Wikipedia:WikiProject Trains/ICC valuations/Erie Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Location and General Description of Properties
The Erie system comprises a trunk-line railroad between New York City and Chicago, Ill., the principal main line of which extends from Jersey City, N.J., westerly through Port Jervis, N. Y., Susquehanna, Pa., Elmira and Salamanca, N. Y., Youngstown and Akron, Ohio, to Marion, Ohio, a distance of about 729 miles. Projecting from this route are other main lines and branches extending to Scranton, Pa., Buffalo, Rochester, and Dunkirk, N. Y., Cleveland and Dayton, Ohio, and other points. The Erie also operates extensive terminal facilities at the port of New York which are reached by means of floating equipment operated on New York Bay. The lines of the Hudson and Manhattan Railroad Company connect with the Erie at Jersey City, at which point passenger traffic is exchanged for conveyance through the Hudson River tunnels to or from New York City. At various points connections are made by the Erie with separately operated controlled companies of its system. The Erie has exclusive use of other miscellaneous items of property, consisting of yard tracks, buildings, dock facilities, and land owned by other companies, individuals, or municipalities. It also has trackage rights over about 240 miles of the road of other carriers.

The Erie and the lines which it operates embrace 4,521.486 miles of all tracks, including 1,946.506 miles of first-main tracks and 6.199 miles of jointly owned and used tracks. It also owns but does not use 39.021 miles of all tracks, including 14.054 miles of first-main track, and jointly owns but does not use 0.113 mile of all tracks.

Economic Conditions Relating to Traffic
Farm development —The country traversed is largely fertile farming land. The principal agricultural products are grain, hay, fruits, and vegetables. Considerable attention is also given to dairying and stock raising.

Industrial development —The manufacturing industry in the region served by this road is varied and extensive. The principal industrial centers are the New York district, Elmira, Rochester, and Buffalo, N. Y.; Scranton, Pa.; and Cleveland, Youngstown, Akron, and Dayton, Ohio. The chief manufactures are automobiles, tires, chemicals, agricultural implements, railroad equipment and supplies, flour, food products, furniture and wooden ware, petroleum, cement, brick, and tile.

The road serves the coal fields of central Pennsylvania and its principal revenue tonnage consists of anthracite and bituminous coal, coke, and other products of mines. It also serves the large steel industries at Youngstown, Ohio.

Introductory
The Erie is a corporation of the State of New York, having its principal office at New York, N. Y. Although the Erie acquired title to its original property on November 14, 1895, it did not commence recording the results of the operations of its property in its books until December 1, 1895. The accounting data in this report, therefore, cover the period from December 1, 1895.

The records reviewed do not indicate that the Erie is controlled by any individual or corporation. On the other hand, the Erie solely controls, directly or indirectly, 27 railroad companies, whose several common-carrier properties comprise a portion of the Erie operating system. The names of these companies, together with a statement showing how and the extent of the Erie's control, are given below:

The Erie controls, further, solely or jointly, directly or indirectly, 16 railroad companies, 5 terminal and belt-line companies, 2 steamship companies, 3 electric lines, 5 coal companies, 5 land and holding companies, and 2 miscellaneous companies, that are all operated independently. The names of these companies, together with a statement showing how and the extent of the Erie's control, are given below.

The property of the Erie was operated by its own organization from December 1, 1895, to December 31, 1917, except the portion extending from Buffalo to Lockport, N. Y., that has been operated by the International Railway Company, an electric railroad company, from June 1, 1898, to date of valuation. On January 1, 1918, the common-carrier property of the Erie, except the portion referred to above, was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History
The Erie was incorporated November 14, 1895, under the general laws of the State of New York for the purpose of acquiring the property, rights, and franchises of The New York, Lake Erie and Western Railroad Company. Pursuant to this purpose, the Erie acquired at its organization the property, rights, and franchises of that company. It also acquired by merger the property, rights, and franchises of eight other railroad corporations. The Erie itself and those corporations, together with their predecessors, total 18 different corporations, of which two underwent a change of name, and comprise the line of corporate succession culminating in the Erie as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Development of Fixed Physical Property
The owned mileage of the Erie, amounting to 871.354 miles, was acquired partly by purchase and partly by merger. Of the 17 corporations that comprise the line of succession culminating in the Erie as at present constituted, six corporations did not construct any miles of road. These companies were The New York, Lake Erie and Western Railroad Company; Erie Railway Company; The Buffalo branch of The Erie Railway Company; The Buffalo and South Western Rail Road Company; The Buffalo, New York and Erie Railroad Company; Suffern Railroad Company.

