The carrier is a corporation of the State of New York, having its principal office at New York City. It is controlled by The Pennsylvania Railroad Company through ownership of a majority of its capital stock. On the other hand, the carrier controls, through ownership of a majority of their capital stock, the New York, Brooklyn and Manhattan Beach, the New York and Rockaway Beach, and the North Shore Branch, whose several common-carrier properties it operates.

Such information as is contained herein for the period prior to October 1, 1879, was obtained from the minute records of stockholders and directors and from the published reports of the railroad commissioners of the State of New York, there being no accounting records of the carrier obtainable for that period.

During the period from October 1, 1861, to April 15, 1863, the property owned or leased by the carrier was operated under contract by Josiah A. Shearus, who agreed to maintain the property and pay $11,000 per month rental. On January 1, 1863, the agreed rental was increased to $12,833.33 per month. With the exception of the period above stated the carrier or its receivers have operated the property. The periods of receiverships extended from March 4, 1850, to January 25, 1851, and from October 26, 1877, to October 15, 1881.

The carrier was incorporated on April 24, 1834, by special act of the Legislature of the State of New York. Its organization was perfected on June 17, 1835. During the 81 years of its corporate existence the carrier has acquired by purchase, the rights, franchises and property of 14 corporations, which, in turn, had succeeded 13 others; so that, directly and indirectly, the carrier is the successor to 27 predecessor corporations. 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 sucession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Each of the above-named predecessor companies was incorporated under the laws of the State of New York.

The owned mileage of the carrier, amounting to 323.557 miles, was acquired either by purchasing and merging other railroad properties or by construction. The carrier's records show that it acquired 177.220 miles by purchase and merger and 146.130 by construction, or a total of 323.350 miles. The difference between the mileage inventoried by us and that shown in the carrier's records, 0.207 mile, is due to remeasurements and reclassifications.

Purchase and Merger - Of the 27 corporations that comprise the line of succession culminating in the carrier as at present constituted, 6 corporations did not construct any road or other common-carrier property. These compnaies were:

• The Long Island City and Flushing Railroad Company
• The Southern Railroad Company of Long Island
• The Rockaway Railway Company
• The New York and Flushing Railroad Company
• The Jamaica and South Shore Railroad Company
• The Oyster Bay Extension Railroad Company

Construction -- Information concerning properties acquired by the carrier through construction, including the location, dates of completion of construction, and mileage, is shown in the following tabulation:

The carrier uses on date of valuation facilities owned by other companies and other companies use facilities owned by the carrier to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation, are as follows:

Although published in 1932, the report is "...as of date of valuation" which was 30 June, 1916