Wikipedia:WikiProject Trains/ICC valuations/Rensselaer and Saratoga Railroad

Interstate Commerce Commission, Valuation Reports, Volume 116

Location and General Description of Property
The railroad of The Rensselaer and Saratoga Railroad Company, hereinafter called the Rensselaer and Saratoga, is a partly double-track standard-gauge steam railroad, located in the States of New York and Vermont. The owned mileage extends from Troy to Ballston Spa, a distance of 25.150 miles; from Watervliet to Green Island, 1.080 miles; from Glens Falls to Lake George, 9.060 miles; from Saratoga Springs to Whitehall, 40.950 miles; from Whitehall to New York-Vermont State line, 6.590 miles; from Eagle Bridge to New York-Vermont State line 32.400 miles; from Fort Edward to Glens Falls, 5.400 miles; and New York-Vermont State line to Rutland, Vt., 33.074 miles. The following is a summary of the mileage owned by the Rensselaer and Saratoga and leased to the carrier for common-carrier purposes:

Introductory
The accounting and other records of the Rensselaer and Saratoga were destroyed by fire on May 10, 1862. From that date to January 1, 1868, the books of accounts are incomplete. Information contained in this report pertaining to this period prior to the latter date has been compiled from the Rensselaer and Saratoga's sworn reports to the New York State engineer, its corporate records, and the return on corporate history made by the carrier.

Corporate History
The Rensselaer and Saratoga is a corporation of the State of New York, with principal office at Troy, and was incorporated under a special act of April 14, 1832. Its property was leased on May 1, 1871, for the term of its charter, to the carrier. The corporations whose franchises and properties have gone to make up the present company, and the dates of the changes in those several corporations, are shown in the following table:

Development of Fixed Physical Property
The property owned or held under perpetual lease by the Rensselaer & Saratoga on date of valuation was acquired, as follows:

Leased Railway Property
The Rensselaer and Saratoga, in succeeding to the franchises, rights, and privileges of The Troy, Salem & Rutland Rail Road Company, acquired a lease in perpetuity, free of rent, of The Salem and Rutland Railroad Company, extending from the New York-Vermont State line to Rutland, Vt., a distance of 33.074 miles. The property of the Rensselaer and Saratoga was leased on May 1, 1871, for the term of its charter to January 1, 2000, to the carrier. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the section on leased railway property in the report on the carrier. With this lease the carrier took over also the operation of The Salem and Rutland Railroad Company's railroad.

The Glens Falls Rail Road Company
Introductory

There were no accounting or other records of The Glens Falls Rail Road Company obtainable, and the information submitted herein was obtained from its sworn reports to the State of New York and the records of the Rensselaer and Saratoga and of the carrier.

Corporate History

The Glens Falls Rail Road Company was incorporated July 26, 1867, under the general laws of New York. On July 31, 1906, it was merged into the Rensselaer and Saratoga. Prior to its merger it was controlled by the latter company through ownership of its entire capital stock.

Development of Fixed Physical Property

At its demise the property of The Glens Falls Rail Road Company consisted of a single-track standard-gauge railroad extending from Fort Edward to Lake George, N. Y., approximately 14.46 miles. That portion of its road from Fort Edward to Glens Falls, N. Y., about 5.40 miles in length, was constructed during the year 1869, partly by independent contractors (Culver and Hatfield) under supervision of the Rensselaer and Saratoga, and partly by forces of the latter which acquired it upon completion, June 24, 1869. During the year 1882 an extension of the road to Caldwell (now Lake George), N. Y., about 9.06 miles, authorized by a special act of New York of March 14, 1873, was constructed under contract with John O'Brien and John C. Rodgers, independent contractors. The cost of constructing the extension was assumed by the Rensselaer and Saratoga.

Leased Railway Property

The Rensselaer and Saratoga's lease of the property of The Glens Falls Rail Road Company was in consideration of an annual rental of $1, the maintenance of the property, and the payment of taxes. The original lease, dated June 24, 1869, was superseded by a new lease of similar terms dated January 9, 1882, embracing the property as extended to Lake George.

The Troy, Salem & Rutland Rail Road Company
Introductory

There were no accounting or other records of The Troy, Salem & Rutland Rail Road Company obtainable, and the information herein submitted was secured from the return of the carrier on corporate history and the records of the Rensselaer and Saratoga.

Corporate History

The Troy, Salem & Rutland Rail Road Company was incorporated June 3, 1865, under the general laws of New York, for the purpose of acquiring the properties of the Troy & Rutland Railroad Company and The Rutland and Washington Rail-Road Company, which had been sold in foreclosure of defaulted mortgages to Jay Gould and William T. Hart, respectively.