The data with respect to the miles of road constructed by the remaining corporations, together with that purchased by one of the predecessors from The Buffalo and Rochester Railroad Company, the years when the various portions of the line were constructed, and the manner in which the Erie acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.

Leased Railway Property
The property of the Erie, together with the properties of others that it used by virtue of stock control or lease, devoted to common-carrier purposes, except the section operated by the International Railway Company, was taken over for operation by the United States Railroad Administration on January 1, 1918, and is so operated on date of valuation. The arrangements of the Erie with other carriers, in effect December 31, 1917, covering the use of joint facilities, have been continued by the United States Railroad Administration during the period January 1, 1918, to date of valuation.

The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending December 31, 1917, are as follows: There are other facilities of minor importance, such as stations, yard tracks, and sidings, in which the Erie grants or receives joint use, that are not listed in this chapter.

The New York, Lake Erie and Western Railroad
Introductory

The property of The New York, Lake Erie and Western Railroad Company was conveyed to its successor by deed dated November 14, 1895, but the accounts of the company and of the receivers, for the results of corporate operations, continued to November 30, 1895, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to November 30, 1895.

The records reviewed do not indicate that The New York, Lake Erie and Western Railroad Company was controlled by any individual or corporation on November 11, 1895, the date of its demise. On the other hand, this company, itself, controlled directly or indirectly, 19 railroad companies, whose several common carrier properties it operated under a lease or through stock control. The names of these companies, together with a statement showing how and the extent of this company's control, are given below.

The New York, Lake Erie and Western Railroad Company also controlled, solely or jointly, five railroad companies, one steamship company, four coal companies, and one ferry company that were all operated independently, shown as follows:

The property of this company was operated by its own organization from the date the original 529.207 miles was acquired, June 1, 1878, until the receivership, July 25, 1893. From that date the property was operated by receivers until it was surrendered to the Erie, December 1, 1895, although it was conveyed to the latter company by deed dated November 14, 1895. The railroad operated by the receivers was a single-track, standard-gauge, steam railroad, located in the States of New York, New Jersey, Pennsylvania, and Ohio and aggregating 1,702.028 miles. The owned mileage amounted to 542.140 miles, and consisted of a main line extending from Piermont to Dunkirk, N. Y., with three other main lines diverging therefrom, one of which extended from Hornell to Attica, one from Greycourt to Newburgh, and the other extended from Newburgh Junction to Vails Gate Junction, all in the State of New York.

The mileage operated under lease or through stock control amounted to 1,159.888 miles and consisted of a network of main lines, cut-offs, and branches that afforded access to Buffalo and Rochester, N. Y., many of the principal cities of New Jersey and Ohio, and the coal fields of Pennsylvania. The company had access to New York City through the operation of ferry service between that city and Jersey City, N. J.

Development of Fixed Physical Property

Of the 542.140 miles of road owned by The New York, Lake Erie and Western Railroad Company on the date of its demise, it had acquired 529.207 miles from the Erie Railway Company and 12.933 miles from the Newburgh and New York Railway Company. 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 Erie.

Erie Railway
Introductory

The accounting records of the Erie Railway Company obtained were incomplete and fragmentary. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Although the property of the Erie Railway Company was conveyed to its successor by deed, dated April 27, 1878, the accounts of the company and its receivers for the result of corporate operations continued to May 31, 1878, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to May 31, 1878.

