a single-track, standard-gauge, steam railroad, located in Indiana and Illinois and aggregating 109.26 miles. The owned mileage amounted to 100.77 miles and extended from Indiana Harbor, Ind., to the Indiana-Illinois State line. The mileage operated under lease amounted to 8.49 miles and consisted of a main line extending from the Indiana-Illinois State line to Danville, Ill.

Development of Fixed Physical Property

The 100.77 miles of road owned by the Indiana Harbor Railroad Company on the date of consolidation was acquired by construction. The construction work of the Indiana Harbor Railroad Company was performed partly by contractors, none of whom appear to have been affiliated with the company, and partly by the company's forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Indiana, Illinois and Iowa Railroad Company
Introductory

The Indiana, Illinois and Iowa Railroad Company was incorporated in the States of Indiana and Illinois, September 17, 1898, and July 13, 1899, respectively. The company was controlled on April 9, 1906, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of The Indiana, Illinois and Iowa Railroad Company was operated by its own organization from the date of acquirement thereof to date of consolidation, with exception of the portion extending from St. Joseph Junction to Benton Harbor, Mich., which was operated under lease by The Michigan Central Railroad Company from March 15, 1905, to date of consolidation. The railroad operated by The Indiana, Illinois and Iowa Railroad Company was a single-track, standard-gauge, steam railroad, located in Indiana and Illinois and aggregating 202.42 miles. The owned mileage amounted to 204.03 miles, of which 1.61 miles were leased to others, and consisted of a main line extending from South Bend, Ind., to Seatonville Junction, Ill., a detached line extending from Saint Joseph Junction to Benton Harbor, Mich., and four branch lines. The Indiana, Illinois and Iowa Railroad Company used under trackage rights about 9 miles of road of other companies, part of which afforded access to Ladd and Zearing, Ill.

Development of Fixed Physical Property

Of the 204.03 miles of road owned by The Indiana, Illinois and Iowa Railroad Company on the date of consolidation, it had acquired 35.32 miles from the Indiana, Illinois and Iowa Railway Company of the State of Indiana, 123.24 miles from The Indiana, Illinois and Iowa Railroad Company, 39.80 miles by completion of construction begun by The Streator and Clinton Railroad Company, and 5.67 miles by original construction. It is not known whether the construction work of The Indiana, Illinois and Iowa Railroad Company was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Indiana, Illinois and Iowa Railway Company of the State of Indiana
The Indiana, Illinois and Iowa Railway Company of the State of Indiana was incorporated January 9, 1893, in the State of Indiana. The accounting records obtained of the Indiana, Illinois and Iowa Railway Company of the State of Indiana are incomplete. Therefore, only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments. Certain information indicated hereinafter has been taken from sources other than the accounting records of the company. The records reviewed do not indicate that the Indiana, Illinois and Iowa Railway Company of the State of Indiana was controlled by any individual or corporation on September 15, 1898, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property of the company was operated under lease by the Indiana, Illinois and Iowa Railroad Company from the date it was completed to the date of consolidation. The railroad owned by the Indiana, Illinois and Iowa Railway Company of the State of Indiana on the date of consolidation consisted of 35.32 miles of single-track, standard-gauge, steam railroad extending from Knox to South Bend, Ind. The entire 35.32 miles of road owned by the company on date of consolidation had been acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Indiana, Illinois and Iowa Railroad Company
Introductory

The Indiana, Illinois and Iowa Railroad Company was incorporated in the States of Illinois, Indiana and Iowa, February 8, 11, and 21, 1882, respectively. The accounting records of the Indiana, Illinois and Iowa Railroad Company are incomplete and fragmentary. Therefore, only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments. Certain information indicated hereinafter has been taken from the accounting records of the successor, reports filed by the company with this commission and from other sources, The records reviewed do not indicate whether the Indiana, Illinois and Iowa Railroad Company was controlled by any individual or corporation on September 15, 1898, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to date of consolidation, but the accounts of the company for the results of corporate operations cover the period from January, 1882. The railroad operated by the Indiana, Illinois and Iowa Railroad Company on the date of consolidation was a single-track, standard-gauge, steam railroad located in Indiana and Illinois and aggregating 158.56 miles. The owned mileage amounted to 123.24 miles and consisted of a main line extending from Streator, Ill., to Knox, Ind., and two branch lines, one extending from Kankakee to Bradley, Ill., the other extending from Reddick to Cardiff, Ill. The mileage operated under lease amounted to 35.32 miles and consisted of a main line extending from Knox to South Bend, Ind.