Development of Fixed Physical Property

The property acquired by Gould consists of a single-track standard-gauge railroad extending from Eagle Bridge to Salem, N. Y., about 17.4 miles, and was conveyed to The Troy, Salem & Rutland Rail Road Company June 3, 1865. The property acquired by Hart was conveyed by him to The Troy, Salem & Rutland Rail Road Company June 30, 1865, and comprised approximately 15 miles of single-track standard-gauge railroad between Salem and the New York-Vermont State line. The railroad owned by The Troy, Salem & Rutland Rail Road Company was located entirely in the State of New York and was operated by the Rensselaer and Saratoga from the time The Troy, Salem & Rutland Rail Road Company acquired it until October 20, 1868, when The Troy, Salem & Rutland Rail Road Company was merged with the Rensselaer and Saratoga under an agreement dated June 15, 1865. The Troy, Salem & Rutland Rail Road Company on March 19, 1867, under a lease in perpetuity of even date, acquired the property of The Salem and Rutland Railroad Company, extending from the New York-Vermont State line to Rutland, Vt., approximately 33.074 miles. It subsequently acquired the entire capital stock of the lessor, and on October 10, 1867, the latter released The Troy, Salem & Rutland Rail Road Company from all its obligations under the lease.

Leased Railway Property

The Troy, Salem & Rutland Rail Road Company's lease of The Salem and Rutland Railroad Company's property dated March 19, 1867, stipulated an annual rental of a three-eighth's part of the lessee's net income, the maintenance of the property, and the payment of taxes. The lessor, on October 22, 1867, released the lessee from all obligations under the terms of its lease. From the time it was acquired by The Troy, Salem & Rutland Rail Road Company, The Salem and Rutland Railroad Company's line was operated by the Rensselaer and Saratoga as part of The Troy, Salem & Rutland Rail Road Company's property.

The Salem and Rutland Railroad Company
Introductory

No accounting or other records of The Salem and Rutland Railroad Company were obtainable, and the information herein submitted was obtained from the returns of the carrier on corporate history.

Corporate History

The Salem and Rutland Railroad Company was incorporated February 1, 1867, under the general laws of Vermont, and was formed to protect the first mortgage bondholders of The Rutland and Washington Rail-Road Company. It acquired that portion of the latter's railroad in Vermont extending from the New York-Vermont State line to Rutland, Vt., about 33.074 miles, which by a decree of the chancery court for Rutland County, Vt., had been awarded the trustees of the first mortgage under a writ of possession by strict foreclosure dated April 22, 1865.

Leased Railway Property

The Salem and Rutland Railroad Company continues as a nominally existent corporation, the Rensselaer and Saratoga paying it a nominal annual amount for organization expenses.

Rutland and Washington Rail-Road Company
Introductory

No accounting or other records of the Rutland and Washington Rail-Road Company were obtainable. The information herein submitted was secured from its sworn reports to the Railroad Commission of Vermont and to the New York State engineer, and from the return of the carrier on corporate history.

Corporate History

The Rutland and Washington Rail-Road Company was incorporated under special laws of Vermont passed November 13, 1847, and November 12, 1849, by which it was authorized to construct a railroad from Rutland, Vt., to the New York-Vermont State line; and, under a perpetual lease, free of rent, dated June 24, 1850, it acquired the franchise rights of the Troy & Rutland Railroad Company for the construction of a railroad from Salem, N. Y., to the New York-Vermont State line. It acquired by construction during the years 1851 and 1852 a single-track standard-gauge railroad, extending from Salem to Rutland, about 48.074 miles, which is operated together with that of the Troy & Rutland Railroad Company, acquired under lease, from July 2, 1852, until May, 1854, when the Rutland and Washington Rail-Road Company leased its property to Thomas H. Canfield. In May, 1855, in default of the payment of interest on its second and third mortgages, the Rutland and Washington Rail-Road Company was placed in receivership. While the records do not disclose the fact, the lessee of the Rutland and Washington Rail-Road Company apparently also operated the road of Troy & Rutland Railroad Company until the latter was placed in receivership March 5, 1855.

Under sale, March 15, 1865, in foreclosure of the second and third mortgages, that portion of the Rutland and Washington Rail-Road Company's road within the State of New York extending from Salem to the New York-Vermont State line was acquired by William T. Hart, on behalf of the Rutland and Washington Rail-Road Company's stockholders, by referee's deeds dated May 23, 1865. Under a decree of the chancery court for Rutland County, Vt., dated April 22, 1865, the trustees of the first mortgage were awarded a writ of possession by strict foreclosure of that portion of the road within the State of Vermont, extending from the New York-Vermont State line to Rutland, Vt. The road acquired by Hart was conveyed on June 30, 1865, to The Troy, Salem & Rutland Rail Road Company, and that portion acquired by the first-mortgage bond holders became the property of The Salem and Rutland Railroad Company, which was incorporated February 1, 1867, to protect holders of the first mortgage bonds of the Rutland and Washington Rail-Road Company.

Leased Railway Property

During May, 1854, the Rutland and Washington Rail-Road Company leased its property for a term of five years to Thomas H. Canfield at an annual rental of $70,000. In May, 1855, the lessee surrendered the property to the Rutland and Washington Rail-Road Company's receiver. The Rutland and Washington Rail-Road Company, on July 2, 1852, leased the Troy & Rutland Railroad Company, extending from Eagle Bridge to Salem, N. Y., about 17.4 miles, for a term of 47 years under an agreement dated June 17, 1852. The lease stipulated an annual rental of $16,000, the maintenance of the property, and the payment of taxes. The property was given up to the lessor's receiver March 5, 1855.

