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 of 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 oO77 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 of 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. 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 of 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 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 fof 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 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 of 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 of 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 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 o3 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 of 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 of 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 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 of 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). 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 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, 385 249 tx tx ON ON ON co o M M M 04 04 m 04 tx CO M Tf in co CO M tx M rf M o\vO tx tx ON co I- 2 LU Z IU < I > CO _J >s> Si UJ OL 00 OO"vO txONCOTj-txONCOMCOMVOM O I0404OOQ COOO M 04 06 M tx co tx O co O M o>00 >n o\00 m ^- co O\ M cooO vb 04 O co MMOOOmMMTj-oS 04 vo co Tf co ; in co O\vo^ oSvo^oO M 04^ s. O co txvo txoo m mvo co O 04 O tx M m & o tx tx ONOO txOQ ^* Q co Q O txvo ON in i4 04 tx ON O m invO cooo txvo 04 ON 04 m m . ^ 00"oo"vo" of rf inoo" O"o>txO"coO\O\of tx '. irtoOMtxO04 txVO IOMMCO0404MQ O . "> >5 o ^ M g- ??j^5 04MMVOMM0404 mvo m . i^ M" d\ in invo" M" co of co 00 ONVO tx M tx m M OO 00 ON 04 00 O M O"oo"^O" tx co in of vo" of O OO ON co m txvo m -ntxONtx04 in M M M" co M" txoo" rf tx f II W3 ,h\ i_T TO vt I * > ? HI g <0 - DC 're UJ CC >? uj E Z m Z Z o 55 3fe ^ s < if < > O CO i 5g Q I ^ 51 < 5 I i 2^ ^ &- M m 04 OQ tx o ; o" $ a&s 04 CO^O Cl w co co m 00 O^ tx tx in of co O mOO 04 O 2" ^- 04 tx i_O <^O ol ^J" '. ^O 04 04 m M 04 ON co O ~ ON ^F O\ c^ M" M o MOO oo COOOO 100O 00 O4 vo co 01 O tx O vo MD 04 04 04 CO^FC?; 04^ ix. T d\ '. of of v co I m co J- P5 v,- o covO "O rJ-00 Q txVO M O S 1 S-^sss^aS^vS : ^ t<< 1^ dv of i of vo M M ONOO tx M M TJ- m m M COMD O "TM5 1-1 covOOO " M" 04" M _tx in M o^ O^ ^ M^ ^ 04 ON in tx co in of vo" of vo co m txvo in ^t M ON tx 04 m M M Of M" txOO" T? tx PQ 03 . . .T3 be Sg- 1.1 to bfl 5 u |1 1 ^ &.S 11 ^ 3 r* - - H O> ^ 5 a; c 5 G 3 aJ rj . 4 ^1 ^ " o^ r^ v W 03 ^ C3 xr' ill s H oJ aS T w -j Cfi LU OJU C/J V j * v- * ; _^) CO ^^ fH iWl^llllg&i'BJ! G.SoJCOn^^^O^^^oJ^ 3 C u, aj tiJs'tir'r ni _c o rt 'g| VMT3 a, ^ a o i o o as *- 3^ c 5^0 txoo' M oi co ^ invo' 4040404040404 250 It PI <5 -J > < QC >,< S s a s _J D < CO < O Q Z < Q O DC _J < cc 1 U 2 '.'.'.III'.'.'. '. '. '. '. '. '. O t^ W Q co co tx in M LU So :::::: CO 10 i 3 * # Q" w j ^ < .~iS ... ^* O\ txOO O\ CO o ^StS :::::: CO DC 3 H ::::..: vcTvo" rF vo" Tf -i > < ^ 1 !r f 1 : : ' : i S JL2 : C 7 C/2*fr^ ^ < = : i : ' ' ' +j < 3 5 J->u g ' *>a " T3 ft* >-,. gig g :::::: 'S HI ^ M S rr Q. i ~ * I ^ STEM Present MA e Ne Railroad PENNSYLVANI DES 00 rJ-QO tx co m tx M tx HH 1-1 o\00 Tt m * -* ^ _^ T' co O \o \o o 00 co m 00 co OxO\ M CO * ^ s ' \.f^\r-" ^ ^r '*? g gg i; &-s^s (D . Cu ft ipl 3 ad System PENNSYLVANIA RAILROAD. )ND CLASS x 5. 6. 4. VALUE NEW PRESENT VALUE w. Present Value. TOTAL. TOTAL. 173 $7.473 $28,617 $28,617 tx o\ C O\ OO C Q\ 00 vq * 1 5 oJ > > ; "i ^ 04 10 M . O4 tx 00 . . . . o cxf vooo" * * ' of -Operty, $94,202 $75,3^3 $12,719 $10,194 $106,921 $85 Amount recommend by Charles Hansel for assessment, 31 "The value of re- incr tlnp frnnrVii *- O Ig; j< 2 I l"l" iSsi r |5 P S 5 |J | Tf 04 CO ^J- Q 04 1O O . \O . oo" . 1000 ..." r;. . . . .04 < |3 S |* Q Z : oo~ : K co : : : ~ en :::::.::;:: illliliif iiljj * ' en ' ; ' ; ' a3 Q O j ?? : : :fc : :^ : : : : I o w .' '. ! 2 o ::.,:::: :8 . . o t! ^-* & ... v r/ r rt "S "c H : o s -2^ : : : o ^ c S & - M 04* CO rf ir) w h ui UJ re T Z (I) 10 10 CO IO IN. O\ 00 10 Li^ < S _l UJ Q Q Z < LU DC UJ Q > _l UJ m : t|-| i^ * ^ : 3 ^o S s R5 r- .p 3 II s ( o txoo o ^4 c 1 ^ co Tt* i-o CN (N C^ 0^ OJ 0^ VJ si i as- rt'S^ 1 "^ .^ o-s 5 253 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" O 00 .MD N . Tj- <&- i : Q ON ON ON w oo O ON : : :'|J tn ^ w 1 ' V> So bfl ^n c -o - ., c C as > ^ w " * b 0, bC Sb C & -^ rgbo ' 5 ^ .3 tn ^5 en ^ bC *O 05^ nJ '^ - C c c^::':':.: C "^ rvS^ bJO^'-^ ^^J *-" ca "^ gj ^.^2 ^ cn'S.j^ o ts.00 ON O M ci co Tt invd txOO O\ O >-< oi ^ 254 II CD Z in X Q. CO < l .^ <: co m in oj ^ O co covo CO VO O O\ I-H OOO ON ^oo Q 8 : S rf 5 IXA ^ co a VO ;b ^ _i > < DC > < CO Z * W- M R vS S vS^o i fc . . 04 g "": : ;? S of co ; oo" of ; ~ : : ? tx *o ^o o l o C*q . . . . (*j l n LO M O\ -^-00 01 m Tf m ci of : oj to : T3 ^ rt SI ;P "aj OJ . 