Wikipedia:WikiProject Trains/ICC valuations/Utica, Clinton and Binghamton Railroad
Interstate Commerce Commission, Valuation Reports, Volume 25
The Utica, Clinton and Binghamton Railroad
[edit]Location and General Description of Property
[edit]The railroad of The Utica, Clinton and Binghamton Railroad Company, herein called the Utica, Clinton and Binghamton, is a partly double-track, standard-gauge, steam railroad, located in the central part of New York. The owned main-line mileage extends northerly from Randallsville to Utica, N.Y., 31.269 miles. The Utica, Clinton and Binghamton also owns second main-line tracks aggregating 0.171 mile. The Utica, Clinton and Binghamton also owns yard and side tracks totaling 20.194 miles. Its road thus embraces 51.634 miles of all tracks owned.
Corporate History
[edit]The Utica was originally incorporated on August 13, 1862, under the general laws of New York, as the Utica City Railroad Company. On January 1, 1866, by special act of New York, the latter was reorganized as the Utica and Waterville Railroad Company, and on March 25, 1868, by special act of New York, the name was changed to its present designation.
The Utica, Clinton and Binghamton operated its property until July, 1871, when its steam road was leased to the New York and Oswego Midland Railroad Company, which continued operations until November 3, 1875, when the lease was transferred to the Delaware and Hudson Canal Company. From the latter date to April 1, 1883, the road was operated by The Delaware, Lackawanna & Western Railroad Company, under an agreement with the Delaware and Hudson Canal Company, and was operated by the latter to June 1, 1886, when it was subleased to the carrier for a period of 35 years. On December 4, 1889, the Utica, Clinton and Binghamton leased its common-carrier property to the Delaware and Hudson Canal Company for the life of its charter.
On December 1, 1886, the street-car line owned by the Utica, Clinton and Binghamton was leased to the Utica Belt Line Street Railroad Company, and since that date the Utica, Clinton and Binghamton has not operated any railroad property.
The detailed facts as to the development of the fixed physical property are given in Appendix 2.
Development of Fixed Physical Property
[edit]On date of valuation, the Utica, Clinton and Binghamton owned 31.269 miles of single-track, standard-gauge, steam railroad, extending from a connection with the carrier at Randallsville to Utica, N.Y., and 9.530 miles of street car lines located in the city of Utica and adjacent thereto, all of which were acquired by construction.
The steam road was built under contract, the terms of which were not obtainable, nor was the date on which construction was begun ascertainable. About 27 miles of the road from Randallsville to New Hartford was completed on September 26, 1870, and about 4 miles between New Hartford and Utica was completed on January 15, 1872. The sections were opened to traffic on the respective dates of completion. The street car line was constructed and put in operation prior to the opening of the steam road. On December 1, 1886, the street car line owned by the Utica, Clinton and Binghamton was leased to the Utica Belt Line Street Railroad Company, and since that date the former has not operated any railroad property.
Leased Railway Property
[edit]The properties of the Utica, Clinton and Binghamton and of the Rome and Clinton are leased in perpetuity to The Delaware and Hudson Company. The carrier subleased the two properties for a period of 35 years from June 1, 1886. From the latter date to April 30, 1908, the stipulated rental for both roads was $75,000 per annum, and thereafter 20 per cent of the gross earnings. The recorded rental paid by the carrier for the year ended on date of valuation amounted to $65,768.14.