Wikipedia:WikiProject Trains/ICC valuations/Long Island Rail Road North Shore Branch

Interstate Commerce Commission, Volume 36, Valuation Reports

Long Island Rail Road North Shore Branch
The railroad of The Long Island Railroad Company North Shore Branch, herein called the North Shore Branch, which is leased to and operated by the carrier, is a single-track line extending from Northport Junction to Wading River, both on Long Island in the State of New York. The North Shore Branch owns 30.308 miles of road. It also owns yard and sidetracks as shown in the trackage table in Appendix 1.

Introductory
The North Shore Branch is a corporation of the State of New York, having its principal office in the Pennsylvania Station, New York City.

It is controlled by the carrier through ownership of 98 per cent of its outstanding capital stock. On the other hand, the records do not indicate that this company controls any carrier corporation.

The property of the North Shore Branch has always been operated by the carrier.

Corporate History
The North Shore Branch was incorporated on September 23, 1892, and on the same date was formed by the consolidation of the following companies:

The history of the first-named predecessor is hereinafter given in a separate report. The second-named company never acquired any property. Its franchises and rights were the only assets acquired by the North Shore Branch, and nothing further has been ascertained relative to its affairs.

Development of Fixed Physical Property
The owned mileage of the North Shore Branch, 30.308 miles, was acquired through the consolidation or by purchase. The property so acquired, the years when the various portions of the line were constructed, and the manner in which the North Shore Branch acquired the property are indicated in the following table:


 * Acquired by consolidation, constructed by and acquired from The Smithtown and Port Jefferson Railroad Company, Northport Junction to Port Jefferson during 1871–1873. 19.100
 * Acquired by construction, Port Jefferson to Wading River, in 1895. 11.210
 * Total recorded owned mileage. 30.310
 * Difference between total recorded mileage and mileage inventoried as of date of valuation. .002
 * Mileage inventoried as of date of valuation. 30.308

Leased Railway Property
The entire property of the North Shore Branch is exclusively operated on the date of valuation by the carrier [Long Island Railroad] under a 50-year lease from July 1, 1904. The terms of the lease are given in the chapter on leased railway property in the report upon the carrier.

The Smithtown and Port Jefferson Railroad Company
Introductory

The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The information contained herein was obtained from its published reports to the Railroad Commissioners of the State of New York, its minute records, and the files of the carrier. The records reviewed indicate that this company was controlled by the carrier on September 23, 1892, the date of its demise, through ownership of a majority of its outstanding capital stock. On the other hand, the records reviewed did not indicate that this company, itself, controlled any common-carrier corporation.

About October 1, 1891, the carrier brought suit against The Smithtown and Port Jefferson Railroad Company for the sum of $1,070,522.20. The carrier claimed that this amount represented its payments of interest on the funded debt and taxes on the property of The Smithtown and Port Jefferson Railroad Company, together with accrued interest on the amounts paid. The Smithtown and Port Jefferson Railroad Company resisted the suit and demanded an accounting, whereupon the carrier obtained control of the company by purchasing a majority of its capital stock. After the carrier had obtained control The Smithtown and Port Jefferson Railroad Company confessed judgment in the amount named, together with interest thereon.

Development of Fixed Physical Property

The railroad owned by The Smithtown and Port Jefferson Railroad Company on the date of its demise, consisting of 19.10 miles of road extending from Northport Junction to Port Jefferson, on Long Island, was built by contract between August 12, 1871, and January 13, 1873, and opened for operation on the latter date.