Wikipedia:WikiProject Trains/ICC valuations/Philadelphia and Trenton Railroad

Interstate Commerce Commission, Valuation Report, Volume 22

The Philadelphia and Trenton Rail Road
The railroad of The Philadelphia and Trenton Rail Road Company, herein called the Philadelphia and Trenton, is located entirely within Pennsylvania and extends from the Kensington passenger station, Philadelphia, to the Pennsylvania-New Jersey State line between Morrisville, Pa., and Trenton, N. J., 26.831 miles, with 26.805 miles of second, 23.901 miles of third and 23.373 miles of fourth main tracks. This road forms a part of the principal main line of the Pennsylvania Railroad between Jersey City and Pittsburgh.

Introductory
The Philadelphia and Trenton is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa. The accounting records of the Philadelphia and Trenton that were obtained are incomplete and of a fragmentary nature. For these reasons only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments.

The Philadelphia and Trenton is controlled by the Pennsylvania Railroad under its lease of the property of The United New Jersey Railroad and Canal Company, which company owns the majority of the outstanding capital stock of this company. On the other hand, the records do not indicate that this company controls any common-carrier corporation.

The property of the Philadelphia and Trenton was operated by its own organization from November 3, 1834, the date the first section of the road was opened for operation, to November 30, 1871. From December 1, 1871, to December 31, 1917, it was operated by the Pennsylvania Railroad. 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 Pennsylvania Railroad and it is so operated on date of valuation.

Corporate History
The Philadelphia and Trenton was incorporated February 23, 1832, by special act of the Legislature of the State of Pennsylvania, for the purpose of constructing and operating a railroad from Philadelphia, Pa., to the Pennsylvania-New Jersey State line near Trenton, N. J. The date of its organization was June 9, 1832.

Development of Fixed Physical Property
The owned mileage of the Philadelphia and Trenton, 26.831 miles, was acquired partly by construction and partly by conveyance from the Pennsylvania Railroad under the terms of lease agreement.


 * Acquired by construction:
 * Pennsylvania-New Jersey State line to Kensington passenger station, Philadelphia, Pa., 1833-1834. 26.07
 * Tioga Street branch in Philadelphia, Pa., 1878. 1.23
 * 27.30
 * Less mileage sold, Tioga Street branch in Philadelphia, Pa. 1.23
 * 26.07
 * Acquired from the Pennsylvania Railroad under lease agreement of June 30, 1871, by deed dated November 27, 1917, constructed by The Trenton Cut-off Railroad Company, connection with the Trenton branch of the Pennsylvania Railroad at Morrisville, Pa., 1890-1891 0.54
 * Total. 26.61
 * Difference between recorded mileage and mileage inventoried. 0.221
 * Mileage inventoried as of date of valuation. 26.831

The records reviewed do not indicate whether the construction work performed for the Philadelphia and Trenton was done under contract or by company forces.

Leased Railway Property
The property of the Philadelphia and Trenton has been solely operated by the Pennsylvania Railroad from December 1, 1871, to December 31, 1917, under a lease dated June 30, 1871, for a period of 999 years. 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 operating system of the Pennsylvania Railroad. Further details with respect to the operation of this property are given under leased railway property in the report on the Pennsylvania Railroad.