Wikipedia:WikiProject Trains/ICC valuations/Atlantic City and Shore Railroad

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The railroad operated by the Atlantic City & Shore Railroad Company, hereinafter called the carrier, is a standard-gauge electric railroad, operated for passenger service only, located in southeastern New Jersey. The owned mileage consists of a main line, most of which is double-tracked, extending from a point near Meadows Tower to Atlantic City, a distance of 2.201 miles. The railroad of the Atlantic City & Ocean City Railroad Company, hereinafter called the Atlantic City & Ocean City Railroad, which is leased to and operated by the carrier is also a standard-gauge electric railroad, most of which is single-tracked, located in New Jersey and extending from Somers' Point to Ocean City, a distance of 2.621 miles.

The carrier has trackage rights over the road of the West Jersey and Seashore Railroad Company from Meadows Tower to Somers' Point, about 10.97 miles, which connects its owned road and its leased line; from Atlantic City to Longport, N. J., about 8.38 miles; and also in Atlantic City and Ocean City. It also has joint use of the West Jersey and Seashore Railroad Company's boat line between Longport and Ocean City, about 2.75 miles by water.

APPENDIX 2

INTRODUCTORY

The carrier is a corporation of the State of New Jersey, having its principal office at Atlantic City, N. J. It is controlled by the Atlantic City & Shore Company, a holding corporation, through ownership of 3,615 shares of capital stock and trust certificates for 6,225 shares, a total of 9,840 shares of the 10,000 shares of capital stock actually outstanding. The Girard Trust Company, trustee, holds 6,330 shares of stock of the carrier under an agreement between the West Jersey and Seashore Railroad Company, the holder of at least 51 per cent of the capital stock, and the carrier, providing for the deposit with the trustee of 51 per cent of the capital stock of the carrier and granting to the West Jersey and Seashore Railroad Company the option to purchase the same. Against the certificates of stock deposited the trustee has issued its trust certificates, of which 6,225 are held by the Atlantic City & Shore Company as shown above. On the other hand, the carrier indirectly controls the Atlantic City & Ocean City Railroad through ownership of a majority of the capital stock of the Atlantic City & Ocean City Company, a holding corporation. The property of the carrier was operated by its own organization from the date its property was placed in operation until November 26, 1915. From that date to date of valuation it has been operated by a receiver.

CORPORATE HISTORY

The carrier was incorporated October 21, 1905, under the general laws of the State of New Jersey, for the purpose of constructing, operating, and maintaining a railroad from a point in the township of Egg Harbor to a point in Atlantic City, N. J., near the Beach Thoroughfare, a distance of about 2 miles. The date of its organization was November 22, 1905.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, amounting to 2.201 miles, was all acquired by construction, as indicated below.

Virginia Avenue in Atlantic City, N. J., to a point in Egg Harbor Township, Feb. 10, 1906, to Oct. 25, 1906 1.928

South Carolina Avenue extension in Atlantic City, N. J., Apr. 4, 1908 to July 15, 1908 .282

Total 2.210

Difference between total recorded mileage and mileage inventoried as of date of valuation .009

Mileage inventoried as of date of valuation 2.201

In the construction of the road built for the carrier, the line extending from Virginia Avenue in Atlantic City, to a point in Egg Harbor Township, a distance of about 1.92 miles, was constructed under contract by the Atlantic City Construction Company, referred to hereinafter as the construction company. During the same period within which the 1.92 miles of road referred to in the preceding paragraph was constructed, the construction company

ATLANTIC CITY & OCEAN CITY RAILROAD COMPANY (ATLANTIC CITY & OCEAN CITY RAILROAD)

INTRODUCTORY

The Atlantic City & Ocean City Railroad is a corporation of the State of New Jersey, having its principal office at Atlantic City, N. J. It is controlled indirectly by the carrier through ownership by that company of a majority of the outstanding capital stock of the Atlantic City & Ocean City Company, a holding corporation, which owns a majority of the outstanding capital stock of the Atlantic City & Ocean City Railroad. On the other hand, the records reviewed do not indicate that this company itself controls any other common-carrier corporation. The property of the Atlantic City & Ocean City Railroad has always been operated by the carrier or by the receiver of the last-named company.

CORPORATE HISTORY

The Atlantic City & Ocean City Railroad was incorporated March 19, 1906, under the general laws of the State of New Jersey. The date of organization was April 17, 1906.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the Atlantic City & Ocean City Railroad was all acquired by construction. The years when the various portions of the line were constructed are indicated in the following statement:

Somers' Point to Eighth Street, Ocean City, N. J., Dec. 9, 1906, to Sept. 17, 1907 2.022

Extension in Ocean City, N. J., Feb. 25, 1908, to May 30, 1908 .650

Total 2.672

Difference between total recorded mileage and mileage inventoried as of date of valuation .051

Mileage inventoried as of date of valuation 2.621

In the construction of the road built for the Atlantic City & Ocean City Railroad, the line from Somers' Point to Eighth Street, Ocean City, with recorded mileage of 2.022 miles, was constructed under contract by the Atlantic City Construction Company, hereinafter referred to as the construction company. The extension of the road in Ocean City was constructed by the forces of the Atlantic City & Ocean City Railroad.

HISTORY OF CORPORATE FINANCING