Wikipedia:WikiProject Trains/ICC valuations/Rome and Clinton Railroad

Interstate Commerce Commission, Valuation Reports, Volume 25

Location and General Description of Property
The railroad of Rome and Clinton Railroad Company, herein called the Rome and Clinton, is a single-track, standard-gauge, steam railroad, located in the central part of New York. The owned mileage extends northwardly from Clinton to Rome, N.Y., 12.834 miles. The Rome and Clinton also owns yard and side tracks totaling 3.733 miles. Its road thus embraces 16.567 miles of all tracks owned.

Corporate History
The Rome and Clinton was incorporated on June 3, 1869, under the general laws of New York. Prior to completion, the property was re-leased to the New York and Oswego Midland Railroad Company, which operated the road until November 3, 1875, when the lease was transferred to the Delaware and Hudson Canal Company. From that date to April 1, 1883, the road was operated by The Delaware, Lackawanna & Western Railroad Company, under an agreement with the Delaware and Hudson Canal Company, and was operated by the latter to June 1, 1886, when it was subleased to the carrier for a period of 35 years. On December 4, 1889, the Delaware and Hudson Canal Company leased the property of the Rome and Clinton for the life of its charter. On date of valuation its stock was held by 142 stockholders, no one of whom held a controlling interest. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

Development of Fixed Physical Property
The Rome and Clinton was built by contract. Construction was commenced in June, 1870, and the road was completed and opened for operation on June 15, 1872.

Leased Railway Property
The property of the Rome and Clinton and that of the Utica, Clinton and Binghamton is leased in perpetuity to The Delaware and Hudson Company. The carrier subleased the two properties for a period of 35 years from June 1, 1886. From the latter date to April 30, 1908, the stipulated rental for both roads was $75,000 per annum, and thereafter 20 per cent of the gross earnings. The recorded rental paid by the carrier for the year ended on date of valuation amounted to $65,768.14.