Wikipedia:WikiProject Trains/ICC valuations/Erie Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Erie Railroad

Location and General Description of Properties

The Erie system comprises a trunk-line railroad between New York City and Chicago, Ill., the principal main line of which extends from Jersey City, N.J., westerly through Port Jervis, N. Y., Susquehanna, Pa., Elmira and Salamanca, N. Y., Youngstown and Akron, Ohio, to Marion, Ohio, a distance of about 729 miles. Projecting from this route are other main lines and branches extending to Scranton, Pa., Buffalo, Rochester, and Dunkirk, N. Y., Cleveland and Dayton, Ohio, and other points. The Erie also operates extensive terminal facilities at the port of New York which are reached by means of floating equipment operated on New York Bay. The lines of the Hudson and Manhattan Railroad Company connect with the Erie at Jersey City, at which point passenger traffic is exchanged for conveyance through the Hudson River tunnels to or from New York City. At various points connections are made by the Erie with separately operated controlled companies of its system. The Erie has exclusive use of other miscellaneous items of property, consisting of yard tracks, buildings, dock facilities, and land owned by other companies, individuals, or municipalities. It also has trackage rights over about 240 miles of the road of other carriers.

The Erie and the lines which it operates embrace 4,521.486 miles of all tracks, including 1,946.506 miles of first-main tracks and 6.199 miles of jointly owned and used tracks. It also owns but does not use 39.021 miles of all tracks, including 14.054 miles of first-main track, and jointly owns but does not use 0.113 mile of all tracks.

Economic Conditions Relating to Traffic

Farm development —The country traversed is largely fertile farming land. The principal agricultural products are grain, hay, fruits, and vegetables. Considerable attention is also given to dairying and stock raising.

Industrial development —The manufacturing industry in the region served by this road is varied and extensive. The principal industrial centers are the New York district, Elmira, Rochester, and Buffalo, N. Y.; Scranton, Pa.; and Cleveland, Youngstown, Akron, and Dayton, Ohio. The chief manufactures are automobiles, tires, chemicals, agricultural implements, railroad equipment and supplies, flour, food products, furniture and wooden ware, petroleum, cement, brick, and tile.

The road serves the coal fields of central Pennsylvania and its principal revenue tonnage consists of anthracite and bituminous coal, coke, and other products of mines. It also serves the large steel industries at Youngstown, Ohio.

Introductory

The Erie is a corporation of the State of New York, having its principal office at New York, N. Y. Although the Erie acquired title to its original property on November 14, 1895, it did not commence recording the results of the operations of its property in its books until December 1, 1895. The accounting data in this report, therefore, cover the period from December 1, 1895.

The records reviewed do not indicate that the Erie is controlled by any individual or corporation. On the other hand, the Erie solely controls, directly or indirectly, 27 railroad companies, whose several common-carrier properties comprise a portion of the Erie operating system. The names of these companies, together with a statement showing how and the extent of the Erie's control, are given below:

Company	How Controlled	Control Extent, per cent
Arlington Railroad	Solely.	100
Arnot and Pine Creek	do.	100
Bergen County Railroad	do.	100
Bergen and Dundee	do.	100
Brockport and Shawmut	do.	100
Buffalo, Bradford and Pittsburgh	do.	96
Columbus and Erie	do.	100
Conesus Lake Railroad	do.	100
Docks Connecting Railway	do.	100
Eriton Railroad	do.	100
Elmira State Line Railroad	do.	77
Erie and Black Rock	do.	100
Erie and Wyoming Valley	do.	100
Jefferson Railroad	do.	100
Long Dock Company	do.	100
Middletown and Crawford	do.	98
Moosic Mountain and Carbondale	do.	100
Newark and Hudson	do.	100
New York, Lake Erie and Western Coal and Railroad	Solely through Northwestern Mining and Exchange Company.	100
New York, Lake Erie and Western Docks and Improvement Company	Solely.	100
New York and Greenwood Lake	do.	89
Nypano Railroad	do.	100
Paterson, Newark and New York	do.	100
Penhorn Creek Railroad	do.	100
Tioga Railroad	do.	100
West Clarion Railroad	Solely through Northwestern Mining and Exchange Company.	100
Youngstown and Austintown	Solely.	100

The Erie controls, further, solely or jointly, directly or indirectly, 16 railroad companies, 5 terminal and belt-line companies, 2 steamship companies, 3 electric lines, 5 coal companies, 5 land and holding companies, and 2 miscellaneous companies, that are all operated independently. The names of these companies, together with a statement showing how and the extent of the Erie's control, are given below.

Company	How Controlled	Control Extent, per cent
Railroad companies:
Bath and Hammondsport Railroad Company	Solely through the Erie Land and Improvement Company.	100
Chicago and Erie Railroad Company	Solely.	100
Delaware Valley and Kingston Railway	do.	100
Erie Terminals Railroad Company	Jointly with the New York, Susquehanna and Western Railroad Company.	88
The Hackensack and Lodi Railroad Company	Solely through above-named company.	100
The Lodi Branch Railroad Company	do.	100
The Lorain, Ashland & Southern Railroad	Jointly with The Pennsylvania Company.	50
The Lehigh and Hudson River Railway	Jointly with The Lehigh Coal and Navigation Company; The Central Railroad Company of New Jersey; The Delaware, Lackawanna & Western Railroad Company; The Pennsylvania Railroad Company; the Lehigh Valley Railroad Company.	12
Macopin Railroad Company	Solely through the New York, Susquehanna and Western Railroad Company.	100
New York, Susquehanna and Western Railroad Company	Solely.	98
The New Jersey and New York Railroad Company	do.	83
The New Jersey and New York Extension Railroad Company	Solely through The New Jersey and New York Railroad Company.	100
Passiac[sic] and New York Railroad Company	Solely, through the New York, Susquehanna and Western Railroad Company.	100
Susquehanna Connecting Railroad Company	Solely, through above-named company.	100
The Wilkes-Barre and Eastern Railroad Company	Solely through above-named company.	100
The Buffalo Creek Railroad Company	Jointly with The Lehigh Valley Railroad Company.	50
Terminal and Belt Lines:
The Akron & Barberton Belt Railroad Company	Jointly with The Cleveland, Akron and Cincinnati Railway Company; The Baltimore and Ohio Railroad Company; and The Northern Ohio Railway Company.	25
The Belt Railway Company of Chicago.	Jointly through the Chicago and Erie Railroad Company; with The Atchison, Topeka and Santa Fe Railway Company; Illinois Central Railroad Company; The Chicago, Rock Island and Pacific Railway Company; Chicago, Burlington & Quincy Railroad Company; The Pennsylvania Company; Minneapolis, St. Paul and Sault Ste. Marie Railway Company; The Chesapeake and Ohio Railway Company; Chicago and Eastern Illinois Railroad Company; Chicago, Indianapolis and Louisville Railway Company; Grand Trunk Western Railway Company; Wabash Railway Company.	8⅓
Chicago and Western Indiana Railroad Company	Jointly through Chicago and Erie Railroad Company with Chicago and Eastern Illinois Railroad Company; Grand Trunk Western Railway Company; Wabash Railway Company; Chicago, Indianapolis and Louisville Railway Company.	20
Canal Belt Railway Company	Solely.	100
Mutual Terminal Company of Buffalo	Jointly with The New York Central Railroad Company; The Delaware, Lackawanna & Western Railroad Company; the Lehigh Valley Railroad Company.	25
Steamship companies:
Mutual Transit Company	Jointly through Mutual Terminal Company of Buffalo, with The New York Central Railroad Company; The Delaware, Lackawanna & Western Railroad Company; and the Lehigh Valley Railroad Company.	25
The Lake Keuka Navigation Company	Solely, through Erie Land and Improvement Company.	100
Electric lines:
Corning and Painted Post Street Railway Company	do.	100
Elmira, Corning and Waverly Railway Company	Solely, through Erie Land and Improvement Company.	100
Rochester Connecting Railway Company	Solely.	100
Coal companies:
Pennsylvania Coal Company	Solely.	100
Northwestern Mining and Exchange Company of Erie, Pa.	do.	100
Hillside Coal and Iron Company	do.	100
The Blossburg Coal Company	do.	100
New York, Susquehanna and Western Coal Company.	Solely, through the Pennsylvania Coal Company and Hillside Coal and Iron Company.	99
Land and holding companies:
Erie Land and Improvement Company	Solely.	100
Erie Land and Improvement Company of Pennsylvania	do.	100
Industrial Center Land Company	do.	100
Mahoning River Land Company	do.	100
Southern Tier Development Company	Solely, through Erie Land and Improvement Company.	100
Miscellaneous companies:
Dunmore Iron and Steel Company	Solely.	100
Pavonia Ferry Company	do.	100
Weehawken Stock Yard Company	do.	100

