Wikipedia:WikiProject Trains/ICC valuations/Paterson and Ramapo Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

The Paterson and Ramapo Railroad

Location and General Description of Property

The railroad of The Paterson and Ramapo Railroad Company, herein called the Paterson and Ramapo, is located entirely within the State of New Jersey and extends from Paterson to the New Jersey-New York State line near Suffern, N. Y., 14.638 miles, with 12.572 miles of second, 9.962 miles of third, and 9.840 miles of fourth main tracks. This property likewise forms a part of the Erie's principal main line.

Introductory

The Paterson and Ramapo is a corporation of the State of New Jersey, having its principal office at Paterson, N. J. No general 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 this commission.

The records reviewed do not indicate that the Paterson and Ramapo is controlled by any individual or corporation. This company controls the Union Railroad Company through ownership of a majority of its outstanding capital stock.

The property of the Paterson and Ramapo has been operated during its corporate life as indicated below.

Own organization. March, 1842, to Sept. 14, 1852.

The New York and Erie Rail-Road Company and its receivers. Sept. 15, 1852, to Dec. 31, 1861.

Erie Railway Company and its receivers. Jan. 1, 1862, to May 31, 1878.

The New York, Lake Erie and Western Railroad Company and its receivers. June 1, 1878, to Nov. 30, 1895.

Erie. Dec. 1, 1895, to Dec. 31, 1917.

The common-carrier property of this company was taken over for operation by the United States Railroad Administration on January 1, 1918, as a part of the system of the Erie, and it is so operated on date of valuation.

Corporate History

The Paterson and Ramapo was incorporated March 19, 1841, under special act of the Legislature of New Jersey to construct and operate a railroad from Paterson to a point in Bergen County, N. J., on the New York State line. The date of its organization was not determined.

Development of Fixed Physical Property

The owned mileage of the Paterson and Ramapo, 14.638 miles, was all acquired by construction. It was completed and opened for operation in March, 1842. It is not known whether the original construction work was performed by forces of the company or by contract. There is a difference of 0.339 mile between the mileage reported by this company, 14.977 miles, and the mileage, 14.638 miles, inventoried as of date of valuation.

Leased Railway Property

The common carrier property of the Paterson and Ramapo 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.