The New York, Brooklyn and Manhattan Beach is a corporation of the State of New York, with its principal office in the Pennsylvania Station, New York City. It is controlled by the carrier [Long Island Railroad] through ownership of a majority of its outstanding capital stock. The property of the New York, Brooklyn and Manhattan Beach is leased to and operated by the carrier.
The New York, Brooklyn and Manhattan Beach was incorporated and organized on August 27, 1885, under the laws of the State of New York. 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 succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.
|No.||Name||Date of in-|
|1||The New York, Brooklyn and Manhattan Beach Railway Company||Aug. 27, 1885|
|2||The New York, Bay Ridge and Jamaica Railroad Company||Nov. 20, 1875||Consolidated on Aug. 27, 1885, to form 1.|
|3||The New York and Manhattan Beach Railroad Company||Oct. 24, 1876|
|4||The Long Island City and Manhattan Beach Railroad Company||Feb, 24, 1883|
The owned mileage of the New York, Brooklyn and Manhattan Beach, 17.924 miles, was acquired through the consolidation or by purchase. The property so acquired, the years when the various portions of the line were constructed, and the manner in which the New York, Brooklyn and Manhattan Beach acquired the property are indicated in the following table.
|Acquired by consolidation:|
|Constructed by and acquired from The New York, Bay Ridge and Jamaica Railroad Company, Bay Ridge to New Lots, in 1877||8.160|
|Constructed by and acquired from The New York and Manhattan Beach Railroad Company--|
|New Lots to East New York, in 1877||1.170|
|Manhattan Beach Junction to Manhattan Beach, in 1877||3.730|
|Acquired from The Long Island City and Manhattan Beach Railroad Company constructed for this company by the carrier, Cooper Avenue Junction to Fresh Pond Junction, in 1883||1.440|
|Acquired by purchase, from the Brooklyn and Rockaway Beach Railroad, that portion between East New York and Jefferson Street, Brooklyn||2.770|
|Total recorded mileage||17.270|
|Difference between total recorded mileage and mileage inventoried as of date of valuation||.654|
|Mileage inventoried as of date of valuation||17.924|
On October 1, 1885, the New York, Brooklyn and Manhattan Beach leased its property to the carrier for 99 years from May 1, 1882. Under the terms of the lease the carrier agrees to pay 35 per cent of the annual gross receipts from operations, but not less than 5 per cent per annum on its preferred stock and funded debt, nor more than 7 per cent on its preferred and common stock. For the year ended on date of valuation, the New York, Brooklyn and Manhattan Beach received rental amounting to $118,800, representing 5 per cent on $650,000 par value of preferred stock and 5 per cent on $1,726,000 par value of funded debt.
The New York, Brooklyn and Manhattan Beach subleases to the carrier the property of the Glendale and East River. This property is leased at a nominal rental of $1 per annum.
|Original data source:||Valuation Reports Vol. 36 pp 71, 78|
Interstate Commerce Commission
Although published in 1932, the report is "...as of date of valuation" which was 30 June, 1916