03 C tra _ fi*H wT JTw rf -t-^-t-J ' G G ** > *-> O'S > 03 di o M oi co ^t- iovo 255 I S iO 01 01 Tj- OJ IX O\ Q 0< w OMx wcOi-HOO CO 10 OSVO O tX HH I-H *T tx lx\O 10 of oo~ Z h- f ^j [Jj { -5 ns K ^ T z ^ < CO ic D , _J > w H < 01 CO > < LU 5 ii CANAL R SUMI SBURG ULTURAL , MAJ A I. Fo/w^ A'"^ Q LU O Z S QC < < ON ONV oo \ M ^ 10 of 10 o 10 h-T 4 n. 'J5 DC ' G ' : : 5 : : : : ances, ' in 3 a T1 B? rt s ' rt : w : s 3 o J3 ; ;i [j ;; 1 OT S rf : : : .GO, . . . . S *t3 If ng and grubbing, . atinn ;s, retaining walls a and its appurtenam i^. be . t/T I "S : cd . g, : s 03 ^ u oj b ) 00 (, . . m 6'S *w^ *0 5^ S^ J5 tuo ) C/3 be _c 13 R ; ' : : : ;II fji.j S^ 14 ^ wT ^ * c/3 4^ ^ ^ C c^3 ^ w-tJ i3 o ^ ^ ill! ail rt 03 rt - 4 - 1 - E z * s^ o w be -^ G >- (U 6 -i vovd c^ c5 w ^ f\ >^ "S vo M~ of M- ; ; ^ ; : fC : : : : : : : : : ^ u S tf 'S ^ tAILRO S P-I w ! u. j _s t^ ro CM ; JERSEY, a) X T3 re 1! Q. C C 2 :*s ' 1 t N ^' .-. U> < *$*.. (X O ... ^ E C ft ^" . . ; . . ; ' t~C ; fx * ^9^ til [ Z Z H M- 0> ^ <^ K Si S re a tx < <"n Z <& P-H M in .... ..... 8 : D _J > < o: Js PI - c/ ! i H S <^>i-iO rxOQio--fO'--t^ .^J-io <& 10 Z - 3 , ^fwoo voTf^..Jo-..^ ... ^^2 Tf _l D CQ i 11 Cu 10 \O t-C co oi ' of .... &> M o< r-x ' ' ' .... & ' < CO Z o Z < s UJ Z Q :':: : : : : :^ : : : : ' ^ : : : : : ....::.. :::::. g : : : : ^::::: :;:::.&::::;::;:,:::: . . . . ^ . ..M ..::..: : : : : : c : : : : : ^9^ i E S *** jS ILROAD Z < < oc .. .'B & : : : :fc : :^ : : : : s " : :% :::::-::::: ::: :^ : :j5 :::;-: ;i: :::: :g; ::: n l^ i ii! ji M-^ ii ^ rt 1 ' tn III 1 n < cc Railroad ^ Z ^ DESCRIPTION. .Co SB I ^ S j::: 3---- c "g-SS : J2g 4 '') | 5 : : : ^ S^'3*3 .S ~~ s - b ' : 1 5*0 -^g^^ 2^ ^ 1^1 be o ct v: S "ri C <4- 0> _ns : ^ .2 ^ * " &S ^ ^ ^ :! ^ ^C^-|a;Sc . Total value . Value of sul maining pi 73 > *T5 KOC O\ 6 i-i 04 ro TJ- lOVO txOO Mi-Hi-iO^C^C^OlOlOlOl 04 OJ I/ES 258 0l ^ S5<2 O E H DC d ^ < ^ OC 4 l^g O 01 co ^t- in O O <"O fl O 01 co ft o O -4 1 Tf -in TfoO co x? \o" ; m M y> co ; rr 01 co "*?> ^ 5" : vcToo" 5 I ^ uj J X CL '-> CO * I (0 a 4 z I * D 2 \o m tx. o" tO''OOl.---i-H(M CO--COCO.---ONW tX-'l-t .tXTf vo m tx m ^- inoo o O\ O O oioooS 9 -Kin mcotxco ^O -co in cT I H-T ; \0~vo" ~ ll be s 03 5.S s J3 JH , 3, j ^3 ^ a ^- rt jrt ^t) rt -S-x 2 &>= rj O U O 1 ill 5 g .-2 c.S So .. MA'S ^'i: c ^ 3 .1J' = >, v ^ .S t/j ^n I s ! re o .c O ^ M bfl ^ M N co TJ- ^n vcJ 259 i o> Z VO z 8 o\ 8 r i s ti > 3 ^e- :1 < 01 OC ^ ^ D < to z rx vo CO vo Tf OMO I . . . en 3 . j-, ....... j . . m . J 27. Total value of tangible property, 28. Value of sub-division IV. "The value of r maining property, including the franchise ' bo . G :-5$ . . . . : :^ h 0, * " b ^ r sMJP I.; * * | ; ; a- X3 G 05 03 1 4-1 >, u 5 of C3 b a^.s fls i-i rt of ' > c- ^ T3 ^j C O 1 f-C -|^ la Wftfia 13 s ^x c c'5< c U CD Qfi Q CQ ^< ro^ ^GC(U, l '2' T:) rH ( y B||||&|'|| fc ^ "S a ji <" ^ Opq^^fL.c^QHH t/T OJ o 44 o rt u -M 'O G rt Pintsch gas plants, Electric light plants, . . . Grain elevators, Miscellaneous structures 1 04 CO rj- voO txOO O\ O w ^ co "xt- voVO txoo S^R HH iS? ^" U" OJ W 260 ^ t-I GO O * ^O O\ * HH * t*x " 04 10 O\ O *O J lOO 5* S - W * 00 ^ ! I H* m >-i ; O Q XO \o '-M eo fc -oo ^b x Q. 0) ^ S ' o H u u E LU re I Z (0 K\\\ . C/5 s : rt .S lo'Sb ^6 & S I r P CO (U C C -g $4 ^ g 6 a C^ d. .S CA, S.c ' cn'g So-g^* "^ ^-M o ^ c -' c ^ '^' Tt "t 10 10 1O 1-1 MD vo S O '"O OO CO'-'-OO O004-'-- "9 <3 Ol ^8 ^?, qj 2 s : : : :" : : : :v8" : : '- ' S> ^ \rf .8 t> ec ! M Q 04 1<....O" ....cool.... ^ ( , 3 oo" 6\ ' 04" ej ^"~ a ^O "3 S;S 04.. I*- 1 .... 04.... ^^ O\ CO . I III! '.'.'.'. of - <^ i o 1 <&- IF.| .*S !_!_, VT^ Q, o V o ^ ^ be rt -M c > c-p ^ rt SJ'^ 5 K.OO o\ o ^ oi 261 V JERSEY, 1311. road System PENNSYLVANIA RAILROAD. pmvn rr A cc c * * 3 ZZ^ J O\ 01 O "3- j^ i-i d\ 00 t^ of .>> < 10 Tf co Tf Df-i H N MD O CO |H "5 ~ w 2 j,* i t$!!!!!! ^OO-.-.M .-0 10 I 1 "'s^ 0? VO CO^ > f 1 : : ' ' .2 f 3^-t- 10 ' - S 69- ' ' ' ^ K Os 5 tl : ' ' ' ) ^ f\T ' | ::::::::: : :& :::::::: 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 : : ^ : :28 : : : :^ ::::? : : lt: = = ^ M Hji 1 i i i'l : : : : : : : : % : : : : r S * w ' : : : g : : : : : RAILROAD Name of Railroad PENNSYLVANIA TUNN DESCRIPTION. i. Land, 2. Clearing and grubbing, 3. Graduation, 4. Tunnels, 5. Bridges, retaining walls and culverts /: m i . j , , : ^ : : : : : *| t: g -3 l^'c " : $*> ?"'l'l J t. ? ti U _2 fc, ST; c^tucrcT' g g ll^ ,- . 15 8 '36^ g, 5^ g,'g | ^ g 42 S " ^'^ c 2 llllHJ!i1ill|||:1|s -i . tuQ.ir,^ 3 n? di-^ 1 ^ ^; C r3 \j3 oj -M C D txOO O\ O I-H OJ co T}- 1OVO txOO O\ O M oj fO ^f 1OVO 262 W O\ CO -3- 13 >-l IO i?) -r ^fco^- O 1 O Tf tx 1 t IO 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 46,454 46 co d\ to o tH ^ ci co vO to o< c>f T? ^o* CO O CO 04 O} ^OOO ONVO ^ Tf fx tX VO tO S? Cr * ' ^ s ' ' tx 00 O> co fOCOiO rj f? ^o ! I "< '.!!!! 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, , : :? : ! ** : : : : : 3 : : : -vo : : a ::: J :::::: CO ' ' * '"'''.'