The records reviewed do not indicate that the Erie Railway Company was controlled by any individual or corporation on April 27, 1878, the date of its demise. On the other hand, the records reviewed indicate that this company, itself, controlled numerous other railroads, coal, and miscellaneous companies, a portion of whose several common-carrier properties it operated, but owing to the incomplete and fragmentary records neither a complete list of such companies nor the manner and extent of this company's control thereof could be definitely ascertained.

The property of this company was operated by its own organization from the date the original 466.926 miles was acquired, January 1, 1862, until the receivership, May 26, 1875. From that date the property was operated by receivers until it was surrendered to The New York, Lake Erie and Western Railroad Company, June 1, 1878, although it was conveyed to the latter company by deed, dated April 27, 1878. The railroad operated by the receivers was mostly a single-track, steam railroad, located in the States of New York, New Jersey, and Pennsylvania, and aggregating 965.624 miles. The owned mileage amounted to 529.207 miles and consisted of two main lines and one branch line. One main line extended from Piermont to Dunkirk, N. Y., and the other extended from Greycourt to Newburgh, N. Y.

The mileage operated under lease or through stock control amounted to 436.417 miles and consisted of numerous main lines, cut-offs, and branches that afforded access to Buffalo and Rochester, N. Y., many of the principal cities of New Jersey, and the coal fields of Pennsylvania. The Erie Railway Company used under trackage rights 5.105 miles of road of other carriers that afforded it access to the docks at Weehawken and Oak Cliff, N. J. The company had access to New York City through the operation of ferry service between that city and Jersey City, N. J.

Development of Fixed Physical Property

Of the 529.207 miles of road owned by the Erie Railway Company on the date of its demise, it had acquired 466.926 miles from The New York and Erie Rail Road Company and 62.281 miles from The Buffalo Branch of The Erie Railway Company. 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 Erie.

History of Corporate Financing

[...]

During the period that Jay Gould was president of the Erie Railway Company, certain of its securities were sold through the brokerage firm of Smith, Gould, Martin & Company, of New York City, of which Jay Gould was a member. This firm also made cash advances to the Erie Railway Company. In September, 1870, there was a balance due the Erie Railway Company by the above firm in the amount of $24,107,135.92, which was charged off to the investment in road and equipment account, and explained as follows:

“For settlement of account for sale of stock, etc., this being the difference between par value of stock and proceeds of sales.”

Following the resignation of Jay Gould, in 1872, as president of the Erie Railway Company, the latter brought suit against him for the recovery of amounts aggregating $9,726,541.26, which it claimed were due it. On December 18, 1872, a compromise settlement was effected with Jay Gould and certain assets were turned over to the Erie Railway Company, which were credited in an open account styled, “Reclamation”. The amounts credited to this account, as recorded in the records of the Erie Railway Company, were as follows:

Credits:
 * Investments in other companies, recorded value. $3,025,277.73
 * Real estate, including the Grand Opera House in New York City, appraised value. 3,000,000.00
 * Capital stock, preferred, of Erie Railway Company's own issue, par value. 35,049.00
 * Miscellaneous assets, subsequently collected in cash. 78,993.41
 * Total of above items. 6,139,320.14

Less—
 * Cash expended by the Erie Railway Company incident to acquirement of above. $221,037.51
 * Investment securities, $150,000 par value, owned by the Erie Railway Company but held by Jay Gould, recorded value. 90,000.00
 * 311,037.51
 * Credit balance at May 31, 1878. 5,828,282.63

[...]

The New-York and Erie Rail-Road Company
Introductory

The property of The New-York and Erie Rail-Road Company was conveyed to its successor by deed dated December 28, 1861, but the accounts of the company and of the receivers, for the results of corporate operations, continued to December 31, 1861, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to December 31, 1861. The records reviewed do not indicate whether The New-York and Erie Rail-Road Company was controlled by any individual or corporation on December 28, 1861, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date the first section of its road was completed, in September, 1841, until the receivership, about August, 1859. From that date the property was operated by receivers until it was surrendered to the Erie Railway Company, January 1, 1862, although it was conveyed to the latter company by deed dated December 28, 1861. The railroad operated by the receivers of The New-York and Erie Rail-Road Company amounted to 645.983 miles, located in New York and Pennsylvania. The owned mileage amounted to 466.926 miles and consisted of a main line extending from Piermont to Dunkirk, N. Y., and a branch line extending from Greycourt to Newburgh, N. Y.

