The Barnegat Railroad Company, hereinafter called the carrier, is a corporation mof the State of New Jersey, controlled by the Pennsylvania Railroad Company. It owns and operates a single-track standard-gauge steam railroad extending from Barnegat City Junction, N. J., to Barnegat City, N. J., a distance of 8.150 miles. In addition it owns 0.470 mile of yard tracks and sidings and leases 0.677 mile of main track from the Philadelphia and Beach Haven Railroad Company.
The carrier was incorporated January 29, 1894, under the general laws of New Jersey through filing with the Secretary of State of New Jersey its certificate of organization, dated January 22, 1894. The purpose for which it was incorporated was to own, maintain, and operate that portion of the Long Beach Railroad, extending from Barnegat City to Barnegat City Junction, on Long Beach, including the franchises therefor. The date of organization of the carrier was January 22, 1894. The principal office is located in Camden, N. J.
The railroad owned by the carrier on date of valuation was part of the railroad formerly owned by the Long Beach Railroad. On November 28, 1893, the corporate property, rights, and franchises of the Long Beach Railroad were sold under foreclosure proceedings and conveyed in two separate parts. That portion of the road extending from Barnegat City Junction to Barnegat City, a distance of 8.15 miles, was conveyed to Wilson Brown by deed dated December 12, 1893. The latter conveyed the property to the carrier by deed dated January 22, 1894. The carrier also acquired by lease from the Philadelphia & Beach Haven Railroad Company effective June 25, 1909, about 0.68 mile of road extending from Barnegat City Junction to Long Beach City.
The carrier exclusively used on date of valuation, under lease agreement, 0.677 mile of road of the Philadelphia & Beach Haven Railroad Company, extending from Barnegat City Junction to a connection with the railroad of the carrier near Long Beach City. The lease agrrement is dated August 17, 1909, effective June 25, 1909, and provides for termination thereof by 30 days' written notice. The rental payment for the year ended on date of valuation was $1.
|Original data source:||Decisions of the Interstate Commerce Commission Vol. 108 pp 78, 80, 85, 88|
Interstate Commerce Commission
Although published in 1926, the report is "...as of date of valuation" which was 30 June, 1916