I googled Federal Valley RR and got some interesting hits. It was only a 15 mile spur line and existed from around 1888-1954. They had two engines and handful of cars. The mainline through Palos, OH appears to be in good shape but no sign of the Federal Valley which branched off to the Southeast from Palos. Someone wrote a book about it though.It didn't dawn on me that it ended up as a NYC subsidiary. Must not have been a hotspot for fan photos at that time as I haven't found any photos of it in my brief search.
It must have caught the attention of someone at Atlas. This is an N scale model.