Wikipedia:WikiProject Trains/ICC valuations/New York Dock Railway

Interstate Commerce Commission, Valuation Reports, Volume 46

New York Dock Railway

Location and General Description of Property

The property of the New York Dock Railway, hereinafter called the carrier, consists of three separate terminals located on the easterly side of upper New York Bay in Brooklyn, N. Y., and designated Fulton Terminal, Baltic Terminal, and Atlantic Terminal. Each terminal has a separate set of tracks, some of which are classified as main line. The tracks are standard gage and the road is steam operated. The carrier operates 1.204 miles of first main track, 0.970 mile of second main track and 8.000 miles of yard tracks and sidings aggregating 10.174 miles of all tracks owned and used. The land on which these tracks are located, together with certain structures and piers at the three terminals, are leased from the New York Dock Company, by whom the carrier is controlled.

There is no rail connection between the three terminals or with other railroads. Connection is made between terminals and other railroads by means of car floats. The carrier performs a switching service between various piers and industries.

Physical Conditions Affecting Construction

The property is located on filled land along the East River water front in Brooklyn, N. Y., in the center of the commercial district.

Economic Conditions Relating to Traffic

The principal business is that of switching between various piers of the New York Dock Company and industries in this district.

Physical Characteristics of Road

The grading is light, averaging about 11,000 cubic yards per mile. The land on which the property is located was appraised in its filled condition including bulkheading, consequently the only grading inventoried was the cut through paving and the minimum section. There are no bridges, trestles, or culverts. Crossties are mostly untreated pine and creosote treated with a small percentage of oak. The rail ranges in weight from 70 to 140 pounds, being mostly new Bessemer. The heavier rail is of the girder type and is used mainly on curves. Crushed stone and cinders are the principal materials used for ballast. The most important structure is a 2-story brick office building located at the Atlantic Terminal. The carrier leases important transfer bridges and piers at all of its terminals.

Introductory

The carrier is a New York corporation, having its principal office at 44 Whitehall Street, New York City, and its operating office in Brooklyn, Kings County, N. Y.

It is not controlled by any individual or corporation on date of valuation, but in answering question as to extent of control in its annual report to us, the carrier states : The directors of New York Dock Railway are, with one exception, either directors, officers, or employees of New York Dock Company. The New York Dock Company is the principal creditor of the New York Dock Railway.

The records do not indicate that the carrier controls any common-carrier corporation.

The property of the carrier has been operated by its own organization from date of acquisition to date of valuation.

The carrier acquired by purchase October 1, 1912, from the New York Dock Company, the ties, rails, track material, equipment, and railroad appurtenances and on the same date leased from that company the right-of-way on which the trucks were located, together with certain improvements thereon. The New York Dock Company had acquired the property in 1901 through purchase, after foreclosure proceedings, of the property of the Brooklyn Wharf & Warehouse Company, a noncarrier New York corporation, which had constructed the railroad in 1897 and 1898.

Corporate History

The carrier was incorporated May 14, 1910, under the railroad law of New York for the purpose of "conveyance and transportation of property and freight only." By amended certificate filed October 14, 1910, this purpose was increased to include "The power, purpose and provision to build, maintain and operate a railroad, and to maintain and operate a railroad already built." The date of its organization was July 6, 1910.

Development of Fixed Physical Property

Of the owned mileage of the carrier, consisting of three separate sections known as the Fulton Terminal, the Baltic Terminal, and the Atlantic Terminal, about 2.17 miles of main line and 6.58 miles of yard tracks and sidings were acquired by purchase October 1, 1912, from the New York Dock Company. The remainder was acquired by construction at various times from that date to date of valuation. The recorded mileage is 1.36 first main, 0.99 second main, and 8.06 yard tracks and sidings; the inventorial mileage, 1.204 first main, 0.970 second main, and 8.000 yard tracks and sidings.

Leased Railway Property

The carrier leases from the New York Dock Company, under agreement dated January 1, 1924, for a term of 99 years from October 1, 1912, certain real estate and improvements thereon which are used in the operation of its railroad. The lease provides an annual rental beginning October 1, 1924, of $60,000, plus 90 percent of the carrier's net income, limited, however, to 6 per cent on a fixed value of $1,721,721.79, such amount being subject to increase or decrease on account of additions or retirements of property. The carrier agrees to maintain the property, pay the taxes, insure the improvements thereon in favor of the owner, and assume 25 percent of the cost of paving within right-of-way. The amount of rental accrued and charged to income for the year ended on date of valuation is $81,227.94.