The property of the Erie was operated by its own organization from December 1, 1895, to December 31, 1917, except the portion extending from Buffalo to Lockport, N. Y., that has been operated by the International Railway Company, an electric railroad company, from June 1, 1898, to date of valuation. On January 1, 1918, the common-carrier property of the Erie, except the portion referred to above, was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History

The Erie was incorporated November 14, 1895, under the general laws of the State of New York for the purpose of acquiring the property, rights, and franchises of The New York, Lake Erie and Western Railroad Company. Pursuant to this purpose, the Erie acquired at its organization the property, rights, and franchises of that company. It also acquired by merger the property, rights, and franchises of eight other railroad corporations. The Erie itself and those corporations, together with their predecessors, total 18 different corporations, of which two underwent a change of name, and comprise the line of corporate succession culminating in the Erie as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

No.	Name	Incorporation	Succession
1	Erie Railroad Company.	Under general laws of New York, Nov. 14, 1895.
2	The New York, Lake Erie and Western Railroad Company.	Under general laws of New York, Apr. 27, 1878.	Sold at foreclosure Nov. 6, 1895, after receivership begun July 25, 1893, and reorganized Nov. 14, 1895, as 1.
3	Erie Railway Company.	Under general laws of New York, June 25, 1861.	Sold at foreclosure Apr. 24, 1878, and reorganized Apr. 27, 1878, as 2.
4	The New-York and Erie Rail Road Company.	Under special act of New York, Apr. 24, 1832.	Sold at foreclosure Jan. 28, 1861, after receivership begun in 1859. Acquired Dec. 28, 1861, by 3.
5	The Buffalo Branch of The Erie Railway Company.	Under general laws of New York, June 13, 1861.	Merged Dec. 12, 1862, into 3.
6	The Buffalo and New York City Railroad Company.	See 7.	Sold at foreclosure in two sections. The first section on Dec. 11, 1856, and the second on Mar. 21, 1861. The first section acquired Oct 29, 1857, by 13; second section acquired July 1, 1861, by 5.
7	The Attica and Hornellsville Railroad Company.	Under special act of New York, May 14, 1845.	Name changed to 6 on Apr. 18, 1851.
8	Newburgh and New York Railway Company.	Under general laws of New York, Feb. 10, 1865.	Merged Nov. 2, 1895, into 2.
9	The Buffalo and South Western Rail Road Company.	Under general laws of New York, Dec. 11, 1877.	Merged Nov. 19, 1895, into 1.
10	The Buffalo and Jamestown Railroad Company.	Under general laws of New York, Mar. 23, 1872.	Sold at foreclosure, Sept. 11, 1877, and acquired Dec. 12, 1877, by 9.
11	Erie International Railway Company.	Under general laws of New York, Aug. 21, 1872.	Merged Nov. 30, 1895, into 1.
12	The Lockport and Buffalo Rail Way Company.	Under general laws of New York, Aug. 30, 1871.	Do.
13	The Buffalo, New York and Erie Railroad Company.	Under general laws of New York, Oct. 20, 1857.	Merged Apr. 11, 1896, into 1.
14	Buffalo, Corning and New York Railroad Company.	See 15.	Sold at foreclosure in May, 1857, and acquired Oct. 28, 1857, by 13.
15	Buffalo and Cohocton Valley Rail Way Company.	Under general laws of New York, July 26, 1850.	Name changed to 14 on Apr. 9, 1852.
16	The Suspension Bridge and Erie Junction Railroad Company.	Under general laws of New York, Oct. 16, 1868.	Merged Apr. 11, 1896, into 1.
17	The Union Steamboat Company.	Under general laws of New York, Feb. 4, 1869.	Merged July 7, 1896, into 1.
18	Erie and Jersey Railroad Company.	Under general laws of New York, June 5, 1905.	Merged Feb. 26, 1915, into 1.
19	Suffern Railroad Company.	Under general laws of New York, Feb. 8, 1907.	Merged June 26, 1907, into 18.
20	Genesee River Railroad Company.	Under general laws of New York, Aug. 23, 1905.	Merged Mar. 12, 1915, into 1.

Development of Fixed Physical Property

The owned mileage of the Erie, amounting to 871.354 miles, was acquired partly by purchase and partly by merger. Of the 17 corporations that comprise the line of succession culminating in the Erie as at present constituted, six corporations did not construct any miles of road. These companies were The New York, Lake Erie and Western Railroad Company; Erie Railway Company; The Buffalo branch of The Erie Railway Company; The Buffalo and South Western Rail Road Company; The Buffalo, New York and Erie Railroad Company; Suffern Railroad Company.

The data with respect to the miles of road constructed by the remaining corporations, together with that purchased by one of the predecessors from The Buffalo and Rochester Railroad Company, the years when the various portions of the line were constructed, and the manner in which the Erie acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.

		Mileage
Acquired through a reorganization committee:
From The New York, Lake Erie and Western Railroad Company, Nov. 14, 1895—
Constructed by The New York and Erie Railroad Company—
Piermont to Dunkirk, N. Y., 1835-1851	447.828
Greycourt to Newburgh, N. Y., 1845-1850	19.098
Constructed by The Buffalo and New York City Railroad Company—
Hornellsville to Attica, N. Y., 1852-1854	62.281
Constructed by the Newburgh and New York Railway Company—
Newburgh Junction to Vail's Gate, N. Y., 1869	12.933
		542.140
Acquired by merger:
From The Buffalo and South Western Rail Road Company, Nov. 19, 1895—
Constructed by The Buffalo and Jamestown Railroad Company—
Buffalo to Jamestown, N. Y., 1872-1877		67.188
From the Erie International Railway Company, Nov. 30, 1895, constructed by that company—
International Junction to International Bridge, N. Y., 1872-1874		4.310
From the Lockport and Buffalo Rail Way Company, Nov. 30, 1895, constructed by that company—
Lockport to North Tonawanda, N. Y., prior to July, 1880, exact date not known		14.552
From The Buffalo, New York and Erie Railroad Company, Apr. 11, 1896—
Constructed by The Buffalo and New York City Railroad Company—
Cheektowaga to Buffalo, N. Y., 1852-1854	8.242
Lake Line Branch, Buffalo, N. Y., 1852-1854	1.620
Railroad from Attica to Cheektowaga, N. Y., acquired by The Buffalo and New York City Railroad Company in 1852 from The Buffalo and Rochester Railroad Company.	23.000
Constructed by the Buffalo, Corning and New York Railroad Company, Attica, via Avon, to Painted Post, N. Y., about 1854	109.114
		141.976
From The Suspension Bridge and Erie Junction Railroad Company, Apr. 11, 1896, constructed by that company—
East Buffalo to Suspension Bridge, N. Y., 1868-1870	23.762
North Tonawanda Dock line branch, 1868-1870	2.053
		25.815
From the Erie and Jersey Railroad Company, Feb. 26, 1915, constructed by that company—
Highland Mills to Graham, N. Y., 1906-1909		38.879
From the Genesee River Railroad Company, Mar. 12, 1915, constructed by that company—
Hunts to Cuba Junction, N. Y., 1905-1910		33.212
Total		868.072
Difference between total recorded mileage and mileage inventoried as of date of valuation		3.282
Mileage inventoried as of date of valuation		871.354

