Wikipedia:WikiProject Trains/ICC valuations/Pennsylvania and Atlantic Railroad

Interstate Commerce Commission, Volume 23, Valuation Reports

Location and General Description of Property
The railroad of the Pennsylvania and Atlantic Railroad Company, herein called the Pennsylvania and Atlantic, is a single-track, standard-gauge, steam railroad, located in central New Jersey. The main line extends from Birmingham to Bay Head, 45.796 miles, and the branch lines Pemberton to Hightstown, Lewistown (Camp Dix) to Kinkora, Brown's Mills Junction to Brown's Mills and Island Heights Junction to Island Heights. The company owns 83.688 miles of first main track and 16.806 miles of yard tracks and sidings. Its road thus embraces 100.494 miles of all tracks owned but not used. The entire mileage of the Pennsylvania and Atlantic, except the branch line extending from Pemberton to Hightstown, is leased to and operated by the Pennsylvania Railroad on date of valuation. The branch line from Pemberton to Hightstown is leased to and operated by The Union Transportation Company on that date. The mileage used by each of these carriers is shown in the trackage table in Appendix 1.

Economic Conditions Relating to Traffic
The surrounding country is not very wel1 developed agriculturally, although some truck farming is done. The business of the road is mostly of a summer nature, it being used by the Pennsylvania Railroad for transporting passengers between Philadelphia and the beach resorts along the central Jersey coast.

Physical Characteristics of Road
The grading is light, averaging about 13,000 cubic yards per mile, all of which is common material. Between Ocean Gate and Seaside Park, Barnegat Bay is crossed on a 7,000-foot pile trestle with a [???]-foot through plate girder swing draw span. The main track is laid chiefly with new 85, 70, and 60 pound rail on oak, chestnut, pine, and treated crossties. The main track is ballasted with cinders, sand, and gravel.

Introductory
The Pennsylvania and Atlantic is a corporation of the State of New Jersey, having its principal office at Kinkora, N. J. The accounts of the Pennsylvania and Atlantic do not include an income account.

The Pennsylvania and Atlantic is controlled by the Pennsylvania Railroad through ownership of a majority of capital stock. The records do not indicate that this company controls any common-carrier corporation.

The property, with exception of the portion extending from Pemberton to Hightstown, N. J., was operated by the Pennsylvania Railroad under lease from February 25, 1915, to December 31, 1917. On January 1, 1918, the common-carrier property, with exception of the portion mentioned above, was taken over for operation by the United States Railroad Administration as a part of the system of the Pennsylvania Railroad, and is so operated on date of valuation. The portion of the road extending from Pemberton to Hightstown, N. J., has been operated by The Union Transportation Company, under lease, from February 25, 1915, to date of valuation.

Corporate History
The Pennsylvania and Atlantic was incorporated February 25, 1915, under the general laws of the State of New Jersey, through filing articles of consolidation dated December 21, 1914, for the purpose of consolidating the property, rights, and franchises of The Pemberton and Hightstown Railroad Company, the Philadelphia and Long Branch Railroad Company, and the Kinkora and New Lisbon Railroad Company. Pursuant to this purpose, the Pennsylvania and Atlantic acquired at its organization the property, rights, and franchises of the three railroad corporations named. The Pennsylvania and Atlantic and those corporations, together with their predecessors, total nine different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the present company.

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, 83.688 miles, was all acquired by consolidation. Of the eight corporations that comprise the line of succession culminating in the Pennsylvania and Atlantic as at present constituted, two corporations did not construct any road or other common-carrier property. These companies were the Pemberton and Sea Shore Railroad Company and the Kinkora and New Lisbon Railroad Company. The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Pennsylavnia[sic] and Atlantic 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.

