Wikipedia:WikiProject Trains/ICC valuations/Paterson, Newark and New York Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

The Paterson, Newark & New York Railroad

Location and General Description of Property

The railroad of The Paterson, Newark and New York Railroad Company, herein called the Paterson, Newark and New York, is a branch line located entirely within the State of New Jersey and extends from Newark to Paterson, 10.825 miles, of which 0.732 mile is double-tracked.

Introductory

The Paterson, Newark and New York is a corporation of the State of New Jersey, having its principal office at Jersey City, N. J. No accounting records of the company 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 date of valuation, certified by the comptroller of the company, filed with us, and from other sources. Although the Paterson, Newark and New York acquired title to its original property on January 28, 1872, the records reviewed show that the Erie Railway Company commenced the operation thereof, on January 19, 1872.

The company is controlled by the Erie through ownership of its entire out standing capital stock. The records reviewed do not indicate that this company controls any common-carrier corporation.

The property of the Paterson, Newark and New York was operated by the Erie Railway Company and its receivers from the date of its acquirement, January 19, 1872, 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. From the latter date to December 31, 1917, the property was operated by the Erie. The common-carrier property of this 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 Paterson, Newark and New York was incorporated January 19, 1872, under the general laws of New Jersey, for the purpose of acquiring the property, rights, and franchises of The Paterson and Newark Railroad Company, which was done. The latter company was incorporated April 7, 1864, under special act of the Legislature of New Jersey. Its property, rights, and franchises were sold at foreclosure on August 1, 1871, and were conveyed to the Paterson, Newark and New York by deed dated January 28, 1872. The date of organization of the Paterson, Newark and New York was January 19, 1872.

Development of Fixed Physical Property

The owned mileage of the Paterson, Newark and New York, 10.825 miles, was all acquired by purchase after foreclosure proceedings, from The Paterson and Newark Railroad Company. It was constructed by that company during the period from about 1864 to 1869. There is a difference of 0.050 mile, between the mileage recorded by this company, 10.875 miles, and the mileage, 10.825 miles, inventoried as of date of valuation.

Leased Railway Property

The common-carrier property of the Paterson, Newark and New York is operated on date of valuation 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 Paterson and Newark Railroad

No accounting records of the company were 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 the accounting records of the Erie Railway Company. The Paterson and Newark Railroad Company was controlled on November 2, 1871, the date of its demise, by the Erie Railway Company through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it controlled any common-carrier corporation.

The property of the company was operated by its own organization and apparently its receivers from the date of acquirement thereof, about 1869, until it was surrendered to the Paterson, Newark and New York, January 19, 1872, although it was not conveyed to the latter company until January 28, 1872. The railroad owned by The Paterson and Newark Railroad Company consisted of 10,875 miles[sic] of single-track, standard-gage, steam railroad, extending from Newark to Paterson, N. J. This property was all acquired by construction. The construction was performed by various contractors, but it could not be determined whether any of them were affiliated with the company. 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 Paterson, Newark and New York.