Leased Railway Property

The property of the Erie, together with the properties of others that it used by virtue of stock control or lease, devoted to common-carrier purposes, except the section operated by the International Railway Company, was taken over for operation by the United States Railroad Administration on January 1, 1918, and is so operated on date of valuation. The arrangements of the Erie with other carriers, in effect December 31, 1917, covering the use of joint facilities, have been continued by the United States Railroad Administration during the period January 1, 1918, to date of valuation.

The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending December 31, 1917, are as follows:

	Rentals
Solely owned, but jointly used; used with—
Buffalo, Attica & Arcade Railroad Company—
Tracks, 1 mile, station and facilities at Attica, N. Y.; agreement effective from June 18, 1912.	$240.00
The Delaware and Hudson Company—
Tracks, 22.10 miles, and appurtenances from Binghamton to Owego, N. Y., except yard and terminal facilities at points named; agreement effective from Dec. 1, 1900; annual rental on tonnage basis.	11,070.83
New York, Ontario and Western Railway Company—
Tracks, 0.350 mile, and passenger station at Port Jervis, N. Y.; for indefinite period from Mar. 4, 1896; annual rental 5 per cent on ticket sales.	198.34
Pennsylvania Railroad Company—
Tracks, 5.32 miles, from Southport Junction to Chemung Junction, N.Y.; for indefinite period from Feb. 16, 1916; annual rental on basis of tonnage and passengers handled.	140,745.20
Wabash Railway Company—
Tracks, 29.98 miles, stations and facilities from Buffalo to Suspension Bridge, N. Y., and from International Junction to Black Rock Junction, N. Y.; for indefinite period from Sept. 15, 1898; fixed rental of $45,000 per annum, plus an amount for freight handled, and a proportion on a train basis, of expense of operation and maintenance of passenger station at Buffalo, N. Y.	53,536.30
Solely owned, but not used, leased to—
International Railway Company—
Tracks, 14.054 miles, from Buffalo to Lockport, N. Y.; period from June 1, 1898, to Sept. 1, 1928; fixed rental of $15,000 per annum.	15,000.00
Wabash Railway Company—
Facilities at Buffalo, N. Y.; for indefinite period from Oct. 22, 1913; annual rental equal to 6 per cent on valuation of $145,000.	8,700.00
American Express Company—
Building, Paterson, N. J. Terms of use and rental received not obtained.	---
Chicago and Erie Railroad Company—
Tracks, 0.453 mile of second main track, 8.718 miles of yard tracks and sidings and other facilities, Marion, Ohio. Terms of use and rental received not obtained.	---
Solely leased from others, but partly subleased to others, leased from—
Avon, Geneseo and Mount Morris Railroad Company—
Entire property; for indefinite period from Jan. 1, 1872; annual rental equal to 3.5 per cent on outstanding capital stock of lessor and $100 organization expenses. $7,975 charged to income. Of the property thus leased, 2.239 miles, from Mount Morris, N. Y., to a point south thereof, is subleased to The Dansville and Mount Morris Railroad Company for indefinite period from Jan. 2, 1894, subject to 30 days' notice, stipulated rental of $300 per annum; $195 credited to income. A separate report has been rendered on the Avon, Geneseo and Mount Morris Railroad Company.	---
Solely owned or leased, but jointly used, used with—
The New Jersey and New York Railroad Company—
Tracks, 9.95 miles of the Erie, the Long Dock Company, and the Penhorn Creek Railroad, from Nanuet to Spring Valley, N. Y., and from New Jersey and New York Junction to Jersey City, N. J.; agreement effective from Dec. 4, 1912; annual rental $3 per train in and out of yards and terminals, 1 cent per ton-mile for merchandise trackage, 2 cents per ton-mile for coal trackage, plus additional charges for handling freight and baggage and for switching and ferry facilities.	130,592.70
Solely leased or controlled, but jointly used:
Owned by the New York, Lake Erie and Western Coal and Railroad Company, used with—
Buffalo, Rochester and Pittsburgh Railroad Company—
Tracks, 20.46 miles, facilities and appurtenances, from Mount Jewett and Johnsonburg, Pa.; agreement effective from July 1, 1907; annual rental equal to one-half of 4.5 per cent on valuation of $1,405,419.99, plus a proportion, on wheelage basis, of operation and maintenance.	34,293.60
Owned by the Jefferson Railroad, used with—
The Delaware and Hudson Company—
Tracks, 34.51 miles, from Jefferson Junction to Carbondale, Pa.; agreement effective from Jan. 1, 1898; annual rental 3 cents per ton on all freight handled, one-half local passenger tickets, and 1 cent per passenger-mile on through tickets.	187,128.33
Owned by the Goshen and Deckertown and the Montgomery and Erie, used with—
Lehigh and New England Railroad Company—
Tracks, 16.90 miles, from Pine Island Junction to Campbell Hall, N. Y.; agreement effective from Mar. 16, 1912; annual rental $0.002066 per freight ton and 60 per cent of passenger revenues.	29,807.75
Owned by The Sharon Railway, used with—
The New York Central Railroad Company—
Tracks, 10.61 miles, from Sharpsville to West Middlesex, Pa.; term 99 years from Oct. 1, 1888; fixed rental of $7,500 per annum, plus an additional amount, based on 5 per cent of one-half of valuation, of side tracks constructed. Expense of operation and maintenance on car basis.	11,488.20
Owned by the New York and Greenwood Lake, used with—
Morristown & Erie Railroad Company—
Tracks, 1.09 miles, from Essex Fells and Caldwell, N. J., together with station facilities; agreement effective from Nov. 7, 1914; annual rental not ascertained. Rental for station at Essex Fells.	85.04
Owned by the Tioga Railroad, used with—
The New York Central Railroad Company—
Tracks, 29.41 miles, from Lawrenceville to Morris Run, Pa.; agreement effective from Feb. 1, 1883; annual rental 10 cents per ton on coal, 15 cents per ton on other freight, and 30 per cent of passenger earnings between Blossburg and Morris Run, Pa.	25,360.94
Owned by the Paterson and Hudson River, the Northern Railroad Company of New Jersey, and the Long Dock Company, used with—
New York, Susquehanna and Western Railroad Company—
Tracks, 4.70 miles, used as second main, from Granton Junction to Bergen Junction, N. J.; no rental recorded.	---
Owned by the Penhorn Creek Railroad and the Long Dock Company, used with—
New York, Susquehanna and Western Railroad Company—
Tracks, 2.13 miles, from Croxton to Jersey City, N. J., together with terminals and ferry facilities at the latter point; agreement effective from Dec. 1, 1911; fixed rental of $45,000 per annum, plus an additional amount for switching, etc.	49,896.36
Owned by The Sharon Railway, used with—
The Pittsburgh and Lake Erie Railroad Company—
Tracks, 23.21 miles, from New Castle to Ferrona, Pa.; agreement effective from Feb. 16, 1911; annual rental, on car and engine basis, of 6 per cent on valuation of property, plus proportion of maintenance and operation.	32,841.52
Owned by the Cleveland and Mahoning Valley, used with—
The Pittsburgh and Lake Erie Railroad Company—
Tracks, 2.65 miles, from Youngstown to Hazleton, Ohio; and stations at Youngstown, Ohio; agreement effective from Oct. 20, 1877; annual rental equal to 6 per cent on valuation of property, plus a proportion, on basis of tonnage handled, of operation and maintenance.	7,118.16
Pennsylvania Railroad Company—
Track, 0.880 mile, from Girard to Ohio Junction, Ohio; agreement effective from Mar. 9, 1900; fixed rental of $480 per annum.	480.00
Owned by the Erie and Wyoming Valley, used with—
The Wilkes-Barre and Eastern Railroad Company—
Tracks, 1.01 miles, from connection with above company to the Consolidated Colliery; annual rental on basis of 5 cents per ton.	3,065.29
Owned by New York, Lake Erie and Western Coal and Railroad Company and the Brockport and Shawmut, used with—
The Pittsburg, Shawmut & Northern Railroad Company—
Tracks, 7.93 miles, from Brockwayville to Hydes, Pa.; agreement effective from Feb. 19, 1907; annual rental on basis of one-half of passenger mail and express earnings, and 4 mills per ton per mile on freight.	14,159.81