Acquired by consolidation: Mileage
 * From The Pemberton and Hightstown Railroad Company, Feb. 25, 1915, constructed by that company, Pemberton to Hightstown, N. J., 1867-1868. 24.37
 * From The Philadelphia and Long Branch Railroad Company, Feb. 25, 1915—
 * Constructed by that company, Browns Mills Junction to Browns Mills, N. J., 1890. 1.82
 * Constructed by the Pemberton and New York Railroad Company, Pemberton Junction to Whitings, N. J., 1870-1871. 18.08
 * Constructed by The Philadelphia and Long Branch Railway Company, Bay Head to Whitings, N. J., 1881. 27.77
 * Constructed by The Island Heights Railroad Company, Island Heights Junction to Island Heights, N. J., 1883-1884. 1.16
 * 48.83
 * Less remeasurement by The Philadelphia and Long Branch Railroad Company. 0.09
 * 48.74
 * From the Kinkora and New Lisbon Railroad Company, Feb. 25, 1915—
 * Constructed by The Columbus, Kinkora and Springfield Railroad Company, Kinkora to New Lisbon, N. J., 1871-1872. 14.16
 * Less mileage abandoned, remeasured, or adjusted by the Kinkora and New Lisbon Railroad Company—
 * Abandoned, Lewiston to New Lisbon, N. J. 3.32
 * Remeasurement or adjustment. .33
 * 3.65
 * 10.51
 * Total. 83.62
 * Difference between recorded mileage and mileage inventoried. 0.068
 * Mileage inventoried as of date of valuation. 83.688

Leased Railway Property
The entire property of the Pennsylvania and Atlantic, with exception of the portion extending from Pemberton to Hightstown, N. J., is leased to the Pennsylvania Railroad for an indefinite period from February 25, 1915, subject to 60 days' notice, and was operated by that company from February 25, 1915, to December 31, 1917. The lease provides that during its continuance the Pennsylvania Railroad shall receive all revenues and income from the property and that it shall pay the entire cost of maintenance and operation, all taxes and assessments and all interest on any bonds or other obligations of the Pennsylvania and Atlantic.

On January 1, 1918, the portion of the road that was then operated by the Pennsylvania Railroad was taken over for operation by the United States Railroad Administration as part of the operating system of the Pennsylvania Railroad and is so operated on date of valuation.

The portion of the Pennsylvania and Atlantic's road extending from Pemberton to Hightstown, N. J., about 24.416 miles, is leased to The Union Transportation Company for an indefinite period from July 31, 1888, subject to six months, notice. The lease dated July 31, 1888, as amended, stipulates that the lessee shall pay all expense of operation and maintenance, including taxes, plus a payment of $500 per annum. The Pennsylvania and Atlantic assigned to the Pennsylvania Railroad under the terms of the lease effective February 25, 1915, all benefits and rental accruing from the operation of this property by The Union Transportation Company.

During the period that the Pennsylvania Railroad operated a portion of the property of the Pennsylvania and Atlantic, that company had trackage rights over about 2.59 miles of the portion of the road that is leased to The Union Transportation Company. This arrangement has been continued by the railroad administration during the period January 1, 1918, to date of valuation.

The Pemberton and Hightstown Railroad Company
This company was incorporated in the State of New Jersey, on March 24, 1864. 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 were obtained from a balance-sheet statement filed by the company with us as of February 25, 1915, the date of consolidation, and from the records of the Pennsylvania Railroad.

The company was controlled on the date of consolidation by the Pennsylvania Railroad through ownership of its capital stock. The records reviewed did not indicate that it controlled any common-carrier corporation. The property was operated during its corporate life as indicated below:


 * Operated by—
 * Delaware and Raritan Canal Company and The Camden and Amboy Railroad and Transportation Company. Feb. 10, 1868, to Dec. 15, 1870.
 * Delaware and Raritan Canal Company, The Camden and Amboy Railroad and Transportation Company and The New Jersey Railroad and Transportation Company, commonly known as the United Canal and Railroad Companies of New Jersey. Dec. 16, 1870, to Nov. 30, 1871
 * Pennsylvania Railroad. Dec. 1, 1871, to Mar. 30, 1888.
 * Not operated Mar. 31, 1888, to July 31, 1888.
 * The Union Transportation Company. Aug. 1, 1888, to date of consolidation.

