Wikipedia:WikiProject Trains/ICC valuations/Paterson and Hudson River Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

The President and Directors of the Paterson and Hudson River Railroad

Location and General Description of Property

The railroad of The President and Directors of the Paterson and Hudson River Railroad Company, herein called the Paterson and Hudson River, is located entirely within the State of New Jersey and extends from Bridge Creek, Jersey City, to Paterson, 10.441 miles, with 10.400 miles of second, 6.259 miles of third, and 6.020 miles of fourth main tracks. This line is separated at the Hackensack River near Secaucus, N. J., the bridge over this stream being owned by the Erie Terminals Railroad Company. The property forms a part of the Erie's principal main line.

Introductory

The Paterson and Hudson River is a corporation of the State of New Jersey, having its principal office at Paterson, N. J. No general accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated hereinafter were obtained from a balance sheet statement as of date of valuation, certified by the comptroller of the company, filed with this commission, and from other sources.

The records reviewed do not indicate that the company is controlled by any individual or corporation. The records reviewed do not indicate that this company controls any common-carrier corporation.

The property of the Paterson and Hudson River has been operated during its corporate life as indicated below.

Own organization 1834 to Sept. 14, 1852.

The New York and Erie Rail-Road Company and its receivers Sept. 15, 1852, to Dec. 31, 1961[sic].

Erie Railway Company and its receivers Jan. 1, 1862, to May 31, 1878.

The New York, Lake Erie and Western Railroad Company and its receivers June 1, 1878, to Nov. 30, 1895.

Erie Dec. 1, 1895, to Dec. 31, 1917.

The common-carrier property of this company was taken over for operation by the United States Railroad Administration on January 1, 1918, as a part of the system of the Erie, and it is so operated on date of valuation.

Corporate History

The Paterson and Hudson River was incorporated January 31, 1831, under special act of the Legislature of New Jersey. The date of its organization was not determined.

Development of Fixed Physical Property

The owned mileage of the Paterson and Hudson River, 10.441 miles, was all acquired by construction. It was completed and opened for operation about the year 1834. It is not known whether the original construction work was performed by company forces or by contract. There is a difference of 2.631 miles between the milleage[sic] recorded by this company, 13.072 miles, and the mileage, 10.441 miles, inventoried as of date of valuation.

Leased Railway Property

The property of the company was leased, effective from September 15, 1852, to the Union Railroad Company, which lease was taken over, and the property was operated by the Erie and its predecessors from September 15, 1852, to December 31, 1917. The common-carrier property of the Paterson and Hudson River is operated on date of valuation by the United States Railroad Administration as part of the system of the Erie. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the Erie.