Wikipedia:WikiProject Trains/ICC valuations/United New Jersey Railroad and Canal Company

Interstate Commerce Commission, Valuation Report, Volume 22

The United New Jersey Railroad and Canal
The railroad of The United New Jersey Railroad and Canal Company herein called the United New Jersey Railroad, extends from Trenton to Jersey City, about 57 miles, and from Camden to South Amboy, about 64 miles with principal branch lines projecting from New Brunswick to East Millstone, Monmouth Junction to Kingston, Princeton Junction to Princeton, Bordentown to Trenton, and Jamesburg Junction to Monmouth Junction. Excepting certain ferry terminal property in New York City, this railroad is located entirely within New Jersey. This property consists of 161.790 miles of road, with 106.610 miles of second, 51.139 miles of third, 51.017 miles of fourth, 5.142 miles of fifth, and 5.000 miles of sixth main tracks. This road forms a part of the principal main line of the Pennsylvania Railroad between Jersey City and Pittsburgh. A portion of this company's ferry terminal facilities in New York City is leased to The New York Central Railroad Company and another portion is leased to the United Fruit Company.

Introductory
The United New Jersey Railroad is a corporation of the State of New Jersey, having its principal office at Trenton, N. J. No accounting records of this company were obtained for the period subsequent to December 31, 1911, and the records obtained for the period prior to that date are incomplete and fragmentary. Although the agreement of consolidation, under which the United New Jersey Railroad acquired title to its original property was not filed until May 18, 1872, the accounting records of the company were opened December 31, 1871. The accounting data in this report, therefore, are those afforded by the records that cover the period from December 31, 1871, to December 31, 1911. However, certain data indicated hereinafter, for the period January 1, 1912, to date of valuation, were obtained from reports filed by the company with us and from statements furnished by the Pennsylvania Railroad.

The records reviewed do not indicate that the United New Jersey Railroad is controlled by any individual or corporation. On the other hand, it controls, through ownership of a majority of capital stock, the Belvidere Delaware, the Freehold & Jamesburg, the Philadelphia and Trenton and the Rocky Hill Railroad, whose several common-carrier properties were operated by the Pennsylvania Railroad, under agency or lease agreements, when the property of the latter company was taken over for operation by the United States Railroad Administration, as stated below. The property of this company was operated from May 18, 1872, the date it acquired its original road, to December 31, 1917, by the Pennsylvania under lease agreement. On January 1, 1918, the common-carrier property of the company was taken over for operation by the United States Railroad Administration as a part of the system of the Pennsylvania Railroad, and it is so operated on date of valuation.

Corporate History
The United New Jersey Railroad was incorporated under special acts of the State of New Jersey, February 27, 1867, and March 14, 1872, authorizing the filing of articles of consolidation, which was done May 18, 1872, for the purpose of consolidating the property, rights and franchises of The Camden and Amboy Rail Road and Transportation Company, The Delaware and Raritan Canal Company and The New Jersey Rail Road and Transportation Company. The date of organization was May 25, 1872. Pursuant to the above purpose, the United New Jersey Railroad acquired the property, rights and franchises of the two railroad corporations and of the canal corporation named. The United New Jersey Railroad, itself, and those corporations total four different corporations and comprise the line of corporate succession culminating in the United New Jersey Railroad as at present constituted. 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 of the United New Jersey Railroad, amounting to 161.790 miles, was acquired by it as indicated hereunder:


 * By construction. 8.89
 * By consolidation. 138.19
 * By purchase. 13.20
 * 160.28
 * Mileage reclassified or remeasured, unassignable. 3.07
 * Total. 163.35
 * Difference between recorded mileage and mileage inventoried. 1.560
 * Mileage inventoried as of date of valuation. 161.790

Part of the property acquired by purchase was bought from the Freehold & Jamesburg, part from the Millstone and New Brunswick Railroad Company and part from Newark Factory Sites, Incorporated, without acquiring the corporate rights and franchises of those companies. Of the three corporations that comprise the line of succession culminating in the United New Jersey Railroad as at present constituted, one corporation, The Delaware and Raritan Canal Company, did not construct any railroad, but did construct approximately 44 miles of canal, and approximately 22 miles of canal feeder. The property constructed by the remaining corporations, by the three companies whose corporate rights and franchises were not acquired, and by the United New Jersey Railroad itself, the years when the various portions of the line were constructed, and the manner in which the United New Jersey 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.