The company owned on the date of consolidation 24.37 miles of single-traok, standard-gauge, steam railroad extending from Pemberton to Hightstown, N. J. This property was all acquired by construction during the years 1867-1868. It is not known whether the construction work was performed by company forces or by contract.

Philadelphia and Long Branch Railroad Company
Introductory

This company was incorporated in the State of New Jersey on November 3, 1883. The company acquired title to its original property on November 3, 1883, but did not commence recording the results from operations thereof in its books until January 1, 1884. Although this company was incorporated November 3, 1883, as stated, it entered into a subsequent consolidation and merger agreement on June 19, 1885, with The Island Heights Railroad Company. In this consolidation or merger the corporate name of the new or consolidated company was designated as "Philadelphia and Long Branch Railroad Company," the same as the corporation formed November 3, 1883, and the accounting records were continuous from the latter date to the date of consolidation, February 25, 1915. Therefore, for the purpose of this report, the corporations of November 3, 1883, and June 19, 1885, have been treated as one company, and the accounting data in this report, with the exception of the results of corporate operations, cover the period from 1883 to 1915.

The company was controlled on the date of consolidation by the Pennsylvania Railroad through ownership of the capital stock. The records reviewed did not indicate that it controlled any common-carrier corporation.

The property was operated by the Pennsylvania Railroad under lease from the date of acquirement thereof to the date of consolidation. The company owned on the date of consolidation 48.74 miles of single-track, standard-gauge, steam railroad, the main line extending from Birmingham to Bay Head, N. J., with branches projecting from Browns Mills Junction to Browns Mills, and from Island Heights Junction to Island Heights, all in New Jersey.

Development of Fixed Physical Property

Of the 48.74 miles of-road owned by the company on date of consolidation, it had acquired 18.08 miles from the Pemberton and Sea Shore Railroad Company, 27.77 miles from The Philadelphia and Long Branch Railway Company, 1.16 miles from The Island Heights Railroad Company, and 1.82 miles by construction. The difference of 0.09 mile between the mileage owned by the company on the date of consolidation and the mileage acquired from its predecessors represents remeasurements by the company. 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 under development of fixed physical property in the report on the Pennsylvania and Atlantic.

Pemberton and Sea Shore Railroad Company
Introductory

This company was incorporated in the State of New Jersey on September 25, 1879. Although the company did not acquire title to its property until December, 1879, it commenced recording the results of the operation of its property on October 1, 1879. The property of this company was acquired by its successor by consolidation on November 3, 1883, but the accounts of the company for the results of corporate operations continued to December 31, 1883, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period from October 1, 1879, to December 31, 1883.

The company was controlled on the date of consolidation by the Pennsylvania Railroad through ownership of capital stock. The records reviewed do not indicate that it controlled any common-carrier corporation.

The property was operated by the Pennsylvania Railroad under lease from October 1, 1879, to December 31, 1883, the date it was surrendered to its successor. The company owned on the date of consolidation 18.08 miles of single-track, standard-gauge, steam railroad, extending from Pemberton Junction to Whitings, N. J., which had been acquired from Strickland Kneass and Edward T. Green, who had acquired it at a foreclosure sale on March 31, 1879, from the Pemberton and New York Railroad Company.

Pemberton and New York Railroad Company
This company was incorporated in the State of New Jersey on February 3, 1870. No accounting records were obtained. Therefore, no information can be given from the accounts regarding financial dealings, corporate operations, or investments. Certain information stated below was obtained from the minute book and accounting records of the Pemberton and Sea Shore Railroad Company. The records reviewed did not indicate whether the company was controlled by any individual or corporation on March 31, 1879, the date of sale, nor whether it controlled any common-carrier corporation.