. : :g ^ 00 tx \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 $27 353 353 46,454 46,454 if co of LO O l 8 ^ 15 :::::$: co tn H-I \o O Q\ O ^ Tf 04 CO Of Of T? ci co : : : : : ^O 00 ON^O ;g j j j-iS8j j j j j : ^ : : : : ^ : : : : : c/r : E : : : : : : :^ : : : : : . : : : : : * rt : : : : : y : : : : : .. ..... C ..... RAILROAD t Name of Railroad PERTH AMBOY AN DESCRIPTION. ^and, Clearing and grubbing, jraduation, Funnels, ^ Bridges, retaining walls and culverts, Frack and its appurtenances, ^ encmg, Crossings, cattle guards, gates and sij Block signaling, interlocking, Miscellaneous signals, Passenger and freight stations, Shop buildings and engine houses, . rf* : : : : :S : '-%* S S' : : ' : :-o 1 : ' 2 ' ' ' C C ' c ^ irj >-" *-" J5 *H< C *** " .5 ^> *"* ^ '2"'~' CJ C-i^_,O c/5 r^ ^^c-i^S ^ ^ u ^ 'h/O ^ O iS ^ "*"" *rt O J-H *B o 3 * -| "B - o a o OT .| o t N . . . ^ 2 *^ CM -*- 1 z 3 * g o> < > ::,:: ? ::: ;;::S :::::: M cn _. en Sj f JERSEY, |gS i : - : - 1 s ^- of . . . . co '.'.'.'.'. tx w g^ < CO Q Z l ! ' 8 ;;;;;; Ul m : : M - : $ c/r : OT - .:::::: g : . : : : ::::: :&:::::::":::::::::: *^ < 5 fl ^ S? i o| cu c avoa~ii ; ; ; if r ; z < ; : ; ;B < : : : :-o 25 '.*? i i '. i *> '. '. Q '. '. : '. : x '. '. ' ' ' s is I s a H 1 1 Z : : : S 1 - : : : : i rt i : i * ^3 S : j* >> > ! I'll fe 1 *M C w -^ bc jn rtrt^jucjOJ^PobJO^rtb/J P'Sl'S 1 a| &!* H.SlJ al IS^I g g O i*.S ^ o*^ ^ rt C a g- OT ^-2 Koc5 o\ o >H oi co TJ- invo txod a\ p *^ oi co -^f tnvd a >^ ^ Si :S c.S be o 1 '| ,r 4, ^ ? * -c ^! . M b/ ? 11 a! s rt S H ^ > ^ ^ W S s -t ^ , "5 H MH O H ^ r^ p/ ^O*\j*^ rS fM^ oo o *^* o 2. fv-N^r? rr w ^ VO ^ ^o\ tx O\ ^-O M co ^f O\ of .... co Tf < 10 g od 1 1> 3t *" ^ & " r^co^^ oo"~ : : : : di 7 S H < _l >4> > 1 _s IN* S . qo Q - 01 ::: :R :::::: (J') Z 1 :/} 3 :vf : (1) Z x< ^ 13 C/O- tyj . ^ . 4J III ii (/) 5" -0 Q. p ^ i; CO . rx . . *>x ro >H s '0 o\ ' ^ ON 3 -3 ' u <, ** ; ;oo :\o 'CO . 14 _ : co ir 1 W- * < E S fo~ O < cc UJ S cc 2 _] D Z o o z o o cc -I . o ^ Z O 04 co O ~ :oof o? : ~ ': I & rt Q be bfl n j tn rt : o .'5 . as _ w " 30 .*jd ac quipment, . pment, d equipmen e equipmen ible prope Iga n ;-Sil S&g|l .h w rt ^ ^-S^c^^cS GO ,5 g *.> rs|ss - - -'^ S)^^ bcl* SS'S'S-a ^^^0^ r.i .*5 >3 I I U r- C 5*1 '5 ^> !S S 1 & S& w bo 1! ^ s M oi co TJ- 10-0 Koo' d\ d M oj co j4 vovo K^ o\ O ^ oi co rt- tovd K. oo 265 5 I Hi re Z * "o Z H > O W - UJ re b i z < DC > < S S * S _l D < CO O a z Q O DC _j < cc z < ii to "J X 0. 3 3 z 2 ^ o o Q z z < o Q H < < O - s s =12 < CD DC Z I* * O O DC < .: S<- QO ' ' co~ f c : M i CO .:;;;; irtenan . . . . ; a CO id to" ; ^ co" : rt : : ^^ I o * o; S-H CO 5*0 g J..I | .&! ^s 1 ! b/o a I* 3 . to ' be "J3 f^ u^ IH E .111 O-<-M to" ^ wT *} S e*f -IS a a -a S ** 2 2-|r u -g*o,^3 t< 5 -_w S ? " 2 " " S CO g P.S cr 3 S cr a.'C o> ^'S 5 S .sl 2 ^ ^c^ s 3 C -*1 ^I'l |fe|| _^ ^ ^^> ^2 2 bC'-^J: 2-S^ C rtVC cd C n J3 o - IH o ar i be Pin Elec Grai Mis Sho tSfSfeSs ^> v4-'rj -s O_ 01^ T ON ^ j of ^F c" .*> < HH h-l T r i ^ CO co > 01 Tf O\ ri .0 & I ? U ^ LO co ^ : S z O M ^9- ^~% g co ** be c 1 I 13 S rn" O OJ HH CO HH 10 covo" O> Q tX HH XO 01 O HHQO ^ u 15 21 bb* o be S 0) 03 bfl Ji J3 ^*a3 ^l^ll^'S'^l^ - a cS^S-^^coo^.^^S en "5 flj 2< J2 So o o 3 - 1 - 1 Ui >, . s S c al-s = e i u cx o C/3 O O o\ o HH oi co txco a o HH o s a S . ex a ^^ 4t "~! """ c c e a a a 3*3 4) Ju 13 J-. d ^C? -S& __ tn ~ bc^o ^ -~ ^2 v **** Q. ^ ^ '? > vo K.c 267 z < > \i i% i s TJ O 15 J VO 10 ...I-H^-CO ....CO C ^0 >4 vrf J^ . . . ^ . .... ^ ^ co^g W--&9- |H I f^ 04 S - M * I *^V2 .- V o^- 10 i?r vrT O\ 0; 1 ( M'-'H-^Tj-.V) IX ' ' ' co r^f ' .... od" ' io w 2 w- C^ c^ , "'ptS W- "r 5^ < > ctf K I; SUMMARY SHEET. Name of Ra a u c Q O ; g" $4,504 Charles VO alue. 545 BRANCH MA 1. e Ne $i,5 $23,595 nded for a $29,964 Amount recom -0 Si ! -. 1&& gible property, SlEfSS SiSi s'-g 3* >

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T? 00^ tx 01 oo < Tj-coop" ^ ro^O O . u i ^\ p t-T I-H i-T LO or : ~ 00 ' *o o ^T CO Tf t^. co 10 O Q 00 tx CO ONOO ONO Tf Tf HH Tf HH IO HH CO ' vf co O io 10 HH r*\ ' 01 04 co co co Tf ON ICO vo ON 01 VOVO^ VO O 'o? Tf Q Ol ON VOOO CO CO O 1O O 1 O VO IO tX CO . vO co Q Ol iovO ON LU (0 LU ite a LU rt > 2 ^ 'S QC v en" ' C HH 01 CO Tf IOVO .5 M o co T- lo lov txOO 269 l CO * til o O > UJ DC - Pn O 04 rf Tl-vO co HH O ? ^ ^9- ^ W i CO S gl ^ H S IL O &> i_r < o tt Q -I ^ a H - ^ ( 5 I o L 5 ^ Ft^S S 04 I* ^ Q CO tx ~ \O O M "a 00 rf t-n I I O i g M O t-^00 tO tO Tf O vo OO GNVO coco co c ; coo" o\ covo in Q HH cO O\vO HH IT} Tf HH OO IO HH txoo r^ o co o\vo co ON 10 04 O\00 VO 04 ON tx HH o\ CO tn HH 04 CO tx 04NO \OOO 'VOOOVO ^t- :vg S oTo : ^#^ M " ON CO iO ON - Oi M-vrf CO 10 OiVO co 04 ON HH 04^00 O^ K CO T? covcfoo" *? Q ^t" OO <* O OO ON O ^T VO CO co Tf Tf HH M of H-T Os CO t^ 10 co co 04 04 "^1*00 *O ^-^ t"* ^i~ C060VO 04\O 04 \O vp 01 to 00 04 co to ON to 04 vO Tp 04* ^ oo" ' ' Tf co : ; 111 I I * LO M Q OOQ v> M 04lOiOiOi-i04 I-H M vO co Oi^O co 0400 t-H VOOO O HH \o co 04 M tv t^ ^ HH 04 oq^ o^ tx co t^ covO'oO' ^f O" ^ HH Tt" O 00 O\ O 'T 04 CO co * T}- HH HH 10 to co co 04 04 IOOO \O HH hH ^ coOO VO 04 MD 04^ t-xVQ~ 04^ lOVQ^ Q^ O\ 04 co to ON O 04 to 04 vq Oj 04 rf of co 1! structu ery, too , r- ^ - O'JG J3 dS a; g.