Owned by the Montgomery and Erie, used with—
The New York Central Railroad Company—
Tracks, 4.78 miles, from Montgomery to Campbell Hall, N. Y., and station at Montgomery; agreement effective from June 8, 1882, annual rental 75 cents per train-mile, plus one-half of operation and maintenance of station.	5,883.22
Owned by the Nypano Railroad', used with–
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
Tracks, used as second main, 21.12 miles from Marion to Galion, Ohio, 18 miles from Cold Springs to Dayton, Ohio, and certain stations and other facilities; agreements effective from June 9, 1901, and Mar. 12, 1912, respectively; for use of these facilities the Erie uses in like manner the tracks and facilities of The Cleveland, Cincinnati, Chicago and St. Louis Railway Company between the same points.	---
Solely used, but not owned, owned by:
Arnot and Pine Creek—
Entire property; lease assumed from Tioga Railroad; term 97 years from July 1, 1882; stipulated rental $12,750 per annum, being equivalent to $5 per share on capital stock of lessor, plus taxes and maintenance. No rental paid lessor.	---
Bergen County Railroad—
Entire property; for indefinite period from Feb. 23, 1881; annual rental equal to 6 per cent dividend on capital stock and interest on bonds of lessor, and organization expenses not over $1,000.	22,000.00
Bergen and Dundee—
Entire property; for indefinite period from July 1, 1913; stipulated rental equal to 4 per cent divided on capital stock of lessor; also $200 organization expenses, operation, and maintenance. No rental paid lessor.	---
Buffalo, Bradford and Pittsburgh—
Entire property; term 499 years from Jan. 1, 1866; stipulated rental the payment of interest and principal of outstanding bonds of lessor, all taxes and assessments. No rental paid lessor.	---
Cleveland and Mahoning Valley—
Entire property; subleased from the Nypano Railroad; term 999 years from Mar. 9, 1917; fixed rental of $550,967.38, plus expense of operation and maintenance, taxes and assessments, and an amount equal to one half of 1 per cent on par value of preferred stock of lessor.	546,245.16
Cleveland and Pittsburgh Rail Road Company—
Tracks, 2.499 miles, used as second main from Lake Brady to Ravenna, Ohio, for indefinite period from July 1, 1911; fixed rental of $2,000 per annum, plus expense of maintenance, taxes, and assessments.	2,000.00
Elmira State Line Railroad—
Entire property; lease assumed from Tioga Railroad; term 999 years from Sept. 1, 1876; annual rental equal to 7 per cent dividend on capital stock, and payment of principal and interest of bonds of lessor.	6,314.00
Erie Terminals Railroad Company—
Track, 0.208 mile and bridge over the Hackensack River, near Secaucus, N. J.; used by virtue of joint stock control; no rental recorded.	---
Goshen and Deckertown—
Entire property; for indefinite period from Feb. 1, 1872; fixed rental of $19,035 per annum.	19,035.00
Jamestown, Westfield and Northwestern Railroad Company—
Tracks, 1.063 miles, at Jamestown, N. Y.; term 20 years from Nov. 25, 1913; fixed rental $18,000 per annum.	18,000.00
The Jefferson Railroad—
Entire property; for indefinite period from Jan. 1, 1869; annual rental equal to interest on bonds of lessor.	154,940.00
The Long Dock Company—
Entire property; period July 1, 1856, to Dec. 1, 1935; stipulated payment of $450,000 per annum.	450,000.00
Middletown and Crawford—
Entire property; term 99 years from Jan. 30, 1882; fixed rental of $10,500 per annum.	10,500.00
Montgomery and Erie—
Entire property; for indefinite period from Jan. 1, 1872; fixed rental of $16,000 per annum.	16,000.00
Newark and Hudson—
Entire property; for indefinite period from Jan. 30, 1872; stipulated payment equal to 6 per cent dividend on capital stock and interest on bonds of lessor. No rental paid lessor.	---
New Jersey Junction Railroad Company—
Tracks, 2.206 miles, from Jersey City to Hoboken, N. J.; for indefinite period from July 1, 1891; fixed rental of $6,000 per annum, plus 40 cents for each loaded car handled over tracks; the entire amount to be not less than $21,000 nor more than $49,000 per annum.	39,369.00
New York and Greenwood Lake—
Entire property; term 999 years from May 1, 1896; annual rental equal to principal and interest on all 5 per cent bonds of lessor.	73,595.00
New York, Lake Erie and Western Coal and Railroad Company—
Entire property; term 35 years from July 1, 1890; annual rental equal to interest on bonds of lessor and $100 organization expenses.	66,000.00
The New York, Lake Erie and Western Docks and Improvement Company—
Entire property; for indefinite period from Feb. 8, 1890; annual rental equal to interest on bonds of lessor.	169,800.00
Northern Railroad Company of New Jersey—
Entire property; for indefinite period from June 1, 1899; annual rental equal to interest on bonds and 4 per cent dividends on capital stock of lessor, and interest on bonds of The Nyack and Northern Railroad Company which were held by the lessor.	84,550.50
Nyack and Southern—
Entire property; for indefinite period from June 1, 1899; annual rental equal to interest on bonds of lessor. The rental accrued is included with the rental accrued for the use of the property of the Northern Railroad Company of New Jersey.	---
Nypano Railroad—
Entire property; term 99 years from Apr. 1, 1896; stipulated payment of $800,000 per annum, plus interest on prior-lien mortgage bonds of lessor, with privilege of applying the whole or any part of same to payment of interest on 4 per cent bonds of lessor held by the Erie. The Erie maintains the property and pays all taxes and assessments.	360,000.00
Paterson, Newark and New York—
Entire property; for indefinite period from Sept. 8, 1868; stipulated rental equal to 35 per cent of gross earnings from operation of property of lessor, the minimum amount to be not less than interest on mortgage bonds of lessor. The mortgage bonds are owned by the Erie.	---
Paterson and Ramapo—
Entire property; lease assumed from Union Railroad Company; for indefinite period from Sept. 15, 1852; fixed rental $26,500 per annum; additions and betterments by Erie to be purchased by lessor at expiration of lease.	26,500.00
Paterson and Hudson River—
Entire property; lease assumed from Union Railroad for indefinite period from Sept. 15, 1852; fixed rental of $48,400 per annum; additions and betterments by Erie to be purchased by lessor at expiration of lease.	48,400.00
Rochester and Genesee Valley Railroad—
Entire property; for indefinite period from Oct. 1, 1858; annual rental equal to 6 per cent dividends on capital stock of lessor and $700 for contingent expenses.	34,012.00
The Sharon Railway—
Entire property; term 990 years from Dec. 1, 1900; annual rental equal to 6 per cent dividend on capital stock and interest on bonds of lessor, and $2,100 for current and organization expenses.	86,463.00
Tioga Railroad—
Entire property; no agreement; annual rental equal to interest on bonds of lessor.	12,075.00
Union Railroad—
Entire property; for indefinite period from Sept. 15, 1852; fixed rental of $3,500 per annum.	3,500.00
Youngstown and Austintown—
Entire property; subleased from the Nypano Railroad; term 99 years from May 1, 1883; fixed rental of $1,950 per annum, plus 6 per cent on all additions and betterments paid for with capital stock of lessor; no rental paid owning company.	---
Estate of Theodore D. Buhl—
Tracks, 2.065 miles, from Sharon, Pa., to Hubbard, Ohio; subleased from the Nypano Railroad; for period from Jan. 1, 1886, to May 1, 1982; fixed rental of $4,000 per annum.	4,000.00
George Dressler–
Building, Brooklyn, N. Y.; basis of use and rental paid not obtained.	---
New York Central Railroad Company—
Tracks 1.109 miles and other facilities, Buffalo, N. Y. Basis of use and rental paid not obtained.	---
City of New York—
Docks and sheds, New York, N. Y. Basis of use and rental paid not obtained.	---
Delaware Valley and Kingston Railway Company—
Right of way, Rondout, N. Y. Basis of use and rental paid not obtained.	---
Dunmore Iron and Steel Company—
Tracks, 4.866 miles; Dunmore, N. Y. Basis of use and rental paid not obtained.	---
