Wikipedia:WikiProject Trains/ICC valuations/Pennsylvania Tunnel and Terminal Railroad

Interstate Commerce Commission, Volume 23, Valuation Reports

Pennsylvania Tunnel and Terminal Railroad

Location and General Description of Property

The Pennsylvania Tunnel and Terminal Railroad Company, herein called the Pennsylvania Tunnel and Terminal, owns the Pennsylvania passenger-station building and facilities at New York City, together with a standard-gauge, electrically-operated, terminal railroad leading to that station, located in and near New York City in the States of New Jersey and New York. The main line extends from Manhattan Transfer, N. J., easterly through tunnels under the Hudson River, Manhattan Island, and East River, to Long Island City, N. Y., 12.641 miles. A branch line extends from a connection with the main line at Manhattan Transfer to industrial plants in Harrison, N. J. The railroad is double-tracked from Manhattan Transfer to the Pennsylvania station in New York City, with four main tracks beyond to Long Island City. The company owns 13.631 miles of first main track, 12.617 miles of second main track, 4.136 miles of third main track, 3.889 miles of fourth main track, and 37.241 miles of yard tracks and sidings. Its road thus embraces 71.514 miles of all tracks owned and used, classified by States in the trackage table in Appendix 1.

The railroad is devoted exclusively to passenger-train traffic, with the exception of the Harrison branch and a short section of the main line leading from the road of the Pennsylvania Railroad, over which freight trains are operated.

This railroad is operated by the Pennsylvania Railroad under an agency agreement and furnishes the passenger terminal facilities at New York City for the Pennsylvania system. It also provides terminal facilities for The Long Island Railroad Company, and in conjunction with the road of The New York Connecting Railroad Company forms the connecting link in an all-rail route between The New York, New Haven and Hartford Railroad Company, serving the New England States, and the Pennsylvania Railroad, serving the States south and west of New York City.

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 the company contain an income account only for the period from November 27, 1910, to June 30, 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 Jersey 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 13, 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.

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 one of which was dated September 14, 1917. This agreement stipulated that the operating company should operate and maintain the property and furnish all motive power and rolling stock, and that it should receive all lawful tolls, 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 with that of the Pennsylvania Railroad 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 the 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 June 30, 1918, is included in the compensation payable to the Pennsylvania Railroad by the United States Railroad Administration.

Solely owned, but jointly 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 a 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.