Wikipedia:WikiProject Trains/ICC valuations/New York and Greenwood Lake Railway
Interstate Commerce Commission, Valuation Reports, Volume 33
The New York and Greenwood Lake Railway
[edit]Location and General Description of Property
[edit]The railroad of The New York and Greenwood Lake Railway Company, herein called the New York and Greenwood Lake, extends from Croxton, N. J., to Greenwood Lake at Sterling Forest, N. Y., with branch lines in New Jersey, projecting from Forest Hill to West Orange, Great Notch to Essex Fells, and from Ringwood Junction to Ringwood, aggregating 53.717 miles of road, with 13.602 miles of second and 1.283 miles of third main tracks.
Introductory
[edit]The New York and Greenwood Lake is a corporation of the State of New Jersey, having its principal office at Jersey City, N. J. It is controlled by the Erie through ownership of a majority of its outstanding capital stock. The records reviewed do not indicate that this company controls any other common-carrier corporation. The property of the New York and Greenwood Lake was operated by its own organization from the latter part of 1878, exact date not ascertained, to April 30, 1896. From May 1, 1896, to December 31, 1917, it was operated by the Erie. The common-carrier property of the company was taken over for operation by the United States Railroad Administration on January 1, 1918, as a part of the system of the Erie, and it is so operated on date of valuation.
Corporate History
[edit]The New York and Greenwood Lake was incorporated November 1, 1878, under the general laws of New Jersey, for the purpose of acquiring the property, rights, and franchises of The Montclair and Greenwood Lake Railway Company which was done. It also acquired by purchase the property, rights, and franchises of three other companies, namely, The Roseland Railway Company, The Caldwell Railway Company, and The Wat-Chung Railway Company. The New York and Greenwood Lake itself and those corporations, together with their predecessors, total six different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the New York and Greenwood Lake as at present constituted. The following chart shows the names of the corporations in the line of corporate succession, 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 | Incorporation | Succession |
|---|---|---|---|
| 1 | The New York and Greenwood Lake Railway Company. | Under general laws of New Jersey, Nov. 1, 1878. | |
| 2 | The Montclair and Greenwood Lake Railway Company. | Under general laws of New Jersey, Oct. 30, 1875. | Sold at foreclosure Oct. 5, 1878, to interests which conveyed property to 1, Nov. 5, 1878. |
| 3 | The Montclair Railway Company. | Under special act of New Jersey, Mar. 18, 1867. | Sold at foreclosure Sept. 25, 1875, to interests which conveyed property to 2, Nov. 29, 1875. |
| 4 | The Roseland Railway Company. | Under general laws of New Jersey, Oct. 30, 1891. | Sold to 1, except the right to exist as a corporation, June 21, 1897. |
| 5 | The Caldwell Railway Company. | Under general laws of New Jersey, Jan. 18, 1890. | Sold at sheriff's sale, May 10, 1892, to interests which conveyed property to 1, May 31, 1897. |
| 6 | The Wat-Chung Railway Company. | See 7. | Sold at foreclosure, and conveyed Nov. 13, 1893, to interests which conveyed the property to 1, Oct. 11, 1895. |
| 7 | The Bloomfield and Orange Horse Car Railway Company. | Under special act of New Jersey, Apr. 15, 1868. | Name changed to 6, Mar. 8, 1870. |
Development of Fixed Physical Property
[edit]The owned mileage of the New York and Greenwood Lake, amounting to 53.717 miles, was acquired partly by construction, partly by reconstruction, partly by purchase after foreclosure or sheriff's sale, and partly by direct purchase. The property constructed by the New York and Greenwood Lake and the five corporations that comprise the line of succession culminating in it as at present constituted, the years when the various portions of the line were constructed, and the manner in which the New York and Greenwood Lake acquired the property are indicated in the following table, wherein to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.
| Mileage | ||
|---|---|---|
| Acquired by construction: | ||
| Constructed by the Erie for the New York and Greenwood Lake, Fish Creek to Croxton, N. J., 1911. | 0.827 | |
| Acquired by reconstruction: | ||
| Reconstructed by the Erie for the New York and Greenwood Lake, portion of road Bergen Junction to Secaucus, N. J., 1911. | 0.385 | |
| Reconstructed by the Erie "at expense of the Penhorn Creek Railroad Company but considered by the Erie in its annual report to its stockholders as being mileage of the New York and Greenwood Lake," remaining portion of road Bergen Junction to Secaucus, N. J., 1911. | 1.460 | |
| 1.845 | ||
| Acquired from the reorganization committee: | ||
| From The Montclair and Greenwood Lake Railway Company, Nov. 5, 1878— | ||
| Constructed partly by that company and partly by The Montclair Railway Company, date unknown— | ||
| Croxton to Sterling Forest, N. J.[sic] | 41.543 | |
| Ringwood Junction to Ringwood, N. J. | 2.732 | |
| 44.275 | ||
| Acquired by purchase after foreclosure or sheriff's sale: | ||
| From The Caldwell Railway Company, May 31, 1897, constructed by that company— | ||
| Great Notch to Caldwell, N. J., completed about January, 1892. | 4.531 | |
| From The Wat-Chung Railway Company, Oct. 11, 1895, constructed by that company— | ||
| Forest Hill to New Orange, N. J., completed about 1871. | 4.228 | |
| Acquired by direct purchase: | ||
| From The Roseland Railway Company, June 21, 1897, constructed by that company— | ||
| Caldwell to Essex Fells, N. J., completed about January, 1892. | 1.042 | |
| 56.748 | ||
| Less mileage abandoned by the New York and Greenwood Lake, previously acquired from The Montclair and Greenwood Lake Railway Company. (1.845 miles of this road was reconstructed, as shown above). | 2.356 | |
| Total recorded mileage. | 54.392 | |
| Difference between total recorded mileage and mileage inventoried as of date of valuation. | 0.675 | |
| Mileage inventoried as of date of valuation. | 53.717 |
Leased Railway Property
[edit]The New York and Greenwood Lake's property was solely operated by the Erie from May 1, 1896, to December 31, 1917, under lease agreement, dated May 1, 1896. From January 1, 1918, to date of valuation the common-carrier property of the New York and Greenwood Lake has been operated by the United States Railroad Administration as a part of the system of the Erie. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the Erie.
