The New York and Rockaway Beach is a corporation of the State of New York, having its principal office in the Pennsylvania Station, New York City. It is controlled by the carrier through ownership of a majority of its outstanding capital stock. On the other hand, the records do not indicate that this company controls any common-carrier corporations. The property of the New York and Rockaway Beach has been operated by the carrier [Long Island Railroad] since July 1, 1904. Prior to that date the New York and Rockaway Beach operated its own property.
The New York and Rockaway Beach was incorporated on August 19, 1887, under the laws of the State of New York, as a reorganization of The New York, Woodhaven and Rockaway Railroad Company. This company was incorporated on March 21, 1877, under the laws of the State of New York. Its property having been sold under foreclosure proceedings on July 30, 1887, was acquired by the New York and Rockaway Beach as of September 1, 1887.
The property owned by the New York and Rockaway Beach was acquired by reorganization of its predecessor and by construction. That portion acquired by reorganization was about 10.70 miles in length. The main line extended from Glendale Junction to Rockaway Park, about 10.30 miles, with a branch from Ozone Park to Woodhaven Junction, about 0.39 mile. In 1887 and 1888, by a combination of new construction and the relocation of what was then known as the Rockaway Branch of the Brooklyn and Montauk Railroad, a branch, about 1.66 miles in length, was constructed from Hammel to New York and Rockaway Beach Junction, at the expense of the New York and Rockaway Beach but under the charter of the Brooklyn and Montauk Railroad company, on land title to which was partly in the name of the latter and partly in the name of the carrier.
The entire property of the New York and Rockaway Beach is leased to the carrier for a term of 50 years from July 1, 1904. Under the terms of the lease the carrier collects all revenues from operations and pays all operating expenses including taxes and insurance, paying over the net balance to the New York and Rockaway Beach. For the year ending on date of valuation, the New York and Rockaway Beach credited its income account with the sum of $408,369.62 as income from lease of road.
Under an agreement dated September 1, 1887, the New York and Rockaway Beach acquired certain trackage rights over the carrier's road from Glendale Junction to Long Island City, about 7 miles, and from Woodhaven Junction to Flatbush Avenue, about 7 miles. This agreement, with certain modifications as of July 1, 1911, was in effect on date of valuation. Under the agreement the revenue derived from business passing over the lines of both companies is divided on a percentage basis. The recorded joint-facility rental paid by the New York and Rockaway Beach for the year ending on date of valuation, amounted to $82,125.28.
The Ocean Electric Railway Company has joint use of about 2.5 miles of the road of the New York and Rockaway Beach between Arverne and Far Rockaway. The New York and Rockaway Beach receives one-third of 20 per cent of the gross earnings. For the year ending on date of valuation, this rental amounted to $1,432.25.
|Original data source:||Valuation Reports Vol. 36 pp 81-82, 90|
Interstate Commerce Commission
Although published in 1932, the report is "...as of date of valuation" which was 30 June, 1916.