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

Interstate Commerce Commission, Valuation Reports, Volume 39

The Passaic and Delaware Railroad

Location and General Description of Property

The railroad of The Passaic and Delaware Railroad Company, hereinafter called the Passaic and Delaware, is a single-track line located within the State of New Jersey and extending from Summit to Bernardsville, a distance of 13.899 miles.

Introductory

The Passaic and Delaware is a corporation of the State of New Jersey, having its principal office at New York, N. Y. It is controlled by the Lackawanna 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 of the Passaic and Delaware was operated by its own organization from the date of acquisition to October 31, 1882. From that date to December 31, 1917, it was operated by the Lackawanna. From January 1, 1918, to date of valuation it has been operated by the United States Railroad Administration, as a part of the operating unit of the Lackawanna.

Corporate History

The Passaic and Delaware was incorporated October 29, 1878, under the general laws of the State of New Jersey, for the purpose of acquiring the property, rights, and franchises of the New Jersey West Line Railroad Company. Pursuant to the above purpose, the Passaic and Delaware acquired at its organization the property, rights, and franchises formerly owned by the New Jersey West Line Railroad Company which had been sold at foreclosure on September 12, 1878. The New Jersey West Line Railroad Company was incorporated March 29, 1865, under a special act of the State of New Jersey as the Passaic Valley and Peapack Railroad Company. The name was changed on February 15, 1870.

Development of Fixed Physical Property

The mileage owned by the Passaic and Delaware, 13.899 miles, extending from Summit to Bernardsville, N. J., was acquired by purchase from the New Jersey West Line Railroad Company, and was constructed by the last-mentioned company during the years 1870 to 1874, inclusive.

Leased Railway Property

The entire property of the Passaic and Delaware is leased to the Lackawanna from November 1, 1882, for the period of its corporate existence. 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.

Predecessor Company

New Jersey West Line Railroad Company, Originally Named Passaic Valley and Peapack Railroad Company

The accounting records of the company were not obtained. Therefore no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from court records. The records reviewed did not indicate whether the New Jersey West Line Railroad Company was controlled by any individual or corporation on September 12, 1878, the date of its demise, or, on the other hand, whether it controlled any common-carrier corporation.

The New Jersey West Line Railroad Company owned on the date of its demise approximately 15 miles of railroad, extending from Summit Junction to Bernardsville, N. Y. This property was all acquired by construction. It is not known whether the construction work was performed by the forces of the New Jersey West Line Railroad Company or by contract.

The property of the New Jersey West Line Railroad Company, which included both road and equipment, was sold under foreclosure on September 12, 1878, to Roswell G. Ralston for $51,580.