Wikipedia:WikiProject Trains/ICC valuations/Wharton Valley Railway

Interstate Commerce Commission, Valuation Reports, Volume 25

Wharton Valley Railway

Location and General Description of Property

The railroad of Wharton Valley Railway Company, herein called the Wharton Valley, is a single-track, standard-gauge, steam railroad, located in the south-central part of New York. The owned mileage extends northeasterly from New Berlin to Edmeston, N.Y., 6.826 miles. The Wharton Valley also owns yard and side tracks totaling 1.777 miles. Its road thus embraces 8.603 miles of all tracks owned.

Corporate History

The Wharton Valley was incorporated June 12, 1888, under the general laws of New York. It is controlled by the carrier through ownership of all of the capital stock. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

Development of Fixed Physical Property

The road owned by the Wharton Valley was built by contract with funds furnished by the carrier. Construction was begun in August, 1888, and the road was completed and opened for traffic on February 1, 1889.

Leased Railway Property

On August 4, 1888, the property of the Wharton Valley was leased to the carrier for a period of 50 years. Under the terms of the lease the latter pays as annual rental the interest of $3,750 on the Wharton Valley's funded debt, and organization expenses not to exceed $500 per annum. It also pays the cost of maintenance and operation, including taxes.