^2 o .^ o o\ o HH oi co Tt 1/5 vd K.OO o\ ^8 04 8 9 K! 4 ^" of vo" * ' oo '. ' ' ' ' .> < M 5lH 5 ^^ ^^. UJ ' o H DC UJ -3 ^ 1 . 10 o vO *-" ? . 01 10 VO M 04'.-Tf.\O- . ... co to VQ . . . to rf ... ON co 04 > hjr t-J /.yj ^V -s *^+ < T**~ ^ Q^ -of 10 z u ^1 SH . u. > - *> cq O Q 04 1 g ^" - 5 4- **"" is ^^ : ! : : : : : :<*> : :::::::::: : tf co DC UJ (0 T3 n$ < t DC J \ > 2! DH 5 ^ J:< 01 CO III m <. C DC <- H 5 ^ ^ : : : : : T w| : : : : : : : ::::::::::: of ^9- z DC s- s ^x ~ [M ^ S S ) S) C? .^- loco < ^- UJ ^Q -7? - ' ^t ^ 1^. ^^ C^ * ^-O cK 1C Z - 9- \ *" 5 ^! : 3> ^ * y I ? ; ^ UJ ^ ? H ^ O\ U^ VO 1-H .vo Oico s* _ < < . ^" of ' O\ -co IO of _j 3 2 I* 1 * : ::::::::: % : : : : : : : : : : K"s " z o < Z UJ crt (j C So c S'l Si; 'rttt ; DC D DQ * iJ ; ; ! .' i o. . : : ! oj . ! 2 O ti ti - b. til i _J ^t_, b *^ C/5 -t Q C QJ ,. . ^ tL) ^- c < C o fc i C8 fl S, ' : : *5 ^ -3 : : : : c -g s a _"j.*^ en ; 3,O'C ^ So'C c oj -*^ c -^ 3 2 ^'^ ^Crt-^oJiic l.s ' S 1^ ^ I S3"^ a | ^ 9 S-i5-= S S! a| ffg ^ 2 .S S oi S^S'S coo-2^.^' /)O o'^^ : - rti::; ^ rt -^'^ ( ^ Total value of tangible Value of sub-division IV maininp- nrnnprtv inrln C equ equ MO, ant an t eq i l , s y I'S a ft 4-> O n qu s , h at ou i v er ra train neous o .X) ^!^- ^2^5=1 'bbo'l C'S ^> fS'Ctl i^ 4> ^-7^ -& 3 M bo S* S 3 > a; w** 1 ^Grt-r;*c.S n 'r 1 ^^ C C_CT^.5 .. C sc i j_> T) !-< CJ i c %> rt.w SwoS M N' co rt- Shop Locom Passen Freigh Miscel Floati O\ O M OJ co ^f lovo* ^ ^ . r- O rt C H> bo rt M-l O w ~ 1 rt n ^_( 0~ C CL> , v * J *J3 o t I 1 a S.s to bp * 5 ,Q aj rt 1 ^ ; u, en 1? .2* ^ = tt G hr r bf-0 c; G fi"^ c/ JJ tn -2^ r.^ rt g yS|||ia||4i" g^-u-o'^l'S i a| ^G*^ G.iirtGOo^^ t/50 X'^^ rt ^ G VH t_ eu IH ^ ^ S rt ^ O ^cu J3 .53 n i M P S t>.od ds d >-* 04 co H- <-n\o C G CL> -H WOSa3i-jf^feSfe 11 IH^) C ' G i ' G D 5 O G tx O' Tf O >-< *- 01 co L n-qo o to I-H < ^t- 01 vq. ONOO ^vo i> to oo_ ^"(Dj-if-'co oo rj- ON HI z ,2 i-T oi v co co 18 K S fxOO ON 6 M Ol CO TJ- tovd H - (t -i 1 -H $ < |5 Q -O OC UJ O *- ' ' - ' ' b/3 ' - OJ ' 03 O ' t/5 . . c . . . o /, . :: : louses, . i-S c3 tfl ^ eo" ^ c/f ^ v C/3 <1J C/5 "5J g 1 aiJy-S, !< 2 * V ^J-o | !/" ^rt 'H- ^c evators, neous structures, . . -i'C.3 ^ bfi^-S'^^-rT? S JS l^-e-i-|sIa|?i-SS.SSc C.^roCOn^ Wc/3O ^' :! -'rt^ ; iirt^O 5C^ ::: c? :::::: < 5 >< w- to ' '. 10 ::::::: ^ : : : :::::: <0f-. 5 Z wH i iC & 3. fi: : 2 i*l 10 ' 'oO : ::::::: J : : : :::::: !- SH 1 1^1 111 fell? JS &S rt ' ^15^^ o'vj I** -*" S - K--H G , n j-i -*T* ^_j rTj * r"| -^ bc^^ gi S-a'SfrgSSS'-s rtrjOjrtOOc S.H2 C ^* ' 1 1-" **^ -.C) O TO t* L < -^PHfe^to SYS S^oSoii o\ d ^ oi ro ^f iovo 276 fi VOCOiO-VOONMO CO Olio- ^5 OJ M 3 8 8 2j o of'^ooo M 10 co " vo ! *. ci : : : : : 00 - C? > .> < & * : M ^ : t^ tN LU t_ O &)- 09 M^H DC UJ -i 8 0H O ^ tx IOCO t^ O\ 01 O CO ^ O OO u-j t^ 2" OCOlO-lO'^'^-iTf' hHHHLOO >O q\ HH ; ; ; of ; ; ; ; ; a of 01 < W: ^ IL l ( > j (N tx 10 10 O *o 10 Tf.r-O-MlO O\CO-- 00 -10 rf o> so,; o> DC / O Oj',-1 i_ i vO ' * "'XOCO \O <- ' . ' ' . ' . . Tf 00" N * J 1 " 09- r ^ UJ CO DC UJ CO < ~ TJ - 2-J IX ^ l>x ^O iO " OO ^T O j"i -5 ^ < > P . QQ < > DC '- ^ of;i-H.cioo"''.;.^ L o.. oo ,_r t^ > re h T CO *-> *? 111 K 2 M Z 7 L-I *- LU o o l \ og 10 i i ON r o t~x Oj 10 o >o o io t-X HH a? 00 < * re Z exit: oo" "- 1 . -"f oi I-H . IO -st . H-i CO . .... o vo CANAL REVALU SUMMARY J IV.-LLS XIVI'V AVMV>lOOi 4 j "^ -o oo^tQ-ONCot^ON-oiO- iO | - | ON--ioO\ooQ -O*- 1 rocO"^'CN~f'-'''T' > -' 1 - 1 10 Tj- ! ol -t y* ON o . - <* 10 q 09- vC i g W- C/2 * ' ' -- c- Q ' - '. " ' o3 . . . . u . z /: o ; : c ^.J- ^ Z C - 5 **" J O > i ! : ' o. : : : ' ' tj ^-^ ^ O DC : & : : : i -^ v*** ^ X5 DC Name of Railroad DC DESCRIPTION. !!!!- oJiii-.c; ^c^i [ ^_> .-< O rt 1 V) TO M . t Ofi C - 4 - 1 I 11 f ^-|S | 6 ; ^Q > b ; g.of-o " ^ 'S br& i2C ' bJO^S Vjc^ b ^ M ^^^fe^SC *O 5 .ti ^'~fc' :i rt' :: ' C1 'rt "J^ rt O *- *^ c/T ) S ^ *i ^ ^ -^ rt cS c3 5-'^ rt!:= po-^.^ tA '2o'"''' c3 Pintsch gas plants Electric light plants, Grain elevators, Miscellaneous structures, . . Shop machinery, tools and Locomotives, Passenger train equipment, Freight train equipment, . . . Miscellaneous road equipmer Floating or marine equipmen o 4 ^ c 1-1 ' a; ^ ^ T-J I" H ?- 'Sbo'" ail lf ^ '-^ b !1:l o3 2 n *"* ^^ r c tf ^ , "rt O L, 0> o ,5 r 3 "rt r-< M M' co TJ- lo^c K-cd o\ d >-< oi co -f lovd txOO ON O >-! O) co ^ lO'O oT^i O ot 277 W 1-H 3 8 t> ^ VO OOco < co 0*^ ::::::: : : : : EW JERSEY .^ < <^- "gs I P^ 1|| J T T- 0) 1 i u. O Q < . ^* < > f J ft i N^ . . . . J \l JERSEY, 10 : , 1* :-:': V > UJ Z z LU UJ 05 CC n- II ns CENT! ?; rf si I 2 r ^ LO .- oo .\X ooo a REVALUAl I > CC. < ^ ^ *i :" a ^ Z < ,*! \l 3 i tx AND CANAL D (f) H EXTENSIO \t H^^ W 2 * . N x :: : irJili: ir: :i i :. : 1 : c^ ifi- $ o2 RAILROAD Name of Railroad ELIZABET 'pUB'- NOIXJIHDS&Q T .Si c :: :^ . :| .:::-: :2 :::: :g ::::: u'cn i^O^^ I 8* I I ^"^ GO Sj '-^^'-3 ' *H "J^'ES \ i^ ^H q^ o3 cn~ oj 53 -v ^ C^ o ' ^ ^ M- ,.5 ! 