lflRCI.lt
LIBRARY
UNIVERSITY Of
CAUFORNU
Boooments Dept*
DOCUMENTS DtPASTMENT
JUN 27 1955
LIBRARY
UNIVERSITY Of CALIFORNIA
Extracts from the speech of Mr. Robert W. de Forest,
Vice-President and General Counsel of the Central Rail-
road Company of New Jersey, at a public hearing on
the subject of franchise tax, held at Trenton, N. J., on
January 23d, 1912.
The general counsel, the attorneys, and the general
land and tax agents of all the railroad companies were
present. Mr. de Forest was selected as the first speaker.
He said, in part :
"And I may say, also, the spirit of fairness which,
it seems to me, now that I know something about
Mr. Hansel's method, has characterized his investi-
gation into this whole railroad situation for the last
year or so.
"Frankly, this method of franchise valuation
seems to me, for the first time, a scientific one;
and, properly carried out in its application, the fair-
est that has yet been suggested ; and I notice that,
since Mr. Hansel has put it into operation, it has
been approved by our New York Court of Appeals,
in this recent Manhattan case."
Compliments of
CHARLES HANSEL, M. Am. Soc. C.E.,
43 Exchange Place, New York.
THE COMPLETE TYPEWRITTEN RECORD FOR THE STATE.
39 Bound volumes, giving description and value of each item of land, real
estate, track, structures, etc.
85 Covers (on the right) giving description and value of all locomotives,
cars, boats., signaling, machinery, and other tangible personal prop-
erty.
114 Volumes, in all, making a complete record of all property of all the 125
railroad corporations in New Jersey.
In addition to the above, the State has several hundred books of field
notes, and a vast amount of detailed information, with photographs of
buildings and structures.
KJ , -) . >\<-A*> AW><
RBPORT
ON
Revaluation of Railroads and
Canals, New Jersey
X. K "5
1011
BY
IN CHARGE
TRENTON, N. J.
MacCrellish & Quigley, State Printers, Opposite Post Office.
1912.
*
x
HE/075-
A/s Ha
DOCUMENTS
OEPT.
CONTENTS,
I NTRODUCTO R.Y : PAGE.
Letter of Transmittal 3
Argument, 7
Wisconsin Valuation for Taxation, 8
Minnesota Valuation for Rate Making 8
Franchise Not Appraised in Minnesota 8
Land Multiple, Various States, 9
CHAPTER I.
STATE TAX LAWS:
Main Stem, 12
Other Real Estate, 12
Personal Property, 12
Remaining Property, 13
Subdivision IV., Act of 1888, 13
Joint Resolution No. 3, 14
Real Estate Can Be Inventoried, 14
Franchise Can Only Be Appraised, 14
CHAPTER II.
VALUE OF REMAINING PROPERTY, INCLUDING
FRANCHISE:
Subdivision IV., Section 3, Amended Act of 1888, 15
CHAPTER III.
Distinction Between Franchises, ji8
Corporation is Itself a Franchise, 18
Right to Exist and to Condemn, 19
Franchise an Intangible Right, 20
Franchise Personal Property 20
Franchise to Act as One Person, 21
Franchise To Be is only One of the Franchises, 21
Duty to Public 22
Franchise the Life of a Corporation, 23
FRANCHISE HAS No DISTINCTIVE MEANING 23
Garrison on Franchise, 23
Elements of Subdivision IV., 24
Value of Stocks and Bonds, 24
Combinations Increase Franchise Value, 25
JVJ9101SO
11
CHAPTER IV.
BONDS AND STOCKS, ETC.: VAGE
Railroads Built on Sale of Bonds, . , 26
Railroad Construction, 26
Stock Watering, 26
Rates of Carriage, 28
Statement of Funded Debts and Stocks, .20
Stocks Not Dealt in, 29
MARKET VALUE INCLUDES ALL INCOME, 30
Guaranteed Stocks, 31
Development Not Reflected in the Value of Stocks, 34
Funded Debt, .V>
CHAPTER V.
ORGANIZATION, OPERATING COST AND VALUES:
Franchise Value of Organization, 3;
Shortness of Line, Gradients, etc., 37
Ability to Pay Taxes, 3-S
Latent Values, 30
Continental Lines, 30
Construction Lags, 3 ( )
Strategic Value, 39
Growth of Community, 40
Operating Costs, 40
Increased Dividends, 40
Lines of Operating Revenue and Operating Cost Converging, .... 41
CHAPTER VI.
COMPUTATION OF VALUE OF SUBDIVISION IV., ETC. :
Net Surplus Basis of Value, 13
Formula, Discussed, 43
Purpose for which Value Is To Be Used, 44
Current Year, 44
Annuity, 45
Basis for Annuity, 43
ADDITION AND BETTERMENTS, 46
Method of Accounting, * 47
No Precedent, 48
Method of Fixing Value, 4$
Income from Securities Owned, 50
West Shore Railroad, 51
Example, 52
Rate Used in Determining Annuity 52
Rate Used in Capitalizing Net Surplus, 53
DISTRIBUTION OF TERMINAL VALUES OUTSIDE of STATE, 58
Explanation of Method to Railroad Officials, 59
Improvements Not Generally Due to Railroad Officials, 60
iii
CHAPTER VII.
MAIN STEM:
Act of 1884 and Amendments, 62
Boundaries of Main Stem, 63
Term "Road-bed" Confusing, 63
Suggested Amendment in Tax Law (See Appendix)
CHAPTER VIII.
LAND, REAL ESTATE, ETC.:
Land Value Perplexing, etc., f>5
Naked Value, 67
MAIN STEM LAND NOT A CONTINUOUS STRIP, 67
Taxing Districts, 67
Fiction of the Law, 68
Land Adjoining Railroads, 69
Land Normal Value, 69
Records of Sales, 7o
Value and Use, 70
Tide-Water Terminals, 71
Assessed Value 1910, Second-Class ; Jersey City and Hoboken City, 71
COST OF REPRODUCTION NOT APPLIED TO LAND, 72
Multiple on Land Values, 75.
CHAPTER IX.
REAL ESTATE :
The Term "Real Estate," 77
Shops, Engine Houses, Turn-tables, Etc., 78
Electric Power Plants, 79
Machinery Personal Property, 79
CLASSIFICATION OF REAL ESTATE, 79
CHAPTER X.
TANGIBLE PERSONAL PROPERTY :
Tax Law, 8r
What is Machinery, 81
Shop Machinery and Tools, 81
Machines and Their Foundations, 82
Passenger Cars I\2
Freight-Train Cars, $3
Work Equipment, <^4
Floating Equipment, #4
Additional Personal Property, 85
Intangible Personal Property, 85,
IV
CHAPTER XI.
PAGE.
NOTABLE CASES OF EXCEPTIONABLE CONDITIONS:
The Lackawanna Railroad of New Jersey, 8(5
Hudson & Manhattan Railroad, . 01
CHAPTER XII.
DEPRECIATION OF ROLLING EQUIPMENT AND MACHINERY:
Terms Defined, 04
Obsolescence, 04
Interstate Commerce Commission Instructions t.^
Effect of Invention, <)^
Bargain and Sale Value, 06
Death of Capital, 06
New Equipment of Increased Value <;7
Master Car Builders, <,'/
Continued Improvements, <>S
Freight-Train Cars rS
Per Diem Rate, oo
Value of Car for Operating, 90
Demand for Cars i no
Distribution of Demand roc
Earnings of Freight Cars, 101
Locomotives and Density of Traffic, 102
Obsolescence in Equipment \a:
True Value of Equipment, iofi
CHAPTER XIII.
DEPRECIATION OF FLOATING EQUIPMENT:
Floating Equipment, 107
Effect of River Tunnels 107
Hull Must Be Maintained 1 08
Metal Hulls, iX
Tug Boats, i o.S
Steam Lighters, io<>
Car Floats, i o<)
Book Values, ICKJ
New York Ferries, T 10
Prentice Bill, no
Ocean-Going Boats, i r :
Maintenance Fund, 1 1 :?
Amortization, 1 1 3
CHAPTER XIV.
OPERATION OF FLOATING EQUIPMENT: PAGE!
Domicile and Situs, n I
Floating Equipment, Where Assessed, 114
Home Port Enrollment, 115
Port of New York, 1 16
Domicile of Owner is Situs, , 1 16
Equipment Not Always Enrolled, 117
Situs of Personal Property, 1 18
Enrollment of Equipment, 119
Application of the Law, 120
Equipment of Lehigh Valley Railroad Company, 122
True Value of Floating Equipment, 123
CHAPTER XV.
APPORTIONMENT OF EQUIPMENT TO NEW JERSEY:
Assignment of Rolling Equipment, 124
New Jersey Roads Larger Freighters, ^ 125
Train Loads 125
Traffic Dense 125
Commercial Valuation, 125
Cost of Production as Basis of Apportionment, 126
Gross Earnings as Basis, 126
Single-Track Miles Basis, 126
Net Earnings and Reproduction, 127
Basis of Apportionment, 127
CHAPTER XVI.
TRACK:
Valuation i->8
Rails,- 128
Ties, 132
Ballast, 134
Turnouts and Crossovers, 138
Crossings 140
CHAPTER XVII.
THE CANALS OF NEW JERSEY:
General 142
Delaware & Raritan Canal, 142
Lease to Pennsylvania Railroad, 999 Years, 143
Description, 144
Rates of Towage, 144
Financial 145
MORRIS CANAL, 146
Location 147
VI
THE CANALS OF NEW JERSEY Con! inn cd: PAGE.
Capacity, 147
Engineering Features, 147
Longest Level, 147
Dimensions, 148
Original Boats 18 Tons, 148
Change in Dimensions, ' 148
Public Highway, : 148
Free from Taxes by Charter, 149
Taxes Paid, 149
Right to Abandon, 143
Land Titles, Etc., 149
Land to Revert, 150
Cost of Canal, 151
Decline of Traffic, 151
Loss in Operation, 152-
1903 Report of Commissioners, 153
Suggested Requirements, 154
CHAPTER XVIII.
METHOD OF CONDUCTING APPRAISAL:
Scope of Survey and Inventory, 156
Working Force, 156
No Profiles Available : 157
Land Maps, 157
Instructions to Employees (See Appendix^ 157
Progress Reports, 157
Increased Efficiency of Field Forces, 158
Forms for Tabulation, 158
Machinery, Tools, Etc., 160
Signaling and Interlocking, 160
Attitude of Railway Officials, 160
Identification Cards, 160
Tax Department in Charge, 161
Plans Furnished by Railroads, 162
Unit Prices 163
Solidification of Road-bed, 163
CHAPTER XIX.
TAXES :
Taxes Paid in Other States 164
Density of Population, 16.",
Local Assessments, 165
Laws of Various States, 165
Special Enactments, 166
Glossary of Terms, 166
Uniform Taxation, 167
Terminology, 167
Vll
CHAPTER XX.
CONCLUSIONS : PAGE.
Valuation 191 1 Compared with Assessment of 1910 168
Data Furnished State Board of Assessors, 168
Problems of Law and Economics, 168
Valuation Made Separately for Constituent Companies 160
No Car Miles Reported by Railroads, 160
Statements of Operating Results Should Be Furnished, 160
APPENDIX :
Instructions to Staff for Conduct of Survey and Valuation 179
Mileage, Description and Historical Data, 21 T
Classified Summary of Valuations for Each Railroad Company, 243
Stocks and Bonds of Constituent Companies Owned by Railroad
System, 387
Ratio of Earnings to Operation, 397
Comparison of Taxes Paid in All States, 401
Report on Assessment of General Property, 407
Block Signaling and Interlocking Plants, 443
Suggested Amendments to Railroad Tax Laws, 459
STATE OF NEW JERSEV,
EXECUTIVE DEPARTMENT, January 22d, 1912.
Honorable John D. Prince,
President of the Senate :
SIR I herewith transmit to the Senate the report of the
Expert in Charge of the revaluation of all railroad and canal
property in the State, appointed in pursuance of Chapter 307,
Laws of 1910.
Respectfully,
WOODROW; WILSON,
Governor.
REPORT.
To His Excellency, Woodrozv Wilson, Governor of New Jersey,
and to the Honorable State Board of Assessors of Ne^v :
Jersey:
GENTLEMEN In presenting my report under "Joint Resolu-
tion Nlumber 3," approved April 5th, 1909, and "An act con-
cerning an inventory and appraisal of railroad and canal prop-
erty, including franchise, in the State of New 1 Jersey," approved
April 1 2th, 1910, I desire to thank His Excellency, Governor
Woodrow Wilson, the Hon. John Franklin Fort, and the mem-
bers of the State Board of Assessors for their uniform courtesy,
which has been made manifest to me at all times during my
work.
Further, I wish to thank the State officials at Trenton, and
the members of the County Boards of Taxation for their as-
sistance. No officeholder or member of either political party has
sought to secure any position with our working force, either
for himself or for another; and, if my work fails to measure
up to the expectations of any who have made careful study of
the law and its application to the various phases of railroad con-
struction and operation, I can only plead as my defense the mag-
nitude and the difficulty of the multifarious problems presented
for determination.
Very respectfully,
CHARLES HANSEL,
'Expert in Charge.
(5)
ARGUMENT,
The results called for by the legislative enactment under which
the work has been conducted are quite different from the results
called for in other States which have attempted to determine
what is popularly called the "Physical Valuation of Railroads."
VALUATION FOR TAXATION.
Michigan, the first State to attempt the valuation of railroads
on any large and comprehensive plan, did so for the purpose of
advising the people of that State what the results would be if
a change were made from the then existing laws, which used
the "Gross Income" of all the railroads in the State as the basis
of value. This work was done, in 1900-1901.
OF PROCEDURE.
The writer had the honor of being a member of the board ap-
pointed by the Governor of Michigan to consider the different
questions arising in the work, about which there might be doubt,
and to formulate rules of procedure in those cases admitting of
a variety of opinions.
"Inventory was made as completely as possible from the rail-
road records where such were in existence; these were checked
up by the field inspector."
It will be observed that the appraisers had the advantage of
full access to the records of the railroads and thereby avoided
a considerable amount of field work, and its attendant expense,
as well as loss of time.
MICHIGAN WORK LESS COMPLICATED.
The railroads of Michigan are less complicated, less costly
and of later construction than the railroads of New Jersey, and,
(7)
8
in consequence, the records are probably more complete. The
terminals of the Michigan railroads are comparatively unimpor-
tant as compared with the terminals of the railroads of New
Jersey and there is little floating- (marine) equipment.
The cost of the field work in Michigan, exclusive of the work
done by the Board of Review, was .$75,000.
The work in Michigan contemplated the valuation of the non-
physical elements separately from the cost of reproduction; but,
since the cost of reproduction may be entirely apart from the
true value, we cannot consider methods and rulings adopted by
Michigan as a guide in our present work.
WISCONSIN VALUATION FOR TAXATION.
The valuation of the railroads of Wisconsin, following closely
on the Michigan work, was carried out on practically the same
lines as the Michigan valuation, namely, cost of reproduction.
The railroads performed the field work and submitted the re-
sults to the engineer of the Commission.
Since cost of reproduction regardless of "true value" was
made the basis of the work, we cannot look to Wisconsin for
light on the problems which confront us in New Jersey.
MINNESOTA VALUATION FOR RATES.
The valuation in Minnesota, begun in 1906 and completed in
1908, was conducted for the purpose of determining whether
the investment in the railroad property justified the rates of
carriage which the railroad officials declared necessary to give a
reasonable return on the investment.
NO APPRAISAL OF FRANCHISE IN MINNESOTA.
No estimate of value was made on the franchise or other in-
tangible elements in Minnesota, the cost of reproduction being
the result sought. The report states :
"The artifices resorted to by the railway companies in their
efforts to purchase property at normal prices are not enduring,
and once it becomes known, the prices advance sometimes with
remarkable increases, and it was found from more than 200
sales of city property to railway companies that a wide range
existed between the normal values and the sale price of the in-
dividual purchases made."
In Minnesota the valuation was made on two different bases :
Estimates A and B. In Estimate A, allowance is made for the
price which railways would have to pay for the land for railway
purposes, including" damages and forced prices for land. In
Estimate B, land is valued on the same basis as land lying in
contiguous territory. The Minnesota Commission, speaking for
the State, contended for the valuation represented by Estimate
B. The railways maintained that Estimate A was the fairer one.
It must be remembered that the purpose of the valuation in
Minnesota was to determine the investment in the property, the
results to be used in determining whether the rates established by
the Commission would yield a reasonable return on the property
or investment of the railroad companies.
The railroads in this case were desirous of showing the highest
value, while the Commission were not impelled by the same
consideration. The question naturally arises whether the posi-
tions of the Commission and the railroads would have been
reversed had the valuation been made for the purposes of tax-
ation.
It is apparent that the methods of fixing value under the Min-
nesota appraisal to determine the amount invested should not be
followed by us in New Jersey for the valuation under existing
tax laws governing taxation.
The value of the termini lands was determined by adding to
the "normal value" different percentages for different cities.
LARGE PERCENTAGE ADDED TO "NORMAL VALUE."
Thus, in St. Paul 75 per cent, was added to the "normal
value" ; in Minneapolis, 60 per cent, was added, and in Duluth
25 per cent.
The Minnesota report uses "true value" and "normal value"
interchangeably, and the "true value" of land was determined by
i^ E s
IO
applying the percentage hereinbefore described to the average
value of contiguous and surrounding lands.
Two sets of appraisers made estimates of the "value" of the
terminal lands of the Great Northern Company in St. Paul and
Minneapolis. The results showed a wide difference of opinion.
In St. Paul the difference was 272 per cent., and in Minneapolis
182 per cent.
The engineer of the Railroad and Warehouse Commission of
Minnesota says : "The reports were first completed by the rail-
way companies. Then they were taken in hand and by use of
special trains every detail shown in these reports was personally
examined by myself and staff. The work by the State cost about
$70,000, and the expense to the railway companies in preparing
the data was probably an equal amount."
In response to the request of the Railroad and Warehouse
Commission, the several railroads placed special forces in the
field to survey the property and they co-operated in every way
with the Commission.
!
NEW YORK, NEW HAVEN AND HARTFORD RAILROAD.
Mr. John Stevens, when he resigned as Chief Engineer of the
Isthmian Canal, was made Vice-President of the New York, New
Haven and Hartford Railroad for the purpose of placing a
valuation on that property. In response to a letter of inquiry,
from this office, Mr. Stevens says :
"The old construction records of the New Haven system are
woefully incomplete; therefore, it was necessary to practically
measure up every element which entered into the physical con-
struction of the road, which increased our expense to a great
extent. Approximately the cost was fifty dollars per mile for
the valuation."
We do not presume that the offices of the New York, New
Haven and Hartford Railroad are willing to concede that their
records are less complete and less accurate than the records of
other railroads. They do admit, however, that they were in
doubt about the value of their real property, as evidenced by
their willingness to expend a considerable sum, probably
$115,000 or $120,000, to determine the value of their assets.
II
Mr. Stevens had the advantage of free access to all records
and had the cheerful co-operatioo of all departments; and he
escaped the expense of surveying the complicated New York
terminals, and a considerable amount of line, owing to the recent
surveys and the accurate construction records developed on
account of the electrification of the New York end of the line.
Since the valuation was made by Mr. Stevens his work has
been checked by special experts of the State at a cost, according
to the Rail way- Age Gazette, of some $100,000, or a total of over
$215,000, for finally appraising the New York, New Haven and
Hartford Railroad.
STATE BOUNDARIES.
The difficulties of the problems involved in determining the
"true value" of interstate railroad property, and, separately, the
value of the franchise, are augmented by State boundaries and
minor civil divisions.
On all interstate, and on some intrastate lines doing business
in this State, the movement of rolling or road equipment is
partially interstate and it is likely that interstate business is
handled by all the equipment at some time or other even though
the railroad itself does not reach the boundary of the State.
The division points on the various interstate lines do not fall
on or near the State boundary, and, generally, noi accounting
is carried out to show the intrastate business by tonnage, car
miles, train miles, or earnings; and any allocation of such ele-
ments are roughly approximated.
NO INTRASTATE STATISTICS.
In many States the railroads are required to return intrastate
statistics to the State authorities, but in New Jersey no such
accounts are available. We, therefore, face a condition where
a logical absurdity may at times be considered a practical
necessity.
12
CHAPTER L
STATE TAX LAW.
ORIGINAL ACT OF 1884 COMPARED WITH AMENDED ACT OF 1888.
THE LAW.
The original statute, entitled "An Act for the Taxation of
Railroad and Canal Property," approved April loth, 1884, de-
scribes the manner of grouping the values under four subdi-
visions, as follows:
MAIN STEM.
I. The length and value of the main stem of each railroad,
and of the water-ways of each canal, and the length of such main
stem and water-way in each taxing district.
OTHER REAL ESTATE.
II. The value of the other real estate used for railroad or
canal purposes in each taxing district in this State, including the
roadbed (other than main stem), water-ways, reservoirs, tracks,
buildings, water-tanks, ' water-works, riparian rights, docks,
wharves and piers, and all other real estate, except lands not used
for railroad or canal purposes.
PERSONAL PROPERTY.
III. The value of all the tangible personal property of each
railroad and of each canal company.
IV. The value of the franchise.
In 1888, the original statute was revised under the title, "An
Act to Revise and Amend," "An Act for the Taxation of Rail-
road and Canal Property/' approved April loth, 1884, approved
March 27th, 1888. A dose comparison of the original act of
1884 with the amended act of 1888 does not reveal any important
changes excepting in Subdivision IV., which was changed from
13
VALUE OF THE FRANCHISE," as written in the Act of
1884, to read, in the Revised Act of 1888, "THE VALUE OF THE
REMAINING PROPERTY, INCLUDING THE FRANCHISE/'
REMAINING PROPERTY.
It seems reasonable to suppose that the naked term "franchise,"
as used in the act of 1884, did not prove comprehensive enough
to include the value of all the property or assets not included in
Subdivisions L, II. and III., covering real estate and tangible
personal property; for, in the act of 1888, we find the franchise
included in Subdivision IV., with "the value of the remaining
property." This change in Subdivision IV. brings prominently
forward intangible elements of railroad properties and practically
divides all elements into* tangible and intangible or physical and
non-physical; and, by thus associating the franchise with "the
value of the remaining property," the necessity of exactly deter-
mining the definition and value o>f the franchise standing apart
from other elements becomes less important in proportion to the
added importance O'f "the remaining property" ; which, by the
process of elimination, is automatically classified as intangible
personal property assessable to main stem for the benefit of the
State.
SUBDIVISION IV., ACT OF 1 888.
The act of 1888 sets forth, in terms if not in precise language,
that all elements of value not measured by the value of real estate
or of tangible personal property must be summed up under Sub-
division IV. In other words, after declaring that all real estate
and all tangible personal property shall be inventoried, classified
and valued under Subdivisions I., II. and III., it provides Subdi-
vision IV. as a catch-all or drag-net for discovering and includ-
ing all values, O'f every kind whatsoever, not included in the items
"real estate" and "tangible personal property."
14
JOINT RESOLUTION NO. 3.
The language of Joint Resolution No. 3, approved April 5th,
1909, calls specifically for a "revaluation of all railroad and canal
property in the State, real and personal, including separately
the franchise, and making a true and complete inventory and ap-
praisal of the true value thereof ."
Joint Resolution No. 3 is conflicting in that it calls for a sepa-
rate valuation of the franchise, and further says the valuation
"shall be in form available for use for the purpose of taxation
under existing laws." The present tax law of the State includes
the value of the franchise with other elements as expressed in
Subdivision IV., "The value o-f the remaining property, including
the franchise." We are advised by the drawer of Joint Resolu-
tion 3 that he had in mind the law of 1884 which calls for the
appraisal of the franchise separately, and since we are required
to conduct the work under existing laws we assume it is our duty
to include the value of the franchise as set forth in Subdivision
IV. of the amended act of 1888.
Since the real estate and personal property are to be inven-
toried and appraised separately fromi the franchise, it seems
manifest that it is our duty to consider all of the thousands of
parts and items of the property owned by each of the several
railroads entirely apart from their value as considered in a com-
posite whole, cemented together by the charter or franchise.
The tangible personal property and the real estate of any cor-
poration can be measured, inventoried and appraised. The fran-
chise can be appraised only. It cannot be definitely measured or
inventoried. The true value of the separated parts of a railroad
property cannot, in the majority of cases, be established by the
going price or by the bargain and sale value, as the majority of
items are created and constructed for use at a particular place
for a particular purpose.
It will be observed that the value of the fianchise, in the
amended act of 1888, is not classified in the fourth group as an
element standing distinctly alone and requiring specific descrip-
tion.
CHAPTER H.
"VALUE OF THE REMAINING PROPERTY, INCLUD-
ING THE FRANCHISE."
SUBDIVISION IV., SECTION 3.
\
We have called attention to the change from the phraseology
of Subdivision IV., Section 3, in the Laws of 1884, to the
phraseology of Subdivision IV., Section 3, in the Laws of 1888,
and have hereinbefore endeavored to direct attention to the
great importance in the difference of the requirements set forth
in this fourth division of the respective enactments.
Notwithstanding this marked difference in the elements of
value called for in Subdivision IV., of the act of 1884, as com-
pared with the same division of the amended act of 1888, it has
continued to be the practice to* refer to the franchise as an element
to be appraised apart from any other factor of value.
Acting under the original law, of 1884, the State Board of
Assessors formulated a method of determining the franchise
value and the formula as cited by Chief Justice Beasley, 20
Vroom i, 1886, reads as follows:
"That the amount of the capital stock and of the
funded debt and other debts of the corporation or person
taxable under the act aforesaid should be ascertained, and
that the value thereof also be ascertained, and that in all
cases where the aggregate amount of the value of the
capital stock and of the securities representing said debts
was less than the entire amount of the tangible property
of such corporation, the value of the franchise should be
ascertained by deducting from the aggregate amount of
the value of such capital stock and of the securities repre-
senting such debts, the aggregate amount of the value of
said tangible property, and sixty per centum of the amount
remaining in each case should be taken and held to be
the value of the franchise of such corporation; and that
i6
in all cases where the amount of the value of the capital
stock and of the securities representing said debts was
less than the value of the entire amount of the tangible
property of such corporation, the gross earnings of such
corporation should be ascertained and that twenty per
centum of such gross earnings (being an amount which
would make the tax upon the franchise of such corpora-
tion a sum equal to one-tenth of one per centum upon such
gross earnings) should be taken and held to be the value
of such corporation."
The opinion says, further: "It is quite impossible for the
court to say that the result thus reached is in anywise erroneous
or excessive/'
NO CHANGE IN METHOD OF DETERMINING VALUE SUBDIVISION IV.
While the court does not take upon itself the burden of estab-
lishing what, in its opinion, should be the proper method of
valuing the franchise, it does not disagree with the method
adopted by the board previous to the amended act of 1888 and
seems to put the burden of proof upon the railroad companies.
It will be observed that no mention is made in this formula of
any other element of value except the franchise; and we have
no opinion of the court before us on this formula as applied
to the amended act of 1888, which required the board to find
"the value of the remaining property, including the franchise."
This seems to us a widely different proposition from that of
merely determining the value of the franchise; and, indeed, the
act of 1888 seems to broaden the subject so as to remove all
questions as to the value of the franchise standing nakedly alone.
We are not prepared to state whether or not the formula for
determining "the value of the remaining property, including the
franchise" as practiced by the State Board of Assessors is the
same as that for determining the value of the franchise only as
called for in the original act of 1884; but we are of the opinion
that the formula adopted before the amended act of 1888 has
been used ever since the act of 1884 went into effect.
17
It is possible that the court would have taken a different view
of the formula had it been called upon to adjudicate the question
in relation to the amended act of 1888, for it is not unreasonable
to suppose that the elements of value as set forth in Subdivision
IV. of the act of 1888' required a determination of values largely
different from the element of franchise. If this were not so r
there would have been no necessity for the amended act of 1888.
Since the appraised value of the franchise has been disclosed
in the last report of the State Board of Assessors, some of the
railroad companies have appealed to the board for a considerable
reduction in the assessed valuation of the respective franchises,
and the burden of the argument is that the value of the franchise
is merely the cost of securing the charter a mere legal fee.
Many of the learned counsel of the railroad companies are quite
ready to recognize the cost to produce a legal document as the
true measure of the value of the franchise, while they deny
the propriety of considering the cost to be in any degree the
proper basis to use in arriving at the true value of the physical
elements.
We do not consider that Subdivision IV. suggests the necessity
of placing the value of the franchise as an element separate and
distinct from the value of the remaining property. We deem it
advisable and proper, however, to discuss the meaning and value
of the franchise at considerable length, for the reason that a
great deal of emphasis has been laid upon the value o<f this element
of Subdivision IV. of the amended act of 1888.
i8
CHAPTER IIL
FRANCHISE.
DISTINCTION BETWEEN FRANCHISES.
The distinction between the franchise to be a corporation and
other rights, privileges and franchises of a corporation has been
a subject of much discussion and many adjudications.
The word "franchise" has various meanings, and it is difficult
to define the term as used under constitutions and statutes since,
as a rule, it is a question of construction in each particular case,
precluding any definition applicable to all cases. But it is de-
clared that, where the term "franchise" is used in a statute or
elsewhere in the law, it is generally, if not always, understood as
a special privilege conferred by grant from the State or Sov-
ereign Power as being something not belonging to the citizen of
common right.
A CORPORATION IS ITSELF A FRANCHISE.
It has been declared that a corporation is not only itself a fran-
chise, but that it consists and is made up of its rights and fran-
chises, and that it may hold other franchises as rights and fran-
chises of the corporation.
We understand that, although the business of a common car-
rier is not of itself a franchise but is general and has its founda-
tion in the common law, needing in itself no legislative authority
still, a grant to a corporation of a right to lay out, construct
and operate a railroad is a franchise.
The right of a railway company to use certain streets acquired
by contract with the city giving an exclusive right constitutes no
part of the franchise of the company and is not of itself a fran-
chise, although it is in the nature of a property and is an incorpo-
real right.
19
RIGHT TO EXIST AND TO CONDEMN.
We believe that a railroad corporation under the constitution
and laws of the State, possessing not only the franchise privilege
to exist as a corporation, but the right to condemn private prop-
erty for corporate use, is also one of the most important fran-
chises, since the right of eminent domain is a franchise. In a
Pennsylvania case, it is said that the ordinary franchise of a
railroad company is, by virtue of the sovereign power of eminent
domain, to condemn, take and use lands for the purpose of a
public highway, and to collect toll from those who use it as such.
So it is declared in a Texas decision, that the ordinary franchises
of a railroad corporation are the right to exist and to transact
business as a corporation, and the right to condemn property for
its use. It is also said that exclusive grants for ferries, bridges
and turnpikes are grants of franchises of a public character, ap-
pertaining to the government, and that their use usually requires
the exercise of the right of eminent domain.
BURKE ON FRANCHISES.
Mr. Burke, in a speech upon a bill to repeal the charter of the
East India Company, said :
"The true nature of the franchise of a private corpora-
tion is here portrayed in clear and comprehensive lan-
guage. We are here tolcl that it is an institution to estab-
lish monoply and to create power; that, to speak of such
charters and their effects in terms of the greatest possible
moderation, they do not at least suspend the natural
rights of mankind at large; and, in their very frame and
constitution, are liable to fall into a direct violation of
them; that all special privileges of this kind, claimed or
exercised in exclusion of the greater part of the com-
munity, being wholly artificial, and for so much a deroga-
tion from the natural equality of mankind at large, ought
to be, some way or other, exercised ultimately for their
benefit; and that they are not original, self-derived rights
2O
or grants for the mere apcl sole private benefit of the
holders; but are rights and privileges which, in the
strictest sense, are derivative trusts and, from their very
nature, accountable to the power which created them."
FRANCHISE AN INTANGIBLE RIGHT.
A franchise has been declared to be a "mere legal right or
privilege; only an intangible right or privilege not subject to
assessment; not property of any description except in the sense
that it is valuable ; not property within the meaning of that term
as used in the bill of rights, even though in one sense property,
and valuable property ; not real estate ; and a ferry is not land
nor an incorporeal hereditament." It has also been declared by
an eminent writer whose statements, generally, have been ac-
cepted as having almost the force of a judicial opinion, that fran-
chises have, with some impropriety, been classed among heredita-
ments. Again, in a New Jersey case, the court says : "Although,
technically speaking, franchises are property, they are property
of a peculiar character, arising only from legislative grant, and
are not in ordinary cases subject to execution or to sale and trans-
fer, even in payment of the debts of the corporation, without
the assent or authority of the Legislature." And it is also held
that an action at law cannot be maintained to recover possession
of a franchise of a corporation because it is intangible and is in-
capable of physical identification or delivery.
FRANCHISE PERSONAL PROPERTY.
In some States the franchises and privileges of a corporation
are declared to be personal property, and it is stated in a federal
case that, according to the law of most States, this franchise or
privilege of being a corporation is deemed personal property, and
is subject to separate taxation.
We understand that the franchise to be is distinct from the
franchise as a corporation to maintain and operate a railway.
The latter may be mortgaged without the former, and may pass
to a purchaser at a foreclosure sale.
21
FRANCHISE TO ACT AS ONE PERSON.
Mr. Justice Simonton, in the case of Central Trust Company
of New York vs. Western North Carolina Railroad Company,
says:
"The Western North Carolina Railroad Company was
created a corporation by the Legislature of that State in
the exercise of a sovereign power. This sovereign power
made of several persons a single entity, and conferred on
them the franchise of acting as one person. This new
person, creature of the law, and existing through the
grace and at the will of the sovereign, was then clothed
with certain powers and granted certain privileges. These
are its franchises : First, the franchise of existence as a
corporation its life and being. This is inseparable from
it. When it parts with it with this franchise it parts
with its life. But, with respect to the other franchises
with which it has been clothed 1 the right and privilege to
act as a common carrier, to carry passengers and goods,
to charge tolls, to operate a railroad these it enjoys as
an individual could, and they are not inseparable from its
existence. They are its property. A franchise to be a
corporation is distinct from a franchise as a corporation
to maintain and operate a railroad."
FRANCHISE TO BE is ONLY ONE OF THE FRANCHISES.
It seems manifest that the franchise to be, to exist, is only one
of the franchises of a corporation. The franchise to do, to carry
on the business of a corporation, is an independent franchise; or,
rather, a combination of franchises, embracing all things a cor-
poration is given power to do; and this power, this authority,
constitutes a thing of value and a part of the corporation's
intangible property as much as do the franchises to be. Fran-
chises to do go wherever the work is done. The courts have held
that the corporation may go into various States for the transac-
tion of its business; and wherever it goes as a corporation it
22
carries with it the franchise to be ; because, although, for purpose
of jurisdiction in the Federal courts, it is true that a corporation
is presumed to be a citizen of the State which created it, it does
not follow that its franchise to be is, for all purposes, to be
regarded as confined to that State. Again, it would seem that
these intangible properties, these franchises to do, exercised in
connection with the tangible property which it holds, create a
substantive matter of taxation to be assessed by every State in
which that tangible property may be found.
DUTY TO THE PUBLIC.
It is held that, where a charter authorizes the formation of
corporations upon conditions, neither the franchise to be a cor-
poration nor the particular franchise conferred takes effect or
vests in the grantee before the actual formation of the corpora-
tion; and "a corporate franchise may not be a privilege derived
by the act of incorporation, but one which can only be acquired
by subsequent grant, and so may never vest." It would seem,
therefore, that, to the extent set forth within this summary, a
distinction may reasonably be declared to exist between a charter
and a franchise.
Railroad corporations are vested with special privileges, and
the consideration for the public grant is the performance of their
duties to the public. The franchise granted to them is intended
to be exercised for the public good. Their business is a matter
of public concern, as the public has an interest therein ; and such
corporations exercise their franchises as quasi public trusts for
the benefit of the people.
Technically, railroad companies are private corporations; they
are private as distinguished from those created for municipal and
governmental purposes. They are also private in the nature
of their business in the sense that, even though their uses are
public, the contract embodied by implication in their charters is
within the constitutional provision which prohibits the impair-
ment of obligations o>f contracts. Although a railway company
is technically a private corporation, yet it is designed to promote
the general public good as well as to advance private speculation^
23
FRANCHISE THE LIFE OF A CORPORATION.
"A franchise of a corporation is its life its being." Although
a franchise must have its source in, or emanate from the sov-
ereign power, and that power alone can grant it and make pos-
sible its exercise, still, when it, or the charter which evidences it,
is once lawfully granted, either under a general act or a special
act, and is accepted, it becomes surrounded by constitutional
guarantees of protection which no legislative body can set aside
or ignore, either by declaring a forfeiture or by otherwise uncon-
stitutionally destroying the franchises, privileges or charter rights
of a lawfully-existing corporation.
FRANCHISE HAS NO DISTINCTIVE MEANING.
"In the last analysis the only essential attribute of a corpora-
tion is the capacity to exist and act within the powers granted, as
a legal entity, apart from the individual or individuals who con-
stitute its members." The Interstate Commerce Commission
says: "No provision is made for 'franchise' taxes, because this
word has no distinctive meaning as employed in State enact-
ments."
FRANCHISE APPRAISED.
For the purpose of carrying out the law as expressed in Sub-
division IV., as understood, we have appraised and included,
under Subdivision IV., all elements of value not represented in
the actual capital invested for the construction of the property,
including all betterments and all tangible personal property.
The amount thus determined under Subdivision IV., therefore,
includes "the value of the remaining property, including the
franchise," thereby merging the term "franchise" into the
broader term "the value of the remaining property."
GARRISON ON FRANCHISE-
Mr. Justice Garrison, in his opinion in the case of the Long
Dock Company et al. vs. The State Board of Assessors, clearly
24
sets forth the meaning of the language used in Subdivision IV.
of the act of 1888, and says:
"The revision of 1888, while not varying this require-
ment, altered the language of Subdivision IV. in a
respect that must challenge attention, occurring as it does
in a revision that was so extremely chary of making
changes.
"The remainder obtained by the deduction of the value
of the tangible property from the total value of all the
corporate property gives the commercial value of the
franchise expressed in the terms of money in strict com-
pliance with the carefully revised phraseology of Sub-
division IV., viz., as 'the remaining property,' and thus,
also, an intangible value is translated into the terms of
the commercial standard; just as in the physical sciences
the specific gravity of a ponderable substance is translated
into the terms of the common physical standard."
ELEMENTS OF SUBDIVISION IV.
Considering the elements involved in Subdivision IV., in the
act of 1888, as being capable of reduction to a commercial value,
it becomes necessary to construct a method or formula which will
satisfy a reasonable interpretation of the value of the intangible
quantities of railroad property. Since the property under con-
sideration is intangible, we cannot inventory it nor apply any
generally accepted method of determining its dimensions or unit
value; and it is probable that any formula offered will, in many
cases, fail to satisfy all the conditions.
VALUE OF STOCKS AND BONDS.
The value of stocks and bonds may or may not measure the
total value of the tangible and intangible properties of a railroad.
The market value of the these securities depends on the surplus
gained from operation, the dividends paid, the market conditions,
and the strategic or latent elements of value. Receivers are
25
often appointed to preserve unity of property ; that is one of the
franchise values.
COMBINATIONS INCREASE FRANCHISE VALUE-
As the combinations o-f railroad properties extend the fran-
chise values increase, for the reason that traffic contracts for
interchange of business are thus made more secure ; and, without
these combinations, the traffic held by established railroad com-
panies might be exposed to competition,. This control of com-
petition is most frequently accomplished by purchase of control
of stocks and bonds or by personal ownership by directors. All
this tends toward an increased density of traffic and more effi-
cient organization, resulting in increment in rate of profits.
Mr. Justice Field says : "No constitutional objection lies in the
way of a legislative body prescribing any mode of measurement
to determine the amount it will charge for the privilege it be-
stows." The Legislature has not gone further than to say that
"the remaining property, including the franchise," shall be valued
in some manner.
26
CHAPTER IV.
STOCKS AND BONDS.
RAILROADS BUILT ON SALE OF BONDS.
The earlier railroads were constructed mainly through the sale
of bonds. The stock seldom produced cash and, when it did, it
was generally for the benefit of the organizers. We cannot fix
the average selling price of these construction bond sales with
any certainty. It is stated, by Van Oss, that the average amount,
originally received in actual value, for American railway bonds,
probably did not exceed 68 per cent., and that the original in-
vestor in American railway stock did not pay more than 10 per
cent, of the face value.
67,000 MILES RAILROAD BUILT DURING IO YEARS.
During the five years ending in 1873, tzventy^-seven thousand
miles O'f railroad were built and, in consequence, the whole coun-
try found itself little short of bankruptcy. The country was yet
new and undeveloped and the mania for railroad construction
was not appeased. The lull in building was short and, in the
five years ending with 1883, forty thousand miles more of rail-
road were constructed. Bonds -and stocks were issued freely.
In a great many instances, in the earlier stages of construction,
construction bonds had to be sold in advance. The purchasers,
naturally, demanded a premium corresponding to the risk. In,
other cases, the promoters had an opportunity to "water" ; and
they did it freely.
STOCK WATERING.
The charter of the Northern P'acific provided for a subscrip-
tion to< the share capital o>f the company by the payment of a full
cash equivalent therefor. The whole nominal capital, to the
amount of $49,000,000, was divided among the promoters of this
enterprise, little or nothing being paid therefor.
CENTRAL PACIFIC.
The Central Pacific, originally organized under California
laws, was made a corportaion of the United States. This road
was constructed by the promoters, the greater part of the stock
issued coming to them, as a gratuity.
ERIE.
The " water" in the Erie was the difference between the par
value of some $55,000,000 o<f bonds (afterwards converted into
stock) and the price (about $350 per thousand) at which the
bonds were sold. This transaction injected some $36,000,000 of
"water."
NEW YORK CENTRAL LINES-
Through the authority of the Legislature, some $48,000,000
of "water" was injected into the New York Central.
"NICKEL PLATE.''
The greater part of the capital stock of the "Nickel Plate"
($50,000,000) was delivered to the promoters, on which they
realized handsomely by selling same to the Lake Shore and
Michigan Central.
The list of "watered" roads could be largely extended.
The larger systems, operating the greatest mileage in New
Jersey, are made up of consolidations of minor companies which
constructed their several properties on a much more conservative
plan. The results of "watering" in other properties was, How-
ever, reflected in the market conditions, making it frequently
more difficult to market bonds on a comparatively small and con-
servative enterprise than upon some larger project of question-
able mierit.
Notwithstanding the immense amount of "water" injected
into railroad construction, the amazing growth of the country
28
has furnished business and profit to the extent of creating real
value or earning" power assets behind the flood of dead-head
stock. Such o-f this stock as is now listed or regularly dealt in
has acquired real value, due to the growth of the country, the
better handling of the property and the improved economic
methods of operation, coupled with 'the refunding of bonds at a
much lower rate of interest.
RATES OF CARRIAGE.
Rates o<f carriage have fallen though cost O'f labor and mate-
rials have increased. The earnings from freight per ton mile
fell rapidly during the period of great railroad building, as ap-
pears in the following table :
Gross Net
Earnings Per Earnings Per
Ton Mile. Ton Mile.
Year. Name of Road. Cents. Cents.
1854 N. Y. C. & H. R. R. R, 2.954 1-645
1884 N. Y. C. & H. R. R. R, 0.830 0.210
1852 N. Y., L. E. & W. R. R., 1.948 0.922
1884 N. Y., L. E. & W. R. R., 0.719 0.200
1855 P. R. R., 2.746 1.084
1884 P. R. R., 0.740 0.299
1857 P. F. W. & C. Ry., 2.270 0.700
1884 P. F. W. & C. Ry., 0.670 0.180
The present average gross earning per ton mile of freight is .754 cents.
The railroads of this State are among the oldest railroads of
this country and, with few exceptions, the railroad systems of
New Jersey are made up of many minor corporations. The Le-
high Valley Railroad System) is practically the only system own-
ing and operating its property.
The following table illustrates the composition of the various
railroad systems in New Jersey :
29
Number of
Railroad Corporations
Name of System. Forming System.
Central Railroad of New Jersey, 27
Delaware, Lackawanna & Western R. R., n
Erie R. R., 18
Lehigh Valley R. R., 2
New York, Susquehanna & Western R. R., 5
Pennsylvania R. R., 18
Philadelphia & Reading Ry., 5
Other corporations, 39
Total, 125
LAW GIVES NO HINT OF METHOD.
If the Legislature had contemplated using the market value of
stocks and bonds as a means of measuring "the remaining prop-
erty, including the franchise/' after deducting the value of the
real and personal property, it is probable that this intention would
have been expressed in the act. There does not seem to be any
hint in the acts of 1884 and 1888 to express the intention of the
Legislature as to how the value of "the remaining property, in-
cluding the franchise" was to be established.
STATEMENT OF FUNDED DEBT AND STOCKS.
The manner in which the railroad systems of the State gen-
erally are composed is shown in the appendix and is entitled,
"Statement of Mileage, History, Capital Stock and Funded Debt
of Railroads in New Jersey."
An analysis of the description of the component parts of the
Pennsylvania Railroad discloses the various consolidations and
purchases, leases and rentals. None of the trackage has been
constructed by the Pennsylvania Railroad.
STOCKS NOT DEALT IN.
The "true value" of the stocks of the various companies cannot
be determined, for the reason that they are not dealt in on the
market ; and it cannot be determined whether the basis of rental
30
gives the several railroad corporations forming the Pennsylvania
Railroad System more or less income than might be earned under
separate management or whether each road is credited with the
full pro rata of its earnings and expenses.
MARKET VALUE INCLUDES ALL INCOME.
The market value of stocks and bonds does not necessarily
reflect the values of the railroad property only. Several of the
railroad companies operating in New Jersey own securities in
coal properties which return them considerable revenue.
The income from other than rail operations of some of the
railroads operating in this State is as follows:
Name of Railroad. 1910. 1911.
Central Railroad Company of New Jersey, ending
June 30th, $4,414,346 $2,276,890
Lehigh Valley Railroad Company, ending June 3Oth, 1,117,635 1,675,738
Pennsylvania Railroad Company, ending December
3ist, 17,458,846
Delaware, Lackawanna and Western Railroad Com-
pany, ending December 31 st, 26,094,828
The investor is particularly interested in the total net income
from all sources and does not generally concern himself as to
the division of such net income as between results of strictly
rail operations and income from, other sources. If, then,
we attempt to fix "The value of the remaining property, includ-
ing the franchise," by using the market value of the stocks and
bonds, we are reflecting onto the railroad property under con-
sideration the value of other property which may be in nowise
related to it.
For instance, if the market value of the stocks and bonds of
the Central Railroad Company of New Jersey is used to deter-
mine the value of Subdivision IV., we will have included the
profit on the sale of the stock of the Lehigh Valley Railroad and
two dividends on the stock of the Lehigh and Wilkes-Barre
Coal Company ; the first ever paid by that company.
It is apparent that the market value of the securities of the
Central Railroad Company of New Jersey is based upon its
holdings of valuable stocks in outside properties. The income
from outside sources for 1910 was 30 per cent, of the total net
revenue ; and, if this outside revenue were wiped out, the revenue
from rail operations would be but 70 per cent, at the most.
If, then, the present value of the stock of the Central Rail-
road Company of New Jersey is $300 per share, the value de-
termined by rail operations alone would be $210. We think that
in using the value of $300, assuming that to be the present mar-
ket value, we would be assessing property other than that owned
and used for railroad purposes.
We are confronted with a somewhat difficult problem in the
case of the Lehigh Valley Railroad. The outside revenue of
that company for the year ending June 3Oth, 1911, is $1,675,738,
and the total revenue $14,490,176, the net income being
$7,5i9,457-
The net income w r ould be increased by about $300,000 were
it not that the Lehigh Valley Railroad Company has obligated
itself to pay ten per cent, and four per cent, respectively on the
preferred and consolidated capital stock O'f the Morris Canal
and Banking Company, and all interest charges, as called for
in the lease. The operating loss is about $100,000. In this case,
the market value is reduced by reason of an ancient contract
which requires the taking of net revenue earned by the railroad
proper, for the purpose of paying losses in property which is
not used for railroad purposes. This obligation on the part of
the Lehigh Valley Railroad Company reduces the market value
of the stock, since $300,000 is taken from: the net surplus.
GUARANTEED STOCK.
In some cases the value of .stocks and bonds have no relation
whatever to. the value of the real property or the value of the
franchise.
The most notable instance of this condition is that of the
Morris Canal and Banking Company. On May 4th, 1871, the
Lehigh Valley Railroad Company leased the M'orris Canal and
Banking Company in perpetuity, agreeing to pay 4 per cent, on
the common stock, of which there is outstanding $1,025,000, and
32
io per cent, on the preferred stock, amounting to $1,175,000;
also, 7 per cent, on the bonds, which now amount to $500,000.
The market value of these securities is guaranteed by the
Lehigh Valley Railroad Company, and is probably not less than
$5,175,000. This value will be maintained regardless of the
operation of the canal; and, even though the canal property
was abandoned and a majority of real estate reverted to the
original owner or to the State, the value of the stock would not
in anywise be affected thereby.
The measure of value of these canal securities lies entirely in
the value of the guarantee of the Lehigh Valley Railroad, and
not in any tangible or intangible value of the canal property.
Many other notable examples are given in the following state-
ment of subsidiary companies of the Pennsylvania Railroad
Company, which are operated at a loss, without in anywise af-
fecting the values of the outstanding securities representing the
property :
December 3ist, 1909.
VINCENTOWN BRANCH OF THE BURLINGTON COUNTY RAILROAD.
1. Operating income, $5,633 40
2. Operating expenses including taxes, 7, 109 92
DEFICIT, $1,456 52
Rental due from operating company, 900 oo
Loss, $2,356 52
MOUNT HOLLY, LUMBERTON AND MEDFORD RAILROAD.
1 . Operating income, $9>O77 29
2. Operating expenses including taxes, 17,060 13
DEFICIT, $7,982 84
Rental due from operating company, 2,885 oo
Loss, $10,867 84
33
ROCKY HILL RAILROAD AND TRANSPORTATION COMPANY.
1. Operating income, $21,733 61
2. Operating expenses including taxes, 23,037 77
DEFICII; $1,304 16
Rental due from operating company, 1,222 oo
Loss, ' $2,526 16
CAMDEN AND BURLINGTON COUNTY RAILROAD.
1. Operating income, $342,606 07
2. Operating expenses including taxes, 340,056 58
3. Available corporate income, $2,549 49
Rental due from operating company, $37,415 50
Less income, 2,549 49
Loss, $34,866 01
The annual statement of the Pennsylvania Railroad for De-
cember 3ist, 1910, shows the total amount of securities of the
seventeen subordinate companies in New Jersey to be as follows :
Stock. Bonds.
Total capital stock and funded debt of the seven- $41,697,975 $37,664,200
teen subordinate companies, including the West 15,158,500 6,151,000
Jersey and Seashore Railroad and excluding the
Pennsylvania Tunnel and Terminal Company. $26,539,475 $31,513,200
Total of the above described stock and funded debt owned by the Penn-
sylvania Railroad System in New Jersey, 36.3 per cent, of the stock and
16.3 per cent, of the bonds.
The Pennsylvania Railroad Company owns practically all the
stock and bonds of the New York Bay Railroad Company, which
includes the Greenville Terminal for interchange of business
principally with the Long Island Railroad and the Nbw York,
New Haven and Hartford Railroad. This stock was increased
from $1,000,000 par, in 1908, to $6,000,000 par in 1909. The
bonds of this line were decreased from $4,975,779 in 1908, to
$3,885,000 in 1910.
3 E s
34
The Pennsylvania Railroad System owns but 3.3 per cent, of
the funded debt and capital stock of the United New Jersey
Railroad and Canal Company, the total funded debt being $20,-
000,000, and the capital, $21,240,400. The State of New Jer-
sey owns $475,000, par value, of the stock. The rental paid to
the United New Jersey Railroad and Canal Company by the
Pennsylvania Railroad System amounts to 4 per cent, on bonds
and 6 per cent, on stock.
In the case of the West Jersey and Seashore Railroad, the
Pennsylvania Railroad System owns the controlling interest and
operates this line as an affiliated company.
Of the total capital stock, $104,000 par value is called "special
guaranteed stock." This stock bears 6 per cent, dividends, while
the balance pays 4 per cent.
The stocks of none of the sixteen subsidiary companies are
dealt in on the stock exchange or on the curb. The entire capital
stock of those numbered i, 4, 6, 9, LI and 12 (see table in ap-
pendix), is owned by the Pennsylvania Railroad System. The
leases under which 7, 10 and 13 are operated by the Pennsylvania
Railroad System call for payments to the roads of amounts equal-
ling their net earnings, and practically no payments are being
made by the Pennsylvania Railroad to the companies.
The stock of the companies numbered 2, 3, 5, 8, 14 and 15 is
closely held, and, after close inquiry among leading bankers,
we find that none of this stock has appeared upon the market in
recent years. The stock dividends are guaranteed by the Penn-
sylvania Railroad.
INCREASED VALUE NOT REFLECTED IN VALUE OF STOCKS DEVEL-
OPMENT NOT REFLECTED IN THE VALUE OF STOCKS.
The value of the physical elements of the various corporations
forming the several railroad systems in New Jersey probably
does not bear exact relation to the volume of business or to the
net earnings, though the development of the properties generally
keeps step with the volume of business conducted over the rails.
