Wikipedia:WikiProject Trains/ICC valuations/Erie Terminals Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Erie Terminals Railroad

Location and General Description of Property

The railroad of the Erie Terminals Railroad Company, herein called the Erie Terminals Railroad, is a standard-gage, steam railroad, located in northeastern New Jersey. The property comprises two separated sections of road, including an important railroad bridge, aggregating 1.784 miles of first main track and 0.538 mile of second main track, with 1.675 miles of yard tracks and sidings. Its road thus embraces 3.997 miles of all tracks wholly owned but not used. The entire mileage of the Erie Terminals Railroad is leased to other carriers for exclusive operation. One section of road consisting of a double-track railroad bridge over the Hackensack River near Secaucus, 0.208 mile in length, is leased to and operated by the Erie. The other section, comprising a main line extending from Edgewater to Undercliff, a distance of 1.576 miles, is leased to and operated by the New York, Susquehanna and Western Railroad Company.

Introductory

The Erie Terminals Railroad is a corporation of the State of New Jersey, having its principal office at Jersey City, N. J. Although the Erie Terminals Railroad acquired its original 1.576 miles of road on May 16, 1907, it did not commence recording the operations thereof in its income accounts until January 1, 1909. The accounting data in this report, therefore, for the results of corporate operations, cover the period from January 1, 1909.

It is controlled by the Erie Railroad Company and the New York, Susquehanna and Western Railroad Company jointly through ownership of its entire outstanding capital stock. The records do not indicate that this company controls any common-carrier corporation.

The property of the Erie Terminals Railroad has been operated during its corporate life as indicated below.

Portion, Edgewater to Undercliff, N. J.:

New York, Susquehanna and Western Railroad Company Unknown date to Dec. 31, 1917.

United States Railroad Administration as part of operating system of New York, Susquehanna and Western Railroad Company Jan. 1, 1918, to date of valuation.

Bridge and approaches near Secaucus, N. J.:

Erie Railroad Company 1913 to Dec. 31, 1917.

United States Railroad Administration as part of operating system of Erie Railroad Company Jan. 1, 1918, to date of valuation.

Corporate History

The Erie Terminals Railroad was incorporated February 11, 1907, under the general laws of New Jersey for the purpose of constructing and operating a railroad from a point on the New Jersey-New York State line near Mahwah, N. J., to Jersey City, N. J., about 30 miles.

The Erie Terminals Railroad entered into a subsequent so-called consolidation and merger agreement on April 22, 1907, filed in New Jersey May 16, 1907, for the purpose of acquiring the property of The Edgewater and Fort Lee Railroad Company, incorporated under the general laws of New Jersey, September 6, 1901, and in this so-called consolidation and merger the name of the consolidated company was designated as the "Erie Terminals Railroad Company." However, the accounting records were continuous from February 11, 1907, to date of valuation, no new securities were issued in any such consolidation, and the property so acquired was taken over by the Erie Terminals Railroad as though by purchase or merger and it is so considered in this report.

The date of organization of the Erie Terminals Railroad was not determined.

Development of Fixed Physical Property

The owned mileage of the Erie Terminals Railroad, 1.784 miles, was acquired partly by construction and partly under so-called consolidation and merger agreement. Of this mileage, 0.208 mile, together with a bridge across the Hackensack River, was constructed by the Erie Railroad Company and independent contractors for the company during 1912 and 1913. The remaining mileage, 1.576 miles, was acquired under a so-called consolidation and merger agreement, from The Edgewater and Fort Lee Railroad Company, and was constructed by that company prior to 1906. There is a difference of 0.359 mile between the recorded mileage of the company, 2.143 miles, and the mileage, 1.784 miles, inventoried as of date of valuation.