Estate of John W. Glynn—
Office building, Dunmore, N. Y. Basis of use and rental paid not obtained.	---
The Flood Estate—
Office building, Meadville, Pa. Basis of use and rental paid not obtained.	---
Delaware and Hudson Company—
Tracks, 0.243 mile and freight depot, Carbondale, Pa. Basis of use and rental paid not obtained.	---
Samuel and George Lurie—
Portion of combination passenger station and dwelling, Sharon, Pa. Basis of use and rental paid not obtained.	---
The New Jersey and New York Railroad Company—
Roadway machines. Basis of use and rental paid not obtained.	---
Solely used, but not owned (entire property operated by virtue of stock control) no rental paid owning company; the Erie pays expense of operation and maintenance, including taxes, and retains all revenues; owned by—
Arlington Railroad; Brockport and Shawmut; Columbus and Erie; Conesus Lake Railroad; Docks Connecting Railway; Erie and Black Rock; Erie and Wyoming Valley; Eriton Railroad; The Moosic Mountain and Carbondale; Penhorn Creek Railroad; West Clarion Railroad; The Blossburg Coal Company:
Tracks, 3.964 miles, Blossburg to Arnot, Pa.	---
Jointly used, but not owned, owned by—
Akron Union Passenger Depot Company—
Tracks, 0.29 mile, and passenger station at Akron, Ohio; agreement dated Apr. 23, 1901; fixed rental of $2,000 per annum, $1,333.33 for dividend on capital stock, plus proportion, on train basis, of maintenance, taxes, insurance, and operation.	4,414.27
Buffalo, Rochester and Pittsburgh Railway Company—
Tracks, 49.93 miles, facilities and appurtenances, Clarion Junction to Eleanora Junction, Pa; agreement effective from May 1, 1907; annual rental on tonnage basis, of various per cents ranging from 1.25 to 2.25 on valuation of $2,900,000 and on $284,978.68 of additions and betterments, plus a proportion, on wheelage basis, of operation and maintenance.	71,847.05
Bessemer and Lake Erie Railroad Company—
Tracks, 32 miles used as second main, from Buchanan Junction to Shenango, Pa. (for freight traffic); agreement dated Jan. 15, 1909; annual rental on basis of 51 cents per train-mile, with minimum of 3,650 trains per year.	49,674.82
The Buffalo Creek Railroad Company—
Tracks, 3.82 miles, at Buffalo, N. Y.; annual rental on basis of 50 cents per car on passenger movements, 50 cents per loaded car and 25 cents per empty car on freight movements.	33,257.09
Central New England Railway Company—
Tracks, 3 miles, facilities and appurtenances, Campbell Hall to Maybrook, N. Y.; agreement effective from Sept. 1, 1905; annual rental, a proportion of 3 and 6 per cent, respectively, of different valuation of facilities used.	6,692.76
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
Tracks, 0.740 mile, at Cleveland, Ohio; agreement effective Apr. 1, 1915; annual rental $1 per train.	4,006.90
Tracks, 20.59 miles, used as second main, from Marion to Galeon, Ohio.	---
Tracks, 20 miles, used as second main, from Cold Springs to Dayton, Ohio.	---
Freight and passenger depots at Enon, Osborn, Caledonia, and Durbin, Ohio, and other minor facilities; agreements effective from June 9, 1901, and Mar. 12, 1912; for the use of these facilities the Erie permits the Cleveland, Cincinnati, Chicago and St. Louis to use in like manner its tracks and facilities between the points above named.	---
The Delaware and Hudson Company—
Tracks, 24.08 miles, from Avoca to Carbondale, Pa.; agreement effective from Feb. 8, 1917; annual rental on basis of 5.5 cents per gross ton on coal and 5.5 cents per net ton on other freight handled over tracks.	76,736.86
The Delaware, Lackawanna & Western Railroad Company—
Track, 0.37 mile, from Mount Jessup Colliery to Sterrick's Creek Junction, Pa.; annual rental a proportion of 50 cents per car.	302.00
Tracks, 0.13 mile, at Winton, Pa.; agreement effective from Apr. 22, 1914, not to exceed five years; stipulated payment $400.	200.00
Jamestown, Westfield and Northwestern Railroad Company—
Tracks, 0.230 mile at Jamestown, N. Y.; term 20 years from Nov. 25, 1913; annual rental a proportion of taxes paid to city of Jamestown, N. Y.	558.51
The Lake Erie, Alliance and Wheeling Railroad Company—
Tracks, 1.34 miles, from Phalanx to Braceville, Ohio.; agreement effective Nov. 28, 1906; annual rental on basis of $3.50 per train operated by the Erie over tracks.	1,476.70
Middletown & Unionville Railroad Company—
Tracks, 1.40 miles, and facilities at Middletown, N. Y.; agreement effective from June 26, 1913; annual rental a proportion of maintenance and operation, and a proportion of 5 per cent of additions and betterments. No rental paid lessor.	---
New York, Ontario and Western Railway Company—
Tracks, 2.12 miles, from North West to Elk Creek branches, Pa.; agreement effective from Dec. 1, 1908; annual rental on tonnage basis.	165.22
Tracks, 3.30 miles, and interlocker, from Middletown to Crawford Junction, N. Y.; agreement effective from June 8, 1882; annual rental on basis of 50 cents per mile for 10 car trains, 5 cents per mile for extra cars, and a stipulated payment of $3,750 per annum for use of 2 interlockers.	2,106.25
The New York Central Railroad Company—
Tracks, 108.79 miles from Corning, N. Y. to Newberry Junction, Pa.; agreement effective from Feb. 1, 1883; annual rental 35 per cent of actual earnings from freight handled over tracks.	84,129.11
The Northern Central Railway Company (operated by the Pennsylvania Railroad Company)—
Tracks, 2.08 miles, from Southport Junction to State Line Junction, N. Y.; agreement effective from Jan. 1, 1877; annual rental 2 cents per passenger, 1.5 cents per ton of coal and lumber, and a proportion, on mileage basis, of earnings on other freight, less a 10 per cent reduction on all freight and passenger service.	4,930.61
Tracks, 19.48 miles, from Chemung Junction to Coal Point, N. Y.; agreement effective from Feb. 16, 1916; annual rental 13.1 cents per ton.	6,000.11
New York, Susquehanna and Western Railroad Company—
Tracks, 9.21 miles from Granton Junction to Passaic Junction, N. J.; no agreement; no rental paid owning company.	---
Tracks, 4.48 miles used as second main, from Granton Junction to West End, N. J.; agreement effective from Dec. 11, 1911; no rental paid owning company.	---
Tracks, 4.40 miles, from D. L. & W. Junction to Storrs Junction, Pa., held under lease by The Wilkes-Barre and Eastern Railroad Company; agreement effective from Sept. 2, 1916; annual rental 1 cent per ton per mile.	6,615.16
Tracks, 0.8 mile, Murray and Spencer branches held under lease by The Wilkes-Barre and Eastern Railroad Company; agreement effective from Dec. 29, 1916; annual rental $0.00515 per ton.	613.18
Tracks, 1.82 miles, Dolph Breaker branch, held under lease by The Wilkes-Barre and Eastern Railroad Company; annual rental 5 cents per ton.	2,098.27
Pennsylvania Railroad Company—
Tracks, 1.42 miles, sidings and interlocker at Brockwayville, Pa.; indefinite period from May 20, 1907; fixed rental of $2,200 per annum.	1,430.04
Pennsylvania and New York Canal and Railroad Company, operated by the Lehigh Valley Railroad Company—
Tracks, 2.28 miles, used as second main, from Duryea Junction to Pittston Junction, Pa.; agreement effective from May 1, 1884; for the use of these tracks the Erie permits the Lehigh Valley Railroad Company to use its tracks between the same points.	---
The Baltimore and Ohio Rail Road Company— The Dayton Union Railway Company—
Tracks, 1.10 miles, and passenger station at Dayton, Ohio; agreement effective from Apr. 24, 1894; annual rental a proportion on train basis, of amount paid by the Baltimore and Ohio to the Dayton Union Railway.	3,327.79
Jointly leased with the Lehigh Valley Railroad Company, but operated by separate organization, “Lessees of the Buffalo Creek Railroad Company,” leased from—
The Buffalo Creek Railroad Company:
Entire property; agreement dated Dec. 31, 1889; annual rental equal to 5 per cent on $2,000,000 par value of bonds and 7 per cent dividend on $250,000 par value of capital stock of lessor, plus $500 per annum for maintenance of investment organization. The “Lessees” pay the rental to the lessor and render a report to the commission.	---

