Wikipedia:WikiProject Trains/ICC valuations/Little Schuylkill Navigation, Railroad and Coal Company
Interstate Commerce Commission of the United States, Valuation Reports, Volume 32
Little Schuylkill Navigation, Railroad and Coal Company
[edit]The railroad of the Little Schuylkill Navigation, Railroad and Coal Company, herein called the Little Schuylkill Navigation, Railroad and Coal, consists of a double-track main line, extending from Port Clinton to Tamanend, Pa., a distance of 31.822 miles, including a branch from Tamaqua to Newkirk, and one in Tamaqua, Pa., both single track.
Introductory
[edit]Little Schuylkill Navigation, Railroad and Coal is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa.
The records reviewed do not indicate that the Little Schuylkill Navigation, Railroad and Coal is controlled by any individual corporation. This company does not control any common-carrier corporation.
The property of the Little Schuylkill Navigation, Railroad and Coal was operated by its own organization until March 31, 1863. From April 1, 1863, it was operated in turn by The Philadelphia and Reading Railroad Company and the Philadelphia and Reading under lease agreements.
The Little Schuylkill Navigation, Railroad and Coal leased the property of the East Mahanoy Railroad for 999 years from the date of completion in 1863. This lease was assumed in turn by The Philadelphia and Reading Railroad Company and the Philadelphia and Reading.
Corporate History
[edit]The Little Schuylkill Navigation, Railroad and Coal was incorporated September 14, 1829 [actually February 20, 1826], by special act of Pennsylvania as the Schuylkill East Branch Navigation Company for the purpose of making a lock navigation on the east branch of the Schuylkill River, called Little Schuylkill. By special act of the above State approved April 23, 1839 [actually April 23, 1829], its corporate title was changed to that borne on date of valuation, and by other supplementary acts [April 14, 1828] it was authorized to build a railroad instead of a canal.
Development of Fixed Physical Property
[edit]The mileage owned by the Little Schuylkill Navigation, Railroad and Coal, amounting to 35.842 miles, was acquired by construction during the period 1829 to 1831, and was opened for operation on November 18, 1831.
Leased Railway Property
[edit]From April 1,1863, to November 30,1896, the property of the Little Schuylkill Navigation, Railroad and Coal was leased to and operated by The Philadelphia and Reading Railroad Company. Prior to July 1, 1868, the lessee agreed to pay as annual rental one-half of the gross receipts from operations. From July 1, 1868, to November 30, 1896, the lessee agreed to pay as annual rental 7 per cent on the outsanding[sic] capital stock and 7 per cent interest on $68,000 of mortgage bonds issued by the Little Schuylkill Navigation, Railroad and Coal and to pay the principal on said bonds on the date of maturity, October 1, 1877.
From December 1, 1896, to date of valuation, the property of the Little Schuylkill Navigation, Railroad and Coal was operated by the Philadelphia and Reading under lease agreement for 999 years. Under the terms of the lease the lessee agrees to pay all taxes, $5,000 per annum for organization expenses and an annual rental equal to 5 per cent on the par value of the outstanding capital stock of the Little Schuylkill Navigation, Railroad and Coal. The recorded rent received by the latter for the year ended on date of valuation, was $129,392.50.