The distribution of the value of "the remaining property, in-
35
eluding- the franchise," to the several subsidiary lines included
in the various railroad systems in New Jersey, cannot be made
with positive certainty, since there is no accounting of the busi-
ness of these subsidiary companies, and if accounts were kept
many items would of necessity be determined arbitrarily. For
the purpose of this valuation, we have apportioned the value
of "the remaining property, including the franchise," to the
several subsidiary companies on the basis that the miles of all
track of each of the several subsidiary companies bears to the
total mileage: of all track in New Jersey of the particular
system in New Jersey in which the subsidiary company is in-
cluded, except where the earnings are reported. The earnings on
the stock are fixed by contracts; consequently, the development
of the community is no t reflected in the value of the stocks of the
subsidiary companies, which value is entirely dependent upon the
value of the guarantor.
TAX
Since the State tax law requires us to establish "the value of
the remaining property, including the franchise," we have fixed
the value of the real estate and the tangible personal property
without regard to its use; and the value of the real estate and 1
the tangible personal property as determined by this office in-
cludes Subdivisions L, II. and III., under Section 3 of the act
of 1888.
In order to establish ''true value" at this date, certain de-
ductions have been made on account of depreciation due to
decrepitude or obsolescence, described in the chapter entitled
"Depreciation."
INTEREST RATES.
The rate of interest on the sum so determined is believed to
be sufficient to cover discount and commissions incurred in plac-
ing bonds.
36
DEBT.
Considerable sums have been put into the property year by
year and charged to income account or capital and, possibly,
the property has been rebuilt with such expenditures; and, for
such moneys coming from the treasury, there is no charge for
commissions or discounts. Yet, a considerable amount of the
original bonds is generally outstanding, or represented by re-
funds at a lower rate of interest. The lowest rate of interest
paid by the Pennsylvania Railroad Company is 3J^> per cent, on
the "loYear Gold Convertible'' due November ist, 1912, and
October ist, 1915. The balance of funded debt carries from
4 to 4*4 per cent.
The general mortgage of the Central Railroad Company of
New Jersey carries 5 per cent., and matures in 1987.
The funded debt of the Lehigh Valley Railroad Company car-
ried from 4 to 7 per cent. The $6,000,000 (7 per cent.) ma-
tured September ist, 1910, and were paid by sale of stock, which
was increased from $40,334,800 to $80,000,000, June 22d, 1910.
$5,638,000 (6 per cent.) matures December ist, 1923; while
$10,062,000 (6 per cent.) is perpetual.
FUNDED DEBT REDUCED.
The funded debt has very likely been largely reduced in many
cases and large sums have been taken from the income for better-
ments. The original bonds were probably sold at a considerable
discount. So the present funded debt is no guide to the original
expenditure, present value or cost of the real estate and the
tangible personal property.
CHAPTER V.
ORGANIZATION, OPERATING COST AND VALUES.
FRANCHISE VALUE OF ORGANIZATION,
A balanced organization is an important factor, both in gross
and net earnings. The term "organization" as here used in-
cludes both the operating officials and the employees, together
with the machinery, equipment, gradients and permanent way;
for it is plain that no degree of skill or knowledge on the part of
the official staff can overcome inefficient power, unbalanced
gradients and lack of equipment.
The organization of the principal railroads of this State is
probably as efficient as any in the United States. Therefore, it is
reasonable to assume that the relation of organization to net
earnings is fairly comparable among the railroads of the State,
though there is, perhaps, a considerable difference in the dis-
count and interest rate demanded for financing any considerable
permanent betterment. The discount and commission element
varies from time to time with the latent or strategic value of the
property within and without the State, as well as with the market
condition which may affect the real or the fictitious value of the
securities offered. We have not deemed it proper to differentiate
between the market ratings of the several railroad systems of this
State, since the market rating is inconstant, being affected by
many changing conditions as well as by traffic arrangements.
In considering organization, we must couple it with all the con-
ditions which make for net earnings, such as location, shortness
of line and density of traffic. Shortness of line is, perhaps, a
more important element of value than is at once generally appre-
ciated ; the shorter the line, the greater the value.
SHORT LINE, LOW GRADIENTS, ETC.
If it were possible to shorten the Central Railroad of New
Jersey one mile between Plainfield and Jersey City, the saving in
33
investment plus the saving in operation and maintenance capital-
ized would amount to practically $1,500,000. The density of
traffic and the operating cost can only be influenced by the or-
ganization to a limited extent. In many cases, the line of rail-
way having the least costly roadbed has easier grades ana
greater density of traffic tributary to it. The business thus
naturally gravitating to> such a line, plus interchange and through
business, enables it to operate trains at maximum loading and at
minimum cost per train mile; while a more costly road ; in the
same territory, with heavier gradients and less density of traffic,
is compelled to operate under minimum train loads and at maxi-
mum cost. And, while the physical value o>f the least costly
road, as represented by the real estate and the tangible personal
property, may total much less than that of its competitors, the
commercial value may be much greater, by reason of its maxi-
mum train loads and its minimum operating expense.
ABILITY TO PAY TAXES.
The ability to pay taxes is expressed in the corporate net sur-
plus available for taxes and surplus. Consequently, it is to this
item we look for a basis of determining the 'Value of the remain-
ing property, including the franchise."
The financial statement of a railroad company cannot always
be taken as the true and complete measure of value of the prop-
erty, as there may be many conditions and latent values which
exist to be brought into usefulness in the future. The financial
statements of the better roads do* not always show the full value
of the assets.
A deficit indicates that, temporarily, somewhere, the property
is not successful at that particular time. The alleged cost of the
Erie Railroad, as shown in their annual report for 1909, is
$174,278 per mile, which, of course, is much greater than the
true cost; and, if we used the value placed on the property by the
management, we would show a deficit of many millions of dollars.
39
LATENT VALUES.
Many railroads are projected for future profit rather than for
present gain, and the building of a railroad in the face of insuffi-
cient immediate business may show wisdom, in view of current
prices and prospective earnings.
CONTINENTAL LINES.
i
The builders of our first Continental lines built on their faith
in the country, which was reinforced by a large, government sub-
sidy. There was no near prospect of earnings sufficient to pay
interest on the cost of construction. These lines possessed a
latent value, which has since developed until these Continental
lines are among the largest carriers and earners in the country.
CONSTRUCTION LAGS.
The country is still new, and railroad building lags behind the
growth in population and industry. It may not be unreasonable
to assume that every railroad now operating at a loss or without
profit possesses a value or mortgage on the future development
of the community it serves. Since we are required to find present
values, we do* not consider that we should appraise this possible
latent value, which has not been developed and which may not
exist ; and, where there is a deficit from, operation, there does not
appear to be any taxable value in Subdivision IV. over and above
the aggregate values of the segregated parts of the real estate
and the tangible personal property. Indeed, the present "true
value" to the owners of such property is frequently less than the
naked value of the physical property.
STRATEGIC VALUES.
The owners may be of the opinion that their property pos-
sesses a particular strategic or latent value. They may be mis-
taken and may never realize their hopes. Consequently, we are
40
not warranted in appraising a value which has not declared its
presence by earnings over fixed charges, operating expenses and
taxes.
GROWTH OF COMMUNITY.
The growth of a community is largely reflected in the in-
creased revenue of the railroads and, since 74 per cent of the
taxes levied on "value of the remaining property, including fran-
chise," is returned to the counties of the State and distributed to
the school fund, each community participates in the net surplus
gained by the railway.
OPERATING COSTS.
The operating costs are probably increasing faster than the
growth of the communities. The operating cost per train mile
has increased from $.9839, in 1899, to $1.4337, ln I 99; r an
increase of 45 per cent, in 10 years. The operating revenues
have increased from $7,005 per mile of road, in 1899, to $10,356,
in 1909; or 47. plus per cent. The operating expenses per mile
increased from $4,570, in 1899, to $6,851, in 1909; or an in-
crease of 50 per cent.
The operating expenses do not include taxes, which have in-
creased, in many States, over 100 per cent, in the last four years.
The increase of taxes in four States ran from 106 per cent, to
125 per cent. (See appendix.)
INCREASED DIVIDENDS.
In spite of the increase of operating cost over operating rev-
enue, the per cent, of railroad stocks paying dividends has
increased from 33.74, in 1898, to 65.69, in 1908; and the divi-
dend rate has increased from 5.29 per cent, in 1898, to 6.53 per
cent., in 1909; an increase of dividend rate of 23.4 per cent., and
of stocks paying dividends, 95 per cent. Stated in dollars,
$1,818,113,082 par value of the stock paid an average rate of
5.29 per cent., or $96,152,889, in 1898, while, in 1909, $4,920,-
41
* 1 i8 P a id an average rate of 6.53 per cent., or $321,071,626.
More stocks paid dividends in 1907, but the average rate was
6.23 per cent., or a loss in dividend rate of 29 per cent. The
ratio of operating expenses to operating revenue has increased
from 65.24 per cent, in 1899, to 66.16 per cent., in 1909; or
1.4 per cent.
This slight increase in ratio of operating expenses to operating
revenues as compared with increase in general cost of operating
may be due to more efficient management, heavier power and in-
creased tonnage. The increase in tons carried per freight loco-
motive from 1898 to 1908 was 33 per cent.
The large increases in rates of pay of train men and other
employees during 1910-1911 will, probably, increase the per-
centage or ratio of operating expense to operating revenue, unless
the volume of business and rate for carriage increases.
The average receipts per passenger, per mile, show little
change during the last decade. In 1899, the rate was 1.978!
cents and, in 1909, 1.928 cents. The average receipt per ton
mile for freight is fairly constant. In 1899, the rate was .724
cents and, in 1909, .763 cents.
OF OPERATING REVENUE AND OPERATING
COST CONVERGING.
The lines of operating revenues and operating expenses are
converging and can only be kept from: meeting by decrease in
cost of operation and increase in growth of communities.
The maintenance of permanent way and equipment is 41.79
per cent, and transportation, 52 per cent. If the wages are ad-
vanced 25 per cent., the net increase will be 13 per cent, of the
operating expense.
Since the increased business of the community is the most
important factor in the increased dividends, in spite of increase
in general expense, it seems reasonable to expect that the com-
munity should share, in a moderate deg-ree, in the results it has
helped to secure.
Mr. Justice Brewer, in his opinion in the case of Adams Ex-
press Company vs. Ohio State Auditor, says: "Now, it is a car-
4 2
dinal rule which should never be forgotten that whatever prop-
erty is worth for the purpose of income and sale it is also worth
for purposes of taxation.
Referring- to the Henderson Bridge Company's property, the
tangible property of which was adjudged to be worth $1,277,-
695.54, Mr. Justice Brewer says:
"Suppose such a bridge was entirely within the terri-
torial limits of a State and it appeared that the bridge it-
self cost only $1,277,000, could be reproduced for that
sum, and yet it was so situated with reference to railroad
or other connections, so used by the traveling public, that
it is worth to the holders of it in the matter of income
$2,900,000, could be sold in the markets for that sum,
was therefore in the eyes of practical business men of the
value of $2,900,000, can there be any doubt of the State's
power to assess it at that sum and collect taxes from it
upon that basis of value?"
"In conclusion, let us say that this is an eminently
practical age; that courts must recognize things as they
are and as possessing a value which is accorded to them
in the markets of the world, and no fine-spun theories
about situs should interfere to enable these large corpora-
tions, whose business is carried on through many States,
to escape from bearing in each State such burden of tax-
ation as a fair distribution of the actual value of their
property among those States requires."
"The petition for a re-hearing is denied."
An important factor in the market value of railroad stocks
may be the direct or indirect value of the bonds, stocks, or other
investments which produce a part of the value of its capital stock,
and which have a special situs in the other States or are exempt
from taxation. Therefore, we find additional reason for saying
that the market value of stocks and bonds cannot be properly
taken as the measure of the fourth division.
43
CHAPTER VL
"THE VALUE OF THE REMAINING PROPERTY, IN-
CLUDING THE FRANCHISE."
A corporation seldom leases a single property ; it leases several
for the purpose of organizing and grouping in order to create
value greater than that of properties integrally.
NET INCOME BASIS OF FRANCHISE.
On the theory that all net income is contributed by taxable
property, all elements outside of physical property must be de-
termined with the net surplus as a basis, or the average net yearly
surplus for a period of five years or more.
FORMULA FOR DETERMINING NON-PHYSICAL ELEMENT.
Professor Henry C. Adams, in charge of Statistics and
Accounts of the Interstate Commerce Commission, has given
a most intelligent and comprehensive statement of the various
problems attendant upon the construction of a formula for the
appraisal of the non-physical value of a railroad. This state-
ment is found in Bulletin 21 of the Department of Commerce
and Labor, Bureau of Census, and is entitled "Commercial Value
of Railway Operating Property in the United States," 1904.
Besides the statement of Professor Adams, it contains articles
by various other statisticians and economists.
Professor Adams was called upon to offer a method of pro-
cedure which was intended to be a guide in the formulation of a
tax law for the determination of ad valorem values, and the duty
imposed upon him was entirely different from that imposed upon
this office by the State Tax Law and the act under which this
work is being carried out ; for, since we are instructed to appraise
"the value of the remaining property, including the franchise/'
we are precluded from offering any theory to be used as a basis
44
for legislation. The Legislature may have intended that ''the
value of the remaining property, including the franchise," should
be determined solely for the purpose of taxation and considered
from a different point of view than if the valuation was to be
made for the purpose of establishing commercial value, frdght
rates and the like. The State Tax Law does not express any
such intention on the part of the Legislature.
PURPOSE FOR WHICH VALUE IS TO BE USED.
It is evident, to a student of railroad values, that it may be
quite reasonable to suppose that there may be different methods
of arriving at value, depending upon the purpose of determining
the value.
The expenses of the State do not fluctuate violently and there
is generally a gradual increase of expenses as the population
increases. The non-physical value of a railway may fluctuate to
a considerable degree and, consequently, it might be proper, from,
a legislative point of view, to determine the non-physical value
by considering the average non-physical value for a term, of five
or ten years rather than for a term of one year, during which
appraisal is being made, in order to avoid violent fluctuations of
the income received by the State from the tax on "the value of
the remaining property, including the franchise," or the non-
physical value.
CURRENT YEAR BASIS OF VALUE.
We have given this question g-reat deliberation, and do not
feel that we can consider any value for Subdivision IV., except
that of the calendar year ending January ist, 191 1. Joint Resolu-
tion No. 3 does not state specifically that the value of the railroad
shall be determined as of any given date; nor does the act con-
cerning inventory and appraisal of railroad and canal property,
including franchise, in the State of New Jersey, approved April
1 2th, 1910, under which this work is being conducted, specify
the date at which values should be fixed. The State Board of
45
Assessors have requested that the values be fixed as of January
ist, 1911, and all returns made in shape fo>r use for the assess-
ment of 1911. This has been done.
All of the railroads in the State are required to make their
annual reports to the Board of Public Utility Commissioners
as of June 3Oth, and some of the largest systems date their annual
reports to' stockholders as of December 3ist. These reports to
stockholders are not generally available for several months after-
wards. Consequently, we have, in some cases, been compelled to
use the statements as of June 3Oth, supplemented by such addi-
tional information as we could secure directly from the several
companies.
ANNUITY.
It must be assumed that the purpose in determining the annuity
is to arrive at legitimate fixed charges, and it must be apparent
that this cannot be determined by taking present value as was
done in Michigan. The present value of railroads in this State,
if based upon cost of production less depreciation and obso-
lescence, would probably be still greater than the cost to produce
the same property at the date it was produced. On the other
hand, owing to changes in permanent way, made necessary by
increase of weight in power of rolling stock, causing the dis-
carding of many structures, it might, perhaps, be considered as
having required an investment cost greater even than the cost
of reproduction to-day.
BASIS FOR ANNUITY.
We believe that the State would not be justified in basing the
annuity on present value as represented by cost of reproduction
less depreciation through decrepitude and obsolescence, but that
the State should base the annuity upon the present value of the
land owned by the railroad and used for railroad purposes, plus
the cost of producing the permanent way and the rolling stock,
new, and other personal property; and, in addition to this, so
46
far as it is possible to determine, the investment cost of any
abandoned property should be included, and the total sum of all
these elements should constitute the basis of the annuity.
The summary of all railroads in the Michigan report shows
that deduction of about 18 per cent, was made between the cost
of reproduction and the present value, and the total deduction
was $36,318,106.
ADDITIONS AND BETTERMENTS.
The question of whether or not the amounts charged against
income for additions and betterments should be deducted from the
remainder of the corporate income available after the annuity has
been deducted from the available corporate income is exceedingly
important. In Professor Adams' form of compilation the total
amount of permanent improvements charged to income is taken
from the available corporate income after the annuity and taxes
have been deducted. It is apparent that the total available income
could be devoted to additions and betterments, thereby absorbing
the total net surplus, in which case there would be no surplus
earnings to capitalize into the value of "the remaining property,
including the franchise" ; and, under such a plan, if the railroad
so desired, it might avoid all taxation on Subdivision IV. by
devoting its surplus earnings to additions and betterments and
borrowing the necessary amount of money to pay dividends;
and; since it may be properly assumed that all additions and
betterments increase the assets of the company, it would be
absurd to contend that, because the moneys for the payment of
these additions and betterments was taken from income, the
value of the property was less because there was no surplus to
capitalize, when, as a matter of fact, the value of Subdivision IV.
is dependent upon the capacity to produce a net surplus and is
in nozvisc affected by the disposition of the net surplus.
It may be wise legislation to place a premium on the develop-
ment of the railroad property in the State by deducting the
amount expended for such development from the net available
corporate surplus, thereby reducing the taxes of the railroad
47
company which expends its net surplus in the improvement of the
property within the State instead of paying it out in dividends
which may be carried out of the State.
We are not asked to suggest methods of administration or
legislation. Our duty is to determine the value of the real
estate, the tangible personal property and the value of "the
remaining property, including the franchise," Subdivision IV.
Consequently, the value of Subdivision IV., if based in any
degree upon the commercial value as expressed in the capacity
to earn, aside from its physical condition, cannot consider any
deductions from the net surplus, which is determined after the
annuity and the taxes are deducted.
METHODS OF ACCOUNTING.
The method of accounting has a very important bearing upon
the question of additions and betterments. Some railroads have
been in the habit of charging the greater portion, if not all, of
the cost, improvements and betterments to operation and main-
tenance; and, by this means, the value of the physical property
is greatly increased; and this increment is not reflected in their
accounts if the improvements are charged to operation or main-
tenance.
The subject of additions and betterments has been made the
basis of extensive investigation by the Interstate Commerce Com-
mission, which has, from time to time, issued the instructions for
the guidance of railroad accounting. The classification of expen-
ditures for additions and betterments, first issued, was promul-
gated under date of June 2ist, 1909, and the final instructions of
the Commission were issued under date of June ist, 1910; and
these primary accounts are specified under thirty-five separate
headings. There is no distinctive difference between the mean-
ings of the words "additions" and "betterments," and the sim-
ilarity of these terms is conceded by the Commission in the title
of the second article under "General Instructions" of the First
Revised Issue of "Classification of Expenditures for Additions
and Betterments," page 13, from which we quote as follows:
"Inclusion of all additions, betterments and deductions."
4 8
A considerable betterment to the main line of a railroad in
New Jersey may be made for the purpose of reducing the cost
of transportation from points far distant beyond the boundaries
of the State, and this improvement may, in fact, be a detriment
to the State of New Jersey from the point of physical value of
the railroad in the State, for the reason that it may eliminate a
number of miles of permanent way and track from the value of
the physical property.
NO PRECEDENT.
The physical valuation of railways in Michigan, Wisconsin,
Minnesota and Texas was not conducted in compliance with any
particular tax law of the respective States, and considerable lati-
tude was found for the introduction of theories. In this State,
we face a condition, not a theory; and, after having given due
consideration to all the questions attendant upon this work, as
we understand and estimate them, we have concluded to* adopt
the following plan for determining the Fourth Division, Sec-
tion 3:
FOURTH DIVISION, SECTION 3 ; METHOD OF FIXING VALUE.
A. The investment value of the physical property be-
fore depreciation.
This is determined by the present value of railroad
lands, used for railroad purposes, plus the present cost
of producing the roadbed, track and appurtenances of
the permanent way; plus the value of the tangible per-
sonal property, plus the abandoned property, if any.
B. Appraised value of real estate and personal prop-
erty as in "A," less depreciation by reason of decrepi-
tude and obsolescence.
C. This item should include all gross earnings and in-
come of every kind whatsoever, excepting earnings from
real estate not used for railroad purposes, such as is de-
scribed under the tax law of New Jersey as third-class
property, and income from securities.
49
D. Operating expenses, exclusive of taxes, including
every item of expenses incurred in operating, hire of
equipment, joint facilities, miscellaneous rents paid, etc.,
except rent of property not used for railroad purposes.
E. Available corporate income. This item, is deter-
mined by deducting the item o>f operating expenses (D)
from the gross earnings (C).
F. Annuity or fixed charges. Five and one-half per
cent. ($y 2 ) of "A."
G. Taxes on appraised value as represented in item
"B." This rate is based on tax rate used by State Board
O'f Assessors.
H. Income from property not covered by appraisal.
This item should include all rentals from third-class
property; that is, property not used for railroad pur-
poses.
I. This item includes all payments for interest, ex-
change, or discount oil interest bearing current liabilities ;
interest on receivers' certificates, notes, open accounts,
and other analogous items.
J. This item includes interest on funded debt incurred
by loss in operation.
RATE USED IN DETERMINING SUBDIVISION IV.
The determination of the annuity of (F) is of great
importance, as a slight variation in the rate applied to the gross
investment value (A) will materially affect the surplus available
for dividends and, consequently, the value of Subdivision IV.
In the plan formulated by Professor Adams the appraised value
of the physical elements was taken as a basis and 4 per cent, used
as the rate to determine the annuity or interest on capital invested
in the physical property.
If this method was applied to the example given the annuity
(F) would be $2,400,000 instead of $3,850,000. On the other
hand, as we understand the formula of Professor Adams, he
deducts from available corporate income (E) all money charged
to income to cover additions and betterments.
4 E S
50
We have called attention to this important difference feeling
that, since we are called upon to establish value, we cannot con-
sider the deduction of money expended for additions and better-
ments and charged against income, for the reason that the value
of Subdivision IV. is expressed in the ability of the property to
earn a net surplus after paying all operating expenses and interest
on the money invested in the physical property.
INCOME: FROM SECURITIES OWNED.
The purchase by one railroad company of securities of another
railroad company, or companies, is usually done for the purpose
of influencing traffic, or with the expectation of maintaining or
securing satisfactory traffic conditions. Therefore, the value of
such securities is largely, if not entirely, reflected in the earnings
of the railroad purchasing these securities ; and the earnings from
operation (exclusive of earnings from property not used for rail-
road purposes) are increased or, it is expected that they will
be increased by reason of ownership of such securities.
The question whether or not income from dividends or interest
on bonds or other securities should be included with income from
operation in the determination of the net surplus which is to be
capitalized into the value of "the remaining property, including
the franchise," has been given deep consideration.
If the income from securities of other companies, held in the
treasury of the particular company under consideration, is to be
taken at all, we should ascertain the exact amounts invested by
the company in question in the purchase of these various securi-
ties and allow an annuity on such purchase-money, and deduct
this annuity from the net available income. It is very likely that
this annuity would equal or exceed the dividends or interest
received from the various stocks and bonds.
We are not in a position to ascertain the amount of the actual
investment in these various securities ; and, since we cannot deter-
mine how much of the value of these securities is reflected in the
earnings from operation, we have decided not to include any part
of the income from such investments in determining the net stir-
plus available for capitalization under the formula used for the
determination of the Fourth Division of Section 3, which reads
as follows: "The value of the remaining property, including the
franchise."
We have hereinbefore directed attention to the obstacles in the
way of ascertaining the value of stocks and bonds for the purpose
of fixing the value of Subdivision IV., and in concluding the
argument along this line wish to call attention to the relation
which the bonds, stocks or other investments owned by a rail-
road corporation bears to the net revenue. The ownership of
these bonds or stocks of other railroads may bring a direct rev-
enue to the treasury apart from the earnings from operation,
thereby increasing the market value of the bonds and stocks o>f
the railroad corporation owning same, and yet these bonds,
stocks or other investments of a railroad company may have a
special situs in other States or are exempt from taxation.
WEST SHORE RAILROAD.
A notable example of the impracticability of applying the value
of stocks and bonds in the determination of the value of Sub-
division IV. is the West Shore Railroad. The road extends from
Weehawken, N. J., to Buffalo, N. Y., a distance of 423.67 miles
(with branches, 479.11 miles). Of this distance, 19.337 miles
are in New Jersey, and the appraised value O'f that portion of the
line in New T Jersey is $11,402,215.
This road is leased by the New York Central and Hudson
River Railroad, which owns all of the stock ($10,000,000 par
value) and guarantees principal and interest on the outstanding
bonds of $50,000,000, 4 per cent.
The apportionment of stocks and bonds oi intrastate roads has
been made heretofore by the State Board of Assessors on the
basis of miles of route. On this basis there would be apportioned
to New Jersey $403,000 of the stock and $2,015,000 of the bonds,
a total of $2,418,000, or $8,984,2 15 less than the appraised value
of real estate and tangible personal property.
Without an appraisement of the entire system there are no
means of determining the ratio of the appraised value as between
52
the road in New Jersey and the balance of the line. If, however,
the accounting of the West Shore is kept according to the Inter-
state Commerce rules, the results o>f operation of the lines in
New Jersey can be fairly determined.
THE FOURTH DIVISION, SECTION 3.
EXAMPLE FOR COMPUTATION.
"THE VALUE OF THE REMAINING PROPERTY, INCLUDING THE
FRANCHISE/'
A. Gross investment, $70,000,000
B. Present value real estate and tangible personal
property, 60,000,000
C. Gross earnings, $28,000,000
D. Operating expenses exclusive of taxes, 20,000,000
E. Available corporate income, 8,000,000
DEDUCTIONS FROM "E".
F. Annuity on gross investment, $ l /2% on $70,-
000,000, $3,850,000
G. Taxes on present value of physical property
(B), @ 1.896, 1,137,600
H. Income from properties not covered by ap-
praisal, 500,000
I. Interest, exchange, discount, &c., 600,000
J. Interest on funded debt incurred in operation, 000,000
6,087,600
Surplus available for dividends, $1,912,400
Surplus capitalized at 7.896, $24,219,858
Present value real estate and tangible personal
property, 60,000,000
Total of all values, $84,219,858
RATE USED IN DETERMINING ANNUlTy.
In the foregoing example, illustrating the method of determin-
ing the value of Subdivision IV., we have used the rate of 5.5
per cent, to* determine the annuity or interest charges. The rate
53
oi 5.5 per cent, on estimated cost of producing the permanent
way, structures and personal property, plus the normal value of
the land at the date of valuation, will, in our opinion, produce a
greater sum than is paid as interest charge on the property.
The value of the land as appraised includes the increment
value which, in many cases, is a large item, upon the value of
which no interest is paid.
The discounts and commiissions, which were a charge against
original construction, have been largely, if not entirely, wiped
out by refunding* the bonds and by the taking up o>f bonds
through the sinking fund provided from net earnings.
RATE USED IN CAPITALIZING NET SURPLUS.
The rate of 7.896 per cent., used in the foregoing example for
capitalizing net surplus to determine the value O'f Subdivision
IV., is six per cent, plus the tax rate o>f 1.896 per cent.
The capitalization o<f the net surplus at 7.896 per cent, results
in a value to the remaining property, including the franchise,
such that it yields a net income o>f six per cent, after payment O'f
taxes.
It is manifest that, as we develop a value for the non-physical
elements included in the "value of the remaining property, in-
cluding the franchise," we are addingl to the taxable value of the
remaining property. The tax rate to be levied on the value so
found should, we think, be used in some manner as a factor in
the computation. We believe that this- can be properly accom-
plished by adding the tax rate to* be levied to> the basic income
rate. By this method, any increase or decrease in, tax rate will
be reflected in the "Value of the remaining property, including
the franchise."
If the same rate were used to> determine the annuity or in-
terest on the investment cost o>f the physical elements as is used
for capitalizing the net surplus, we would have a perfect gyro-
scope ; and, in case there should be a net surplus after paying in-
terest on the investment and taxes, and we were only required to
know the total value from the point of view of earnings, regard-
54
less of physical elements, we could then use the net surplus capi-
talized as the sole factor in determining- value.
In the valuation of railroad property for the purposes of taxa-
tion., we must bear in mind the distribution of value between the
local taxing 1 district and the State. The State, in this case, col-
lects the entire tax on the assessment o>f all railroad property used
for railroad purposes. It returns to< the taxing districts the
amounts collected on assessments of all railroad property outside
of the main, stem, the miain stem being described to include all
personal property, the roadbed not exceeding- one hundred feet
in width, with its rails and sleepers, and structures erected there-
on and used in connection therewith, not including, however,
any passenger or freight building's erected thereon.
Afll railroad property not used for railroad purposes is as-
sessed locally in the taxing district wherein it is located.
The State not only returns to the several taxing districts the
money collected from assessments on property outside of main
stem, termed "second-class property," but it also returns to the
several counties of the State all but one-half of one per cent, of
the assessed valuation oi all property included in main stem.
It will be seen, therefore, that each taxing district wherein
"second-class" railroad property is to be found is deeply inter-
ested in the method of determining the value oi such property.
Each county is interested in the amount assessed to main stem,
since the State distributes practically seventy- four per cent, of the
amount collected, for State use, to the several counties, to be
applied to the school fund of each county.
In order to apportion the value of one hundred and twenty-
five separate railroad corporations directly to the several taxing
districts having "second-class" property, as well as to the coun-
ties interested in the taxes received from the railroads by the
State and distributed to the school fund of the counties, it is
necessary to appraise the property located in each taxing district ;
and, no matter what plan is used to determine the total value of
a railroad, it is necessary to apportion that value to the several
taxing communities as well as to the State. This cannot be done
equitably by using the miles of route as a basis of distribution as
55
has been done or suggested in other States, for the reason that, in
this State, terminal properties are o>f unusual value. The value
o>f these terminals would not be apportioned, even approximately,
to the districts of Jersey City and Hoboken, where their great
value is found, by using miles of route as a divisor.
It, therefore, appears to be necessary that we carefully ap-
praise the value of all physical elements to the taxing district
wherein it is situated ; and, while the total value is not materially
affected by depreciation or appreciation of value of physical ele-
ments within certain limits so long as there remains a net surplus
after paying interest and taxes, both the State and the taxing
districts must condemn any taxing system or appraisal which
does not correctly locate value by civil divisions.
If there were no necessity of apportioning value to the State
and to the minor civil divisions, we still could not base the value
of a railroad property for the purpose of assessment simply and
solely on the capitalization of its net surplus. In some cases,
there is a deficit and, in other cases, a nominal net surplus; in
either of which cases, there might not be any particular market
value to the whole, at the time, due to earnings; and, yet, the
physical value might be very large.
The question arises, why do we use 6 per cent, as a basis, plus
tax rate, for computing Subdivision IV. We think that this dif-
ference in rate should be maintained, for the reason that the in-
tangible values cannot be inventoried ; they can only be appraised.
Further, the intangible values are subject to fluctuation by
reason of State or federal legislation and, being unstable, a
larger rate of interest should be allowed than for the known,,
fixed elements of the physical property.
If the State compels the railroads to lower rates of service
and, by reason of such exercise of the sovereign power of the
State there is a loss of net revenue, then the value of Subdivi-
sion IV, is reduced by $12,664 f r eac ^ $1,000, and the loss to
the State's income will be $240.
If we use 6 per cent, as a divisor, thus ignoring taxes, thjej
value of Subdivision IV. for each $1,000 of net surplus would be
$16,667. The taxes on this amount, at the rate of 1.896, would
56
be $316. By this method, we would reduce the ability to pay
taxes by $76 for each $1,000 capitalized.
The present tax rate of 1.896 added to the basis rate of 6 per
cent, gives the State 24 per cent, of the net surplus from rail oper-
ations after all operating expenses, maintenance, interest and
fixed charges have been paid.
The State and Federal courts hold that the State cannot reduce
railway rates for carriage below a point necessary to assure a
fair return upon the investment in the property; and, in some
cases, the "fair return" has allowed interest and taxes on the
unearned increment which, as in the case of the tidewater ter-
minals, amounts to a considerable sum.
If the State, in the exercise of its power, fixes such rates as
will allow the railroads to earn only the fixed charges, and taxes,
on the investment in the property, there will be no property re-
maining after the tangible property has been assessed. If, on the
other hand, rates are so fixed as to permit the railroad companies
to earn a net surplus, then every taxpayer in the State will secure
a portion of such net surplus, since the State returns to the coun-
ties $177 out of each $1,000 of net surplus earned by the rail-
roads; and, in turn, each county distributes this $177 to the
school fund of each taxing district. The Civil Division, not
having any railroad within its borders, thus participates in the
income secured by the State from the assessment on Subdivision
IV.
The railroads and the State are thus jointly interested in the
question of rates of carriage. On the one hand, the State may
favor the direct payer of the rail rates by reducing mtrastritei
rates at the expense O'f the State and school fund ; on the other
hand, the State may favor rates of carriage which will enable the
railroads to earn a net surplus, of which, for each $1,000 so
earned the railroads k&ep $760, the State keeps $63, and the
school fund receives $177.
The State may have but limited power to exercise any control
over the earnings of railroads operating in the State since the
larger part of the profitable business originates outside the State,
and is classed as "through" or "interstate business." There is,
57
however, a large amount of business intrastate, and it is thus
within the power of the State to increase or diminish the in-
come to the school fund and to the State from taxes levied od
the value of "The remaining- property, including- the franchise."
The inventory does not include the value of the liquid or
working assets, for the reason that the value of such assets are
covered in the amount determined in the capitalization of the
net surplus.
These working assets include :
Cash.
Securities issued or assured held in treasury.
Marketable securities.
Loans and bills receivable.
Traffic and car-service balances due from other com-
panies.
Net balance due from agents and conductors.
Miscellaneous accounts receivable.
Materials and supplies.
Bills receivable.
Other working assets.
The working or liquid assets amount to many thousands of
dollars in the case of the large railroad systems of this State.
VARIABLE RATE OF ANNUITY.
It seems just to consider a larger rate oi annuity in the case
of the unclassified roads that are unimportant and whose earn-
ings, be they ever so satisfactory, would not be of sufficient im-
portance to enable them to borrow money or to finance addi-
tions and betterments without a considerable discount commis-
sion and a rate of interest somewhat higher than the better roads
would pay; and, in some cases, it might not be unreasonable to
fix the annuity rate at 8 per cent.
For the purpose of this report, however, we have used
per cent, throughout.
58
DISTRIBUTION OF TERMINAL VALUES OUTSIDE OF STATE.
The tidewater terminals are a part of the entire railroad
system and many of the constituted companies in New Jersey
could be operated as efficiently without these terminals outside
of main stem.
A well-known engineer was requested to give an estimate of
the cost of building a two-track, steam- railroad between New
York and Chicago. Naturally, he could not furnish such an
estimate within reasonable limits without a survey. He did,
however, offer the opinion, that the cost of acquiring the land
only, for an entrance to New York City corresponding to the
New York Central, would aggregate an amount equal to $100,000
for each mile 'for the entire line between New York and Chicago.
The Pennsylvania Railroad Company has recognized the value
of New York terminals, to lines included in its system, lying
remotely from New York, and some ten millions of dollars were
charged to lines ivest of Pittsburg.
We think that the portion of lines of any interstate system
operating in New Jersey with tidewater terminals, made neces-
sary for the business of the system, should not be required to
pay the interest charge and taxes on the entire value of the
second-class, terminal property.
<e interest charge and the taxes are deducted from the net
revenue before the net surplus is determined. Consequently, if
we charge the annuity of five and one-half per cent, and the taxes
on the total value of the terminals outside of main stem, the net
income from rail operations may be wiped out ; and, since we are
called upon to establish the "true value" of the railroads in the
State, we think that the annuity should be charged on only the
proportion of the value of the terminals outside of main stem
which is properly chargeable to the lines within the State.
We are not unmindful of the fact that there are terminals out-
side the State, the value of which may properly be apportioned
to lines within the State. We have charged the annuity on all
values within the limits of main stem to the the line within the
State which uses same, although a large amount of interstate
59
business is discharged at the tidewater terminals within the
limits of main stem. The length of route within the State is,
in most every case, much shorter than the length of route out-
side the State, while the value of the tidewater terminals in the
State is in the reverse proportion.
In the computation of Subdivision IV., we have added the
value of terminal floating equipment to the value of the physical
property outside of the main stem and have fixed the value upon
which the annuity of five and one-half per cent, is fixed by dis-
tributing this value within and without the State. After fixing
the amount within the State, this amount is distributed to the
various constituent companies benefited, on the basis of mileage
of all tracks, the value new being taken for calculation of
annuity and the present value for calculation of taxes.
EXPLANATION OF METHOD TO RAILROAD OFFICIALS.
In order that the railroad officials operating the various sys-
tems in this State might have an opportunity of giving their
views as to the proper, method of determining the 'Value of the
remaining property, including the franchise," an invitation was
extended to the presidents of the various roads to attend a meet-
ing for a public discussion. In response to this invitation the
railroads instructed the officials in charge of tax matters to rep-
resent themi at this meeting 1 .., Each official present was furnished
a copy of the method hereinbefore described, and the whole plan
was fully described in detail at the meeting. None of the rail-
road representatives offered to discuss the plan, nor did they sug-
gest any plan which, in their opinion, would be proper to use in
determining Subdivision IV. The burden of the argument was
that any value over and above the market value of the real estate
and tangible personal property was due to management and that
there should be no> value assessed against the railroad corporation,
to comply with the State Tax Law, which specifically provides
for "the value of the remaining property, including the fran-
chise."
6o
The unearned increment or non-phyhical value of a railroad
property has a very considerable market value, and this, coupled
with the value of the physical elements, is generally termed the
commercial value, and this is the value that is considered by a
purchaser.
We again call attention to the opinion of Mr. Justice Brewer,
who says:
"Now, it is a cardinal rule which should never be for-
gotten, whatever property is worth for the purpose of in-
come and sale it is alsoi worth for the purpose o>f taxation."
We appreciate the high ability of many of the railroad oper-
ating officials in this State, and yet we cannot believe that the
very large net revenues of the various systems in this State are
due to the particular ability oi the present railroad officials oper-
ating same, but that this large revenue is due to the growth of
the community, coupled with the adventitious location of the
property, the products of the soil and the production o<f the
mines.
Railroad officials generally are called upon to perform routine
work, and while there is an acknowledged difference between the
results obtained by one railroad official as compared with another,
it cannot be truly said that the difference in safety and economy
is due in a marked degree to the railroad official.
The organization of the operating staff of railroads in this
State is the result of a considerable period of time, consequently
the chief executive of a railroad property is not burdened with
the task of creating a new organization, and the general policy
of the company is dictated by the banking houses or the boards
of directors, which are naturally composed of financiers who, in
many cases, have an interest in several of the various railroad
companies operating in the State; consequently, there is no
particular difference in the attitude of the administration toward
the handling of the business of the company.
IMPROVEMENTS NOT GENERALLY DUE TO RAILROAD OFFICIALS.
Practically all inventions and developmients attending upon
economical railroad operation and safe travel are due to men who
are not officers of railroads, but are engaged in the invention and
6i
production -of the various equipment of railroads, and this is il-
lustrated each year at the meetingis of the Master Mechanics and
the Master Car Builders 7 Association. These conventions are
held not only to discuss important subjects relative to the needs
oif the various operating departments oi the railway, but in order
that the railway official may see and be instructed in the hundreds
of new developments, and various railroad devices are exhibited
to them by the designers and manufacturers.
The railroad officials frequently determine rules of standard
practice in all of the departments, and, indeed, select the design
of apparatus which is generally a selection of what, in their
opinion, is the best O'f the various designs offered by the manu-
facturer, and this results in many cases in throttling progress
rather than advancing 1 it, for the reason that the adoption of a
standard design is, in fact, an announcement to the manufacturer
that he is not expected to attempt to develop along the line of the
particular standard adopted, for if he did he would change the
standard, and it is only after the inventor and manufacturer has
persisted in developing to a higher plane and produced a result
which is far in advance of the standard adopted that such devel-
opment is acknowledged by the railroads and the standard
changed. This practice on the part of the railroad is probably
necessary from an economic point of view in the keeping of sup-
plies and parts, but it cannot be justly claimed that in adopting
this policy the railroad official is accelerating progress in safety,
economy of operation or in maintenance.
The growth of the community is due in part to the facilities
offered by the railroad, and in part to the natural increase in
population and the higher plane of living, and we think it is im-
possible toi divorce the necessities of the railroad from the neces-
sities of the community, but rather that both should go hand in
hand and supplement each other, and since the growth of the
community is reflected in the increased net revenue, it seems
reasonable to contend that the community and the State should
participate in some degree in this increased prosperity, and it ap-
pears to have been the intention o>f the Legislature to provide that
the railroad should divide this increased earning in some manner,
and in order to set this fact forth prominently in the Tax Law,
Subdivision IV. was created.
CHAPTER VIL
MAIN STEM.
The act of 1884, together with the amendments, does not give
a clear definition of ''Main Stem/' and the "Boundaries of Main
Stem" has been a subject o<f considerable controversy in this
State.
In the case of the Central Railroad Company of New Jersey
vs. The State Board of Assessors, 46 Vr. 120, 1907, the Supreme
Court says, in discussing! the line of demarkation between first
and second class railroad property:
(P. 139.) "Practically the line of division is: 'Main
Stem' within one hundred feet, waterway, towing-4path,
bermebank on the one side; these are continuous, running*
from end to end of the railroad or canal."
(P. 141.) "The distinction between the continuous
belt of land, without which a railroad could not exist as a
highway, and other sorts of railroad property, was early
recognized," etc.
(P. 144.) "The limitation by width is only one of the
several limitations that go to make the statutory defini-
tion of 'Main Stem.' As defined in Chapter 122 of the
Laws of 1906, it does not extend beyond 'the roadbed
with its rails and sleepers and structures erected thereon
and used in connection therewith,' although this be less in
width than one hundred feet. It is only in places where
there may happen to be a greater width that the one hun-
dred feet limitation has effect."
Mr. Justice Fort says, in the case of Mayor of Jersey City et al.
vs. Central Railroad Company of New Jersey et al., 68 AtL Rep.
227, Court of Errors and Appeals, 1907 :
"Every railroad must have a main stem. The one hun-
dred feet of main stem o-f any railroad miust, of necessity,
63
be selected from that part of its right of way or roadbed,
or other property, upon which is laid, or proposed to be
laid, the tracks over which its freight and passengers (if
it carries passengers) are transported. All tracks outside
of the one hundred feet, and the land upon which they are
laid, and also tracks used exclusively for chutes into fac-
tories, and for yards, and the like, or used in the ordinary
transaction of business for cars at rest, are not embraced
within this definition, and could not have been intended to
be embraced within the term 'main stem' as used in the
statute."
BOUNDARIES OF MAIN, STEM.
If the boundaries of main stem were limited by the area of
land covered by the roadbed not exceeding one hundred feet in
width, it is evident that the width of the strip of land constituting
the main stem would be constantly varying and the outline of
same would be marked by the toe of slope of all embankments
and the line of excavation in all cuts ; and it would be exceedingly
difficult to compute the areas and quantities in the main stem and
to fix the proportionate amount between main stem and second-
class property.
The practice of the State Board of Assessors has been to fix
the boundaries of the main stem by a strip of land not exceeding
one hundred feet of uniform width, with its rails and sleepers,
and all structures erected thereon and used in connection there-
with, not including, however, any passenger or freight build-
ings erected thereom.
TERM "ROADBED" CONFUSING.
The use of the term "roadbed" apparently confuses the defini-
tion of main stem and, for the purpose of this inventory and' ap-
praisal, we have followed the practice of the State Board of As-
sessors in order to prepare our data in such form as to be com-
parable with previous valuations.
64
The confusion of thought arising from the interpretation, by
various courts, of the term ''main stem," and the fact that the
law does not seem to be specific, has lead us to- suggest a definition
of main stem ; which will be found in the appendix.
65
CHAPTER VHL
LAND AND REAL ESTATE.
LAND VALUE PERPLEXING.
The question of land values is perplexing 1 , especially when we
are called upon to eliminate all elements of franchise value aris-
ing- from the use oi the land for railroad purposes.
Mr. Justice Beasley said, in 1886:
LAND VALUE TO BE SEPARATED FROM FRANCHISE,
' 'Objection is made, in various respects, to the valua-
tions of property which have been returned by the State
Board.
"The first exception in this vein is that, instead of as-
certaining the true value of the lands of these companies,
the Board, after ascertaining such value, multiplied the
sum thus settled by the numbers two or three, and adopted
the product as the market or true value of the property.
It is insisted that by this course these officers have as-
sessed these lands at two or three times their real value."
"But we have failed to see either the illegality or injus-
tice of this part of the proceeding. The problem is not
what land for agricultural or building purposes is worth,
but what a narrow strip of land, with valuable easements
annexed to it, adapted to railroad uses, will bring in the
market.
MARKET VALUE OF RAILROAD.
"It seems to us unquestionable that the marketable
value of a successful railroad is generally greatly in ex-
cess of the value of its roadbed, equipments and other
tangible possessions. The location O'f the road, the
5 B s
66
places or territories it connects, its capabilities for future
expansion, are all elements going to make up its produc-
tiveness as a vendible thing in the market."
This opinion seems to include the intangible or franchise value
with real estate. Later, in 1909, after the amendment to the
fourth division of Siection 3, in 1888, Mr. Justice Garrison said:
ADDITIONAL VALUE IMPARTED BY CHARTER.
"In the ascertainment of the value of second-class rail-
road property under Subdivision II. of Section 3 of the
revised act O'f 1888 for the taxation of railroad and canal
property the State Board of Assessors is required to value
such property at the value it has in exchange for money
as shown by the testimony, i.e., at its market value. Ad-
ditional value imparted to such property by its use under
a railroad franchise should not be included in such ascer-
tainment.
"The duty of the State Board of Assessors under the
supplemental act of March 4th, 1908, is the same and
none other than that required of them by Section 3 of the
revised act of 1888 recited in such supplement.
"We think that the increase of value over and above its
market value that is imparted to second-class railroad
property by reason of its use under a railroad franchise
should not be included in the valuations o<f such property
by the State Board of Assessors under Section 3, Subdi-
vision II., of the act of 1888, and that the opposite course
would be directly contrary to the scheme of such act; in
other words, that it is absolutely essential to the integrity
of the taxing 1 scheme of this act that the valuation placed
upon tangible real property under Subdivision II. of Sec-
tion 3 O'f the act shall not include any element of value
that is imparted to it by the intangible property, i.e., the
franchise that is to be valued under Subdivision IV. of
the same section. The reason for this is, we think, clear."
6 7
SUPREME COURT SUSTAINED BY COURT OF ERRORS.
The opinion of the New Jersey Supreme Court, delivered by
Justice Garrison, from! which we have quoted above? has been
sustained by the Court O'f Errors; and, since we are required to
find the value of "the remaining 1 property, including the fran-
chise," we consider that the "true value" of the land can only be
determined under the law, entirely apart from its use for rail-
road purposes.
NAKED VALUE.
Having eliminated the element o<f use, we reduce the ques-
tion to the naked value O'f the land, apart from the improvements
thereon, and disregard the cost to acquire for railroad purposes.
We are not instructed to determine the cost to produce the land.
We are required to determine the value.
MAIN STEM LAND NOT A CONTINUOUS STRIP.
The land in the main stem of a railroad is NOT a continuous
strip, and would not be available for railroad use unless it was
welded together by the sovereign power of the State.
The right of way is frequently broken by cross streets, streams
and rivers. The power to cross these streets and waterways is
given by the State through the charter to> build and operate a
railroad. The main stem land is, therefore, merely broken sec-
tions or strips of land, and any additional value it may have
over the contiguous lands, by reason of the closing of the gaps
by the power of the State is, we think, reflected in the value of
the remaining property, including the franchise.
TAXING DISTRICTS.
In this State there are some four hundred and fifty taxing
districts in which railroads operate. The property in these
68
taxing- districts, other than property used for railroad purposes,
is appraised and assessed by the local assessor or assessors of
each district.
The term "taxing district" as used in the act "shall be con-
strued to include every political division less than a county
where inhabitants or officers have the power to levy taxes; the
term' "Assessor" shall apply to all officers charged with the
assessment of taxes. These assessors are required to> file affi-
davits setting forth as follows:
ASSESSORS' AFFIDAVIT.
"The foregoing list contains the valuations made by,
me, to the best of my ability, of all property liable toi
taxation in the taxing district in which I am the assessor,
and that I have valued the same, without favor or par-
tiality, at its full value, at such price as in my judgment
it would sell for at a fair sale, by private contract on the
twentieth day of May last, and have made such deduc-
tions only for debts, and exemptions as are prescribed by
law."
FICTION OF THE LAW.
The price agreed upon between a willing seller and a willing
purchaser is a realty, quite apart from the fiction of an imaginary
price to be agreed upon between an imaginary willing seller and
an imaginary willing buyer. The fixing of a definite value as
of May twentieth, or any other date, adds to> the fiction, as it
would be entirely impossible to consummate the sale publicly or
by private contract on any given date.
We have the right to assume, however, that, since the several
assessors are elected or selected by the taxpayers of their respec-
tive communities, they must have had sufficient experience in
land values to entitle them to assess the property in theft
respective districts, and that, therefore, they are the best avail-
able source of information concerning the going price or "true
69
value" of the land in their districts ; and, since the several tax-
ing- districts are content to accept the opinions of these assessors
as to the "true value" of the property of individuals, corpora-
tions (excepting railroad corporations) and firms, we should
give considerable weight to the opinions of the several local
assessors when considering the "true value" of land.
LAND ADJOINING RAILROADS.
In order that we might secure accurate information from
the assessors relative to assessed valuation of lands adjoining
railroad lands, we prepared "Form 26," entitled "Memorandum
of Assessed Valuation of Land Adjoining Main Stem." The
County Boards of Taxation were furnished with these forms
and requested to send same to the various assessors with instruc-
tions from them to indicate thereon the area and the assessed
valuation of each tract of land or lot adjoining railroad land.
From time to time, a member of our staff was sent to each
county seat to supervise these records, and the data so obtained
has been approved by the several County Boards of Taxation.
FIELD NOTES OF ENGINEERS.
The instructions to field engineers call for field notations
showing the character of land and relative improvements. The
field books show this record for each foot of line in the State.
In earlier years, the county records showed the consideration
paid in the deed of record. O'f late years, however,, the deed
may or may not show the actual amount of the purchase-money.
We have not attempted, therefore, to make abstracts from the
deed records of the various counties and have supplemented the
assessors' records.
LAND.
No per cent, has been added to the value of lands in excess
of the value in exchange for money, as near as such value can'
7
be determined by the exchange price of lands adjoining the lands
of the railroad in each particular taxing district, and at each
particular point where such lands adjoin railroad lands. The cost
of acquiring the land has not been taken into consideration, as
has been frequently done by other States which have attempted
to determine the value of the physical property of railroads,
excepting that administration and interest at 7 per cent, has
been added to land in main stem. It is generally conceded that a
railroad seeking to acquire rights of way through a village,
town or city, or through a well improved and highly-developed
farming section, must pay, for the land necessary for the right
of way, a sum considerably in excess of the rate of the going
price of the property they desire to acquire ; and, in many cases,
where a community is in great need of railway facilities, the
cost of acquiring the land is considerably below the value of the
adjoining lands.
RECORDS OF SALE.
There are, of course, isolated examples of the sale and trans-
fer oi land, but these transfers are so* infrequent and the actual
purchase price so difficult to< determine that it is not considered
wise to measure the greater quantities by the lesser.
VALUE AND USE.
The law tells us to eliminate, from our consideration,
purpose to' which the land is applied. Therefore, we have valued
the land stripped of all improvements as a piece of naked land,
in the open market, for any reasonable purpose to which it may
be applied. The presence of a railroad, with its embankments,
permanent way and structures, and the operation of traffic over
same, may depreciate or appreciate the value of the adjoining
lands; consequently, the "true value" is so closely interwoven*
with the value for a specific purpose that it is difficult to
determine whether the value of the adjoining lands would be 1
enhanced or depreciated by the absence of the railroad, with its'
embankments, and the operation of trains over same.
7*
TIDE-WATER TERMINAL LANDS.
The valuation of lands used for railroad purposes other than
main stem comprised in the various terminals in Jersey City
has been a matter of discussion by the local assessors, the State
Board of Assessors and the owners fo<r years. Volumes of
testimony have been taken in the various suits relating 1 to the
assessed valuation and practically every person able to qualify
as a real estate expert for lands in Jersey City and Hoboken
City has given testimony as to< their values.
ASSESSED VALUE 1910.
The terminal lands in Jersey City used for railroad purposes,
exclusive of the area included in the main stem, are valued by the
State Board of Assessors for the purpose of assessment, in
1910, at $28,098,933. The terminal lands used for railroad
purposes, exclusive of main stem, in Hoboken City, are valued at
$2,838,124 in 1910, making 1 a total of $31,937,057 for Jersey
City and Hoboken City, or more than 10.7 per cent, of the total
value of all the railroad property used for railroad purposes in
the State of New Jersey, including the rolling stock and equip-
ment.
LANDS ACQUIRED LONG SINCE.
The majority of these terminal lands were acquired at an
early date and a vast amount of material has been required to
bring the surfaces of the lands to the present elevation and
state. The depth of water in the Hudson River in front of
water- front lands is a material factor in considering! the value of
terminal lands. The area of fast land, its form and general
dimensions, location north and south, and possibilities of pier
developments, are all important elements in determining values.
