Wikipedia:WikiProject Trains/ICC valuations/Staten Island Rapid Transit Railway

Interstate Commerce Commission, Valuation Reports, Volume 42

Staten Island Rapid Transit Railway

Location and General Description of Property

The railroad operated by the Staten Island Rapid Transit Railway Company, herein called the Staten Island Rapid Transit, is a standard-guage, steam-railroad, located in New York and New Jersey. Practically the entire property is located on Staten Island. Borough of Richmond, city of New York. This company is controlled by the Baltimore and Ohio, and its property forms an important part of the latter carrier's system.

The property owned by the Staten Island Rapid Transit consists of a double-track railroad extending northwesterly from South Beach, Staten Island, N. Y., to the west pier of Arthur Kill Bridge, Elizabeth, N. J., with important ferry connection facilities at St. George. The company owns 11.244 miles of first main, 11.080 miles of second main, 0.586 mile of third main, and 0.579 mile of fourth main tracks.

The Staten Island Railway Company, herein called the Staten Island Railway, whose entire common-carrier property is leased to and operated by the Staten Island Rapid Transit, owns a double-track railroad extending from a junction with the lessee's road at Clifton Junction, southwesterly to Tottenville, Staten Island, N. Y., with a ferry line operating between Tottenville, N. Y. and Perth Amboy, N. J. This company owns 12.641 miles of first main and 11.817 miles of second main tracks.

The Staten Island Rapid Transit wholly owns and uses 81.069 miles of all tracks and wholly uses but does not own 28.352 miles of all tracks. These tracks, consisting of first, second, third, and fourth main tracks and yard tracks and sidings, are classified in appendix 1.

Track Mileage

The track mileage of the Staten Island Rapid Transit and its leased line consists of 11.244 miles of first main tracks, 12.245 miles of second and other main tracks, and 57.580 miles of yard tracks and sidings, a total of 81.069 miles, all wholly owned and used and 12.641 miles of first main tracks, 11.817 miles of second and other main tracks, and 3.894 miles of yard tracks and sidings, a total of 28.352, miles, wholly used but not owned, leased from the Staten Island Railway. The total of 109.421 miles of all tracks used is located in New York, with the exception of 0.077 mile of first main tracks, located in New Jersey.

Introductory

The Staten Island Rapid Transit is a corporation of New York, having its principal office in New York City. The company is controlled by the Baltimore and Ohio through ownership of its entire outstanding capital stock. On the other hand, the records do not indicate that the company controls any common-carrier corporation. The property of the Staten Island Rapid Transit was operated by its own organization from September 1, 1899, to December 31, 1917. Since January 1, 1918, the property has been operated by the United States Railroad Administration.

Corporate History

The Staten Island Rapid Transit was incorporated July 29, 1899, under the general laws of New York, for the purpose of acquiring the property, rights, and franchises of the Staten Island Rapid Transit Railroad Company which had been incorporated April 14, 1880, under the general laws of New York, and whose property had been sold under foreclosure April 20, 1899. The date of organization of the Staten Island Rapid Transit was July 31, 1899. Pursuant to the above purpose, the Staten Island Rapid Transit acquired at its organization the property, rights, and franchises of the corporation named.

Development of Fixed Physical Property

The road owned by the Staten Island Rapid Transit aggregates 11.244 miles of which 11.40 miles was acquired by reorganization, 0.04 mile by purchase, and 0.34 mile by construction, less 0.536 mile account revision of line.

The 11.40 miles was acquired from the Staten Island Rapid Transit Railroad Company which constituted the property as follows: Anschar to Arlington, N.Y., 8.56 miles, 1884 to 1887; Arlington, N.Y. to west pier of Arthur Kill Bridge, N.J., 1889; and Anschar to South Beach, N.Y., 1.12 miles, in 1892. The 0.04 mile, located at Clifton Junction, NY, was purchased from the Staten Island Railway Company which constructed the property during the period 1855 to 1860. The 0.34 mile, located at St. George, N.Y., was constructed by the company between 1904 and 1910. A portion of the road between Anschar and Arlington was built by contract.

Leased Railway Property

The Staten Island Rapid Transit leases the entire property of the Staten Island Railway for an indefinite period from July 1, 1916, at an annual rental of $22,995, which represents the amount of annual interest on its funded debt.

