The Delaware River Railroad is a corporation of the states of New Jersey and Pennsylvania, having its principal office at Camden, N. J. The company is controlled by the Pennsylvania Railroad through ownership of its entire capital stock. On the other hand, the the records reviewed do not indicate that this company controls any carrier corporation. The property of the Delaware River Railroad was operated by the Pennsylvania Railroad from the date it was placed in operation, April 18, 1896, to December 31, 1917, under an agency agreement which was superseded by a lease of the property to the Pennsylvania Railroad effective April, 1, 1918. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which operated it as part of the Pennsylvania system from April 1, 1918, to date of valuation.
The Delaware River Railroad was incorporated in 1896 under the general laws of Pennsylvania and by special act of the Legislature of New Jersey for the purpose of consolidating the property, rights and franchises of the Pennsylvania and New Jersey Railroad Company (of Pennsylvania) and the Pennsylvania and New Jersey Railroad Company (of New Jersey), and completing and operating the railroad projected and partly constructed by those companies. Pursuant to the above purpose, the Delaware River Railroad acquired at its organization the property, rights and franchises of the two corporations named. The Delaware River Railroad, itself, and those two corporations comprise the line of corporate succession culminating in the Delaware River Railroad as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation and for each predecessor the date and manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.
|1||Delaware River Railroad and Bridge Company||Under general laws of Pennsylvania and New Jersey, agreement filed in Pennsylvania Feb. 1, and in New Jersey Mar. 16, 1896|
|2||Pennsylvania and New Jersey Railroad Company||Under general laws of Pennsylvania, May 4, 1894||Consolidated Feb. 15, 1896 with 3 to form 1 .|
|3||Pennsylvania and New Jersey Railroad Company||Under general laws of New Jersey, May 8, 1894||Consolidated Feb. 15, 1896 with 2 to form 1 .|
The mileage owned by the Delaware River Railroad, amounting to 9.618 miles, was all acquired by completeing the partly constructed road of its predecessors. The years in which the various portions of the road were constructed are indicated in the following table:
|Constructed partly by the Pennsylvania and New Jersey Railroad Company (of Pennsylvania) and completed by the Delaware River Railroad, Philadelphia, Pa. to the New Jersey State line, 1894-1896||2.06|
|Constructed partly by the Pennsylvania and New Jersey Railroad Company (of New Jersey) and completed by the Delaware River Railroad, 1894-1897|
|Pennsylvania State line to West Haddonfield, N. J.||6.40|
|Delaware River Draw to Fish House Station, N. J.||0.30|
|Delair to Morris, N. J.||0.76||7.46|
|Difference between recorded mileage and mileage inventoried||0.098|
|Mileage inventoried as of date of valuation||9.618|
The investments of the Delaware River Railroad in other companies on date of valuation are stated in its records at a book value of $507,216.47. A statement of the several investments recorded as of date of valuation, with their respective par values and book values, follows.
|Par value||Book value|
|Allegheny Valley Railway Company||23,000||23,000.00|
|Junction Railroad Company||282,000||280,568.17|
|Philadelphia and Erie Railroad Company||36,000||39,378.98|
|Long Island Railroad Company||189,000||164,269.32|
The records state that the above securities were purchased by the Delaware River Railroad with $507,216.47, cash.
The entire property of the Delaware River Railroad is leased to the Pennsylvania Railroad for 999 years from April 1, 1918. There was no rental accrued under this lease to date of valuation inasmuch as the lease agreement was entered into after January 1, 1918, when the common-carrier property of the Delaware River Railroad was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.
|Original data source:||Valuation Reports Vol. 22 pp 413-414, 420-421|
Interstate Commerce Commission
Although published in 1929, the report is "...as of date of valuation" which was 30 June, 1918