Development of Fixed Physical Property

Of the 123.24 miles of road owned by the Indiana, Illinois and Iowa Railroad Company on the date of consolidation, it had acquired 45.24 miles from the Indiana, Illinois and Iowa Railroad Company (of Illinois) and 78 miles by construction. The construction work was performed under contract by the Western Air Line Construction Company, affiliated contractors. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Indiana, Illinois and Iowa Railroad Company (of Iowa) — Predecessor of the Indiana, Illinois and Iowa Railroad Company
The Indiana, Illinois and Iowa Railroad Company (of Iowa) was incorporated August 11, 1881, in the State of Iowa. No accounting records of the Indiana, Illinois and Iowa Railroad Company (of Iowa) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Indiana, Illinois and Iowa Railroad Company (of Iowa) was controlled by any individual or corporation on December 27, 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 owned any road or other common-carrier property on the date of consolidation.

Indiana, Illinois and Iowa Railroad Company (of Indiana) — Predecessor of the Indiana, Illinois and Iowa Railroad Company
The Indiana, Illinois and Iowa Railroad Company (of Indiana) was incorporated September 14, 1881, in the State of Indiana. No accounting records of the Indiana, Illinois and Iowa Railroad Company (of Indiana) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Indiana, Illinois and Iowa Railroad Company (of Indiana) was controlled by any individual or corporation on December 27, 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 or owned any road or other common-carrier property on the date of consolidation.

Indiana, Illinois and Iowa Railroad Company (of Illinois) — Predecessor of the Indiana, Illinois and Iowa Railroad Company
The Indiana, Illinois and Iowa Railroad Company (of Illinois) was incorporated July 8, 1881, in the State of Illinois. No accounting records of the Indiana, Illinois and Iowa Railroad Company (of Illinois) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Indiana, Illinois and Iowa Railroad Company (of Illinois) was controlled by any individual or corporation on December 27, 1881, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was put in operation to the date of consolidation. The Indiana, Illinois and Iowa Railroad Company (of Illinois) owned on the date of consolidation 45.24 miles of single-track railroad. It consisted of a main line extending from Momence to Dwight, Ill., and two branch lines. The entire 45.24 miles of road owned by the company on the date of consolidation had been acquired by completion of construction begun by the Plymouth, Kankakee and Pacific Railroad Company (second corporation). The construction work was performed by the Western Air Line Construction Company, apparently independent contractors. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Plymouth, Kankakee and Pacific Railroad Company (Second Corporation) — Predecessor of the Indiana, Illinois and Iowa Railroad Company (of Illinois)
The Plymouth, Kankakee and Pacific Railroad Company (second corporation) was incorporated in the States of Indiana and Illinois, October 20 and 21, 1870, respectively. No accounting records of the Plymouth, Kankakee and Pacific Railroad Company (second corporation) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether the Plymouth, Kankakee and Pacific Railroad Company (second corporation) was controlled by any individual or corporation on May 5, 1881, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

This company owned on the date of sale approximately 45 miles of partially constructed railroad between Momence and Dwight, Ill., Kankakee and Bradley, Ill., and Reddick and Cardiff, Ill. This property was all acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Plymouth, Kankakee and Pacific Railroad Company (First Corporation) — Predecessor of the Plymouth, Kankakee and Pacific Railroad Company (Second Corporation)
The Plymouth, Kankakee and Pacific Railroad Company (first corporation) was incorporated January 7, 1870, in the State of Indiana. No accounting records of the Plymouth, Kankakee and Pacific Railroad Company (first corporation) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Plymouth, Kankakee and Pacific Railroad Company (first corporation) was controlled by any individual or corporation on October 20, 1870, 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 owned any property on the date of consolidation.

Kankakee and Illinois River Railroad Company — Predecessor of the Plymouth, Kankakee and Pacific Railroad Company (Second Corporation)
The Kankakee and Illinois River Railroad Company was incorporated April 15, 1869, in the State of Illinois. No accounting records of the Kankakee and Illinois River Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Kankakee and Illinois River Railroad Company was controlled by any individual or corporation on October 20, 1870, 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 owned any property on the date of consolidation.

The Streator and Clinton Railroad Company — Predecessor of the Indiana, Illinois and Iowa Railroad Company
Introductory

The Streator and Clinton Railroad Company was incorporated June 17, 1899, in the State of Illinois. The accounting records of The Streator and Clinton Railroad Company obtained were incomplete. Therefore, only partial information can be given from the accounts regarding its financial dealings or investments. Certain information indicated hereinafter has been taken from other sources. The records reviewed do not indicate whether The Streator and Clinton Railroad Company was controlled by any individual or corporation on December 22, 1900, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporations.

The records reviewed do not indicate that any part of the property of The Streator and Clinton Railroad Company had been placed in operation as of date of sale. The Streator and Clinton Railroad Company owned on the date of sale 39.80 miles of partially constructed single-track, standard-gauge line between Streator and Seatonville Junction, Ill., no portion of which had been completed or put in operation.

