Wikipedia:WikiProject Trains/ICC valuations/New York and Harlem Railroad

Interstate Commerce Commission, Valuation Reports, Volume 27

The New York and Harlem Railroad

Location and General Description of Property

The railroad of The New York and Harlem Railroad Company, herein called the New York and Harlem, is located within the State of New York and extends from Grand Central Terminal, Forty-second Street, New York City, to Chatham, a distance of 127.436 miles, with branch lines projecting from Melrose to Port Morris and from Golden Bridge to Lake Mahopac. The railroad embraces 136.497 miles of road, with 56.256 miles of second, 13.310 miles of third, and 13.255 miles of fourth main tracks. The railroad is operated by steam, except that the part of the line extending from Grand Central Terminal to Mott Haven is operated by electricity, and the part of the line from Mott Haven to Croton and from Mott Haven to North White Plains, which is operated by electricity for passenger service and by steam for freight service. That portion of the road between the terminal and Mott Haven Junction, a distance of about 5 miles, forms a part of the New York Central's principal main line to Chicago. A building located at Mount Vernon, N.Y., owned by this company is leased to the American Express Company.

Introductory

The New York and Harlem is a corporation of the State of New York, having its principal office at New York, N.Y. It was incorporated originally as New York and Harlem Rail-Road Company, which was later changed to The New York and Harlem Railroad Company, the present name. The New York and Harlem is controlled by the New York Central through ownership of a majority of its capital stock. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation.

The steam railroad property of the New York and Harlem was operated by its own organization from the date the first section was placed in operation in 1832 to April 1, 1873. From the latter date to date of valuation such property has been operated under lease by the New York Central and its predecessor, The New York Central and Hudson River Railroad Company. The street railway property owned by the New York and Harlem located in New York City was operated by its own organization from 1832 to July 1, 1896. From the latter date to date of valuation such property has been operated under lease by the Manhattan Street Railway Company and its successor, the New York Railways Company.

Corporate History

The New York and Harlem was incorporated April 25, 1831, under special act of the New York Legislature, for the purpose of constructing a railroad from Twenty-third Street, New York City, to Harlem River. The date of organization of the New York and Harlem has not been ascertainable from the records reviewed. The franchises and privileges granted by the original act have been increased from time to time by amendatory acts. These amendments included, among other things, the change of name and extension of the corporate existence of the company for 500 years from April 16, 1839, and the extension of its road to Albany and Troy, N.Y.

The New York and Harlem acquired the property, rights, and franchises of The New York and Albany Rail Road Company and The New York and Mahopac Railroad Company. It also acquired certain railroad property from an individual. The New York and Harlem and its predecessors total three different corporations and one noncorporation, of which one underwent a change of name, and comprise the line of corporate succession culminating in the New York and Harlem as at present constituted. The following chart shows the names of the corporations and the noncorporation, 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	The New York and Harlem Railroad Company.	See 2.
2	New York and Harlem Rail-Road Company.	Under special act of New York Legislature, approved Apr. 25, 1831.	Name changed to 1, Apr. 16, 1859.
3	The New York and Albany Rail Road Company.	Under special act of New York Legislature, approved Apr. 17, 1832.	Sold to 2, Mar. 9, 1846.
4	Gouverneur Morris (Morris Branch Road).	Not a corporation.	Sold to 2, Aug. 29, 1853.
5	The New York and Mahopac Railroad Company.	Under general laws of New York, Mar. 7, 1871.	Merged, June 8, 1880, into 1.

Development of Fixed Physical Property

The road owned by the New York and Harlem, amounting to 136.497 miles, was acquired partly by construction and partly by purchase and merger.

The data with respect to the miles of road constructed by the New York and Harlem, itself, and its predecessors in ownership, the years in which the various portions of the line were constructed, and the manner in which the New York and Harlem acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained.

Mileage inventoried as of date of valuation. 136.497 miles.

• Acquired by construction: 127.36 miles.
  • The following includes the completion of certain construction work done by The New York and Albany Rail Road Company.
    • Forty-second Street to Yorkville, New York City, 1834. 2.20
    • Yorkville to Harlem, N.Y., 1837. 2.23
    • Harlem to Williams Bridge, N.Y., 1842. 6.26
    • Williams Bridge to White Plains, N.Y., 1844. 12.00
    • White Plains to Croton Falls, N.Y., 1847. 25.25
    • Croton Falls to Dover Plains, N.Y., 1848. 28.91
    • Dover Plains to Chatham, N.Y., 1852. 50.51
• Acquired by purchase and merger:
  • From The New York and Albany Rail Road Company, Mar. 9, 1846—
    • Certain partially constructed road from Harlem River through Morrisania, N.Y.
  • From Gouverneur Morris (Morris Branch Road), Aug. 29, 1853—
    • Melrose to Port Morris, N.Y., 1849. 1.83
  • From The New York and Mahopac Railroad Company, June 8, 1880—
    • Goldens Bridge to Lake Mahopac, N.Y., 1872. 7.22
• Difference between total recorded mileage and mileage inventoried as of date of valuation. 0.087

Miscellaneous Physical Property

The investment of the New York and Harlem in miscellaneous physical property on date of valuation is stated in its books as $138,433.64, representing certain lands located at One Hundred and Thirty-fourth and One Hundred and Thirty-fifth Streets and Park and Madison Avenues in New York City, acquired for cash.

[...]

Leased Railway Property

The entire steam railroad property of the New York and Harlem, including the Grand Central Depot in New York City is leased to the New York Central under a lease dated April 1, 1873, for a term of 401 years, with exception of certain real estate in New York City, subject, however, to the provisions of a contract dated March 17, 1848, granting to The New York, New Haven and Hartford Railroad Company the joint use of the Grand Central Depot and certain tracks between Woodlawn, N.Y., and Forty-second Street in New York City. The above agreement dated March 17, 1848, and a certain agreement dated November 1, 1872, covering the joint use and operation of the Grand Central Depot, and known as the "tripartite lease," as modified by four agreements dated December 31, 1885, July 14, 1897, August 17, 1898, and March 23, 1899, were by the terms of the lease dated April 1, 1873, assigned and transferred by the New York and Harlem to the New York Central.

The terms of the lease and the rental accrued for the year ended on date of valuation are given in the chapter on leased railway property in the report on the New York Central.

That portion of the property of the New York and Harlem, known as its street railways, embracing 9.80 miles of tracks in New York City, is leased to the New York Railways Company, successor of the Metropolitan Street Railway Company, for a term of 999 years from July 1, 1896. The stipulated payment for the use of this property is $400,000 per annum, plus $2,500 per annum for maintenance of investment organization, also maintenance and taxes. The rental accrued and credited to income for the year ending on date of valuation amounted to $402,500.