During the discussion of the question of land values at a
session of the State Board of Assessors, on July 25th, 1911, one
72
argument advanced was that cost of reproduction was the only
"yard stick" to use in measuring the true value of railroad
lands and that, the railroad terminal lands on the Hudson River
from the Central Railroad of New Jersey Terminal to the
Delaware, Lackawanna and Western Terminal, both inclusive,
were of equal value, acre for acre.
This argument was advanced without any precise knowledge
of the total acres in any one of these several terminal tracts, nor
of how much of the acreage was fast land, land to the bulkhead
line, or land lying between the bulkhead line and the exterior line
for piers ; nor was the shape or extent o<f the various plots con-
sidered in the statement.
COST OF REPRODUCTION NOT APPLIED TO LAND.
The writer cannot agree with this opinion that cost of, repro-
duction as applied to land areas especially under the conditions
attendant upon the development of large terminal tracts on the
Hudson River is a true measure of true value under the laws
of the State as interpreted by its highest court :
* "Values are not necessarily large where the cost of
reproduction would be heavy, while values may be great
where the cost of reproduction would be relatively
small."
The cost of reproduction as applied to the improvements
made upon the land, the permanent way, bridges, buildings,
structures, etc., is quite another matter, for the reason that the
railroad company could have made these same developments
elsewhere. But the particular land needed for the right of way,
etc., was fixed by the route or alignment; and, after the route
had been determined, the particular land required was fixed and
there was little, if any, opportunity for bargain and sale; and
the cost to reproduce a similar plot, in a similar locality, would,
in most cases in villages, towns and cities be accompanied by
expensive and tedious condemnation proceedings, and would
* B. H. Meyer, member Interstate Commerce Commission, Bulletin No. 21,
Department of Commerce and Labor.
73
cost many times the going or market value of the same property
in the general business of purchase and sale.
Attention is again directed to the latest utterances of our
highest court. Mr. Justice Garrison says :
"The State Board of Assessors is required to value
such property at the value it has in exchange for money
as shown by the testimony."
Mr. Justice Brewer says:
"Now it is a cardinal rule, which should never be for-
gotten, that whatever property is worth for the purpose
of income and sale it is also worth for the purposes of
taxation."
Assuming, for the moment, that cost of reproduction should
be the yard stick for measuring the value of lands for railroad
use, is it still true that the values of the various terminals on
the Hudson River are the same, acre for acre?
This seems illogical, for it is manifest that we could not pur-
chase a plot of ground equal in area and general dimensions to the
Delaware, Lackawanna and Western land, having its center at
Exchange Place, Jersey City, for a sum less than many times the
cost to produce it near its actual location. But there is no
reason to assume that, for railroad purposes, at least, the land
comprised within the boundaries of the terminals of the Dela-
ware, Lackawanna and Western Railroad in Hoboken and Jersey
City is not quite as valuable for its purpose as if it were further
down the shore. At least, it may be truly said, without probable
contradiction, that the value of the plot if produced near Ex-
change Place would not be augmented to the extent of the
actual increased cost to produce it there.
The cost to produce the plot occupied by the Delaware, Lacka-
wanna and Western Railroad terminals was probably augmented
by the need, on the part of the railroad, of a large tract; and
it is not at all certain that the naked land comprised in this area
would find a purchaser, if put upon the market in its entirety,
at a price equal to the original cost to acquire and grade to its
present surface.
As we have stated elsewhere, the value of a railroad as such
is in its continuity; and, while it may be held that land outside
74
of main stem is not an essential part of the main running route,
it is essential to the whole ; and, indeed, the business of a rail-
road could not be conducted without these terminal lands.
The terminals of a railroad are a burden upon the whole
system. The Pennsylvania Railroad Company charge the Penn-
sylvania System with ten million doilars of the cost of the New
York terminals, although the latter company does not come nearer
than 500 miles to New York.
The New York terminals of the New York Central and Hud-
son River Railroad are such a burden on that company that a
plan is now forming to consolidate all the lines constituting the
New York Central System into one company, with one general
mortgage and a new issue of bonds and stocks, for the reason
that the terminal charges are too heavy for the New York Cen-
tral and Hudson River Railroad Company to bear alone.
The terminal lands cannot be listed among the assets of a rail-
road company as a separate item. There is practically no price
that could be put upon them if it were expected that the railroad
company owning and using same was to continue business ; and,
yet, this necessity should not, I think, be made the measure of
their value.
Commissioner Maltbie, speaking for the Public Service Com-
mission of New York, First District, which had before it the
determination of the value of the property of the Queens Bor-
ough Gas and Electric Company, summarized the estimate of
the value of the gas and electric properties by determining the
cost of production of same other than land. From this amount
he deducted depreciation ; and, to the sum so obtained, added the
present value of the land. He thus determined the value of the
whole plant not by taking the cost of reproduction of the whole
plant but, by assuming the buildings and structures at present
cost to< reproduce, he allowed a reasonable depreciation, and then,
to this sum, added the present value of the land. The fair value
of the land was fixed below what the "highest estimate a real
estate broker thinks might be obtained for the land itself ; "for
if the land is appraised on this basis and the buildings on a use-
value basis, instead of a scrap-value basis, there would be dupli-
cation and inconsistency." Land differs from most property in
75
that it generally appreciates in value, and the question has been
frequently raised whether land should be included in true value
in rate cases at its original cost or at its estimated value at the
time the rate is fixed.
MULTIPLE FOR LAN|D VALUES.
The use of a multiple to determine the cost of reproduction
of land owned by railroad companies and necessary for the
permanent way, we think, quite proper if we are directly and
specifically required to determine the cost of reproducing the
land ; for, in many instances, the acquisition of a certain, definite
piece of land necessary for the construction of a line of railroad
requires the expenditure of many times the g'oing price of the
contiguous land. The large value of the tidewater terminal
lands has been due to the growth of the community, and not
necessarily on account of force purchase for the imperative
needs of the railroads. This increased value is, therefore, in
the nature of an increased increment.
Mr. Justice Peckham says, in his opinion o<f the case, Wilcox
vs. Consolidated Gas Company, 212 U. $., decided Jan. 4, 1909:
"If the property, which legally enters into the consider-
ation of the question of rates, has increased in value since
it was acquired, the company is entitled to the benefit of
such increase.
"This is, at any rate, the general rule. We do not say
there may not possibly be an exception to it, where the
property may have increased so enormously in value as
to render a rate permitting a reasonable return upon such
increased valuation as to render a rate unjust to the
public."
The tidewater terminal lands have been acquired gradually as
the growth of the community and the increased business of the
railroads made necessary, and any increment in value should
properly be accredited for the same reason that depreciation of
buildings, structures and equipment is a charge against operation.
A new railroad seeking a large tide water terminal in Jersey
7 6
City or Hoboken would likely be required to pay a much larger
sum than the present terminal lands have cost, plus the increment
in value of such lands. This large increased cost would be in
the nature of forced purchase and abuttal damages. The true
value of the land so acquired could not be determined by such
forced purchase and payment for abuttal damages ; nor would
the value of the railroad acquiring such terminals under such
conditions be enhanced by the measure of such increased cost, as
it would be in competition with the existing railroads which had
acquired terminals at a much lower cost. No addition to the rates
for service could be made, on account of the added cost of acqui-
sition, but instead the fixed charges would be increased and the
net surplus decreased; and it is likely that this additional cost
would be charged off to pro-fit and loss.
This is illustrated by the New York Terminal, exclusive of the
Pennsylvania Railroad, to total cost of which, to December 3ist,
1909, was $102,495,530.73. The value as carried on the books
of the Pennsylvania Railroad Company is $57,495,530.73, the
difference being charged against the Surplus Income, or the profit
and loss account.
The opinion of Mr. Justice Beasley was rendered before the
amended act of 1888.
77
CHAPTER IX.
REAL ESTATE.
REAL ESTATE,
The term, "Real Estate," as used by the Interstate Commerce
Commission, includes the following:
"To this account should be charged the cost of land
acquired for use directly in connection with the opera-
tion of the road, but in excess of and in addition to that
actually required for roadbed or station or terminal
grounds, including all expenses incurred in connection,
with such acquisition as enumerated in account No. 2
'Right of Way and Station Grounds.' "
Buildings are not classed under the head of real estate, but
stand in a class under the title "Station Buildings and Fixtures,"
account 18, as follows:
"To this account should be charged the cost of
material and labor expended on station buildings, includ-
ing cost of transportation, station signs, platforms, side-
walks, excavations, foundations, drainage, water, gas
and sewer pipes and connections, steam-heating appar-
atus, stoves, electric light and power fixtures including
wiring for same, grading and putting grounds in order
after buildings have been finished ; electric bells, elevators,
and all other material, furniture, or fixtures used to com-
plete the buildings; wells for water supply O'f stations
salaries and expenses o>f architects ; also- cost of fences,
hedges, turn-stiles, etc., around station grounds.
Note: "This account should not include the cost of
similar buildings on docks, wharves and piers, which
should be charged to account No. 26, "Dock and Wharf
Property."
Under "General Office Buildings and Fixtures," account 19,
is the following:
78
"To this account should be charged the cost of build-
ings devoted to general office purposes, the cost of all
fixtures hereto attached, and the cost of furniture for the
equipment of such buildings."
Note: "If the land occupied by general office build-
ings is not a part of the right of way and station grounds,
its cost should be charged to account No. 3, "Real
Estate."
SHOP, ENGINE-HOUSE, TURNTABLES.
"To this account should be charged the cost of build-
ings to be used as shops (including transfer tables),
car sheds, or engine-houses (including cinder and drop
pits); turntables; plants for furnishing power or for
heating and lighting the buildings ; platforms, sidewalks,
and outhouses in connection therewith; the oilhouses,
sandhouses, storehouses for company's material, scrap
bins, appurtenances, etc. This account should include
amounts paid for shops, engine-houses, and turntables
when erected under contract. If built by the company,
there should be charged to this account cost of labor
and material; preparing grounds before and clearing ctp
same after construction; foundations; painting; excava-
tion for and lining of turntable pits, and of cinder or
drop pits inside or outside of engine-houses ; foundations
for turntables ; loading, unloading, and placing turntables
in position; levers, tractors, and stops for handling turn-
tables, sewerage systems; connections with water-supply
system, shop wells ; architects' fees for drawing plans and
supervision of construction; fences and hedges on and
around shop grounds; and transportation and incidental
expenditures. To this account should be charged the cost
of tracks laid on transfer tables and turntables and those
leading therefrom into shops and engine-houses ; also the
cost of all tracks laid in any of the buildings above
described."
79
ELECTRIC POWER PLANT.
The Interstate Commerce Commission makes a plain distinc-
tion between machinery which is in an "Electric Power Plant"
used to generate power to move traffic on an electric line, and
machinery which is used to develop power to operate machinery
in a shop or engine-house. We cannot follow the Interstate
Commerce Commission classification as a guide to determine as
between Real Estate and Personal Property, as their classifica-
tion is not intended to draw this line sharply, but in a general
way only for accounting purposes.
MACHINERY PERSONAL PROPERTY.
It is apparent that machinery does not change from personal
property to real estate by reason of its location so- long as it is
not part of a building.
Therefore, if a, stationary engine, which is classified under
"Machinery," in Section 21, is removed to a power plant for
generating power for operating cars electrically, it still remains
personal property.
CLASSIFICATION OF REAL ESTATE.
Real estate has been classified in this report under the follow-
ing headings :
1. Ash-handling machinery. 15. Crossing gates.
2. Aerial Tramways. 16. Culverts.
3. Ballast. 17. Cupolas.
4. Boilers. 18. Dams.
5. Bridges. 19. Docks.
6. Buildings. 20. Electric wiring.
7. Cables. 21. Elevators.
8. Canals. 22. Fencing.
9. Cattle guards. 23. Fixed cranes.
10. Chimneys. 24. Foundations.
11. Cisterns. 25. Gas piping and fixtures.
12. Conduits. 26. Grain elevators.
13. Coal-handling stations. 27. Heating apparatus.
14. Conveyors. 28. Hydrants.
8o
29. Incline machinery, canal, 52.
30. Interlocking. 53.
31. Lands used for railroad purposes. 54.
32. Lighting apparatus. 55.
33. Lock-operating machinery. 56.
34. Oiling systems. 57.
35. Piers. 58.
36. Pipe lines. 59.
37. Pavement. 60.
38. Planking or guard rails. 61.
39. Reservoirs. 62.
40. Riparian rights. 63.
41. Road-bed. 64.
42. Road crossing. 65.
43. Sanitary apparatus. 66.
44. Sewers. 67.
45. Shafting. 68.
46. Shop fixtures. 69.
47. Shop tracks. 70.
48. Signs. 71.
49. Signal apparatus. 72.
50. Smoke stacks. 73.
51. Storage warehouse and miscel- 74.
laneous structures. 7q.
Structures.
Switchboards.
Tanks.
Telegraph and telephone lines.
Tile drain lines.
Tracks.
Track appurtenances in place.
'Track scales.
Tramways.
Transfer tables.
Traveling cranes.
Trestles.
Tunnels.
Turn tables.
Viaducts.
Water lines.
Water-purifying plants.
Water stations.
Water tanks.
Water-ways.
Water works.
Wells.
Wharves.
Windmills.
All structural apparatus of a fixed character not enumerated
in the foregoing list are to be classified as "Real Estate."
DEVICE.
We use the term "Structural Apparatus" to distinguish the
structure which is involved with machinery (sometimes called
"Fixed Machinery") such as coal and ash-handling devices,
conveyors, switchboards and the like, from engines, lathes,
drills, shapers, turrets, etc., which are used to furnish power
and to assist in constructing some other tool machine or device.
8i
CHAPTER X.
TANGIBLE PERSONAL PROPERTY.
TAX LAW.
The Tax Law of New Jersey specifically declares that all ma-
chinery is personal property and says, under Section III., article 3 :
"The term 'tangible personal property' shall be held to
include the rolling stock, cars, locomotives, ferry boats, all
machinery, tools, other 'tangible personal* property of any
railroad company, and the floating, movable and other
'tangible personal property' of any canal company."
The law seems to remove any doubt as to whether machinery
is to be classified as personal property or as real estate; and,
as the determination of machinery has always been a vexatious
question, and the cause of many legal contests, it would seem that
it was the intent of the Legislature to define the status of ma-
chinery beyond doubt in order that the purpose of the law would
be undisputable.
WHAT IS MACHINERY?
The decision of the courts as to what constitutes personal
property is so confusing that, without this clear definition as
set forth in the tax law of the State, there might be consid-
erable doubt as to how to classify machinery and machine tools.
The Interstate Commerce Commission provides for the classifi-
cation of shop machinery and machine tools, under Section 21
of the "First Revised Issue of Classification o<f Expenditures for
Road Equipment," dated 1909, which reads as follows:
SHOP MACHINERY AND TOOLS.
"To this account should be charged the cost of ma-
chinery and tools placed in shops or engine-houses, in-
cluding foundations therefor ; cost of transportation, load-
6 K S
82
ing, unloading, and placing machinery in position. This
account includes the cost of stationary engines and boiler^,
motors, compressors, ash conveyors, shafting, belting,
cranes, stationary and portable forges, lifting magnets,
hydraulic, pneumatic, and electric tools and machines, and
all other machinery and tools, in shops and engine-houses,
including the small hand tools necessary first to equip
a shop."
MACHINES AND THEIR FOUNDATIONS.
It will be observed that, under the title "Machinery," is in-
cluded the cost of all machinery and tools placed in shops or en-
gine-houses, including foundations therefor, etc., * * * the
engines and boilers," etc. Since boilers and foundations are not
generally classified under the title "Machinery," we have in-
cluded these items in the classification of real estate; and, while
all devices might be properly termed "Machinery," we have class-
ified such items as boilers, coal-handling machinery, conveyors,
elevators, canal-incline machinery, interlocking, lock-operating
machinery, shafting, signal apparatus, track scales, transfer
tables, traveling cranes, turntables and the like, under the title
"Real Estate."'
All other machinery and tools, together with all locomotives,
steam and electric ; passenger and freight-train cars : working
equipment and floating equipment: and all supplies, of every kind
whatsoever, are to be included in "Tangible Personal Property."
In order that there may be no question as to the various classes
of equipment included, we ennumerate the classification as fol-
lows :
PASSENGER CARS.
In this account (passenger-train cars) is included the value
of passenger-train cars of all classes, including all appurtenances,
furniture and fixtures necessary to equip them for service, in-
cluding cost of transportation.
The following cars are classified as "Passenger-Train Cars" :
Air-brake instruction,
Bag-gage,
Baggage express,
Baggage mail,
Baggage mail, express,
Buffet,
Business,
Cafe,
Chair,
Colonist,
Combination passenger and
baggage,
Dining,
Emigrant,
Express,
Library,
Mail,
Milk.
Observation,
Officers,
Parlor,
Parlor baggage,
Passenger,
Passenger baggage mail,
Pay,
Postal,
Refrigerator express,
Smoking,
Street,
Tourist.
FREIGHT-TRAIN CARS.
Under "Freight-Train Cars" is included the value of freight-
train cars of all classes, including all appurtenances, furniture
and fixtures necessary to equip them for service, including cost
of transportation.
The following cars are classified as "Freight-Train Cars" :
Beer,
Box,
Cabin,
Caboose,
Charcoal,
Coal,
Coke,
Dump (commercial, coal or
stone),
Flat,
Fruit,
Furniture,
Gondola,
Gondola hopper,
Gondola long,
Gun trucks,
Hay,
Lime,
Logging,
Oil tank,
Ore,
Platform,
Poling,
Poultry,
Produce,
Rack.
Refrigerator,
Stock,
Tank and water (when used
as commercial cars).
WORK EQUIPMENT.
In this account is included the value of all work equipment, all
appurtenances, furniture and fixtures necessary; also, cost of
transportation.
The following equipment is classified as "Work Equipment" :
Ballast,
Ballast unloader cars,
Boarding,
Bridge,
Camp,
Cinder,
Concrete mixer,
Derrick,
Dirt spreader,
Ditching,
Dump,
Dynamometer,
Grading,
Gravel,
Indicator
Locomotive tanks (used per-
manently as water car),
Outfit,
Painters,
Pile drivers,
Rail saw,
Salt,
Sanding,
Scale test,
Snow dozer,
Snow drags,
Snow plows (not attached to
locomotives but moved by
them),
Sprinkling,
Steam shovels,
Steam-wrecking derricks.
Supply,
Sweeper,
Tool,
Tool and block,
Water,
Weed burner,
Wrecking.
FLOATING EQUIPMENT.
This account includes the value charged to the cost of marine
or floating equipment of all kinds, deluding all appurtenances,
furniture and fixtures necessary to equip same for service, in-
cluding cost of transportation.
The following equipment is classified under "Floating Equip-
ment" :
85
Barges, Power lighters,
Canal boats, Scows,
Car and other floats, Steamboats,
Dredges, Steamships,
Ferry boats, Transfer boats,
Lighters, Tugboats,
Power launches,
ADDITIONAL PERSONAL PROPERTY.
In addition to the personal property hereinbefore enumerated
is included such equipment as steam and electric locomotives and
all materials and supplies of every character whatsoever pos-
sessed by the railroad companies and located in New Jersey.
INTANGIBLE PERSONAL PROPERTY.
Intangible personal property is represented by the stocks,
bonds, notes and the like, the value of which is included in the
formula for the determination of the value of franchise.
CHAPTER XL
NOTABLE CASES OF EXCEPTIONABLE CONDITIONS.
THE LACKAWANNA RAILROAD OF NEW JERSEY.
The Lacka wanna Railroad of New Jersey presents the finest
type of railway construction. Its twenty-eight miles of length
make one continuous monument to the engineer who has engraved
the name "Lackawanna" in Intaglio and Relievo on the face of
the rugged hills of Warren county.
Traffic has not yet vivified the masses of earth, rock and con-
crete. It is now simply a roadbed lying across the country, lifting
its level fully one hundred and twenty-five feet above the valley
in places or cutting deep into the rock of the hills.
Measured by bulk of quantities, it overtops by hundreds of
thousands of yards any railroad bed of equal length yet con-
structed ; and, in one stretch of three miles, the earth of the
adjacent valley has been piled in a prism averaging eighty feet
high, with an extreme height of one hundred and twenty feet,
supported on a base over four hundred feet in extreme width.
River and valleys are spanned by colossal concrete arches reach-
ing to one hundred feet in span, upon which are grouped minor
arches reaching tx> the level of the roadbed. From the parapet
of the highest bridge to the surface of the land is fully one
hundred and twenty feet. There are no crossings of highways
at grade, all being carried over the road, which lies in excava-
tion by graceful concrete arches, or carried under and through
the embankment by concrete passages. The signal cabins are
of concrete, fashioned to please the sense of beauty, in which the
architect has been unqualifiedly successful.
The water-station tanks or standpipes are the only steel struc-
tures in evidence; nor is there any wooden element, excepting
the ties, for even the fence posts are of concrete. The track
is of loi-pound steel to the yard, secured to the tie plates and
ties by screw "spikes," the latest practice. The traffic will be
protected and controlled by automatic block signals.
The purpose of this "Lackawanna Cut-off" is, as the title
implies, to save distance and grades, the distance saved being
eleven miles in thirty-nine miles. The saving in operating ex-
pense by reason of the lifting of hundreds of thousands of tons
hundreds of feet in elevation, plus the elimination of eleven
miles of travel, will probably be sufficient to pay an interest
charge on double the amount expended in this gigantic work,
which has required three years to complete.
The question naturally arises as to the "true value," for the
purpose of assessment for taxation, of this mass of construction.
Many hundreds of acres of land have been taken from outside
the normal right of way to supply the millions of yards which,
in the three-mile embankment before referred to, exceeds six
million cubic yards.
It is obvious that the net earnings, by reason of the saving
in distance and lessening of grades, would be greater by the exact
amount of the difference in interest charge and maintenance ex-
pense attendant upon a similar line in an easier territory, pre-
ferably a uniform plane. How, then, can it be rightly held that
the value bears any relation to the cost of construction, or vice
versa, since a less costly line having the same location and grades
would require a smaller interest chargie and less cost for main-
tenance ?
This "cut-off" is a cyclopean machine made necessary for the
economic conduct of the ever-increasing business of the Dela-
ware, Lackawanna and Western Railroad. By this machine, in-
creased net surplus will be forged from the gross income, in
the same manner as the colossal hydraulic press fashions the
armor plate. There is nothing but scrap value in the hydraulic
press, unless there is a necessity for its use. The fabricator
would, naturally, prefer to avoid the outlay of capital for this
press, or tool, if he could, without this tool, perform the same
work as is being done by his competitor.
The original location o>f the Delaware, Lackawanna and West-
ern Railroad between the termini of this "cut-off" was simply the
temporary path to greatness, to be used only until the traffic
warranted the construction of the more costly highway, which
when completed and used for both the freight and passenger
through traffic, will depreciate the present "true value" of the
old, and longer, route now operated between these termini.
When this "cut-off" is brought into operating use, the net
surplus due to the operation of the line between these termini
will be increased notwithstanding the increase in fixed charges
due to the interest on this large investment. If this expected
increase in net surplus did not admit of satisfactory demonstra-
tion, it is not likely that the work would have been undertaken.
The use and occupancy value of this "cut-off" is not only
demonstrated by the interest charge during construction but
by the eagerness, on the part of the Delaware, Lackawanna
and Western Railroad, to gain the advantage of its use by open-
ing it to traffic for both passenger and freight business as soon as
the last block signal is in place and December 24th, 1911, has
been appointed for the beginning of traffic over this "cut-off."
It is evident, then, that the management believe that the saving
in operation of passenger traffic warrants them in opening the
line to both passenger and freight at the same time ; otherwise,
the efficiency, stability and safety of operating a new work
would be tested by operating the freight traffic only for a period
of time.
During construction, the county and State are obligated to
furnish protection to the company constructing; and, while there
has been no occasion to call for protection, this protection was
at all times ready; and, in addition, the corporation was given
the right to take and use such land as the construction required.
The "true value" of an incomplete structure cannot DC
measured by the same templet as used for determining the value
of the finished work, operated as a railroad. The estimated
cost of construction must have included a sum for payment or
taxes, just as it must provide for the payment of interest during
the time of construction, for taxes and interest are both neces-
sary, and inevitable charges which are always attendant upon
construction.
The method of determining the value of the intangible or
non-physical elements comprised under Subdivision IV., of Sec-
tion 3, of the Amended Railroad Tax Act of 1888, as herein-
before set forth, provides that the value of the non-physical
89
elements is dependent upon the net surplus ; and this net surplus
is determined by deducting the cost o<f maintenance, the taxes
and the interest on the normal value of the land, plus the cost of
producing the roadbed, structures and equipment, trom the
gross income from rail operation. By this method, the railway
company is credited with five and one-half per cent, on the
investment cost. Therefore, as the cost of construction increases
the value of Subdivision IV. decreases. In the case of the "cut-
off" : Assuming the cost to be nine million dollars and the net
earnings from operation nine hundred thousand dollars, the
value of Subdivision would be determined as follows :
Interest on $9,000,000, @ 5-5%, $495,000
Taxes on $9,000,000, @ 1.896, 170,640
Total deductions from income, $665,640
Corporate income, 900,000
Net surplus, ............................................ $234,360
Net surplus capitalized at 6% plus the rate of 1.896=7.896.
Net surplus ($234,360) capitalized at 7.896%, .................. $2,968.085
Value of physical elements, ................................... 9,000,000
Total value, ............................................ $11,968.085
If this "cut-off" could have been constructed at $1,000,000,
the physical value would be decreased by $8,000,000 and the
non-physical value increased, for the manifest reason that a
greater net surplus would be developed.
The determination of value for the purpose of taxation is
illustrated as follows :
Interest on $1,000,000 @ 5.5%, ............................... $55,ooo
Taxes on $1,000,000 @ 1.896, .................................. 18,960
Total deductions from income, $73,96o
Corporate income, 900,000
Net surplus, , $826,040
Net surplus capitalized at 7.896 gives :
Value of Subdivision IV, $10,461,499
Value of physical elements, 1,000,000
Total value, $11,461.499
It will be seen that the total value for assessment, as shown
in the last example, using 1,000,000 as the basis, gives a lower
sum by $506,586 than the first example, using the investment
value of $9,000,000 as the basis; and it may, we think, be
properly contended that, from the point of view of the investor,
the "cut-off" costing $1,000,000 is the more valuable.
It must be borne in mind that the intangible element is open
to fluctuations and we think that, in the proportion that the
net surplus is increased by the reduction of fixed charges due to
interest on the investment, the total value for the purpose oi
taxation should decrease.
In this connection, it is important to note that the addition of
the average tax rate of 1.896 per cent to the basic rate of 6
per cent, is an important factor in the problem.
In the first instance, the net surplus is 234,360, which, if
capitalized at the basic rate of 6 per cent., yields a value of $3,
906,000; which, added to the investment of $9,000,000, in the
construction of the "cut-off," makes a total of $12,906,000. In
the second case, the net surplus is $826,040, which, capitalized
at 6 per cent., yields $13,767,333, and, added to the investment
of $1,000,000, makes a total of $14,767,333.
The importance of adding 1 the tax rate to the basic rate is thus
illustrated, as any increase in the tax thus reduces the amount of
Subdivision IV.
The increase in economy of operation of this shorter, easier
line will be reflected through the main line between Hoboken and
Buffalo, and there will probably be no accounting kept of the
rail operations of. this particular piece of trackage after it has
been merged, as to operation, into the main line. The State,
therefore, must consider the physical value as the main factor
of distribution of value to the State.
The possibility that a "cut-off" corresponding to this in short-
ness of line, ease of grades and permanency of construction
9'
could be built for any sum less than this "cut-off" has actu-
ally cost is entirely speculative and beyond the possibilities of
reasonable consideration. As a part of the system which will
operate over its rails, it is, we think, a tool of commerce worth
what it cost, less depreciation, if there be any due to obsolescence
in methods oi construction.
It seems to us that the "cut-off" was not a railroad on Janu-
ary ist, 1911. The land was taken and used for railroad pur-
poses; but the incomplete roadway offers no opportunity for
railroad use, i. e. f the carrying of traffic and the exaction of tolls.
We, therefore, recommend that the assessment for taxation be
made on the basis of one-third of the investment, or a total of
$2,310,366 with a nominal value of $1,000 for Subdivision IV.
HUDSON AND MANHATTAN RAILROAD.
In the determination of the "true value" of the Hudson and
Manhattan Railroad, we have first to consider the depreciation
on account of decrepitude and obsolescence, as well as the un-
usual conditions attendant upon its construction and use.
There is little loss of value due to decrepitude, excepting in
portions of the power plant and other electrical equipment. The
depreciation due to obsolescence is caused almost entirely by the
knowledge gained in the construction of the subacqueous tunnels
crossing the Hudson River.
Our estimated value, new, of that portion of the property
situated and operated in New Jersey is $13,508,383. This esti-
mate has been depreciated to $12,009,724 to cover decrepitude
and obsolescence,
We do not think that the present value of the property is
shown by this sum of $12,009,724, for the following reasons:
This public utility has been constructed for the carrying of
passengers, and is not organized for the general business of
transporting freight and passengers. The income of surface
railroads generally is largely derived from freight; and, in the
case of the larger railroad systems in the State, the bulk of the
business is through freight. In the case of the Central Railroad
9 2
of New Jersey, only 19.21 per cent, of its revenue for the last
fiscal year was earned from passengers carried; and the Dela-
ware, Lackawanna and Western Railroad showed about the same
division of earnings.
Tlje revenue of the Hudson and Manhattan Railroad bein^
derived solely from local passenger Business, its full commercial
value cannot be determined until its full normal capacity is used.
As a transportation machine it is too costly for the present
volume of business, measured by the capital invested in it. It
may be compared with a one hundred-horsepower engine run-
ning a forty-three-horsepower machine.
It was necessary to construct the tunnels, power house and
terminals on a scale in harmony with the ultimate capacity
offered to the public, but not at present used by it. The total
capacity planned provided for the transportation of about two
hundred and twenty million passengers.
For the year ending December 3ist, 1910, forty-nine million
ninety-one thousand six hundred and forty-one passengers were
carried. For the year ending June 3Oth, 1911, fifty-two million
seven hundred fifty-six thousand four hundred and thirty-four
passengers were carried.
It will require the carrying of about one hundred and twenty
million passengers to earn sufficient to pay fixed charges and
operating expenses.
The surface railroad is generally constructed in such manner
as to accommodate the business in sight, or likely to be found
in the near future; consequently, the original construction does
not require the investment of a sum approximately equd to the
cost of the ultimate development; and, in the case of some
surface railroads, the betterments and additions are made from
earnings.
It seems reasonable to consider the present value of the Hudson
and Manhattan Railroad Company, for the purpose of taxation,
on the basis of the proportion of its use by the public. We esti-
mate that, when one hundred and twenty million passengers are
carried, during the fiscal year, the earnings will be sufficient to
meet all operating expenses and fixed charges, at which time the
assessment should be made at the full one hundred per cent, of
93
the value of the cost of producing the physical elements in the
condition found.
For the assessment of 1911, we estimate that but forty-three
per cent, of the estimated present value of the physical elements
should be used. This does not mean that the public is now using
forty-three per cent, of the ultimate capacity of two hundred
and twenty million, but that they are using forty-three per cent,
of one hundred and twenty million; and that, when one hundred
and twenty million passengers are carried, the full one hundred
per cent, on value of physical elements should be assessed for
taxation.
Our estimate of the present cost of producing the physical
elements is $12,009,724, and forty-three per cent, of this amount
is $5,164,181, which, together with a nominal value for Sub-
division IV. of $i,ooo, makes a total of $5,165,181, which is the
amount recommended for the assessment of 1911.
94
CHAPTER XIL
DEPRECIATION OF ROLLING EQUIPMENT AND
MACHINERY.
The term "depreciation" is not definitive, and there is, at this
time, a great deal of discussion among railway officials as to
what is intended to be covered by the term. Depreciation may
be divided broadly under two heads : First, depreciation on
account of decrepitude (the gradual wearing out or destruction
of the parts, or materials in the parts, which cannot be renewed)
and such depreciation continues until the useful life is ended
and there remains nothing but scrap value. The second broad
division of depreciation may be covered by the term "obso-
lescence/' and this term may be applied differently to the vari-
ous subordinate parts of the railroad property.
OBSOLESCENCE.
The demands of traffic call for the highest efficiency in motive
power equipment and roadbed and, frequently, the design of
the locomotive is so materially changed as to affect the design
of the bridge, turntable, engine-house, machine shop, and the
like; so that depreciation due to obsolescence of a main factor
in transportation may affect all factors which of themselves have
not been directly affected by obsolescence. For instance : The
engine-house, turntables, scales, and the like, the use of which
is considered good practice on our important trunk lines, will
have to be abandoned if the contemplated plans for change in
design of motive power are carried out; and this change in
design seems necessary in order to increase the train load, reduce
the cost per train mile, and assist in counteracting the increased
cost of operation due to advance in price of materials and labor.
95
INTERSTATE COMMERCE COMMISSION INSTRUCTION b.
The Interstate Commerce Commission has instructed the rail-
roads to provide a depreciation account for the equipment ol
their roads ; and these instructions provide, generally, that a
monthly charge should be computed at a certain rate per cent,
on the original cost (estimated if not known), record value
and purchase price of such equipment. Charges should be
made to this account during the life of the equipment, except in
cases where same attains a greater than normal life; in which
cases charges should cease when the difference between tne
original cost, the record value or the purchase price and the
estimated scrap value shall be charged to this account. No
instructions are furnished for determining the rate per cent. ;
and, since this must necessarily vary in each case, according to
use and up-keep, it does not seem reasonable to suppose that any
fixed percentage can be used for determining the depreciation
of each class of equipment. The depreciation required by the
Interstate Commerce Commission is not for the purpose of de-
termining value; it is for the purpose of providing a fund into
which maintenance can be charged.
DEPRECIATION SHOULD NOT BE CONFUSED WITH MAINTENANCE.
The terms "maintenance" and "depreciation" are often con-
fused, but it should be apparent that depreciation is intended
to cover an intangible quantity which cannot be maintained
either because of its decrepitude or its obsolescence.
EFFECT OF INVENTION.
It is not essential that a machine or locomotive be operated
and worn out in order to be depreciated; for the reason that
progress in invention, especially in this country, is so rapid that
obsolescence generally occurs within a short period, due to
important changes in design; and, although a high-class
96
machine might be kept in a dust-proof case, and not used, it
would materially depreciate within a period of three or four
years. If it were an automatic tool, for a specific purpose, it
would be depreciated to a considerable amount immediately upon
its purchase, because the improved design of a second machine
for the same purpose would, without question, materially
increase the output and reduce the cost.
BARGAIN SALE VALUE.
The electric locomotives of the Pennsylvania Railroad Com-
pany, operated by the Pennsylvania Tunnel and Terminal Com-
pany and used to haul trains from New York Station, at 33d
street, through ^the tunnel and up to Harrison, N. J., on the
Pennsylvania Main Line, cannot be used at any other place in
the United States except, perhaps, within the electrical zone or
the New York Central and Hudson River Railroad or at
Baltimore. Consequently, there is no general bargain and sale
market for this particular equipment and it is not likely that
there will be any market for same; and, if we view the present
value for the purposes of taxation strictly on the bargain ana
sale value, our value will have to be confined to scrap material ;
and, while the foregoing is, perhaps, a more striking case than
exists generally in the equipment of a railroad, it is referred to
in this report to direct attention to the difficulty of using bargain
and sale value in the appraisal of the true value of the many
departments of railroad mechanism.
These electric locomotives cost practically $39,000 each and,
although they may be, probably, in better condition than when
they were first put into service, because they are thoroughly tuned
and adjusted, it is not likely that they could be sold in any
market.
DEATH OF CAPITAL.
It is frequently held that depreciation is the death of capital
to the amount of the depreciation; but it must be remembered
that, in this death of capital, there may have been created an
97
asset very much in excess of the dead asset. This increased
value to the general property may be covered by good will,
franchise, increment, etc. Some of our foremost railroad officials
object to the picking out of one element of a railroad, such as
equipment, and depreciating it unless certain other elements are
appreciated, thereby admitting that there is a very large element
of value outside of the naked value of the depreciated equipment,
structure and other elements forming the physical property.
NEW EQUIPMENT GENERALLY OF INCREASED CAPACITY.
Additions to power and road equipment are generally of larger
capacity than the last equipment purchased, in each particular
class; and, as such additional equipment of increased power and
capacity is purchased, the remaining equipment is depreciated by
obsolescence, even though no depreciation has occurred by rea-*
son of decrepitude. In the case of power, the cost of maintenance
increases with the age, and it is reasonable to expect that the cost
per mile run will be very materially increased when the life of
the locomotive is prolonged beyond certain limits. For years
efforts have been made by the railroad officials to determine
the limits of economical use of power, and as yet no formula or
plan has been generally adopted for the determination of the
useful life of power or road equipment.
MASTER CAR BUILDERS.
The Master Car Builders' Association has determined upon
a depreciation curve for fixing the value of cars destroyed by fire,
and the rule adopted by that association calls for a value of not
less than 40 per cent, of the original value of the car. This rule,
however, is not intended to fix the full depreciation of a car,
but rather to protect the owner of a car which has been destroyed
on a foreign road and to insure that the owner will receive at
least 40 per cent, of the original value.
/ E S
9 8
CONTINUED IMPROVEMENTS.
The railroads of the United States are compelled to continue
improvements for each particular part of their motive power and
equipment which will, in any degree, increase efficiency, capacity
and economy; and, for that reason* the designs are constantly
changing. In contrast to this practice, the railroads of Great
Britain do not encourage change. Mr. Richard Price-Williams,
in an article published in the "Proceedings" of the Institute of
Civil Engineers, London, says :
"The large amount annually expended out of the rev-
enue of a railway company in the maintenance and re-
newal of particular parts of the machinery of a large
number of its locomotives, in order to maintain the whole
in a fit and serviceable condition for the convenience of
its traffic, of itself affords sufficient evidence that there
can be no appreciable depreciation in either condition or
value when by this constant renewal of the worn-out work-
ing parts of the machinery the entire stock is maintained
in a serviceable condition, and that depreciation can only
occur when the working parts have not been maintained
in a proper and serviceable condition."
It is apparent, from the foregoing, that Mr. Price- Williams
does not consider the question of obsolescence as a factor in the
depreciation of locomotives in Great Britain ; whereas, in the
United States, it is a very important factor.
FREIGHT-TRAIN CARS.
The value of freight-train cars, as a part of the working or-
ganization, it is quite apart from their bargain and sale value,
and this feature of value is forcibly expressed by the rulings
and divisions of the American Railway Association.
Until late years, it was the practice to charge foreign roads
for the use of cars on a mileage basis ; that is, so much for each
mile of travel for each car. Under this system; many abuses
99
arose, and neither the consignee nor the railway borrowing the
car was particularly active in freeing same and returning it to
its owner. Cars would stand for days and weeks, since the bor-
rower's interest ended as soon as the car ceased traveling.
PER DIEM FIFTY CENTS,
The dissatisfaction on the part of the leading roads resulted
in a per diem rate of fifty cents per car. This seemed well
enough so long as traffic was heavy and cars were in demand;
but, when the great surplus of over 400,000 cars developed, in
1908, and miles of sidings and yard tracks were filled with thou-
sands of idle cars and their equivalent locomotives, then the
burden of $200,000 per day became so tremendous that every
borrower hastened to return every freight car home to stop the
per diem charge. To do this cost many hundreds of thousands
of dollars. Many borrowing roads sought to cut the rate in
two; and, finally, on February 2ist, 1910, it was agreed, by
vote of the majority, that the rate for the use of freight cars
should be thirty cents per car per day for the five months of
March, April, May, June and July of each year and thirty-five
cents per day per car for the remaining seven months.
VALUE OF CAR FOR OPERATING.
A president of one of the most important coal roads in New
Jersey stated, at a special meeting of the American Railway
Association, during a discussion of the per diem rate : "At
thirty-three and one-third cents per day it is cheaper for every-
body to hire cars than to own them themselves." At the rate
of thirty-three and one-third cents per day, capitalized at five
per cent., the value of a car, including maintenance and repairs,
would be $2,430, which is more than twice the purchase price.
FACTOR OF DEPRECIATION.
While the useful value, for the purpose of a railroad needing
freight cars, fluctuates materially and has no direct bearing on
IOO
the purchase value, this element of use should be considered as
a factor in determining- depreciation.
DEMAND FOR CARS.
The early part of 1906, culminating in March with a shortage
of 150,000 freight cars, with a minimum shortage in July of
less than 10,000 cars, is in contrast with 1908, which showed
a surplus of over 400,000 cars, in April, with practically no
shortage. The year 1907 was a well-balanced year in the demand
for freight-train cars, there being a. practically even demand,
with less than 50,000 surplus cars generally throughout the year.
The surplus and demand kept even pace until December, when
the surplus went up to 200,000 cars.
The year 1909 showed a considerable improvement over 1908.
In January there were practically 350,000 idle cars, with little
shortage, which dwindled to about 25,000 idle cars in October
of that year. One thousand nine hundred and ten showed a still
great improvement in demand.
DISTRIBUTION OF DEMAND.
The use and earning capacity of the freight cars for the years
1906 to 1910, both inclusive, for the railroads in Group II.,
comprising New York, New Jersey, Delaware and Eastern
Pennsylvania, having the second largest mileage of any group,
will be fairly illustrative. In none of these years was there an
excess of cars in use over the number of cars owned :
Per Cent.
Average
Miles
-Average Daily Earnings.-
Year.
Total Cars Per Car Per Car Per Railroad All Cars
on Line. Per Day. Owned. Car on Line. on Line.
igo6,
99-5
23-9
$2 29
$2 4 8
$2 28
1907,
93-0
24-3
2 39
2 55
2 35
1908,
. . 95.0
21.2
2 50
i 99
1 96
IQOQ. .
o^.;
2 10
2 2O
2 i=;
AVERAGE,
....23.15
$2 18
IOI
EARNINGS OF FREIGHT CARS.
The foregoing table shows the average miles run per day
to be 23.15, and the average earnings per car $2.18. The in-
come from freight cars for 1909 figures on the number of cars
in service earning revenue, that is, on 2,067,884 cars, is $1,643,-
967,780.
If the earning of the freight cars were capitalized at 5 per
cent., the resulting value would be $31,018,260.000, or nearly
three times the commercial value of all the railroad property
of the United States, as estimated by the Interstate Commerce
Commission in 1904, namely, $11,244,852,000.
This capitalized value of freight cars is entirely apart from
the passenger cars.
The equipment of a railway must be maintained to a higher
degree of efficiency than the equipment o<f a stationary plant in
order to furnish satisfactory service to the public. Certain safety
appliances are required by the Federal 'Government, and, aside
from the probable expense arising from casualties as a common
carrier, the earning power of the railroad is affected by the
maintenance as well as the design of each particular piece of
rolling stock. These conditions emphasize the necessity of over-
coming decrepitude and obsolescence as far as possible.
The question of useful life for any requirement presupposes
a thorough knowledge of the nature of the service, and the
railways in this State keep the equipment up to date in effi-
ciency and design by following up closely in maintenance and
by vacating equipment as soon as intangible depreciation and
obsolescense approach inefficiency.
The annual expenditures for maintenance must be sufficient
to make good all tangible depreciation. It is the exception when
equipment is not improved in design, durability and service by a
thorough overhauling in the shops.
Few railway companies have made careful study of the per-
centages of depreciation, and fewer companies make public the
information so gathered.
IO2
One of the largest railway companies shows the average
amount of equipment vacated from 1902 to 1909, both inclusive,
by percentage, as follows :
Locomotives, 2.85 per cent.
Passenger-train cars, .* 3.45 " "
Freight-train cars, 4.92 '
Common-service cars, 3.83 '
LOCOMOTIVES AND DENSITY OF TRAFFIC.
The useful life of a locomotive may be considered as twenty
years, unless extended, by the application of a new boiler, to
thirty years. The density of traffic and the amount of duty put
upon locomotives in this country is far greater than in Great
Britain or on the Continent.
In Group II. the number of locomotives in use was 13,777 in
1906, or .547 locomotives per mile of road operated. According
to the Board of Trade Returns for 1906', there were then in
the United Kingdom 22,118 locomotives for 22,936 miles of
line, or practically one locomotive for each mile of track against
.547 locomotives per mile of track in this country.
In 1897 there were ij6,886 locomotives in the Kingdom, the
average cost of maintenance and renewal being $989. This
amount rapidly increased to $1,215 per engine, or about ten per
cent, of the average cost of locomotives in Great Britain.
The locomotives of the Kingdom are maintained to a high
standard, and, while the percentage of cost of maintenance to
original purchase price is high, the rate of intangible deprecia-
tion should be correspondingly low.
OBSOLESCENCE IN EQUIPMENT.
Ehiring the last live years there has been a large increase in
Group II., as shown by the following tables :
SUMMARY OF EQUIPMENT. GROUP II.
LOCOMOTIVES.
1904.
Passenger, 3,044
Freight, 6,566
Switching, 1,834
Unclassified, 79
Leased, 537
1905.
3,045
6,830
1,854
77
739
1906.
3,264
7,485
2,143
72
814
1907.
3,274
7,8i6
2,265
67
950
1908.
3,273
7,953
2,320
65
Per Cent.
More Less
1908. 1908.
7.5
21.0 -....
26.O
21.5
Total,
12,060 12,545 13,777 14,372 13,611
ASSIGNMENT OF EQUIPMENT PER I,OOO MILES OF LINE. GROUP II.
Passenger,
Freight,
Switch,
Unclassified.
Total,
501
LOCOMOTIVES.
1904.
1905.
1906.
1907.
132
131
138
137
28 5
293
3i6
327
8o
80
90
95
4
3
3
3
507
547
Per Cent.
More Less
1908. 1908. 1908.
334
17.0
10.0
562 563
SUMMARY OF EQUIPMENT. GROUP II.
CARS.
Passenger
1904.
ii 360
1905.
11,466
441,761
14,645
78,517
18,010
joo<5.
11,823
465,545
16,749
99,508
18,792
1907.
12,107
498,791
17,785
135,529
19,047
1908.
12,389
520,241
18,784
Per Cent.
More Less
1908. 1908.
8.9 ....
16.8
37-0
Freight
445,056
13666
Company
Leased,
Fast Fr. L. S.,..
. 88,720
- 17,672
18,412
4-0
Total, 576,482 564,399 612,417 683,259 569,826
104
ASSIGNMENT OF EQUIPMENT PER I,OOO MILES. GROUP II.
CARS.
Passenger, 494 493 499 507 521 5.0
Freight, 19333 18,976 19,660 20,879 21,742 12.0
Company, 594 629 707 744 765 28.7
Total, 20,421 20,098 20,866 22,130 23,028
ASSIGNMENT OF EQUIPMENT TO AMOUNT OF TRAFFIC. GROUP. II.
Passengers
carried per
locomotive. 87,275 90,37 1 91,722 98,316 95454 9-O ....
Passenger
miles per
locomotive, 1,874,006 1,950,165 1,989,716 2.164,724 2,164,678 15.0 ....
Tons carried
per freight
locomotive, 63,053 65,254 68,010 72,455 58,170 .... 8.0
*Tons mile
per frt.
locomotive, 7,256,025 7,481,237 7,700,669 8,118,634 7,593,575 4-6 ....
Passenger cars
per million
passengers
carried, 43 42 39 38 40 .... 75.0
Freight cars
per million
tons of freight
carried, 1,075 991 915 881 1,119 4-
A study of the foregoing tables, giving summary of equip-
ment in Group II., shows that the railways are vacating their
lighter equipment rapidly.
BOX CARS.
The increase in 5O^ton box cars was 245 per cent, during the
five-year period. The cars ranging from 5 to 30 tons show
marked decrease, especially in the 15-100 class.
* NOTE. Ton miles per locomotive increased 16 per cent, from 1904 to
1907, inclusive.
STOCK CARS.
The jump in the 5o-ton stock cars is still more remarkable,
being 5,746 per cent. The 4O-ton stock cars have also increased
enormously during this period, there being 1,263 P er cent, more
4O-ton stock cars in 1908 than in 1904. The decrease in 1 5-ton
cars during this period is 846 per cent.
CARS.
Flat cars do not show as much increase, except in the large
cars. The increase in 5O-ton cars is 201 per cent. The decrease
in light cars is noticeable in this class. Even the 2O-ton cars
show a loss of 54 per cent.
COAL CARS.
The increase in capacity of coal cars is more marked than in
any other class. 5O-ton coal cars have increased 232 per cent.,
and 55-ton cars, 498 per cent.
In 19015, a new class of loo-ton cars was created. 200 of these
cars were built but no additions have been made, and it does not
appear at this time that this large capacity car is to be generally
adopted.
FREIGHT LOCOMOTIVES.
The number of freight locomotives increased 21 per cent,
during the five-year period. The traction force is vastly in-
creasing. In 1904, there were 85 Class E~5 four cylinder
compounds, tractive force, 62,800 pounds. This class has
increased 87 per cent, in five years.
A new class of equipment was created in 1908, when three
Class A-8 locomotives were built with 94,800 pounds tractive
force, an increase of 51 per cent. For detailed statement of
equipment o>f all railroads in the United States, for years 1904
to> 1908, both inclusive, see appendix.
io6
The purpose of presenting and analyzing the statements con-
cerning motive power and equipment is to direct attention to
the elements of depreciation, which cannot be directly expressed
by tangible decrepitude.
There is no market for equipment which becomes too light
even for the branch lines of a large railroad system. There has
been little railroad construction during the past five years and,
while the development of new and larger capacity equipment
does not call for the immediate vacation of the light equipment,
the result is a large decrease in the value of the light equipment
to that particular company, and it quickly degenerates to its
scrap value.
TRUE VALUE. OF EQUIPMENT.
For the reasons hereinbefore recited, it is believed that the
true value of equipment can be established only after careful con-
sideration is given to all the elements which affect value ; and, for
this reason, every phase of the question has been gone into.
Decrepitude and obsolescence do not measure the full amount of
deduction from original cost in years of lean business, when
there are many thousand idle cars. The percentages of deprecia-
tion used by railroad companies in accordance with Interstate
Commerce requirements are not for the purpose of establish-
ing present value of equipment.
to;
CHAPTER XIII.
DEPRECIATION OF FLOATING EQUIPMENT.
FLOATING EQUIPMENT.
There is no well-defined and generally accepted formula for
determining the depreciation of floating equipment. The factor
of improved design or more efficient machinery does not apply
to river and harbor craft with the same force as to ocean-going
vessels. It is not likely that ferry boats will increase their
speed, as their present speed capacity is in excess of possible
use except for brief emergency. Some of the cross-river boats
are powered the same as the boats in 23d Street service in
order to go into service should occasion arise. The general
dimensions of these ferry boats are practically determined and
any material change in dimensions is not likely, for the reason
that the slips, floats and ferry houses are designed to accom-
modate boats of the dimensions now in use, and any material
change in such dimensions would necessitate changes in the
slips.
OF RIVER TUNNELS.
The abandonment of ferry service on account of the opening
of the Hudson and Pennsylvania tunnels must be considered.
It is likely that there will be an increase of revenue from ferry
boats -because of increased team freight paying larger
tolls as the passenger traffic is deflected to the tunnels ; but, since
a considerable amount of the cost of the ferries is in the orna-
mental finish, floors, etc., ferry boats for freight service only
can be constructed at less cost. So far as ferry boats are con-
cerned, there is no considerable depreciation chargeable to ob-
solescence, excepting by reason of abandonment of this class of
service. The upkeep is generally good and the painting of the
hull and superstructure defends, to a large degree, against the
wearing effect of the elements.
io8
HULL MUST Blv MAINTAINED.
On account of the absolute necessity of a tight hull, it must
be maintained in perfect condition so far as the buoyancy and
the necessary strength are concerned, and these factors do not
permit of neglect as in land equipment. Consequently, the
charge for maintenance largely occupies the place of deprecia-
tion, and, indeed, under the process of maintenance or upkeep,
especially in wooden boats, the hull is constantly changing its
members, until all that remains is the design. This is illustrated
by the barge "Cornelia," which commenced its official life as a
schooner in 1839. In 1864 it was changed to a sloop and in
1881 it became a Pennsylvania Railroad barge. It is still in
service and will, probably, continue in service as long as barges
of its dimensions are found desirable to operate.
M KTAL HULLS.
In the case of metal hulls, plates are renewed and, since the
original skin is comparatively thin, no material depreciation is
contemplated for many years, and -as the plates are renewed
from time to time a considerable portion of the depreciation is
wiped out and the scrap value increased.
TUG BOATS.
The necessity of considering the obsolescence of the machinery,
boilers, etc., of tug boats is more apparent; and, yet, there has
been no unusual change in design of power for several years past.
Economies in development of power are gradual and, in many
cases, fall under the item "Maintenance ;" and for some years the
engines are improved by operation, and any defective parts due
to material or design are replaced. There is no particular strain
due to buffeting by the sea. The boilers in many of the best
boats are more than ten years old and no renewals are being
considered. When such renewals are made, they generally con-
sist of superior boilers, and they are charged to "Maintenance"
or "Additions."
log
STEAM LIGHTERS.
A steam lighter has the lightest service, as it is moved to the
pier while the cargo is placed; then it makes a short trip, prob-
ably not averaging three miles, and ties up to the pier until the
cargo has been unloaded and, possibly, a return load taken.
