Wikipedia:WikiProject Trains/ICC valuations/Chateaugay and Lake Placid Railway
Interstate Commerce Commission, Valuation Reports, Volume 116
The Chateaugay and Lake Placid Railway Company
[edit]Location and General Description of Property
[edit]The railroad of The Chateaugay and Lake Placid Railway Company, hereinafter called the Chateaugay and Lake Placid, is a single-track standard-gauge steam railroad, located in the north-central part of New York. The owned mileage extends north and east from Lake Placid to Dannemora, a distance of 63.486 miles. The Chateaugay and Lake Placid also owns yard and side tracks totaling 27.228 miles. Its road thus embraces 90.713 miles of all tracks owned.
Introductory
[edit]There are no obtainable accounting records, and the information here submitted was taken from the reports of the Public Service Commission of New York, the annual reports rendered to us, the return of the carrier on corporate history, and from the accounting records of the latter.
Corporate History
[edit]The Chateaugay and Lake Placid is a corporation of New York, with its principal office at New York City. It was incorporated on July 24, 1903, under an agreement dated July 10, 1903, under the general laws of New York, and is a consolidation of the Chateaugay Railroad, The Chateaugay Railway Company, and the Saranac and Lake Placid Rail Road Company. Its organization was perfected July 28, 1903.
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:
| No. | Corporate name | Date of incorporation |
State | Date of merger to form 1 |
|---|---|---|---|---|
| 1. | Chateaugay and Lake Placid. | July 24, 1903 | New York | |
| 2. | Chateaugay Railroad Company. | May 15, 1879 | do. | July 24, 1903 |
| 3. | The Chateaugay Railway Company. | July 13, 1887 | do. | |
| 4. | Saranac and Lake Placid Rail Road Company. | June 13, 1890 | do. |
Development of Fixed Physical Property
[edit]The property owned by the Chateaugay and Lake Placid, on date of valuation, was acquired as follows:
| Date acquired |
Mileage | |
|---|---|---|
| By consolidation with— | ||
| Chateaugay Railroad Company; constructed by the Chateaugay Railroad Company during the period May 15, 1879, to March 30, 1880 | July 24, 1903 | 16.691 |
| The Chateaugay Railway Company; constructed 1886 by Chateaugay Ore and Iron Company, 18.100; constructed by Chateaugay Railroad Company (1887-88), 18.594 | July 24, 1903 | 36.694 |
| Saranac and Lake Placid Railroad Company; date of construction unknown | July 24, 1903 | 10.100 |
| Total | 63.485 |
Leased Railway Property
[edit]The Chateaugay Railroad Company, a predecessor of the Chateaugay and Lake Placid, leased the property of the Plattsburgh and Dannemora, extending from Dannemora to Bluff Point, N. Y., for 100 years from July 1, 1879, under an agreement dated May 20, 1879. This lease was assigned to the carrier when the property of the Chateaugay and Lake Placid was leased to the latter. The entire property owned by the Chateaugay and Lake Placid and its leased line is operated by the carrier under a lease dated July 1, 1905, and modification dated May 17, 1907, effective 500 years from January 1, 1903. Under the terms of this lease the carrier maintains and operates the property and pays all the taxes and interest upon the bonds for which it has become obligated, and advances the necessary funds to supply any insufficiencies of the earnings to pay the expenses and provide for the costs of improvements and to retire the bonds when due. The lessor shall pay such advances with interest at 4 per cent, dividends upon the preferred stock at 4 per cent issued to the lessee for advances, and any balance from the earnings shall be paid to the lessor.
Predecessor Companies
[edit]Chateaugay Railroad Company, Predecessor of the Chateaugay and Lake Placid
[edit]Introductory
There are no obtainable accounting records of the Chateaugay Railroad Company prior to January 1, 1888, and the information here submitted was taken from the sworn reports made to the Railroad Commission of New York and the accounting records subsequent to that date.
Corporate History
The Chateaugay Railroad Company was incorporated May 15, 1879, under the general laws of New York for a term of 100 years. The purpose of incorporation was to construct, operate, and maintain a railroad from the ore beds near Lyon Mountain to a connection with the Plattsburgh and Dannemora at Dannemora, a distance of about 16.691 miles. The articles of association provided for the construction of a railroad "of the gauge of not more than 3 feet and 6 inches and not less than thirty inches within the rails." Its organization was perfected May 15, 1879. It was controlled by the Chateaugay Ore and Iron Company through ownership of the entire issue of capital stock. The Chateaugay Railroad Company was consolidated and merged with The Chateaugay Railway Company and the Saranac and Lake Placid Rail Road Company to form the Chateaugay and Lake Placid under an agreement of consolidation dated July 24, 1903.
Development of Fixed Physical Property
At July 24, 1903, the Chateaugay Railroad Company owned 16.691 miles of single-track standard-gauge railroad, extending from Lyon Mountain to Dannemora, N. Y. The owned mileage was constructed during the period May 15, 1879, to March 30, 1880, the road being opened for operation on the latter date. The conditions under which the road was constructed were not of record.