Predecessor Companies
[edit]The Montclair and Greenwood Lake Railway
[edit]The accounting records of The Montclair and Greenwood Lake Railway Company were of such a fragmentary nature that nothing of value could be obtained from them regarding its financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance or assumption of stock and bonds were obtained from a journal that covered the period from June, 1876, to December, 1878. The records reviewed did not indicate whether The Montclair and Greenwood Lake Railway Company was controlled by any individual or corporation on October 5, 1878, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.
It was not ascertained how the property of this company was operated during its entire existence. At the date of its demise it was operated by a receiver. The Montclair and Greenwood Lake Railway Company owned on the date of its demise 44.275 miles of single-track, standard-gage, steam railroad, that consisted of a main line extending from Croxton to Sterling Forest, N. J., and a branch projecting from Ringwood Junction to Ringwood, N. J. The 44.275 miles of road owned by The Montclair and Greenwood Lake Railway Company on the date of its demise had apparently been partly acquired by construction and partly by purchase, but neither the extent of construction, nor a complete description of the property acquired from its predecessor, could be ascertained. It was not ascertained whether the construction work performed for this company was performed by forces of the company or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York and Greenwood Lake.
The Montclair Railway
[edit]The accounting records of The Montclair Railway Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from a history of the Erie system. The records reviewed did not indicate whether the company was controlled by any individual or corporation on September 25, 1875, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation. The records reviewed indicated that the company had performed considerable construction work, but neither the extent of construction work performed nor a complete description of the property owned at the date of demise could be ascertained.
The Roseland Railway
[edit]Although the property, rights, and franchises of The Roseland Railway Company were conveyed to the New York and Greenwood Lake on June 21, 1897, the corporation is extant. The accounting records of The Roseland Railway Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the records of the New York and Greenwood Lake. The records reviewed did not indicate whether The Roseland Railway Company was controlled by any individual or corporation on June 21, 1897, the date its property was conveyed to the New York and Greenwood Lake, nor, on the other hand, whether it controlled any common-carrier corporation.
The property of the company was operated by its own organization from the date of acquisition thereof until the date it was conveyed to the New York and Greenwood Lake. The railroad owned by the company consisted of 1.042 miles of single-track, standard-gage, steam railroad, extending from Caldwell to Essex Fells, N. J. This property was all acquired by construction. It is not known whether the construction work was performed by company forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York and Greenwood Lake.
The Wat-chung Railway; Formerly Named The Bloomfield and Orange County Horse Car Railway
[edit]The accounting records of The Wat-Chung Railway Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of the New York and Greenwood Lake. The company was controlled on the date its property was sold, some time in 1893, by the New York and Greenwood Lake through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it controlled any common-carrier corporation.
The property of the company was operated by its own organization and its receivers from the date of acquirement thereof to the date its property was conveyed to the New York and Greenwood Lake, October 11, 1895. The railroad owned by the company consisted of 4.228 miles of single-track, standard-gage, steam railroad, extending from Forest Hill to Main Street, Orange, N. J. This property was all acquired by construction. It is not known whether the construction work was performed by forces of the company or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York and Greenwood Lake.
The Caldwell Railway
[edit]The accounting records of The Caldwell Railway Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the records of the New York and Greenwood Lake and the Erie. The records reviewed did not indicate whether The Caldwell Railway Company was controlled by any individual or corporation on May 10, 1892, the date its property was sold, nor, on the other hand, whether it controlled any common-carrier corporation.
The property of the company was operated by its own organization from the date of acquirement thereof until April 20, 1892. From that date until the date its property was sold, it was operated by the New York and Greenwood Lake under lease. The railroad owned by the company consisted of 4.531 miles of single-track, standard-gage, steam railroad, extending from Great Notch to Caldwell, N. J. This property was all acquired by construction. It is not known whether the construction work was performed by company forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New York and Greenwood Lake.