Wikipedia:WikiProject Trains/ICC valuations/Port Jervis, Monticello and Summitville Railroad

Interstate Commerce Commission, Valuation Reports, Volume 25

Location and General Description of Property
The railroad of Port Jervis, Monticello and Summitville Railroad Company, herein called the Port Jervis, Monticello and Summitville, is a single-track, standard-gauge, steam railroad, located in the southeastern part of New York. The owned mileage extends in a general northerly direction from Port Jervis to Monticello, N.Y., 23.935 miles, with a branch of 14.259 miles extending northeasterly from Valley Junction to Summitville, N.Y. The total length of the main and branch lines is 38.194 miles. The Port Jervis, Monticello and Summitville also owns yard and side tracks totaling 5.845 miles. Its road thus embraces 44.039 miles of all tracks owned.

Corporate History
The Port Jervis, Monticello and Summitville was incorporated December 5, 1902, under the general laws of New York. On December 7, 1902, it acquired, by reorganization, the property of the Port Jervis, Monticello and New York Railroad Company, which had been sold December 3, 1902, under foreclosure, to a representative of the reorganization committee. The carrier controls the Port Jervis, Monticello and Summitville through ownership of its entire capital stock. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

Development of Fixed Physical Property
On December 7, 1902, the Port Jervis, Monticello and Summitville acquired, by reorganization, the property of the New York, composed of a main line extending from Port Jervis to Monticello, N.Y., about 24 miles, with a branch from Huguenot, N.Y., to a connection with the carrier at Summitville, N.Y., about 17 miles. During the years 1903 and 1904, the Port Jervis, Monticello and Summitville built a cut-off, about 0.66 mile in length, between Roses Point, on the main line, and Valley Junction, on the branch. Upon the completion of this cut-off, about 2 miles of the road between Huguenot and Valley Junction were abandoned, and on date of valuation the Port Jervis, Monticello and Summitville owned 38.194 miles of a single-track, standard-gauge, railroad, the main line, 23.935 miles, extending from Port Jervis to Monticello, with a branch, 14.259 miles, extending from Valley Junction to Summitville.

Leased Railway Property
From December 7, 1902, to June 30, 1905, the property of the Port Jervis, Monticello and Summitville was operated by the carrier. Effective July 1, 1905, the carrier leased the property for a term of 50 years, at an annual rental of $18,000, and further agreed to pay the necessary organization expenses, not to exceed $500 per annum.