2 ^ ^ J rt SS ?"S>r'S|o ' w T S bj S)'i^ 03 g,'3 rt *CU? S y-| J "''^ ^ ^ | M '^/''"Stl-irntL-ii'T.rirn C 1 ^,^., ,,/->,.-,, X" 1 rvr < h ^ rr < 5 ~ 1 ^ y"" 1 otal value of tangible property, Baltic of sub-division IV. "The value maining property, including the fran< HH* M' co TJ- ino t<00' ON O M <^ co rf vrjvd txOO O\ O M 2 7 8 H-.CCOO Q >< ON ON ON \O 1T) XT) rO *-O vq oq cT in m 04 * i O <*3 "~< ' ' . . . . mvo M .... , UO I- P-H .... 5 iii'J cc. 2 h oc z ^ in o i: |3 O Q Z Q O DC J W : .^ Tf o* !T-,' -n c -^1 & 5 IS 8 i ill a C cr cr 'II-S i_;^ | l'C to bc"2 C 5 *" ^' ~ ul ti CJ ^ rt"~ o-*- =1-3 8 "^.^Is CS^-g.ii^^Elg-^g 'if illl 1111 IlllPIHIlS lill UC^WH^65SP^cO5^i5 SSoSco3^toSS I 21 vahic of tanp of sub-clivisio inpr property, To t-?-' PS- ess s o M 04 re "4 1 ir\o K.OG O O > oi fO Tf- invcJ ixOC HH i_i i-< M 1-1 HX I-H ^i-iOl'Nol010lO<04 0*04 279 t> 3 ^"04-ONOI 9) ?* Tf---OOi-< 04-01-04CO tO---VO-'' rj--..tOi- ^ 8 IN. ^^ v" .^ < 30*'ro'i- | VO*' '.''*-*'''.** ' ' ' ^ M to > - < s s *s*3 S " Q M - g z ? 1 z . ui o Q ( - 9* ! ) /- J : :..:.. i ou s r -i - UJ (8 oq $ z l-i 3> I \ ^ ON S 2-52: J D f^ rfk ! t-T.. .1! ^ . Cl . M <*3 ... .. ^ w ^ < JI B Q 2 :::::::::;:::::: 3 ..::::'" ; djx Z < I.iriCIIJS" <->'!!* fi I ' * " " < i i ;|H : |! il : o-f S^ c Q DC I O CD >r > c 4 S IS'3'3 .1 =51 1 .3-25 J;; ' . =1 .11 II 'Q ^ b 2 ctf bJO-7-) OUMH wT^cn oO 2. !-<*. *S S " C"" 1 ^ ^crtaj W* 1 3 *"* CT 1 On^3 c 3potJQ, M a3 & ] ,-g 3^ s^.s-i^i^ g"~2 fc-'S'glhs ^ I a s^-2 ^3 c3*T3 a o W U o TJ j* O en 'f 5 . 5> g C j-i o o O O wj.Sr^rt G qj c3 S ^COo-Sj^^ o lz! ^5 C 5 ^.52 O O j | 280 H $;$ UJ CO DC UJ -j S UJ II i: < DC > < UJ QC Name of Railroad System CENTRAL RAILROAD OF NE 5^t : : : :S O^ S RAILROAD AND CANAL UMM 2 < Oi ^$3- to "3 C r-j O / bJO S 0? 1 s uH be * c rt 3 S o^-3 g rs a c U3 c G oj "Soo": .t: ._S *S'g o3 3 rt O\ O ^-^ C^ CO ^t" LO^O txOC ON O *"* Ol CO "^1" ^C ^MMWhHl-H^I-H ^MM^CqCNOlOJ^ ^^ 281 S > M d Name of Railroad System CENTRAL RAILROAD 10 1 8 a ON ad MANUFACTURERS' EXTENSION .j .<; co *" ! of M~ 0000 i-T co S (M 282 , t> Tf CO ^t- o\ 1^. ' . 10 HI oo co CO co Q o > , >4 ^ 3fH H HH ^ LU II DC LU ^ W ^- & CO ^8 v^" . . ^ j eg. 9 "* 9 o UJ u ? w co z u P (/} 2 LL O Q > 1 ,. s o ' <, 5 I ! ; CO c a , : : : ^ ^ fc ^ DC ci 2"*s . . : . '69- ^e- > a _l < Y ^ LU CO DC LU c? T3 i_ ^? ; ^ 0\ S > lit re "s }* : : : .&*- 69- Z DC M- o i ; i : : : IN Tj"^O ^J- ..." ' . . S 5 u ns "a CO co \ ***" CO 5 vO r/> Z H Ws *-* Ji * _J _l < > DC 7 ti f- c/ \l N < ^ Q LU ^> 2i *~ 2 ^ 9Q ^^ *~^ > .>i *& co CO CX5 ^ 5"- cc < i- w H 01 s 5a 1 ^ . oq ^Q Q ill cd i ^ s 1 < . B HnCScg V M M O ^ -w- M" j ii i n n i n j 1 1 r ri i M u i CANA CO LLEY. [ "3 ^x g 1 g cu rt ~ - b/) A ^- ^sftsfi^J . S Q S i O O i ^ be ,5 '*** C rt '2 i^'i 3 i Roo d\ p M oj co >-* (N co ^f vnvo C^ CN W M 0^ (N 284 S & : .-I 10 *>i oo ovoo corxovMcx;o o ' Js 2. ' GO Tj-H-io v O T tCJ\0 O -OO^ c^ vq q COCXD -^oq 10 co t-x q * 8 ir; i-T CN > tot- g v> M <^ O ^J > W j IT) 04 ^ 5 ^-VO oJ^ m M -COO Jo LU -w^ Jo i-o'^fcf ofof^foo^o . l ^ hH . Tf " co G\ i-(io . . vd" Z J^UH ^" >o w- u. > i ijiB N IO 00" 0> DC LO^J-^, 01 > to -1 < S ** 111 > 37 H to co 2 ^ m* -o Q M - ? i 1 of Tf S- 1 > a: o ^ 1 ^ F ^^ ^ ^JQ. " " I \ H-( vr> s ... 8 **J QC z i ^ . <^ Z fc M [ 2 Q l - Z H - W | TT . ONMD Tt I o\ ^o 10 oi ^ *" ' l o 10 . o TT ..... rx 5 ^ ^ co rf Jl D ^^ S5 c/> * . 5Q CO ^ 1 i 1 : (/ o ' ' ' * ' ^ tfr < UJ Q < < z P ::::::: w ::::; g ;:::: : i j : : S i : : 1 : : RAILRO Railroad DESCRIPTION. jnrl rri-nKKi'nrr 'o ' T. '. O f : rt* -*"" - -< oi co "^ >oxo txod c\ O *-> y 2 e c o :\o txX tx\Q 00 ^" tO t-t ui if 14 U. > O , Q r < |1J i s n ,S- :R^ : : ovo oo \o < g O (0 z < i; Q . CO < OC O T3 U *.f 5 1^9 : : : B? ' j .' rt ' . o ; o c : : '* ' C i cr cr * FH c ^ ^ PO ! ^ r^ M CXS bjQ,^ O^CI-H c/ 1/3 t> 2 ^ ti 'S ; be a 5b Bj'S G ' ^ 2 JH ^2 "H 2 "" ^.S- 1 ^ g J^ . c c* ^ *~^ii^ ^ c/T ^ X- X5 ^ rt j K." ^ s "*"* b 'c rt ~bp i t/3 "cn^"s^^ r f^*3,j' c ' :: Er' C S" *" rt T3 : ' ^2 rtJS . a'c ^'a'c ^ ^-^ O c -'2 c OT S |l l^? lillSsl'S-illiSllilfeli^ g^J2 " beg^l^ g)^ rt H 43 ^! ^^J So be^^ g r'5- S^a-S'S^-S'S cjs ?pi? ^'5 c ^ .! 8*3-5 .2 I ^ OJ ^ Q c"'S5 >> ^_ *d *-> .S -f- 1 r: . in itg i si u mil sjiiiii ii.ii 11 txOO 286 W co co 01 tx > co co oj 1.0 10 ^ ;^8- tf^ co ' ' * * ' ' ; 04 ..... ^3" g ^" Zl *< <2 ~ & Srfgsg ~^ hJ^" 1 s > - , r | : -q. * fc o 1 | f M : : S u^ ' c6 o V DC CAlTt^ M s ipr :: A J ::! p - 5 u ^ o" S 5 1- w*a ^ : : AND CANAL REVALUATION. Nl SUMMARY SHEET. Name of R EY TERMINAL. CEN , MAIN STEM , , < 1. 2. Value New. Present Value. Vah $77,283 $77,283 883 883 2I,o6o 2I,o6o 13,655 9,257 57,765 40,191 ^01 '01 ^ : vo 8 Ol Ol cA :;::: .