There are other facilities of minor importance, such as stations, yard tracks, and sidings, in which the Erie grants or receives joint use, that are not listed in this chapter.

Predecessor Companies

The New York, Lake Erie and Western Railroad

Introductory

The property of The New York, Lake Erie and Western Railroad Company was conveyed to its successor by deed dated November 14, 1895, but the accounts of the company and of the receivers, for the results of corporate operations, continued to November 30, 1895, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to November 30, 1895.

The records reviewed do not indicate that The New York, Lake Erie and Western Railroad Company was controlled by any individual or corporation on November 11, 1895, the date of its demise. On the other hand, this company, itself, controlled directly or indirectly, 19 railroad companies, whose several common carrier properties it operated under a lease or through stock control. The names of these companies, together with a statement showing how and the extent of this company's control, are given below.

Name of company	How controlled	Extent controlled per cent
The Arlington Railroad Company.	Solely.	100
Bergen and Dundee Railroad Company.	do.	100
The Bergen County Railroad Company.	do.	100
The Brockport and Shawmut Railroad Company.	do.	100
The Buffalo, Bradford and Pittsburgh Railroad Company.	do.	96
The Buffalo, New York and Erie Railroad Company.	do.	64
Conesus Lake Railroad Company.	do.	100
The Erie and Black Rock Railroad Company.	do.	100
The Erie and Wyoming Valley Railroad Company.	do.	99
Erie International Railway Company.	do.	100
The Jefferson Railroad Company.	do.	99
The Long Dock Company.	do.	100
Middletown and Crawford Railroad Company.	do.	65
The Moosic Mountain and Carbondale Railroad Company.	do.	100
Newark and Hudson Railroad Company.	do.	100
New York, Lake Erie and Western Coal and Railroad Company.	Solely through Northwestern Mining and Exchange Company of Erie, Pa.	100
New York, Lake Erie and Western Docks and Improvement Company.	Solely.	100
The Paterson, Newark and New York Railroad Company.	do.	100
The Suspension Bridge and Erie Junction Railroad Company.	do.	99

The New York, Lake Erie and Western Railroad Company also controlled, solely or jointly, five railroad companies, one steamship company, four coal companies, and one ferry company that were all operated independently, shown as follows:

Name of company	How controlled	Extent controlled per cent
Railroad companies:
The Buffalo Creek Railroad Company.	Jointly with Lehigh Valley Railroad Company.	50
Chicago and Erie Railroad Company.	Solely.	100
The Crawford and McKean County Railway Company.	do.	100
The Docks Connecting Railway Company.	do.	100
The Niagara River and Erie Railroad Company.	do.	100
Other companies:
The Union Steamboat Company.	do.	100
The Blossburg Coal Company.	do.	100
Hillside Coal and Iron Company.	do.	100
Northwestern Mining and Exchange Company of Erie, Pa.	do.	100
The Towanda Coal Company.	do.	100
Pavonia Ferry Company.	do.	100

The property of this company was operated by its own organization from the date the original 529.207 miles was acquired, June 1, 1878, until the receivership, July 25, 1893. From that date the property was operated by receivers until it was surrendered to the Erie, December 1, 1895, although it was conveyed to the latter company by deed dated November 14, 1895. The railroad operated by the receivers was a single-track, standard-gauge, steam railroad, located in the States of New York, New Jersey, Pennsylvania, and Ohio and aggregating 1,702.028 miles. The owned mileage amounted to 542.140 miles, and consisted of a main line extending from Piermont to Dunkirk, N. Y., with three other main lines diverging therefrom, one of which extended from Hornell to Attica, one from Greycourt to Newburgh, and the other extended from Newburgh Junction to Vails Gate Junction, all in the State of New York.

The mileage operated under lease or through stock control amounted to 1,159.888 miles and consisted of a network of main lines, cut-offs, and branches that afforded access to Buffalo and Rochester, N. Y., many of the principal cities of New Jersey and Ohio, and the coal fields of Pennsylvania. The company had access to New York City through the operation of ferry service between that city and Jersey City, N. J.

Development of Fixed Physical Property

Of the 542.140 miles of road owned by The New York, Lake Erie and Western Railroad Company on the date of its demise, it had acquired 529.207 miles from the Erie Railway Company and 12.933 miles from the Newburgh and New York Railway Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

Erie Railway

Introductory

The accounting records of the Erie Railway Company obtained were incomplete and fragmentary. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Although the property of the Erie Railway Company was conveyed to its successor by deed, dated April 27, 1878, the accounts of the company and its receivers for the result of corporate operations continued to May 31, 1878, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to May 31, 1878.