It leases from the city of Perth Amboy, N.J., under lease dated January 15, 1904, for a term of 25 years from January 2, 1904, a ferry slip at Perth Amboy, N.J., and the right to operate a ferry from the ferry slip to Staten Island. Terms $100 per annum for first 10 years and $200 per annum thereafter payable in equal semiannual payments.

It also leases from the City of New York under lease dated May 29, 1905, for 10 years renewable for two like periods, certain portions of the terminal passenger station at St. George, N.Y. Rental for first 10-year period, $8,780 per annum; second 10-year period, $9,658 per annum; third 10-year period, $10,623.80 per annum; all payable annually in advance.

Further, the Staten Island Rapid Transit uses on date of valuation, with out formal agreement, 30 steam locomotives and 57 units of work equipment owned by the Baltimore and Ohio. The compensation for use of locomotives is at the rate of one tenth of 1 cent per pound of tractive effort per day with a minimum of $50 per day and the rentals accrued at these varying amounts is charged to hire of equipment. The work equipment is used without recorded compensation.

Lessor Company

Staten Island Railway

Introductory

The Staten Island Railway is a corporation of New York, having its principal office at New York City, N.Y. It is controlled by the Baltimore and Ohio through ownership of capital stock. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation. The property of the Staten Island Railway was operated by its own organization from April 1, 1873, to July 31, 1884, and from July 14 to August 31, 1899; by the Staten Island Rapid Transit Railroad Company from August 1, 1884, to July 13, 1889, and by the Staten Island Rapid Transit from September 1, 1899, to December 31, 1917. Since January 1, 1918, it has been operated by the United States Railroad Administration as a part of the operating unit of the Staten Island Rapid Transit.

Corporate History

The Staten Island Railway was incorporated March 20, 1873, under the general laws of New York, for the purpose of acquiring the property, rights, and franchises of The Staten Island Rail Road Company which had been incorporated October 18, 1851, under the general laws of New York. The company was organized on March 20, 1873. Pursuant to the above purpose, the Staten Island Railway acquired at its organization the property, rights, and franchises of the corporation named, whose property had been sold under foreclosure August 27, 1872.

Development of Fixed Physical Property

Of the 12.641 miles of road owned by the Staten Island Railway, 12.629 miles extending from Clifton Junction to Tottenville, Staten Island, N.Y., was acquired by purchase from The Staten Island Rail Road Company and was constructed by that company and 0.012 mile was acquired by construction.

Leased Railway Property

The entire property of the Staten Island Railway is leased to the Staten Island Rapid Transit for an indefinite period from July 1, 1916, as stated in the report on that company.

Predecessor Companies

Staten Island Rapid Transit Railroad—Predecessor of the Staten Island Rapid Transit

Introductory

This company was incorporated April 14, 1880, under the general laws of New York. The records indicate that it was controlled by the Baltimore and Ohio on August 31, 1899, the date of reorganization, through ownership of capital stock. On the other hand, the records do not indicate that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from July 31, 1884, until the receivership of July 14, 1898. From that date to date of reorganization, it was operated by receivers. The railroad operated by the receivers of the company on date of reorganization was a standard-gage, steam railroad, located in New York and New Jersey, aggregating 23.55 miles, comprising 19.44 miles of double track and 4.11 miles of single track. The owned mileage amounted to 10.91 miles and consisted of a main line extending from South Beach, Staten Island, N.Y., to the west pier of Arthur Kill Bridge, Elizabeth, N.J. The mileage operated under lease amounted to 12.64 miles and extended from Clifton to Tottenville, Staten Island, N.Y.

Development of Fixed Physical Property

The 10.91 miles of road owned by the company on date of reorganization was acquired by construction. Details with respect to the construction of this property are given in the report on the Staten Island Rapid Transit.

The Staten Island Rail Road—Predecessor of the Staten Island Railway

This company was incorporated October 18, 1851, under the general laws of New York. The accounting records were of such a fragmentary nature that nothing of value could be obtained with respect to its financial dealings, corporate operation, or investments. However, certain information was obtained from other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 27, 1872, the date its property was sold under foreclosure, nor, on the other hand, whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from the date of completion in 1860 to March 28, 1872, and by receivers from the latter date to date of sale. This company owned on the date of sale, 12.66 miles of standard-gage railroad, between Clifton Junction and Tottenville, Staten Island, N.Y., which it had acquired by construction. The road was built during the period 1855 to 1860.