Wikipedia:WikiProject Trains/ICC valuations/Schoharie Valley Railway

Interstate Commerce Commission, Valuation Reports, Volume 43

Schoharie Valley Railway Company

Location and General Description of Property

The railroad of the Schoharie Valley Railway Company, hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located in eastern New York. The main line extends northerly from Schoharie to Schoharie Junction, a distance of 4.258 miles. The carrier also owns 0.928 mile of yard tracks and sidings. Its road thus embraces 5.186 miles of all tracks owned and used. The road is controlled by The Delaware and Hudson Company and serves as an important feeder line for that carrier. Under the terms of a traffic agreement between the carrier and the Middleburgh & Schoharie Rail Road, a connecting line, the equipment of both companies is used alternately in the movement of trains over both roads by a single train crew. The carrier has joint use of a roundhouse at Middleburgh, N. Y., owned by the Middleburgh & Schoharie Rail Road.

Introductory

The carrier is a New York corporation having its corporate office at Schoharie, N. Y., and its general offices at Albany, N. Y. No accounting records were obtained for the period prior to January 1, 1910, and no reports were filed with us prior to the year 1918. For that reason only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments. It is controlled by The Delaware and Hudson Company through ownership of all its capital stock. The records do not indicate that carrier controls any common-carrier corporation. The property has been operated by the carrier from January 1, 1910, to date of valuation, except during the period January 1, 1918, to February 29, 1920, when it was operated by the United States Railroad Administration.

Corporate History

The carrier was incorporated March 10, 1880, under general laws of New York for the purpose of acquiring the property, rights, and franchises formerly owned by Schoharie Valley Rail Road Company. It acquired the property by deed dated March 9, 1880, from Jacob Vroman, who in turn had acquired it on March 3, 1880, from W. H. Sidney, the latter having purchased it at foreclosure sale on April 7, 1874, from Schoharie Valley Rail Road Company. It also acquired by quitclaim deed dated March 31, 1880, whatever interest the Schoharie Valley Railroad Company had in the property formerly owned by Schoharie Valley Rail Road Company. The Schoharie Valley Rail Road Company was incorporated July 15, 1865, and the Schoharie Valley Railroad Company April 13, 1874, both in New York.

Development of Fixed Physical Property

The railroad of the carrier was acquired by purchase March 9, 1880. It was constructed by Schoharie Valley Rail Road Company in 1865–66 as a broad-gage road and was changed to standard gage during the period of its operation by the Schoharie Valley Railroad Company, April 13, 1874, to March 9, 1880.

Leased Railway Property

Under the terms of a traffic agreement between carrier and the Middleburgh & Schoharie Rail Road, owner of 5.266 miles of railroad extending from Schoharie to Middleburgh, N. Y., the equipment of both companies is used alternately in the movement of trains over both roads by a single train crew. In connection with this agreement the annual reports of the Middleburgh & Schoharie Rail Road show that it receives $100 per annum for the joint use of its roundhouse at Middleburgh.

Predecessor Companies

Schoharie Valley Railroad Company

This company was incorporated under general laws of New York through articles of association dated April 9, 1874, filed April 13, 1874. Its purpose was to maintain and operate the property formerly owned by the Schoharie Valley Rail Road Company.

No accounting records were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. The data given herein were obtained from certain other documents on file.

It could not be determined whether the Schoharie Valley Railroad Company was controlled by any individual or corporation on March 31, 1880, the date of its quitclaim deed, nor, on the other hand, whether it then controlled any common-carrier corporation.

None of the records obtained indicate that this company actually owned any physical property. However, it operated the property formerly owned by the Schoharie Valley Rail Road Company from about April 13, 1874, to March 9, 1880, during which period the road extending from Schoharie to Schoharie Junction, N. Y., was changed from a broad-gage to a standard-gage line. It also executed a first mortgage on the property, dated October 1, 1874, to secure an issue of $35,000 par value of 5-year bonds which were retired and the mortgage canceled April 2, 1880. The considerations received for the bonds when issued or that given in retirement could not be ascertained.

Schoharie Valley Rail Road Company

This company was incorporated under the general laws of New York through articles of association, dated June 14, 1865, filed July 15, 1865.

No accounting records were obtained. Therefore, nothing can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources.

It could not be determined whether the Schoharie Valley Rail Road Company was controlled by any individual individual or corporation on April 7, 1874, the date of foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property owned and operated on date of foreclosure sale consisted of 4.258 miles of single-track, broad-gage, steam railroad, extending from Schoharie to Schoharie Junction, N. Y., all of which it had acquired by construction in 1865 and 1866.