\\&\\\\\$>\\\\\ vi o ' C ' ' S ' vi rcJ CO [/, Q DC : : : :t: : < HI o -9 : : : : \ L I 2f ^ g ^ i-J ^ ; o" ! oo" d\ of co" o" d\ 5 , ^t co t- o 1 8 ** EC -a Q re _J y - 2 < O 5! - DC O > M. U Ul o o 1000 oco to O tx to 9) CO co *> O^ t : : O ON ^ H-l * o\ : : si * * D co too, 8 : : to co ... "2 ^i. O^ t-^ ^ : ^ ON 5 tx o . . * ;' ;' ; to o tx to txo ON rf * ' to in to ' % O < < -J m > 1 S I ^ 9 Q % I ? Q i < "J O o Z DC J re < ^ a< S o re fcj to CO VQ CO 10 O i-i o O to 3 of oo" o" 1 vO s o vo 01' co 01 I-H" Of t< Of \0 tp 01 VO tx 5' o Is 03 -J s, retaining walls and and its appurtenances ttle guards, ga ng, c .S be s e a a :ol :! fc- O^H bf 111 ' - ' rt -T J3 5^ ^3 o3 bfl n ^ C C QJ - h/i bj lS C S " bBsf55 j5.S ^ ^ gj^.ti-S M^ S _zi y /i /i ,-*-, ' r rf iw 2^^ H ^^ g o Jg o O ^. Si's IS a rt--*'-<3Gl-( -! oi co rt- M M M HH M M M t-HMt-lO4040< < as- *> ! ^ . u^gS : : >. O <*S m vc . * ft H 00 fl . . ] T . f .. ,_-.-ON-- ON O t-x Q co O W- a , 1 1 00 i CO o- ^ MD : : "*" M : : " : : : ^ :::::: CO H IT UJ ""* ^ ON Q CN co ON O ^ {x^ Q Tt* (N) ro co > W^mONON'OON'fM ,, <^ < O\ co 01 ' OO M2" . ^S* -: *; : ; ; rf of ; . ^d" ... co S * r , Q r s> in ON -oo T- < .s oo -,-r -oo 8 : . . & o> L ri \ * in ^-- & . . - 1 . . . > w - 1 < * i : * i : : N : : : : : : : : \ ^n U. _ r^ UJ l~" "^ CN--U-)-- " 8 cc o 5?; N- of : : i^ : : ! HS rf S* " : :^ : : : ^ : : :^- : : : : : : : ^ : : : t : : : : : : : '. * *Z(l o o ^ z'h~ r ^TtOO-ooio-vO r^UJP ^ONQO-OOOO-CO O"*c ^3 9v CX M O (N >-* :::,:: g::: :::::: RAILROAD AND CANAL REVALUATI SUMMARY SHE Name of Railroad Na OGDEN MINE. , MAIN STF.M 1. 2. DESCRIPTION. Vahte New. Present V i Land, $ 6 '994 $6, 2. Clearing and grubbing, 3,9OO 3. Graduation, 7O,ioo 7o 4. Tunnels, ........ q. Bridges, retaining walls and culverts, 0,023 6. Track and its appurtenances 7. Fencing, 8. Crossings, cattle guards, gates and signs, . . . . . . : : : : : : : : :g ::.: ^Illa.^&fi'Sil.S'Sall^l^ ^i ^ S|5il8-S ^sdar?*^ s^SgssSct^ ^ ^ 289 M p _t < % -00 * \o r^ % -::::!: i ': : ': ig 4| & hH ..: v ::::-::::: 9 ::::: f ::::: : : ' vr : :.& :::::::::::: S : : : : : and grubbing, n. etaining walls and culver 1 its appurtenances, a (/> rt .S ' to 'So -^ c V) JJH 4J "g.SPta IS 8 gH o rt " S . TD'T 2 T Sji ' 2 oj nj "I-S* V V) --, ^ < W- 1-1 10 rvi :SV EW P L. ,332 197 E fc of ro of m-wg^- - I ;H5 OO co co ^J Q ^ 0) 1 4-> _l ^j K LU 0) QC >> CO < DC ^ | UJ -5 T5 2 _J < | L ? ^ UJ z 'fo DC ti- CENTR t ^ z H 0) to o LU E J .* o\ H < D UJ I (J) ro Z U 8 of _J > W 2 < DC H 'X R, > < UJ OC ^ s: ^ < i 0\ txoO 01 ; 01 oo ^~ coco 10 d g : 2 o :l . g_s * w & g :: . 03 * 21 5 r 3 i - i^-5 ^ (-( bo 03 >:: S ^"2 rt ,>^ 52 !S"S g ! c c g en g v -' S M. o I* ^ ^ a ^ w bfl h40OHPQ^feOW^ M oi co TJ- i/Ysd txoo cK o HH oi co ^f "Svd Koo ON o ^ oi co -4 tr, M hH HH M M HH HH ^1-11-1010)0)010101 txCO ON 0< Ol (M 292 O l^ Tf rt CO C\00 i-i I-H IO Q\ t-H 10 IO 10 t^ 10 "p r^ M O 10 ^ CO CO in ^ irjvO co O t^ 10 tO tN. vnvO I-H 00 CO IH O O\ CO 1 & 0) IfJ ? '': :.: : : : : o 8> > LU (0 OL E ri 'J V & V to d " * < 'eosj ^ : : : : : : : o : DC 7 ^ Z It v 1,1 H- UJ l ! G Ex , "# : ^R ^^Z :\2X t^. 10 ^ *Q f^ ^T r\r M ' co o O fx ON 00" ^ M * j : : : : : : (2 K : : : _l D S^ \*-* . oT ; 5 ... o w Z O Q Z D BARNE 1 [ =::::: DC Z < K LJ > .$f j-g : : : : jj ' : g" | : : ^ : : : : :S i!|M is _l E I .*o 2 : :* .s j^ *^ -^ : ?= F? < DC of Railroad TOMS DESCRIPTION. g and grubbing, . . tion, 5, ;, retaining walls ai ind its appurtenanc be . : rt c oT ' ') O .4., C J2^: 03 ^ b/3., i ^ S'iE i - P c S ^ 2 w rx j 04OH-i.cocOi-iCN-O0400-O\- O ON O R 8 co O V JERSEY. & >-! ^O txGO O\ O CO 01 \O Tt* ^" hH < O 00 * W 5 1 co ' * ol 'S S : wH 1 (? ;> co *^j" co 01 ON co ix, rx tx co vQ o ON O * co tx. in co co 04 ON in tx in vo * tx. 10 tx. 3 H ^ 5 ^ ir ^ ^ vo^ i^oo"^ ' in *f in'of o^'co' in 'o^t-T ... jwgooo;com m' 'co Z " 5^ >~| co jt" 1 />- ^0 0> u. il < > ;^vo-co-Oocoo----in-o- .Q'-'Q % oo > 2 " u K. 'j d ' ^ O '. *-< ' CO ' ' ' '. \O ' ' I-H ' ' ' 04 j ^ ^ . :.*: of o w- CO DC UJ tf 00 ' ^ co *O < CO a *& ^ ! . . '. . '. '. ' '.'.'"' in z < o Q Z. ILROAD. v . . " . ".* o" 8i$ MM-I < o < < QC O 7 : .\g & :;;;;:; 8 ;: i ; 1 ; ; ; ; ; j^ . . . . 'O ^ .' rt ' ^ 1 ' .' . ^ c w u, ; : : 5 ::* /, value o 2 franch RAILR ^/INELAT o * ' M ^ o c/) * ij 4 * * JT o-T 4! S s -^ i g 1 ; ' : sl ' rt S ^.S a 4 ~ > '"rt Shr ! B ri (-1?? j-.t/DCC' 3 '-'. m OS C >-l o 3 rt (A 05 tN.00 ON O i-i 0) co -3- t^OO ON O ^ -3 oi co TJ- IOVD 0) N 04 01 N OJ 01 294 RAILROAD AND CANAL REVALUATION. NEW JERSEY, 1911. SUMMARY SHEET. w 10 *} O 10 co f3 IO IOVO CO *3" ^ j M" 00" ; OCM5 S^j* 2 r u s. iO TT O O\ O ^ f 10 ioO 01 rt tr ra 01 o3 *rt M-H ,5 rt ^- 'rt 1 irj rjj ^ < Of 00 t< co .. r ;- , Q r * tx 1 < f -I \s 5 * + _J --* =: l!g'*fr'; - 2 < o | >S : : : : Ss DC CJ ^ KH" ' ' ' o o '- F -3 o i-o\t5 co i^ z: e o< vo 10 10 z Ul ^'^ ^ S : w 2 H cT 175 * . OJ 't i ^^^5- S 2 I ( CQ Q :::::: f] ' 'f. .... ^ , " 1* " g : : : : : a : : : : : z < * UJ . o . z -^ : >(j M : g, ::::;::>::::: g : T3 ; ; ; ; e/r ; ; ^ ; ; ; ; ; "C ; ; rt ' ' ~ S ^ "^ o* trt . . O "> -M 4-> o ! 6 J3 ii T ' C C G u a : ;|g -^s ; : i ;;l ^ || Name of Railroad DESCRIPTION Land, . Clearing and grubbing, . Graduation, . Tunnels, . Bridges, retaining walls i . Track and its appurtenar ii.S P"^'5'^ "2 : S J ^ : : s ^ ^ '^ co S^S S^^^ 1 " ? .ss'^S U CO *^ ^~" U Cf) CX ^ ?7 G G ^ "fj ^ CJ O- O C/^ ^ O "r^ coo-^.