The mileage operated under lease amounted to 179.057 miles and consisted of two main lines, one extending from Jersey City, N. J., to the New York State line, the other extending from Elmira to Canandaigua, N. Y. The company had access to New York City through the operation of ferry service between that city and Jersey City, N. J.

Development of Fixed Physical Property

The entire 466.926 miles of railroad owned by the company on the date of its demise was acquired by construction. The records reviewed indicate that the construction work of The New-York and Erie Rail-Road Company was all performed by numerous contractors, none of whom appears to have been 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 Erie.

The Buffalo Branch of The Erie Railway Company
No accounting records of The Buffalo Branch of The Erie Railway 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 the records of the Erie Railway Company. The Buffalo Branch of The Erie Railway Company was controlled by the Erie Railway Company on December 12, 1862, the date of its demise, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of The Buffalo Branch of The Erie Railway Company was operated by the receivers of The New-York and Erie Rail-Road Company from the date it was acquired, June 1, 1861, until December 31, 1861. From that date to the date of demise it was operated by the Erie Railway Company. The Buffalo Branch of The Erie Railway Company owned on the date of its demise 62.281 miles of single-track, standard-gage, steam railroad between Attica and Hornellsville, N. Y., which had been acquired from a purchasing committee who had acquired it at a foreclosure sale on March 21, 1861, from The Buffalo and New York City Railroad Company. 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 Erie.

The Buffalo and New York City Railroad; Formerly Named The Attica and Hornellsville Railroad
The accounting records of The Buffalo and New York City Railroad Company were of such a fragmentary nature that nothing of value could be obtained from them regarding its financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of bonds were obtained from a history of the Erie system, compiled by George H. Minor, an officer of the Erie. The records reviewed do not indicate whether The Buffalo and New York City Railroad Company was controlled by any individual or corporation on June 1, 1861, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated during its corporate life by its own organization, its receivers, and by the receivers of The New-York and Erie Rail-Road Company, exact dates unknown. The Buffalo and New York City Railroad Company owned on the date of its demise 95.143 miles of railroad. It consisted of a main line extending from Hornellsville to Buffalo, N. Y., and a branch line projecting from the latter city. Of the 95.143 miles of road owned by the company on the date of its demise, it had acquired 23 miles by purchase from The Buffalo and Rochester Railroad Company, and 72.143 miles by construction. It is not known whether the construction work was performed by company forces or by contract. 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 Erie.

Newburgh and New York Railway
No accounting records of the Newburgh and New York Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the accounting records of the Erie Railway Company and The New York, Lake Erie and Western Railroad Company. The Newburgh and New York Railway Company was controlled on November 2, 1895, the date of its demise, by The New York, Lake Erie and Western Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by the Erie Railway Company under lease from the date it was completed until June 1, 1878. From that date to the date of demise it was operated by The New York, Lake Erie and Western Railroad Company. The Newburgh and New York Railway Company owned on the date of its demise 12.933 miles of railroad between Newburgh Junction and Vail's Gate Junction, N. Y., which was acquired by construction. The construction work was performed by the Erie Railway 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 Erie.

The Buffalo and South Western Rail Road
No accounting records of The Buffalo and South Western Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Erie, The New York, Lake Erie and Western Railroad Company and from reports filed by the company with this commission. The Buffalo and South Western Rail Road Company was controlled on November 19, 1895, the date of its demise, by the reorganization committee of The New York, Lake Erie and Western Railroad Company, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by its own organization from about December 11, 1877, to July 31, 1880, and from that date it was operated under agreement by The New York, Lake Erie and Western Railroad Company and its receivers, until it was surrendered to the Erie, November 30, 1895, although the agreement of merger into the latter company was dated November 19, 1895. The railroad owned by The Buffalo and South Western Rail Road Company consisted of 67.188 miles of single-track, standard-gage, steam railroad, extending from Buffalo to Jamestown, N. Y. This property was acquired from a purchasing committee, who had acquired it by referee's deed dated November 27, 1877, from The Buffalo and Jamestown Railroad Company. 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 Erie.