The strain on the boilers of the steam lighters may, however, be
greater than the strain on the boilers of ferry boats, for the reason
that uniform steam pressure is not maintained.
CAR FLOATS.
The car floats are subjected to considerable strain and the de-
preciation on this account, especially in the case of wooden hulls,
is considerably more than on account of decay. In the case of
steel barges, however, the life of the hull is somewhat equal to
that of the hulls of steam or sailing vessels in harbor waters;
and the percentage of the scrap value to the original value is
much larger than in any other form of floating equipment.
BOOK VALUES NOT CHARGED.
* The reports of the Pennsylvania Railroad Company for
1907-8-9 (the other railroads in the State do not report book
value in their annual statements) do not show that any deprecia-
tion is made in the asset account of floating equipment. No
doubt, a considerable sum is charged each year to operation or
surplus in order to provide a fund to keep the equipment up to
date. On the other hand, this asset account is not credited with
new equipment, and it seems to be the theory that the upkeep takes
care of the depreciation; and, therefore, no charge is made in
the asset account as far as the published statement is concerned.
Yet, the value of the floating equipment is increased by additions.
The book accounts of the custodian of the property probably
* Note. Pennsylvania Railroad Statement, 1910, shDws increase value
floating equipment, $569,455.44.
no
vary from the annual statements; and, in fact, the estimated
present value furnished us by the Pennsylvania Railroad Com-
pany is considerably higher than is shown in their annual
statement.
The practice of maintaining a constant asset value for the
purpose of the annual financial statement, for the information
of the security holders, is perhaps entirely proper and to be
recommended, as it insures a conservative estimate of the naked
values behind the securities, provided always that maintenance is
kept up to or in advance of depreciation.
The tangible depreciation can be maintained. There is, how-
ever, an intangible depreciation which cannot be maintained, and
in the survey of each vessel this must be considered.
NEW YORK FERRIES.
The city of New York operates ferry boats of similar design
and in similar service, these municipal boats are not maintained
with the same degree of care as the equipment under considera-
tion. The question of depreciation on this municipal equip-
ment has been the subject of much debate, and the so-called
"Prentice Bill/' calling for an arbitrary annual depreciation, was
offered. This bill was opposed by the Department of Docks
and Piers, and the following is the opinion of Auditor Phelan :
"In regard to the deductions during each fiscal year
for depreciation from the original valuation of each item
of the floating plant used in the ferry service, the amount
to be charged off for depreciation of floating plant is a
very uncertain quantity. The plant will be always kept
in excellent condition and repair. New boilers, tubes,
etc., etc., will be supplied as required, the cost of same
being charged to repairs and maintenance. The plant
will, therefore, be always kept in first-class condition and
allowed to suffer little depreciation. In order to show
the care which should be taken in charging off the depre-
ciation when the property is carefully looked after and
kept in good repair, I might instance the one hundred-ton
Ill
floating derrick "City of New York," which is in almost
constant use. It was built about thirty-six years ago and
its value in 1882 (the first year I find a record of its
value) was placed at $95,000. At the present time its
value is estimated at $110,000. If a charge of, say, 5 per
cent, for depreciation had been made each year, this der-
rick would have been wiped out of existence almost twice
over, so far as the accounts of the department would be
concerned, while, as a matter of fact, it is just as valuable
for the uses and purposes of the department now as when
it was built.
"It would be difficult, therefore, to decide upon a sum
to charge off each year for depreciation and the amount,
if any, to be so charged off should be left to the discretion
of the Dock Commissioner."
The auditor does not contend that any depreciation should be
written off. The Prentice Bill was not passed.
OCEAN-GOING BOATS.
The manager of one of the most important ocean steamship
lines operating in affiliated interest with a large railroad system
contended with the chartered public accountants who prepared
the annual statement for his company that they were charging
off too large an amount to depreciation in reducing the asset
value of the floating equipment 5 per cent, annually, and, after
the final argument of the manager, the directors decided on an
annual depreciation of 3 per cent. The depreciation on ocean-
going vessels should be increased over inland water service be-
cause of the greater strain and obsolescence. If, then, the
depreciation of 3 per cent, as determined in the case mentioned
is correct, a somewhat less amount should be charged off to cover
the intangible depreciation of inland water equipment, such as
is under consideration.
We have conferred with custom-house surveyors, marine
insurance underwriters and surveyors, Lloyd's agent et al., and
have endeavored to gain knowledge of the practice from all
112
reliable sources. The practice of the marine underwriters does
not assist us. Vessels are surveyed each year, or oftener, and
insurance rarely, if ever, exceeds a period of one year.
A ferry boat thirty years old, costing originally $200,000, may
have required the expenditure of $i 50,000 plus interest on
original cost of maintenance, the total sum of which may equal
the original cost.
The "Mary Powell," built in 1861, is well known to travelers
on the Hudson River and, though forty-nine years old, it is
to-day considered one of the speediest and best boats on the
river. Thousands of dollars have been spent in its up-keep and
this boat is held by the owners to be in the class of up-to-date
boats, such as the "Hendrick Hudson" and the "Robert Fulton."
The President of the Hudson River Day Line, owner of the
"Mary Powell," says, under date of December Qth, 1910: "The
'Mary Powell' was thoroughly overhauled this fall and was on
the dry dock of Tietjen and Lang, at Hoboken, for a long time
and every particle of weakened or rotten wood was removed,
new hog frames put in and the boat thoroughly overhauled from
stem to stern; at the end of which time, Mr. Lang, one of the
most expert wooden-boat builders in this country, said that the
"Powell" was good for twenty years. Our contention is that
there is no old 'Mary Powell.' '
MAINTENANCE FUND.
Depreciation for the purpose of establishing present value
should not be confused with cost of maintenance. It is, of
course, necessary to provide a fund for maintenance, and this
may be done either by charging an item to* established require-
ments for up-keep and additions or by charging a depreciation
to operating expenses available for up-keep, renewals and addi-
tions. Every ferry boat, tug, lighter or other equipment hav-
ing machinery, a metal hull or any other metal member, has a
scrap value which is practically constant so far as it is reasonable
to consider such items in any broad plan for depreciation against
the intang-ible loss in value. This scrap value should be deducted
from the naked replacement value before any depreciation is
deducted from the asset value, since the asset value never tails
below the scrap value.
AMORTIZATION.
In addition to the cost of maintenance, there are the elements
of decrepitude and obsolescence, spoken of hereinbefore under
the title "Depreciation." The cost of maintenance has been pro-
vided for by deducting same from rail revenue ; and the amorti-
zation has been provided for by the depreciation.
The depreciation shown in the final summary of this report
is thirty per cent. We do not intend to convey the impression
that, in making this large depreciation, the efficiency of the rail-
roads is thirty per cent, below par; for, indeed, the railroads in
the State are maintained in first-class condition to serve the
various classes of service required.
The Interstate Commerce Commission, in its classification of
operating expenses, requires a depreciation on equipment only.
There is no fixed rate of percentage for depreciation, and this
question is left open for the individual determination by each rail-
road company.
114
CHAPTER XIV.
OPERATION OF FLOATING EQUIPMENT.
DOMICILE AND SITUS OF FLOATING EQUIPMENT.
The floating equipment of the Pennsylvania Railroad Com-
pany, the Central Railroad Company of New Jersey, the Erie
Railroad, the Delaware, Lackawanna and Western Railroad, and
the Lehigh Valley Railroad operate generally within the lighter-
age limits bounded on the north by Fort Lee and 13 5th Street
Piers on the Hudson River, and I55th Street Pier on the Har-
lem River; on the south by Avenue C, Bergen Point and Owl
Head, Richmond Avenue, Borough of Kings.
Several railroad companies deliver freight to the Jersey shore
throughout the frontage extending from South Amboy to Edge-
water. From these main-shore terminals the movement of the
floating equipment radiates over and upon the waters of the
Hudson River, the Harlem River and the East River, Upper
New York Bay, the Kill von Kull and the Arthur Kill with
the exception of certain tugs and barges which are operating
entirely in coastwise coal traffic between South Amboy and points
as far east as Boston, such as the Delaware and Raritan Canal
barges, numbering 700 to 722, inclusive. These barges never
enter the canal and seldom enter within the lighterage limits
before described and they are moored, when idle, on the Jersey
shore of the Arthur Kill.
FLOATING EQUIPMENT; WHERE ASSESSED.
The floating equipment included in this report is generally dry-
docked on the Jersey shore and, when idle, is tied up on the
Jersey shore, the vessels engaged in the traffic of the Central
Railroad Company of New Jersey between New York City and
Atlantic Highlands being tied up at Communipaw.
The question to be determined is whether or not this equip-
ment, or any portion of it, should be assessed by the State of
New Jersey; and, in order to determine this matter, a careful
study has been made of the decisions affecting' this question. The
State of New York does not tax the floating equipment referred
to, and it is believed that the equipment is not taxed in New
York for the reason that its home port, its situs and its domicile
are in the State of New Jersey, though enrolled in the port of
the city of New York, which port includes Hudson and Bergen
counties, New Jersey.
HOME) PORT;
A vessel's home port is that port established by law, at or
nearest to which the owner resides. (See "Customs Regula-
tions.")
The name of the home port does not of necessity fix the
domicile in a particular state or city, excepting as established
by law. See Revised Statutes U. S., 2d Edition, Title XXXLV.,
Chap. L, Section 2535, from which we quote as follows :
C( Second. The District of the City of New York; to
comprise all the waters and shores of the State of New
York, and the counties of Hudson and Bergen in the
State of New Jersey, not included in other districts; in
which New York shall be the port of entry."
"Section 2541. There shall be in the State of New
Jersey six collection districts."
" First. The district of Newark; to> comprise all the
waters and shores of that part of the State of New Jersey
lying north and east of Elizabeth and Staten Island, ex-
tending eastward as far as the Kill von Kull where it
empties into the Bay of New York; including all the
waters and shores of Newark Bay and the rivers and
bays tributary thereto, the northern shore of the strait
or passage known as Kill von Kull, and all that part of
the western shore of the strait or passage known as Staten
Island Sound, or Arthur Kill, which lies north of the
northern boundary line of the town of Rah way, as
bounded on the twenty-second day of February, eighteen
n6
hundred and sixty-nine; in which Newark shall be the
port of entry, and Elizabeth a port of delivery."
"Second. The district of Perth Amboy to comprise all
the waters and shores within the State of New Jersey
from the northern boundary line of the town of Rah way,
as bounded on the twenty-second day of February, eigh-
teen hundred and sixty-nine, to Barnegat Inlet; in which
Perth Amboy shall be the port of entry and New Bruns-
wick and Middle-town Points ports of delivery."
PORT OF NEW YORK.
It will be observed that the term "Port of New York" com-
prises not only all the waters and shores of the State of New
York but, also, the counties of Hudson and Bergen as definitely
described in Section 2535.
A! resident of Hudson county, New Jersey, who is the owner
or the managing owner of a vessel must, therefore, enter and
document his vessel at the custom house in New Ybrk City.
The Federal Government thus ignores boundaries of states and
groups or associates a part of the State of New Jersey with the
State of INew York; and, therefore, the name of the port of
entry does not necessarily disclose the domicile of the owner of
the vessel other than to fix his domicile within the "District of
the City of Niew York" ; and any owner of a vessel domiciled
within the limits of the District of New York, even if he be a
resident of Hudson or Bergen counties, New Jersey, as de-
scribed, is required by the law to enter his vessel at the custom
house in the City of New York.
DOMICILE OF OWNER IS THE SITUS.
The decision of the Federal Courts seem to determine that the
domicile O'f the owner is the situs of the vessel for the purpose
of taxation, wholly irrespective of the place of enrollment.
EQUIPMENT NOT ALWAYS ENROLLED.
Attention is again directed to the enrollment of the floating
equipment of the various railroads partly in the port of New
York and partly in the poirt of Perth Amboy and, further, to
the fact that a considerable portion, in value, of the equipment
is not entered, enrolled or documented in any district.
The broad use and purpose of the floating equipment is not
affected by the district in which it is documented; or whether it
is documented at all ; or whether the managing owner resides in
the State of New York or in Hudson or Bergen counties, New
Jersey. The following citations bear on the question :
Ayer and Lord Tie Company vs. Commonwealth of Ken-
tucky. Error to the Court of Appeals for the State of Ken-
tucky; United States Supreme Court # 268. Argued April
.27th, 1906; decided May 2ist, 1906.
"The general rule as to vessels plying between the
ports of different states and engaged in the coastwise
trade is that the domicile of the owner is the situs of the
vessel for the purpose of taxation, wholly irrespective of
the places of enrollment, subject to the exceptions that
where a vessel engaged in interstate commerce has
required an actual situs in a state other than that which
is the domicile of the owner, it may there be taxed be-
cause within the jurisdiction of the taxing authorities.
"Vessels owned by a corporation domiciled in Illinois,
and which, although enrolled at a Kentucky port, are not
engaged in commerce wholly in the state, but are engaged
in interstate commerce and which have acquired a
permanent situs for taxation, and are taxed in another
state, are not subject to taxation by the State of Ken-
tucky; nor is their situs for taxation therein on account
of their being enrolled at a port of that state.
"But if enrollment at that place was within the
statutes, it is wholly immaterial, since the previous deci-
sions to 1 which we have referred decisively establish that
enrollment is irrelevant to the question of taxation, be-
cause the power of taxing vessels depends either upon the
n8
actual domicile of the owner or the permanent situs of
the property within the taxing jurisdiction."
SITUS OF PERSONAL PROPERTY.
Yost vs. Lake Erie Transportation Company, Circuit Court
of Appeals, Sixth Circuit, 1901. 112 Fed. 746:
i. "Taxation Jurisdiction of state. Situs of per-
sonal property.
"To enable a State to impose a valid tax upon per-
sonal property it must have jurisdiction over the owner,
or the property must have acquired a situs therein, sep-
arate from the owner's domicile, for the purpose of
taxation.
"The distinction between the nature of vessel property
engaged in the navigation of the sea or interstate waters
and the movable property of a railroad company em-
ployed in interstate commerce, was pointed out by Mr.
Justice Gray in Pullman's Palace Car Co. v. Pennsyl-
vania, 141 U. S. 18, 23; ii Sup. Ct. 876, 878; 35 L.
Ed. 613, 616, where the justice said :
" 'Ships or vessels, indeed, engaged in interstate or
foreign commerce upon the high seas, or other waters,
which are a common highway, and having their home
port, at which they are registered under the laws of the
United States, at the domicile of the owner in another
state, at whose ports they incidentally and temporarily
touch for the purpose of delivering or receiving passen-
gers or freight. But that is because they are not, in any
proper sense, abiding within its limits, and have no con-
tinuous presence or actual situs only at their legal situs/
"The New York Court of Appeals in People v. Com-
missioners of Taxes and Assessments for City and County
of New York, 58 N. Y. 242, 246, in discussing the uncer-
tainty of taxing situs of vessels engaged in interstate
or foreign commerce, if the situs fixed by the registra-
tion was to be disregarded, said :
: 'To determine the situs, for the purpose of taxa-
tion, by their longer or shorter stay in a particular port
or by their more or less frequent resort to it, would in-
troduce perpetual uncertainty which would practically
subject them to taxation in every port or exempt them in
all. We are of the opinion that the rule adopted in the
case of the United States Courts, and followed in the
judgment appealed from, is the better rule, and is in ac-
cordance with the statutes regarding taxation in this
State/ "
ENROLLMENT OF PENNSYLVANIA RAILROAD EQUIPMENT.
The equipment of the Pennsylvania Railroad Company is en-
rolled by Lewis Neilson, Secretary of the Pennsylvania Rail-
road Company, with offices in Philadelphia.* It would appear,
therefore, that the Pennsylvania Railroad Company has de-
clared the domicile of this equipment to be nearest to the district
of the City of New York and, since this district includes Hudson
county and part of Bergen county, New Jersey, the term 'Tort
of New York" includes the various terminals of the Pennsylva-
nia Railroad Company on the Jersey shore, where the equipment
is operated from and where it is berthed.
If the Pennsylvania Railroad Company held that the domicile
of the owner of this equipment was at Philadelphia, or in any
part of Pennsylvania, they could not have enrolled it in the "Dis-
trict of the City of New York."
The same remarks apply to the other railroad floating equip-
ment of this State.
The equipment of the Central Railroad of New Jersey is
enrolled in the name of the Central Railroad Company of New
Jersey, with offices in the City of New York.
The ferry boats of the Erie Railroad Company are enrolled in
the name of A. G. Grymes, Superintendent of the Marine Depart-
ment. All other equipment is enrolled under the names of the
captains or masters of the boats.
* Note. The equipment is reported to the State Board of Assessors as
being the property of the United New Jersey Railroad and Canal Company.
I2O
The floating equipment of the Delaware, Lackawanna and
Western Railroad Company is enrolled in the names o<f W. H.
Truesdale, E. E. Loomis, A. D. Chambers, E. T. Hallock and
J. M. Emery, with offices in the City of New York.
If we determine, then, that the domicile of the equipment under
consideration is in New Jersey, or in any part of it, or in the
"District of the City of New York," we suggest consideration
of the opinion of Chief Justice Beasley, Central Railroad v. State
Board of Assessors, 49 N. J. L. (20 Vroom) I.
The Chief Justice cites the Pullman's Palace Car Company v.
Pennsylvania, 141 U. $. 18. In that case the opinion was
delivered by Justice Gray, from which we quote as follows :
"Ships or vessels, indeed, engaged in interstate or for-
eign commerce upon the high seas or other waters which
are the common highway, and having their home port, at
which they are registered under the laws of the United
States at the domicile of their owners in one state, and
are not subject to taxation in another state at whose ports
they incidentally and temporarily touch for the purpose
of delivering or receiving passengers or freight. But that
is because they are not in any proper sense abiding within
the limits, and have no continuous presence or actual situs
within its jurisdiction, and therefore can be taxed only at
their legal situs, their home port and domicile of their
APPLICATION OF THE LAW.
We have proceeded with the survey of all the equipment of
the Pennsylvania Railroad Company, the Central Railroad Com-
pany of New Jersey, the Erie Railroad Company, and the Dela-
ware, Lackawanna and Western Rlailroad Company in New
Jersey-New York waters, the Lehigh Valley Railroad, the Lehigh
Transportation Company, in the belief that these equipments are
properly assessable in this state.
The Lehigh Valley Railroad Company, in the 56th Annual
Report of the Board of Directors, to the stockholders, for the
121
fiscal year ending June 3Oth, 1910, says, on page 12, under
special heading entitled "Floating Equipment" :
"The floating equipment of the company has been thor-
oughly maintained and increased by the purchase of 17
coal barges and i twenty-three-car steel float, which car
float was built for use in New York Harbor. Orders have
been placed for additional equipment consisting of 2 steel
car floats, a steel tug and open lighter and barges."
On page 47, is given a statement of -all the equipment of the
Lehigh Valley Railroad Company, including locomotives, pas-
senger-train cars, freight-train cars, road service and floating
equipment; and, under this last heading, is given all the tugs,
steam: barges, car floats, etc., operated by the Lehigh Valley Rail-
road Company or the Lehigh Valley Transportation Company in
New Jersey-New York waters ; and I suppose that a stockholder
would be entitled to believe that this floating equipment was
owned by the Lehigh Valley Railroad Company in the same man-
ner as are the locomotives, cars, etc., listed on the same page.
On page 32, of report referred to above, is a statement of
"Securities Owned" by the Lehigh Valley Railroad Company,
which says that it owns all the stock and all the bonds of the
Lehigh Valley Transportation Company ; and, in the comparative
income account for the years ending June 3Oth, 1909, and June
3Oth, 1910, a deficit is shown from the operation of this floating
equipment. It seemts that the title of the Transportation Company,
in this floating equipment is a mere shadow and that, in fact, it is
owned and operated by the Lehigh Valley Railroad Company.
The Lehigh Valley Railroad Company claims the ownership of
this floating equipment in their last annual report to the stock-
holders of the Lehigh Valley Railroad Company, by giving a list
of all the equipment and referring to same as the floating equip-
ment of the Company," i. e., the Lehigh Valley Railroad
Company.
The floating equipment operated under the title, "The Lehigh
Valley Transportation Company," is under the direct super-
vision of the officers of the Lehigh Valley Railroad Company. It
is documented partly in the Port of Perth Amboy and partly in
122
the Port of the City of New York, and a considerable portion is
not documented at all.
We do not understand that the local assessors of Perth Amboy
attempt to assess any of the floating equipment not documented in
that port or operated directly from it. We do not know under
what circumstances the floating equipment in question was docu-
mented partly in the Port of Perth Amboy and partly in the
Port of the City of New York ; and it would seem to indicate that,
at some time, the Lehigh Valley Railroad Company acknowledged
the ownership of the floating equipment. The Federal Laws
require that all vessels shall be documented or enrolled at the
port nearest the domicile of the owner.
It does not appear that the floating equipment operated from
Communipaw is assessed or taxed in any state.
The Lehigh Valley Railroad Company object to the assess-
ment of any portion of this floating equipment by the State,
although the floating equipment in question is operated under the
direction and by the authority of the Lehigh Valley Railroad
Company.
Our report includes all floating equipment operated by the
officials of the Lehigh Valley Railroad Company as follows :
STATEMENT OE FLOATING EQUIPMENT OPERATED BY THE
VALLEY RAILROAD COMPANY. NEW JERSEY-NEW YORK WATERS.
Port of City
of New York.
Tues ii
Port of Perth
Amb&y.
Q
Not i
rolle
Bar"es Schooner ....
IS
Barges Sloop
12
Barges i
60
41
Steam Lighters . 5
Derrick 5
14
15
Grain
10
19
Car Floats
26
Cattle Floats
5
Steam Hoists .... i
I
3
Pile Derricks, Work Boats, etc., . . . .
23
Total
121
9
118
..262
I2 3
TRUE VALUE FLOATING EQUIPMENT.
After thoughtful consideration of all the conditions attendant
upon the determination of the true value of the floating equip-
ment of the several railroads, we have concluded that we must
ignore the use and occupancy value, and the bargain and sale
value, for we cannot segregate this equipment from the other
machinery of the railroad system and consider what effect the
annihilation of such equipment would have upon the railroad and
the multifarious interests it serves. The traveler and shipper
are best served by that railroad which delivers him or his goods
safely, promptly and quickly to his or its destination. Conse-
quently, he must consider that, for the purpose of carrying pas-
sengers and freight, every part of a railroad is of equal value
to the passenger or shipper since every part is necessary to< the
continuity of service which forms an unbroken- line for his con-
veyance from start to finish.
If, perchance, two or more ferry boats, tugs or other impor-
tant floating equipment were suddenly destroyed and the loss
were sufficient to seriously cripple the service, it is likely that
the railroad would willingly pay a premium if, by so doing, the
equipment could be promptly replaced.
This use and occupancy value should, we think, be considered
and appraised, but should not be considered in our determina-
tion of "true value" aside from Subdivision IV. We have en-
deavored to determine the present cost of production for each of
the various kinds and types of equipment and, with these figures
before us, we have applied a certain depreciation; and we believe
that this method gives the "true value," or naked value, as
closely as it is reasonable to establish value aside from the ele-
ments included in Subdivision IV.
124
CHAPTER XV.
APPORTIONMENT OF EQUIPMENT TO NEW JERSEY.
ASSIGNMENT OF ROILING EQUIPMENT.
None of the lines in this State, except the Delaware, Lacka-
wanna and Western Railroad, reports distinct intrastate accounts
of earnings, operating- expenses, ton miles, train miles, car miles
or any of the elements of unit measurement which would enable
us to definitely assign the various classes of equipment to the
state.
The Delaware, Lackawanna and Western Railroad shows its
revenue in the State of New Jersey. The analysis of this road's
earnings shows that, while there is but 22 per cent, O'f its entire
line within New Jersey, the operating revenue credited to this
state is 30 per cent, of the total earnings. The relation of all
tracks of the Delaware, Laeka wanna and Western Riailroad in
this state to the entire line as shown in the annual report to the
Railroad Commission, June 3Oth, 1910, is as 639.03 miles (the
total in the state) is 2433.9 miles (the total of all tracks for
the entire line), or 26.25 P er cent - m New Jersey.
The ratio of earnings on the Delaware, Lackawanna and
Western Railroad in the State to the total earnings, i. e., 30^ per
cent., shows an increase of 27 per cent, over the percentage of
track within to the percentage of track without the state. If,
therefore, we assign the value of the total equipment of the
Delaware, Lackawanna and Western Railroad to this state on
the basis of revenue from operation, we will assign twenty-
seven per cent, more value than if the single-track mileage were
used as the basis.
The ratio of all tracks to single line is significant, showing
more nearly the capacity to do< business ; and this increase per cent,
over the single line is reflected in the earnings. So far, at least,
as the Delaware, Lackawanna and Western Railroad is con-
cerned, it seems proper to* assign the value o<f equipment to the
State o>f New Jersey on a basis of 30 per cent.
125
JERSEY ROADS LARGER FREIGHTERS.
Group II., of which New 1 Jersey is an influential factor, is the
most important freight-carrying group of all, the freight revenue
per mile of Group II. being $16,346; Group III. being the next,
with $9,678; while other sections of the country fall far below.
Group II. is second only to Group I. in passenger earnings per
mile.
TRAIN LOADS IN STATE.
The gradients and alignments of the lines within the state
generally are more favorable than those without, and, conse-
quently, the train loads are at their maximum within the state.
TRAFFIC DENSE.
The single track in Group II. is 10.3 per cent, of the entire
mileage of the country, while the mileage of all tracks in Group
II. is 14.6 per cent, of all tracks. Comparing the locomotive
mileage with the single-track mileage, per cent., we find that the
freight-locomotive mileage in Group II. is 23.3 per cent, of the
whole; the passenger-locomotive mileage, 21.8 per cent; the
switching mileage, 26 per cent., and the average o>f all classes of
locomotive mileage, 23 per cent. This indicates that traffic in
Group II. is denser than in >any other group, and, consequently,
the percentage of equipment used in the state is larger than the
percentage of either the single tracks or the total tracks would
indicate.
COMMERCIAL VALUATION.
The Department of 'Revenue and Labor published a report, in
1905, entitled "Bulletin 21, Commercial Valuation of Railway
and Operating Property." This report divides interstate roads
into states and places a valuation on all railroad in each state.
126
COST OF PRODUCTION AS BASIS OF APPORTIONMENT.
The conclusion reached was that the cost of reproduction, in
many respects, affords the most satisfactory basis for the solu-
tion of the problem of apportioning- railway values among states,
and that the net-earning basis stands for the solution of the prob-
lem of apportioning railway values among states, and that the
net-earning basis stands next in favor. It was found impractical
to use either of these methods. Neither the time nor the money
was available for ascertaining the cost of production The net
earnings, by states, could not be determined with any degree of
accuracy. The gross-earning basis for the distribution of values
was adopted.
GROSS EARNINGS AS BASIS OF APPORTIONMENT.
This plan is faulty, for the reason that many of our
largest railroad systems do not attempt to separate their
revenues and operating expenses into states and, where required
to report state business to the Railroad Commission, the track-
mile basis is generally used. In many cases, recourse was had
to all-track mileage, and it seems that, when finally analyzed, the
commercial valuation referred to was based on all-track miles.
SINGLE-TRACK MILES AS BASIS OF APPORTIONMENT.
According to the single-track basis of apportioning interstate
roads to a state, we assume that the traffic capacity, density of
traffic, tonnage, etc., are not affected by the number of parallel
lines of track; and, while we are not justified in saying that a
double track will necessarily carry twice the business of a single
track if properly signaled, its capacity is greater than twice the
capacity of single track. Professor Meyers says :
"Someone has been bold enough to suggest the formula,
that the traffic capacity of a railway varies directly with
the square of the number of tracks a second track, for
127
instance, representing 1 four times the capacity to move
traffic; a fourth track, sixteen times the capacity o>f a
single track."
AIS before stated, we should know the locomotive and car miles,
and, in the absence of such mileage, we must use track miles.
NET EARNINGS AND REPRODUCTION.
Net surplus from operation used conjointly with the cost cf
reproduction O'f the permanent way and the personal property,
exclusive of the land, plus the present value of the land, seems
to represent the true value; and if it were possible to separate
the earnings and expenses by states, the determination and the
apportionment of value would be simplified; as net earnings and
reproduction cost supplement each other and, where one fails, the
other supplies, each contributing what the other cannot furnish.
BASIS OF APPORTIONMENT OF EQUIPMENT.
We have given careful consideration to> the several bases for
apportioning interstate railway values to states- such as single-
track-mileage basis, all-track mileage, funded and other debts,
station population, car mileage, cost of construction, density of
traffic, gross earnings, net earnings and cost of reproduction at
this time. We believe that the proper basis to adopt, in the ab-
sence of information giving car miles an actual intrastate earn-
ings and operating expenses, is the miles of all tracks of each
road in the state as related to the miles of all tracks for the entire
line.
The States of Michigan, Wisconsin and Minnesota made an
apportionment of equipment supposedly on car mileage within
and without the State; but, since no such division of car mileage
is kept in this State, and must be determined by some empirical
rule, it is better to adopt the empirical rule direct.
128
CHAPTER XVI.
TRACK VALUATIONS.
BY Louis FOCHT, CHI'EF ENGINEER.
For purposes of determining track valuations the ordinary
methods usually adopted for other structures cannot altogether
be applied, for the reason that track whenever continued in use
must be maintained in such condition: that it is fit for the service
required. Renewals must therefore be made at such intervals as
are necessary to prevent its condition falling below a certain
average or standard.
The component parts going to make up a section 1 , of track
includes the rails, ties, splices, bolts, tie plates, ballast and labor.
The renewal of these parts is not made simultaneously, as each
has a different life, and the history of each is represented by a
series of independent recurring cycles, which together make up
the whole and produce an approximately uniform average.
The following table shows the life of the principal track
materials under Main Line service within the state as reported
by the principal Railroads. The statements are apparently to
some extent general estimates and for that reason probably open
to some variations. They serve, however, as a guide.
Name of Road. Rails, Life. Ties, Life. Stone Ballast.
Erie R. R., 6 years 6 years 10% renewed per year
Lehigh Valley R. R., . . . . 9 " 10 " 6%
Lackawanna R. R., 5 7 6%
Reading R. R., 6 " 8 " 13%
Pennsylvania R. R., 8 6 l / 2 " 9%
Average, 6.80 years 7.50 years 8.80% renewed per year
RAILS.
Main Line rails are replaced whenever they become unfit for
further service, either from loss by wear and corrosion, from
129
impairment of the surface, battering of the heads, or other
imperfections.
The amount of loss permitted before making- renewals varies,
frequently it is a trifle less than 3.00% and rises to nearly
10.00%, although in the majority of cases it seldom reaches
this latter figure.
On one road, in twenty-four cases, 100 pounds Bessemer
rails showed a minimum' wear of 2.25-% and a maximum of
9.39%, with an average loss o<f 4.42'% at the time of replace-
ment. A record of six extreme cases on another road shows
losses from 90 pounds Openi Hearth and Nickel Chrome rails,
ranging from 7.07% to 13.06%, with an average of 8.82%.
In the case where the loss amounted to 13.06% an extreme con-
dition was represented, and these rails were worn to such an
extent that they could not be classed as Relayers, but only as
Scrap when removed from the track.
Another prominent road classifies rails as "Relayers" when a
loss of 8.00% from the original section has taken place.
In computing these estimates the assumption has been made
that rails when removed from Main Line service can be classed
as Relayers; that the average loss in weight has been 10.00% of
the original, and that 10.00% of the rails taken out of Main
Line service are fit only to be classed as Scrap, leaving 90.00%
fit for Relayers. The first of these is liberal and undoubtedly
warranted by the facts. The second had necessarily to be an
assumption, as no exact figures are available for use as a. guide;
however, it is considered to represent a fair average.
While a considerable mileage of track has been laid in the
State with special grades of steel, such as Open Hearth, Nickel
Chrome, Ferro Titanium, etc., costing from $2.00 to $5.00 per
ton more than "Bessemer," these "Steels" have not been con-
sidered in the estimates for the reason that they have not been
in service a sufficient length o-f time to demonstrate entirely
their efficiency, nor has their use become sufficiently general to
warrant classing them with the "Standards."
The price of "New Bessemer Rails" has been taken at $30.00
per gross ton delivered, made up as follows :
130
Price per ton at mills of new rails, $28.00 per gross ton
Transportation, say 400 miles @ 4/ioc., 1.60 " " "
Cost of distribution, 40 " " "
Cost delivered on ground, $30.00 per gross ton
The average market price of Relayers delivered has been
taken at $23.00 per gross ton. Considering the loss in weight
by wear and corrosion to be 10.00%, and that 10.00% of the
Relayers taken out of the track are fit only for Scrap. One ton
of New rail is therefore equal to 0.90 ton of Relayers and Scrap.
If 10.00% of the rails taken out are Scrap, for every original ton
put in the track the following value results :
0.09 tons Scrap, @ $15.35, $1.38
0.81 tons Relayers, @ $23.00, 18.63 '
$20.01
Less transportation 50 miles @ 5/ioc., 25
$19.76
Therefore the value of each ton of Relayers taken out of the
track in terms of the original weight is $19.76.
The value of each ton of rails will therefore periodically
fluctuate from $30.00 per ton, immediately after a renewal, to
$19.76 immediately before renewal, as shown below by the
sketch, and from which it is also seen that the value varies from
ioo'% to 65.87%, the average being 82.93%, or $ 2 4-88 per
gross ton.
:oo\
8
in cJ
loco
ii d
II
C
F Y z
P E5
z <
i 2 tf
i! 8
6 I- ii
5 3
? <
8lD K^
(V. <0
C) o>
K) -
)<- -
132
The fluctuations of the values for splices, bolts, spikes and tie
plates follow the same general laws as for rails, whereby the
average value lies midway between the maximum and minimum
values, which are in turn governed by the market prices of new
material and Scrap, being therefore entirely independent of life.
On the other hand, the values of ties and ballast follow some-
what different laws, in which the life of the material becomes
a factor.
TIES.
According to the reports of the railroad companies, the mini-
mum life of untreated ties is six years and the maximum ten
years, with an average of 7.50 years. An average life of eight
years has been assumed for the calculations partly for the sake
of using even figures, but mainly to be conservative.
With a life of eight years the annual renewals amount to
360 ties per mile (assuming 2,880 ties per mile). The following-
diagram therefore illustrates in eight groups, or yearly periods,
the various stages in the life of a tie. The vertical lines show
the value O'f each group in per cent, of the original value for
each of the eight periods.
When the original value is taken immediately after renewals
have been made, or beginning with 100% and terminating with
12.50%, a general value of 56.25% is found, being 6.25% above
the average.
Should the initial value be taken immediately before renewals
have been started, the value for the first yearly period will be
87-5% with a final value of zero, giving a general value of
4375% or 6.25% below the average.
133
134
In the above diagram the renewals have been considered in
annual groups of 360 ties and if made at one time the value of
the ties in one mile of track will be represented by either of the
stepped lines, above or below the line A. B., depending upon
whether the initial value at the first period has been assumed
after or before renewals are made, or, in other words, whether
taken at 100% or 87.50%.
Consequently where the life of ties is assumed to be eight years
and the renewals made in annual groups of 360, the value will
be either 56.25% or 43-75%, depending upon the time when
taken under consideration.
Therefore, if the time be taken immediately after annual
renewals the value will be 6.25% above the average; if, on the
other hand, it is taken before renewals have been made, the value
will be 6.25% below the average.
The result of observations indicates the first value, or 56.25' '<
to represent more nearly the truth, as the usual condition of ties
in track is rather above than below 50.0%.
Frequently, however, the renewals continue throughout the
entire season, the worst spots being taken care of first and the
work continuing at intervals until completed. This condition of
affairs tends to increase the number of renewal periods, thus
decreasing the width of the steps or renewal periods, and thereby
causing the upper and lower stepped lines to more closely
approach the average line A. B., the final limit, and virtually
coincide with it. The average value in this event will therefore
lie between 100% and zero, or at 50.0%.
To be fair, and at the same time have values rather below than
above the truth, an average of 50.0%, or the value resulting from
this last assumption, has been made, although observation would
indicate that the true value is 6.25% higher.
BALLAST.
The percentage of stone ballast annually replaced, as reported
by five of the leading roads in this State, ranges from 6.0% to
13.0%, the average being 8.80%.
These percentages do not represent the amount of ballast
actually placed in the track each year, but the annual rate of
replacement.
To annually replace the Amount reported would not generally
be feasible and as a rule is not done. The quantity of ballast
put in during a year being confined to small isolated spots, the
amount is comparatively insignificant.
According to the records of one prominent road, for a section
extending 1 , over 100 miles of Main Line, 2ti% of stone ballast
was replaced during a period extending from three to five years,
or an annual replacement ranging from 6-2/3% to 4%.
The annual rate of renewal as reported by the railroad com-
'panies ranges from 6.0% to 13.0%. If a three-year-renewal
period is taken, the amount replaced in this time will vary frpm
18.0% to 39.0%, or a variation of over 100%. This wide differ-
ence can only be accounted for by the variation in the life between
ballast made from different kinds of rock, differences in condition
of service, etc.
In computing the estimates the renewal period has been fixed
at three years and the annual rate of replacement at 10.0%, thus
making the amount for each period 30.0% . This assumption is
conservative and it is believed will give results rather below than
above the truth.
In addition to loss, there is a deterioration in the quality of
ballast due to the fact that the lower portions have become mixed
with mud through contact with the roadbed from abrasion and
other causes.
No statistics are available to show what this amounts to,
therefore an assumption had to- be made and for these estimates
it has been placed at 10%.
The following diagram will perhaps more clearly illustrate
in a concrete form these deductions :
136
137
The average is accordingly found to be 75% of the "Initial
Value."
LABOR.
The original charge of "labor, laying and surfacing," after
once entering into the construction of a piece of track, remains
there as the invisible element going to make up its cost. So
long as the track remains in service and is properly maintained,
this element remains with apparently no depreciation. Unlike
the rails, ties and other tangible materials entering into the con-
struction, where the changes in condition, due to depreciation,
are apparent to the eye, this item continually remains invisible.
It is charged but once and still remains as part of the original
cost, as all labor charges, after operation has once begun, go
into the "Maintenance Account."
Should the track be abandoned, the rails, ties, spikes, etc.,
each retain a certain market value, and collectively represent
whatever commercial value remains. The original labor charge,
however, vanishes with the abandonment of the track, and for
this reason should remain so' long as it is in service.
Whether the charge should continue undiminished may be
open to some question, and to a large extent can only be one
of opinion.
The claim might be advanced, and with some force, that a
portion of this labor at least should vary to a certain extent with
the condition of the track materials. This claim being founded
on the theory that a purchaser about to consider taking over a
railroad property at a time when track renewals are needed,
would certainly make a reduction in his estimate of its value to
the extent of the necessary outlay required to bring the track
to normal condition; and furthermore, while this reduction had
been considered in valuing the materials, an allowance should
also be made in the labor, particularly in that portion applicable
to the laying and handling of rails, because the portion below
the level of the rails is seldom touched to any extent at such
times, thereby leaving the surface undisturbed and consequently
necessitating no expenditure for labor on that portion.
138
On the other hand, should the contemplated purchase occur
at a time immediately after renewals have been made, no deduc-
tion should be made as the track is presumably at "Normal
Value."
Against this claim, however, will always stand the fact that
operations once begun, all future labor charges enter at once
into the maintenance account, and should any portion of the
original labor charge be depreciated, for whatever cause, it is
immediately offset or replaced by a maintenance charge of like
kind, and would therefore apparently continue undiminished
while the track remains in service.
The question at best is considerably involved, and to offset
any argument which might be advanced to the contrary, the
assumption has been made in the estimates that the labor for
surfacing remains undiminished in value, and that this item
amounts to one-half of the total charge for ''labor, laying and
surfacing," that the other half, or the "labor laying," fluctuates
in value between 100% and zero, thus giving an average value of
50% for that portion of the labor applicable to the laying of the
rails, and, therefore, an average value on whole of 75% of the
total. While no convincing argument can seemingly be advanced
for doing this, still, to be conservative, it has been made as a con-
cession and not in the nature of an admission that the premises
upon which the argument is founded are correct.
T ; he following tables give the prices of the track materials,
scrap, etc., which have been the basis of the estimates. The
market prices of the materials are averages covering a five-
year period as shown by the diagrams attached, all of which
are apparently sufficiently clear to require no further explanation.
TURNOUTS AND CROSSOVERS.
The "Value New" for Turnouts and Crossovers does not
represent the gross value, but only the value over and above
that of the straight track at the given point. This method has
been adopted to avoid the necessity of splitting the straight, or
through tracks, into sections where turnouts and crossovers occur,
139
thus making it possible to estimate the straight, or through
tracks, in continuous stretches, regardless of Turnouts or Cross-
overs, and the Turnouts or Crossovers as single or separate
''Plants," so- to speak. By the adoption of this method the work
of estimating is simplified, complications avoided, and the possi-
bility of duplication and errors largely avoided.
The "Averag-e Values" of the material entering into the con-
struction of Turnouts and Crossovers have been arrived at in
a manner similar to that adopted for "Straight Track," that is
by averaging- the "Value New" with the "Salvage Value."
The fact that but a very small proportion of the Turnout
material after being taken out of Main Line service can be
utilized in sidings and yards, owing to the difference in design,
etc., necessarily regulates the bulk of this material to the scrap
pile, after it has outlived its usefulness in Main Track service.
Furthermore, in the case of yard tracks, the material is allowed
to remain in service until entirely worn out and having a
Scrap Value only. For the above reasons, the "Salvage Value"
of Turnout and Crossover material has been considered as the
"Scrap Value."
"Manganese" or "Manard" Frogs, owing to the fact that they
are only used where very light angles are necessary and for this
reason as a rule are useless for yard service after having been
removed from the Main Tracks, can therefore only be classed as
scrap along with the other materials.
Following these assumptions, the "Average Value" of Frogs,
Switches, Guard Rails, Switchstands and other accessories, has
been found to vary from 59.0 per cent, of the original cost, in the
case of Frogs, to 66 per cent, in the case of 'Guard Rails, but as
the Standards in use on different roads vary considerably, the
average value considered in making these estimates has been 60.0
per cent, of the original cost.
The values of new Frogs, Switch Points, Guard Rails, etc ,
used in these estimates, have been based upon the quotations fur-
nished by different manufacturers, and while they are apparently
somewhat below the price o>f some roads, on the other hand they
are higher than those for other roads, owing to differences in
140
design, quality, etc. On the whole, however, those adopted seem
to represent a fair average.
''Bessemer Rail" Frogs have been considered in the estimates
of all No. 6 and No. 12 Turnouts, Estimates for No. 15 and
No. 20 Turnouts have been based on the use of Manganese
Frogs ; as these latter are used almost exclusively at Interlocking
Plants where high speed movement from one track to another
is called for, and are, therefore, almost invariably equipped with
these Frogs.
The estimates for Turnouts, Crossovers, etc., are based on the
use of new rail for 100 Ib. and 90 Ib. equipment, and on the use
of "Relayers" for 80 Ib. and 60 Ib. equipment, as the use of most
of the lighter pattern of switches is confined to yards and sidings
where only a small proportion of new rails of these lighter types
is now used.
Switch Stands vary in price from $4.50 for Ground Levers to
$16.50 for high Automatic Stands. Between these extremes
there are a number of styles in use. An average value of $12.00
has been adopted for the estimates as corresponding more nearly
to the value of the majority of the Switch Stands in use. No
Switch Stands, however, have been considered in the estimates
for No. 15 and No. 20 Turnouts, as these Turnouts are almost
universally connected with Interlocking Plants.
CROSSINGS.
The cost of "Manganese'' Crossing Frogs is about twice that
of "Bessemer" Steel. The average value of these frogs is found
to be 56 per cent, of the cost. This percentage has been obtained
by considering the frogs as worth nothing but scrap value after
removal from the track, and as all Crossing Frogs are of special
design, suitable only to be used at the particular crossing for
which they happen to be designed, the assumption therefore ap-
pears justifiable.
The values given in the estimates represent the "Net Value"
of the crossing over and above that oi the straight track ; there-
fore, in estimating, the Main Tracks can be taken continuously
141
through the crossing without break, and the crossing value
added, thus simplifying the work and reducing the possibility for
errors.
The values of Slip Switches are given in the tables at a rate
per linear foot. This value includes that O'f the "Ladder Track,"
Slips, Frogs, etc., but not the value of the through or parallel
tracks.
In making these estimates the aim has been to adapt them as
nearly as possible to the various types of track found, and at the
same time cover the field with the minimum number uf classes.
With this end in view, the character O'f the track construction on
all of the principal roads was critically analyzed, with the result
that eleven cases were adopted.
For every one of these different classes, separate estimates have
been made for each weight of rail, one hundred and seventy-two
in all.
Turnouts, Crossovers, Crossing and Slip Switches were inves-
tigated in a similar manner, involving the computation of one
hundred and twenty-four separate estimates.
While minor imperfections can probably be found in the work,
it is believed that the results represent the average values of all
classes of track with a sufficient degree of accuracy for all prac-
tical purposes.
142
CHAPTER XVII*
THE CANALS OF NEW JERSEY.
The canals of New Jersey represent an obsolete method of
commercial transportation and, since there has been much public
debate on the canal subject, we have included, in the body of our
report, a general description of the canal properties under the
titles, "The Delaware and Raritan Canal Company" and "The
Morris Canal and Banking Company."
While neither of these canals as now built and operated is
adapted to> compete with railroad transportation, the conditions
attendant upon the construction, the water supply and the opera-
tion of these canals are widely different. The Delaware and
Raritan Canal has a general cross section of 80 feet in width at
surface of water and 40 feet at bottom, with a depth of 7^/2 feet.
This offers opportunity for traffic of units o>f at least twice the
capacity of the units of the Morris Canal, the cross section cf
which averages 42 feet at surface and 16 feet at bottom, with
a depth of 5% feet.
The Delaware Canal can be enlarged to at least twice its ca-
pacity, within reasonable cost, and there is sufficient water supply
to accommodate this additional enlargement.
Operation of the Morris Canal, with its present small capacity,
is frequently hampered by lack of water and there is no apparent
method O'f increasing the supply; consequently, there is no pos-
sibility O'f enlarging the capacity of the transportation units.
This supply, if used for furnishing potable water, may prove to
be of greater value to the people of this State than it could pos-
sibly be if used simply to float obsolete canal boats, and waste
into the Passaic River.
THE DELAWARE AND RARITAN CANAL COMPANY.
HISTORY.
The Delaware and Raritan Canal Company and the Camden
and Amboy Railroad Company were chartered February 4th,
143
1830, the former to construct a canal to connect the Delaware
and Raritan Rivers and the latter to build a railroad from the
Delaware River to Raritan Bay. In February, 1831, an act was
passed authorizing- the consolidation of the capital stocks of these
two companies. Thus they were practically consolidated al-
though nominally distinct corporations. Their affairs were man-
aged jointly by the directors o-f both companies, and they were
to share equally in the profits. The main lines of the railroad
and canal were completed in 1834 and the branches in 1838. In
1836, the joint companies acquired a controlling interest in the
stock of the Philadelphia and Trenton Railroad Company and
entered into an agreement with that company for an equal divi-
sion of their joint profits.
UNITED NEW JERSEY RAILROAD AND CANAL COMPANY.
In January, 1867, an agreement was entered into between the
united companies and the New Jersey Railroad and Transporta-
tion Company, which owned the line between New Brunswick
and Jersey City, forming a link in the through New York-Phila-
delphia route, for a consolidation of interests, Under this agree-
ment, the profits were equally divided among the four companies,
viz., the Delaware and Raritan Canal Company, the Camden and
Amboy Railroad, the New Jersey Railroad and Transportation
Company and the Philadelphia and Trenton Railway Company.
LEASE TO PENNSYLVANIA RAILROAD 999 YEARS.
On June 3Oth, 1871, the entire property was leased to the
Pennsylvania Railroad Company for 999 years, the lessee receiv-
ing all assets, assuming all obligations and guaranteeing the
united companies an annual rental equal to the 10 per cent, of the
aggregate capital stock, and an equal rate of dividends to the
Philadelphia and Trenton Railway Company. This lease was
confirmed, by a special act of the Legislature, in 1873.
144
DESCRIPTION.
The canal extends from Bordentown, in Burlington county,
northeastwardly through Trenton, passing east of Princeton and
west of the main line o<f the .Uinited New Jersey Railroad and
Canal Company's main (P. R. R.) tracks to Bound Brook, 36.23
miles; where it turns southeastwardly, following the valley of
the Raritan River, to New Brunswick, a total distance of 44
miles. The main feeder leads out of the Delaware River at
Ravenrock, 22.85 m il e s northwest of Trenton, and joins tne
main canal at Trenton.
The topography of the country traversed is easy and there are
no important elevations to overcome. There are thirteen locks,
having a total length of 210 feet each; width of clear pass 23 1-3
feet ; draught o-f water allowed, 7 feet.
RATES OF TEAM TOWAGE ON. THE CANAL PAYABLE TO THE
CONTRACTOR ON THE LINE OF THE CANAL.
RATES OF TEAM TOWAGE.
"Between Bordentown and New Brunswick, boats not
exceeding 150 tons capacity, $7.00 each way, and for
cargo six cents per ton additional. Boats exceeding 150
tons capacity, $10.00 each way, and for cargo six cents
per ton additional.
"Between Trenton and New Brunswick, boats less than
1 50 tons capacity, $6.00 each way, and for cargo six cents
per ton additional. Boats exceeding 150 tons capacity,
$7.00 each way, and for cargo six cents per ton additional.
"Boats exceeding 150 tons capacity, $3.00 each way
and i cent per ton additional for the cargo-.
"Boats of less than 150 tons capacity, $2.50 each way
and i cent per ton additional for the cargo.
"Between Bordentown and Kingston (or Rocky Hill),
boats exceeding 150 tons capacity, $5.00 each way and
three cents per ton additional for the cargo.
'45
''Boats of less than 150 tons capacity, $3.50 each way
and three cents per ton additional for the cargo-.
"These same rates also apply for boats towing between
New Brunswick and Kingston (or Rocky ffill).
"Between Trenton and Kingston (or Rocky Hill),
boats of miore than 150 tons capacity, $3.33 each way
and two cents per ton additional for the cargo.
"Boats of less than 150 tons capacity, $2.33 each way
and two cents per ton additional for the cargo."
FINANCIAL.
The canal earned $508,507.75 net in 1872, which fell to $36,-
949.38 in 1891. This dropped suddenly to $9.70.54, in 1892, and
the first deficit was encountered in 1893 an 'd was ' $ I 4>3 2 9- 1 -
This excess of expenses over earnings has continued each year.
In 1909, the deficit was $125,993.92. The gross earnings and
expenses for the years 1872 to 1909, both inclusive, were $20,-
074,874.44 and $15,738,584.35, respectively, leaving- net earnings
of $4,336,290.09. The tonnage has dropped from 2,837,532
tons, in 1872, to 401,231 tons, in 1909', a shrinkage of 86 per
cent. The "tons one mile" show a drop from 93,800,450., In
1877, to '7,396,368, in 1909, a decrease of 92 per cent.
GENERAL.
The railroad company does not operate its own boats on the
canal, all revenue from operating being derived from tolls.
We are not in position to discuss the causes of decline in the
business of the canal or whether its abandonment should be con-
sidered ; and, since it is so closely interwoven with the railroad
properly, we are o>f the opinion that its inventory and appraisal
should be made on the basis of a gioing property.
The income received by the stockholders of the canal company
is one- fourth of the 10 per cent, on the capital stock of the united
10 E s
146
companies, or practically 56,202, which, capitalized at 5 per
cent., produces $1,122,040.
MORRIS CANAL AND BANKING COMPANY,
LEHIGH VALLEY RAILROAD COMPANY, LESSEE.
HISTORY AND DESCRIPTION.
HISTORY.
The Morris Canal and Banking Company was incorporated by
an act approved December 3ist, 1824. The purpose of the canal
was to connect the waters of the Delaware River at a point near
Easton, Pa., with the tidal waters of the Passaic River.
This company had power to make the canal and to take all
lands, all streams and other waters necessary for the construc-
tion, as well as to operate the canal and to exact tolls and charges.
Section 4 of the charter declares that the canal property used
for navigation was to be perpetually exempted from taxation. It
was, also, further provided that the canal company was to be
clothed with banking powers for a period of thirty-one years.
At the end of ninety-nine years from the passage of the act the
State had the right to take the canal and its appurtenances, paying
a fair value therefor; and, in case the State did not take the
canal and its appurtenances at the end of that time, the charter
was to be automatically extended for fifty years, after which
time it w r as to lapse and all the property of the canal was to
become the sole property of the State.
Construction did not commence until 1827 and the first canal,
which was of smaller cross-section than the present canal, was
completed in 1831. On January 26th, 1828, the canal company
was authorized to extend the canal to the Hudson River. This
extension was completed in 1836. The canal company was
organized in 1849. At the time of the reorganization 10,250
common shares and 11,750 preferred shares were issued, all at
One Hundred Dollars par value.
In 1871 the canal was leased to the Lehigh Valley Railroad
Company, a corporation of Pennsylvania, in perpetuity, and it is
now being operated by that company.
147
LOCATION.
The property of the Morris Canal and Banking Company
extends from Jersey City, in Hudson county, to Phillipsburg,
in Warren county, about 102 miles. The total miles of canal
feeders number 106.69 : feeders, 4.69. The canal passes through
Newark, Paterson, Dover and Port Morris, to Phillipsburg.
CAPACITY.