Development of Fixed Physical Property

The 39.80 miles of partially constructed road owned by The Streator and Clinton Railroad Company on the date of sale had been constructed for it by The Indiana, Illinois and Iowa Railroad Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Danville and Indiana Harbor Railroad Company
The Danville and Indiana Harbor Railroad Company was incorporated February 2, 1905, in the State of Illinois. No accounting records of The Danville and Indiana Harbor Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether The Danville and Indiana Harbor Railroad Company was controlled by any individual or corporation on April 9, 1906, the date of sale, or, on the other hand, whether it then controlled any common-carrier corporation.

The property of The Danville and Indiana Harbor Railroad Company was operated by the Indiana Harbor Railroad Company from the date it was put in operation to the date of sale. The railroad owned by The Danville and Indiana Harbor Railroad Company on the date of sale consisted of 8.49 miles of single-track, standard-gauge, steam railroad extending from Danville, Ill., to the Indiana-Illinois State line. The 8.49 miles of road owned by the company on the date of sale had been acquired by construction. The records reviewed indicate that the construction work was performed by the forces of the Indiana Harbor Railroad Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Detroit and Chicago Rail Road Company
The Detroit and Chicago Rail Road Company was incorporated November 24, 1888, in the State of Michigan. No accounting records of The Detroit and Chicago Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book and from the records of The Lake Shore and Michigan Southern Railway Company. The Detroit and Chicago Rail Road Company was controlled on December 23, 1914, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any other common-carrier corporation. The property of the company was operated by The Lake Shore and Michigan Southern Railway Company from the date of acquirement thereof to the date of consolidation. The railroad owned by The Detroit and Chicago Rail Road Company on the date of consolidation consisted of 25.22 miles of single-track, standard-gauge, steam railroad extending from Grosvenor, Mich., to Fayette, Ohio. This property was acquired by purchase, after foreclosure proceedings, from The Chicago and Canada Southern Railway Company. The Detroit and Chicago Rail Road Company also acquired from The Chicago and Canada Southern Railway Company 42.38 miles of railroad, all of which had been sold or abandoned prior to the date of consolidation.

The Chicago and Canada Southern Railway Company
Introductory

The Chicago and Canada Southern Railway Company was incorporated October 25, 1871, in the States of Ohio and Michigan. No accounting records of The Chicago and Canada Southern Railway Company were obtained for the period subsequently to December 31, 1887, and the records obtained for the period prior to that date are fragmentary. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The Chicago and Canada Southern Railway Company was controlled on September 25, 1888, the date of sale, by The Lake Shore and Michigan Southern Railway Company through ownership of a majority of its outstanding capital stock. 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 its own organization from the date it was put in operation to November 10, 1879. From that date until the date of sale, it was operated by The Lake Shore and Michigan Southern Railway Company as agent for The Chicago and Canada Southern Railway Company. The Chicago and Canada Southern Railway Company owned on the date of sale 67.60 miles of railroad, extending from Grosse Isle, Mich., to Fayette, Ohio.

Development of Fixed Physical Property

The 67.60 miles of road owned by The Chicago and Canada Southern Railway Company on the date of sale had been acquired by construction. The construction work was performed by Goss, Warner and Company, independent contractors. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

South Eastern Michigan Railway Company
The South Eastern Michigan Railway Company was incorporated May 19, 1871, in the State of Michigan. No accounting records of the South Eastern Michigan Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the South Eastern Michigan Railway Company was controlled by any individual or corporation on October 25, 1871, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation. The South Eastern Michigan Railway Company did not construct any railroad or other common-carrier property.

Chicago and Canada Southern Railway Company (Third Corporation)
The Chicago and Canada Southern Railway Company (third corporation) was incorporated July 6, 1871, in the States of Ohio and Indiana. No accounting records of the Chicago and Canada Southern Railway Company (third corporation) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Chicago and Canada Southern Railway Company (third corporation) was controlled by any individual or corporation on October 25, 1871, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation. The Chicago and Canada Southern Railway Company (third corporation) did not construct any railroad or other common-carrier property.

The North Western Ohio Rail Road Company — Predecessor of the Chicago and Canada Southern Railway Company (Third Corporation)
The North Western Ohio Rail Road Company was incorporated March 20, 1871, in the State of Ohio. No accounting records of The North Western Ohio Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether The North Western Ohio Rail Road Company was controlled by any individual or corporation on July 6, 1871, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation. The North Western Ohio Rail Road Company did not construct any railroad or other common-carrier property.

