Wikipedia:WikiProject Trains/ICC valuations/New Jersey and New York Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Location and General Description of Property
The railroad operated by The New Jersey and New York Railroad Company, herein called the New Jersey and New York Railroad, is a standard-gage steam railroad located in New Jersey and New York. The owned mileage consists of two disconnected main lines, one extending from New Jersey and New York Junction, N. J., northerly to New City, N. Y., 24.955 miles; and the other from Spring Valley, N. Y., northerly to Stony Point Junction, N. Y., 8.668 miles. The owned and used road thus aggregates 33.623 miles, and is single track, with the exception of 10.727 miles of second main track in New Jersey.

In addition, the New Jersey and New York Railroad has trackage rights over two sections of road operated by the Erie Railroad Company. One section extends from New Jersey and New York Junction to Jersey City, N. J., 7.57 miles, including terminal facilities. The other extends from Nanuet to Spring Valley, N. Y., 2.38 miles, and affords a connecting link between the two disconnected main lines owned.

The New Jersey and New York Railroad wholly owns and uses 53.628 miles of all tracks, and wholly uses but does not own 3.511 miles of all tracks. These tracks consisting of first and second main tracks and yard tracks and sidings, are classified in the trackage table in Appendix 1.

Physical Conditions Affecting Construction
The country traversed by this road is slightly rolling. The line follows for the greater part of its distance the drainage of the Hackensack River. The soil is a clay loam, overlying some granite boulders.

Economic Conditions Relating to Traffic
The principal products of this region are those of the farm. Most of the revenue of this road is derived from the operation of suburban passenger trains.

Physical Characteristics of Road
The grading is light, averaging about 22,000 cubic yards per mile, of which about 3 per cent is classified as loose rock and 1 per cent solid rock. There are no important bridges on the road. The crossties in the main track average about 2,850 to the mile, of which 13 per cent are treated. The untreated ties are mostly pine. The main line between New Jersey and New York Junction, N. J., and Nanuet, N. Y., is laid chiefly with new 80-pound rail. The remainder of the line is laid with relay rail, varying in weight from 90 to 63 pounds. Cinders and stone are the principal materials used for ballast.

Introductory
The New Jersey and New York Railroad is a corporation of the State of New Jersey, having its principal office at Jersey City, N. J. No accounting records of the company covering the period from the date of its organization to February, 1883, were obtained. Therefore, only partial information can be given from the accounting records regarding its financial dealings, corporate operations, or investments. The accounting data in this report were obtained from records that cover the period from March, 1883, to date of valuation.

It is controlled by the Erie Railroad Company through ownership of a majority of the capital stock. The company controls, through ownership of the entire capital stock, The New Jersey and New York Extension Railroad Company, whose common-carrier property was operated by the New Jersey and New York Railroad when the property of the latter company was taken over for operation by the United States Railroad Administration, as stated below.

The property of the New Jersey and New York Railroad was operated by its own organization from April 26, 1880, the date it took over its original road for operation until December 31, 1917. On January 1, 1918, the common-carrier property of the New Jersey and New York Railroad was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History
The New Jersey and New York Railroad was incorporated April 26, 1880, under the general laws of New Jersey, for the purpose of acquiring the property, rights, and franchises of The New Jersey and New York Railway Company. The date of organization was May 3, 1880. Pursuant to this purpose, the New Jersey and New York Railroad acquired the property, rights, and franchises of that company. It subsequently acquired the property, rights, and franchises of The Nanuet and New City Railroad Company, but the manner of acquisition thereof was not determined.

Although the New Jersey and New York Railroad was incorporated April 26, 1880, as stated, it entered into a subsequent so-called consolidation and merger agreement on December 1, 1885, for the purpose of acquiring the property of The Hackensack Railroad Company, and in this so-called consolidation and merger, the corporate name of the consolidated and merged company was designated as “The New Jersey and New York Railroad Company.” However, the accounting records were continuous from March, 1883, to date of valuation, no new securities were issued in any such consolidation and merger and the property so acquired was taken over by the New Jersey and New York Railroad as though by purchase or merger and it is so considered in this report.

The New Jersey and New York Railroad and the two corporations named, together with their predecessors, total six different corporations, and comprise the line of corporate succession culminating in the New Jersey and New York Railroad as at present constituted.

The following chart shows the names of the corporations in the line of corporate succession, 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 New Jersey and New York Railroad, amounting to 33.606 miles, was acquired partly by purchase after foreclosure, partly under so-called consolidation and merger agreement, and partly in an undetermined manner. Of the five corporations that comprise the line of succession culminating in the New Jersey and New York Railroad as at present constituted, one corporation, The Hackensack Railroad Company, did not construct any road or other common-carrier property. The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the New Jersey and New York Railroad 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 New Jersey, and New York Railroad, together with the property of others that it used by virtue of stock control, devoted to common-carrier purposes, 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 New Jersey and New York Railroad 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 ended on December 31, 1917, are as follows:

Solely used, but not owned (operated by virtue of stock control), owned by—
 * The New Jersey and New York Extension Railroad Company—
 * Entire property; for indefinite period from Sept. 1, 1887, stipulated rental equal to 7 per cent dividend on capital stock and interest on first-mortgage bonds of lessor; stock and bonds owned by lessee and no rental paid lessor. ---

Jointly used, but not owned, owned or leased by—
 * Erie Railroad Company—
 * Tracks of the Erie, the Long Dock Company, and the Penhorn Creek Railroad Company, 2.38 miles from Nanuet to Spring Valley, N. Y., 7.57 miles from New Jersey and New York Junction to Jersey City, N. J.; agreement effective from Dec. 4, 1912; annual rental $3 per train in and out of yards and terminals, 1 cent per ton-mile for merchandise trackage, 2 cents per ton mile for coal trackage, plus additional charges for handling freight and baggage and for switching and ferry facilities. $130,592.70

There are other facilities of minor importance such as stations, crossings, and interlockers, in which the New Jersey and New York Railroad grants or receives joint use, that are not listed in this chapter.