The records reviewed do not indicate that the Erie Railway Company was controlled by any individual or corporation on April 27, 1878, the date of its demise. On the other hand, the records reviewed indicate that this company, itself, controlled numerous other railroads, coal, and miscellaneous companies, a portion of whose several common-carrier properties it operated, but owing to the incomplete and fragmentary records neither a complete list of such companies nor the manner and extent of this company's control thereof could be definitely ascertained.

The property of this company was operated by its own organization from the date the original 466.926 miles was acquired, January 1, 1862, until the receivership, May 26, 1875. From that date the property was operated by receivers until it was surrendered to The New York, Lake Erie and Western Railroad Company, June 1, 1878, although it was conveyed to the latter company by deed, dated April 27, 1878. The railroad operated by the receivers was mostly a single-track, steam railroad, located in the States of New York, New Jersey, and Pennsylvania, and aggregating 965.624 miles. The owned mileage amounted to 529.207 miles and consisted of two main lines and one branch line. One main line extended from Piermont to Dunkirk, N. Y., and the other extended from Greycourt to Newburgh, N. Y.

The mileage operated under lease or through stock control amounted to 436.417 miles and consisted of numerous main lines, cut-offs, and branches that afforded access to Buffalo and Rochester, N. Y., many of the principal cities of New Jersey, and the coal fields of Pennsylvania. The Erie Railway Company used under trackage rights 5.105 miles of road of other carriers that afforded it access to the docks at Weehawken and Oak Cliff, N. J. The company had access to New York City through the operation of ferry service between that city and Jersey City, N. J.

Development of Fixed Physical Property

Of the 529.207 miles of road owned by the Erie Railway Company on the date of its demise, it had acquired 466.926 miles from The New York and Erie Rail Road Company and 62.281 miles from The Buffalo Branch of The Erie Railway Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

History of Corporate Financing

[...]

During the period that Jay Gould was president of the Erie Railway Company, certain of its securities were sold through the brokerage firm of Smith, Gould, Martin & Company, of New York City, of which Jay Gould was a member. This firm also made cash advances to the Erie Railway Company. In September, 1870, there was a balance due the Erie Railway Company by the above firm in the amount of $24,107,135.92, which was charged off to the investment in road and equipment account, and explained as follows:

“For settlement of account for sale of stock, etc., this being the difference between par value of stock and proceeds of sales.”

Following the resignation of Jay Gould, in 1872, as president of the Erie Railway Company, the latter brought suit against him for the recovery of amounts aggregating $9,726,541.26, which it claimed were due it. On December 18, 1872, a compromise settlement was effected with Jay Gould and certain assets were turned over to the Erie Railway Company, which were credited in an open account styled, “Reclamation”. The amounts credited to this account, as recorded in the records of the Erie Railway Company, were as follows:

Credits:

Investments in other companies, recorded value. $3,025,277.73

Real estate, including the Grand Opera House in New York City, appraised value. 3,000,000.00

Capital stock, preferred, of Erie Railway Company's own issue, par value. 35,049.00

Miscellaneous assets, subsequently collected in cash. 78,993.41

Total of above items. 6,139,320.14

Less—

Cash expended by the Erie Railway Company incident to acquirement of above. $221,037.51

Investment securities, $150,000 par value, owned by the Erie Railway Company but held by Jay Gould, recorded value. 90,000.00

311,037.51

Credit balance at May 31, 1878. 5,828,282.63

[...]

The New-York and Erie Rail-Road Company

Introductory

The property of The New-York and Erie Rail-Road Company was conveyed to its successor by deed dated December 28, 1861, but the accounts of the company and of the receivers, for the results of corporate operations, continued to December 31, 1861, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to December 31, 1861. The records reviewed do not indicate whether The New-York and Erie Rail-Road Company was controlled by any individual or corporation on December 28, 1861, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date the first section of its road was completed, in September, 1841, until the receivership, about August, 1859. From that date the property was operated by receivers until it was surrendered to the Erie Railway Company, January 1, 1862, although it was conveyed to the latter company by deed dated December 28, 1861. The railroad operated by the receivers of The New-York and Erie Rail-Road Company amounted to 645.983 miles, located in New York and Pennsylvania. The owned mileage amounted to 466.926 miles and consisted of a main line extending from Piermont to Dunkirk, N. Y., and a branch line extending from Greycourt to Newburgh, N. Y.

The mileage operated under lease amounted to 179.057 miles and consisted of two main lines, one extending from Jersey City, N. J., to the New York State line, the other extending from Elmira to Canandaigua, N. Y. The company had access to New York City through the operation of ferry service between that city and Jersey City, N. J.

Development of Fixed Physical Property

The entire 466.926 miles of railroad owned by the company on the date of its demise was acquired by construction. The records reviewed indicate that the construction work of The New-York and Erie Rail-Road Company was all performed by numerous contractors, none of whom appears to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

The Buffalo Branch of The Erie Railway Company

No accounting records of The Buffalo Branch of The Erie Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated hereinafter were obtained from the records of the Erie Railway Company. The Buffalo Branch of The Erie Railway Company was controlled by the Erie Railway Company on December 12, 1862, the date of its demise, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of The Buffalo Branch of The Erie Railway Company was operated by the receivers of The New-York and Erie Rail-Road Company from the date it was acquired, June 1, 1861, until December 31, 1861. From that date to the date of demise it was operated by the Erie Railway Company. The Buffalo Branch of The Erie Railway Company owned on the date of its demise 62.281 miles of single-track, standard-gage, steam railroad between Attica and Hornellsville, N. Y., which had been acquired from a purchasing committee who had acquired it at a foreclosure sale on March 21, 1861, from The Buffalo and New York City Railroad Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

The Buffalo and New York City Railroad; Formerly Named The Attica and Hornellsville Railroad

The accounting records of The Buffalo and New York City Railroad Company were of such a fragmentary nature that nothing of value could be obtained from them regarding its financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of bonds were obtained from a history of the Erie system, compiled by George H. Minor, an officer of the Erie. The records reviewed do not indicate whether The Buffalo and New York City Railroad Company was controlled by any individual or corporation on June 1, 1861, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated during its corporate life by its own organization, its receivers, and by the receivers of The New-York and Erie Rail-Road Company, exact dates unknown. The Buffalo and New York City Railroad Company owned on the date of its demise 95.143 miles of railroad. It consisted of a main line extending from Hornellsville to Buffalo, N. Y., and a branch line projecting from the latter city. Of the 95.143 miles of road owned by the company on the date of its demise, it had acquired 23 miles by purchase from The Buffalo and Rochester Railroad Company, and 72.143 miles by construction. It is not known whether the construction work was performed by company forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

Newburgh and New York Railway

No accounting records of the Newburgh and New York Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the accounting records of the Erie Railway Company and The New York, Lake Erie and Western Railroad Company. The Newburgh and New York Railway Company was controlled on November 2, 1895, the date of its demise, by The New York, Lake Erie and Western Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by the Erie Railway Company under lease from the date it was completed until June 1, 1878. From that date to the date of demise it was operated by The New York, Lake Erie and Western Railroad Company. The Newburgh and New York Railway Company owned on the date of its demise 12.933 miles of railroad between Newburgh Junction and Vail's Gate Junction, N. Y., which was acquired by construction. The construction work was performed by the Erie Railway Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

The Buffalo and South Western Rail Road

No accounting records of The Buffalo and South Western Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Erie, The New York, Lake Erie and Western Railroad Company and from reports filed by the company with this commission. The Buffalo and South Western Rail Road Company was controlled on November 19, 1895, the date of its demise, by the reorganization committee of The New York, Lake Erie and Western Railroad Company, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by its own organization from about December 11, 1877, to July 31, 1880, and from that date it was operated under agreement by The New York, Lake Erie and Western Railroad Company and its receivers, until it was surrendered to the Erie, November 30, 1895, although the agreement of merger into the latter company was dated November 19, 1895. The railroad owned by The Buffalo and South Western Rail Road Company consisted of 67.188 miles of single-track, standard-gage, steam railroad, extending from Buffalo to Jamestown, N. Y. This property was acquired from a purchasing committee, who had acquired it by referee's deed dated November 27, 1877, from The Buffalo and Jamestown Railroad Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

The Buffalo and Jamestown Railroad

No accounting records of The Buffalo and Jamestown Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from documents on file. The records re viewed do not indicate whether The Buffalo and Jamestown Railroad Company was controlled by any individual or corporation on November 27, 1877, the date of its demise, nor, on the other hand whether it controlled any common-carrier corporation.