Chicago and Canada Southern Railway Company (Second Corporation) — Predecessor of the Chicago and Canada Southern Railway Company (Third Corporation)
The Chicago and Canada Southern Railway Company (second corporation) was incorporated July 3, 1871, in the States of Illinois and Indiana. No accounting records of the Chicago and Canada Southern Railway Company (second corporation) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations or investments. The records reviewed do not indicate whether the Chicago and Canada Southern Railway Company (second corporation) was controlled by any individual or corporation on July 6, 1871, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation. The Chicago and Canada Southern Railway Company (second corporation) did not construct any railroad or other common-carrier property.

Chicago and Canada Southern Railway Company (First Corporation) — Predecessor of the Chicago and Canada Southern Railway Company (Second Corporation)
The Chicago and Canada Southern Railway Company (first corporation) was incorporated May 19, 1871, in the State of Indiana. No accounting records of the Chicago and Canada Southern Railway Company (first corporation) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Chicago and Canada Southern Railway Company (first corporation) was controlled by any individual or corporation on July 3, 1871, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation. The Chicago and Canada Southern Railway Company (first corporation) did not construct any railroad or other common-carrier property.

The Michigan Air Line Railroad Company — Predecessor of the Chicago and Canada Southern Railway Company (Second Corporation)
The Michigan Air Line Railroad Company was incorporated March 31, 1869, in the State of Illinois. No accounting records of The Michigan Air Line Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether The Michigan Air Line Railroad Company was controlled by any individual or corporation on July 3, 1871, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Michigan Air Line Railroad Company did not construct any railroad or other common-carrier property.

Detroit, Monroe and Toledo Railroad Company
The Detroit, Monroe and Toledo Railroad Company was incorporated April 26, 1855, in the State of Michigan. No accounting records of the Detroit, Monroe and Toledo Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book and from other sources. The Detroit, Monroe and Toledo Railroad Company was controlled on December 23, 1914, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of the Detroit, Monroe and Toledo Railroad Company was operated under lease by The Lake Shore and Michigan Southern Railway Company and certain of its predecessors, from the date of acquirement thereof to date of consolidation. This company owned on the date of consolidation 51.63 miles of railroad extending from Detroit, Mich., to the Michigan-Ohio State line. This property was all acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Kalamazoo and White Pigeon Rail Road Company
The Kalamazoo and White Pigeon Rail Road Company was incorporated September 24, 1869, in the State of Michigan. No accounting records of the Kalamazoo and White Pigeon Rail Road Company were obtained.

Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from other sources. The Kalamazoo and White Pigeon Rail Road Company was controlled on December 23, 1914, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated under lease by The Lake Shore and Michigan Southern Railway Company from the date of acquirement thereof to the date of consolidation. The Kalamazoo and White Pigeon Rail Road Company owned on the date of consolidation 32.62 miles of railroad, extending from Constantine to Kalamazoo, Mich. Of this it acquired 13.14 miles from the Kalamazoo and Schoolcraft Rail Road Company and 19.48 miles from the Schoolcraft and Three Rivers Rail Road Company.

Kalamazoo and Schoolcraft Rail Road Company
The Kalamazoo and Schoolcraft Rail Road Company was incorporated June 9, 1866, in the State of Michigan. No accounting records of the Kalamazoo and Schoolcraft Rail Road Company were obtained. Therefore, no information can be given form its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book. The records reviewed do not indicate whether the Kalamazoo and Schoolcraft Rail Road Company was controlled by any individual or corporation on September 24, 1869, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated during its corporate life as indicated below:
 * The Michigan Southern and Northern Indiana Rail Road Company from May 3, 1867, to June 2, 1869.
 * Lake Shore and Michigan Southern Railway Company from June 2, 1869, to August 16, 1869.
 * The Lake Shore and Michigan Southern Railway Company from August 16, 1869, to September 24, 1869.

The Kalamazoo and Schoolcraft Rail Road Company owned on the date of consolidation, 13.14 miles of railroad, extending from Schoolcraft to Kalamazoo, Mich. This property was all acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Schoolcraft and Three Rivers Rail Road Company
The Schoolcraft and Three Rivers Rail Road Company was incorporated June 6, 1855, in the State of Michigan. No accounting records of the Schoolcraft and Three Rivers Rail Road Company were obtained. Therefore, no in formation can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book. The records reviewed do not indicate whether the Schoolcraft and Three Rivers Rail Road Company was controlled by any individual or corporation on September 24, 1869, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated during its corporate life as indicated below:
 * Three Rivers to Schoolcraft, Mich.:
 * The Michigan Southern and Northern Indiana Rail Road Company from May 3, 1867, to June 2, 1869.
 * Lake Shore and Michigan Southern Railway Company from June 2, 1869, to August 16, 1869.
 * The Lake Shore and Michigan Southern Railway Company from August 16, 1869, to September 24, 1869.
 * White Pigeon to Three Rivers, Mich.:
 * Lake Shore and Michigan Southern Railway Company from August 14, 1869, to August 16, 1869.
 * The Lake Shore and Michigan Southern Railway Company from August 16, 1869, to September 24, 1869.

