Wikipedia:WikiProject Trains/ICC valuations/Fulton Chain Railway
Interstate Commerce Commission, Valuation Reports, Volume 116
Fulton Chain Railway
[edit]Location and General Description of Property
[edit]The railway of the Fulton Chain Railway Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the State of New York. The owned main line extends easterly from Fulton Chain to Old Forge, a distance of 2.204 miles. The carrier also owns and uses 0.437 mile of yard tracks and sidings. Its road thus embraces 2.641 miles of all tracks owned. The property is operated by The New York Central Railroad Company, as agent for the carrier.
Introductory
[edit]The carrier is a corporation of the State of New York, having its local office at Raquette Lake, N.Y. and its general administrative office at New York City. The records reviewed do not indicate that the carrier is controlled by any individual or corporation on date of valuation, nor, on the other hand, that the carrier, itself, controlled any common-carrier corporations. The property of the carrier, from date of incorporation to date of valuation, has been operated by The New York Central Railroad Company and its predecessors as agents for the owners, under agreement dated May 29, 1901.
Corporate History
[edit]The carrier was incorporated February 25, 1902, under the general laws of the State of New York, for the purpose of acquiring by purchase the property of the Fulton Chain Railroad Company. The following chart shows the names of the corporations, the respective dates of incorporation, and, for its predecessor, the date and manner of succession. Reference to each corporation is made in the last column by its respective number shown in the first column.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1. | Fulton Chain Railway Company. | Under general laws of New York, Feb. 25, 1902. | |
| 2. | Fulton Chain Railroad Company. | Under general laws of New York, Jan. 20, 1896. | Pursuant to decree of the Supreme Court of New York the property was conveyed on Feb. 8, 1902, to W. Seward Webb, who reconveyed to 1 by deed dated Mar. 5, 1902. |
Development of Fixed Physical Property
[edit]The entire 2.204 miles of road owned by the carrier was acquired by purchase. This railroad was constructed by the Fulton Chain Railroad Company. While the construction period was not determined, the property was placed in operation in 1896.
Predecessor Company
[edit]Fulton Chain Railroad Company
[edit]The accounting records of the Fulton Chain Railroad Company were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments. The records of the successor company do not indicate whether the Fulton Chain Railroad Company was controlled by any individual or corporation on March 5, 1902, the date of sale, nor, on the other hand, whether it controlled any common-carrier corporations. The company owned on the date of sale, 2.204 miles of single-track standard-gauge steam railroad extending from Fulton Chain to Old Forge, N.Y., all of which was acquired by construction. The report of New York Railroad Commissioners for the year ended June 30. 1897, states that the authorized capital stock was $60,000 par value, divided into shares of $100 each, and that $35,000, par value, first-mortgage 5 per cent bonds were sold for $36,000 cash. These statements are not supported in records reviewed. No outlay by this company for construction of its property can be stated.