Wikipedia:WikiProject Trains/ICC valuations/Owasco River Railway

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The railroad operated by The Owasco River Railway, hereinafter called the carrier, is a single-track standard-gauge steam switching railroad, located at Auburn, N. Y. The owned mileage comprises 0.451 mile of main track and 0.445 mile of yard tracks and sidings, aggregating 0.896 mile of all tracks. The mileage used but not owned is leased from the International Harvester Company of New Jersey, and consists of 1.019 miles of main track and 0.787 mile of yard tracks and sidings, aggregating 1.806 miles of all tracks.

INTRODUCTORY

The carrier is a corporation of the State of New York, having its principal office at Chicago, Ill. The accounting records of the carrier for the period prior to July 1, 1906, were incomplete. For that reason only partial Information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. This company is controlled by the International Harvester Corporation through voting power of its capital stock, which is held by certain individuals for the benefit of that company. On the other hand, the records reviewed do not indicate that the carrier itself controls any other common-carrier corporation. The property of the carrier has been operated by its own organization during its entire life.

CORPORATE HISTORY

The carrier was incorporated June 2, 1881, under the general laws of the State of New York, for the purpose of constructing a railroad from Auburn to Fleming, N. Y.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, located at Auburn, N. Y., 0.451 mile in length, was acquired by construction. The original road, extending from Garden Street to the plant of D. M. Osborne and Company, was constructed during the period 1881 to 1886, and an extension to the plant of the Bowen Manufacturing Company was built in 1906.

LEASED RAILWAY PROPERTY

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Solely used, but not owned, leased from International Harvester Company of New Jersey, tracks, 1.019 miles, at Auburn, N. Y.; for indefinite period from Mar. 1, 1909; lessee to maintain property and pay taxes --

Jointly used, but not owned, owned by The New York Central Railroad Company, tracks, 0.9 mile at Auburn, N. Y.; for indefinite period from Jan. 1, 1911; stipulated payment $2,000 per annum, of which 30 per cent is apportioned as annual rental $600

GENERAL BALANCE SHEET STATEMENT