The property was operated by the New Jersey Southern Railroad Company and the receiver of that company from the date it was completed to the date it was conveyed to the purchasers. The company owned on the date of sale 18.08 miles of railroad, extending from Pemberton Junction to Whitings, N. J. The minute book referred to indicated that this road was constructed during the years 1880-1881 under contract by the New Jersey Southern Railroad Company for the company.

The Philadelphia and Long Branch Railway Company
Introductory

This company was incorporated in New Jersey on September 24,1880. Although The Philadelphia and Long Branch Railway Company was consolidated on November 3, 1883, with the Pemberton and Sea Shore Railroad Company to form the Philadelphia and Long Branch Railroad Company, the accounts of the company, for the results of corporate operations, continued to December 31, 1883, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to December 31, 1883. The Philadelphia and Long Branch Railway Company was controlled on the date of consolidation by the Pennsylvania Railroad, through ownership of capital stock. The records reviewed do not indicate that it controlled any common-carrier corporations.

The property was operated by the Pennsylvania Railroad, under lease, from the date of completion to the date it was surrendered to its successor. The company owned on the date of consolidation 27.77 miles of single track, standard-gauge, steam railroad extending from Bay Head to Whitings, N. J., which had been acquired by construction in 1881. It is not known whether the construction work was performed by company forces or by contract.

The Island Heights Railroad Company
Introductory

This company was incorporated in the State of New Jersey on October 13, 1883. It was controlled on June 26, 1885, the date of merger, by the Pennsylvania Railroad, through ownership of capital stock. The records reviewed do not indicate that it controlled any common-carrier corporation. The property was operated by the Pennsylvania Railroad under lease from the date of completion to the date of merger. The company owned on the-date of merger 1.16 miles of single-track, standard-gauge, steam railroad extending from Island Heights Junction to Island Heights, N. J., which had been acquired by construction in 1883-1884. It is not known whether the construction work was performed by company forces or by contract.

Kinkora and New Lisbon Railroad Company
Introductory

This company was incorporated in the State of New Jersey, on April 27, 1903. Although the company was not incorporated until April 27, 1903, its original property was conveyed to it by deed dated March 28, 1903. The company was controlled on February 25, 1915, the date of consolidation, by the Pennsylvania Railroad through ownership of capital stock. The records reviewed do not indicate that it controlled any common-carrier corporation.

The property was operated by the Pennsylvania Railroad, under an agency agreement, from the date of acquirement thereof to date of consolidation. The company owned 10.51 miles of single-track, standard-gauge, steam railroad, extending from Kinkora to Lewistown, N. J.

Development of Fixed Physical Property

The mileage owned had been acquired through foreclosure and reorganization from the Columbus, Kinkora and Springfield Railroad Company. The company also acquired from the Columbus, Kinkora and Springfield 3.32 miles of road between Lewistown and New Lisbon, N. J., that it had abandoned prior to date of consolidation. The difference of 0.33 mile between the mileage shown herein as having been acquired by purchase after foreclosure from the Columbus, Kinkora and Springfield, 13.83 miles, and the mileage owned by the latter company on the date of sale thereof, 14.16 miles, represents remeasurement or adjustment by the company.

The Columbus, Kinkora and Springfield Railroad Company, Originally Named The Columbus and Kinkora Railroad Company
This company was originally incorporated as The Columbus and Kinkora Railroad Company in the State of New Jersey on April 2, 1866. The name was changed on February 16, 1870. No accounting records were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book. The records do not indicate whether the company was controlled by any individual or corporation on October 19, 1901, the date of sale, or whether it then controlled any common-carrier corporation.

The property was operated by the Pennsylvania Railroad, under agreement and lease, from the date of completion until October 19, 1901, the date of sale. Subsequently to October 19, 1901, the Pennsylvania Railroad continued to operate the property until March 28, 1903, the date it was conveyed to the Kinkora and New Lisbon Railroad Company. The company owned 14.16 miles of single-track, standard-gauge, steam railroad extending from Kinkora to New Lisbon, N. J. This property had been acquired by construction in 1871-1872. It is not known whether the construction work was performed by company forces or by contract.