Wikipedia:WikiProject Trains/ICC valuations/Passaic and Delaware Extension Railroad

Interstate Commerce Commission, Valuation Reports, Volume 39

The Passaic and Delaware Extension Railroad

Location and General Description of Property

The railroad of The Passaic and Delaware Extension Railroad Company, hereinafter called the Passaic and Delaware Extension, is a single-track line located within the State of New Jersey and extending from Bernardsville to Gladstone, a distance of 7.405 miles.

Introductory

The Passaic and Delaware Extension is a corporation of the State of New Jersey, having its principal office at New York, N. Y. The accounting records of this company do not include the results of its corporate operations. The company is controlled by Grant B. Schley through ownership of a majority of its outstanding capital stock. On the other hand, the records do not indicate that this company controls any common-carrier corporation. The property was operated by the Lackawanna from November 6, 1890, when it was placed in operation, to December 31, 1917, and by the United States Railroad Administration from that date to date of valuation as a part of the operating unit of the Lackawanna.

Corporate History

The Passaic and Delaware Extension was incorporated April 18, 1890, under the general laws of the State of New Jersey, and was organized on the same date.

Development of Fixed Physical Property

The mileage owned, extending from Bernardsville to Gladstone, N. J., 7.405 miles, was constructed by the Lackawanna for the Passaic and Delaware Extension during the period from April, 1890, to November 6, 1890.

Leased Railway Property

The entire property of the Passaic and Delaware Extension has been leased to the Passaic and Delaware from May 1, 1890, for the period of its corporate existence. The lease was acquired by the Lackawanna through its lease of the property of the Passaic and Delaware. The terms of the lease and the rental accrued for the year ended December 31, 1917, are given in the chapter on leased railway property of the report on the Lackawanna.