Wikipedia:WikiProject Trains/ICC valuations/Glendale and East River Railroad

Interstate Commerce Commission, Volume 36, Valuation Reports

The Glendale and East River Railroad

The railroad of The Glendale and East River Railroad Company, herein called the Glendale and East River, which is leased to the New York, Brooklyn and Manhattan Beach and subleased by the latter to the carrier, which operates same, is a single-track line, extending from Montrose Avenue to Jefferson Street, Brooklyn, N. Y., 0.278 mile. The Glendale and East River also owns yard and sidetracks as shown in the trackage table in Appendix 1.

Introductory

The Glendale and East River is a corporation of the State of New York, having its principal office in the Pennsylvania Station, New York City. The records reviewed did not indicate that the Glendale and East River was controlled by any individual or corporation on date of valuation, nor, on the other hand, that it controlled any common-carrier corporation.

Corporate History

The Glendale and East River was incorporated on March 26, 1874, under the laws of New York. Its organization was perfected on May 25, 1874.

Development of Fixed Physical Property

The Glendale and East River acquired by construction 2.70 miles of railroad extending from the East River at Quay Street, in Greenport, to Glendale, on Long Island, in the State of New York. The road was constructed by The New York and Manhattan Beach Railroad Company, for account of the Glendale and East River, and was opened for operation on April 3, 1878. About 2.33 miles of the road was abandoned in October, 1885, and on date of valuation the Glendale and East River owned 0.278 mile of railroad between South Side Crossing and Jefferson Street, Brooklyn.

Leased Railway Property

From April 3, 1878, to May 1, 1882, the property of the Glendale and East River was leased to and operated by The New York and Manhattan Beach Railroad Company. On May 1, 1882, the property of the latter was acquired by the New York, Brooklyn and Manhattan, which also acquired the lease on the Glendale and East River's property. On the same day the New York, Brooklyn and Manhattan Beach leased its property and subleased that of the Glendale and East River to the carrier for 99 years. Under the terms of the lease the lessee agrees to pay the Glendale and East River a rental of $1 per annum and maintain its property.