Wikipedia:WikiProject Trains/ICC valuations/Penhorn Creek Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Location and General Description of Property
The railroad of Penhorn Creek Railroad Company, herein called the Penhorn Creek Railroad, is located in Jersey City, N. J., and consists of 0.235 mile of line, extending from Grove Street to County Road, Secaucus, by way of Croxton. This property forms a part of the Erie's principal main line and its mileage is used as additional main tracks, 0.235 mile being classified as third main track and 0.235 mile as fourth main track.

Introductory
The Penhorn Creek Railroad is a corporation of the State of New Jersey, having its principal office at Jersey City, N. J. It is controlled by the Erie through ownership of its entire outstanding capital stock. The records do not indicate that this company controls any common-carrier corporation.

The property of the Penhorn Creek Railroad was operated by the Erie from the date of completion thereof to December 31, 1917. The common-carrier property of the 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. The Penhorn Creek Railroad does not maintain any income or profit and loss accounts. Therefore, no information can be given from its accounts regarding its corporate operations.

Corporate History
The Penhorn Creek Railroad was incorporated January 8, 1897, under the general laws of New Jersey, for the purpose of constructing and operating a railroad in Jersey City, N. J. The date of organization was January 9, 1897.

Development of Fixed Physical Property
The owned mileage of the Penhorn Creek Railroad, 0.235 mile, was all acquired by construction. The years when the various portions of the line were constructed are indicated in the following statement. In the construction of the road built for the Penhorn Creek Railroad the work was performed by the forces of the Erie and numerous independent contractors.

Leased Railway Property
The Penhorn Creek Railroad's property was solely operated by the Erie, as hereinbefore explained, from the date of completion to December 31, 1917, by virtue of stock control. From January 1, 1918, to date of valuation the property of the company has been operated by the United States Railroad Administration as a 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.