The Schoolcraft and Three Rivers Rail Road Company owned on the date of consolidation 19.48 miles of railroad, extending from Constantine to Schoolcraft, Mich. Of this it acquired 7.47 miles from the St. Joseph Valley Rail Road Company and 12.01 miles by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

St. Joseph Valley Rail Road Company
The St. Joseph Valley Rail Road Company was incorporated April 3, 1848, in the State of Michigan. No accounting records of the St. Joseph Valley Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the St. Joseph Valley Rail Road Company was controlled by any individual or corporation on August 14, 1869, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated during its corporate life as indicated below:
 * The Michigan Southern and Northern Indiana Rail Road Company from about 1855, to December 1, 1863.
 * Not operated from December 1, 1863, to May 3, 1867.
 * The Michigan Southern and Northern Indiana Rail Road Company from May 3, 1867, to June 2, 1869.
 * The Lake Shore and Michigan Southern Railway Company from June 2, 1869, to August 14, 1869.

The company owned on the date of consolidation 7.47 miles of railroad, extending from Constantine to Three Rivers, Mich. This property was all acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Northern Central Michigan Rail Road Company
The Northern Central Michigan Rail Road Company was incorporated November 12, 1866, in the State of Michigan. No accounting records of The Northern Central Michigan Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of The Lake Shore and Michigan Southern Railway Company. The Northern Central Michigan Rail Road Company was controlled on December 23, 1914, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of a majority of its capital stock. 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 under lease by The Lake Shore and Michigan Southern Railway Company from the date it was completed to the date of consolidation. The railroad owned by The Northern Central Michigan Rail Road Company on the date of consolidation consisted of approximately 61.34 miles of single-track, standard-gauge, steam railroad extending from Lansing to Jonesville, Mich. The 61.34 miles of road owned by the company on the date of consolidation had be acquired by construction. The records reviewed indicate that the construction work was performed partly by J. Condit Smith, apparently an independent contractor, and partly by the forces of The Lake Shore and Michigan Southern Railway Company for account of the contractor. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Amboy, Lansing and Traverse Bay Railroad Company
The Amboy, Lansing and Traverse Bay Railroad Company was incorporated January 29, 1857, in the State of Michigan. No accounting records of the Amboy, Lansing and Traverse Bay Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Amboy, Lansing and Traverse Bay Railroad Company was controlled by any individual or corporation on January 14, 1867, the date its rights and franchises were sold to The Northern Central Michigan Rail Road Company, or, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate that the Amboy, Lansing and Traverse Bay Railroad Company owned any common-carrier property on date of sale.

The Swan Creek Railway Company of Toledo
The Swan Creek Railway Company of Toledo was incorporated May 4, 1875, in the State of Ohio. No accounting records of The Swan Creek Railway Company of Toledo were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from records of The Lake Shore and Michigan Southern Railway Company. The Swan Creek Railway Company of Toledo was controlled on December 23, 1914, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The records reviewed indicate that the property of this company was operated by The Lake Shore and Michigan Southern Railway Company from its completion in 1875, to the date of consolidation. The railroad owned by The Swan Creek Railway Company of Toledo consisted of approximately 1.31 miles of single-track, standard-gauge, steam railroad, extending from a connection with The Lake Shore and Michigan Southern Railway Company near Hawley Street, to a connection with the Toledo, St. Louis and Western Railroad Company near Hamilton Street, all within the city of Toledo, Ohio, and classified as side track.

The minute record of the company indicates that the road extending from Hawley Street to Division Street was purchased from Conrad Huberich, who was one of the incorporators of the company, and that the portion of road extending from Division Street to a connection with the Toledo, St. Louis and Western Railroad Company was acquired by construction in the year 1883.

Jamestown, Franklin and Clearfield Railroad Company
Introductory

The Jamestown, Franklin and Clearfield Railroad Company was incorporated March 8, 1909, in the State of Pennsylvania. Although the Jamestown, Franklin and Clearfield Railroad Company did not acquire title to its original property until March 8, 1909, it commenced recording the results of the operations thereof on March 1, 1909, and although it disposed of its property on April 7, 1915, it did not record the results of the operations subsequently to March 31, 1915. The accounting data in this report covering the results of corporate operations, therefore, are for the period from March 1, 1909, to March 31, 1915. The company was controlled on April 7, 1915, the date of sale, by the New York Central through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that the Jamestown, Franklin and Clearfield Railroad Company then controlled any common-carrier corporation.

