Corporate Genealogy
Pennsylvania Tunnel and Terminal Company

INTRODUCTORY

The Pennsylvania Tunnel and Terminal is a corporation of the States of New Jersey and New York, having its principal office at Camden, N.J. The accounting records of this company contain an income account only for the period from November 27, 1910 to June 20, 1916. For that reason, only partial information can be given from the accounts in connection with its corporate operations. It is controlled by the Pennsylvania Railroad and the Pennsylvania Company jointly, through ownership of the entire outstanding capital stock. The records do not indicate that the company controls any common-carrier corporation.

The property was operated by the Pennsylvania Railroad under agency agreement from November 27, 1910, the date it was opened for operation, to December 31, 1917. On January 1, 1918, its common-carrier property with that of the Pennsylvania Railroad was taken over for operation by the United States Railroad Administration, which operates it on the date of valuation.

CORPORATE HISTORY

The Pennsylvania Tunnel and Terminal was incorporated under the general laws of the States of New Jersy and New York through filing on June 26, 1907, with the secretaries of state of the States named, an agreement dated June 5, 1907, for the purpose of consolidating the property, rights, and franchises of the Pennsylvania, New Jersey and New York Railroad Company and the Pennsylvania, New York and Long Island Railroad Company, which was done. The Pennsylvania, New Jersey and New York was incorporated February 12, 1902, and the Pennsylvania, New York and Long Island on April 21, 1902, both under the general laws of the State of New York. The date of organization of the Pennsylvania Tunnel and Terminal was June 26, 1907.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the Pennsylvania Tunnel and Terminal, 13.631 miles, together with its terminal stations and tunnels, was acquired during the period from June 26, 1907, to about March, 1917, by completion of construction begun by its predecessors in July, 1903. The property was opened for operation on November 27, 1910, although at that time it was only partially completed. The records reviewed indicate that the construction work of this company was principally performed by the same contractors who began the construction thereof for its predecessors.

[from reports on Predecessor Companies]

Pennsylvania, New Jersey and New York Railroad Company

This company was incorporated February 13, 1902, in the State of New Jersey. It was controlled on June 26, 1907, the date of consolidation, by the Pennsylvania Railroad through ownership of a majority of capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The company owned on the date of consolidation a partially constructed railroad extending from a point in or near Kearney, N. J., to and under the bed of the waters of the Hudson River to a point opposite Weehawken, N. J., on the boundary line between the States of New Jersey and New York, thereat connecting with the partially constructed railroad of the Pennsylvania, New York and Long Island Railroad Company. This partly completed railroad was acquired by construction. The construction work had been performed under contract by the O'Rourke Engineering Construction Company, independent contractors. Further details with respect to the construction of this property are given under development of fixed physical property in the report on the Pennsylvania Tunnel and Terminal.

Pennsylvania, New York and Long Island Railroad Company

This company was incorporated April 21, 1902, in the State of New York. It was controlled on June 26, 1907, the date of consolidation by the Pennsylvania Railroad through ownership of capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The company owned on date of consolidation a partially constructed underground tunnel railroad extending from a point of connection with the partially constructed railroad of the Pennsylvania, New Jersey and New York Railroad Company under the waters of the Hudson River opposite Weehawken, N. J., on the boundary line between the States of New York and New Jersey, to a connection with the railroad of the Long Island Railroad Company in New York City, together with the necessary lands, buildings, and appurtenances thereto for access to the surface at the latter point. This partly completed railroad had been acquired by construction, work having been performed under contract by numerous independent contractors. Further details with respect to the construction of this property are given under development of fixed physical property in the report on the Pennsylvania Tunnel and Terminal.

TRAFFIC CONNECTIONS

The Pennsylvania Tunnel and Terminal has direct connections with other roads for interchange of traffic, as follows:

Carrier Connecting point
The Long Island Railroad Company Long Island, N. Y.
The New York Connecting Railroad Company Long Island, N. Y.
Pennsylvania Railroad Manhattan Transfer, N. J.

LEASED RAILWAY PROPERTY

The entire property of the Pennsylvania Tunnel and Terminal was operated by the Pennsylvania Railroad, as agent, from November 27, 1910, the date it was opened for operation, to December 31, 1917, under numerous agreements, the last of which was dated September 14, 1917. This agreement stipulated that the operating company should operate and maintain the the property and furnish all motive power and rolling stock, and that it should receive all lawful revenues, and income, and pay the entire cost of maintaining and operating the property, including taxes and assessments of every kind.

On January 1, 1918, the common-carrier property of the Pennsylvania Tunnel and Terminal was taken over for operation by the United States Railroad Administration, which operates it on date of valuation. The arrangements of the Pennsylvania Tunnel and Terminal with other carriers, in effect December 31, 1917, covering use of joint facilities have been continued by the railroad administration during the period January 1, 1918, to date of valuation.

The description of the property and the period and terms of use follow. The compensation due the Pennsylvania Tunnel and Terminal for the use of these facilities for the six months ended June30,1918, is included in the compensation payable to the Pennsylvania Railroad by the United States Railroad Administration.

Solely owned, but jontly used, used with--
      The New York, New Haven and Hartford Railroad Company: Tracks, 5.11 miles, from Long Island City to Pennsylvania Station, New York, N. Y.; term 11 months from Mar. 1, 1918, amount of rental not stated in the agreement
The Long Island Railroad Company: Tracks, 4.2 miles, from Harold Avenue, Long Island City, to Pennsylvania Station, New York, N. Y.; for indefinite period from July 1, 1912, subject to 60 days' notice; stipulated annual payment $13,000, plus a proportion, on car and engine basis, of maintenance, operation, taxes, and additions and betterments; plus a payment equal to 4.5 per cent on agreed value of electric distributing system and additions and betterments thereto, plus a proportion of operation, taxes, insurance, etc., incident to generating and transmitting electric current to using company.


Original data source: Valuation Reports Vol. 23 pp 117-118, 128-131
Interstate Commerce Commission
Washington, DC
January 1929

Although published in 1929, the report is "...as of date of valuation" which was 30 June, 1918


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