^ c/5 o^'' : ' ci:!! - ; ^ c:! -2 cjc/i '^-^o ^H O PQ h5 S PH C/2 Q J-H ^H PH JiJ O S C/5 i I PH pt-i S fe I-H 0^ CO rj- iOVO txOO ON O M 01 co rf iO\O O '-H 6^- ^- UJ ^go : : i i : i (0 EC LU ^ A > rO-OO O\C^fO' ; t- -10- w^^ .M -OON "^r- 10 3 > UJ i w- ,Jj_ W . . . . . . |L , Q > ^o u S C o" > -55 -i s *s - g j <*? : : : : : : : : : ,_j- ^ u ^ Q '~ H * H n- n O < on" ' HI vO 0" H w^^5- W- ^ c: z Z _ U o o Z H (0 1 O w C? "~ UJ re h\ 0) ' M 00 f5 10 < I z c\j " ^ M Jts. D ^ jsTS** : -J >- < DC >^ w 2 r^ DC S M SM-O'OtO^^' 01 * S < .^ of ^ M ,o ^ ::::: M -1 D "f ~ V) (/^ c ' *c3 *i^ > cc _l : : : : ^ : : i : : : ; ^ :::.d':w..:^o " C* ^ r"] J .r : : : : rt c c fit 1 RAI Name of Railroad ! I en 2 c/T I ' m b/D r\ . 5 * ; C *Q . ^ c S . c . rs ^ - ^,2^ I j _ |J }| j| ' :S I ^^ SwB-llfcl : g^j2" J3 ^^ to* ^^ 2 * ' * c S S E OjaJl ' tfT^S CLKI^H cn* e^ O O J3 C U'O-t-'O'Ti'-' ~ ' u ^ "olE f 04 I-H C ^ s /. * H M C iJ ^ (4 *rt d- \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 $ : 8 : (N O 2 s c c i * 3 RAILROAD > Name of Railroad WEST SIDE DESCRIPTION. T T 0,^ Clearing and grubbing, Graduation, Tiinnplc Bridges, retaining walls and culverts, Track and its appurtenances, TVn riiicr ...>.....* t: -~ 2 2 ;' T g 3 5^- 5 ' S ** ! u ^ 4_i | * O Co> ! ! ' . i ^ cjcu cx^" 1 ^* i/T ' "t^'Sj c* "*"* ! ! u p -*- ( "''^*s ^> Slsi^jBs^alf iis"S|i!: !1! s rfilEliiPi!ll1IHII K.I illllis^lelll-ilg-lllll -Ij -i -< ti <^ *t in\d r^oo ri rj w -t C 'O i-T VO tx r<-> 10 G\ O V P Ix >O i-i O O\ -Tf- O VO ^ IN, 10 \O I-H ry H-I fxVO i- i 5 1 UJ Ji Q t/> < < 1^ O I Q. C _: - ^f ^ p" i-T ; HH vo co 04 CM KH co txcc" o\ O co o\ ro r = tX rf O" Q :+, CM vvo *<&% C I-H tX c"5- to 01 rf 0) Q tO COOO O CN CO M HH CO Ok O OtxMrt-OONCOQvOTt O -^t coOO to -^-vo tx co CO M I-H CO Tt l-l HH tX 10 l-l 00" co \O vo vO OO >- 1 M CM VO o< CO O O to O\ O vO x O\ 04 \O ^t -! 3 vN O txVO co O tx Tf oi O "* " o oo ^ ^ ~ M tx vo o\ a\ bo :3J8 rt .S w'Sb tx CM 00 to 01 O ^ UJ__ M co tr-.oO TJ- C^ M" Ov O" O O" co i-i HI O\VO 00 -^f CO * ON T}~ O co O to O | 04 OAVO CO C^ vO co " tx HH HH T^- lovo "^ ^ '; | " co Q" to ' ' Tf"VO 00 [co CM ; co : :K :::::: CM CM co to vo o M to 1 to co tooo CN TJ- O co n o Q O vO co OOO vo Q r-s. CM co >-i tx i-c o to <5\vO'oo" CM'VO" co IxS M rf vr.vg rf *- oooo i . - c c o> .g.g & a 3'3 '3 ^* V II 1 S rt^s M 3 C OT*S^ S gSoJS.2 at; C r- o - OJ M CM co TJ- io>o rxoo 0^1 O *-i 01 O *-i 01 "^o TJ- lovo CM 01 CM M 10*0 CO <^2 "! O O CO Ix O <*3 ^t iOVO ro 'OGO N OQ Q O> <*J j O\ ix O ON H-I 10 01 O 10 ON - CT\ O 10 T)- ro ro ^t- <~O <"O t O C?\ tx lx -^ \0 m 10 O cfj vc O Q 'O GO tx Q O 01 ^ < o^ ix i~x ] IOGO'CO' PO tx j_x i^ 10 o\ J^^O o r, to 10 1 ^ -t *-> = > > O w < CO - U ^ S 8 c %<* 3 % : 10 GO ^6 ^CO -I > < DC > < * to ' u . . ' V. r3 *o-c ^ o. . s _ '. '. . ^ ' rt * u ; ; ; ; rt ' - ex K^ ^ -f. ' O- ,^j 'i> U' ^ (^ . -^ ~ ^ ^ ^~* . '. a i "* * "t^ r^ *^ ^ *""* ^\J ; . CJ M : :p C of * ' -*o : S S aH ^ *^ 9-^M *J" * C C O- c ^iO G -j b ' 43 ; c U1 ^ ., t^'So C ^ ' : ^ rt ^^''5*5 (u^-S ^ ^ ^ DESCRIPTI i grubbing lining wall :s appurten - < b i t/r ~^j 53 :"s!-o . : -i S . ;;-gB| o . " * "^ CJ ^-M Oi V J O 4> M *; -sgifj ,-s*^ 5* ^ 2 ." ^' o ^ > rr III! Hi -^1 QJ o > c (/) 5 )*r3 c flj *^ *- * --^t ^ b O *^ r-* ^ ^" t: r e S " ^ S,^. ' a ow t - i C .2 rt c S J-i U a. 'l sJ llill C ^H rt ^ /-C bi)A'2'I S s .l^ ^-3 " .S U 0. C 2-- ^ SSI'S S| 3 = ^ S!^^ c^ o^- ^^ 299 W vo O coOO IN vo O\ 01 10 O fx O t> ^1 > >..\OCM ON -OOO -co to- ^ CM JN * co r~x c 01 o C 00 10 C 5 tN i s * $ . cT ^. > - < i^!!! z ! i ! : : : : : : : 5 I ui ^ ^ > \O'O-O^-C-)---OOCM-CM ^-CMiO-O- er ty, -- $212,434 $162,648 $38,611 $25,175 $251,045 $187, Amount recommended for assessment by Charles Hansel. . . . $121. ?he value of re- r the franchise." . O S5 ^ to . T) I i o. r i co LT I -^ tN. r.oo^r.. ...HHIO. CM.;. co ; co ; ; ' c ^9 ' ' - a> Q tsi'tf' +~ '. '. iij v. i i T ^ co -| J5 :| | js^S l fe B 5 o .*! 3 g g :^^ g : g.g>^ 8*tfrf.|i ^2 g,|^ '& .2^ - :g>g ^ ' .9,8.9^ ga-gS ^ ^'S S -g^ = :-p rt ^b w M ^ 2 C rt'S.w"' C S^cd 5$ " :-|s 11^31.1-5,1 ."^SI-CBSS Ig o -M y S yo rt ^_. rt ^ g-g,^ o2 w^'rt o t- t 5 ^^ _H ^ ^* ^ K^flJriba.t tOJ^ *~{ rr h fc 1 . a.&S S S ^ S *&3 h^JScrt'Jsfe-fcor M bo ^ J2-< CM co rj- i/jvo' ts. CO <5, 300 ni ro ^O ^O ^-O^O i* 00 t^ 0^ < V 3 V O ^ j J< O\ : CO' ON of rf 00" CO HH" CO ; ,K ."* < f MJl "i 'X, ^ ON 00 1-1 vo I-H HH Cv ^co o vo - vo 01 01 r-i oo -i 5 CO CO l^vo Tt-00 01 OO vo T> : ol ^ : : :oo B ^^ '^ : S : rc?\ ~f i o c) vo r^ i ^ oi ^ O ' 'N 04 ro vo ^f ON ' vo ' vO CO O ' L O 00 HH LO ro 00 ^O ; ^ ; ; . * ^t ro ; ; ^ <. r . ', * - ro E - . n c ~ <~o oo oo co 01 >o . *~ i .c 01 . CO "t ON l^ 01 . O> 1 J ' cr ^~t~ * wN * ^ ON ^O C m (/> .* O OJ . . r/ } . Q 2*~ & . N -^ vS UJ j ^ : -' : : : : : :::::: : co a) u S: o: I ^ - ^ 2^ * 3 it ;? j : : :|: ' ; co' - 'c\ t^ ; % * 5 S j - h ; : : * : : . : : . ; o\ . z . '. . ZHw r -Jcooio-ooo r oco r Of\ico-. OUJ c -- moo 01 VOCOOIJ^'-I^ON- "^ ON CO co coQ5 HI OO tx 01 co i_ S" L, vd co" of \o" 01" rpoo" co ~ ; V-. X fc H_ vo Q co t^x 'vi co ro "^ (0 vl ^ * ^ ' ^ ""' O vo O vo I ^ O ON co rf Ol-.'