Wikipedia:WikiProject Trains/ICC valuations/Wallkill Valley Railroad

Interstate Commerce Commission, Valuation Reports, Volume 27

Location and General Description of Property
The railroad of The Wallkill Valley Railroad Company, herein called the Wallkill Valley Railroad, is a single-track branch line, within the State of New York, extending from Kingston to Montgomery, a distance of 32.881 miles.

Introductory
The Wallkill Valley Railroad is a corporation of the State of New York, having its principal office at Kingston, N.Y. It is controlled indirectly by the New York Central, by virtue of its control of the West Shore Railroad Company, the company that owns the entire outstanding capital stock of the Wallkill Valley Railroad. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation. The property of this company was operated by its own organization from the date it was acquired, July 6, 1877, to May 1, 1899, but the accounts of the company for the results of corporate operations cover the period from June 1, 1877, to date of valuation. The accounting data in this report for the operating period are those afforded by these records. The property of the Wallkill Valley Railroad has been operated during its corporate life as follows:
 * Own organization. July 6, 1877, to May 1, 1899.
 * The New York Central and Hudson River Railroad Company (first corporation). May 1, 1899, to Apr. 16, 1913.
 * The New York Central and Hudson River Railroad Company (second corporation). Apr. 16, 1913, to Dec. 23, 1914.
 * New York Central. Dec. 23, 1914, to date of valuation.

Corporate History
The Wallkill Valley Railroad was incorporated July 2, 1877, under the general laws of the State of New York, for the purpose of acquiring the property, rights, and franchises of The Wallkill Valley Railway Company, which was done. The latter company was incorporated April 26, 1866, under the general laws of the State of New York. Its property, rights, and franchises were sold at foreclosure on June 5, 1877, after receivership begun February 14, 1876, and were conveyed to the Wallkill Valley Railroad by deed dated July 6, 1877.

Development of Fixed Physical Property
The owned mileage of the Wallkill Valley Railroad, 32.881 miles, was acquired from Thomas Cornell who had acquired it at a foreclosure sale on June 5, 1877, from The Wallkill Valley Railway Company. It was constructed by that company and completed sections thereof opened for operation between 1869 and 1872, but the dates of construction of the various sections were not ascertained from the records reviewed.

Leased Railway Property
The entire property of the Wallkill Valley Railroad is leased to the New York Central in perpetuity. The lease became effective May 1, 1899. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property in the report on the New York Central.