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Interstate Commerce Commission, Valuation Reports, Volume 28

New Jersey Junction Railroad

Location and General Description of Property

The railroad of the New Jersey Junction Railroad Company, herein called the New Jersey Junction Railroad, is a standard-gage, steam railroad, located in northeastern New Jersey. The property comprises three sections of main line and one branch, aggregating 7.914 miles of first main track. One double-track main line extends from Weehawken to Pennsylvania Railroad Junction at Jersey City; another partly double-track main line extends from Monmouth Street, Jersey City, to a point near the Hoboken-Weehawken city line, and a single-track detached main line extends from West New York to Shadyside. The branch line is single track and projects to a connection with the Harsimus branch of The Pennsylvania Railroad Company at Jersey City. The company also owns 5.907 miles of second main track and 7.271 miles of yard tracks and sidings. Its road thus embraces 21.092 miles of all tracks wholly owned but not used.

The entire mileage of the New Jersey Junction Railroad is leased to other carriers for exclusive operation. The main line extending from Monmouth Street, Jersey City, to the Hoboken-Weehawken city line, 2.206 miles, is leased to and operated by the Erie Railroad Company. The remaining property, aggregating 5.708 miles, is leased to and operated by The New York Central Railroad Company. Further classification of the mileage used by each of the operating carriers is given in the trackage table in Appendix 1.

The New Jersey Junction Railroad is controlled by The New York Central Railroad Company and serves largely as a connection between the New York Central system and other trunk lines terminating at or near Jersey City and Weehawken.

Introductory

The New Jersey Junction Railroad is a corporation of the State of New Jersey, having its principal office at Weehawken, N.J. It is controlled by the New York Central Railroad Company through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation. The property of the New Jersey Junction Railroad has been operated during its corporate life as indicated below.

• Weehawken to Jersey City, N.J., and the Harsimus branch at Jersey City, N.J.:
  • The New York Central and Hudson River Railroad Company (first corporation), August 1, 1887, to April 16, 1913.
  • The New York Central and Hudson River Railroad Company (second corporation), April 16, 1913, to December 23, 1914.
  • The New York Central Railroad Company, December 23, 1914, to date of valuation.
• West New York to Shadyside, N.J.:
  • The New York Central and Hudson River Railroad Company (second corporation), October 24, 1914, to December 23, 1914.
  • The New York Central Railroad Company, December 23, 1914, to date of valuation.
• Jersey City to Hoboken, N.J.:
  • The New York, Lake Erie and Western Railroad Company, July 29, 1886, to November 14, 1895.
  • Erie Railroad Company, November 14, 1895, to date of valuation.

Corporate History

The New Jersey Junction Railroad was incorporated February 27, 1886, under the general laws of the State of New Jersey, for the purpose of constructing and operating a railroad with numerous branches in Husdon[sic] County, N.J., aggregating about 12 miles. Although the New Jersey Junction Railroad was incorporated February 27, 1886, as stated, it entered into a subsequent so-called consolidation and merger agreement on December 10, 1913, for the purpose of acquiring the property of the New Jersey Shore Line Railroad Company, and in this so-called consolidation and merger the corporate name of the consolidated and merged company was designated as the "New Jersey Junction Railroad Company." However, the accounting records were continuous from February, 1886, to date of valuation, no new securities were recorded as being issued in any such consolidation and merger, and the property so acquired was taken over by the New Jersey Junction Railroad as though by purchase or merger, and it is so considered in this report.

The New Jersey Junction Railroad had but one predecessor, the New Jersey Shore Line Railroad Company, which was incorporated March 2, 1886, under the general laws of the State of New Jersey. Its property, rights, and franchises were acquired by the New Jersey Junction Railroad, as stated above, under the so-called consolidation and merger agreement dated December 10, 1913, filed October 24, 1914.

The date of organization of the New Jersey Junction Railroad was February 27, 1886.

Development of Fixed Physical Property

The owned mileage of the New Jersey Junction Railroad, amounting to 7.914 miles, was acquired partly by construction, partly under so-called consolidation and merger agreement, and partly by purchase. The property constructed by the New Jersey Junction Railroad and its predecessor, the years when the various portions of the line were constructed, and the manner in which the New Jersey Junction Railroad acquired the property, are indicated in the following table.

Mileage inventoried as of date of valuation, 7.914 miles:

• Acquired by construction, 4.78 miles:
  • Weehawken to Jersey City, N.J., 1886-1887, 4.44 miles.
  • Harsimus branch at Jersey City, N.J., 1886-1887, .34 miles.
• Property acquired under so-called consolidation and merger agreement from the New Jersey Shore Line Railroad Company, Oct. 24, 1914:
  • Constructed by the New Jersey Shore Line Railroad Company, from West New York to Shadyside, N.J., prior to Mar. 14, 1911, .84 miles.
• Acquired by direct purchase from the Hoboken Land and Improvement Company, Mar. 1, 1886:
  • Jersey City to Hoboken, N.J., 2.80 miles.
• Less: Difference between total recorded mileage and mileage inventoried as of date of valuation, .506 miles.

The records reviewed do not indicate whether the construction work performed for the New Jersey Junction Railroad was done under contract or by company forces.

Leased Railway Property

The entire property of the New Jersey Junction Railroad has been operated by other carriers from the date of acquirement thereof to date of valuation. The description of the property so used, the period and terms of use, and the rentals accrued and credited to income for the year ending on date of valuation are as follows:

• Solely leased to—
  • The New York Central Railroad Company:
    • Portion Weehawken to Jersey City, N.J., 4.344 miles, West New York to Shadyside, N.J., 1.019 miles and the Harsimus branch at Jersey City, N.J., 0.345 mile, total 5.708 miles; for 100 years from July 1, 1886; stipulated payment to equal interest on first-mortgage bonds of lessor, together with all taxes, assessments, insurance, and expenses of organization. $68,000 rental.
  • Erie Railroad Company:
    • Portion Jersey City to Hoboken, N.J., 2.206 miles; for indefinite period from July 29, 1886; 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 or more than $49,000 per annum. The New York Central Railroad Company recorded as a credit to its income account for the year ending on date of valuation an amount of $46,137 representing the rental received from the Erie Railroad Company for the use of this property. ---

Predecessor Company

New Jersey Shore Line Railroad Company

Introductory

The New Jersey Shore Line Railroad Company was incorporated March 2, 1886, in the State of New Jersey. It was controlled on October 24, 1914, the date of consolidation and merger, by the New Jersey Junction Railroad through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of the company was operated, under lease, by The New York Central and Hudson River Railroad Company (first corporation) from the date it was completed to April 16, 1913. From the latter date until the date of consolidation and merger its property was operated by The New York Central and Hudson River Railroad Company (second corporation).

Although the property of the New Jersey Shore Line Railroad Company was acquired by its successor through consolidation and merger agreement effective October 24, 1914, the accounts of the company for the results of corporate operations continued to December 31, 1914, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to December 31, 1914.

The railroad operated by The New York Central and Hudson River Railroad Company (second corporation) and owned by the New Jersey Shore Line Railroad Company on the date of consolidation and merger amounted to 0.84 mile. It consisted of a single-track, standard-gage, steam railroad, extending from West New York to Shadyside, N.J.

Development of Fixed Physical Property

The entire 0.84 mile of road owned by the company on the date of consolidation and merger had been acquired by construction prior to March 14, 1911. It is not known whether the construction work was performed by the company's forces or by contract.