Wikipedia:WikiProject Trains/ICC valuations/Passaic and New York Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Passaic and New York Railroad

Location and General Description of Property

The railroad of the Passaic and New York Railroad Company, herein called the Passaic and New York, is a single-track line, located entirely within the State of New Jersey, and extending from Passaic Junction to Passaic, 3.115 miles.

Introductory

The Passaic and New York is a corporation of the State of New Jersey, having its principal office at Jersey City, N. J. No accounting records of the Passaic and New York were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operation, or investments. However, certain data indicated hereinafter were obtained from a balance sheet statement, as of date of valuation, certified by the comptroller of the company, filed with this commission, and from other sources.

The company is controlled by the New York, Susquehanna and Western through ownership of its entire outstanding capital stock. The records reviewed do not indicate that this company controls any common-carrier corporation.

The property of the Passaic and New York was operated by the New York, Susquehanna and Western from the date of completion thereof, December 1, 1885, 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 part of the operating system of the New York, Susquehanna and Western, and it is so operated on date of valuation.

Corporate History

The Passaic and New York was incorporated July 14, 1885, under the general laws of New Jersey, to construct and operate a railroad from Passaic to Saddle River, N. J. The date of its organization was August 10, 1885.

Development of Fixed Physical Property

The owned mileage, of 3.115 miles, was all acquired by construction during the year 1885. The records reviewed do not indicate whether the construction work was performed by company forces or by contract.

Leased Railway Property

The common-carrier property of the Passaic and New York is operated on date of valuation by the United States Railroad Administration as a part of the operating system of the New York, Susquehanna and Western. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the New York, Susquehanna and Western.