The utmost capacity of the canal, when there is abundant
water, is about 1,000,000 tons per annum each way.
ENGINEERING FEATURES.
As an engineering work the canal presents many interesting
features. The difference in level between mean-tide level and the
summit at Port Morris is 914 feet. This elevation is overcome
by means of 16 lift locks and 12 inclined planes between the
Passaic River and Hopatcong.
LONGEST LEVEL.
The longest level, 17^2 miles, extends from a point in Essex
County near Bloomfield, 18.5 miles from the Hudson River, to a
point west of the Pompton River near Pompton, 36 miles from
the Hudson River. The greatest rise by incline is at Montville,
41.73 miles from the east end. At this point are found two
planes, one 74 feet and the other 76 feet rise, with a short stretch
of canal (not exceeding 350 feet) between.
The longest level on the east side of the summit is from a point
in Sussex county 70.69 miles from the Hudson River and 17.7
miles from the summit of Port Morris. This level is 11.77 miles
long. The difference in elevation between Port Morris and the
Delaware River is 760 feet, which is overcome by a flight of
eleven inclined planes and seven lift locks.
148
DIMENSIONS.
The original dimensions of the canal provided for a width on
bottom of 20 feet; depth of water, 4 feet; width at surface of
water, 32 feet. The locks had chambers 9 feet wide and 75 feet
long between the mitre sills. The inclined planes correspond with
the locks. There were originally constructed 20 planes and 3
locks.
ORIGINAL, BOATS EIGHTEEN TONS.
The gross tonnage of the first boats was 18 tons each, or less
than the smallest coal car now in general operation in the state.
CHANGE IN DIMENSIONS.
In 1835-6 all the summit planes were altered to locks. The
planes were widened 2 feet and the locks enlarged n feet (width)
and 95 feet (length) in 1841.
After the organization of the new company, in 1845, the
enlargement of the canal section was commenced. This larger
section provided for a bottom width of 25 feet, a depth of 5 feet
and a width on water line of 40 feet.
SECTION BOATS FORTY-FOUR GROSS TONS.
In 1845 section canal boats of 44 tons gross were introduced
and, in 1860, the boats were increased in size to carry 70 gross
tons, which is the greatest capacity used up to the present time.
PUBLIC HIGHWAY.
The canal is a public highway, and the lessees of the canal
claim that their policy has been to encourage canal boat owners
to use the canal. There seems to be no disposition on the part
of the public to use this canal, as all privately-owned canal boats
have disappeared long since.
H9
FROM TAXES BY CHARTER.
By the charter of 1824 the company's property used for canal
navigation purposes was to be forever free from State, county
and municipal taxes, this exemption being recognized in the sup-
plement of 1867, enacted after the foreclosure sale of the
property.
TAXES PAID.
After the passage of the Railroad Tax Law in 1884, providing
that all property used for railroad and canal purposes should be
assessed by the State Board of Assessors, that board assessed the
property of the canal company. The company protested and,
after extended litigation, it paid the sum of $150,000, under pn>
test, to cover the years 1884 to 1889, inclusive. The amount of
the annual taxes paid under protest has increased gradually to
$61,167.43, paid in 1909.
The general tax act was revised and re-enacted in 1888, offer-
ing, on behalf of the State, to* surrender the right to take the
company's property providing the company would, on its part,
surrender its exemption from taxation.
RIGHT TO ABANDON.
During this same year (1888) an act was passed for the
benefit of the company, authorizing it to abandon its franchise of
operation and cease to operate its canal at any time within the
five years thereafter.
Evidently the proprietors did not find it desirable to avail
themselves of the privilege of surrendering their rights at
that time.
LAND TITLES.
The titles in the lands held by the canal company are of four
kinds, namely:
Title by deed in, fee-simple absolute.
Title as long as used for a canal.
Title by condemnation for canal purposes.
Title by gift, occupation or adverse user.
The total length of canal and feeders is 106.69
Lands of the First class covered 12.4 per cent.
Second " " 21.5 "
Third - % " 58.8 "
Fourth " 7.3 "
100.0 per cent.
TO REVERT.
The title to the land in the second class would appear to revert
to the original owner upon the vacation of the canals. "Titles of
the third class, being those acquired by condemnation, will also
revert unless the Legislature authorizes a change of the public
use to which they may be devoted, in which case they could be
used for the changed public use, subject to the making of addi-
tional compensation wherever additional burdens or damages
were thrown upon the owner of the soil." Titles of the fourth
class would be fee-simple titles wherever the adverse user of gift
was properly established.
The land covered by the reservoir properties of the Morris
Canal and Banking Company are considerable, as shown in the
following table :
*Greenwood Lake, ........................... 787.00 acres
Lake Hopatcong ............................ 460.86
Stanhope Reservoir, ........................ 35 T -35
Cranberry Lake ............................ 300.00
Bear Swamp ............................... 89.14
Green Pond, . . . 10.01
1,998.36 acres
Less part of Greenwood Lake in New York, . . 119.00 "
Land covered by reservoirs, New Jersey 1,879.36 acres
._The total flow-age area of Greenwood Lake is 787, of which 119
acres are in New York State. We are informed that the title of a con-
siderable portion of Greenwood Lake may be questionable.
COST OF CANAL.
The cost of constructing the canal, including enlargements, as
shown on the profile computed and drawn under the direction of
William, Talcott, Engineer and Superintendent, in 1861, is as
follows :
SUMMARY OF COST OF THE MORRIS CANAL.
From Delaware River to Newark, $2,000,000
Alterations of planes in 1835-6, 230,000
Extension to Jersey City, 1836, 600,000
Greenwood Reservoir and Feeder, 170,000
Enlargement of planes and locks, 1841, 400,000
$3,400,000
Enlarging canals and rebuilding planes, 1,700,000
Total cost of canal, $5.100,000
DECLINE OF TRAFFIC.
The available data on tonnage dates from 1845, when the total
traffic carried for the entire year was 58,259 tons. The business
of the canal reached its maximum in 1866, when 889,220 tons
were carried and $275,970 were earned over expenses and taxes.
After the canal was leased to the Lehigh Valley Railroad, in
1871, the tonnage dropped to 629,044 tons, the gross earnings
being $283,725.34; the expenses and taxes, $371,021. 81 ; the in-
terest, $88,960.86; and the deficit, $176,257.33.
From 1871, the traffic gradually dwindled to 27,392 tons, in
1902, or less than one-half the tonnage of 1845, carried at a much
less rate per ton. There has been a slight increase in tonnage
since 1902, the tonnage in 1910^ being 55,328.
The decrease in tonnage between 1845 an< ^ 1902 was 53 per
cent. The decline from the maximum in 1866 was 97 per cent .
while the income decreased over 90 per cent.
The lease to the Lehigh Valley Railroad, while being greatly
to the benefit of the holders O'f the securities of the canal com-
pany, proved a great loss to the Lehigh Valley Railroad Com-
152
pany. According to the report of the commissioners appointed
under concurrent resolutions of March 3ist, 1903, "The property
as a canal has become and for several years has been unprofit-
able."
"An examination of the annual earnings of the canal company,
submitted by the lessee heretofore set out, appears to show con-
clusively that the canal has no value for canal purposes, either to
the Lehigh Valley Railroad Company or to the State. There ap-
pears to> be no< way in which the State could make the canal profit-
ably available for water transportation."
LOSS IN OPERATION.
The Lehigh Valley Railroad Company, under the lease in per-
petuity, dating from May 4th, 1871, undertakes to pay interest
at the rate of 4 per cent, per annum, on. the common stock, of
which $1,025,000 face value is outstanding; also, 10 per cent, on
$1,700,000 of preferred stock, together with interest on the
funded debt, the total of which now stands at $188,500 per year.
According to the statements of the Lehigh Valley Railroad
Company, the first year's operation resulted in a net loss of $176,-
257.33, including the dividends and interest; and, from that date
to this, covering a period of 3.9 years, the deficit from operation,
dividends and interest (interest at 4 per cent.) amounts to $10.-
873.578, or more than five times the cost of the original canal,
and more than twice the cost of the original construction and
the enlargements.
The lease of this canal property is in perpetuity. There are no
prospective earnings that will likely change the present annual
deficit into a profit or even lower the deficit and, indeed, it is
not unlikely that the deficit will continue to increase; and, even
though the canal were abandoned and the loss from operation
had ceased, the dividends and the interest would still have to be
paid.
If we attempt to apply true value as defined by the court to the
canal as a whole, we face a unique condition, where there is no
willing buyer of the whole property at any price; and the lessee
153
is desirous of surrendering the property, though required to still
continue, in perpetuity, the yearly payment of the sum of $188,-
500 in satisfaction of the terms o<f the lease.
What, then, is the "true. value" of a property o<f this character,
when the cost of retaining: it puts an annual burden of some
$91,000 upon the operating company, oi which sum, $61,167.43
is paid to the State in taxes? Suggestions have been made for
the possible use of portions of the canal. One plan contemplates
the utilization of 17'^ miles level for a freight railroad. This
plan seems impracticable on account o>f impossible alignment.
The Erie Railroad covers only nj^ miles reaching the sarnie
points.
1903 REPORT OF COMMISSIONERS.
A report of Commissioners George T. Werts, John W. Griggs
and Foster M. Voorhees, dated March 3ist, 1903, sets forth fully
and clearly the history and conditions attendant upon the con-
struction, enlargement and results of operation of the canal
property.
The commission concludes its report as follows :
"AfND WHEREAS, by authority o>f a concurrent resolution
of the Senate and General Assembly, passed March 3ist,
1903, the Governor appointed George T. Werts, John W.
Griggs and Foster M. Voorhees, a commission, to inquire
into the matter, who have reported to the Legislature that
the canal ought to be abandoned upon the terms herein-
after stated and enacted, and the charter repealed."
No legislative action has followed the commendation of this
committee. It is generally understood that the lessee is desirous
of being released from the duty o>f maintaining and operating the
canal property and is willing to abandon all the canal property
to the State along the lines suggested by the commission.
It seems proper to suggest that, in case legislation is consid-
ered looking to the abandonment of the canal, the following ad-
ditional duties should be required from the lessee, namely :
154
SUGGESTED REQUIREMENTS.
All highway or foot bridges crossing the canal, which the canal
company is now required to maintain and renew, shall be replaced
by a permanent way or road across the canal in accordance with
the requirements of each particular case determined by agree-
ments entered into by the various boroughs, townships or coun-
ties and the lessee, and approved by the commission, all to be
done at the expense of the lessee.
All structures, buildings or constructions of any kind, and ma-
chinery, which should be maintained or removed in order to 1 pro-
tect the public health, comfort or convenience, shall be maintained
< IT removed under the instruction of the commission ; and, in case
of the failure of the lessee to comply with the instructions of the
commission in the manner and time set forth in the order of the
commission, then the commission shall proceed to cause such
work to be performed and shall make such necessary arrange-
ments for the maintenance of any work which, in their judgment,
requires to be maintained ; and the lessee will be required to pay
all costs incurred by the commission in the carrying out of such
work.
EXPENSES TO BE PAID BY LESSEE.
All expenses attendant upon the payment of the commissions s,
together with all other expenses incurred by the commission or
the State in carrying out any legislative enactment authorizing
the abandonment of the canal, shall be paid by the lessee ; and the
sum of Fifty Thousand Dollars shall be deposited by the lessee
to guarantee the initial expenses; and, if additional money is re-
quired to carry out the work set forth in the legislative enact-
ment, then such additional sums must be paid by the lessee.
In order that the State may be fully protected, it would seem
desirable that the lessee furnish a bond in an, amount sufficient
to cover any expenses necessary for the carrying out o<f the enact-
ment.
It does not seem unreasonable to require that the Lehigh Val-
ley Railroad Company should stand the expense of being- re-
leased from the burden which is now a drain, on the treasury, and
it is not likely that all expenses attendant upon the work oi the
commission would equal the loss now incurred in one year's oper-
ation of the canal.
156
CHAPTER XVIIL
METHOD OF CONDUCTING APPRAISAL.
SCOPE OF SURVEY AND INVENTORY.
In order to fully comply with the state tax laws and the special
enactments under which this work was authorized, it was deemed
necessary to measure every foot of railroad property in the state.
This has been accomplished. All tracks, embankments, excava-
tions, structures, culverts, water stations, coaling] stations, build-
ings and bridges of every kind; all signaling, interlocking, ma-
chinery, fixtures, materials and supplies have been actually inven-
toried by our own force, acting under detailed instructions.
WORKING FORCE.
The maximum force during the summer months reached a total
of ninety, as follows :
i Expert in Charge,
i Chief Engineer,
i Chief Clerk.
Office Engineer.
Machinery Expert.
Signal Expert.
Special Assistant Engineer.
Office Assistant Engineer.
9 Assistant Engineers in Charge of Field Parties.
Confidential Examiner.
Confidential Statistician.
7 Stenographers.
3 Draughtsmen.
6 Computers.
46 Chainmen.
9 Field Assistant Engineers.
COMPUTERS.
After the field work was completed, the assistant engineers and
the field assistants were brought into the office, together with a
number of the most experienced chainmen, This force was used
157
*j/
in making the computations of the quantities surveyed by the
respective field parties and in assisting to close up the work in
general.
NO PROFILES AVAILABLE.
The railroads of this state were not constructed by the com-
panies under whose titles they are now operated. They were
poorly constructed originally and few records are available. No
profiles are available and, in many cases, no land maps are extant ~
LAND MAPS.
The Delaware, Lackawanna and Western Railroad, one of the
most important corporations doing business in the state, has no
continuous land map. The Pennsylvania Railroad, the Lehigh
Valley Railroad and the Central Railroad o>f New Jersey are well
equipped with land maps, and we have secured a complete set of
these.
INSTRUCTIONS TO EMPLOYEES.
The plan O'f conducting the field work is fully set forth in the
"Rules and Instructions for the Guidance of all Employees in the
Revaluation of Railroads and Canals," copy of which is found in
the appendix.
PROGRESS REPORTS.
A monthly record was made of the work of each field party,
their work carefully analyzed, plotted and diagramed. Each as-
sistant engineer was furnished with a diagram of the entire work
of all the field parties in order that all concerned might be fully
informed as to the work of each.
The party earning the premium for the month was indicated
by a star (see "Instructions"). This method of showing every
man in the field exactly what the others were accomplishing re-
sulted in keen competition.
The output per man, per day, in miles of work covered, in-
creased as follows :
INCREASED EFFICIENCY OF FIELD FORCES,
Per Cent.
Month. Mile's. Increase Over May.
May, 0.128
June, 0.143 1 1. 8
July, 0.244 go.o
August, 0.350 173.0
September, 0.377 195.0
October, 0.389 204.0
From June on to the end of the field work, every man extended
his efforts to the utmost, and he knew what to do and how to
do it.
FORMS FOR TABULATION.
The following is a list of forms used in the work :
1. Letter head, large.
2. Letter head, small.
3. Envelope, small, white.
4. f Envelope, large, white.
4-A. Envelope, large, manilla.
4-B. Envelope, large, manilla, return.
7. Voucher.
8. Voucher, register.
9. Pay roll.
10. Post card.
IO-A. Report card.
11. Expense voucher.
12. Receipt book.
13. Final summary sheet.
20. Land, main stem, first-class.
20-A. Supplement to Form 20.
21. Land, second-class.
2i-A. Supplement to Form 21.
26. Memorandum of assessed valuation of land adjoining main stem.
26- A. Supplement to Form 26.
30. Detail and computation sheet.
30-A. Supplement to Form 30.
.31-1. Assembling Sheet, land.
.31-2. Assembling Sheet, clearing and grubbing.
159
31-3- Assembling Sheet, graduation.
31-4. Assembling Sheet, bridges, retaining walls and culverts.
31-5. Assembling Sheet, track and its appurtenances.
31-6. Assembling Sheet, fencing.
.31-7. Assembling Sheet, telegraph and telephones.
31-8. Assembling Sheet.
32. Distribution sheet.
.33. Graduation on main stem.
36. (.irading calculations.
.37. Length of main stem in taxing districts.
38. Graduation summary.
39. Detailed estimated value of ; general form.
40. Main stem track classification.
40- A. Supplement to Form 40.
41. Summary estimate of track on main stem.
42. Summary and estimate of track outside of main stem, second-class.
80. Floating equipment.
'90. Locomotives. ,
90-A. Supplement to Form 90.
91. Miscellaneous road equipment.
9i-A. Supplement to Form 91.
92. Passenger equipment.
92-A. Supplement to Form 92.
93. Freight-train cars.
93-A. Supplement to Form 93.
94. Statistics Memorandum concerning train equipment,
too. Eight sheets, manual interlocking.
IOO-A. Supplement to Form 100.
101. Two sheets, miscellaneous signals, crossing gates and alarms, etc.
102. Three sheets, electric interlocking.
103. Two sheets, automatic signals.
104. Three sheets, pneumatic interlocking.
120. Docks and piers.
130. Shop machinery and machine tools.
I3O-A. Supplement to Form 130.
132. Shop fittings, shafting, belting, etc.
133. Supplement to Form 132.
140. Materials and supplies.
I40-A. Supplement to Form 140.
The necessary forms were furnished for all of the railway cor-
porations in the state. The information called for on the forms
was generally supplied, where the records of the company were
kept in such manner as to permit O'f the information being- com-
piled ; but, in many cases, no data could be had from the railroads.
This information was compared with the data secured by our
field forces and experts.
i6o
MACHINERY, TOOLS, &C.
An inventory was made of all machinery, machine tools, shaft-
ing, belting, fixtures, etc., by a machinery expert who has had
years of experience in the selling and buying of machinery, espe-
cially such as is in general use by the railroads. The prices and
the depreciation were determined on each machine after consul-
tation and instruction. Correspondence was entered into with
various makers of machinery, and all important plants were made
the subject of special examination.
SIGNALING AND INTERLOCKING.
Plans of the various interlocking plants, and block signaling,
have been secured and every installation in the state has been sur-
veyed by a signal engineer who, through years of experience, is
thoroughly acquainted with cost of installation.
The record o<f every interlocking plant has been prepared and
tabulated for the first time in this state. (See Appendix.)
ATTITUDE OF THE RAILWAY OFFICIALS
The railway officials signified their willingness to co-operate
with this Office in the furtherance of the work and, as a first
step, issued bulletins to- officers and employees. The following
is the form used bv the several railroad svstems in the state :
PENNSYLVANIA RAILROAD COMPANY,
(NEw JERSEY DIVISION.)
WEST JERSEY AND SEASHORE RAILROAD COMPANY.
CIRCULAR.
To Officers and Employees:
The revaluation of railroads and canals of the State of New Jersey author-
ized by the Legislature will be conducted under the direction of Mr. Charles
Hansel, as expert in charge, and a corps of assistants who will have cards;
of identification of the following form, signed by Mr. Charles Hansel :
RAILROAD AND CANAL REVALUATION, N. J.,
55 BROAD STREET, ELIZABETH, N. J.
To Whom it May Concern:
Mr
is an employee of the State of New Jersey, and is
authorized to enter the property of any railroad,
railway or canal at all reasonable hours, for the pur-
pose of examining, inspecting and appraising same.
By order of t
CHARLES HANSEL,
Expert in Charge.
No
All officers and employees are hereby directed to permit inspectors, when
provided with such cards duly signed by Mr. Hansel, to go upon the property
of this company at all reasonable hours for the purpose of this revaluation
work, and should extend all reasonable facilities to the inspector in charge.
In order to avoid duplication, confusion and misunderstanding the com-
pany has arranged with Mr. Charles Hansel, expert in charge for the State,
that all information required by him or his assistants shall be furnished
through Mr. Benjamin W. Carskaddon, real estate agent.
W. HEYWARD MYERS,
General Manager.
Office of the General Manager, Broad Street Station, Philadelphia, Pa.,
June ist, IQIO.
IDENTIFICATION CARDS.
Each of our employees was furnished with an identification
card, the same as shown in the railroad bulletin, and these cards
were honored at all times by the railroad officials and their
employees,
TAX DEPARTMENT IN CHARGE.
It was the desire of the railroad officials of the large systems
that all correspondence and all matters concerning- this work
should be carried out through the official in charge of the tax
departments, excepting in the case of the Central Railroad of
New Jersey, of which company the legal department was in
charge.
This was agreed to by this Office, with the understanding that
the information desired would be furnished,
ii ES
162
In all cases, the officials representing- the railroad companies
have been courteous and apparently desirous of furnishing the
information requested. Much of the data had to be prepared
and the work done concurrently with the regular work and, since
the tax agent was dependent upon the heads of the various
departments, the work was impeded by this method of carrying
all the work through one channel. In many cases, information
was not furnished on the ground that the scope of our work did
not cover the information called for, and, while we have not
received the broad co-operation of the railway officials, much
data has been received in the shape of plans, right-of-way maps
and general information, and many questions have been
answered.
The largeness of the work involved so many questions and
theories that it was impossible to secure the best results without
a free discussion with the head of each department of all mat-
ters pertaining to that department. This opportunity was denied
us, and all efforts on our part to gain information direct from
the heads of the departments failed. We do not mention this
by way of complaint, but rather to set forth the facts.
We believe that the work would have been carried out with
less delay and trouble to all concerned had the presidents of the
different companies issued instructions to each head o*f each
department to take up the matters of the respective departments
directly with this office.
PLANS FURNISHED BY RAILROADS.
By complying with the wishes of the railroads in respect to
the channel through which we conducted our inquiries, we were
enabled to secure a vast number of plans which they were not
required by law to furnish. These plans materially aided the
progress of our work, and they will form a permanent record
in the archives of the state.
i6 3
UNIT PRICES.
The first requisite of determining the value of the physical
elements of a property is the unit price to be applied to quantity.
During the progress of the field work a force of engineers
and computers was engaged in computing and gathering data
from all sources. A unit price was determined for each of the
several thousands of items entering into the construction of a
railroad. This mass of data has been bound and is made a part
of this report by reference.
/
SOLIDIFICATION OF ROADBED.
The solidification of roadbed, by reason of settlement through
age and use, has not been taken as an element of value for the
purpose of this report. It is manifest that a given piece of road-
bed which has stood under traffic and the elements has been
moulded to a more solid mass than the original construction
could produce, and this solidification has added a considerable
value, which could only be acquired by the lapse of time.
In the construction of an embankment the engineer requires
the contractor to use every reasonable means of tamping and
solidifying, so as to secure as stable a roadbed as possible, and
any failure to do this is reflected in the increased expense of
maintenance, due to settlement, the disappearance of ballast, etc.
In addition to this element of solidification, the quantities
which would be found in an embankment of considerable eleva-
tion would not indicate the actual quantities placed there during
construction, for the reason that, in many cases, fully ten per
cent, of the total area showing above the surface has settled
below the natural surface by pressure of the mass, and, in cases
where the natural ground is unstable, a much larger amount of
material has disappeared.
This solidification and settlement of ro-adbed has been an
element of cost and must be provided for. The railroad com-
pany is entitled to claim this cost as a part of their investment.
We have no means of determining the amount of solidification
or settlement, even approximately, and have not, therefore,
attempted to fix any definite unit of values for same.
164
CHAPTER XIX.
TAXES.
TAXES PAID IN EACH OF THE SEVERAL STATES
A study of the taxes paid by railroads in, each of the several
States reveals the fact that the amount of taxes paid per mile in
New Jersey, in 1909, is the highest paid in any state, and is 20
per cent, higher than the next highest state (Connecticut).
Comparisons have been made for the period of four years covered
by the years 1906 to 1909, both inclusive. The report of 1909 is
the latest of the Interstate Commerce Commission. The com-
plete tabulated comparison is given in the appendix.
The following, brief analysis of the order in which the States
stand in regard to the amount of taxes paid per mile, is illustra-
tive:
States receiving taxes over $2,100 a mile and under $2,150,
1,650 " 1,700,
i
2
3- " 1,450 " 1,500,
4- " 1,200 " 1,250,
5- " " 1,000 " 1,050,
6. " " " 750 " " " 800,
7. " 700 " 750,
8. 550 " 600, 2
9- 5oo " 550, 2
10. 450 500, .... 4
TI. 400 " 450, 5
12. " 350 " 400, 4
1.3- " 300 " 350,. 5
14. " 250 300, 6
15- " 200 " 250, 7
16. " 150 " 200, 7
In 1905, New Jersey received $789,00 per mile; in 1906,
$848,00; in 1907, $2,047.00 per mile, an increase of 157 per cent.
Taxes for 1908 fell off $121.00 per mile and, in 1909, increased
to $2,166.00 per mile.
It will be observed that, after the fourth state in order (Rhode
Island), the rate of taxes per mile drops very rapidly until Ari-
zona is reached. This difference in rate of taxes per mile lies
largely in the difference in method of assessment, due to the
vagaries of railroad taxation.
DENSITY OF POPULATION.
New York and New Jersey stand upon practically the same
basis as to density of population compared with mileage. New
York has 10.18 miles and New Jersey has 10.57 miles of railroad,
for each 10,000 inhabitants. If we excluded the city of New
York, the ratio of density of population to> miles of railroad
would be greater in New Jersey than in New York. Rhode
Island has but 4.31 miles of railroad for each 10,000 people.
The large difference in the amount of taxes paid per mile by
the railroads of New Jersey and New York must lie in the dif-
ferent methods of assessment of value. The average value per
mile of single track in New York as given by the Department of
Commerce and Labor, Bulletin 21, 1904, is $108,300. This same
report shows value o*f New Jersey railroads per mile o>f single
track to be $146,400, or 35 per cent, more valuable than the rail-
roads of New York, and greater than the railroads of any other
state.
LOCAL ASSESSMENTS.
We are not in position to know positively whether or not the
property of the railroads of this state is more accurately assessed
than the property of other corporations or of private persons.
LAWS OF VARIOUS STATES.
A study of the railway tax laws of the various states demon-
strates the wide difference in principles and results, and illustrates
the great difficulty of writing a statute which is comprehensive
in all its details ; and, perhaps, the vagaries of the tax laws are
1 66
occasioned by the difficulty of arriving at a proper method of
determining value, having in mind the various "true values" of
the railway and the apportionment of value into states and minor
civil divisions. It is, however, very difficult to- formulate the
remedy; and, although railway officials, generally, have reason
to complain of the diverse theories "of taxation adopted in the
several states, it does not appear that they are prepared to offer
a complete plan which would be fairly just to all concerned and
which they would willingly see incorporated in the statutes of
all the states.
SPECIAL ENACTMENTS.
The primitive systems employed in earlier years have given
way to special enactments. Taxation based on gross earnings or
on gross receipts has been, generally, superseded by ad valorem
or some form of specific taxation. In thirty-two states, and in
the District of Columbia, we find a general property tax based uii
the value of real and personal property; and, with some qualifi-
cations, several other states might be included. Indeed, all the
states have some form of ad valorem or specific taxation. It ap-
pears, therefore, that the trend of change is toward ad valorem
or property value ; and this, of course, involves the valuation of
the physical property ; and, perhaps, in addition thereto, the ele-
ments sometimes termed the non-physical, adventitious, intang-
ible, franchise or unearned increment elements.
GLOSSARY Ol" TERMS.
Any system of inventorying and appraising the physical prop-
erty, as well as the purpose of the valuation, must be clearly de-
fined ; and, in order to avoid confusion and misinterpretation, it
is necessary to prepare a glossary of terms and arbitrary defini-
tions of words as applied to the particular scheme or law of valua-
tion, as well as a standard of measurement, or template, to be ap-
plied to each of the various, important classes of property in-
volved in a railway.
i6 7
UNIFORM TAXATION.
There must be some method of railway taxation which is rea-
sonably correct and understandable. It is not likely, however,
that satisfactory progress will be made toward uniformity or
practicability unless the matter is made the particular business of
railways, working in conjunction with representatives of the
several states.
The State legislators seeking to enact a bill for the taxation of
railroads are not in a position to try out their theories by actual
application. They are in a position similar to that of a person
attempting to do the work of an engineer or an architect who is
called upon to draw plans and specifications and to determine
costs without knowing the characteristics or the physical and
elemental value of the various materials and members he is re-
quired to employ. Consequently, the legislators, be they ever so
well qualified in mind and integrity of purpose, must of neces-
sity fail to draft a bill based on a comprehensive understanding
of its meanings and the result to be obtained through its en-
forcement.
TERMINOLOGY.
The scope and meaning- o>f the words "true value" and " fran-
chise value" are illusive and fugitive. The definitions of these
terms change with their application and can only become fixed
and understandable when they are nailed fast in the detailed
specifications of some particular law. Then, so far as that law is
concerned, their meaning and scope are defined, limited and fixed.
1 68
CHAPTER XX.
CONCLUSION.
The results of the work which is now concluded can be ex-
pressed in one line of figures, as below :
Subdivi- Second
Mam Stem. sionlV. Personal. Class. Total.
Valuation 1911, ...$132,066,295 $76,930,918 $76,095,048 $89,668,164 $374,760425
Assessment 1910, .. 130,149,210 51,605,400 31,207,385 73,584,458 286.546,453
Increase, $1,917,085 $25,325,518 $44,887,663 $16,083,706 $88,213,972
While the above figures are significant, they do not illustrate,
in any way, the mass of data from which they were compiled.
The State Board of Assessors has been furnished with thirty-
two bound volumes of typewritten matter, of some hundreds of
pages each, setting forth, in detail, the description and value of
each element of land and structures; and, in addition to> these
thirty-two bound volumes, a complete, typewritten list of rolling
and floating equipment, and machinery, for each railroad, has
been furnished ; so that the state is now, for the first time, in pos-
session of knowledge concerning each of the multifarious items
which go to make up the grand total of millions.
We have made an inventory of materials and supplies for main-
tenance of track, but have recommended that it be not included in
the taxable value, for the reason that the unit price for track
valuation requires a constant condition. The argument for track
valuation is fully set forth under the subject "Track."
While it has required an immense amount of labor and sys-
tematic care to- perform the work of measuring every structure,
building, roadbed and track, it has, perhaps, been more difficult
to determine what template or unit value to' apply to< the quanti-
ties of each of the thousands o>f various items, as well as to
classify same under the tax law of the state.
Problems o<f law and economics were presented continuously
throughout the work. These questions required immediate set-
169
tlement in detail and in a practical manner ; and, since there are
few court decisions bearing on the various phases of the work,
the writer was compelled to decide many important questions
which properly belonged to the dominion of the highest court in
the state.
The valuation of Subdivision IV., as well as the fixing of the
situs and the value of the rolling and the floating equipment, was
the most important of our problems.
It is believed that, under existing statutes, we are required to
value the property of each railroad and canal company, regard-
less of the fact that such company may have lost its practical
identity by being merged with a large railroad system. These
minor corporations are merely constituent companies of a great
system.
In the case of the Central Railroad Company System of New
Jersey, there are twenty-seven constituent companies, each of
which has been treated as a separate corporation. We are
advised by the management that no accounting of rail operations
of these minor corporations is kept. The same report is made
as to the Delaware, Lackawanna and Western Railroad, as well
as the majority of railroad systems in the state.
The money for the payment of the taxes levied on these minor
companies is, we are informed, taken from the treasury of the
operating company, and, if there is no accounting kept with
these minor roads, no distribution of the tax is made.
Few, if any, of these minor companies own any equipment or
tidew r ater terminals, and it would greatly simplify the work and
records of the state if the tax were levied against the system.
This will be more appreciated when it is known that there are
one hundred and twenty-five railroad and canal corporations
operating through four hundred and fifty taxing districts in
this state.
The State does not require the railroads to furnish statements
of car miles, or of the time that rolling equipment is in the
state. Such data should be compiled in order to assist in the
allocation of such equipment.
Reports are made to the comptroller under an ancient act of
1852, amended in 1873. This act calls for a brief statement of
income under three headings: "Passenger," "Freight," and
"Other Sources" ; also for a statement of expenditures under the
titles: "Repairs," "Maintenance of Way," "Motive Power" and
"Contingencies.'
There is no analysis of these reports, and there is no means of
knowing whether betterments and additions are included in
"Expenditures."
Since all of the railroad systems are interstate roads, there is
nothing to show what the earnings and expenses are in the state.
We think that, if it is to be required hereafter to determine
value for each of the railroad corporations, then these corpora-
tions should be required to furnish statements of operating
results.
It is with pleasure that I direct attention to the men who com-
posed my staff. The work was difficult and trying, and required
the services of engineers with knowledge of railroad construc-
tion and maintenance. The assistant engineers were each in
charge of a field party of six men. They were required to copy
their field notes and send same to this office each day ; and they
were also required to make computations of quantities each day
after the field work was completed. They were industrious and
competent.
I have been ably assisted by Mr. Louis Focht, Chief Engineer,
whose intimate knowledge of all the railroads of the State,
gained by some twelve years' study as Engineer of the State
Board of Assessors, was particularly valuable.
CHARLES HANSEL,
Expert in Charge.
December i8th, 191 r.
INDEX.
DESCRIPTION. PAGE.
Abandoned Property, 181
Accounts, 183
Addresses, 187
Age Depreciation, 181
Alignment, 189
Appendix A, 209
Appurtenances, Track and its, 196
Ashlar Masonry, 210
Bells, Highway-Crossing Gates and, 200
Boilers, 200
Books, Notes and Their Use, 204
Boundaries, Taxing District, 190
Bridges and Viaducts, 195
Buildings, 198
Centre Line, Fixing the 188
Character of Land, 191
Classification, 179
Classification of Masonry, 195
Classification of Real Estate, 201
Conclusion, 207
Cranes, 204
Crossings, Highway, Gates and Bells, 200
Crossings, Highway, 194
Cross Sections, 191
Depreciation, Age, 181
Dynamos and Electric Generators, 202
Electric Generators, Dynamos and, 202
Engines, Steam, ,. 203
Equipment, 187
Expense Accounts, . 183
Expenses, Salaries and, 182
Fencing, 198
Field Books, etc., 185
Field Notes, 185
Field Parties, 182
Field Parties, Organization of, 187
Fixing Centre Line, 188
Forms, 205
Gates and Bells, 200
(171)
172
DESCRIPTION. PAGE.
General Program of Field Work 188
Grading, 191
Heating Pipes, 203
Highways and Highway Crossings, 194
Highway-Crossing Gates and Bells, 200
Interlocking, Signaling and, 205
Land, Character of, *. 191
Land and Other Real Estate, 190
Levels, 190
Line, Fixing Center, 188
Locating Structures, 189
Main Stem, 1 79
Masonry, 194
Masonry, Ashlar, 210
Masonry, Classification of, 195
Masonry, Rubble, 209
Masonry, Squared-Stone, 209
Method of Paving, 184
Miscellaneous Structures and Property, 200
No Publicity Allowed, : 185
Note Books and Their Use, 204
Object, 180
Organization of Field Parties, 187
Other Real Estate, Land and, 190
Paved Streets, 194
Paving, Method of, 184
Pay Roll, 183
Photographs, 186
Plans, Signal, 205
Precautions, Safety, 185
Premium System, 206
Property, Abandoned, 181
Property, Age Depreciation and Present Value of, 181
Publicity, No, 185
Pumping Wells, Water Tanks, etc., 199
Pumps, 202
Real Estate, 190
Report Cards, 186
Rubble Masonry, 209
Safety Precautions, 185
Salaries and Expenses, 182
Sections, Cross, 191
Signal Forms, 205
Signal Plans, 205
Signaling and Interlocking, 205
Signals, 199
Squared-Stone Masonry, 209
Steam Engines, 203
DESCRIPTION. PAGE.
Stem, Main, 179
Stone Masonry, 209
Streets, Paved, 194
Structures, Locating, 189
Supplies, 187
System, Premium, 206
Taxing Districts, 180
Taxing District Boundaries, 190
Telegraph and Telephone Lines, 199
Telephone Lines, Telegraph and, 199
Track and Its Appurtenances, 196
Track Tanks, 199
Track Tools, 200
Turn-Tables, 203
Value of Property, Present, 181
Viaducts, Bridges and, 195
Water Supply, 198
Water Tanks and Pumping Wells, 199
Wells, Pumping and Water Tanks, 199
Work, Field, General Program of, 188
APPENDIX.
General Staff Railroad and Canal Revaluation, J9H.
Louis FOCHT, Chief Engineer.
EUGENE Y. ALLEN, Office Engineer.
ALBIN G. NICOLAYSEN, Engineer in charge of Estimates, Bridges
and Buildings.
J. S. ARNOLD, Assistant Engineer in Charge of Field Party.
ROBERT G. BOWIE, Assistant Engineer in Charge of Field Party.
CHARLES E. BROWN, Assistant Engineer in Charge of Field Party.
THOMAS E. COLLINS Assistant Engineer in Charge of Field Party.
H. L. FRYER, Assistant Engineer in Charge of Field Party.
EDWARD J GRASSMANN, Assistant Engineer in Charge of Field Party.
WILLIAM M. KENNEDY, Assistant Engineer in Charge of Field Party.
CHARLES T. LONG, Assistant Engineer in Charge of Field Party.
WILLIAM McCoRMiCK, Assistant Engineer in Charge of Field Party.
WILLIAM A. ROBINSON, Assistant Engineer in Charge of Field Party.
WILLIAM H. HARRISON. Machinery Expert.
WILLIAM F. KEOHAN, Special Assistant on Land.
RICHARD G. SIEGEL, Signal Expert.
C. A. DUBUY, Inspector of Equipment.
RAYMOND W. OAKLEY, Chief Clerk.
(175)
Railroad and Canal Revaluation,
State of New Jersey.
Instructions for Guidance of Employees,
CHARLES HANSEL,
Expert in Charge*
LOUIS FOCHT,
Chief Engineer.
(177)
1 2 K S
OF CHARLES HANSEL, EXPERT IN CHARGE OF REVALU-
ATION OF RAILROADS AND CANALS, STATE OF NEW
JERSEY, #55 BROAD STREET, ELIZABETH, N. J.
Rules and Instructions for the Guidance of all Employees
in the Revaluation of Railroads and Canals,
State of New Jersey*
May ist, 1910.
CLASSIFICATION.
I. The length and value of the main stem of each railroad,
and of the water-way of each canal and the length of each main
stem and water-way in each taxing district.
II. The value of the other real estate used for railroau or
canal purposes in each taxing district in this state, including
the roadbed (other than main stem), water-ways, reservoirs,
tracks, buildings, water-tanks, water-works, riparian rights,
docks, wharves and piers, and all other real estate, except lands
not used for railroad or canal purposes.
III. The value of all the tangible personal property of each
railroad and of each canal company.
IV. The value of the remaining property, including the fran-
chise.
MAIN STEM.
The term "main stem of each railroad company," as used in
the act to which this act is a supplement and in the acts amenda-
tory thereof and supplementary thereto, shall hereafter be held
to include the roadbed, not exceeding one hundred feet in width,
with its rails and sleepers, and all structures erected thereon
(179)
i8o
and used in connection therewith, not including, however, any
passenger or freight buildings erected thereon.
GENERAL INSTRUCTIONS.
OBJECT.
i. The object is to secure such complete notes of all the
property belonging to or used by the railroad and canal com-
panies as will enable this office to make up a complete inventory
of all tangible property belonging to* and used in the business
of the railroad and canal companies.
The duty of the field forces is to measure and record the
physical property without any regard to the purpose for which
the valuation is to be made.
The measurements, records and notes must be so full and
clear that they can be understood and worked up by the
draughtsmen, computers and clerks in the office.
TAXING DISTRICTS.
2. For the purpose of administering the laws of the state
relating to taxation, it is necessary to take note of the geographi-
cal boundaries o>f the several taxing districts through which the
railroads pass and to inventory separately the railroad and canal
property in each individual taxing district. In other words, each
such district must be regarded as a, composite unit in making up
the inventory. The notes, therefore, must be kept with this sub-
division in view, and property must be listed in the district in
which it is found. Where any uncertainty exists as to the loca-
tion of the boundary lines, they should be verified by inquiry and
observation, though it will not be necessary to actually survey
these boundaries.
ABANDONED PROPERTY.
3. The object being to secure an inventory of property now
used by or having- some present value to the railroad and canal
companies for their purposes, abandoned or useless property
will not be surveyed. This applies particularly to abandoned
roadbeds formerly occupied by the main-line tracks of railroads
where the location has been changed, the grading, masonry and
other structures of which are not now, nor likely to< be in the
future, used for any railroad purpose. Such old abandoned
roadbed and other structures will not be measured, but must be
reported as fully as circumstances permit. Movable property
found in such abandoned roadbeds, such as old rails or other
railroad material having a market value or that may be again
used for railroad purposes, will be inventoried, and the land will
be noted, measured and reported.
AGE DEPRECIATION AND PRESENT VALUE OF PROPERTY.
4. It is made the duty of this office to make a true and com-
plete inventory and appraisal of the true value o>f railroad and
canal property. In order to< make such a determination, three
principal facts or elements must be known :
a. What would be the value of the permanent way and
structures, new, at the present time and under existing condi-
tions.
b. To what extent has the property depreciated in use, by
reason of decrepitude or obsolescence, since it was constructed.
c. What is* the value of the land used for railroad and caiiai
purposes.
It is, therefore, very important that the age, the present con-
dition and the relative part of the useful life or service that has
already expired, of the various items of property, shall be noted
and recorded. This will, generally, be estimated by the assistant
engineer and will be recorded in the proper column of the note
books oo a scale of 100. The number "100" will be used to
represent the condition of the property NEW and the number "o,"
182
to represent the value when the property is WORN OUT and must
be renewed. Thus, the condition of a new cross tie would t>e
marked "100"; but, if the tie were so decayed or worn out that
it should be at once replaced, its condition would be marked "o"
(zero). If half its useful life had been served, it would be
marked "50." This rating will be regardless of the original cost
of the article and of its value as scrap.
No definite or invariable, general rules can be formed to guide
the engineer in this rating. He should obtain all the facts it is
practicable to get and exercise his best judgment. When in
doubt about specific cases, he should refer the matter to this
office and ask for instructions. The actual life or durability o-f
a structure is not always a sufficient criterion. Thus, a steel
bridge might, so far as natural decay or endurance of wear was
concerned, be good for a life of fifty years; but, if, because of
increased weight of equipment, it should be renewed in five
years from date of inspection, its useful life should be considered
as terminating at that time.
PARTIES.
5. The field parties will be organized under the direction of
the chief engineer and their personnel shall not be changed unless
authority is given by this office or by the chief engineer, except
that the assistant engineer may, in emergencies, fill vacancies
temporarily and may employ additional temporary help if neces-
sary. But all such temporary changes shall be promptly reported
to the office, with full names, occupations, rates of pay and time
employed.
SALARIES AND EXPENSES.
6. Salaries and rates of wages will be fixed by this office and
may or may not include traveling and boarding expenses, while
actually at work, as may be directed or approved. Railroad fare,
instruments, tools and equipment will be furnished by the State;
but all expenses for subsistance or for other personal matters
must be paid by the individual incurring same. The law re-
quires that bills for purchases amounting to five dollars and
over shall be accompanied by a sworn statement by the seller,
certifying to the correctness of the account, etc., and "Form
12" is a blank for this purpose, which the assistant engineer shall
require to be executed. This requirement, to make a sworn
statement, does not apply to expenditures for boarding and trav-
eling. All persons authorized to return expense accounts must
comply with these provisions.
EXPANSE ACCOUNTS.
Expense accounts shall be made out on "Form n." These
expense accounts must be sworn to by the person in whose favor
they are made, in accordance with the blank affidavit on the face
of the voucher. Expense accounts amounting to less than five
dollars do not require to be thus sworn to.
PAY ROIJ,.
Assistant engineers in charge of field forces will be furnished
with "Form 9" and are instructed to enter on same the names
of all employees under their direction, together with the occu-
pation, rate of pay per month or per day, the total number of
days, the total amount earned, deductions from the total amount
earned, and the amount due.
In compliance with the statutory provisions, it will be neces-
sary for each person named on the pay roll to sign same in
the right-hand column, on the same line on which his name ap-
pears in the left-hand column, before the pay roll is sent into the
office. This signature is necessary to conform to the law.
"Form 9" must be filled out on the first of each month, unless
otherwise instructed, and, as soon as filled out, the assistant
engineer will certify to the correctness of same on the certificate
on the back of the pay roll, which reads as follows :
"I hereby certify that the persons named in the fore-
going pay roll, or estimate, are employed solely in the
1 84
proper duties of the positions and employments indicated,
and that persons described therein as 'laborers' are em-
ployed at ordinary unskilled labor only."
In case there are no laborers employed, then the assistant en-
gineer may draw an ink line through the words "and that per-
sons described therein as 'laborers' are employed at ordinary
unskilled labor only." The assistant engineer will then forward
the same to this office.
METHOD OF PAYING.
Payment of pay roll accounts will be made through the assist-
ant engineer, in properly addressed and sealed envelopes, for each
person, which will be prepared and delivered to the assistant
engineer by this office. Each person, on receiving one of these
envelopes, shall open it and -count its contents in the presence of
the assistant engineer and, if found correct, he shall sign the
duplicate pay roll in the right-hand column, opposite the entry
of his name on the pay roll. The pay envelopes shall be delivered
to the persons to whom they are addressed only, except in cases
where a written order for the same, signed by the payee and
sworn to before a notary public, shall be presented to the assist-
ant engineer. In such cases, the person receiving the envelope
shall write the name of the person whom he is authorized to
represent, together with his own name, on the pay roll and the
written order shall be attached thereto. Undelivered en-
velopes shall be promptly returned, unopened;, to this office.
The assistant engineer shall be held personally responsible
for the delivery of pay envelopes to any person other than the
persons to whom they are addressed. All persons accepting
service under the direction of this office must distinctly under-
stand that this office is acting for the State of New Jersey
under the authority of special legislation and that all pay rolls
have to be sent to the capitol at Trenton for approval before
they can be paid, and it is probable that some time will be re-
quired to complete the transaction and to deliver the money into
the hands of the several employees; and it is to be generally
understood that the payment may not be made earlier than two
weeks after the pay roll has been forwarded to this office by the
assistant engineer. A supply of the blank forms herein referred
to will be furnished.
SAFETY PRECAUTIONS.
7. All the members of the field parties, while engaged upon
their work, must exercise the greatest care to avoid accidents to
themselves by passing trains. They should not walk or stand on
or between the tracks except when absolutely necessary. Each
one should look out for the safety of the others as well as for
his own safety and warning signals should be given at the
approach of trains. This office assumes no responsibility for
any accident or injury that may occur.
NO PUBLICITY ALLOWED.
8. While everyone with whom employees may come in con-
tact, either on or off the work, should be treated with courtesy,
reticence about the business or work of this office must be the
rule. No interviews with employees must appear in the public
press, and all employees are cautioned against talking of their
work to anyone not directly connected with the work.
FIELD BOOKS, NOTES, ETC.
9. All field books, maps, sketches, notes and memoranda,
computations and all other information furnished to or obtained
or prepared by the assistant engineers or by members of field
parties or other office or miscellaneous employees, while in tfte
employ of this office, are the property of this office, and must be
returned to and filed in this offijce.
DUPLICATE COPY OF FIELD NOTES.
Each evening a copy of the field notes taken during that day
shall be made upon paper furnished for that purpose and shall
then be mailed to this office.
i86
As note books become filled, they shall be forwarded to this
office, by express, as soon as practicable.
PHOTOGRAPHS.
Photographs must be taken of all important structures, sta-
tions, bridges, etc. Views should be taken in such manner as to
bring out the salient features of the object.
REPORT CARDS, FORM IOA.
10. All assistant engineers are required to send daily reports to
this office on cards (Form lo-A) furnished for that purpose, and
the following is a memorandum of the points to be covered :
Number of station at which work was begun that day and
number of station at which work was stopped for the day.
In case it is necessary to show a distinction between the sta-
tions covered by the topography party and those covered by the
cross-section party, make a memorandum stating which stations
relate to topography and which relate to cross-sections.
Where main line and branch lines have been worked on dur-
in the same day, make a distinction between the main line and
the branch.
The number of 'main tracks on the line covered for that day
should be noted.
Estimate the average depths of cuts and fills and note same
on card.
Unless the distance between the topographic party and the
cross-section party is considerable, note the stations completed
for that day.
We prefer having but one memorandum made for the daily
progress.
Be careful to note, under the head of remarks, the stations
between which you expect to work during the following day.
This is necessary in order that we may be able to locate you
should we desire to do so.
i8 7
SUPPLIES.
11. Wherever practicable, the assistant engineer will make
timely requisitions for any supplies that may be needed on the
work; but, in emergencies, or where the work would other-
wise be delayed, he may make necessary purchases in the field.
ADDRESSES.
12. Assistant engineers will keep the office advised, at all times,
of any changes in their mail and telegraph addresses and tele-
phone calls. This information should be sent in with the daily
progress reports.
FIELD PARTIES ON GRADUATION MASONRY, BUILD-
INGS AND TRACK.
ORGANIZATION OF FIELD PARTIES.
13. A field party for inventorying, graduation, masonry, build-
ing and track will generally consist of one assistant engineer,
one field assistant and four chainmen.
The assistant engineer will have charge and control of the
party and he will report to the chief engineer.
EQUIPMENT.
14. Each party will be supplied with the following outfit :
1 prismatic compass.
2 loo-foot steel chains.
2 5o-foot metallic tapes in boxes.
2 5o-foot metallic tapes without boxes.
2 5-foot folding rules.
I level rod.
i cross-section rod.
i set measuring pins.
1 88
I doz. pieces lumber crayon.
I 6-inch triangular scale.
I doz. 3-H pencils.
J4 doz. note books.
YZ doz. pencil erasers.
i pair machinist's calipers.
i register.
y 2 doz. small scratch pads.
i camera.
i copy Henderson's Tables.
Forms and stationery.
PROGRAM FOR FIELD WORK.
15. The work will proceed within the following order:
a. The centre line of the road will be determined and
measured.
b. The boundaries of land will be ascertained, measured
and sketched.
c. The roadbed will be cross-sectioned for computing the
excavation and embankment (grading).
d. The masonry of bridges, culverts and other structures
and all piles, timber or other material connected with
them will be measured and recorded.
e. The iron and steel bridges will be measured and re-
corded.
f. The track and all its appurtenances, excluding train
signals, will be measured and sketched.
g. The buildings, of every character, will be noted.
h. Any and all other structures and fixed and movable
property of the railroad will be noted.
FIXING THE CENTRE LINE.
1 6. The CENTRE LINE of the railroad will be assumed to be
located as follows:
On single-track roads, midway between the rails of the main
track.
189
On double-track roads, midway between the two main tracks.
On three-main-track roads, midway between the rails of the
middle track.
On four-main-track roads, midway between the inner rails of
the inside tracks.
ALIGNMENT.
The stations of ALL points of curve and tangent of the centre
line shall be noted, together with the direction of the curve
namely, whether to the right or to the left. The degree of curve
shall also be determined by measuring the middle ordinate of a
loo-foot chord formed by stretching the chain along one of the
rails.
The stations of the points of curve and tangent are to be
determined by the eye.
Where, for any reason, the centre line is not thus clearly de-
fined or where it is difficult to determine, as at terminal stations,
the facts should be submitted to this office and the necessary
instructions requested.
LOCATING STRUCTURES.
Offset measurements from the centre line should be taken to
all structures to determine whether they are to be classed as
main stem or as second-class property; all the structures within
the loo-foot width being main stem, excepting passenger and
freight stations, and those outside being second-class property.
In some cases, structures will be found partly inside and partly
outside the main stem. In such cases, sufficient measurements
are to be taken to determine the portion lying inside and that
lying outside the main stem. Too much time must not be given
to unimportant details.
The location of the mile posts should be noted and recorded.
Station "o," and each one thousand feet thereafter should be
marked by a vertical chalk line on the outside of the left-hand
rail and the station number should be marked uponi the nearest
tie.
190
TAXING DISTRICT BOUNDARIES.
At the point where the boundary line of taxing district crosses
the centre line, the station and direction of the boundary shall be
noted.
The centre-line chaining- should be done with sufficient
accuracy so that the error shall not exceed 0.5 foot per mile.
17. No continuous line of levels will be taken along the centre
line. For all cross-section and measurement work, the base of
the left-hand rail nearest the centre line will be used as a datum.
Elevations above this datum are to be marked "plus" and those
below "minus." These elevations will, generally, be taken with
a Locke level or with the cross-section rod.
LAND AND OTHER REAL ESTATE.
1 8. Where possible, plats of the more important parts will be
supplied, to the assistant engineers, purporting to show the loca-
tion and the dimensions of the land belonging to or controlled
by the railroad company. These should be, generally, verified
or corrected in the field; but it is not intended that complete
surveys shall be made.
However, where there appears reason to believe that the plafs
are inaccurate or incomplete, sufficient measurements should be
made to verify or to correct them.
All lands belonging to, or reputed as belonging to or as being
controlled by the railroad company, whether shown on the plats
or not, or whether contiguous to the right of way or not, should
be noted and reported ; and all obtainable information relating to
the location, extent and character of the property, and, particu-
larly, to the use made of same, should be given. Where build-
ings other than railroad structures are found on such land, their
general character and size should be reported; but detailed
descriptions of buildings o<f this character need not be given.
CHARACTER OF LAND.
Assistant engineers are required to note the character of the
land adjoining the right of way along all lines, recording the
same on their notes and reports. Classify same under the fol-
lowing headings:
TIMBER LAND, MARSH LAND, SALT MEADOWS, FARM LAND,
UNDEVELOPED BUILDING LAND, CITY PROPERTY.
GRADING.
19. Under this head, will be classed the excavations and
embankment for the roadway, side ditches, etc. Excavations
for foundations of structures should be noted separately; also,
excavations and emibankments for wagon roads, ground for
buildings, etc. The dimensions for ordinary side ditches, where
not standard, may be roughly measured or estimated by the eye.