Leased Railway Property
The Chateaugay Railroad Company operated under lease the following roads owned by other common carriers:
The Plattsburgh and Dannemora. — This road, extending from Dannemora to Bluff Point, N. Y., was operated under an agreement dated May 20, 1879, for 100 years from July 1, 1879. The agreement provided a rental of $1 per year and free transportation of supplies for the prison and of officials traveling on business connected with the Clinton Prison. The agreement also provided for the exemption of all taxes levied by the State of New York.
The Chateaugay Railway Company. — This road, extending from Lyon Mountain to Saranac Lake, N. Y., was operated under an agreement dated July 1, 1888, in perpetuity. The agreement provided that the lessee maintain the property, pay all taxes, and also pay the interest on the funded debt, which was 6 per cent on an issue of $200,000.
The Saranac and Lake Placid Rail Road Company. — This road, extending from Saranac Lake to Lake Placid, N. Y., was operated under an agreement dated December 19, 1896, for 17 years from January 1, 1897. This agreement provided that the lessee should pay as rental $7,200 per year, which was the interest at 6 per cent on $120,000 of its first-mortgage bonds. The property of the Chateaugay Railroad Company was leased to the carrier under an agreement dated July 1, 1905, effective from January 1, 1903, to July 24, 1903, when it was consolidated with The Chateaugay Railroad Company and the Saranac and Lake Placid Rail Road Company to form the Chateaugay and Lake Placid.
The Chateaugay Railway Company, Predecessor of the Chateaugay and Lake Placid
[edit]Introductory
There are no obtainable accounting records of the Chateaugay Railway Company, and the information here submitted has been from the articles of association, the sworn reports made to the Railroad Commission of New York, and from the returns of the carrier.
Corporate History
The Chateaugay Railway Company was incorporated July 13, 1887, under the general laws of New York for the purpose of constructing, operating, and maintaining a narrow-gauge railroad from Saranac Lake to Loon Lake, N. Y., and with the authority to purchase from the Chateaugay Ore and Iron Company a narrow-gauge railroad already constructed from Loon Lake to Lyon Mountain, N. Y. The Chateaugay Railway Company was controlled by the Chateaugay Ore and Iron Company through ownership of its entire issue of capital stock.
Development of Fixed Physical Property
At July 24, 1903, The Chateaugay Railway Company owned about 36.694 miles of single-track standard-gauge railroad located in the State of New York. Its line of road extends from a connection with the Chateaugay Railroad Company at Lyon Mountain to a connection with the Saranac and Lake Placid Rail Road Company at Saranac Lake and thus forms part of the through route from Lake Placid to Bluff Point, a connection with the carrier. The road from Loon Lake to Lyon Mountain, about 18.100 miles, was acquired from the Chateaugay Ore and Iron Company in 1887. This road was constructed by that company in 1886 for its own use in connection with its mining interests. The road from Loon Lake to Saranac Lake, about 18.594 miles, was acquired by construction in 1887 and 1888, and opened for operation about July 1, 1888.
Leased Railway Property
The property of The Chateaugay Railway Company was leased in perpetuity to the Chateaugay Railroad Company from completion, about July 1, 1888, at an annual rental of the interest on its funded debt, amounting to $12,000 annually. This lease was terminated January 1, 1903, when the property was then leased to the carrier under similar arrangements, until July 24, 1903, when The Chateaugay Railway Company was consolidated and merged with several other companies to form the Chateaugay and Lake Placid.
Saranac & Lake Placid Rail Road Company, Predecessor of the Chateaugay and Lake Placid
[edit]Introductory
The obtainable accounting records of the Saranac & Lake Placid Rail Road Company were opened at March 17, 1896, and the information here submitted concerning the company was taken from those records, the articles of association, the minutes of meetings of stockholders and directors, reports of railroad commissioners of New York, and from the records of the successor company, the Chateaugay and Lake Placid.
Corporate History
The Saranac & Lake Placid Rail Road Company was incorporated June 13, 1890, under the general laws of New York for a period of 100 years. The purpose of incorporation was to construct, maintain, and operate a narrow-gauge railroad from Lake Placid to Saranac Lake, N. Y., a distance of about 10.100 miles. The Saranac & Lake Placid Rail Road Company was consolidated on July 24, 1903, with other companies to form the Chateaugay and Lake Placid.
Leased Railway Property
The property of the Saranac & Lake Placid Railroad Company was leased for the term of 17 years from January 1, 1897, to the Chateaugay Railroad Company and the Chateaugay Ore and Iron Company. The lessees agreed to pay as rent a sum of money equal to 35 per cent of the gross receipts received from the operation of the railroad and one-half of the net profits from the operation of the transfer business at Lake Placid, provided, however, that such sum of money shall be at least $7,200. At January 1, 1903, this lease was assigned to the carrier.