Wikipedia:WikiProject Trains/ICC valuations/Morris and Essex Railroad

Interstate Commerce Commission, Valuation Reports, Volume 39

The Morris and Essex Railroad

Location and General Description of Property

The railroad of The Morris and Essex Railroad Company, hereinafter called the Morris and Essex, is located within the State of New Jersey and consists of 120.240 miles of road. Its main lines extend from Hoboken via Newark to Denville, and from Bergen Junction (Hoboken) via Paterson to Phillipsburg, a portion of which forms a part of the Lackawanna's main line between Hoboken and Buffalo.

Introductory

The Morris and Essex is a corporation of the State of New Jersey, having its principal office in New York, N. Y. The records reviewed do not indicate that the company is controlled by any individual or corporation. On the other hand, this company controls, through ownership of a majority of the capital stock, the Sussex Railroad Company, whose property at date of valuation was operated by the United States Railroad Administration. The property of the Morris and Essex was operated by its own organization from November, 1836, when a portion of the road was completed, to December 31, 1868; by the Lackawanna from January 1, 1869, to December 31, 1917; and by the United States Railroad Administration from the latter date to date of valuation as a part of the operating unit of the Lackawanna.

Corporate History

The Morris and Essex was incorporated January 29, 1835, by special act of the State of New Jersey. The date of organization of the Morris and Essex was March 23, 1835. The property of the Morris and Essex was sold under foreclosure on April 18, 1842, and was redeemed by its stockholders on May 28, 1842, under a special act of New Jersey dated March 1, 1842.

Development of Fixed Physical Property

The owned mileage of the Morris and Essex, 120.240 miles, was acquired by purchase and construction, as indicated in the following table:

	Mileage
Acquired by purchase:
From The New Jersey Railroad and Transportation Company, East Newark Junction to Newark, NJ, deed dated Jan. 1, 1866	0.996
From The Hoboken Land and Improvement Company, Hoboken to East Newark, N. J., deed dated May 27, 1864	7.41
Acquired by construction:	113.37
Newark to Morristown, N. J., 1838
Morristown to Dover, N. J., 1846-1848
Dover to Hackettstown, N. J., 1852-1854
Hackettstown to Phillipsburg, N. J., 1863-1866
Denville to Bergen Junction, N. J., 1866-1870
Original mileage acquired.	121.776
New construction and relocation of line.	25.419
Total mileage acquired.	147.195
Less abandonments and relocation of line.	26.955
Mileage inventoried as of date of valuation.	120.240

Leased Railway Property

The entire property of the Morris and Essex is leased to the Lackawanna in perpetuity from December 31, 1868. The terms of the lease and the rental accruing for the year ending December 31, 1917, are given in the chapter on leased railway property of the report on the Lackawanna.