CROSS SECTIONS.
Cross-sections of the cuts and fills of the roadbed shall be
taken at such distances apart as may be necessary to compute
with approximate correctness the cubic contents of the interven-
ing prisms, which may be anywhere from ten feet to five
hundred feet long, as the configuration of the original ground
surface may permit.
Generally, it will be found that, in constructing the road,
standard widths of roadbed and degrees of slopes were used.
Where this is found to be so, it will be necessary to measure and
record only the outside cut or fill on each side, giving a general
statement of the standard dimensions. Where such standard
dimensions do not apply, sufficient measurements must be taken
to compute the area of the cross-section with reasonable accuracy.
192
The width of the roadbed with the depth and distance out at the
junction of the slopes and the original natural surface will be,
usually, sufficient in such cases. Cuts and fills may be determined
with cross-section rods. Waste banks and borrow pits will not
be included in the measurements unless they are of some present
utility to the road; but deviations from the standard width of
the roadbed or of the slopes caused by or resulting from the
construction or the subsequent maintenance of the road should
be measured. Thus, a slide in a cut which it was not necessary
to remove will be measured like any other excavation. It will,
no doubt, often be found that it is difficult to determine accur-
ately the original outer cut or fill; and, where this is the case,
the assistant engineer will use his best judgment in the matter.
In the proper columns of the note book, the following inform-
ation should be recorded :
a. The character of the material excavated from: cuts if other
than that which should be classed as earth, hard pan, solid rock,
loose rock, etc. Where two or more kinds of material are found
in the same cross-section, the notes must give the necessary data
for computing each separately.
b. The condition of the slopes, whether sodded or bare, and
an abnormal condition found. If terraced, a rough estimate of
the work required for terracing, etc., should be noted.
c. If retaining walls, slope walls, or rip rap of any kind are
found at the foot of the slopes, their location, dimensions,
character of material, quality O'f workmanship and present con-
dition should be noted so that the quantities can be computed.
d. In cuts and embankments extending outside of the standard
road section, where such extra width is of present utility to the
road, the purpose for which work is useful should be noted.
e. All changes of streams, drainage ditches other than
standard side ditches, excavations for foundations of structures,
embankments for dikes, etc., should be measured and recorded;
and, where it was "probably wet," that fact should be noted.
However, work of this class made for abandoned roadbeds,
and not necessary or useful for the protection of the present
roadbed, should not be included.
193
f. Where embankments end against bridge abutments, the
station and plus of the terminal cross-section should be so chosen
that the adjoining prism will give the quantity of embankment
with approximate correctness.
Field engineers are required to work up their cross-section
notes every evening after the day's work is finished. These
calculations must be made in accordance with the following
instructions (Henderson's Earthwork Tables are furnished as a
part of the equipment) :
AREAS OF CROSS-SECTIONS.
(See Diagrams.)
Using Formula A=*/ 2 - (h" (B'+b") +h' (B"+b') ).
Having obtained from notes the values of h', h", (B'+b")
and (B"+b')
Find, fromi the scale at the side of the diagram, the horizontal
line corresponding to the value of (B'+b").
Find the point where this line intersects one of the oblique
lines corresponding to the value of h".
The value of the vertical line (read at top or bottom of the
diagram) running through the intersection gives the value of
y 2 (h" (B'+b") ) in square feet.
Find similarly the value of y 2 (h' (B"+rY) ).
The sum of the two above values gives the area required in
square feet.
EXAMPLE.
Assume Section +2.0 1.3 1.1+6.8
17 14 13 27
then h'=3. 3 ; ^'=7.9; t/=i4; b"=i3; B'= 17; B"=27; and
h' (B"+b')=3-3 (4i) ;h" (B'+b")=7-9 (3<>).
Find on the diagram the horizontal line corresponding to
B"+b'=4i. This is the second line above the 40 at the left of
the sheet.
I3ES
194
Follow this horizontal line across the page to the point of
intersection with an oblique line representing ^=3.3 (Inter-
polate between lines shown for h=3 and h=4). Following the
vertical line running through this point (bottomi of the diagram)
it will be found to be at 68. Similarly, the value of h" (B'+b")
is found to be 119. Adding these two gives the area required
-187.
HIGHWAYS AND HIGHWAY CROSSINGS.
20. Care must be taken to ascertain whether highways,
parallel to or adjoining the railroad, were graded by the railroad
company; and, where this is so, the quantity of grading must
be measured.
It will be assumed, in the absence of information to the
contrary, that highway crossings of the railroad were graded by
the company, and the quantity of such grading, as well as all
other materials used in the construction, will be measured.
PAVED STREETS.
21. Pavedi streets or driveways along side tracks, etc., con-
structed by or for the railroad company, and for its use, should
be measured and reported and the quantities of excavation and
foundation noted, as well as the kind and area of surface pave-
ment used,
Sufficient measurements are to be taken to determine the por-
tions inside and outside the main stem.
MASONRY.
All masonry, of whatever kind, constructed by or for the rail-
road company and now utilized by it, will be measured with
eare. It is possible that the plans, quantities, etc., of some of
these structures may be obtained from the railroad company; in
which case, the assistant engineer will be notified by this office.
In such cases, only the location of the structure and notes of its
195
present condition need be recorded by the assistant engineer.
Where it is necessary to measure up such work, it may not
always be possible to get the dimensions of parts that are covered
up or of the depth and dimensions of foundations. In such cases,
the assistant engineer will use his best judgment in noting the
dimensions of the parts not accessible for measurement ; but such
assumed or approximate dimensions must be followed by an
interrogation mark.
Rough sketches of all masonry structures, with marked dimen-
sions, will be used to record masonry structures.
CLASSIFICATION OF MASONRY.
Masonry will, generally, be classified in accordance with the
report of the committee of the American Society of Civil
Engineers (See Appendix A). Brick and concrete masonry will
each form a class by itself. Note, in each case, whether the
masonry is laid dry or in mortar.
The character of the foundations of masonry structures,
whether of masonry, concrete, piles or timber, the dimensions
of same, the present condition and all information necessary to
estimate the value will be noted as a part of masonry structures.
BRIDGES AND VIADUCTS.
23. It is expected that the quantities of metal in all bridges
may be obtained from the railroad company, in which case the
assistant engineer will be notified. Otherwise, sufficient measure-
ments must be taken to enable the weights to be computed with
reasonably close approximation.
In measuring and recording the dimensions of bridges, the
following general instructions will be used :
a. In pin-connected bridges, with parallel top and bottom
chords, the length of span will be from centre to centre of end
pins and the heighth, the vertical distance between the centres
of top chord and bottom chord pins.
196
Where the chords are not parallel, the depths at the ends and
at the centre of the span alone will be noted. The width will
be measured from centre to centre of outside trusses. The
number of trusses and of tracks carried shall be noted.
Ordinarily, it will not be necessary to measure all the mem-
bers of the truss, but the length and size of end posts and sec-
tions of the top and bottom chords at the middle of span should
be obtained and recorded. The character of the floor should be
noted and the floor sketched. In riveted trusses the length will
be measured from out to out and the height from, centre to
centre of chords.
b. Plate girder bridges should, usually, be sketched and all
important dimensions given. In the cases of wooden and pile
bridges, the notes taken should be sufficient to enable the compu-
tation of quantities to be made with approximate correctness.
c. In the case of highway bridges over railroads, it should be
ascertained whether they were erected by and wholly owned by
the railroad companies. Where they are wholly owned by the
railroad companies, the exact condition of ownership should be
ascertained and reported. Bridges in which the railroad com-
panies have no interest need not be carefully measured.
Bridges and viaducts will be located by giving the station and
plus at the face of abutments and the centre of piers. If the
bridge is numbered, its number (and its commion name) should
be given.
(See Diagrams.)
TRACK AND ITS APPURTENANCES.
24. Generally, the measurements and notes obtained and
sent in must be sufficient to enable the draughtsmen to make a
complete rruap of the work, showing the location of all tracks and
track appliances and appurtenances.
Among other facts to be noted are the following :
a. Weight, date of rolling and present condition of rails. In
connection with the work, it will be understood that it will be
necessary to make a note, every few miles, of the length of rails
i 9 7
used on the various roads which are being examined. This
AY ill be necessary in order to enable this office to determine the
number of splice bars used per mile. The measurement should
be taken, to test the length, in order to determine whether any
change occurs.
The division points where changes occur between the use of
rails of different lengths should, of course, be noted.
For example : If 30' rails should be used up to a certain sta-
tion and, at this point, 33' or 45' rails were used, the station
should be noted and a memorandum should be made to that effect.
To determine the size and weight of rail sections, take the
measurement shown on the accompanying blue print. Wherever
stub ends of rail can be found, trace the contour of the section
upon a piece of paper and forward to this office with the regular
notes.
Most Roads place emergency rails along- the right of way at
intervals of a mile or two. These can be used for this purpose
where available.
One diagram of this character will answer between all points
where this rail has been used. Diagrams are to be forwarded to
this office with a memorandum giving, as nearly as possible,
the stations between which the section will apply.
To confirm weights obtained in this manner, make inquiry of
engineers, supervisors and track foremen as to the weights of
rails in use. This latter information shall be recorded in notes
with the source from which obtained.
b. Kind, dimensions and weight of rail joints, tie plates, rail
braces and spikes.
c. Kind and condition of ties and number used per mile.
d. Kind and condition of ballast used. The width, depth and
contour of the ballast will be assumed to be in accordance with
the standard sections adopted by the railroad, except in cases
where, for good reasons, same does not obviously conform
thereto.
e. The character and condition of all switch stands and their
attachments will be noted.
f. All other property or appliances not mentioned above, con-
nected with or appurtenant to the tracks, shall be noted and re-
corded, unless distinctly excepted in these rules.
198
MAIN STEM AND SECOND-CLASS.
Sufficient measurements must always be taken to separate the
length of the trackage within the main stem from that without,
or second-class property.
Where siding and spur tracks extend into factories and other
private industries, inquiry must be made to determine the extent
of the railroad company's ownership.
BUILDINGS.
25. Sufficient measurements and notes are to be taken to ac-
curately locate the position and dimensions of. every building
found on railroad property or used for railroad purposes, and
all data necessary to enable an estimate to be made of their
value shall be taken, except in cases where satisfactory plans
are obtainable. Office furniture and supplies shall be observed
and estimated, but no itemized list shall be made.
FENCING.
26. The length (in feet), character, age and present condition
of all fencing on railroad land will be measured and noted. Snow
fences, wherever found, should be noted.
WATER SUPPLY.
27. The field forces will be expected to record all data under
"water supply." All other machinery will be taken by the ma-
chinery expert. Under this head shall be measured and noted
all property connected with the supplying of water to locomotives
and shops, and for any purpose other than plumbing in passenger
and freight station. Among the items covered under this head
may be enumerated :
The work and material for all intakes, dams, reservoirs and
their appurtenances.
199
All pipe and specials used for conveying water.
All pumip houses and the pumps and machinery therein.
All water towers, tanks and standpipes.
All track water troughs and their attachments.
All out-door hydrants for fire or other purposes.
TRACK TANKS.
Measure section and length or troughs; measure the lengfth
and dimensions of all drains under tracks, or elsewhere, used in
connection with the tank. Obtain the size and length of alt
steam-heating pipes and water-supply pipes.
WATER TANKS AND PUMPING WELLS.
Measure the diameter of all tubs and length of staves. Obtain
dimensions of trestle supports; size and character of masonry
and concrete foundations; the rated capacity (in gallons) of the
tank, together with condition of tank.
^or pumping wells : Measure the diameter and depth of the
well and the dimensions of the lining or curbing, if any. The
object is to obtain sufficient data for the purpose of making an
estimate of cost.
SIGNALS.
28. The assistant engineer will, unless otherwise instructed,
ignore the property and appliances of the track signaling system,.
and the interlocking, except that the LOCATION of signal towers
and other important fixtures will be noted so that they may be
properly inserted on map.
All other signs, mile posts, road-crossing or crossing gates r
whistle and bell signals, etc., shall be inventoried and described.
TELEGRAPH AND TELEPHONE LINES.
29. Estimate the height of poles and determine the number
per mile. Note the number of cross-arms and the number of
2OO
pins in each; also, note the number of wires and distinguish,
where possible, between copper and iron. Indicate the number
of guys.
HIGHWAY-CROSSING GATES AND BELLS.
30. All highway-crossing gates and bells are to be located and
the name of maker taken; also, the method of operation is to
be described. In case of bells, state whether controlled by line
or by track circuits, giving the length.
TRACK TOOLS.
-U. All track tools found in section houses or on. the road,
including hand cars and small trucks, shall be inventoried.
Where construction or reconstruction work may be in progress,
the plant and tools employed (including derricks, engines,
boilers, pile drivers, pumps, etc.), when they belong to the rail-
road company, and all the construction material will be in-
ventoried; but not the locomotives or the flat cars that belong
to the rolling-stock equipment of the road.
MISCELLANEOUS STRUCTURES AND PROPERTY.
32. Care must be taken to include in the inventory all and
every structure, property or appliance used for railroad purposes,
whether enumerated herein or not, recording all the data
necessary to form an estimate of its cost or present value.
The field parties are expected to make complete records of all
real estate and of such tangible personal property as is found
along the line ; also, general supplies in stations, section houses,
etc. All machinery not listed under "Real Estate" will be taken
by the machinery expert.
2OI
CLASSIFI CATION OF REAL ESTATE.
1. Ash-handling machinery. 35.
2. Aerial tramways. 36.
3. Ballast. 37.
4. Boilers, 38.
5. Bridges. 39.
6. Buildings. 40.
7. Cables. 41.
8. Canals. 42.
9. Cattle guards. 43.
10. Chimneys. 44.
11. Cisterns. 45.
12. Conduits. 46.
13. Conveyors. 47.
14. Crossing gates. 48.
15. Culverts. 49.
1 6. Cupolas. 50.
17. Dams. 51.
1 8. Docks.
19. Electric wiring. 52.
20. Elevators. 53.
21. Coal-handling stations. 54.
22. Fencing. 55.
23. Fixed cranes,
24. Foundations. 56.
25. Gas piping and fixtures. 57.
26. Grain elevators. 58.
27. Heating apparatus.
28. Hydrants. 59.
29. Incline machinery, canal. 60.
30. Interlocking. 61.
31. Lands used for R. R. pur- 62.
poses. 63.
32. Lighting apparatus. 64.
33. Lock-operating machinery. 65.
34. Oiling system. 66.
Piers.
Pipe lines.
Pavements.
Planking or guard rails.
Reservoirs.
Riparian rights.
Roadbed.
Road crossing.
Sanitary apparatus.
Sewers.
Shafting.
Shop fixtures.
Shop tracks.
Signs.
Signal apparatus.
Smoke stacks.
Storage warehouse and
miscellaneous structures.
Structures.
Switch boards.
Tanks.
Telegraph and Telephone
lines.
Tile dram lines.
Tracks.
Track appurtenances in
place.
Track scales.
Tramways.
Transfer tables.
Traveling cranes,
Trestles.
Tunnels.
Turntables.
Viaducts.
2O2
6y. Water lines. 71. Water works.
68. Water purifying plants. 72. Wells.
69. Water tanks. 73. Wharves.
70. Water-ways. 74. Windmills.
All items of fixed character not enumerated in the foregoing
list are to be classified as real estate.
The following must be carefully noted by the assistant
engineers :
BOILERS.
Name of maker, if obtainable; type i. e., whether vertical,
locomotive, return tubular or water tube. For vertical and
locomotive boilers, measure diameter or circumference at
the waist. Obtain the length of the boilers; the number; the
diameter and the length of flues ; the diameter and approximate
height of stack; and the rated horse power of the boilers. This
latter information can, usually, be obtained from; the engineer
or from, the fireman. Also, obtain the age and condition of
boilers.
PUMPS.
Name of maker. State whether single or duplex and give
diameter of steam cylinder. Give diameter of water cylinder
and length of stroke; also, diameter of steam pipe and size of
suction pipe and of the discharge pipe.
DYNAMOS AND ELECTRIC GENERATORS.
Name of maker. Age and condition. Type of machine;
whether direct current or alternating; also, get a record of the
rating plate, which usually gives the number of machine, the
volts pressure, the amperes and the kilowatt capacity. If this
data is not given on rating plate, obtain best record possible by
inquiry.
203
STEAM ENGINES.
Where found in pumping plants along 1 line, give name of
maker; kind of engine i. e., whether simple, compound or triple
expansion; the diameter of cylinders; also, length of stroke;
steam pressure for which the engine was designed; and rated
horse power.
HEATING PIPES.
In all shops and roundhouses, storehouses, etc., with the
exception of the Meadows Shops and the Trenton Shops,
measure the linear feet of stean>heating pipe in the buildings;
also, obtain diameter of the piping, in order that we may calcu-
late the linear feet of each size of pipe, miaking a record of all
miani folds or headers connecting the ends of the heating coils.
In case goose necks or return bends are used in place of headers,
a memorandum should be made to that effect.
TURNTABLES.
Measure the diameter of the turntable, the thickness and the
height of centre wall, and the width of bench supporting centre
rail. Note the weight and the method of supporting centre
rail, the size of the centre pier; the kind of paviijg in pit, if any;
the style, the make and rated horse power of motor operating
turntable; also, take measurements of girders, such as the depth
and thickness of the web stiffners, the number and the dimensions
of members comprising the cross frames, together with the
lateral bracing. In case the measurements for one turntable
can be applied to another, detailed measurements need not be
repeated ; but a reference note should be made to that effect. In
such cases, however, it will still be necessary to measure the
diameter of the pit, the length of the turntable, and the depth
at centre and ends, together with the cross spacing of the girders.
2O4
CRANKS.
For cranes of standard pattern, such as the freight transier
cranes manufactured by the Industrial Iron Works, Bay City,
Michigan, it will simply be necessary to obtain the height of the
girders above the ground, the distance between the supports,
the capacity o<f the crane and memoranda as to the method of
operating same, and the dimensions of the foundations. In other
cases, it will be necessary to make more complete measure-
ments.
Of course, it is always understood that the name of the maKer
of each crane, together with the number, should be reported
where same can be ascertained. For cranes or derricks of special,
design, where found on docks, on trestles or in yards, a sketch
should be made, to give a general idea of the design of such
machines, in addition to the information asked for above.
NOTE BOOKS AND THEIR USE.
Note books will be provided, and the notes are to be kept in
accordance with the standard form shown in appendix.
Topography note books on the main line will be numbered
"T-i," "T-2," etc., in consecutive order, for the whole line.
The topography notes for the branch lines will be numbered
"TB-i," "TB-2," etc., in consecutive order, for all branches.
All cross-section notes on the main line will be numbered "X-i,"
"X-2," etc., in consecutive order, for the whole line. The cross-
section notes of branch lines will be numbered "XB-i," "XB-2,"
etc., in consecutive order, for all branches.
When the cross-section party is engaged in measuring buildings
or other structure, note books will be numbered "ST-i,"
"ST-2," etc.
As many branch lines may be recorded in the note books as
convenient.
205
SIGNALING AND INTERLOCKING.
34. The assistant engineer in the signal department will be
called the "Signal Engineer," and he will report directly to this
office.
35. It is expected that the field inspectors will be furnished
complete signal plans of each interlocking plant and signal
system. In case, however, such complete plans cannot be
obtained from the railroad, it is expected to furnish the field
inspectors with the plans showing all the tracks involved in the
signal installation.
SIGNAL PLANS.
In case complete signal plans are furnished, then the field
inspectors will check location of all signals and switches operated;
and, in checking the location of such signals and switches,
reference should be made to the station and plus of the centre
line survey made by the assistant engineer. Where this survey
has not yet been made, the measurements may be taken by count-
ing the rails. In case the field inspectors are furnished only the
plan showing the tracks, they will be expected to locate and
show in the plan all the signals and switches operated ; and, in the
location of them, they will use their judgment as to the means of
determining same.
SIGNAL FORMS.*
36. The following forms have been prepared for the guidance
of the field inspectors for inventorying signaling and interlock-
ing:
Form 100. Manual Interlocking.
" looA. Control Manual Block.
" 101. Miscellaneous Signals, Crossing Gates,
Alarms, etc.
" 1 02. Electric Interlocking.
103. Automatic Signals.
" 104. Pneumatic Interlocking.
* Signal forms are made a part of the instructions by reference.
206
37. While it is expected that all field inspectors and field men
will secure an accurate record of all items set forth in the various
forms described in Article 36, it must be understood that the
purpose of this inventory is to establish value; and it is mani-
festly unwise to attempt to be minute in the inventory where no
particular value is involved. Since* this office cannot lay down
a rule of division as between the important and the unimportant,
it will be the duty of the signal engineer to conduct the work
in a reasonable and sensible manner.
38. Although the forms before described are prepared in
such a manner as to permit of a broad division of the cost of
epch signal plant, it has been found necessary to group a numoer
of items under one heading; such as "Signal Complete," "Signal
Switch Complete," etc. Diagrams of signals accompany these
forms ; and, in case signals are found in use which are not shown
on these diagrams, the field inspectors shall make sketches of
same to accompany this report.
39. The field inspector will be provided with field books, in
which he will be required to note the condition of all important
items so as to provide sufficient information for the guidance
of the signal engineer, as well as for this office, in determining
the conditions; and he will insert on the form, in the column
entitled "Conditions Per Cent.", the condition of the various
groups at the time they were recorded on the form.
40. In case it is found practicable to determine the sizes and
kinds of wire in cables, conduits, etc., the field inspector will be
expected to satisfy himself as to each item. If, however, he finds
it impracticable to satisfy himself in this regard without cutting
the cables or disturbing the conduits, etc., he will make note of
this fact in his report so that this information may be obtained
through other sources.
PREMIUM SYSTEM.
The duties of the field force in charge of the assistant engineer
are of such nature as to put upon the engineer in charge the
burden of determining a great many matters of importance; and,
207
while the chief engineer will make frequent visits with the field
parties, it is highly important that as much ground be covered as
is consistent with the character of work called for in the general
instructions furnished each field party.
Owing to the very great difference in the size and the value of
the property owned by the several railroad corporations in this
state, it is not practicable to determine the efficiency of the
field party by the number of miles covered each day; and it
will be the policy of this office to carefully consider the character
and quality of the field notes transmitted by the field party each
day, in connection with the progress of the party.
It is manifestly difficult to organize a comprehensive and fair
premium system in connection with a temporary organization
and, owing to the large difference in the character of the proper-
ties to be surveyed and inventoried, the award of any premium
must necessarily lie largely with the chief enginer and his office
force, who compile and compute the field notes.
In order that each party may feel that its work is carefully
noted and appreciated, it will be understood that the field party
showing the best result for the month of July and for each month
thereafter will receive, in addition to its monthly compensation,
the sum of thirty dollars, in cash, to be divided as follows : To
the assistant engineer, fifteen dollars; to the field assistant, ten
dollars. The assistant engineer and the field engineer shall
determine which of the two senior chainmen has, in their opinion,
performed the more efficient service during the month; and to
him will be paid the sum of five dollars, in cash, in addition to
his monthly compensation. In case the assistant engineer and
the field engineer cannot agree as to which of the two senior
chainmen has shown himself the more efficient, they shall refer
the matter to the chief engineer.
CONCLUSION.
It is manifestly impracticable to attempt to instruct the
employees of this department in all the minute details attendant
upon the work.
208
Each employee is charged with the duty of being diligent,
careful and courteous ; and he is expected to work for the State
in the same earnest manner as if he were at all times under our
immediate supervision.
The work O'f surveying, inventorying and valuing the property
of all the railroads and canals of this state is of vast import-
ance to all concerned; and it is our duty to bend every effort
toward its intelligent, honest and speedy accomplishment.
Work must be unbiased. While the State pays the cost of this
investigation, we must not lean toward any more than away
fromi the interest of the State.
Field parties are required to work six full days each week and,
while we will not measure efficiency by the number of hours
worked each day, we expect full time to be given to the work.
WE DESIRE TO CALL SPECIAL ATTENTION TO SECTION 7,
"SAFETY PRECAUTIONS/' AND TO SECTION 8, "No PUBLICITY
ALLOWED/'
The assistant engineer, who is the chief of the field party, is
required to notify this office, in writing, to> the effect that ne
has read these instructions to the members of his party and that
they are understood; further, that each member accepts service
under this department with full knowledge of his duty and obli-
gations.
CHARLES HANSEL,
Expert in Charge.
LOUIS FOCHT,
Chief Engineer.
APPENDIX A.
CLASSIFICATION OF MASONRY IN ACCORDANCE
WITH THE REPORT OF COMMITTEE OF THE
AMERICAN SOCIETY OF CIVIL ENGINEERS.
(See "Transactions," Vol. VI., p. 303.)
RUBBLE MASONRY.
1. Rubble masonry is composed of unsquared stones. It may
be uncoursed rubble (Fig. 26), laid without any attempt at
regular courses, or coursed rubble (Fig. 27), levelled off at speci-
fied heights to a horizontal surface. The stone may be required
to be roughly shaped with the hammer so as to fit approximately.
SQUARE STONE MASONRY.
2. According to the character of the face, square stone
masonry is classified as "quarry- faced" (Fig. 28), or as "pitch-
faced" (Fig. 29). If laid in regular courses of about the same
rise throughout, it is "Range Work" (Fig. 30). If laid in
courses that are not continuous throughout the length of the
wall, it is "broken-range work" (Fig. 31). If not laid in course
at all, it is "random work" (Fig. 32) ; and this is what is gen-
erally to be expected of this kind of masonry, unless the specifi-
cations call for range work.
In quarry- faced and pitch- faced masonry, quoins and sides of
openings are usually hamimier-dressed. This consists in remov-
ing projections so as to secure a rough-smooth surface and is
done with the face hammer, the plain axe or the tooth axe. This
work is a necessity where door or window frames are inserted ;
and it greatly improves the general effect of the wall if used
wherever a corner is turned.
14 E S ( 20 9)
210
ASHIyAR MASONRY.
3. Ashlar masonry is equivalent to cut-stone masonry or
masonry composed of any of the various kinds of cut stone
mentioned above. As a rule, the courses are continuous (Fig.
33) bait sometimes are broken by- the introduction of smaller
stones of the same kind; and this is called "broken ashlar" (Fig.
34). If the stones are less than one foot in height, the term
"smaller ashlar" is proper. The term "rough ashlar" is some-
times given to squared-stone masonry, either quarry- faced or
pitch- faced, when laid as range work; but it is believed that it
is more logical and more expressive to call such masonry
"squared-range work." Fromi its deriviation, ashlar apparently
means large, square blocks, but practice seems to have made it
synonymous with cut stone; and this secondary meaning has been
retained for convenience.
Dimension stones are cut stones all of whose dimensions have
been fixed in advance. If the specifications for ashlar masonry
are so written as to prescribe the dimensions to be used, it will
not be necessary to make a new class of such stones.
Range work, whether of squared stones or of ashlar, is usu-
ally backed up with rubble masonry; which, in such cases, is
specified as "coursed rubble."
Mileage, Trackage, Description and History*
Railroads and Canals of
New Jersey*
(211)
INDEX.
PAGE.
CENTRAL RAILROAD OP NEW JERSEY SYSTEM, 221
Bttena Vista Railroad, 221
Carteret Extension Railroad, 221
Carteret & Sewaren Railroad, 221
Central Railroad of New Jersey, 221
Cumberland & Maurice River Railroad, 223
Cumberland & Maurice River Extension Railroad, 223
Dover & Rockaway Railroad, 223
Elizabeth Extension Railroad, 223
Freehold & Atlantic Highlands Railroad Company, 223
Hibernia Mine Railroad, 223
Lafayette Railroad, 223
Manufacturers' Extension Railroad, 224
Middle Brook Railroad, 224
Middle Valley Railroad, 224
Xavesink Railroad. 224.
New Jersey Southern Railroad, 224
New Jersey Terminal Railroad, 224
New York & Long Branch Railroad, 225,
Ogden Mine Railroad, 225,
Raritan North Shore Railroad, 225
Sound Shore Railroad, 22^
Toms River Railroad, 225
Toms River & Barnegat Railroad, '. 225
Vineland Railroad, 226
Vineland Branch Railroad, 226
West End Railroad, 226
West Side Connecting Railroad, 226
DELAWARE, LACKA WANNA & WESTERN RAILROAD SYSTEM, 231
Chester Railroad, 231
Hopatcong Railway, 231
Morris & Essex Railroad, 231
Morris & Essex Extension Railroad, 231
Newark & Bloomfield Railroad, 232-
Passaic & Delaware Railroad, 232-
Passaic & Delaware Extension Railroad, 232
Rockaway River & Montville Railroad, 232
Sussex Railroad, 232
Warren Railroad, 233
ERIE RAILROAD SYSTEM, 22?
Arlington Railroad, 227
Bergen County Railroad, 027
(213)
214
PAGE.
Bergen & Dundee Railroad, 228
Caldwell Railway, 228
Docks Connecting Railway, 228
Erie Terminal Railroad, 228
Long Dock Company, 228
Newark & Hudson Railroad, 228
New Jersey & New York Railroad, 228
New York & Greenwood Lake Railroad, 229
New York, Lake Erie & Western Docks Improvement Co., 229
Northern Railroad of New Jersey, 230
Paterson & Hudson River Railroad, 230
Paterson, Newark & New York Railroad, 230
Paterson & Ramapo Railroad, 230
Penhorn Creek Railroad, 230
Roseland Railway, 230
Watchung Railroad, 230
LEHIGH VALLEY RAILROAD SYSTEM, 234
Bay Shore Connecting Railroad, 234
Lehigh Valley Railroad of New Jersey, 234
Morris Canal & Banking Company, 235
NEW YORK, SUSQUEHANNA & WESTERN RAILROAD
SYSTEM, 2j.i
Hackensack & Lodi Railroad, 233
Lodi Branch Railroad, 233
Macopin Railroad, 233
New York, Susquehanna & Western Railroad, 233
Passaic & New York Railroad, 234
PENNSYLVANIA RAILROAD SYSTEM, 217
Barnegat Railroad, 217
Belvidere & Delaware Railroad, 217
Camden & Burlington County Railroad, 217
Delaware River Railroad & Bridge Company 218
Freehold & Jamesburg Agricultural Company, 218
Harrison* & East Newark Railroad Company, 218
Kinkora & New Lisbon Railroad, 218
Millstone & New Brunswick Railroad, 219
Mount Holly, Lumberton & Medford Railroad, 219
New York Bay Railroad, 219
Pennsylvania Tunnel & Terminal Company, 219
Perth Amboy & Woodbridge Railroad Company, 219
Philadelphia & Beach Haven Railroad Company, 219
Philadelphia & Long Branch Railroad, 219
Rocky Hill Railroad & Transportation Company, 220
United New Jersey Railroad & Canal Company, 220
Vincentown Branch Railroad, 220
West Jersey & Seashore Railroad, 221
Delaware & Raritan Canal, 221
215
PAGE.
PHILADELPHIA & READING RAILROAD SYSTEM, 226
Atlantic City Railroad, '. 226
Cape May, Delaware Bay & Sewell's Point Railroad, 226
Delaware & Bound Brook Railroad, 227
East Trenton Railroad, 227
Port Reading Railroad, 227
RECAPITULATION OF TRACK MILEAGE, 242
SUMMARY OF MILEAGE, FIRST TRACK, 241
UNCLASSIFIED RAILROADS
Atlantic City & Ocean City Railroad, 235
Atlantic City & Shore Railroad, 236
Baltimore & New York Railway, 236
East Jersey Railroad & Terminal Company, 236
Elizabeth & Trenton Railroad, 236
Ferro Monte Railroad, 236
Hoboken Manufacturers' Railroad, 236
Hoboken Railroad Warehouse & Steamship Connecting Co., 236
Hopatcong Shore Railroad, 236
Hudson & Manhattan Railroad, 237
Hudson Railroad & Transportation Company, 237
Lehigh & Hudson River Railway, 237
Lehigh & New England Railroad, 237
Lucaston Railroad, 237
Morristown & Erie Railroad, 237
Mount Hope Mineral Railroad, 238
New Jersey Junction Railroad, 238
New Jersey & Pennsylvania Railroad, 238
New York & Fort Lee Railroad, 238
North Jersey Rapid Transit Company 238
Pemberton & Hightstown Railroad 239
Philadelphia & Brigantine Railroad 239
Pohatcong Railroad, 239
Rahway Valley Railway, 239
Raritan River Railroad, 239
Raritan Terminal & Transportation Company 239
South Easton & Phillipsburg Railroad, 240
Staten Island Rapid Transit Railroad, 240
Trenton, Lawrenceville & Princeton Railroad. 240
Trenton, Lawrenceville & Princeton Extension Railroad, 240
Trenton Terminal Railroad, 240
Tuckerton Railroad, 240
Venice Park Railroad : 241
West Shore Railroad, 241
Wharton & Northern Railroad. 241
Statement of Mileage of First Track, History, Capital
Stock and Funded Debt of Railroads in New Jersey*
January 1st, J9U.
PENNSYLVANIA RAILROAD SYSTEM.
Total Miles Railroad, 758-529
Canal and Feeders, 66.184
of Route, 824.713-
Miles.
THE BARNEGAT RAILROAD COMPANY, 8.129
The road extends from 3,186 feet east of Barnegat City Junc-
tion, N. ]., to Barnegat City, N. J. Road is operated by the
Tuckerton Railroad Company, for and on account of the
Barnegat Railroad Company, and the latter road bears all ex-
penses therewith. This arrangement is subject to termination
on three months' notice.
BELVIDERE AND DELAWARE RAILROAD COMPANY, 79796
Chartered March 2d, 1836. Completed November 5th, 1855.
Extends from Trenton to Manunka Chunk, with various
branches. Leased to New Jersey Railroad and Canal Com-
pany January ist, 1876, for 904 years. Lease assigned to
Pennsylvania Railroad Company March 7th, 1876. Capital
stock, $1,253,000. Funded debt, $2,722,000. Main Line,
66.648 miles.
BRANCH LINES.
Enterprise Branch; from D. & R. Canal to M'ulberry
Avenue, Trenton, 1.647 miles.
Flemington Branch ; from Lambertville to Flemington,
11.373 miles.
Martin's Creek Branch ; from, a point on Belvidere and
Delaware Railroad, near Martin's Creek Station, to a point
in the Delaware River in the dividing line between New
Jersey and Pennsylvania, 0.128 mile.
CAMDEN AND BURLINGTON COUNTY RAILROAD COMPANY, 29.649
Pavonia to Pemberton, N. J. Chartered March isth, 1859.
Leased to Camden and Amboy Railroad Corripany April
24th, 1868, for term of its corporate existence ; sub-leased
to Pennsylvania Railroad Company. Capital stock, $381.925.
Funded debt, $350,000.
2I 7
218
LEGISLATIVE ACTS.
Burlington and Mount Holly Railroad and Transportation
Company, incorporated 1848. Corporate name changed to
Burlington County Railroad Company, 1857. Consolidation
of the Burlington County Railroad and the Camden, Moores-
town, Hainesport and Mount Holly Hcwse Car Railroad,
under the name of Camden and Burlington County Railroad
Company in 1866. Road extends from Camden Junction to
Pemberton, Burlington and Mount Holly Branch : From,
Burlington to Mount Holly, 7.050 miles. Total length,
including branch, 29.649 miles.
Miles.
DELAWARE RIVER RAILROAD AND BRIDGE COMPANY, 7789
Frankfort Junction, Pa., to Pensauken, N. J., and branches.
Chartered March I7th, 1896. Consolidation of Pennsylvania
and New Jersey Railroad Company, of Pennsylvania, and
the Pennsylvania and New Jersey Railroad Company of New
Jersey. Capital stock, $1,300,000. Funded debt, $1,300,000.
FREEHOLD AND JAMESBURG AGRICULTURAL RAILROAD, 27.516
Jamesburg to Sea Girt, N. J. Chartered June 2oth, 1852.
Consolidation April 24th, 1879, with the Farmingdale and
Squan Village Railroad and the Squankum and Freehold
Railroad. Leased to Pennsylvania Railroad Company June
ist, 1879. Capital stock, $295,600. Funded debt, $498,600.
LEGISLATIVE ACTS.
Chartered 1851. Construction of additional road from
Freehold to Toms River, and branch to marl pits, authorized
1852. Extension of road from Dean's Pond to Six Mile Run,
authorized in 1853. Construction of branch road from Free-
hold to Farmingdale and branches, authorized in 1857. Sale
of that portion of road lying between Monmouth Junction
and Jamesburg to United New Jersey Railroad and Canal
Company, authorized in 1874; also, consolidation of certain
corporations with the United New Jersey Railroad and
Canal Company, authorized in 1874.
i
HARRISON AND EAST NEWARK RAILROAD COMPANY, 0.199
KINKORA AND NEW LISBON RAILROAD COMPANY, 10.452
Kinkora to near Lewistown, N. J. Reorganization March
28th, 1903, of the Columbus, Kinkora and Springfield Rail-
road Company. Operated under an agreement dated March
nth, 1903, with the Pennsylvania Railroad, terminable upon
thirty days' written notice. Rental, net earnings, stock
$40,000. No bonds. Total deficit for year ending Decem-
ber 3 ist, 1908, $19,188.
219
Miles.
MILLSTONE AND NEW BRUNSWICK RAILROAD COMPANY, 6.558
New Brunswick station to East Millstone, N. J., chartered
February 27th, 1837. Road opened December 2Oth, 1854.
Operated by Pennsylvania Railroad under agreement, ter-
minable in thirty days. Capital stock $95,750. No funded
debt.
MOUNT HOLLY, LUMBERTON AND MEDEORD RAILROAD, 6.248
Mount Holly to Medford, N. J. Chartered April 2d, 1866.
Leased to Pennsylvaina Railroad April loth, 1873, for term
of corporate existence. Stock $95,650. Funded debt $75,000.
NEW YORK BAY RAILROAD COMPANY, * 3-599
Capital stock $6,000,000. Funded debt $3,885,000. Waverly
Station to Bulkhead Line at Greenville, transfer bridges and
branches.
PENNSYLVANIA TUNNEL AND TERMINAL COMPANY, 7.314
Chartered June 26th, 1907, under laws of New York and
New Jersey. The electric division of the Pennsylvania
System, from Harrison, Hudson County to Long Island
City. Capital $40,000,000. Unfunded debt $82,563,591.
PERTH AMBOY AND WOODBRIDGE RAILROAD COMPANY, 6.784
Perth Amboy Junction, near Rahway, to Perth Amboy.
Chartered March 9th, 1855. Opened October nth, 1864.
Operated by Pennsylvania Railroad by agreement. Ter-
minable on thirty days' notice. Capital stock $228,400. No
funded debt.
PHILADELPHIA AND BEACH HAVEN RAILROAD COMPANY, 13-344
Manhawkin to Beach Haven. Organized Long Branch Rail-
road Company October 23d, 1883. Sold under foreclosure
November 28th, 1893. Reorganized under present tjitle.
Leased to Pennsylvania Railroad. Rental net earnings.
Capital $200,000. No funded debt.
PHILADELPHIA AND LONG BRANCH RAILROAD COMPANY, 48.958
Birmingham to Bay Head Junction and branches. Consoli-
dation of the Philadelphia and Long Branch Railroad and
the Pemberton Seashore Railroad November 3d, 1883.
The Island Heights Railroad was taken in June, 1885.
Leased to the Pennsylvania Railroad for 50 years beginning
January ist, 1884. Rental net earnings. Stock $765,000.
Funded debt $750,000.
Incorporated September 24th, 1880, under the General
Railroad Act of April 2d, 1873. Road extends from Pem-
berton Junction, at intersection with the Pemberton and
Hightstown Railroad and Camden and Burlington County
Railroad, to head of Barnegat Bay (Bay Head). 45-753
miles.
22O
BRANCH LINES.
Brown's Mills Branch. 1,951 miles.
Island Heights Branch; from Island Heights Junction to
Island Heights (on Toms River) 1.244 miles.
Miles.
ROCKY HILL RAILROAD AND TRANSPORTATION COMPANY, 2.873
Incorporated 1853. Rocky Hill to Kingston, N. J., Road
opened 1864. Leased to Pennsylvania Railroad in perpetu-
ity. Rental net earnings. Stock $45,600. No funded debt.
LEGISLATIVE ACTS.
Road extends from Rocky Hill to Kingston at intersection
of Kingston Branch of United New Jersey Railroad.
UNITED NEW JERSEY RAILROAD AND CANAL COMPANY. (Railroad only) 149.125
Jersey City to Trenton. South Amboy to Camden. Canal
owned. Bordentown to New Brunswick and feeder 66
miles. February, 1831, an act was passed to consolidate
stocks of the Delaware and Raritan Canal Company and the
Camden and Amboy Railroad. Main line Railroad and
Canal completed in 1834; branch 1838. In 1836, the joint
companies acquired controlling interest in the stock of the
Philadelphia and Trenton Railroad Company. All of these
companies agreed to an equal division of joint profits. Jan-
uary, 1867, the United Companies took in the New Jersey
Railroad, which owned the line from New Brunswick to
Jersey City. The profits were then divided among the four
companies. On June 3Oth, 1871, the entire property was
leased to the Pennsylvania Railroad for 999 years; which
company agreed to pay an annual rental equal to ten per
cent, on the aggregate capital stock, and the same rate to the
Philadelphia and Trenton. The lessee assumed all obliga-
tions. Therefore, the consolidated companies received ten
per cent, net on the capital stock, $21,240,400. The funded
debt is $20,000,000.
DELAWARE AND RARITAN CANAL.
Main waterway extends from Bordentown City to New
Brunswick City. Feeder extends from junction with main
canal at Trenton City to Delaware River at Raven Rock.
See summary for length of canal.
VINCENTOWN BRANCH RAILROAD COMPANY, 2.892
Incorporated in 1861. Kwansville to Vincentown. Leased
June, 1868, to Camden and Amboy Railroad. Operated by
Pennsylvania Railroad. Rental six per cent, on $15,000 of
the capital stock and taxes. Capital stock $25,000. Funded
debt $15,000.
221
Miles.
WEST JERSEY AND SEASHORE RAILROAD COMPANY, 337-304
Philadelphia to Cape May, Atlantic City & Branches. Consol-
idation of the West Jersey Railroad Company, the Alloway
and Quinton Railroad, the West Jersey and Atlantic Rail-
road, the Camden and Atlantic Railroad, the Chelsea
Branch Railroad Company and the Philadelphia, Marl-
ton and Medford Railroad Company in 1896. The Del-
aware River Railroad was absorbed in 1900. While this
railroad is included in the Pennsylvania System in New Jer-
sey, it is separately operated and makes separate, annual
statements. The total mileage of the Pennsylvania Railroad
Company of New Jersey, including the West Jersey and Sea-
shore and the Pennsylvania Tunnel and Terminal Railroad
Company and the Delaware and Raritan Canal.
DELAWARE AND RARITAN CANAL.
Main Canal extending from Bordentown City
to New Brunswick City, 43457
Canal feeder extending from Junction with main
canal at Trenton to Delaware River at Raven
Rock, 22.727
66.184
Total miles first track, 758.529
Total miles route Railroad and Canal, 824.713
CENTRAL RAILROAD OF NEW JERSEY SYSTEM.
Total Miles of Route, 443-735
BUENA VISTA RAILROAD, 1.123
Greenwich to Coha'nsey, N. J. Capital $21,400.
CARTERET EXTENSION RAILROAD, i-77
Carteret, N. J., to Staten Island Sound. Capital $23,600.
CARTERET AND SEWAREN RAILROAD, 1.238
Siebig's to Port Reading Railroad. Capital $24,800.
CENTRAL RAILROAD OF NEW JERSEY, 158.647
Central R. R. of N. J. Main Line, 72.306
Henderson Street Branch, .421
Jersey Avenue Branch, -547
Phillip Street Branch, .991
Port Johnson Spur, .294
Branch to Insulated Wire & Cable Co., -543
West Second Street Branch, -577
Elizabeth Loop Line, 2.716
Newark and New York B'ranch, 6.229
222
Miles.
Passaic Zinc Works Spur, .618
Manufacturers' Branch, 1.061
Elizabeth & Perth Amboy Branch, 12.336
Newark & Elizabeth Branch, 5-717
Constables' Hook Branch, 2.147
South Branch, 15.728
High Bridge Branch, 15.031
Br. to Ingersol Sergeant Drill Co., . . ' .703
Mount Olive Branch, 2.628
Longwood Valley Branch, 10.948
Lake Hopatcong Branch, 5-517
Feigenspan Branch, .339
Chester Hill Branch, 1.250
Consolidation February 22d, 1849, of the Elizabeth & Somer-
ville Railroad and the Somerville & Easton Railroad. Con-
trolled by the Reading Company, through ownership of a
majority of stock (Capital), which is $27,436,800. Funded
debt $52,851,000.
LEGISLATIVE ACTS.
EHzabethtown and Somerville Railroad chartered in 1831.
Somerville and Easton Railroad chartered in 1847. Central
Railroad of New Jersey chartered in 1849. Extension of
road from Elizabeth to Jersey City and construction of draw-
bridges, etc., authorized in 1860. Road extends from Jersey
City to Phillipsburg.
BRANCH LINES.
Newark and New York Branch; from Communipaw to
Newark.
Constables' Hook Branch; from Centreville to Constables'
Hook.
Port Johnson Spur; from Main Line at Bayonne City to
coal docks at Port Johnson. Entirely within the taxing dis-
trict of Bayonne City.
Elizabeth Loop Line. Entirely within the taxing district
of Elizabeth City.
Elizabethport and Perth Amboy Branch; Elizabethport to
Perth Amboy.
Bay Way Extension; from a point on the Elizabethport
and Perth Amboy Branch, in the taxing district of Elizabeth
City, to tidewater.
Newark and Elizabeth Branch ; from Newark to Elizabeth.
Manufacturers' Branch; from Brille, on line of Newark
and New York Branch, to the Passaic River. Entirely within
the taxing district of Newark City.
223
High Bridge Branch; from a point on main line at High
Bridge to German Valley.
Mount Olive Branch ; running through the taxing districts
of Washington and Chester Townships.
Chester Hill Branch. Entirely within the taxing district of
Chester Township.
Longwood Valley Branch; from German Valley to Port
Oram.
Lake Hopatcong Branch ; from Kenvil to Nolan's Point at
Lake Hopatcong.
Miles.
CUMBERLAND AND MAURICE RIVER RAILROAD, 21.34;
Capital Stock $252,900. Incorporated January 28th, 1879.
Road extends from Bridgeton to Maurice River, on Dela-
ware Bay.
CUMBERLAND AND MAURICE RIVER EXTENSION RAILROAD, 1.967
Capital Stock $16,200. Bridgeton Junction to Bivalve, N. J.
Incorporated January I3th, 1887. Road extends from a point
on the Vineland Railroad near Bridgeton to Cumberland and
Maurice River Railroad.
DOVER AND ROCKAWAY RAILROAD, 4-637
Wharton to Rockaway. Chartered March 8th, 1880; opened
1881 as a continuation of High Bridge Railroad. Lease
guaranteed by Central Railroad of New Jersey, for 999
years, April 26th, 1881. Capital Stock $140,000. Funded
debt $35,000.
ELIZABETH EXTENSION RAILROAD, 1.653
Great Island Junction to terminus. Capital $30,000.
FREEHOLD AND ATLANTIC HIGHLANDS RAILROAD COMPANY (Main
Track), 22.669
Branch to New York & Long Branch R. R., 325
Branch to Keyport Dock, 307
Branch to Hopping Station, 353
Branch to Stone Church, 2.129
25-783
Freehold to Atlantic Highlands; Atlantic Highlands to
Stone Church. Capital Stock $650,000.
HIEERNIA MINE RAILROAD, Main Track, 4-441
Branch to Beach Glen Mine.
Rockaway to Hibernia. Capital $200,000.
LAFAYETTE RAILROAD COMPANY, .559
Runs from Lafayette to Griffing Iron Works. Capital stock
$61,800.
224
Miles.
MANUFACTURERS' EXTENSION RAILROAD, Main Track, 994
Branch to Baeder Adamson & Company Works, 305
1.299
MIDDLE BROOK RAILROAD COMPANY, 1.928
Middle Brook to Chimney Rock. Capital Stock $4,000.
MIDDLE VALLEY RAILROAD COMPANY, 1-347
Middle Valley to Quarry. Capital $9,900.
NAVESINK RAILROAD COMPANY, Main Track, 3-965
Branch to Freehold & Atlantic Highlands Railroad,
including <1 Y" connection 531
4.496
Atlantic Highlands to Highland Beach. Capital stock
$701,900.
NEW JERSEY SOUTHERN RAILROAD COMPANY.
Main Line 63.336
Atco Branch 750
East Long Branch & Eatontown Branch 5.160
Long Branch & Sea Shore Division 6.238
75484
Capital stock $2,590,600. Raritan & Delaware Bay Railroad
chartered in 1854. Name changed 1870 to New Jersey
Southern Railroad. Same year consolidated with the Long
Branch & Sea Shore Railroad.
LEGISLATIVE ACTS.
Road extends from Port Monmouth to Atsion.
BRANCH LINES.
Atco Branch. From Atsion to Atco.
Long Branch & Seashore Division. From Sandy Hook to
East Long Branch.
NEW JERSEY TERMINAL RAILROAD COMPANY.
Main Line 4.803
Branch No. 2, to Tuft's Point 73 1
5-534
Carteret to Pennsylvania Railroad. Carteret to American
Agricultural Chemical Works. Capital stock $500,000.
Funded debt $250,000.
225
Miles.
NEW YORK AND LONG BRANCH RAILROAD, ...................... 37-799
Perth Amboy to Bay Head. Consolidation, December 21 st,
1881, of the New York & Long Branch, the New Egypt &
Farmingdale, the Long Branch & Sea Girt, the New York &
Long Branch Extension and the Barnegat Bay Railroads.
Leased to the C. R. R. of N. J. and the Penn. R. R. jointly
for 99 years, from January 2d, 1888. Rental, interest on
bonds, 7 per cent, on stock (all owned by C. R. R. of N. J.)
and $6,000 for expenses of organization. Operated under in-
dependent management. Capital stock $2,000,000. Funded
debt $2,438,000. Incorporated 1868. Connects with Phila-
delphia & Long Branch R. R. at Bay Head Junction.
OGDEN MINK RAILROAD COMPANY, Main Line ............ 9-693
Heckscher & Copley Branch ......................... 463
10.156
Chartered February igth, 1864. Leased November 4th, 1881,
to the C. R. R. of N. J. for 999 years, from January ist,
1882. Rental 5 per cent, on the stock $450,000, and $500
for organization expenses. Nolan's Point to Edison. Cost
of road $450,000.
LEGISLATIVE ACTS.
Road extends from Ogden Mine, Sparta Township, to
Nolan's Point, Jefferson Township.
RARITAN NORTH SHORE RAILROAD, ...........................
Perth Amboy to Raritan Brick Works. Capital $66,400.
SOUND SHORE RAILROAD, Main Line .................... 4-199
Branch No. 1 ....................................... 350
Branch No. 2 ....................................... 280
Branch No. 3 ....................................... 68 1
Branch No. 4 ....................................... 086
Broadway, Elizabeth, to Carteret ; including Bayway and
Tremley Spurs. Capital stock $149,200.
TOMS RIVER RAILROAD COMPANY, ............................... 7.496
Lakehurst to Toms River. Capital stock $240,000. Incor-
porated September 2Oth, 1881. Road extends from Man-
chester, on line of New Jersey Southern Railway to Toms
River, connecting with the Toms River & Waretown Rail-
road.
TOMS RIVER AND BARNEGAT RAILROAD COMPANY, .............. 14.71.3
Toms River to Barnegat. Capital stock $75,300. Toms
River & Waretown Railroad incorporated 1870. Extends
from Toms River at intersection with the Toms River R. R.,
through Forked River & Waretown, to Barnegat.
15 E s
226
Miles,
VINELAND RAILROAD COMPANY, Main Line 46.871
Branch to Bridgeton Station 227
47.098
Atsion to Bay Side. Capital Stock $600,000.
VINELAND BRANCH RAILROAD. Capital $8,000. 3.615
LEGISLATIVE - ACTS.
Incorporated 1867. On line of ^ T ew Jersey Southern
Railway.
WEST END RAILROAD COMPANY, 1.435
Incorporated April 29th, 1878. Long Branch to West End.
Capital stock $43,700.
WEST SIDE CONNECTING RAILROAD COMPANY, .859
West Side Avenue to Danforth Avenue. Capital stock
$125,400.
Total Miles First Track, 443-735
PHILADELPHIA AND READING RAILWAY SYSTEM.
Total Miles of Route.. 229.843.
ATLANTIC CITY RAILROAD COMPANY, Main Line, 55-914
Gloucester & Mt. Ephriam Branch, 10.916
Williamstown & Delaware River Branch, 22.434
Glassboro, .336
Baltic Avenue, 1.226
Sea Island City, 40.298
Ocean City, * 10.085
Cape May, 26.819
168.028
Consolidation May 24th, 1901, of the Atlantic City Railroad
Company, the Camden County Railroad Company, the Sea
Coast Railroad Company, and the Ocean City Railroad Com-
pany. Capital stock $3,625,000. Funded debt $4,500,000.
CAPE MAY, DELAWARE BAY & SEWELL'S POINT RAILROAD.
