Wikipedia:WikiProject Trains/ICC valuations/Pennsylvania and New York Canal and Railroad Company

Interstate Commerce Commission, Valuation Reports, Volume 34

Location and General Description of Property
The railroad of the Pennsylvania and New York Canal and Railroad Company, herein called the Pennsylvania and New York, consists of a double-track line extending in a general northwesterly direction from Wilkes-Barre, Pa., to the Pennsylvania-New York State line, near Sayre, Pa., and a single-track line from Avoca to West Pittston, Pa. The above lines, together with numerous short branches extending principally to local mining operations in the vicinity of Wilkes-Barre and Pittston, total 136.208 miles of road.

Introductory
The property of the Pennsylvania and New York was operated by its own organization from the date of the completion of the first portion of the road, to November 30, 1888. From December 1, 1888, to date of valuation, it has been operated by the Lehigh Valley, under lease.

Corporate History
The Pennsylvania and New York was incorporated, as the North Branch Canal Company, under the provisions of a special act of the State of Pennsylvania, approved April 21, 1858, for the purpose of acquiring and operating certain canals known as the Upper and Lower North Branch Divisions, formerly owned by the State of Pennsylvania. Under the provisions of a special act of the State of Pennsylvania, approved March 20, 1865, authority was given for the construction of a railroad, and for the change of name from North Branch Canal Company to that first mentioned above. The organization of the company was perfected May 24, 1858.

Development of Fixed Physical Property
The owned mileage of the Pennsylvania and New York, 136.208 miles, was acquired partly by construction and partly by purchase. The termini, mileage, and date acquired for operation of the various main lines and branches are given below. In addition to the property acquired as set forth above, the Pennsylvania and New York purchased, on May 25, 1858, from the Sunbury and Erie Railroad Company a finished canal 105 miles in length. Portions of this canal have been converted into right of way for the road owned by the Pennsylvania and New York.

Leased Railway Property
The property of the Pennsylvania and New York is leased to the Lehigh Valley for the term of 99 years from December 1, 1888. The stipulated rental consists of the payment by the Lehigh Valley of the obligations of the Pennsylvania and New York under lease or agreements, all dividends as earned on preferred stock, interest on funded debt, interest on the floating debt which may be issued or contracted for the purpose of extending the railroad, and organization expenses.