The property of the Jamestown, Franklin and Clearfield Railroad Company was operated under a lease by The Lake Shore and Michigan Southern Railway Company from the date of acquirement thereof to December 23, 1914, and from that date to the date of sale by the New York Central. The railroad operated by the New York Central and owned by the Jamestown, Franklin and Clearfield Railroad Company on date of sale amounted to approximately 126 miles, all in the State of Pennsylvania. It consisted of a single-track, standard-gauge, steam railroad extending from the Ohio-Pennsylvania State line, near Jamestown, to Rose Siding, about 99 miles, with branch lines extending from Polk Junction to Oil City, about 17 miles; from Franklin to Belmar, about 6 miles, and from Stoneboro south, about 4 miles.

Development of Fixed Physical Property

Of the 126 miles of road owned by the Jamestown, Franklin and Clearfield Railroad Company on the date of sale, it had acquired about 59 miles by consolidation and about 67 miles by completion of construction begun by predecessors.

Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Jamestown and Franklin Railroad Company
Introductory

The Jamestown and Franklin Railroad Company was incorporated April 5, 1862, in the State of Pennsylvania. Although the articles of consolidation through which the Jamestown and Franklin Railroad Company disposed of its property were not filed until March 8, 1909, it closed its books for recording the results of the operations thereof on February 28, 1909. The accounting data in this report for the results of corporate operations, therefore, cover the period to February 28, 1909. The company was controlled on March 8, 1909, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that the Jamestown and Franklin Railroad Company then controlled any common-carrier corporation.

The property of the Jamestown and Franklin Railroad Company was operated by The Lake Shore and Michigan Southern Railway Company, or its predecessors, from the date of acquirement thereof to date of consolidation. The railroad operated by The Lake Shore and Michigan Southern Railway Company and owned by the Jamestown and Franklin Railroad Company on date of consolidation amounted to approximately 50 miles. It consisted of a single-track, standard-gauge, steam railroad extending from Jamestown to Oil City, Pa.

Development of Fixed Physical Property

Of the 50 miles of road owned by the Jamestown and Franklin Railroad Company on date of consolidation, it had acquired 8 miles from the Junction Railroad Company and 42 miles by construction. It also owned certain other right of way on which some construction work had been performed between Polk Junction and Belmar, Pa. The construction work was all performed by numerous contractors, none of whom appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

Junction Railroad Company
The Junction Railroad Company was incorporated September 19, 1870, in the State of Pennsylvania. The company was controlled on October 11, 1871, the date of merger, by The Lake Shore and Michigan Southern Railway Company through ownership of its entire outstanding debt. On the other hand, the records reviewed do not indicate that the Junction Railroad Company then controlled any common-carrier corporation.

The property of the company was operated by The Lake Shore and Michigan Southern Railway Company from the date of acquirement thereof to the date of merger.

The railroad owned by the Junction Railroad Company consisted of approximately 8 miles of single-track, standard-gauge, steam railroad extending from Franklin to Oil City, Pa. The 8 miles of road owned by the company on date of merger was acquired from the Connection Railroad Company.

Connection Railroad Company — Predecessor of the Junction Railroad Company
The Connection Railroad Company was incorporated October 7, 1870, in the State of Pennsylvania. No accounting records of the Connection Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of The Lake Shore and Michigan Southern Railway Company. The records reviewed do not indicate whether the Connection Railroad Company was controlled by any individual or corporation on April 3, 1871, the date of merger, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated under lease by The Lake Shore and Michigan Southern Railway Company from the date it was completed to the date of merger. The railroad owned by the Connection Railroad Company on date of merger consisted of approximately 8 miles of single-track, standard-gage, steam railroad extending from Franklin to Oil City, Pa. The entire 8 miles of road owned by the company on date of merger had been acquired by construction between October, 1870, and January, 1871. The construction work was performed partly by independent contractors and partly by The Lake Shore and Michigan Southern Railway Company.

Oil Creek Junction Railroad Company — Predecessor of the Junction Railroad Company
The Oil Creek Junction Railroad Company was incorporated August 2, 1870, in the State of Pennsylvania. No accounting records of the Oil Creek Junction Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of The Lake Shore and Michigan Southern Railway Company. The records reviewed do not indicate whether the Oil Creek Junction Railroad Company was controlled by any individual or corporation on January 18, 1871, the date of merger, nor, on the other hand, whether it then controlled any common-carrier corporation. The authorized capital stock of the Oil Creek Junction Railroad Company was $150,000 par value, divided into shares of $50 par value each. How much was actually issued and the considerations received therefor were not ascertainable from the records reviewed. This company owned no common-carrier property on date of merger.

Central Trunk Railway
The Central Trunk Railway was incorporated May 23, 1868, in the State of Pennsylvania. No accounting records of the Central Trunk Railway were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book and from the records of the Jamestown and Franklin Railroad Company and The Lake Shore and Michigan Southern Railway Company. The Central Trunk Railway was controlled on March 8, 1909, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of its capital stock. 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 Lake Shore and Michigan Southern Railway Company from the date it was completed to the date of consolidation. The railroad owned by the Central Trunk Railway on the date of consolidation consisted of approximately 5 miles of single-track, standard-gage, steam railroad extending from Jamestown, Pa., to the Ohio-Pennsylvania State line.