The records reviewed indicate that the property of The Buffalo and Jamestown Railroad Company was not placed in operation prior to date of its demise. The Buffalo and Jamestown Railroad Company owned on the date of its demise 67.188 miles of railroad, extending from Buffalo to Jamestown, N. Y. This property was all acquired by construction. It could not be ascertained whether the construction work was performed by company forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

Erie International Railway

No accounting records of the Erie International Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of the Erie Railway Company and The New York, Lake Erie and Western Railroad Company. The Erie International Railway Company was controlled on November 30, 1895, the date of its demise, by the Erie, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common carrier corporation.

The property of the company was operated by the Erie Railway Company and its receivers, from the date it was placed in operation, about 1874, until May 31, 1878. From that date it was operated by The New York, Lake Erie and Western Railroad Company and its receivers, until the date of demise. The Erie International Railway Company owned on the date of its demise 4.310 miles of double-track, standard-gage, steam railroad, extending from International Junction to International Bridge, N. Y. This property was all acquired by construction. The records reviewed indicate that the construction work was performed by forces of the Erie Railway Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

The Lockport and Buffalo Rail Way

No accounting records of The Lockport and Buffalo Rail Way Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from a report filed by the company with this commission as of June 30, 1895. The Lockport and Buffalo Rail Way Company was controlled on November 30, 1895, the date of its demise, by the reorganization committee of The New York, Lake Erie and Western Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by The New York, Lake Erie and Western Railroad Company and its receivers under lease from about July 1, 1880, apparently the date it was completed, until the date of its demise. The Lockport and Buffalo Rail Way Company owned on the date of its demise 14.552 miles of single-track, standard-gage, steam railroad, extending from Lockport to North Tonawanda, N. Y. This property was all acquired by construction. It is not known whether the construction work was performed by forces of the company or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

The Buffalo, New York and Erie Railroad

No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of the Erie. The Buffalo, New York and Erie Railroad Company was controlled on April 11, 1896, the date of its demise, by the Erie through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement thereof to April 30, 1863. From that date the property was operated by the Erie Railway Company and its receiver under lease until June 1, 1873; from that date until November 30, 1895, it was operated by The New York, Lake Erie and Western Railroad Company and its receivers; and from December 1, 1895, until the date of demise, it was operated by the Erie. The Buffalo, New York and Erie Railroad Company owned on the date of its demise 141.976 miles of railroad. It consisted of a main line extending from Buffalo, via Avon, to Painted Post, N. Y., and a branch line projecting from Buffalo, N. Y. Of the 141.978 miles of road owned by The Buffalo, New York and Erie Railroad Company at the date of its demise, it had acquired 109.114 miles from certain trustees, who had acquired it from the Buffalo, Corning and New York Railroad Company, and 32.862 miles had been acquired from Aaron D. Patchin, who had acquired it from The Buffalo and New York City Railroad Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

Buffalo, Corning and New York Railroad; Formerly Named Buffalo and Conhocton Valley Rail Way

No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of capital stock and bonds were obtained from documents on file. The records reviewed do not indicate whether the Buffalo, Corning and New York Railroad Company was controlled by any individual or corporation on October 28, 1857, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of demise. The Buffalo, Corning and New York Railroad Company owned on the date of its demise 109.114 miles of railroad, extending from Attica, via Avon, to Painted Post, N. Y. This property was all acquired by construction. It is not known whether the construction work was performed by forces of the company or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

The Suspension Bridge and Erie Junction Railroad

No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of the Erie Railway Company, The New York, Lake Erie and Western Railroad Company, and the Erie, and from reports filed by the company with the New York Board of Railroad Commissioners. The Suspension Bridge and Erie Junction Railroad Company was controlled on April 11, 1896, the date of its demise, by the Erie through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by the Erie Railway Company and its receivers under lease from the date it was completed, about July 13, 1870, until May 30, 1878. From that date the property was operated by The New York, Lake Erie and Western Railroad Company and its receivers until November 30, 1895, and from December 1, 1895, to the date of demise it was operated by the Erie. The Suspension Bridge and Erie Junction Railroad Company owned on the date of its demise 25.815 miles of railroad. It consisted of a main line extending from East Buffalo to Suspension Bridge, N. Y., and a branch line known as the North Tonawanda Dock Line. The entire 25.815 miles of railroad owned by the company on the date of its demise was acquired by construction. It was not determined whether the construction work was per formed by forces of the company or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

The Union Steamboat Company

No accounting records of The Union Steamboat Company, with exception of those for the period February, 1869, to January, 1873, were obtained. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information indicated below pertaining to the period subsequent to January, 1873, has been taken from the accounting records of the Erie and of The New York, Lake Erie and Western Railroad Company. The Union Steamboat Company was controlled on July 7, 1896, the date of its demise, by the Erie through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The Union Steamboat Company owned and operated on the date of its demise a fleet of boats plying between Buffalo, N. Y., and various points on the Great Lakes. In addition, it owned dry docks and ship yards at Buffalo, N. Y., that had been acquired from The Union Dry Dock Company, a noncarrier corporation. The property of The Union Dry Dock Company was acquired by the company through articles of merger dated June 11, 1896, effective June 13, 1896.

Erie and Jersey Railroad

Introductory

Although the property of the Erie and Jersey Railroad Company was placed in operation in June, 1909, the company did not commence recording the results of the operations of its property in its books until February 11, 1915. The accounting data in this report, therefore, for the income from operations cover the period from February 11, 1915. The Erie and Jersey Railroad Company was controlled on February 26, 1915, the date of its demise, by the Erie, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by the Erie Terminals Railroad Company under lease from the date it was completed to February 11, 1915. From that date until date of demise, it was operated by the Erie under lease. The Erie and Jersey Railroad Company owned on the date of its demise 38.879 miles of double-track, standard-gage, steam railroad, extending from Highland Mills to Graham, N. Y.

Development of Fixed Physical Property

The entire 38.879 miles of railroad owned by the Erie and Jersey Railroad Company on the date of its demise was acquired by construction. The construction work was performed by forces of the Erie and by numerous contractors, none of whom appears to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.

Suffern Railroad

The Suffern Railroad Company was controlled on June 26, 1907, the date of its demise, by the Erie and Jersey Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation. The Suffern Railroad Company owned no railroad, but had made some minor expenditures in connection with the proposed construction of its property.

Genesee River Railroad

Introductory

The Genesee River Railroad Company was controlled on March 12, 1915, the date of its demise, by the Erie through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common carrier corporation. The property of the company was operated by the Erie under agreement and lease from the date it was completed to the date of demise. The Genesee River Railroad Company owned, on the date of its demise, 33.212 miles of single-track, standard-gage, steam railroad, extending from Hunts to Cuba Junction, N. Y.

Development of Fixed Physical Property

The entire 33.212 miles of railroad owned by the Genesee River Railroad Company on the date of its demise was acquired by construction. The construction work was performed by forces of the Erie and by numerous contractors, none of whom appears to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Erie.