Main line, 6.205
Branch to West Jersey & Seashore R. R., .720
6.925
Incorporated September 3d, 1880. Chartered January I9th,
1893, when it consolidated with the Delaware Bay and Cape
May Railroad, which was incorporated April I2th, 1879, and
the Cape May and Schellinger's Landing Railroad, incor-
porated May 23d, 1881. Road was electrified in 1891, for
passenger service. Reading Co. acquired control in 1901.
Capital stock $150,000. Funded debt $150,000. Cape May
Point to Sewell's Point.
227
Miles.
DELAWARE .AND BOUND BROOK RAILROAD COMPANY.
Main Line, 27.040
Trenton Branch, opened 1877, 3.829
30.869
Chartered May I2th, 1874. Opened May ist, 1876. Bound
Brook Junction to Delaware River, Trenton Junction to
Trenton. Leased to Philadelphia and Reading Railroad May
1 2th, 1879, for 990 years. Eight per cent, on capital stock.
Capital stock $1,800,000. Funded debt $1,800,000. Road ex-
tends from the middle of the Delaware River to Bound
Brook.
BRANCH LINES.
Trenton Branch. From Trenton Junction on main line
to Trenton City.
EAST TRENTON RAILROAD COMPANY, 2.975
Millham to terminus, Trenton. Controlled by the Delaware
and Bound Brook Railroad Company. Capital stock $59,000,
representing cost of road. Incorporated April I7th, 1884,
under the General Railroad Act of April 2d, 1873. Road
extends from a point in the Trenton Branch of the Delaware
and Bound Brook Railroad to a point in Millham.
PORT READING RAILROAD COMPANY.
Port Reading Jet. to Port Reading, main line, 19.609
Woodbridge Branch, 1.437
21.046
Chartered November 5th, 1890. One road completed Sep-
tember, 1892. Controlled by Reading Company through
ownership of the entire capital stock, $2,000,000. Funded
debt $1,500,000.
ERIE RAILROAD COMPANY SYSTEM.
Total Miles of Route, 159-552
ARLINGTON RAILROAD COMPANY, .976
Double track. Extends from Newark Junction to New York
and Greenwood Lake Junction, N. J. Entire capital $4,000;
owned by Erie Railroad.
BERGEN COUNTY RAILROAD COMPANY, 9-741
Rutherford Junction to Ridgewood Junction. Double track.
Organized September 9th, 1880. Capital stock $200,000. 6
per cent, bonds $200,000. Erie owns entire capital stock,
which is deposited as security for its first consolidated mort-
228
gage. Funded debt $200,000. Extends from Rutherford, on
line of Paterson and Hudson R. R. R., to Ridgewood, on
line of Paterson and Ramapo R. R.
Dundee Spur. From Garfield to Passaic City.
Miles.
BERGEN AND DUNDEE RAILROAD COMPANY, '. 1.875
Incorporated July 8th, 1885. Garfield to Passaic. Capital
$40,000; owned by Erie and deposited as security for first
consolidated mortgage.
CALDWELL RAILWAY COMPANY, 4-543
Capital $47,800; owned by New York and Greenwood Lake-
Company. Leased to the Erie for 999 years from May
ist, 1896.
DOCKS CONNECTING RAILWAY COMPANY, .278
Capital, $9,000. Owner "by the Erie.
ERIE TERMINAL RAILROAD COMPINY, 1.768
At Edgewater, N. J. Capital, $68,000. Leased by New York,
Susquehanna & Western Railroad, which is controlled by the
Erie.
LONG DOCK COMPANY, 2.802
Double track. Chartered in New Jersey February 26th. 1856,
with power to hold and improve land, build docks, piers and
railroads. Assets consist of 577 acres of land improved
with buildings, piers, docks, etc., worth, according to 1905
assessment, $6,931,023. Capital stock, $800,000. Funded
debt, $7,500,000. Both owned by Erie Railroad.
Road extends from Seventeenth Street (Pavonia Ferry),
Jersey City, to intersection with Paterson & Hudson River
Railroad at West End, Befgen Junction, Jersey City.
NEWARK AND HUDSON RAILROAD, 7.879
Chartered March I7th, 1870; opened 1871. Capital stock,
$250,000. Funded debt, $250,000. First mortgage 7 per cent,
of 1901 stock and bonds deposited as security for Erie Rail-
road first consolidated mortgage bonds. Road extends from
Bergen Junction, in Jersey City, to Newark, connecting with
the Paterson, Newark and New York Railroad.
NEW JERSEY & NEW YORK RAILROAD COMPANY, 17.523
Incorporated under the laws of the State of New Jersey and
the State of New York. Consolidation in December, 1885, of
a company of the same name with the Hackensack Railroad
Company. The Erie, having secured control, took posses-
sion April 7th, 1896, but operates it separately.
New Jersey and New York Junction, N. J., to Nanuet
Junction, N. Y.
229
Spring Valley to Garnersville, N. Y.
Stoney Point Junction to Strong Point, N. Y.
New City Junction to New City, N. Y.
LEGISLATIVE ACTS.
Hackensack & New York Railroad incorporated 1856.
Title of Trustees changed to "The Hackensack and New
York Extension Railroad," in 1869. Construction of a
branch from Hillsclale to New York Line authorized in
1872. Merging and consolidation of the Hackensack and
New York Railroad and the Hackensack and New York
Extension under the title of "New Jersey and New York
Railroad Company," in 1873. Road extends from a point on
line of Paterson and Hudson River Railroad, near Ruther-
ford, to the New York State line.
Miles.
NEW YORK AND GREENWOOD LAKE RAILROAD COMPANY.
Main Line, 41.312
Ringwood Branch, 2.529
43.841
Successor, November ist, 1878, to the Montclair and Green-
wood Lake Railroad. Leased to the Erie on May ist, 1896,
for 999 years, at a rental equal to fixed charges. New York
and Greenwood Lake Junction to Sterling Forest, N. J.
Ringwood Junction to Ringwood, Caldwell Railway, Rose-
land Railway, Watchung Railway. Capital stock $100,000.
Funded debt $1,471,600. Guaranteed principal and interest
by Erie Railroad. Erie Railroad Company, lessee.
LEGISLATIVE ACTS.
Montclair Railway Company chartered 1867.
Act amended in 1873 to enable the Montclair Railway to
consolidate with the Watchung Railway, the Hudson Con-
necting Railway and the New Jersey Midland Railroad.
The Montclair Railway was sold under foreclosure and re-
organized as per certificate filed October 3Oth, 1875, as the
Montclair & Greenwood Lake Railway Company. This was
subsequently sold under foreclosure and reorganized by cer-
tificate filed November ist, 1878, as the New York and Green-
wood Lake Railway Company.
NEW YORK, LAKE ERIE & WESTERN DOCKS IMPROVEMENT COM-
PANY, .505
Organized June 28th, 1881, for the purpose of buying and re-
claiming lands in Hudson County. Capital stock $604,000.
Funded debt $4,000,000. Both owned by Erie Railroad.
230
Miles.
NORTHERN RAILROAD OF NEW JERSEY, 19.858
Chartered February Qth, 1854. Opened October ist, 1859.
Leased to the Erie Railroad, which agreed to pay dividends of
4 per cent, a year on capital stock of $1,000,000. Funded
debt $808,000. Bergen Junction, N. J., to Sparkill, N. Y.
Lease Nyack and Southern Railroad, Sparkill to Nyack, N. Y.
PATERSON & HUDSON RIVER RAILROAD, 13.966
Chartered January 3ist, 1831. Opened 1834. Lessee, Erie
Railroad Company. Leased in perpetuity to that company
from September 9th, 1852, at an annual rental of $48,400.
Capital stock $630,000. Jersey City to Paterson.
PATERSON, NEWARK & NEW YORK RAILROAD, 10.780
Incorporated 1864. Chartered January i6th, 1872. Paterson
to Newark. Owned by Erie Railroad. Capital stock $250,000.
Funded debt $500,000.
PATERSON & RAMAPO RAILROAD, 1443*
Erie Railroad, lessee. Paterson to New York State Line.
Chartered March loth, 1841. Opened 1842. Leased in per-
petuity September loth, 1852, to the Erie Railroad at a rental
of $26,500. Dividends 8 per cent, per annum. Capital
$298,000, representing cost of road.
PENHORN CREEK RAILROAD, 3-175
Penhorn Creek ranch "A", 461
3-636
Extends from Newark & Hudson Junction, Jersey City, to
Fish Creek, N. J.
ROSELAND RAILWAY, 1.044
Run by the New York & Grenwood Lake Railroad, which
is owned by the Erie Railroad. Capital stock, $2,000. Cald-
well to Essex Fells.
WATCHUNG RAILROAD COMPANY, 4.106
Incorporated 1870. Successor Bloomtield and Orange Horse-
Car Railroad. Run by the New York & Greenwood Lake
Railroad, which is owned by the Erie Railroad. Capital stock
$47,000. Funded debt $200,000. Road extends from a junc-
tion with New York & Greenwood Lake Railroad, near
Newark, to East Orange.
Total Miles, First Track, 159-552
231
DELAWARE, LACKAWANNA AND WESTERN RAILROAD
SYSTEM.
Total Miles of Route, 208.071.
Miles.
CHESTER RAILROAD COMPANY, 9.981
Dover to Chester. Chartered 1867. Opened 1872. Leased
to Morris and Essex Railroad for 4 per cent, on bonds.
Capital stock $100,534. Floating debt $127,655.
HOPATCONG RAILWAY COMPANY, 1,624
Junction with Morris & Essex Railroad, near Hopatcong,
to works of the American Forcite Powder Manufacturing
Company, Roxbury. Acquired by the Delaware, Lacka-
wanna & Western Railroad, August i6th, 1892, by purchase
of its stocks, $10,000.
MORRIS & ESSEX RAILROAD, Main Line, 83.812 miles
Boonton Branch, 34-239 "
118.051
Hoboken to Phillipsburg, Denville to West End Tunnel.
Chartered January 29th, 1853. Opened to Hackettstown
January, 1854. Opened to Phillipsburg in 1866. Tunnel
completed in 1876. Leased in perpetuity to the Delaware,
Lackawanna & Western Railroad, the lessee assuming all
liabilities and agreeing to pay seven per cent, per annum on
the capital stock, $15,000,000, and interest on the bonds.
Funded debt $32,077,000.
LEGISLATIVE ACTS.
Act to perfect junction with New Jersey Railroad 1853.
Act to build bridge across Delaware at Phillipsburg, 1865.
Act to validate and confirm lease to Delaware, Lackawanna
& Western Railroad 1869.
BRANCH LINES.
Boonton Branch. Jersey City to Rockaway.
MORRIS & ESSEX EXTENSION RAILROAD COMPANY, 1,885
Junction with Morris & Essex to Paterson. Chartered May
1889. 'Operated by the Delaware, Lackawanna & West-
ern Railroad as lessee of the Morris & Essex Railroad under
an agreement dated May 6th, 1889, to pay 4 per cent, on its
stock, $221,000. Floating debt, December 3ist, 1897, $73,254-
2 3 2
Miles.
NEWARK & BLOOMFIELD RAILROAD COMPANY, 4-IQ4
Newark Junction to Montclair. Chartered March 26th, 1852.
Opened July ist, 1856. Leased to Delaware, Lackawanna
& Western Railroad April ist, 1868, for 99 years, at an
annual rental of 6 per cent, on capital stock, $103,-
850, of which the Delaware, Lackawanna & Western owns
$97,700. Floating debt, December 3ist, 1908, $459,144.
Road extends from Roseville Junction, on line of Boonton
Branch of Morris & Essex Railroad to Montclair.
PASSAIC & DELAWARE RAILROAD COMPANY, 13.814
Summit & Bernardsville. Organized October 29th, 1878, as
successor of the New Jersey West Line Railroad Company.
Leased for term of corporate existence November ist, 1882,
to the Delaware, Lackawanna & Western Railroad, at a
yearly rental of 5 per cent, on capital stock, $111,050, of
which the lessee owns $109,350. Floating debt due lessee,
$32,435-
PASSAIC & DELAWARE EXTENSION RAILROAD COMPANY, 7.406
Junction with Passaic & Delaware Railroad at Bernardsville
to Gladstone. Chartered April, 1890. Opened September,
1890. Operated by the Delaware, Lackawanna & Western
Railroad as lessee under agreement dated May ist, 1890,
to pay 4 per cent, on its stock, $100,000.
ROCKAWAY RIVER & MONTVILI,E RAILROAD COMPANY, 1.800
Capital $30,000. Operations included in report of Morris &
Essex Railroad Company.
SUSSEX RAILROAD COMPANY, Main Line, 24.237 miles
Branchville Branch, 6.287
30.524
Junction with Morris & Essex Railroad near Stanhope, to
Franklin, Lafayette to Branchville. Chartered February
5th, 1853. Main line opened December nth, 1854. Capital
stock $1,638,600.
LEGISLATIVE ACTS.
Incorporated as Sussex Mine Railroad in 1848. Title
changed to "Sussex Railroad" in 1853. Extension of road
to connect with Morris & Essex Railroad to Branchville
Junction.
BRANCH LINES.
Cut-off to Newton. Branchville Branch; from Branch-
ville Junction through Lafayette to Branchville.
233
Miles.
WARREN RAILROAD COMPANY, 18.792
New Hampton Junction to Delaware River. Chartered
February I2th, 1851. Opened June, 1856. Leased October
ist, 1857, for term of corporate existence, to the Delaware,
Lackawanna & Western Railroad. Annual Rental, 7 per
cent, on capital stock, $1,800,000, and interest on bonds.
Funded debt, $1,394,000. Road extends from Hampton Junc-
tion, on line of New Jersey Central Railroad, to the Dela-
ware River, near Delaware, Knowlton Township, connect-
ing with the New York, Susquehanna & Western Railroad.
Total miles of first track, 208.071
THE NEW YORK, SUSQUEHANNA & WESTERN RAILROAD
SYSTEM IN NEW JERSEY.
Total Miles of Route, 127.028.
Miles.
HACKENSACK & LODI RAILROAD COMPANY, 1.340
Lodi Junction to Hackensack. Capital, $25,000. All owned
by New York, Susquehanna & Western Railroad.
LODI BRANCH RAILROAD, .564
Lodi Junction to Lodi, 2 miles, of which .32 miles are in
operation. Chartered June I5th, 1880. Capital stock, $60,
ooo. All owned by the New York, Susquehanna & Western
Railroad.
LEGISLATIVE ACTS.
Chartered 1870.
MACOPIN RAILROAD COMPANY, 1-573
Chartered November 8th, 1886. Capital stock, $60,000.
Funded debt, $44,000. Both owned by the New York, Sus-
quehanna & Western Railroad. Macopin Lake Junction to
Macopin Lake. Road extends from a point of connection
with the New York, Susquehanna & Western Railroad
near Charlottsburgh, West Milford Township, to Macopin
Lake.
NEW YORK, SUSQUEHANNA & WESTERN RAILROAD.
Main Line, 94.384
Hudson River Terminal Branch, 2.916
Paterson Branch, .703
Unionville 19.368
Delaware 3.103
120.474
234
Incorporated by consolidation of the Midland Railroad Com-
pany of New Jersey, the Paterson Extension, the Midland
Connecting Railway, the North Jersey Railroad Company, all
of New Jersey; and the Water Gap Railroad Company, of
Pennsylvania. Articles of agreement and consolidation under
the name of the New York, Susquehanna & Western Rail-
road Company filed June I7th, 1881. Road extends from
Marion (Jersey City), intersection "of United New Jersey
Railroad, to Gravel Place, Pa. Length to State Line, 94.009
miles. Length from Jersey City to Gravel Place, 101.20 miles.
BRANCH LINES.
Unionville Branch. From Two Bridges, N. J., to Union-
ville, N. Y., through the townships of Hardyston, Sparta
and Wantage.
Delaware Branch. From Columbia Junction, N. J., to Dela-
ware, N. J. ; entirely within the township of Knowlton.
Paterson Branch. From main line to Passaic, entirely
within the taxing district of Passaic City. Consolidated April
5th, 1893, with the Hudson River Railroad & Terminal Com-
pany. Owned by the Erie Railroad but operated as a sepa-
rate company. Common stock $13,000,000. Preferred stock
$13,000,000. Funded debt $15,613,000.
Miles.
PASSAIC & NEW YORK RAILROAD COMPANY, 3.077
Passaic to Passaic Junction. Organized July I4th, 1885.
Opened February 8th, 1886. Capital stock $70,000. All owned
by the New York, Susquehanna & Western Railroad. Funded
debt $70,000. Total cost of road $140,000.
Total Miles of First Track, 127.028
LEHfGH VALLEY RAILROAD SYSTEM IN NEW JERSEY.
Total Miles First Track Railroad 121.035.
BAY SHORE CONNECTING RAILROAD, 1.207
Capital stock $34,777; owned jointly by the Lehigh Valley
Railroad and the Central Railroad of New Jersey. Operated
independently. Spur.
LEHIGH VALLEY RAILROAD OF NEW JERSEY.
Main Line, 75-133
Andover Branch, .553
Musconetcong Branch, 3- 2I 8
Pittstown " 4-089
Clinton " 2.020
235
Miles. Miles.
Flemington " 1-874
Bloodgoods 1.009
Central Railroad of New Jersey Conn., 1.069
Irvington Branch, 2.962
West Newark " .903
Newark & Passaic Branch, 1.040
Edgewater " i.ooi
National Docks " 6.796
and N. J. June. Branch, .451
Communipaw Branch, .363
National Storage Branch, .286
Kill von Kull " 470
Perth Amboy " 10.262
Pennsylvania Railroad Connection, .414
Raritan Branch, 5.121
Keasby's " .482
Weber " 172
Middlesex " .140
119.828
Jersey City to Phillipsburg, N. J. The entire capital stock,
$20,433,000, is deposited as collateral to the general consoli-
dated mortgage of the Lehigh Valley Railroad, and provision
is made in that mortgage for the retirement of the out-
standing bonds. Funded debt $16,475,000.
Total Miles Railroad, First Tfack, 121.035
MORRIS CANAL & BANKING COMPANY, 108.760
Beginning at west side of arch, junction of canal with
Delaware River at Phillipsburg, ending at end of pier 1,527'
east of east side of Washington Street, Jersey City, Hudson
County. Combination commenced 1827. Original canal
completed 1831. Extension completed 1836. Company re-
organized 1849. Capital, $10,250. Common shares, $11,750.
Preferred shares all at $100 par value. Canal leased to
Lehigh Valley Railroad Company in 1871 in perpetuity.
Main waterway of canal, 102.648
Lake Hopatcong feeder, .695
Pompton feeder, 5-417
Total length of first track and canal, 229.795
RAILROADS NOT CLASSIFIED.
Total Miles First Track, 321.282.
ATLANTIC CITY & OCEAN CITY RAILROAD COMPANY, 2.624
Somers Point to Ocean City. Chartered March igth, 1906,
for 999 years. Organized April I7th, 1906. Opened July ist,
1907. Leased to the Atlantic City & Shore Railroad. Cap-
ital stock, $180,000.
Miles.
ATLANTIC CITY & SHORE RAILROAD COMPANY, 2.231
Atlantic City to Meadows Tower. Charter runs 999 years
from October 21 st, 1905. Incorporated November 22d, 1905.
Operated by single overhead and three-rail systems. The
West Jersey & Seashore Railroad has an option to pur-
chase, any time between May 1st, 1913, and May ist, 1918,
a majority of the capital stock ($1,000,000) of this company.
Funded debt, $850,000.
BALTIMORE & NEW YORK RAILWAY COMPANY, 5-3OO
Capital stock, $350,000. Funded debt, $350,000. Virtually
merged in the Baltimore & Ohio Railroad, which owns or
guarantees their stock and bonds.
EAST JERSEY RAILROAD & TERMINAL COMPANY, .512
Lines leased: In Bayonne City, from Central Railroad of
New Jersey to Pier No. 4, tracks are leased for 30 years from
December 23d, 1901, from the Tide Water Oil Company.
Incorporated January i3th, igoi, to build in a line from a
point in Bayonne to Kill von Knll, about 2 miles. Capital
stock, $82,000. (Authorized, $150,000.)
ELIZABETH & TRENTON RAILROAD, 23.102
Trenton to New Brunswick. Chartered May I9th, 1910.
Capital stock $300,000. 5 P. C. cumulative preferred. $900,-
ooo common. Successor to Trenton & New Brunswick and
New Jersey Short Line.
FERRO MONTE RAILROAD COMPANY, 1.022
Capital stock, $30,000. No't operated during 1908. Not men-
tioned in Poor's Manual for 1909.
LEGISLATIVE ACTS.
Chartered 1869. Road extends from Vanatta Station to
the Byram Mine.
HOBOKEN MANUFACTURERS' RAILROAD COMI-AXY, .062
Capital $400,000. Funded debt $350,000.
HOBOKEN RAILROAD WAREHOUSE & STEAMSHIP CONNECTING Co.. 1.554
Main line, 1-347 miles
Branch No. i, 167 "
Branch No. 2, 040
Capital $300,000. Funded debt $189,000. (Poor gives funded
debt as $196,000.) Road opened 1897, solely for freight.
Leased to the Hoboken Manufacturers' Railroad Company.
HOPATCONG SHORE RAILROAD, 1. 147
Capital stock, $100,000. (Authorized $47,000.) Issued
bonds authorized $9,000, 5 per cent.
237
Miles.
HUDSON & MANHATTAN RAILROAD COMPANY, 4.060
Incorporated December 5th, 1906, in New York and Ne\v
Jersey, as a consolidation of the Hoboken and Manhattan
Railroad Company of New Jersey, the New York & Ne-w
^Jersey Railroad Company of New York and the Hudson
& Manhattan Railroad Company of New York ; thus, becom-
ing owner of all the tunnels, franchise and properties of
these companies. Authorized capital stock : Common,
$40,000,000; preferred, $10,000,000. Outstanding common
stock, 39,994,890; preferred, $5,242,151. Funded debt,
January ist, 1911, $67,791,000. Car trust obligations $1,252,-
ooo. Real estate mortgage $42,000.
HUDSON RAILROAD & TRANSPORTATION COMPANY, .265
Capital $2,000. Not mentioned in Poor's Manual, of 1909.
LEHIGH & HUDSON RIVER RAILWAY COMPANY, 48.154
Chartered April ist, 1882. Consolidated May 23, 1907,
with the Orange County Railroad Company. In 1889,
entered into a 99 year contract with the Pennsylvania Rail-
road Company for the use of the Pennsylvania tracks
between Belvidere and Phillipsburg; and, to the Pennsyl-
vania, the use of this line to reach the Poughkeepsie Bridge.
Capital stock, $1,340,000. Funded debt, $2,669,000. Incorpo-
rated January 6th, 1881, under the General Railroad Act of
April 2d. Road extends from Belvidere to Greycourt, N. Y.
LEHIGH & NEW ENGLAND RAILROAD COMPANY, 23.582
Slatington, Pa., to Harrisburg Junction, N. J., Swartswood
Junction, N. J., to Liberty Corner, N. Y. ; Sussex Junction
to Sussex, N. J. Organized April 2d, 1895, as successor
to the Pennsylvania, Poughkeepsie and B'oston Railroad
Company, whose property was sold under foreclosure
December I4th, 1894. I* 1 I93> this company absorbed the
Northampton Railroad Company and, in November, 1904,
the Lehigh & Delaware Railroad and the Wind Gap &
Delaware Railroad Company. Capital stock $1,000,000.
Funded debt $4,180,000.
LUCASTON RAILROAD COMPANY, 1464
Capital $16,000. Gibbsboro to Lucaston. Operated solely
in the interest of John Lucas & Company.
MORRISTOWN & ERIE RAILROAD COMPANY.
Main Line, 10.618 miles
Malaparis Branch, 2.205
12.823
2 3 8
Morristown to Essex Fells. Reorganization August, 1903,
of the Whippany River Railroad Company. Capital stock
$400,000. Funded debt $300,000.
Miles.
MOUNT HOPE MINERAL RAILROAD COMPANY, .................... 3.653
Wharton to Mount Hope. Chartered March i6th, 1866. Cap-
ital $160,000. Used exclusively for hauling freight by mining
interests by which it is controlled. Road extends from Mount
Hope to Port Oram, through the townships of Randolph and
Rockaway.
NEW JERSEY JUNCTION RAILROAD COMPANY, Main Line, . . 4.438
Harsimus Branch, ................................... 343
Weehawken to Jersey City. Incorporated February 27th,
1886. Line starts from West Shore Railroad on the north
and runs southerly to the Delaware, Lackawanna & Western
Railroad, the Erie Railroad and the Pennsylvania Railroad,
under contract. Leased July ist, 1886, for 100 years, to the
New York Central & Hudson River Railroad Company. Au-
thorized capital stock $4,000,000. Issued $100,000. Funded
debt $1,700,000. New York Central & Hudson River Rail-
road owns stock and guarantees bonds.
NEW JERSEY & PENNSYLVANIA RAILROAD COMPANY, ............. 24.060
White House to Watnong. Incorporated December 2oth,
1904, to consolidate the Rockaway Valley Railroad Company
and the Speedwell Lake Railroad Company. Capital $400,000.
Funded debt $200,000.
NEW YORK & FORT LEE RAILROAD COMPANY, .................... 1.028
Capital stock $1,000,000. Operations included in report of
West Shore Railroad Company. Not in Poor's Manual of
1909.
LEGISLATIVE ACTS.
New York and Bulls Ferry Railroad chartered 1861. Name
changed to New York & Fort Lee Railroad 1862. Entirely
within the taxing district of Weehawken Township.
NORTH JERSEY RAPID TRANSIT COMPANY, ....................... 8.987
Electric Interurban from Paterson, N. J., to Suffern, N. Y.
Chartered in 1908. Capital $2,000,000. Shares $100.
Funded debt, $2,500,000; 5 per cent, gold bonds authorized.
239
Miles.
PKMBERTON & HIGHTSTOWN RAILROAD COMPANY, -24-374
Pemberton to Hightstown. Chartered March 24th, 1864.
Road opened February loth, 1868. Controlled by the Penn-
sylvania Railroad Company. Leased to the Union Trans-
portation Company for 3 years from July 3ist, 1896, and
from year to year thereafter until terminated by six months
written notice from either party. Rental $1,388.79 per annum
and cost of maintenance. Capital stock $342,150. Funded
debt $160,000.
PHILADELPHIA & BRIGANTINE RAILROAD COMPANY, 11.071
Capital stock $300,000. Funded debt $50,000. Road not
operated.
POHATCONG RAILROAD COMPANY, i-55o
From quarry of Edison Portland Cement Company, near Ox-
ford, to Oxford. Chartered October 21 st, 1907. Private road.
Operated by the Edison Portland Cement Company. Cap-
ital stock authorized $50,000. Paid in $5,000.
RAHWAY VALLEY RAILROAD COMPANY, Main Line,.. 7.000 miles
Lehigh Valley Branch, 532 "
Rahway River " 1.042
8.574
New Orange to Aldene and Roselle (Junction with Central
Railroad of New Jersey and Lehigh Valley Railroad).
Incorporated July i8th, 1904, to construct a railroad from
New Orange to a connection with the Delaware, Lackawanna
& Western Railroad at Summit, about 6 miles. Acquired
the line from New Orange to Aldene and Roselle by consoli-
dation with the New Orange Four Junction Railroad Com-
pany. Effective March ist, 1905. No capital stock or bonded
debt. Floating debt $350,689. Cost of road $337,689. Rahway
Valley Company, Lessee, .170
RARITAN RIVER RAILROAD COMPANY, Main Line,... 12.245 miles
Connection with Pennsylvania Railroad, .354
Sayreville Branch, 3-544
Serviss " 3.841 "
South River " 1.275 "
21.259
South Amboy to New Brunswick. Incorporated April 2oth,
1888. Main line opened July, 1890. Authorized capital
stock $1,000,000. Paid in $400,000. Funded debt $400,000.
RARITAN TERMINAL & TRANSPORTATION COMPANY, .605
Raritan Copper Works to tracks at Perth Amboy. Incor-
porated August 4th, 1898. Authorized capital stock, $50,000.
Paid in, $40,000.
240
Miles.
SOUTH KASTON & PHILLIPSBURG RAILROAD COMPANY, .702
South Easton to Phillipsburg. Organized July 25th, 1889.
Road opened January, 1890. Operated by the Lehigh &
Hudson River Railway. Capital stock, $150,000. All owned
by the Lehigh & Hudson River Railway Company.
STATEN ISLAND RAPID TRANSIT RAILROAD. COMPANY, .077
South Beach to Arthur Kill, N. Y. Chartered July 3ist,
1899, as successor to the Staten Island Rapid Transit Rail-
road Company, whose property was sold under foreclosure
April 20th, 1899. The Baltimore & Ohio Railroad owns
99.64 per cent. ($498,200) of the capital stock, $500,000.
Funded debt, $5,000,000.
TRENTON, LAWRENCEVILLE & PRINCETON RAILROAD COMPANY, .... 9-544
Road opened 1901. Owned and operated by the New Jersey
& Pennsylvania Traction Company, in whose statement oper-
ations are included. Capital stock, $200,000. Funded debt,
$100,000.
TRENTON, LAWRENCEVILLE & PRINCETON EXTENSION RAILROAD, . . 1.460
Capital, $50,000. (See Trenton, Lawrenceville & Princeton
Railroad Company.)
TRENTON TERMINAL RAILROAD COMPANY, .485
Chartered in perpetuity October 29th, 1903. Road opened
1904. Connects the Trenton & New Brunswick Railroad
with the Camden & Trenton Railway and is leased for 99
years to the latter company at an annual rental of $1,000.
The lessee pays all charges of maintenance, repairs, etc.,
excepting interest on bonds and organization expenses. Cap-
ital stock, $15,000. Funded debt, $15,000.
TUCKERTON RAILROAD COMPANY, 30.79?
Whiting's Station to Tuckerton; Tuckerton to Edge Cove
(not in operation). Chartered March 26th, 1866. Road
opened November ist, 1871. Reorganized 1880. Authorized
common stock, $125,000. Paid in, $106,867.80. Authorized
preferred stock, $500,000. Paid in, $445,373.74. Authorized
funded debt, $100,000.
/
LEGISLATIVE ACTS.
Incorporated 1869. Road extends from Whiting's, at the
junction of the Philadelphia & Long Branch Railroad with
the New Jersey Southern Railway; thence through Mana-
hawkin to Edge Cove, near Tuckerton.
241
Miles.
VENICE PARK, .585
Atlantic City & Shore Railroad, Ohio Avenue, Atlantic City,
to Venice Park. Capital stock, $10,000; $2,000 outstanding.
WEST SHORE RAILROAD COMPANY, 19.341
Incorporated under the New Jersey laws June I4th, 1881,
and under the New York laws December 5th, 1885, as
successor to the New York, West Shore & Buffalo Rail-
road. The Syracuse, Ontario & New York Railway was
absorbed June 3Oth, i8gi, and the West Shore & Ontario
Terminal Company of New York and New Jersey on June
25th, igoi. The property is leased to the New York Central
& Hudson River Railroad Company for 475 years, from
January ist, 1886, at a rental of interest on the bonds.
Capital stock, $10,000,000. Funded debt, $57,428,420.
WHARTON & NORTHERN RAILROAD COMPANY, 20.277
Morris County Junction to Green Pond Junction; Wharton
to Wharton Junction; Oreland Junction to Oreland. Cap-
ital stock, $500,000. Funded debt, $350,000.
Total miles first track, 321.282
SUMMARY OF MILEAGE, FIRST TRACK REVALUATION SURVEY.
1911.
Miles. Miles.
Pennsylvania Railroad System, 758.529
Central Railroad of New Jersey System, 443-735
Philadelphia & Reading Railway System, 229.843
Erie Railroad System , 159-55-2
Delaware, Lackawanna & Western R. R. System, 208.071
New York, Susquehanna & Western R. R. System, 127.028
Lehigh Valley Railroad System 121.035
Unclassified railroads, 321.282
Total Miles Railroads, 2,369.075
CANALS.
DELAWARE & RARITAN CANAL,
Waterways, 43-457
Canal Feeder, 22.727
66.184
MORRIS CANAL & BANKING COMPANY.
Chartered 1824.
Waterways, 102.648
Lake Hopatcong Feeder, .695
Pompton Feeder, 5-417
108.760
Total Miles Canals, 174-944
Total Miles Railroads and Canals, 2,544.019
l6ES
242
RECAPITULATION OF TRACK MILEAGE, NEW JERSEY.
IQII.
Miles of route, 2,369.075
' second track, 897.179
" " third track, 156.915
* fourth track, 140.278
" " running track, 3,563.447
" " sidings, 1,885.837
Total Miles of All Tracks, 5,449.284
Percentage of Miles of Route to Total Miles of all Tracks, 43-47
Percentage of Miles of Sidings to Total Miles of all Tracks, 34.60
Percentage of Miles of Second Track to Miles of all Route, 37-87
Percentage of Miles of Third Track to Miles of all Route, 6.62
Percentage of Miles of Fourth Track to Miles of all Route, 5.92
NOTE. Length of main stem and length of track do not agree in some
cases, for the reason that track does not extend the full length of main stem
in all cases and, on branch lines, the main stem is measured from right-of-
way line of main track.
The foregoing statement is of miles of rail only and does not include main
stem upon which no rails are laid. The length of main stem will exceed the
miles of track-route. The most notable example being the mileage of main
stem of Lackawanna Railroad of New Jersey which is 27.38 miles in length
VALUATION OF
Railroads and Canals of New Jersey
1911
CLASSIFICATION SUMMARY.
(243)
INDEX,
PENNSYLVANIA SYSTEM. PAGE.
Pennsylvania System, Summary, 249
Pennsylvania Railroad, Lessee, . 250
Barnegat Railroad, 251
Belvidere & Delaware, 252
Camden & Burlington County, 253
Delaware River R. R. & Bridge Company, 254
Freehold & Jamesburg Agricultural, 255
Harrison & East Newark Conn. R. R. Co., 256
Kinkora & New Lisbon, 257
Millstone & New Brunswick, 258
Mount Holly, Lumberton & Medford, 259
New York Bay, 260
Pennsylvania Tunnel & Terminal Co., 261
Perth Amboy & Woodbridge, 262
Philadelphia & Beach Haven, 263
Philadelphia & Long Branch, 264
Rocky Hill R. R. & Transportation Co., 265
United New Jersey R. R. & Canal, 266
Vincentown Branch, 267
West Jersey & Sea Shore, 268
CENTRAL R. R. OF NEW JERSEY SYSTEM.
Central Railroad of N. J. System, Summary, 269
Buena Vista Railroad, 270
Carteret Extension, 271
Carteret & Sewaren, 272
Central Railroad of New Jersey, 273
Cumberland & Maurice River, 274
Cumberland & Maurice River Extension, 275
Dover & Rockaway, 276
Elizabeth Extension, 277
Freehold & Atlantic Highlands, 278
Hibernia Mine, 2/9
Lafayette, 280
Manufacturers' Extension, 281
Middle Brook, 282
Middle Valley, 283
Navesink, 284
New Jersey Southern Railway, 285
New Jersey Terminal, 286
New York & Long Branch, 287
(245)
246
CENTRAL R. R. OF NEW JERSEY SYSTEM Continue*. PAGE.
Ogden Mine, 288
Raritan North Shore, 289
Sound Shore, 290
Toms River, 291
Toms River & Barnegat, 292
Vineland Railroad, 293
Vineland Branch, : 2-94
West End, 295
West Side Connecting, 296
PHILADELPHIA & READING RAILWAY.
Philadelphia & Reading Railway, Summary, 297
Atlantic City, 298
Cape May, Delaware Bay & Sewells Point, 299
Delaware & Bound Brook, 300
East Trenton, 301
Port Reading, 302
ERIE RAILROAD SYSTEM.
Erie Railroad System, Summary, 303
Arlington Railroad, 304
Bergen County, 305
Bergen & Dundee, 306
Caldwell Railway, 307
Docks Connecting Railway, 308
Erie Railroad, Lessee, 309
Erie Terminals, 310
Long Dock Company, 311
Newark & Hudson, 312
New Jersey & New York, 313
New York & Greenwood Lake Railway, 314
N. Y., Lake Erie & Western Docks Imp. Co., 315
Northern Railroad Co. of New Jersey, 316
Paterson & Hudson River, 3^7
Paterson, Newark & New York, 318
Paterson & Ramapo, 3*9
Penhorn Creek, 320
Roseland Railway, 321
Watchung, 322
DELAWARE, LACKA WANNA & WESTERN R. R. SYSTEM.
Delaware, Lackawanna & Western R. R. System, Summary, 323
Delaware, Lackawanna & Western R. R., Lessee, 324
Chester Railroad, 325
Hopatcong Railroad, 326
Lackawanna Railroad of N. J., ,' 327
Morris & Essex 328
Morris & Essex Extension, 329
247
DEL., LACK. & WESTERN R. R. SYSTEM Continued. PAGE.
Newark & Bloomfield, 330
Passaic & Delaware, 331
Passaic & Delaware Extension, 332
Rockaway River & Montville, 333
Sussex Railroad, 334
Warren Railroad 335
NEW YORK, SUSQUEHANNA & WESTERN R. R. SYSTEM.
N. Y., Susquehanna & Western R. R. System, Summary, 336
Hackensack & Lodi, 337
Lodi Branch, 338
Macopin, , 339
New York, Susquehanna & Western R. R., 340
Passaic & New York, 341
LEHIGH VALLEY RAILROAD SYSTEM.
Lehigh Valley Railroad System, Summary, 342
Bay Shore Connecting Railroad, 343
Lehigh Valley R. R. Co. of N. J., 344
Morris Canal & Banking Co., 345
UNCLASSIFIED RAILROADS.
Atlantic City & Ocean City Railroad, 346
Atlantic City & Shore, 347
Baltimore & Ohio, 348
Baltimore & New York Railway, 349
Chesapeake & Ohio Railway, 350
East Jersey R. R. & Terminal Co., 351
Elizabeth & Trenton (Inc. Trenton & New Brunswick, and New
Jersey Shore Line), 352
Ferro Monte, 353
Hoboken Manufacturers, 354
Hoboken R. R., Warehouse & Steamship Conn. Co., 355
Hopatcong Shore Railroad, 356
Hudson & Manhattan, 357
Hudson R. R. & Transportation Co., 358
Lehigh & Hudson River Railway, 359
Lehigh & New England, 360
Lucaston, 361
Morristown & Erie, 362
Mount Hope Mineral, 363
New Jersey Junction, 364
New Jersey & Pennsylvania, 365
New York & Fort Lee, 366
New York, Ontario & Western Railway, 367
North Jersey Rapid Transit Company, 368
Pemberton & Hightstown 369
Philadelphia & Brigantine, 370
248
UNCLASSIFIED RAILROADS Continued. PAGE.
Pohatcong, 371
Rahway Valley Company, Lessee 372
Rahway Valley Railroad, 373
Raritan River, 374
Raritan Terminal & Transportation, 375
South Easton & Phillipsburg, 376
Staten Island Rapid Transit Railway, 377
Trenton, Lawrenceville & Princeton, 378
Trenton, Lawrenceville & Princeton Extension, 379
Trenton Terminal, 380
Tuckerton Railroad, 381
Venice Park Railroad, 382
West Shore, 383
Wharton & Northern, 384
Grand Summary, 385
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RAILROAD AND CANAL REVALUATION. NEW JERSEY, 1911.
SUMMARY SHEET.
Name of Railroad Name of Railroad System
CAMDEN AND BURLINGTON COUNTY. PENNSYLVANIA RAILROAD.
, MAIN STEM ^ , SECOND CLASS N 5. 6.
-P. . 1 . 2. 3. 4. VALUE NEW PRESENT VALUE
Value New. Present Value. Value New. Present Value. TOTAL. TOTAL.
8*? iS-ft'R'S :^<
CO N Tf ONVO N 00 in M_ ON O^
M" i-T 1-T * rf Q T? ! CO Of COOO"
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Total value of tangible property, $59Mi3 $473,585 $131,432 $94,623 $722,845 $568,208
Value of sub-division IV. "The value of re-
maining property, including the franchise," 1,000
Total value of all items as above, . $569,20?
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V JERSEY, 1311.
road System
PENNSYLVANIA RAILROAD.
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27. Total value of tangible property, $8,609,509 $8,231,285 $370,918 $338
Reduction on account of obsolescence,
28. Value of sub-division IV. "The value of re-
maining property, including the franchise,". .
AND CANAL REVALUATION. NEV
SUMMARY SHEET.
Name of Rai
EL AND TERMINAL COMPANY.
/ MAIN STEM , , SK
1. 2. 3.
Value New. Present Value. Value
$207,245 $207,245 $5-
648,210 648,210 . . . .
5,302,096 5,037,000
1,369,845 1,342,448
5 |||i | Hi ; ; ; ; ^ ; i i i : :
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Name of Railroad
PENNSYLVANIA TUNN
DESCRIPTION.
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JERSEY, 1911.
"oad System
PENNSYLVANIA RAILROAD.
:OND CLASS , 5. 6.
4. VALUE NEW PRESENT Vj
Jew. Present Value. TOTAL. TOTAL
,735 $27,735 $127,419 $127
353
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Total value of tangible property, $374478 $317,588 $78,039 $6s,375 $452
Value of sub-division IV. "The value of re-
maining property, including the franchise/'
Total value of all items as above, ,
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\ND CANAL REVALUATION. NEW
SUMMARY SHEET.
Name of Rail
D WOODBRIDGE.
, MAIN STEM % , SEC
1. 2. 3.
Value New. Present Value. Value I
$99,684 $99,684 $27
353 353
46,454 46,454
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DESCRIPTION.
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interlocking,
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DESCRIPTION
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27. Total value of tangible property, $174,174 $151,201 $17,736 $15,623 $191,910 $166,824
28. Value of sub-division IV. "The value of re-
maining property, including the franchise," , 1,000
29. Total value of all items as above, . $167,824
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SUMMARY SHEET.
Name of R
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Value New. Present Value. Vah
$77,283 $77,283
883 883
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SUMMARY SHE
Name of Railroad Na
OGDEN MINE.
, MAIN STF.M
1. 2.
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i Land, $ 6 '994 $6,
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RAILROAD AND CANAL REVALUATION. NEW JERSEY, 1911.
SUMMARY SHEET.
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*::::::: :::::::::::
Total value of ^ tangible property, $50,702 $42,996 $2,601 $2,293 $53.3O3 $45.289
. Value of sub-division IV. "The value of re-
maining property, including the franchise.". . T nnn
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Name of Railroad
DESCRIPTION
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. Value of sub-division IV. '"]
maining property, including
Total value of all items as i
d\
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296
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\ND CANAL REVALUATION. NEW JERSEY* 1911.
SUMMARY SHEET.
Name of Railroad System
CONNECTING. CENTRAL RAILROAD OF NEW JERSEY.
, MAIN STEM- x , SECOND CLASS , 5. 6.
1. 2. 3. 4. VALUE NEW PRESENT V T A
Value New. Present Value. Value New. Present Value. TOTAL. TOTAL.
$44.o6o $44.o6o $1.000 $1.000 $/ic:.n6n $<u
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RAILROAD >
Name of Railroad
WEST SIDE
DESCRIPTION.
T T 0,^
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Graduation,
Tiinnplc
Bridges, retaining walls and culverts,
Track and its appurtenances,
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Amount recommended for assessment by Charles Hansel. . . . $121.
?he value of re-
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ND CANAL REVALUATION. NE
SUMMARY SHEET.
Name of R
\Y AND SEWELL'S POINT.
, MA11N STEM ^ , S
1. 2.
Value New. Present Value. Valu
$35,273 $35-273
4,270 4,270
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Name of Railroad
CAPE MAY, DEL/
DESCRIPTION.
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Name of Railroad
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3J9
f JERSEY, 1911.
road System
ERIE RAILROAD.
:OND CLASS x 5. 6.
4. VALUE NEW PRESENT VALUE
Vena. Present v aluc. TOTAL. TOTAL.
,105 $95,105 $326,653 $326,653
i, 800 i.Sco
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5 tx 10 to CM co O
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Total value of tangible property, $i,49O,i33 $1,232,972 $243-739 $203,777 $1,733,872 $1,436,749
Value of sub-division IV. The value of re-
. maining property, including the franchise," . - 488 100
Total value of all items as above, . $ T Q2A 840
vO " O V O ^t" ^ *^f vo i"-* "^" l>
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AND CANAL REVALUAT
SUMMARY SHE
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AND RAMAPO.
* MAIN STJvM
1. 2.
Value New. Present V
$231,548 $231,
1,800 i,
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Name of Railroad
PA'
DESCRIPTION.
i. Land,
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Graduation,
Tunnels,
Bridges, retaining walls an
Track and its appurtenance
Fencing. .
Crossings, cattle guards, ga
Block signaling,
Interlocking,
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Passenger and freight stati
Shop buildings and engine
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3 2I
RAILROAD AND CANAL REVA VALUATION. NEW JERSEY, 1911.
SUMMARY SHEET.
Name of Railroad Name o f Railroad System
avoa-uva ama 'AVM-IIVH aNvnasoa
Value ^v. Present Value. Value New. PresentValue. ^OTA^ P ^%llY^ 1
\2
10
8
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maining property, including the franchise,"
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25. Miscellaneous road equipment,
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21 E S
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value of tangible property, . . .
of sub-division IV. "The value
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32?
RAILROAD AND CANAL REVALUATION. NEW JERSEY, 1911.
SUMMARY SHEET.
t> co-TtOCM
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27. Total value of tangible property, $6,931,097 $6,93i,O97 $6,931,097 $6,93
Amount of assessment made by State Board of Assessors, $2,31
28. Value of sub-division IV. "The value of re-
maining property, including the franchise,"
20. Total value of all items as above. . $2,31
5 4g5 -^^^ ::::::::
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Docks and piers,
Telegraph and telephone lines
Turn-tables, transfer tables, track
and track cranes,
Pintsch gas plants,
Electric light plants,
Grain elevators,
Miscellaneous structures,
Shop machinery, tools and appurtei
Locomotives,
Passenger train equipment,
Freight train equipment,
Miscellaneous road equipment,
Floating or marine equipment,
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DESCRIPTION.
Y and,
Clearing and grubbing, . . .
Graduation,
funnels,
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Prack and its appurtenance
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357
RAILROAD AND CANAL REVALUATION. NEW JERSEY, 1d11.
SUMMARY SHEET.
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HUDSON AND MANHATTAN. UNCLASSIFIED.
IV/TATM CTTMV/T CT?/^/"TVTl- rM A CO C C
JEW PRESENT VALUE
L, TOTAL.
,847 $279,847
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57. Total value of tangible property, $io,435,779 $9,324,742 $3,072,604 $2,684,982 $13,508,383 $12,009,724
Amount recommended for assessment by Charles Hansel, . . 5,164,181
8. Value of sub-division IV. "The value of re-
maining orooertv. including the franrhisp " T.OOO
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3. Graduation,
4. Tunnels,
5. Bridges, retaining walls a.nd
6. Track and its appurtenances
* encing,
Crossings, cattle guards, gat
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and track cranes,
Pintsch gas plants,
Electric light plants,
Grain elevators,
Miscellaneous structures, . .
Shop machinery, tools and
Locomotives,
Passenger train equipment,
Freight train equipment, . . .
Miscellaneous road equipme
Floating or marine equipme
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al value of tangible property,
ue of sub-division IV. "The va
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L. TOTAL.
167 $32,167
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DESCRIPTION.
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ation,
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and its appurtenances,
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Total value of tangible property,
Value of sub-division IV. "The v
) r
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10 J
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Value of materials and supplies
for use in maintenance of R. R.
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ellaneous structures,
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Name of Railroad
NEW \
DESCRIPTION.
Land,
Clearing and grubbing,
Graduation,
Tunnels,
Bridges, retaining walls and
Track and its appurtenances,
Fencing,
Crossings, cattle guards, gate
Block signaling,
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Total value of _ tangible prop
Value of sub-division IV. "T
maining property, including
Total value of all items as a
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Name of Railroad
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of Railroad
PEMBERTON AND HIGHTSTOW
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DESCRIPTION. , 1
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neous structures, 3
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sr train equipment, 27
train equipment 2
neous road equipment, . . i
or marine equipment, . .
me of tangible property $358
sub-division IV. "The value of re-
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$37,
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RAILROAD AND CANAL REVALUATION
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JERSEY, 1911.
road System
UNCLASSIFI
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27. Total value of tangible property, $15,555 $13,420 $15,55
28. Value of sub-division IV. "The value of re-
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RAILROAD AND CANAL REVALUATION. NEW
SUMMARY SHEET.
Name of Railroad Name of Rail
RARITAN TERMINAL AND
TRANSPORTATION.
MAIN QTPM SF(
15 10 T}- toco
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; 1
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23. Passenger train equipment, ". . .
24. Freight train equipment,
25. Miscellaneous road equipment,
26. Floating or marine equipment,
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Debt of Subsidiary Corporations.
387
389
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RATIO OF OPERATING EX-
PENSES TO EARNINGS.
397
399
RATIO OF OPERATING EXPENSES TO OPERATING REVENUES
OF THE FOLLOWING RAILROADS.
Atlantic City Railroad Company, 80.49 per cent.
Atlantic City and Shore, 51-56
Baltimore and New York, ' 82.97
Cape May, Delaware Bay and S. P., 152.17
Central Railroad of New Jersey, 55.63
Delaware, Lackawanna and Western (Entire Line), 53-58
(New Jersey), 57-45
Erie, 65.06
East Jersey Railroad and T. Co. (Railroad), 96.37
(Floating Equipment), ... 83.45
Hoboken Manufacturers, 85.72
Hudson and Manhattan, 43-4O
Lehigh Valley, 59.95
Lehigh and Hudson River, 61.76
Lehigh and New England, 62.84
Mt. Hope Mineral, 50.02
New York, Susquehanna and Western, 59-85
Pennsylvania, 68.70
Port Reading, 35.61
Rahway Valley, Lessee, 90.94
Raritan River, 54-72
Tuckerton, 73-22
Union Transportation, Lessee, 84.31
West Jersey and Seashore, 75-76
Wharton and Northern, 69.71
COMPARATIVE STATEMENT OF
TAXES PAID IN ALL STATES.
401
26 E S
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ASSESSMENT OF GENERAL
PROPERTY.
407
409
ASSESSMENT OF GENERAL PROPERTY.
Charles Hansel, Expert in Charge,
Revaluation of Railroads and Canals,
State of New Jersey,
Elisabeth, N. J.
DEAR SIR Complying' with your instruction I herewith trans-
mit a statement of my observations of the conditions attendant
upon the assessment of general property throughout the State,
and append a tabulated statement of the rates of compensation
paid to Assessors, together with information concerning maps
and records furnished Assessors.
One of the problems encountered in the reappraisal of the
railroad and canal property in New Jersey was the ascertain-
ment of the true value of the land owned and used by tnese
corporations in the State, and in order to make this appraisal as
nearly accurate as possible, information concerning the lands of
the railroad and canal companies and the land adjoining was
gathered from every available source, one of which was the col-
lection of the assessed valuation of the adjoining land from the
assessors of the various taxing districts. This information was
supplied by most of the assessors and the County Tax Boards at
much pains, and without any cost to the State.
It was only natural that in gathering and collating the informa-
tion obtained from the assessors and County Tax Boards that a
general familiarity with the taxing methods of the State and the
conditions under which assessments are made should be had, and
I deem, it my duty to< lay before the Governor and the Board, the
results of this investigation, if such it may be called, to the end
that the defects discovered may be remedied and the taxing sys-
tem of the State be placed on a more stable and equitable basis.
The comment that follows is the result of many visits to and
conferences with each of the twenty-one (21) County Tax
Boards in New Jersey, personal interviews with assessors and
discussions with many taxpayers, both large and small.
410
What we are pleased to call a tax system consists of a collection
of ambiguous laws, the enforcement of which is placed with
Boards, which really have no power to enforce them, and one
cf the things that appeals strongly to those persons interested in
taxation in this State is the fact that no attempt has been made
by Legislatures in recent years to remedy this condition. On the
contrary each year sees the enactment of new tax laws which
serve to make more complex than ever the general scheme of
taxation. No effort is made to better the conditions of the man
who does the actual work of assessment; no effort is made to
have him properly compensated for his work and, except in rare
cases nothing has been done to supply him with facilities to carry
on his work in compliance with the law, which says that all
property shall be taxed at its true value under uniform rules.
It is no wonder, then that complaint is general throughout the
State, that much unequality and discrimination exists. It is evi-
dent to all persons who have observed the working of our tax
laws that injustice in the form of inequitable assessment does
exist in the taxation of both real and personal property, the result
of which is an unequal and unjust distribution of the burdens
of taxation. In some taxing districts property is assessed at
nearly its true value in some instances it is claimed at more than
its true value. In other districts under-assessment is general, the
percentage of assessed valuation in some cases going as low as
twenty (20%) per cent, of its true value. In some instances
this under-assessment is intentional, and results in the taxpayers
of these particular districts paying less than their fair proportion
of the State School and County Tax. I have no doubt that in
some of the taxing districts of the State where there is under-
valuation that the assessors are honestly endeavoring to comply
with the law, and in those cases this under-valuation may be
accounted for, mostly by error of judgment and the fear of over-
valuation ; but this is the exception, not the rule.