The 5 miles of road owned by the company on date of consolidation had been acquired by construction prior to June, 1871. However, certain right of way, embankments and partially completed road which was purchased by the Jamestown and Franklin Railroad Company in 1864 and abandoned was utilized by the Central Trunk Railway in the construction of its property.

The Jackson Coal Rail Road Company
The Jackson Coal Rail Road Company was incorporated February 26, 1883, in the State of Pennsylvania. No accounting records of The Jackson Coal Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book and from the records of The Lake Shore and Michigan Southern Railway Company. The Jackson Coal Rail Road Company was controlled on March 8, 1909, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of its capital stock. 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 Lake Shore and Michigan Southern Railway Company from the date it was completed to the date of consolidation. The railroad owned by The Jackson Coal Rail Road Company on the date of consolidation consisted of approximately 4 miles of single-track, standard-gage, steam railroad, extending from a connection with the Jamestown and Franklin Railroad at Stoneboro, Pa., southwardly to a point in Jackson Township, Pa.

The 4 miles of road was acquired by construction in 1883. The construction work was performed by The Lake Shore and Michigan Southern Railway Company under an agreement dated May 17, 1883, whereby it agreed to furnish the rails and other materials for the construction of the property.

Franklin and Clearfield Railroad Company
Introductory

The Franklin and Clearfield Railroad Company was incorporated June 19, 1902, in the State of Pennsylvania. The company was controlled on March 8, 1909, the date of consolidation, by The Lake Shore and Michigan Southern Railway Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that the Franklin and Clearfield Railroad Company then controlled any common-carrier corporation. The property owned by the Franklin and Clearfield Railroad Company on the date of consolidation consisted of approximately 56 miles of partially constructed single-track, standard-gage road between Franklin and Rose Siding, Pa., via Belmar, Pa.

Development of Fixed Physical Property

The construction work of the Franklin and Clearfield Railroad Company was all performed by forces of The Lake Shore and Michigan Southern Railway Company between June, 1902, and February, 1909.

The Cleveland Short Line Railway Company
Introductory

The Cleveland Short Line Railway Company was incorporated November 24, 1902, under the general laws of the State of Ohio. No accounting records of The Cleveland Short Line Railway Company for the period from the date of its organization to February 28, 1909, were obtained. Therefore only partial information can be given from its accounts regarding its financial dealings or investments. Certain information indicated hereinafter pertaining to the period first mentioned, with respect to capital stock issued, has been taken from sources other than the accounting records of the company.

The property of The Cleveland Short Line Railway Company was conveyed to its successor by deed dated April 19, 1915, but the accounts of the company for the results of corporate operations continued to April 30, 1915, and other accounts were not closed until that date. The accounting data in this report, therefore, are those afforded by records covering the period from February 28, 1909, to April 30, 1915.

The Cleveland Short Line Railway Company was controlled on April 19, 1915, the date of sale, by the New York Central through ownership of its capital stock. 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 Lake Shore and Michigan Southern Railway Company, under lease, from the date the first section of road was opened for operation to December 23, 1914. From the latter date to date of sale it was operated by the New York Central under lease. The railroad operated by the New York Central and owned by The Cleveland Short Line Railway Company on the date of sale amounted to 20.29 miles. It consisted of a double-track, standard-gage, steam railroad extending from Rockport to Collinwood, Ohio, and constituted a belt line around the city of Cleveland, Ohio.

Development of Fixed Physical Property

The 20.29 miles of road owned by The Cleveland Short Line Railway Company on the date of sale had been acquired by construction. The construction work of The Cleveland Short Line Railway Company was all performed by numerous contractors, none of whom appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York Central.

The Elkhart and Western Railroad Company
The Elkhart and Western Railroad Company was incorporated June 5, 1888, in the State of Indiana. No accounting records of The Elkhart and Western Railroad Company were obtained with the exception of a cash book. For that reason only partial information can be given from the accounts in connection with its investments and nothing can be given respecting its financial dealings, or corporate operations. However, certain data indicated below were obtained from its minute book and from the records of the New York Central. The Elkhart and Western Railroad Company was controlled on June 11, 1915, the date of sale, by the New York Central through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date it was completed until May 25, 1898. From the latter date until the date of sale it was operated under lease by The Lake Shore and Michigan Southern Railway Company and its successor, the New York Central. The railroad owned by The Elkhart and Western Railroad Company on the date of sale consisted of approximately 12 miles of single-track, standard-gage, steam railroad extending from Elkhart to Mishawaka, Ind., which had been acquired by construction prior to September 1, 1893.