The Buffalo and Jamestown Railroad
No accounting records of The Buffalo and Jamestown Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from documents on file. The records re viewed do not indicate whether The Buffalo and Jamestown Railroad Company was controlled by any individual or corporation on November 27, 1877, the date of its demise, nor, on the other hand whether it controlled any common-carrier corporation.

The records reviewed indicate that the property of The Buffalo and Jamestown Railroad Company was not placed in operation prior to date of its demise. The Buffalo and Jamestown Railroad Company owned on the date of its demise 67.188 miles of railroad, extending from Buffalo to Jamestown, N. Y. This property was all acquired by construction. It could not be ascertained whether the construction work was performed by company forces or by contract. 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 Erie.

Erie International Railway
No accounting records of the Erie International Railway 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 and The New York, Lake Erie and Western Railroad Company. The Erie International Railway Company was controlled on November 30, 1895, the date of its demise, by the Erie, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common carrier corporation.

The property of the company was operated by the Erie Railway Company and its receivers, from the date it was placed in operation, about 1874, until May 31, 1878. From that date it was operated by The New York, Lake Erie and Western Railroad Company and its receivers, until the date of demise. The Erie International Railway Company owned on the date of its demise 4.310 miles of double-track, standard-gage, steam railroad, extending from International Junction to International Bridge, N. Y. This property was all acquired by construction. The records reviewed indicate that the construction work was performed by forces of the Erie Railway 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 Erie.

The Lockport and Buffalo Rail Way
No accounting records of The Lockport and Buffalo Rail Way Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from a report filed by the company with this commission as of June 30, 1895. The Lockport and Buffalo Rail Way Company was controlled on November 30, 1895, the date of its demise, by the reorganization committee of The New York, Lake Erie and Western Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by The New York, Lake Erie and Western Railroad Company and its receivers under lease from about July 1, 1880, apparently the date it was completed, until the date of its demise. The Lockport and Buffalo Rail Way Company owned on the date of its demise 14.552 miles of single-track, standard-gage, steam railroad, extending from Lockport to North Tonawanda, N. Y. This property was all acquired by construction. It is not known whether the construction work was performed by forces of the company or by contract. 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 Erie.

The Buffalo, New York and Erie 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. The Buffalo, New York and Erie Railroad Company was controlled on April 11, 1896, the date of its demise, by the Erie 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 this company was operated by its own organization from the date of acquirement thereof to April 30, 1863. From that date the property was operated by the Erie Railway Company and its receiver under lease until June 1, 1873; from that date until November 30, 1895, it was operated by The New York, Lake Erie and Western Railroad Company and its receivers; and from December 1, 1895, until the date of demise, it was operated by the Erie. The Buffalo, New York and Erie Railroad Company owned on the date of its demise 141.976 miles of railroad. It consisted of a main line extending from Buffalo, via Avon, to Painted Post, N. Y., and a branch line projecting from Buffalo, N. Y. Of the 141.978 miles of road owned by The Buffalo, New York and Erie Railroad Company at the date of its demise, it had acquired 109.114 miles from certain trustees, who had acquired it from the Buffalo, Corning and New York Railroad Company, and 32.862 miles had been acquired from Aaron D. Patchin, who had acquired it from The Buffalo and New York City Railroad Company. 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 Erie.

Buffalo, Corning and New York Railroad; Formerly Named Buffalo and Conhocton Valley Rail Way
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 below with respect to the issuance of capital stock and bonds were obtained from documents on file. The records reviewed do not indicate whether the Buffalo, Corning and New York Railroad Company was controlled by any individual or corporation on October 28, 1857, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to the date of demise. The Buffalo, Corning and New York Railroad Company owned on the date of its demise 109.114 miles of railroad, extending from Attica, via Avon, to Painted Post, N. Y. This property was all acquired by construction. It is not known whether the construction work was performed by forces of the company or by contract. 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 Erie.

