Wikipedia:WikiProject Trains/ICC valuations/New York, Brooklyn and Manhattan Beach Railway
Interstate Commerce Commission, Volume 36, Valuation Reports
The New York, Brooklyn and Manhattan Beach Railway
[edit]The railroad of The New York, Brooklyn and Manhattan Beach Railway Company, herein called the New York, Brooklyn and Manhattan Beach, which is leased to and operated by the carrier, is a double-track line located on Long and Coney Islands, in the State of New York. Its main line extends from Fresh Pond Junction to Bay Ridge, with two branches, the principal one extending from Manhattan Beach Junction, on Long Island, to Manhattan Beach, on Coney Island. This company owns 17.924 miles of road. It also owns second main track and yard tracks and sidings as shown in the trackage table in Appendix 1.
Introductory
[edit]The New York, Brooklyn and Manhattan Beach is a corporation of the State of New York, with its principal office in the Pennsylvania Station, New York City. It is controlled by the carrier [Long Island Railroad] through ownership of a majority of its outstanding capital stock. The property of the New York, Brooklyn and Manhattan Beach is leased to and operated by the carrier.
Corporate History
[edit]The New York, Brooklyn and Manhattan Beach was incorporated and organized on August 27, 1885, under the laws of the State of New York. 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.
| No. | Name | Date of Incorporation | Succession |
|---|---|---|---|
| 1 | The New York, Brooklyn and Manhattan Beach Railway Company. | Aug. 27, 1885 | |
| 2 | The New York, Bay Ridge and Jamaica Railroad Company. | Nov. 20, 1875 | Consolidated on Aug. 27, 1885, to form 1. |
| 3 | The New York and Manhattan Beach Railroad Company. | Oct. 24, 1876 | [see above] |
| 4 | The Long Island City and Manhattan Beach Railroad Company. | Feb. 24, 1883 | [see above] |
Development of Fixed Physical Property
[edit]The owned mileage of the New York, Brooklyn and Manhattan Beach, 17.924 miles, was acquired through the consolidation or by purchase. The property so acquired, the years when the various portions of the line were constructed, and the manner in which the New York, Brooklyn and Manhattan Beach acquired the property are indicated in the following table.
Acquired by consolidation:
- Constructed by and acquired from The New York, Bay Ridge and Jamaica Railroad Company, Bay Ridge to New Lots, in 1877. 8.160
- Constructed by and acquired from The New York and Manhattan Beach Railroad Company—
- New Lots to East New York, in 1877. 1.170
- Manhattan Beach Junction to Manhattan Beach, in 1877. 3.730
- Acquired from The Long Island City and Manhattan Beach Railroad Company, constructed for this company by the carrier, Cooper Avenue Junction to Fresh Pond Junction, in 1883. 1.440
- Total. 14.500
Acquired by purchase, from the Brooklyn and Rockaway Beach Railroad, that portion between East New York and Jefferson Street, Brooklyn. 2.770
- Total recorded owned mileage. 17.270
Difference between total recorded mileage and mileage inventoried as of date of valuation. .654
- Mileage inventoried as of date of valuation. 17.924
Leased Railway Property
[edit]On October 1, 1885, the New York, Brooklyn and Manhattan Beach leased its property to the carrier for 99 years from May 1, 1882. Under the terms of the lease the carrier agrees to pay 35 per cent of the annual gross receipts from operations, but not less than 5 per cent per annum on its preferred stock and funded debt, nor more than 7 per cent on its preferred and common stock. For the year ended on date of valuation, the New York, Brooklyn and Manhattan Beach received rental amounting to $118,800, representing 5 per cent on $650,000 par value of preferred stock and 5 per cent on $1,726,000 par value of funded debt.
The New York, Brooklyn and Manhattan Beach subleases to the carrier the property of the Glendale and East River. This property is leased at a nominal rental of $1 per annum.
Predecessor Companies
[edit]The New York, Bay Ridge and Jamaica Railroad Company
[edit]Introductory
No accounting records of this company were obtained. The information contained herein was obtained from its published reports to the Railroad Commissioners of the State of New York. The records reviewed did not indicate that this company was controlled by any individual or corporation on August 27, 1885, the date of demise, or, on the other hand, that it controlled any common-carrier corporation. The road owned by this company was opened for operation on July 18, 1877, operations being conducted by its own organization until January 2, 1878, when it was leased to the Brooklyn and Manhattan Beach Railway Company, which continued operations until date of demise.
The New York and Manhattan Beach Railroad Company
[edit]Introductory
No accounting records of this company were obtained. The information contained herein was obtained from its published reports to the Railroad Commissioners of the State of New York, its minute records, and the records of the carrier. The records reviewed did not indicate whether this company was controlled by any individual or corporation on August 27, 1885, the date of its demise, or, on the other hand, whether it controlled any common-carrier corporation.
The railroad owned by this company, and which passed to the New York, Brooklyn and Manhattan Beach in the consolidation, as shown in the report on that company, was opened for operation on July 18, 1877, as a narrow-gage line. It was widened to standard gage in 1883. In addition to its owned property, the company constructed in 1877, at its own expense, but in the name of and under the charter of The Brooklyn and Rockaway Beach Railroad Company, that portion of the latter's road from a connection with the line of the Glendale and East River, at Jefferson Street, to East New York, a distance of about 2.77 miles. Upon completion the property was leased by the company under consideration for sole operation.
On January 1, 1878, The New York and Manhattan Beach Railroad Company leased the property of The New York, Bay Ridge and Jamaica Railroad Company, and on April 3, 1878, leased the property of the Glendale and East River. On May 1, 1882, the company leased its property and subleased its leased roads to the carrier for 99 years.
The Long Island City and Manhattan Beach Railroad Company
[edit]No accounting records of this company were obtained. The information contained herein was obtained from the accounting records of the carrier. The records reviewed indicate that this company was controlled by the carrier on date of its demise, August 27, 1885, through ownership of its capital stock. They do not indicate that this company controlled any common-carrier corporation.
The company was organized in the interest of the carrier for the purpose of constructing a railroad from a point near Fresh Pond to Cooper Avenue, in Queens County, New York. The road, about 1.44 miles in length, was constructed by the carrier and opened for operation during the year 1883. The property was operated by the carrier until August 27, 1885, when this company, The New York and Manhattan Beach Railroad Company and The New York, Bay Ridge and Jamaica Railroad Company, were consolidated to form the New York, Brooklyn and Manhattan Beach.