Wikipedia:WikiProject Trains/ICC valuations/Tuckerton Railroad

Commerce Commission, Volume 108, Valuation Reports

Tuckerton Railroad

Location and General Description of Property

The railroad of the Tuckerton Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad located in the east-central part of New Jersey. The owned mileage extends in a general southerly direction from Whitings to Tuckerton, N. J., a distance of 28.898 miles. The carrier also owns yard and side tracks totaling 3.179 miles. Its road thus embraces 32.077 miles of all tracks owned.

Jointly Used Property

The carrier has no jointly owned and used property.

Economic Conditions Relating to Traffic

The principal products are those of the farm.

Corporate History

The carrier was incorporated and organized July 8, 1880, under the general laws of New Jersey “concerning railroads, canals, etc., sold under foreclosure,” approved February 5, 1858, and a general supplement thereto approved April 9, 1875. It is a reorganization of The Tuckerton Railroad Company, a prior corporation, the property, rights, and franchises of which were acquired by the carrier July 8 and December 31, 1880, pursuant to a plan of reorganization dated December 8, 1877, filed with the State of New Jersey July 8, 1880, and fully complied with by December 31, 1880. The reorganization resulted from The Tuckerton Railroad Company's default of interest on its bonds and bills payable, and inability to liquidate a judgment which had been obtained for its bills payable. Under the plan of reorganization, which was incorporated into an agreement between the judgment creditors and the bondholders, the property was sold under an amicable foreclosure and transferred to the carrier, which used its securities to retire the securities and liquidate the indebtedness of The Tuckerton Railroad Company upon bases of exchange stipulated in the plan of reorganization. The capital stock of the carrier is held by individuals, none of whom owns a majority. The principal office of the carrier is located at Camden, N. J.

Development of Fixed Physical Property

On March 21, 1870, the Manchester and Barnegat Bay Railway Company, (later The Tuckerton Railroad Company and now the carrier) began engineering reconnaissance to determine a route for its contemplated railroad, and ran various lines. On June 28, 1870, the present route from Whitings to Tuckerton, via Barnegat and Manahawken, was adopted. Construction of the railroad was begun October 5, 1870, under contract with citizens along the route, who were to be paid partly with the capital stock.

No records of the Manchester and Barnegat Bay Railway Company are obtainable, nor are there any published data concerning it. The first annual report of The Tuckerton Railroad Company's directors to the stockholders indicates that the character of the construction done by the Manchester and Barnegat Bay Railway Company was light, owing to the favorable lay and consist of the terrain, and that the Manchester and Barnegat Bay Railway Company only partially completed the clearing, grading, and bridging of about 14 miles of the road; from which it would appear that the Manchester and Barnegat Bay Railway Company's construction performances and commitments were relatively small.

Leased Railway Property

The carrier operated as agent, at cost, the railroads of the Barnegat Railroad Company and the Philadelphia and Beach Haven Railroad Company, which extend, respectively, from Barnegat Junction to Barnegat City and from Manahawken to Beach Haven, N. J. This is done under a contract dated April 28, 1909, with The Pennsylvania Railroad, which controls these two companies. The results of operations are kept separately from those of the carrier and are accounted for to The Pennsylvania Railroad.

From July 1, 1886, to August 1, 1894, the carrier furnished engines and engine crews to move the trains of the Long Beach Railroad Company (now the Philadelphia and Beach Haven Railroad Company) over the line of that road from Manahawken to Beach Haven, and received therefor 30 cents per engine-mile. This receipt is included in the income account as hire of equipment.

Since about January, 1900, the carrier has had an arrangement with The Pennsylvania Railroad and the Philadelphia and Beach Haven Railroad Company whereby it pays those companies 20 cents per train-mile for their through trains which are moved over its line from Whitings to Manahawken. This expenditure is included in the income account of the carrier as hire of equipment. The carrier receives the portion of the passenger fares from these trains which accrue on its line.