Troy & Rutland Rail Road Company
Introductory

There were no accounting or other records of the Troy & Rutland Rail Road Company obtainable and the information here submitted is taken from its sworn reports to the New York State engineer and the returns of the carrier on corporate history.

Corporate History

The Troy & Rutland Rail Road Company was incorporated July 2, 1849, under the general laws of New York and a special act of the New York Legislature passed April 10, 1849, by which it acquired a franchise to construct and operate a railroad from Troy, N. Y., to the New York-Vermont State line. By lease in perpetuity, free of rent, dated June 24, 1850, the Troy & Rutland Rail Road Company conveyed its franchise rights for that portion of the railroad between Salem, N. Y., and the New York-Vermont State line to the Rutland Rail-road Company. The railroad constructed was located in the State of New York, and upon its completion was acquired by The Rutland & Washington Rail-Road Company under a lease for 47 years from July 2, 1852. The lessee operated the property until March 5, 1855, when the Troy & Rutland Rail Road Company, in default of interest payments on its second and third mortgage bonds, was placed in the hands of a receiver, who operated it from that date until June 3, 1865. The property was sold July 11, 1863, in foreclosure of the second and third mortgages, and conveyed by referee's deed of the same date to Jay Gould in behalf of the respective bondholders, and on June 3, 1865, conveyed by him to The Troy, Salem & Rutland Rail Road Company.

Development of Fixed Physical Property

The Troy & Rutland Rail Road Company constructed a single-track standard gauge railroad, extending from Eagle Bridge to Salem, N. Y., approximately 17.4 miles, which was completed in 1852.

Leased Railway Property

The Troy & Rutland Rail-road Company leased its property to The Rutland and Washington Rail-Road Company for a term of 47 years from July 2, 1852, in consideration of an annual rental of $16,000, the maintenance of the property, and the payments of taxes. In addition, the Troy & Rutland Rail-road Company was to receive one-half of the net earnings of its lessee and the Albany Northern Rail Road, a connection of the lessee, in excess of 4 per cent on the combined cost of the three properties.

The Saratoga & Whitehall Rail Road Company
Introductory

There are no accounting or other records of The Saratoga & Whitehall Rail Road Company obtainable, and the information here submitted is taken from its sworn reports to the New York State engineer, the records of its lessee, the Rensselaer and Saratoga, and the corporate history of the carrier.

Corporate History

The Saratoga & Whitehall Rail Road Company was incorporated June 7, 1855, for a term of 99 years under the general laws of New York. The date of its organization is not of record. It was controlled by the Rensselaer and Saratoga through the latter's ownership of 2,811 shares of its capital stock out of a total issue of 5,000 shares. The Saratoga & Whitehall Rail Road Company operated its property, together with that of the Rutland and Whitehall, acquired from May 1, 1856, under perpetual lease until March 14, 1865, when the operation of both the line of the Saratoga & Whitehall Rail Road Company and its leased line was taken over by the Rensselaer and Saratoga by lease of the Saratoga & Whitehall Rail Road Company and assignment of the latter's lease of the Rutland and Whitehall. Effective October 20, 1868, the property of the Saratoga & Whitehall Rail Road Company was consolidated and merged with that of its lessee, The Rensselaer and Saratoga, under an agreement dated June 15, 1865, which, during the interim between its date and the consolidation and merger, operated as a lease, superseding that in force from March 14, 1865.

Development of Fixed Physical Property

The Saratoga and Whitehall Rail Road Company built no road, but acquired, subject to certain of its mortgage bonds, the property of The Saratoga and Washington Rail-road Company, which had been sold under foreclosure of a defaulted second mortgage. The property acquired consisted of a single track standard-gauge railroad, extending from Saratoga Springs to Lake Station (Whitehall), N. Y., about 40.95 miles, with a branch line from Whitehall to the New York-Vermont State line of about 6.59 miles in length, or a total of about 47.54 miles. A summary of the mileage owned at demise and operated by the Saratoga & Whitehall Rail Road Company prior to its lease to the Rensselaer and Saratoga, with the method of acquisition, is as follows:

Leased Railway Property

The Saratoga and Washington Railroad Company operated the property of the Rutland and Whitehall from the date of the latter's completion, November 1, 1850, under a perpetual lease dated December 24, 1850, which lease was annulled on May 1, 1855.

Saratoga and Fort Edward Rail Road Company, Predecessor of The Saratoga and Washington Railroad Company
There are no accounting or other records of this company obtainable, and the information herein submitted was secured from the return of the carrier on corporate history.

Corporate History

The Saratoga and Fort Edward Rail Road Company was incorporated April 17, 1832, under a special act of New York. It acquired no railroad property but made surveys of a proposed railroad from Saratoga Springs to Fort Edward, N. Y., which were afterwards acquired by The Saratoga and Washington Railroad Company.