The Suspension Bridge and Erie Junction 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 New York, Lake Erie and Western Railroad Company, and the Erie, and from reports filed by the company with the New York Board of Railroad Commissioners. The Suspension Bridge and Erie Junction Railroad Company was controlled on April 11, 1896, the date of its demise, by the Erie through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by the Erie Railway Company and its receivers under lease from the date it was completed, about July 13, 1870, until May 30, 1878. From that date the property was operated by The New York, Lake Erie and Western Railroad Company and its receivers until November 30, 1895, and from December 1, 1895, to the date of demise it was operated by the Erie. The Suspension Bridge and Erie Junction Railroad Company owned on the date of its demise 25.815 miles of railroad. It consisted of a main line extending from East Buffalo to Suspension Bridge, N. Y., and a branch line known as the North Tonawanda Dock Line. The entire 25.815 miles of railroad owned by the company on the date of its demise was acquired by construction. It was not determined whether the construction work was per formed by forces of the company or by contract. 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 Erie.

The Union Steamboat Company
No accounting records of The Union Steamboat Company, with exception of those for the period February, 1869, to January, 1873, were obtained. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information indicated below pertaining to the period subsequent to January, 1873, has been taken from the accounting records of the Erie and of The New York, Lake Erie and Western Railroad Company. The Union Steamboat Company was controlled on July 7, 1896, the date of its demise, by the Erie through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The Union Steamboat Company owned and operated on the date of its demise a fleet of boats plying between Buffalo, N. Y., and various points on the Great Lakes. In addition, it owned dry docks and ship yards at Buffalo, N. Y., that had been acquired from The Union Dry Dock Company, a noncarrier corporation. The property of The Union Dry Dock Company was acquired by the company through articles of merger dated June 11, 1896, effective June 13, 1896.

Erie and Jersey Railroad
Introductory

Although the property of the Erie and Jersey Railroad Company was placed in operation in June, 1909, the company did not commence recording the results of the operations of its property in its books until February 11, 1915. The accounting data in this report, therefore, for the income from operations cover the period from February 11, 1915. The Erie and Jersey Railroad Company was controlled on February 26, 1915, the date of its demise, by the Erie, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property of the company was operated by the Erie Terminals Railroad Company under lease from the date it was completed to February 11, 1915. From that date until date of demise, it was operated by the Erie under lease. The Erie and Jersey Railroad Company owned on the date of its demise 38.879 miles of double-track, standard-gage, steam railroad, extending from Highland Mills to Graham, N. Y.

Development of Fixed Physical Property

The entire 38.879 miles of railroad owned by the Erie and Jersey Railroad Company on the date of its demise was acquired by construction. The construction work was performed by forces of the Erie and by numerous contractors, none of whom appears to have been 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 Erie.

Suffern Railroad
The Suffern Railroad Company was controlled on June 26, 1907, the date of its demise, by the Erie and Jersey Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation. The Suffern Railroad Company owned no railroad, but had made some minor expenditures in connection with the proposed construction of its property.

Genesee River Railroad
Introductory

The Genesee River Railroad Company was controlled on March 12, 1915, the date of its demise, by the Erie through ownership of its capital stock. On the other hand, the records reviewed do not indicate that it controlled any common carrier corporation. The property of the company was operated by the Erie under agreement and lease from the date it was completed to the date of demise. The Genesee River Railroad Company owned, on the date of its demise, 33.212 miles of single-track, standard-gage, steam railroad, extending from Hunts to Cuba Junction, N. Y.

Development of Fixed Physical Property

The entire 33.212 miles of railroad owned by the Genesee River Railroad Company on the date of its demise was acquired by construction. The construction work was performed by forces of the Erie and by numerous contractors, none of whom appears to have been 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 Erie.