The Sturgis, Goshen and St. Louis Railway Company
The Sturgis, Goshen and St. Louis Railway Company was incorporated in the States of Indiana and Michigan November 12, 1889, and May 29, 1890, respectively. No accounting records of The Sturgis, Goshen and St. Louis Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book and from the records of The Lake Shore and Michigan Southern Railway Company.

The Sturgis, Goshen and St. Louis Railway Company was controlled on June 11, 1915, the date of sale, by the New York Central through ownership of its capital stock. 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 under a lease by The Lake Shore and Michigan Southern Railway Company from the date of acquirement thereof to December 23, 1914, and from that date to the date of sale by the New York Central. The railroad owned by The Sturgis, Goshen and St. Louis Railway Company consisted of 28.92 miles of single-track, standard-gage road, extending from Sturgis, Mich., to Goshen, Ind. The 28.92 miles of road was acquired from Henry A. Gardner, who had acquired it at foreclosure sale on August 17, 1889.

Canada and St. Louis Railway Company
The Canada and St. Louis Railway Company was incorporated in Michigan and Indiana, through articles of consolidation dated July 1, 1887, filed in the State of Michigan November 17, 1887. No accounting records of the Canada and St. Louis Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of stock were obtained from articles of consolidation and other documents on file. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 17, 1889, the date of foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The records reviewed do not indicate how the property of this company was operated from December 20, 1888, the date its road was placed in operation, to the date of foreclosure sale. This company owned on the date of foreclosure sale 28.92 miles of standard-gage railroad between Sturgis, Mich., and Goshen, Ind., which had been acquired by construction prior to December 20, 1888.

The Indiana and Southwestern Railway Company
The Indiana and Southwestern Railway Company was incorporated November 23, 1886, in the State of Indiana. No accounting records of The Indiana and Southwestern Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on November 17, 1887, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Indiana and Southwestern Railway Company was a short-lived company and the records reviewed do not indicate whether it had issued any securities or that it owned any property on the date of consolidation.

The Sturgis and State Line Railway Company
The Sturgis and State Line Railway Company was incorporated December 29, 1886, in the State of Michigan. No accounting records of The Sturgis and State Line Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on November 17, 1887, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Sturgis and State Line Railway Company was a short-lived company and the records reviewed do not indicate whether it had issued any securities or that it owned any property on the date of consolidation.

Dolgeville and Salisbury Railway Company
The Dolgeville and Salisbury Railway Company was incorporated in the State of New York, July 8, 1907. No accounting records of the Dolgeville and Salisbury Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated herein were obtained from the report of the New York Central on its corporate history, annual reports of the Public Service Commission of the State of New York, and from the records of the Salisbury Steel and Iron Company. This company was controlled on January 16, 1917, the date of merger, by the New York Central through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the Dolgeville and Salisbury Railway Company was operated by the Little Falls and Dolgeville Railroad Company (second corporation) from September 1, 1909, to April 16, 1913; by The New York Central and Hudson River Railroad Company from April 16, 1913, to December 23, 1914, and from the latter date to date of merger by the New York Central. The railroad owned by the Dolgeville and Salisbury Railway Company on date of merger consisted of 3.70 miles of standard-gage railroad extending from Dolgeville to Irondale, N.Y., all of which had been acquired by construction and was opened for operation September 1, 1909.

The construction of the Dolgeville and Salisbury Railroad Company was done by the Salisbury Steel and Iron Company, which company furnished the land for right-of-way. Under an agreement between the Salisbury Steel and Iron Company and the Little Falls and Dolgeville Railroad Company (second corporation), the latter agreed to furnish the rails necessary in the construction of the road and retain ownership of them.

Cornwall Bridge Company
Introductory

The Cornwall Bridge Company was incorporated July 28, 1897, under the general laws of New Jersey. It was controlled on June 23, 1917, the date of sale, by the New York Central through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company itself, then controlled any other common-carrier corporation.

The property of this company was operated by the New York and Ottawa Railroad Company and its receivers from the date it was placed in operation, about 1898, to February 1, 1905. From the latter date to date of sale, it was operated by the New York Central and its predecessors. The property owned by the Cornwall Bridge Company on date of sale consisted of that portion of a bridge across the St. Lawrence River which extended from a connection with the railroad of the New York and Ottawa Railway Company, near Nyando, N.Y., to the International Boundary Line and comprised 0.18 mile of track.

Development of Fixed Physical Property

The 0.18 mile of road owned by the Cornwall Bridge Company on date of sale had been constructed for it by the New York and Ottawa Company. The property owned represented a portion of a bridge crossing the St. Lawrence River, the remainder of the bridge being owned by the Ottawa and New York Railway Company.