It is not fair to charge the responsibility for this under-assess-
ment to the assessors themselves, but rather the responsibility
should be placed on the efforts of the individuals to secure lower
assessments on their respective properties notwithstanding the
provisions of the law. This effort on the part of the individual
is responsible in a large degree for the inequality that now
exists. In theory every person shall contribute to the support of
the Government in the way of taxes in proportion to the value
of the property owned by him which is subject to taxation,
consequently the existence of inequality means that individual
owners are made to bear their unequal proportion of the tax
burden. In some taxing districts of the State this inequality is
greater than in others, depending upon the extent to which the
assessor allows local conditions to affect his judgment in making
assessments. The average taxpayer is perfectly willing to pay
his fair proportion O'f taxes, but he objects strongly, and justly,
too, when he finds his neighbor paying a lesser proportion than
he.
The value of properties for the purpose of assessment or any
other purpose can be determined by only one standard of value
and that is the one prescribed by statute ; any other standard Is
a violation of law. The only way in which the persistent efforts
of individual taxpayers to secure a low assessment on their prop-
erty for the purpose of taxation can be remedied is by the removal
of the most important question of taxation, so far as possible,
from the field of politics, proper compensation for the assessors,
and by a fixed determination on the part of the assessors to per-
form their duties strictly in accordance with the provisions of the
law, under the guidance of a County Board, which should have
complete control of the assessors in fact, not in theory, as is now
the case with the present County Tax Boards.
One of the special causes for this inequality and discrimina-
tion is the elective assessor. Another is the poor compensation
given to assessors. Still another is the poor facilities afforded
to the assesor for doing his work. A general comparison be-
tween work of the appointive and the elective assessor speedily
convinces me that the former method of choosing assessors is far
preferable, so far as results are concerned. It is a fact well
known to many of the elective assessors in this State that at times
preceding their election individual taxpayers have come to them
and told them they would not get their votes because the assessor
had raised their assessment to what he considered true value of
4 I2
the property. The individual did not dispute the assessor's
judgment, so far as the value was concerned, but it was simply a
case of endeavoring by threats to evade his full share of
responsibility in the common burden of taxation.
At least one County Tax Board' will bear me out when I say
that more than one elective assessor has publicly asserted that
if they attempted to assess property in their districts at anything
like a fair proportion of its value they could not be re-elected.
In all fairness, however, the elective assessor should not be
charged with any sympathy for this condition, except in occa-
sional cases. Most of those assessors with whom I have talked
had no hesitancy in saying that they preferred to be appointed
under a sort of civil service, so that if they performed their
duty faithfully and conscientiously they would not be turned
out of office. But it is not fair to the taxpayers in other parts
of the State that such conditions should exist.
Many examples of the way in which the law is not carried out
by assessors, and of inequality as they now exist have been
brought to my attention, but they were so numerous that it is
unnecessary to quote all of them. In one of the counties in the
northern end of the State, for instance, a lawyer who had just
passed title to a piece of property called my attention to the
fact that the consideration named in the deed, which was for an
eight (8 acre farm, called for a payment of $3,200, or at the
rate of $400 per acre. In examining the tax bill for this prop-
erty for the last year he found that it was assessed; for $600, or
at the rate of $75 per acre.
In another county in the southern end of the state my atten-
tion was called to a case of an owner of a duck farm who had
more than 2,000 of these birds there, in addition to about 25
incubators and a good bit of ground. It happened that some
dogs got into his place and killed off 600 of the ducks, so the
Town Council got together and awarded hilm $471, for the loss of
the ducks, which they made up by placing an additional tax upon
the owners of dogs in the township.. After paying this money
the Council thought they would look up the man's assessment
and found that he was being assessed on only $700 worth of
property, both real and personal. Of course this did not strike
413
the Council very favorably, they had just paid him $471 and he
still had over 1,500 ducks, his incubators and his land left, so
they went to the County Tax Board and asked that his assessment
be increased.
When! the owner of the farm appeared before the County Tax
Board he said the assessor had not been near him for two years,
and that of course he was not going- to look for the assessor.
The County Tax Board increased his assessment to $2,000, be-
cause the Town Council thought that would be fair, although it
was still less than the true value of the property.
In still another South Jersey County where the Tax Board is
active, the valuations of the assessors of one of the Townships
was raised about $150,000 by the Board. Soon after a friend
of the assessor -called qn the President of the Board and asked
that this increase be taken off, saying that the assessor was
running for re-election that fall and that the increase would
probably have a bad effect.
The President refused to do it; two days afterward he was
visited by another friend of the assessor who again asked that
the increase be taken off. The President then told this other
friend of the assessor that the reason he was so anxious to see
the assessments put back to the old figures was that the assessor
was running for re-election. This second friend of the assessor
answered by saying that that condition did not figure as the
assessor has been nominated on both tickets and had no oppo-
sition, so pleased were the residents of his community with his
work. No argument had been made that the increases ordered
by the Tax Board were unfair, it was simply a case of the tax-
payers of a district with the aid of their assessor tryinig to shirk
their fair share of the burden of taxation.
In one of the rural counties in the Northern part of the State
an assessor was elected a year ago and when the time came for
turning in his ratables to the County Tax Board he brought in
his books without a line written in them. Taken to task by the
Tax Board he said he knew nothing about taxation and that he
needed a little money and some of his friends nominated and
elected him. By dividing his salary with another man who was
supposed to know something about values in this Township, and
414
with the aid of the County Collector and the Secretary of the
County Tax Board an assessment for this Township was fixed up
for last year. What will happen this year is problematical.
One assessor was perfectly frank in telling me that he pur-
posely kept down valuations in his taxing district because the
residents demanded it. He pointed out that there was a large
amount of railroad property in his district and that the taxpayers
felt that they were being unjustly treated when this railroad
property was assessed by the State a!rid only a part of it returned
to their municipality. They felt that so long as they had so
much railroad property located there, they should have the full
benefits accruing from its taxation, and, not getting it, they
insisted that their assessor, who was an elective one, keep down
their valuations as low as possible, so they could even up things
by paying less than their fair proportion of the County Tax and
the State School Tax.
In still another county in the northern part of the State I
found some good shore front property lumped together with
some interior land and assessed as a whole for a little more than
$200 an acre. The interior land was worth not less than $600
an acre, while the exterior land could not be bought for less
than $1,000 an acre. This condition I understand has been
remedied to a certain extent since I called the attention of the
County Tax Board to it.
I have been told that in a City in the North end of the State
valuations of all property were raised to pretty near true value,
the object being to make the city appear exceedingly prosperous
and therefore attract manufacturers. This high assessment
lasted only one ( i ) year, for when the people went to pay their
taxes they found that their share of the County Tax and the
State School Tax was so largely out of proportion to that paid
by the other municipalities in their County, that the following
year a return was made to the old system.
Dozens of cases of a similar nature as the above have been
brought to my attention, but I have only quoted a few so as
not to weary the reader.
On the other hand I found that, as a rule, assessors in first
and second class cities, who are appointed except in the city of
Elizabeth endeavor to carry out the provisions of the law re-
garding the assessment of. property at its true value. In fact
complaint has been made that they are too zealous in carrying
out the provisions of the law. In some instances they have
assessed property at more than its true value. In the city of
Elizabeth there are twelve (12) assessors, one (i) for each
ward, the result of which is twelve (12) different methods of
assessment. All are elected, and those taxpayers of the city
with whom I have talked and whose opinion I consider weighty
enough to listen to, told me that there was much dissatisfaction
and that the City would be much better off with a smaller Board
appointed by the Mayor.
Another interesting feature of our taxing methods is the
assessment and collection of taxes on personal property, also
the poll tax. It doesn't seem quite fair that workmen in the
city of Plainfield, receiving probably $15 or $18 a week, should
be compelled to pay taxes on $100 worth O'f his household goods
and also pay a poll tax, while his wealthier neighbor in other
parts of the State escape not only the payment of anything like
their fair proportion Oif personal tax, but also pay no poll tax
as well.
The city of Newark has a taxing system which is worthy of
emulation by every other city in the State. I am told that the
Tax Board of New York City has practically adopted the system
in use in the City of Newark. It consists of a Board of Five ( 5 )
Commissio-ners of Assessment which has twenty-five (25) field
men and clerks under its supervision. This department devotes
its entire time to the assessment of property in the city of
Newark. Just as soon as the assessment for one year has been
completed, men start out on the work of the following year's
assessment.
In Newark the unit rule is adhered to strictly, that is, a depth
of 100 feet is taken for the front foot valuations o>f an entire
block. Anyi plots less than TOO feet itii depth are assessed on a
fixed percentage of the unit. Those plots which run more than
loo feet in depth are of course assessed on the unit with the
extra depth added to it. Property in Newark is divided into
two sections, the business section and the residential section,
4i6
and the unit values in these sections vary considerably. In the
business section the first 25 feet of a lot the Board holds is the
most valuable part of the lots, so it is therefore assessed at 50%
of the value of the unit, that is, the depth of 100 feet.
In the residential section the reverse is the case, for the first
25 feet in this section contains, according to the Board, only
14% oi the value of the 100 ft. lot. Complete records of every-
thing that is helpful in arriving at true value are kept by the
Newark Tax Board. In a nutshell the taxing system of Newark
is based on a scientific method of assessment and so successful
has it been that appeals are exceptionally few. One of the things
in connection with the Newark Tax Board that struck me rather
forcibly was the fact that every City Employee is compelled to
pay on a personal tax of $100 a year. This assessment is made
on the theory that as the City furnished their income, it is only
fair that they should contribute a small amount to the cost of
running the City Government.
In Trenton the unit system is also used to good advantage.
In Atlantic City the same system is used, but no City in the State
has a more comprehensive or up-to-date system than the City
of Newark.
The State Board for the Equalization of Taxes in their report
for the year 1910 discuss the elective assessor in the following
manner : "Among the problems of taxation none is more diffi-
cult and at the same time more essential than the problem of
securing an assessment of property under general laws and by
uniform rules, according to its true value. The State Constitu-
tion and the general tax act require such an assessment. The
Courts of New Jersey have settled beyond all question that true
value, within the meaning of the Constitution, is market value
or exchangeable value in cash. The duty of the assessing officer,
therefore, is plain and mandatory. The difficulty arises in per-
forming the duty. That the duty is not always efficiently per-
formed is due sometimes to the difficulty in determining the true
value of the property to be assessed, but more often to the
inherent defects in the machinery of assessment. The serious
defect is that it requires, in most taxing districts, that the
assessors shall be elected.
The theory upon which this plan is based may be highly
attractive, but it does not stand the test of practical operation.
Many elective assessors are intelligent men who try conscien-
tiously to perform the duty imposed upon them. The trouble, as
a rule, is not with the men but with the system. The system
makes it very difficult to obtain assessors who will be unbiased
judges of property values, who will be impervious to local
influences, who will not be affected by political consideration and
whose sole aim 1 will be to secure an assessment of all property
within their jurisdiction at its true value. The tenure of the
assessor in many cases is made to depend not upon a faithiul
discharge of his duty under the law, but upon the extent to which
he is" willing to disregard the law.
He is bound to feel that his own interests and the interests of
his constituency are best served by low assessments, rather than
assessment at true value. His judgment as to value is in-
evitably influenced by local, political, personal and business con-
siderations, and yet in no other position of public trust is there
a more imperative need for absolute independence and scrupulous
fidelity to the plain dictates of the law, than in that of the
Assessor."
The other cause which has so much to do with inequality of
our system of taxation is the compensation, or rather the lack
of compensation, of the assessor. The laborer is worthy of his
hire. Is it any wonder then that complaints of inequalities of
assessment are general when we find the average salary of the
rural assessor around $50 or $60 per year ?
In one taxing district of the State, the Borough of Rivervale
in Bergen County, the assessor receives the sum of One ($1.00)
dollar a year, but there is a reason for this small salary, as the
Borough is so heavily in debt that none of the officials accept any
salary except the nominal sum of $i a year. It does not seem
quite fair to this assessor to ask him to do his work for nothing,
and it does not seem quite fair toi the taxpayers of the rest of the
State either.
In another of the taxing districts of New Jersey, that of the
Borough of Wood Lynne, in Camden County, the assessor re-
27 E s
ceives the munificent sum of $10 per year for assessing" approxi-
mately $280,000 worth of property. It does not speak well of
the residents of Wood Lynne Bo-rough that they consider so im-
portant an office as that of assessor worth only $10 per year.
In the rural sections of the State, the assessor is compelled to
do his work without the aid of a map. Any assessment made
without this necessary instrument is at best, guesswork. Short-
sightedness on the part of the governing body and taxpayers of
the rural communities is responsible, not alone for the poor com-
pensation of the assessors, but for the lack of a map, although in
some instances other reasons than alleged economy is the motive.
I have been told that in some communities which have recently
supplied their assessors with maps, that the assessment on the
amount of property which had heretofore escaped taxation was
so great as to more than pay for the cost of the maps.
The elective assessor, however, is not the only one who is not
properly compensated for the work that he does. In some of
the Cities the pay given the assessors is entirely inadequate for
the amount of work that they are called upon to perform. In
Paterson, Atlantic City, Trenton and Camden the compensation
paid the assessors is entirely too small for the amount of work
that those officials perform each year.
The taxing system o-f New Jersey we will call it such for the
purpose of convenience is composed of the assessors, that is,
the men in the field who do the actual work of assessment; the
County Tax Board, of three (3) members each, and the State
Board for the Equalization of Taxes. This organization is sup-
posed to have complete control of the assessment of all real and
personal property in the State with the exception of first and
second class railroad property, the franchise of Public Service.
Corporations and the franchise tax imposed on miscellaneous
corporations chartered under our law which are assessed by a
special Board, known as the State Board of Assessors, which
performs no- other duty.
Under the present laws of New Jersey the tax assessor of
New Jersey is a law unto himself. In some parts of the State
he is elected, in other parts appointed, and he cannot be removed
for incompetence or any violation of the law unless it shall have
419
been proved that he violated the law wilfully and intentionally
and then .can only be removed after a hearing before the State
Board. It does not matter how incompetent the assessor may be,
how unequal his assessments may be or how ignorant as to the
duties of his office, no way can be found to remove him or even
discipline him. The only power that either the County Tax
Board or the State Board for the Equalization of Taxes has is
to make a new assessment, which mostly entails an extra burden
in the community, and even after this new assessment has been
made the assessor the following year can revert to his old figures
and the Board cannot remove him.
Not long ago- the State Board for the Equalization of taxes
had an assessor from one of the North Jersey Counties before it
on charges of incompetency and ignorance. The trial con-
vinced the Board that this assessor was unfit to hold office, but
it could not remove him, because it had not been shown that
the assessor had neglected his work wilfully and intentionally.
Another example of the lack of power of the State Tax Board
was shown not long ago. The State Board issued an order
saying that all land, excepting farm land, should be separated
from the improvements thereon for the purpose of assessment.
Thus far not more than six (6) out of the twenty-one (21)
Counties in the State have complied with this rule, and in fact
I have been told that there is one County where the old method
of assessing land and buildings together is carried out in every
district. As a. result of this lack of authority on the part of the
State Tax Board and the County Tax Board the various elective
assessors do pretty near what they please because they know
that they are immune from removal.
Of course the law creating County Tax Boards gives these
Boards control of the assessors as far as the enforcement of the
law is concerned, but this is a paradox, as no method is provided
in the law for the enforcement of this control. No way is
provided by which the County Tax Board can discipline or
remove incompetent assessors and the result has been that in
many cases County Tax Boards have been unjustly criticised
for not carrying out the provisions of the tax laws, when their
power to do so has been extremely limited.
420
If the various County Tax Boards were given real power
over the assessors, that is, if they had the appointment and
removal of assessors, this condition would not exist, and no
reason would remain for the law regarding taxation not being
carried out in every part of the State.
The State Tax Board, too, is operating under a very ambig-
uous law. It has no power to take the initiative so far as the
investigation of unequal taxation is concerned, for their act
provides that they shall only on complaint enter into an investiga-
tion of this character. As the Board is now constituted it is prac-
tically a Tax Court. It seems reasonable to suggest that its
power should be enlarged so that its members may on their own
initiative investigate taxing conditions throughout the State
and apply the remedies; then the Board could be held to strict
accountability for the carrying out of the tax laws of the State.
The following tables, containing information supplied to us
by the various County Tax Boards of the State, show the com-
pensation of the assessors, the amount of their ratables. the per
cent, the salaries are of the ratables, the manner in which they
are selected and whether or not they have maps.
Respectfully Submitted,
W. F. KEOHAN,
Special Assistant.
421
ATLANTIC COUNTY.
How
Taxing District. Chosen.
Atlantic City, App.
Ventor " Elected
Hammonton Town, "
Pleasantville Bor.,
Egg Harbor City, "
Hamilton Township, "
Longport Borough, "
Galloway Township, . . '. "
Egg Harbor " "
Somers Point, "
Buena Vista Twp., "
Northfield City, "
Absecon " "
Mullica Township, "
Linwood Borough, "
Brigantine City, "
Weymouth Township, "
Port Republic City,
Folsom Borough,
The following districts have maps
Egg Harbor City and Hammonton.
19 10 Net
Valuation.
Salary of
Assessor.
%of
Ratables.
$64,375,621
3-$ i, 200 ea.
.0056
3,733,757
1,877,707 |
Soo
i- 200
2- 75 ea.
.0134
.056
1,226,605
600
.049
852,246
275
.032
842,362
400
0475
826,915
125
.0125
786,058
550
.070 .
751,978
450
.060
564,109
2- TOO ea.
0355
524,825
300
057
368,197
2- 75 ea.
.0407
345,799
2- 60 ea.
.0348
294,322
175
0595
287,830
75
.0261
284,840
2- 75 ea.
.052
215,668
200
.093
95,280
2- 25 ea.
.052.
56,665
25
.044
Atlantic City,
Ventor, Margate City,
422
BERGEN COUNTY.
How
Taxing District. Chosen.
New Barbadoes Twp Elected
Englewood City, "
Ridgewood Twp., "
Rutherford Bor., "
Edgewater " "
Overpeck Township, "
Fort Lee Borough, "
Union Township, "
Garfield Borough, "
Cliffside Park Bor.,
East Rutherford Bor
Tenafly "
Lodi " " "
Hasbrouck Heights Bor., "
Leonia Borough, "
Saddle River Township,
Westwood Borough, "
Teaneck Township,
Fairview Borough,
Delford
Carlstadt "
Franklin Township,
Midland
Ridgefield Borough,
Hohokus Township,
Palisades Park Bor.,
Bogota Borough,
Park Ridge Borough, "
Bergenfield "
Dumont
Closter " "
Maywood " "
Little Ferry Bor.,
Hillsdale Township, . .' "
(ilen Rock Borough,
Englewood Cliffs Bor.,
Midland Park Bor.,
Palisades Township,
Haworth Borough, "
Wallington " . "
Woodridge " "
Riverside "
Ramsey "
Demarest "
1910 Net
Salary of
%.of
Valuation.
Assessor.
Ratables.
$11,817,166
$1,800
.0152
10,029,974
4- 200 ea.
.0079
6,482,877
1,000
.0154
6,128,290
800
.0131
5,400,083
600
.0111
3,364,521
550
.0164
2,900,740
500
.0172
2,777,445
800
.0289
2,692,709
500
.0186
2,490,725
250
.0102
2,281,587
2,273,150
300
.0132
2,000,000
400
.020
1,802,360
250
.0139
1,767,820
150
.0085
1,603,291
400
.0250
1,596,327
200
.OI25
1,581,368
400
0253
1,518,111
150
.0099
1,447,684
200
.0138
1,368,567
300
.0220
1,329,206
250
.0188
i,3io,535
325
.0248
1,309,029
150
.0115
1,263,239
300
.0238
1,205,100
200
.0166
1,189,341
300
.0252
1,098,375
150
.0136
1,075,525
200
.0186
973,H9
225
.0232
907,616
200
.0220
860,675
200
.0232
829,925
2OO
.0242
795,58i
IOO
.0126
763,591
IOO
.0131
737,345
IOO
0135
705,219
125
.0177
704,632
20O
.0284
.723,105
75
.0104
684,075
200
.0292
683,312
40
.0058
662,663
125
.0189
645,260
125
.0194
638,319
75
.0117
BERGEN COUNTY Continued.
Hozv
Taxing District. Chosen.
Alpine Borough Elected
North Arlington Bor., "
Ho-Ho-Kus Borough, "
Oakland
Cresskill " ,..:;.' "
Emerson
Norwood Borough, "
Allendale .' "
Woodcliff Lake Bor., "
Rivervale Township "
Harrington Park Bor., "
Saddle River Borough, "
Orvil Township,
Montvale Borough,
Moonachie " "
Harrington Township,
Upper Saddle River Bor., ... "
Washington Township,
Old Tappan Bor.,
Lodi Township, "
19/0 Net
Salary of
%of
Valuation.
Assessor.
Ratables,
$589,505
125
.0212
585,325
100
.0171
574431
50
.0087
553,352
100
.0181
539,179
150
.0278
517,475
150
.0290
510,081
75
.0147
509,897
75
.0147
476,506
TOO
.0210
437,314
I
.00022
384,008
75
.0195
377,100
75
.0199
373,8n
50
.0134
364,861
100
.0274
267,454
75
.0281
262,936
IOO
.0380
228,450
222,575
50
.0225
207,950
60
.0289
112,714
The following districts have maps : Ridgewood Township, Teaneck Town-
ship, Union Township, Washington Township, Garlstadt Borough, Cliffside
Park Borough, Closter Borough, Demarest Borough, East Rutherford Bor-
ough, Edgewater Borough, Englewood Cliffs Borough, Garfield Borough,
Hasbrouck Heights Borough, Leonia Borough, Lodi Borough, Midland Park
Borough, Palisades Park Borough, Ridgefield Borough, Rutherford Borough
and Westwood Borough.
424
BURLINGTON COUNTY.
How
Taxing District. Chosen.
Chester, Elected
Burlington City,
Northampton, "
Riverton,
Riverside, "
Florence, "
Palmyra, "
Bordentown City, "
Beverly Township, "
Medford, "
Springfield, "
Mount Laurel, "
Southampton, "
Mansfield, "
Chesterfield, "
Lumberton,
Pemberton Township, "
Evesham,
Burlington Township, "
Beverly City,
Cinnaminson, "
North Hanover,
New Hanover, "
Pemberton Borough, "
Delran,
Westhampton, "
Willingboro, "
Easthampton, "
Bordentown Township, "
Bass River, "
Tabernacle, "
Washington, "
Woodland, "
Shamong, "
Fieldsboro, "
1910 Net
Salary of
%of
Valuation.
Assessor.
Ratables.
$3,536,622
$500 oo
.01418
3,357,969
550 oo
.01640
2,393,990
600 oo
.0251
1,579,597
150 oo
.0095
,534,845
300 oo
.0195
,437,999
300 oo
.0208
,235,104
300 oo
.0242
,227,736
108 25
.00885
,103,183
100 OO
.00905
,010,362
300 oo
.0296
908,582
150 oo
.0165
887,266
20O OO
.0226
881,928
2OO OO
.0227
866,404
150 oo
01/3
854,841
IOO 00
.01170
787,602
20O OO
.0254
746,282
150 oo
.0201
737,268
150 oo
.0204
698,684
125 oo
.0179
674,410
IOO 00
.0148
532,934
150 oo
.0281
498,955
75 oo
.0151
491,184
75 oo
0153
392,150
50 oo
.01275
352,483
75 oo
.0212
337,626
60 oo
.0178
289,152
75 oo
.0200
280,818
79 oo
.0281
279,350
60 oo
.02150
262,011
60 oo
.O229
I97,6i5
IOO OO
.0506
191,613
IOO OO
.0522
169,977
50 oo
.0294
165,374
75 oo
0453
105,609
30 oo
.0284
The assessors have no maps nor has the county a map.
425
CAMDEN COUNTY.
How
Taxing District. Chosen.
Camden City, App.
Gloucester City, Elected
Collingswood Bor.,
Haddonfield Bor., , "
Merchantville Bor., "
Pensauken Township,
Clementon Township,
Centre Township,
Haddon Heights,
Delaware 1 ownship,
Gloucester Township, "
Winslow Township, "
Haddon Township, "
Audobon Borough, "
Voorhees Township, "
Berlin Township, "
Oaklyn Borough, "
Water ford Township,
Wood Lynne Borough, "
Chesilhurst Borough,
jpio Net
Salary of
%of
Valuation.
Assessor.
Ratable*.
$51,136,294
5-$ i, 500 each.
.01465
3,653,850
900
.0246
3,337,797
350
.0104
3,u5,ioo
450
.0144
1,877,209
400
0213
1,837,375
700
.0381
i,3i7,39i
400
.0303
1,191,352
400
.0336
1,130,796
75
.0066
1,095,135
400
0365
902,485
200
.0222
895,625
300
.0334
839,613
200
.0238
792,096
100
.0119
529,320
504,050
2OO
.0398
400,275
365,515
125
.0342
238,650
10
.0042
54,96i
60
.0109
ucMiuuiisi jDuruugu, 54,yoi .(Jioy
The assessors do not have maps. There is an atlas published of Camden
and vicinity.
426
CAPE MAY COUNTY.
Taxing District.
Cape May City
How 7909 Net
CJioscn. Valuation.
Elected * $^ 8^ 6.11
Salary of
Assessor.
$coo
%of
Rat able s.
008=;
Ocean City
" 5 200 QIQ
{I- 4 80
0196
No. Wildwood Borough, . . ,
Holly Beach Borough ....
2,228,277
2 OI9 427
( I" 540
275
IOO
.0123
0148
Wildwood Borough,
" 1 ,982,029
2OO
OIOI
Sea Isle City
" 1,326,111
j I- IOO
017
Lower Township,
" 1 .249,958
( I" 125
20O
016
"Middle Township
I.2OO ^42
27C
O7I2
Wildwood Crest,
" 1,059,679
20O
Ol88
Upper Township
586,418
2OO
QT.AI
Dennis Township
" 563,/42
250
044
Avalon Borough
" 471 IO5
125
0265
Woodbine Borough
460,898
I5O
.0326
West Cape May Borough, .
Cape May Point Borough,
So. Cape May Borough, . .
340,826
247,130
54o65
300
IOO
IOO
.0088
.0405
.0183
The cities and boroughs have maps, but the townships have none, neither
is there a county map.
427
CUMBERLAND COUNTY.
How
Taxing, District. Chosen.
Bridgeton, App.
Millville City, Elected
Vineland Borough,
Landis Township,
Deerfield Township,
Hopewell Township,
Lawrence Township,
Maurice River Township,
Commercial Township, . .
Fairfield Township,
Greenwich Township, . . .
Stow Creek Township, . .
Downe Township,
iQioNet
Salary of
%of
Valuatioti.
Assessor.
Rat able s,
$6,963,701
3- $300 each.
.0129
5,474,864
4 Assessors
I5c. per name.
2,623,727
5oo
.019
i,9i8,434
450
.0234
1,075,392
300
.028
1,030,991
150
0145
800,510
200
.025
759,379
300
.0306
743,764
300
.0403
569,733
I2c. per name.
54i,9H
125
.0231
481,106
no
.0228
480,700
165
0343
.L/UWIIC JL UVVllMllp, 40U,/UU lU^) -UJ4J
The borough of Vineland is the only municipality in this county that has
a map.
428
ESSEX COUNTY.
How
Taxing District. Chosen.
Newark, App.
East Orange,
Montclair,
Orange,
Bloomfield,
South Orange Village,
West Orange, I Elected )
2 App. J
Irvington, 2 App.
Belleville, Elected
Gleri Ridge, "
So. Orange Township,
Nutley, "
Milburn, "
Caldwell Borough, "
Verona, "
Essex Fells, "
Livingston, "
Cedar Grove,
Caldwell Township,
West Caldwell, "
Roseland,
North Caldwell, "
jp/o Net
Salary of
Valuation.
Assessor.
$344,821,700
$2,500
47,784,424
1,300
35,546,695
( 2- 1,000
[ Sec. 1,800
20,025,416
800
10,176,994
500
9,044,031
500
8,970,472
f2- 700
( Sec. 800
( 2- 200
7,917,523
1 Sec. 600
6,219,093
1,000
5,825,552
600
4,657,073
800
4,583,570
750
3,997,845
500
1,743,930
250
1,512,340
250
806,338
150
607,630
200
586,229
250
4i8,455
100
410,700
IOO
301,600
75
285,800
40
%'of
Ratable*.
0134
.0165
.0245
.0120
.0147
0055
.0245
.0126
.0161
.0103
.0172
.0164
.0125
0143
.0165
.0186
.0298
.0043
.0239
.0244
.0249
.0151
Newark, in addition to the five assessors, has twenty-five assistant assessors,
whose salaries range from $1,200 to $1,500. The cost of the Newark Tax
Board is averaged at 5oc. an assessment.
The county has no official map, but an atlas published by A. H. Mueller, of
Philadelphia, same being now five years old.
The following districts have maps: Newark, Orange, East Orange, West
Orange, Montclair, Bloomfield, Irvington, Nutley, Belleville, South Orange
Township, South Orange Village, Caldwell Borough, Verona, Cedar Grove,
and Glen Ridge.
429
GLOUCESTER COUNTY.
How
Taxing District. Chosen.
Woodbury City, Elected
Pitman. Borough, "
Glassboro Township, "
West Deptford Township, ...
Monroe Township,
Harrison Township, "
Paulsboro Borough, "
Deptford Township, "
Clayton Borough, "
Swedesboro Borough, "
Manuta Township, "
Logan Township, "
Franklin Township, "
Woolwich Township, "
Greenwich Township, "
East Greenwich Township, . . "
Washington Township, "
Wenonah Borough, "
So. Harrison Township, .... "
Elk Township,
National Park Borough, "
Boroughs have maps and there is an atlas published of Woodbury and
vicinity.
1910 Net
Salary of
%of
Valuation.
Assessor.
Ratables.
$3,421,630
3- $150 each.
.013
1,470,525
350
.0238
1,257,750
300
.0239
1,174,950
300
0255
,i57,58i
300
.0260
,152,234
300
.0260
,142,900
200
0175
,131,100
2OO
.0177
,036,375
175
.0169
963,427
125
.0130
889,850
250
.0282
820,375
200
.0244
814,770
300
.0368
785,358
140
.0178
769,294
175
.0228
766,750
ISO
.0196
719,800
200
.0278
637,667
IOO
0157
595,241
175
.0294
424,478
125
.0295
231,038
IOO
0433
430
HUDSON COUNTY.
How
Taxing District. Chosen.
Jersey City, App.
Hoboken,
Bayonne, "
West Hoboken 2 App.
i Elected
Kearny, App.
W eehawken, Elected
Union Town, App.
West New York,
North Bergen, Elected
Harrison, App.
East Newark Borough, Elected
Secaucus Borough, "
Guttenberg, App.
Jersey City All necessary clerical help supplied.
North Bergen Assessor pays clerk if used.
Secaucus Assessor employs clerks.
West Hoboken Elective is clerk of board. Assessor employs clerks.
Union Town Assessors pay assistants.
Weehawken Assessor employs clerk.
Guttenberg Has one assistant to serve all year; appointed by mayor and
council at $200.
Kearny One assessor acts as clerk; $300 extra.
Harrison Assessor does work himself; no clerks.
East Newark Assessor does work himself ; no clerks.
IQIO Xct
Salary of
%of
Inclination.
Assessor.
Ratable s.
$241,560,768
3- $2,500 each.
.0031
67,678,933
5- 1,200 each.
.0088
46,531,618
i, 800
.0038
23,101,313
f i- 1,200
( 2- 900 each.
.0129
17.752,430
3- 500 each.
.0084
15.716,095
1,200
.0076
13,215,061
500
.0113
I if 983. 596
1,200
.01
10,510,140
1,000
.0095
10,496,733
900
.0086
3,356,463
300
.0089
3,122,229
300
.0096
2,905,440
300
.0103
43i
HUNTERDON COUNTY.
Taxing District.
Ho iv
Chosen.
1910 Net
Valuation.
Salary of
Assessor.
%of
Rat ables.
i- $109 71
Lambertville, Elected $2,331,421 \ i- 11674 .0164
. - 155 87
Flemington Borough, 1,745,483 20000 .0114
Readington Township, 1,382,369 310 oo .0224
Holland Township, 1,299,689 165 oo .0127
Clinton, 1,257,637 300 oo .0239
Delaware, " 1,119,795 37500 .0335
Raritan, " 1,108,254 360 oo .0325
Hampton Borough, " 1,105,329 100 oo .0091
Tweksbury Township, 1,015,836 150 oo .0148
East Amwell Township, " 929,629 186 oo .0200
High Bridge Borough, 898,846 100 oo .OUT
Lebanon Township, 855,256 205 oo .0237
Franklin Township, " 809,794 175 oo .0216
Kingwood, 779,i68 21500 .0276
Alexandria Township, " 666,834 150 oo .0225
Union Township, 646,222 145 oo .0224
Clinton Town, 634,706 no oo -0173
Frenchtown Borough, " 579,i8o no oo .0190
Bethlehem, " 554,251 147 50 .0266
West Amwell Township, 474,090 130 oo .0274
Bloomsbury Borough, " 357,7i8 35 oo .0098
There are no official maps of either separate taxing districts or county map.
432
MERCER COUNTY.
How
Taxing District. Chosen.
Trenton City, App.
Hamilton Township, Elected
Princton Borough, "
Hopewell Township,
Pi incton Township,
Lawrence Township,
Ewing Township, App.
Hightstown Borough, Elected
West Windsor Township, . . .
Washington Township, "
Hopewell Borough,
East Windsor Township,
Pennington Borough,
19 jo Net
Salary of
%of
Valuation.
Assessor.
Ratable*.
$68,543,071
4- $1,400 each.
.0082
4,552,250
550
.0121
4,355,878
250
.0057
1,926,040
350
.0182
1,894,153
200
.0105
1,454,550
400
.0275
1,407,157
150
.0107
1,080,175
125
.0115
987,659
125
.0127
673,163
639,912
100
.0156
626,690
120
.0191
502,230
50
.OIO
Trenton City and Princeton Borough have maps.
433
MIDDLESEX COUNTY.
Plow
79/0 Net
Salary of
%of
'l\i.ving District. Chosen.
Valuation.
Assessor.
Ratable*.
Perth Ambov Citv App.
$16,001,948
3- $500 each.
.0088
New Brunswick
11,916,824
3- 500 each.
.0126
Woodbridge Township Elected
4,015,997
900
.0224
Piscataway Township,
3,852,475
600
-0155
Roosevelt Borough, "
3,224,087
000
.0186
South Ambov Citv, App.
2,989,230
4- loo each.
0133
Sayreville Township, Elected
1,780,758
350
.019
Metuchen Borough
1,587,195
150
.0094
Raritan Township, "
1,483,721
500
0337
South River Borough,
1,469,066
250
.017
South Brunswick Township, .
1,379,722
300
.0217
Highland Park Borough,
1,346,044
100
.0074
Madison Township
1,121,026
225
.02
Cranburv Township,
1,028,151
240
.0233
Milltown Borough,
917,448
100
.OI09
Monroe Township,
882,700
300
034
1 )nnellen Borough,
881,214
150
.OI7O
East Brunswick Township, . .
732,335
300
.041
Helmetta Borough,
714,058
75
.0105
North Brunswick Twp., "
666,256
I2c. per name.
Jamesburg Borough,
620,007
140
.0225
Spotswcod Borough
278,234
50
.018
The following districts have maps : New Brunswick, Perth Ambov, South
Ami oy and Woodbridge.
28 E S
434
MONMOUTH COUNTY
How 1910 Xct
Salary of
%of
Taxing .nisirict.
Chosen. Valuation.
. Isscssor.
Ratable*.
Long Branch City,
.. App. $14,047,179
3- $550 each.
Asbury Park City,
.Elected 11,145,130
600 each.
Neptune Township
. . " 6,018,226
850
.0141
Deal Borough,
5,253,765
Red Bank Borough,
4,996,408
800
.0160
Rumson Borough,
4.1/4,343
400
.00958
Middletown Township,
4,015.307
Freehold Township,
3,900,935
700
.0179
Belmar Borough,
3,108,615
200
.006
Ocean Township,
2,710,679
300
.OHO
Spring Lake Borough,
2,586,419
300
.01T6
Shrewsbury Township,
2,511,448
600
.0239
Allenhurst Borough,
2,505,917
200
.008
Atlantic Highlands Bor
1,961,702
200
Bradley Beach Borough,
1,799,160
250
.OI39
Sea Bright Borough,
1,683.670
250
.0148
Keyport,
1,577,124
500
.0317
Wall Township,
1.559.097
525
0337
Upper Freehold Township, .
i.43-|,5;o
300
.0209
West Long Branch Bor., . . .
1.253-743
250
.OIOT)
Eatontown Township,
1,247,084
2OO
.Ol6o
Monmouth Beach Borough, .
1,233,494
200
Avon Borough
1,124,416
Marlboro Township,
1,120,347
225
.O2O
Howell Township,
1,049,993
350
0333
Holmdel Township,
1,038,878
300
.0289
Atlantic Township,
928.993
200
.0215
Manalapan Township
914,820
225
.0246
Millstone Township,
869,8-0
220
0253
Matawan Borough,
859,472
250
.0291
Manasquan Borough,
800,703
Highlands Borough,
651,202
'-'5
.0190
Raritan Township,
639,418
200
.0312
Matawan Township,
584,049
200
.0342
Allentown Borough,
390,832
80
.0204
Neptune City Borough,
342,125
TOO
.0292
Englishtown Borough,
266,281
45
.0169
Farmingdale Borough,
. " 161,323
40
.0248
The following districts have maps : Long Branch. Asbury Park and Key-
port. The county has no map.
435
MORRIS COUNTY.
How
Ta.riug District. Chosen.
Morristown Town, App.
Morris Township, Elected
Dover Town, App.
Madison Borough, Elected
Hanover Township, "
Boonton Town, App.
Rockaway Township, Elected
Roxbury Township,
Passaic Township
Florham Park Borough,
Chatham Borough "
Butler Borough, ''
Washington Township,
Wharton Borough, "
Pequannock Township,
Rockaway Borough, "
Mendham Borough,
Jefferson Township,
Randolph Township,
Montville Township, "
Chester Township "
Mt. Olive Township,
Chatham Township, "
Mendham Township,
Mt. Arlington Borough,
Xetcong, "
Boonton Township,
The assessors do not have maps, nor has the county a map.
There is an atlas published containing maps of Morristown, Florham Park,
Chatham. Mendham, and Madison Boroughs, and parts of Townships of Chat-
ham, Hanover. Mendham and Passaic.
igioNct
Salary of
%of
Valuation.
Assessor.
Ratable s.
$11,132,248
$000
.008
4,117,915
500
.0121
3,874,895
500
.0129
3,797,568
700
.0184
3,188,093
500
0157
2,603,945
500
.0192
1,523,286
500
.0330
1,156,745
300
.026
1,406,895
300
.0213
1,406,132
150
.0107
1,276,227
200
0157
1,058,478
250
.0236
988,653
300
.0304
960,784
200
.0208
922,197
300
0325
834,364
550
.066
812,257
100
.0123
792,232
200
.0252
790,245
200
0253
725,079
275
0379
695,206
155
.0223
624,709
175
.0280
618,360
150
.0243
595,120
120
.0201
542.015
200
.0368
402,809
75
.0186
204,909
60
.0208
436
OCEAN COUNTY.
How ig 10 Xct Salary of % of
Ta.ritig District. Chosen. Valuation. .-Issrssor. Ratablcs.
Lakewood, Elected "$6,098,841 $600 .010
Dover, " 1,570,662 480 .0305
Point Pleasant " 1,396,5/8
Brick Township, " 840,144
Bay Head Borough, " 717,885 500 .069
Plumstead, " 580,881 160 .0275
Sea Side Park " 553,455 150 .0271
Berkeley, 507,400
Manchester, " 500,064 175 .0350
Beach Haven Borough 4/6-445 5O .0105
Tuckerton, " 426.346 100 .023
Jackson, " 417.760 175 .04-2
Long Beach, " 4* 1,645 J 5O .0364
Island Heights Borough " 405,250 150 .037
Union, " 398,004 125 .0314
Stafford, " 301,402 130 .0431
Lacey, " 276,867 75 -027
Eagleswood, " 166,965 65 .0389
Ocean, " I5T-354 5o .033
Lavellette Borough, " H9,935 100 .083
Little Egg Harbor, H5,9io
Surf City, 79,36i 75 -O945
Barnegat City, " 77,356
Harvey Cedars, " 56,810 50 .088
437
PASSAIC COUNTY.
Taxing District.
Paterson,
Passaic
Acquackanonk Township, .
Little Falls Township,
Wayne Township,
Pompton Township,
West Milfbrd Township, . .
Totowa Borough,
Hawthorne Borough,
Haledon Borough,
Pompton Lakes Borough, .
Prospect Park Borough. . .
North Haledon Borough. .
The following taxing districts have maps of recent compilation: Totowa
Borough, Pompton Lakes Borough, Acquackanonk Township and Hawthorne
Borough.
Ho iv
iQioNet
Salary of
%of
Clioscu,
J 'alua-tion.
Assessor.
Ratables.
App.
$98,065,630
5- $1,500 each.
.0076
35.546,586
5- 1,000 each.
.0141
"
7,653,370
1,000
.013
2,346,159
300
.0127
. .
1,750,416
500
.0285
1,636,341
300
.0183
1,506,091
300
.0199
1,480,420
"
1447,591
1,257,960
300
.0238
756,436
125
.0165
739,870
338,226
SALEM COUNTY.
How
District. Chosen.
East Ward, Salem, Elected
Pilesgrove, "
West Ward, Salem,
Mannington,
Upper Pittsgrove,
Woodstown Borough, "
Upper Penns Neck,
Pennsgrove Borough,
Alloway, ''
Lower Alloway Creek,
Pittsgrove,
Lower Penns Neck,
Oldmans,
Quinton,
Elmer Borough,
Elsinboro,
1 9 w Xct
Salary of
%of
i'alitation.
Assessor,
Ratable*.
$2,165,902
$600
.036
1,624,775
250
.015
1,483,090
525
035
1,273,122
300
.024
1,255,733
23S
.018
1,189,350
i/5
.015
812,400
150
.019
793,937
130
.016
783,448
200
.026
/64,i34
IIO
.014
742,706
300
.040
716,262
M5
.020
693,707
1 60
.023
683,538
150
.022
577,475
110
.019
312,561
75
.024
The assessors do not have maps, nor has the county a map.
439
SOMERSET COUNTY.
/few 1909 Net
Salary of
Ta.rin^ I^slricf.
Chosen. Valuation.
Assessor.
Bernards,
. Elected $5,096,491
$600
North Plainfield Borough, . .
4,277,975
600
Somerville Borough,
3,876,602
500
Bridgewater
2,954,102
500
J lillsborough,
2,314,248
375
Franklin,
2,187,081
250
Bound Brook Borough,
2,120,690
350
Bedminster
1,852,000
300
.Montgomery
950,483
175
Branchburg,
839,643
135
So. Bound Brook Borough, .
542,289
100
North Plainfield,
537,795
150
Warren,
515,050
125
Rocky Hill Borough,
240,277
60
Millstone Borough,
95,053
20
The assessors do not have
maps, nor has the county
a map.
%of
Rat able s.
.01177
.0142
.0128
.0169
.0162
.0114
.0165
.01627
.0184
.01607
.0184
.0279
.6242
.0250
.021
440
SUSSEX COUNTY.
Ta.rinx District.
Hardyston Township,
Newton Town
Wantage Township,
Sparta Township,
Vernon Tow r nship,
Sussex Borough,
Frank ford Township
Stanhope Borough,
Lafayette Township
Green Township,
Andover Township
Byram Township,
Stillwatcr Township
Hopatcong Borough,
Branchvillc Borough
Hampton Township, ....
Sandy ston Township
Eredon Township,
Andover Borough,
Montague Township, ....
Walpack Township,
How
79/0 Xct
Salary of
% of
Chosen.
I 'alnation.
. Issi'ssor.
ka'ahlcs.
Elected
$3.314,534
$500
.0151
'
2,751.553
400
0145
"
1.098,669
300
.0273
920.684
'75
.0190
<%
862.844
170
0107
794-700
65
.0082
678.871
r T 5
.0169
441-678
00
.0136
430,323
70
.0163
403,848
TOO
.0248
'
402.183
50
.0 1 24
384-7"'
75
.0195
360.220
70
.0194
330.0 20
50
.0151
329/,2l
50
.0152
319,210
50
0157
302.825
IOO
.0332
295*759
50
.0167
-77.336
40
0144
262,400
60
.0228
168,146
60
0356
The assessors do not have maps, nor has the county a map.
441
UNION COUNTY.
How
79/0 Xct
Salary of
%of
Ta.riitir District.
Cli<> sen.
J'aluation.
. Issessor.
Ra tables.
Elizabeth Citv
Elected
$55,036,902 90
1 2- $400 each.
Plainlield Citv
. . . App.
24,222,130 oo
4- 400 each.
.0066
Summit Citv
, , .Elected
9,865,660 oo
2- 450 each.
.0091
Linden Township ,
Elected
7.799-6/5 oo
1,000
.0128
Westfield Town,
..2 App.
7,027,820 GO
3- 400 each.
.0227
i elected
400 clerk.
Rahwav Citv
..3 App.
6.569.972 42
j 4- 400 each.
0358
2 Elected
1 i- 450 clerk.
Cranford Township,
. . . Elected
5.305,525 00
600
.0113
Rosclle Borough,
"
3,020,040 oo
250
.00827
Union Township,
2,933.650 85
650
.0222
Roselle Park
"
2,744,116 oo
400
.0146
Fanwood Township,
. . .
1,324,815 oo
275
.0208
Garwood Borough
M
1,185,417 oo
ISO
.0127
Springfield Township,
1,027,067 oo
200
-0195
Linden Borough
"
998,075 oo
350
035
Clark Township
. . . . 759,161 oo Commission on
ratables.
Kenilworth Borough, . .
"
756,235 oo
125
.0165
New Providence Borough,
516,160 oo
TOO
.0194
Fanwood Borough
493-700 00
60
.0122
Mountainside Borough, . . .
479,500 oo
75
.0156
New Providence Township,
368,488 50
oo
.0244
The following districts have maps: Cranford. Elizabeth, Fanwood, Garwood,
Plainrield, Rahwav, Roselle Borough, Roselle Park and Westfield. The
county has an atlas.
442
WARREX COUNTY.
How 1910 Xct Salary of % of
District. Cln'scn. I'ahiation. .Isscssor. Ratables.
Phillipsburg, Elected -$6,467,057 6- $200 each. .0185
Pohatcong, " 2,014.773 300 .0149
Washington Borough. " 1.862.084 300 .0161
Hackettstown, " 1.679,880 150 .0089
Belvidere, " 1.51 7-792 300 .0198
Oxford, " 1.350.441 300 .0222
Franklin, " i .312.517 120 .0091
Washington Township 992.267 150 .0151
Blairstown, " 926,671 150 .0162
Knowlton, " 788,752 150 .01905
Mansfield " 746.08-' 175 .02342
I !(])( " 665.497 150 .0225
Harmony " 650,117 1*5 .0284
r.rcunvich " 642,833 130 .0211
Frelinghuysen 5/0.564 100 .0174
Allamuchy " 505,078 100 .0198
Lopatcong 492,040 85 .01728
Independence " 463-373 HO .0238
I lardwick " 102.578 60 .0312
Pahaqnarry, " 135-O37 40 .0296
Xo county map. Phillipsburg only has a map, not a very good one.
STATEMENT OF INTERLOCKING
PLANTS AND SUMMARY OF
BLOCK SIGNALING, STATE
OF NEW JERSEY.
443
445
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SUGGESTED AMENDMENTS TO
RAILROAD TAX LAW,
459
461
SUGGESTED AMENDMENTS TO RAILROAD
TAX LAW.
MAIN STEM, FIRST-CLASS.
The main stem shall include the permanent way or road-bed
(excepting at terminals) not exceeding one hundred feet in
width, measured horizontally at the elevation of the base of the
rail, and fifty feet each way from the centre line, including all
subconstruction or superconstruction necessary to provide a road-
way of one hundred feet in width, meaning thereby the full
embankment or excavated area, with slopes, slope ditches and
berms, retaining walls or foundtations necessary to provide a
width not to exceed one hundred feet at base of rail, together
with all tracks, appurtenances, ballast and structures erected
thereon and used in connection therewith, together with the land
covered or included in same, all land owned within a strip not
exceeding fifty feet either side of the centre line of the main
stem (which shall be included in main stem) ; also, all signaling
and interlocking plants, whether such signaling and interlocking
plants be located entirely within the one-hundred-foot strip or
otherwise, not including, however, any passenger or freight
buildings, wherever located. (The main stem through all
terminals shall not include any embankment slopes, walls, cul-
verts, land or structures outside of the strip one hundred feet
in width, measured horizontally at base of rail. Any building
standing partly beyond the boundary line of main stem shall not
be included in main stem.)
Also, all tangible, personal property, including the rolling
stock, such as cars, locomotives, work equipment ; the floating or
marine equipment, such as ferry boats, tugs, lighters, derricks,
floats, barges, and the like ; the machinery, shafting and belting,
engines, pumps, fire equipment, machine tools ( exclusive of foun-
dations), motors, hand tools, tools, jigs and dies, patterns and
drawing's, fuel, supplies of every kind whatsoever; and all other
tangible, personal property of any railroad, railway or canal
company ; all telegraph and telephone lines and appurtenances
462
used for railroad purposes, whether located entirely within the
one-hundred- foot strip or not: the total value of all highway
brid^ bways owned by the railroad, railway or canal com-
pany :g the main stem; .11 culverts, pipes or waterways,
owned or used for railroad or canal purposes, through the road-
bed, whether entirely within the one-hundred- foot strip or
excepting at terminals: also, all rolling and floating equipment
not belongi : _ di railroad, railway or canal company but
operated or used by the railroad, railway or canal company, or
owned or operated by a private-car compa: liers. within
this state, or by a sleeping-car company er company: ex-
cepting locomoti \\ned by per -.panics other
than railroad, railway or canal companies, which are operated
entirely within the switching limits of the property wned by
said per- All floating- equipment which has
acquired a d :us in this S ssessc 1 in this
State, at the total, true value of such equipn
In case the rolling equipment is r. ^:ate the
entire time. then, the valuation for the ; -u of taxes shall
be determined by the ratio which the car or engine miles run
in this State during the year preceding the ent bea-
the total mileage run by such equipment during the same period :
and. in case the car or engine mileage cannot be determined, then,
the ratio of miles of all tracks owned or operated in the State to
miles of all tracks owned or operated outside the State shall be
used as the basis of apportionment of value to this State.
TRE OF MAIN STEM.
Tlv. :~ the main stern shall be the filed centre
line: and, where the tiled centre line is not clearly indi-
cated on the ground, or in case no centre line has been filed,
then, the centre line will be determined as folio- s
On single track roads, the center line is midway between the
rails of the main running tracks: on double-track n \vav
between the two main running tracks: on four-track roads, mid-
way between the inner rails of the inside running tracks: or
track roads, the center of the middle track, etc. : excepting where
apparent that the tracks are not located on the filed center
line, in which case, the center line of the continuous right-of-way
strip shall be taken as the center line of main stem.
Passing tracks, spur tracks, sidings and the like are not to be
defined as running tracks, and shall be classed as second-class
property for such portions of same as lie outside of the boun-
daries of the main stem. Main Stem shall, also, include all
values indicated and set forth in Subdivision IV, of Section 3,
which reads as folk- "The value of the remaining property,
including the franchise."
SECOND-CLASS PROPERTY.
:oiid-class property shall include all lands and real estate
used for railroad, railway or canal purposes, including the per-
manent way or road-bed, track and its appurtenances, and all
structures erected thereon, excepting as provided in main stem.
The term "Real Estate" includes the following items in place :
1. Ash-Handling Machinery.
2. Aerial Tramways.
3. Ballast.
4. Boilers.
5. Bridges.
6. Buildings.
- Cables.
8. Canals.
9. Cattle Guards.
10. Chimnc
11. Cisterns.
12. Conduits.
13. Coal-Handling Stations.
14. Conveyors.
15. Cross Gates.
1 6. Culverts.
17. Cupolas.
1 8. Dams.
19. Docks.
20. Electric Wiring.
21. Elevators.
22. Fencing.
23. Fixed Cranes.
24. Foundations.
25. Gas Piping and Fixtures.
26. Grain Elevators.
27. Heating Apparatus.
28. Hydrants
29. Incline Machinery Canal.
30. Interlocking.
31. Lands used for Railroad Purposes.
32. Lighting Apparatus.
33. Locks and Operating- Machinery.
34. Oiling System.
35. Piers.
30. Pipe Lines.
37. Pavements.
3<S. Planking or Guard Rails.
39. Reservoirs.
40. Riparian Rights.
41. Road-bed.
42. Road Crossing.
43. Sanitary Apparatus.
44. Sewers.
45. Shafting.
46. Shop Fixtures.
47. Shop Tracks.
48. Signs.
49. Signal Apparatus.
50. Smoke Stacks.
51. Storage Warehouse and Miscellaneous Structures.
52. Structures.
^3. Switch Boards.
54. Tanks.
55. Telegraph and Telephone Lines.
56. Tile Drain Lines.
57. Tracks.
58. Track Appurtenances.
59. Track Scales.
465
60. Tramways.
61. Transfer Tables.
62. Traveling- Cranes.
63. Trestles.
64. Tunnels.
65. Turn-tables.
66. Viaducts.
67. Water Lines.
68. Water- Purifying Plants.
69. Water Stations.
70. Water Tanks.
71. Water-ways.
72. Water Works.
73. Wells.
74. Wharves.
75. Windmills.
All devices of a fixed character not enumerated in the fore-
going list are to be classified as real estate.
JO I