Wikipedia:WikiProject Trains/ICC valuations/Nyack and Southern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Nyack and Southern Railroad

Location and General Description of Property

The railroad of the Nyack and Southern Railroad Company, herein called the Nyack and Southern, is located entirely within the State of New York and extends from Sparkill to Nyack, 4.343 miles, of which 0.046 mile is double-tracked. This property likewise forms a part of the branch line between Jersey City, N. J., and Nyack, N. Y.

Introductory

The Nyack and Southern is a corporation of the State of New York, having its principal office at New York, N. Y. No general accounting records of the Nyack and Southern 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 a balance sheet statement as of the date of valuation, certified by the comptroller of the company, filed with us.

The Nyack and Southern is controlled by the Northern Railroad Company of New Jersey through ownership of all of its outstanding capital stock. The records reviewed do not indicate that this company controls any common-carrier corporation.

The property was operated by the Erie from the date it was acquired, December 16, 1899, to December 31, 1917. The common-carrier property of the company was taken over for operation by the United States Railroad Administration on January 1, 1918, as part of the system of the Erie, and it is so operated on date of valuation.

Corporate History

The Nyack and Southern was incorporated June 12, 1899, under the general laws of New York, for the purpose of acquiring the property, rights, and franchises of The Nyack and Northern Railroad Company. The date of its organization was July 27, 1899.

The Nyack and Northern, the only predecessor of the Nyack and Southern, was incorporated November 25, 1868, under the general laws of the State of New York. Its property, rights, and franchises were sold at foreclosure July 23, 1892, and were acquired by the Nyack and Southern on December 16, 1899.

Development of Fixed Physical Property

The entire owned mileage of the Nyack and Southern, extending from Sparkill to Nyack, N. Y., 4.343 miles, was acquired through reorganization after foreclosure sale. This mileage was constructed by The Nyack and Northern Railroad Company about 1869 to 1870.

Leased Railway Property

The common-carrier property of the Nyack and Southern is operated by the United States Railroad Administration as part of the system of the Erie. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the Erie.

Predecessor Company

The Nyack and Northern Railroad

Introductory

The Nyack and Northern Railroad Company was controlled by the Northern Railroad Company of New Jersey on July 23, 1892, the date its property was sold at foreclosure, through ownership of a majority of its outstanding capital stock. On the other hand, the records reviewed do not indicate that the company, itself, controlled any other 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 January 1, 1870, to June 1, 1878. From that date to December 1, 1895, it was operated by The New York, Lake Erie and Western Railroad Company and its receivers, and from the latter date until the property was conveyed to its successor on December 16, 1899, it was operated by the Erie. The railroad owned by the company on the date of its sale consisted of 4.343 miles of mostly single-track, standard-gage, steam railroad, extending from Sparkill to Nyack, all in the State of New York.

Although the property was sold on July 23, 1892, the company maintained its corporate organization until about 1912. Its accounts were closed as of June 30, 1892; therefore, the accounting data in this report are those afforded by these records.

Development of Fixed Physical Property

The entire 4.343 miles of road owned by The Nyack and Northern Railroad Company on the date of its sale had been acquired by construction. The records reviewed indicate that the construction work was performed by independent contractors. 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 Nyack and Southern.