Acquired by construction:
 * South Elizabeth to Rahway, N. J., 1910–1915. 5.09
 * Trenton to Milham Junction, N. J., 1876. 2.00
 * Meadows Branch, 1917-1918. 1.80

8.89

Acquired by consolidation:
 * From The Camden and Amboy Rail Road and Transportation Company, May 18, 1872, constructed by that company—
 * South Amboy to Camden, N. J., 1830–1834. 61.22
 * New Brunswick to Trenton, N. J., 1837–1839. 23.00
 * Trenton to Bordentown, N. J., 1837–1838. 6.08
 * Princeton Branch, 1864-1865. 3.06
 * Kingston Branch, 1866. 4.31
 * Florence Branch, 1871-1872. 2.04
 * 99.71
 * From The New Jersey Railroad and Transportation Company, May 18, 1872, constructed by that company:
 * Jersey City to Rahway, N. J., 1832–1836. 18.75
 * Rahway to point near New Brunswick, N. J., 1835–1839. 15.10
 * Harsimus Branch, 1868. 1.47
 * Bonhampton Branch, 1859-1860. 1.82
 * Centre Street Branch, 1870. 1.34
 * 38.48

Acquired by direct purchase:
 * From the Freehold & Jamesburg, July 29, 1874, Jamesburg to Monmouth Junction, N. J. (no data were obtained regarding construction). 5.65
 * From the Newark Factory Sites, Incorporated, Oct. 15, 1917, Meadows Branch No. 2 (no data were obtained regarding construction). 0.96

Acquired by purchase at foreclosure:
 * From the Millstone and New Brunswick Railroad Company, Apr. 21, 1915, constructed by that company, New Brunswick to East Millstone, N.J., 1854. 6.59

160.28

Mileage reclassified or remeasured, unassignable to mileage acquired by construction, consolidation, or purchase. 3.07

Total recorded mileage owned on date of valuation. 163.35

It is not known whether the construction work of the United New Jersey Railroad was performed by the company's forces or by contract.

Leased Railway Property
The property of the United New Jersey Railroad was solely operated by the Pennsylvania Railroad, as hereinbefore explained, from the date of acquirement thereof to December 31, 1917, under lease agreement. From January 1, 1918, to date of valuation the common-carrier property of the United New Jersey Railroad has been operated by the United States Railroad Administration as a part of the system of the Pennsylvania Railroad. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the Pennsylvania Railroad.

The Camden and Amboy Rail Road and Transportation Company
This company was incorporated February 4, 1830, in New Jersey. 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. The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 18, 1872, the date of consolidation, nor whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from the date of acquirement thereof to December 31, 1871. From that date to the date of consolidation it was operated under lease by the Pennsylvania Railroad. The railroad owned on date of consolidation amounted to 99.71 miles. It consisted of two main lines and four branch lines. One main line extended from Camden to South Amboy, N. J., and the other from a point near New Brunswick to Trenton, N. J. The branch lines extended from Bordentown to Trenton, N. J., Princeton Junction to Princeton, N. J., Monmouth Junction to Kingston, N. J., and Florence, N. J., to Wood's Iron Works. This entire mileage was acquired by construction during the period 1830–1872. The records reviewed do not indicate whether the road was constructed under contract or by company forces.

The Delaware and Raritan Canal Company
This company was incorporated February 4, 1830, in New Jersey. 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. The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 18, 1872, the date of consolidation, nor whether it then controlled any common-carrier corporation.

The property was operated by its own organization from the date of acquirement thereof to November 30, 1871. From that date to the date of consolidation it was operated under lease by the Pennsylvania Railroad. The property consisted of a canal extending from Bordentown to New Brunswick, N. J., approximately 44 miles, and a canal feeder extending from Trenton to Raven Rock, N. J., approximately 22 miles. This property was all acquired by construction during the period 1830 to 1834. It is not known whether the construction work was performed by the company's forces or by contract.

The New Jersey Rail Road and Transportation Company
Introductory This company was incorporated March 7, 1832, in New Jersey. Although the property of this company was conveyed to its successor by consolidation on May 18, 1872, the accounts of the company for the results of corporate operations were discontinued on December 31, 1871, and other accounts were closed as of that date. The accounting data in this report, therefore, cover the period to November 30, 1871. The records reviewed do not indicate that the company was controlled by any individual or corporation on May 18, 1872, the date of consolidation. This company controlled on December 31, 1871, through ownership of a majority of their capital stock, the Millstone and New Brunswick Railroad Company and the Perth Amboy and Woodbridge Railroad Company, whose common-carrier properties it leased for sole operation.

The property was operated by its own organization from September 15, 1834, the date the first section of the road was placed in operation, to December 31, 1871. From that date to date of consolidation it was operated by the Pennsylvania Railroad under lease agreement. The railroad was a standard-gauge, steam railroad located in New Jersey and aggregating 51.40 miles. The owned mileage amounted to 38.48 miles and consisted of a main line extending from Jersey City to a point west of New Brunswick, N. J., 33.85 miles, and three branch lines, aggregating 4.63 miles, known as the Hersimus Branch, Bonhampton Branch, and Centre Street Branch, all in New Jersey. This mileage had been acquired by construction during the period 1832–1870. The records do not indicate whether the construction work was performed by company forces or by contract. The mileage leased amounted to 12.92 miles and consisted of two branch lines in New Jersey, one from Perth Amboy Junction to Perth Amboy, the other from New Brunswick to East Millstone. In addition, the company owned certain ferry properties on the Hudson River at Jersey City, N. J., and New York City, N. Y., and leased certain ferry properties and privileges from the associates of the Jersey Company for the operation of ferries between those points.