-r^OvcO-OO- 01^ co q^ o^ 01^ o 10 vq^ vo ON ^f " & '.'.'. ~ 4 : : "? D S w . . . . . Ol Jv W 2 f i^- ; < a. g ^ nj ^ ^ p voob 01 i^o ^ 01 01 01 oc i-" SONCOCO -voto coco o^oo vn vO vO'-'Ovovoco-vO' O\ CO vo VO -i vo vo -'CO Q q\ tx rt; q^ 04 1-1 i-^ Tt; O S^^J ^ -J -^ o I a CO" ' ^vO o"vO 1^- fx 04 ^ v8 : vo oc ^' o" "-<" ' ' c?. <-^ vo co ' co" ! : l " 3 : : ^ : . . . . . co ! s[- ? S D l (/) .^ ^; Q 1 o : :"g :::::::::: ^.ss c ::-::: i : ^-g 00 b . : : . . c : : . : "O * ' ?1 z ' ' - > ^^ ^ 2 < 3 u < DC tt < g ll 1 a i S m ^ "^ C0 * ' ' ^ : u ^ : : : 22 o ' 13 y -*-> 1 ' O *"" |J s ; ill Ml : : c g & : :-^ . rt g M . . as C :^1 -f irf*'! 3 : ^ b : "5 bo-o * ; buo a ^ ; s,'g c I'js-a ' '"2 *^ ' p c - .c ^ ^^ S .a a &,. rt * r- - 1 - 1 * i C^' 1 -'^ K* ^ ^ : S ^ : ' : t=js ,gcr& -^'a S _r^ *-* ^ O H r^ r- cr 1 J!H *- "^^oj ^ - G * C *Y^ ET * i ^ (u T -i;5j' : -iJ ::i 'v-, ^ .sc3P' - OJ^GI o 5 J3 "H.3 ]^ bo '7'^ ^JH'-^^ 4 ^^^ "c3+-i c 'cS -* oi co ^f vovo Ko6 oS d >-' 01 co Tf vovo* txco d 301 -oo 10 O\ T t - . H-| . . . S " 5> " " ; ro ON ^ Vr -4 in o ""O ON Tf o O O 01 i^ i vo ' co ' * co in ^o " ON 01 ' VQ T$- 01 01 oo ! ! ! co c< * ^f * -H 10 O i-^O OO O -M < - C CO ' ' -i ' >( ..... ^9- ; : : : . : . . & : UJ CO OC Ul T3 I ^ n - 00 > }, u ' ti 00 * ^r 2f co^j ^ 1 > i. - _ ) ^ o" ' ^r ' '10 o"oc" ' ' " ' oo" > '"" Ul rr j /9- ' ' ' ^ .... z ^ jj ( ,<= o S E 2 3$ n; ^vf S, : ^ : : i S B ;^ | : S : : 8 i^ ^EVALUAT MARY SHE z t e h- Z HH m O i^ <^ O O O 'O ^ ' 01 CTN O o OYO '^"co^coON-' r t''-t^Q ONCOin-Ol-- 5 : >- ON oo D CANAL F SUM tDING. . M .> ^5 10 ^f r O ' 'O 01 -y^ ' ir, ' c5 O* O' ^ O* ot^loo ] !!.ON ' ! ^i 1 ^!. :::::::::::::: :Z : : : : : s ' : : : : : IO 01 1 i Z *. UJ QC i::::::^:::::::^:::,:^::::: C 1 co ' ; ' rt :::-:*::&:: i : . iji :: j .: II j QC QC n : : : : S : :^ : : : : s " : : ^ :::::-::::: : : : :^ : : s : : : ;g : -^ : : : : : g . : _ -^^S oT _g _l - O . ^ ^ ^ co . ^tn "KT QC Name of Railroad DESCRIPTION. : : :g| :6 JIJ : = | : : j^g |j|| ':% ill ii |g :|I : : if-f I| 1 1 'o ' v- 'jH rt bJO-T-j ' CXu2; co" c/" ' *r3 "o {H *^ ^i CO ^ LO^O tN00 O\ O *"* ^1 co TJ~ i-O^O txOO ON 0*^01 co TJ" i-OVO t^oo 01 01 ON 0^ 303 ONtNONOOON'1-'-- IO -rf M LO M lONO tN ON rf OO ON NO CO -i CO "*NO" tfQO O\ O" Mi-iONOOOlN.-^t-o004NO Np co NO NO tN CM_ O^ rfOO w CM NO 04 O C OC 04 O ^ ON IN, ON LO ON IN. O NO tN LO 10 Ol NO t> Tf 01 N ^ HI NO ON TJ- OC NcT O" - \ OL I HI 111 II < - HI -6 re o DN tN ON O M 01 O O ON H"NO O CM t-H Tj- O OO -O ^t* i i O ON co ON co ON ON ** NO NO ** ON l^ o OO ON O LO O O O tN HH VQ NO CO M O OO NO O tN O LO 01 1 : -i co co ^co" O O tN LONO O" 01 tN\o" M ON '. t^. -*. * i ON * * i < ON LO i * T}~ 01 HH IN, co t < 00 NO tN, N. OlHHQO MH-ICO 00 ^tOO of >-T co T? ~ e- ' co ON 04 t-H h-i O* OO" ' IN. ^(- Ol I-H O INOO CM CM ON Tf tN LO 1 l 3 LO co LO M NO O\O co O OO n T\;OI;T}-COOI ''NOCOIN.' CO'TT * LO ' ? N.. .HHLO ;;NOOION; ; x . 9- NO O" ; 2) 10 NO LO LO ^* NO NO ^i ^ CD M" ! -^ ! cooo" 10*0" '. '. of tN^Nirr | o\ ' IN 3N . 01 . tN tN 01 tN. CO NO LO ' tN, > . . ^ tN . . oo rf-Nq ; ; 5 oo ONOC ^ "^i* LO ON 01 o\oo o oo oo . lO . CM . . . . $ of 2 ^o o 04 oo cooo ON ON 1-1 ON o\ 01 3_oq q\ co LO OAOO 10 co co co ON o oi 5\ cooo" ^ T? >-T T? o" LONO" o" ' ' o^ M" o" ' HH-l'\O>-ITri-H^I (T^-(\)l-l ' ' TfOO I-I 7\ CM i ' OO CO t-ii-ico "_'i-i o of ~ of co ' CM LO CM^NS^IN. ^ CM^ ; HH NO ON ^j- CM of > < ON O LO O O O ' of d\ of i-T i-T o"oo" ' co Tt Ol M O tN.00 Ol ON rf IN, 10 w' co tN ; ON I i Ol 1> ' : ^ . J o G ^x . . . w - . :.b<) ..:::.: : . : :^S C l : 3 w o ^3 o . c. ! rt ctu ool rt cjl! ^ (U -rg 1 > "o- >I -( <>4 CO rf io\d tNod d\ p >-< oi co rf LOVO IN.OO o\ d ^^HHA-jMOloiCMCMOl ^^ 04CO 304 D tj .> 3 553 co ?o 1 vfl f^ N >r !-!* 2 40 !* o Vr & y^ i 5 o ^ . . . .^ IO ^j w r^ QL K^ i-J / ^ ^^ CA ^? " W ^ &$> ' ^ ir " 10 E H ^ ^ UJ r ^ 0) ? r t/2 .!* ^ ^- ^ > s < r UJ CO OC Uj X co o '_> J- a * H X' "J o z > Ml -^ -^ > ' ^H fO " Ul QC f> _= Z 2 H 4- o u r _s UJ TO t: ^ ^ <^0 *~ JT Z ; -^ S ^ w- < DC W S H ct UJ ^ x ;i P : ff .- t ^ ^ ".^ ^ t-^ 1 3 . . . . ^/>- w Z Q Z o 3 I " :::::::;:::::::!!::::: g : : : : : gj *^ ^. ^ Z h O ' w . . c ::_::&::: : :":::::?::::: <-M '^J 21 Q o Z _J ' !rj ' ' e/f * --j TZ r' ' ^ ' C tfl -1- r^ .... = rt ^1 : DC < g . a , s - '^ U 'en '2O w ...'oi . ti "S S^^ ^ _l O -^ ^ ^ ^ ^' ^ ^ "^^ 305 3 33 VO O VO Q -^ ^ ^ tv'cTc^ ci-^-io -* " ' ; ? .' ; M . .... 1 UJ > C ** rir? ' ^ ""* r\ ^ CO ,*^ W ' C/)<3-^ /3- * S- jj <*. ^ .' '. : "t : : : : : of : : : :::::: 9- U J S ; S : a l UJ r! . 10 . "> o o 1 *% ' Tt t^ ^ > O ^ of ; \O * ^^ "t CO 111 *" U3 51 - ... .... CO m- < DC g t - 1 * "^ ^ < 3" T ^ 111 5: 2i O CM g :# &!! : : : : :|R g i* M I* < z D 1 8 M r^x . Tj* t^x ro^O tx . ON ^^^ :::::::::::: :^ :::::- ^. :- : : : : : :TI I : -: : a . : : . : ..:.::: o : . . . : 5 j < Z < i M ) M 2 : :^ . :-s .:::: :^ : . : : . c ^ rt ' J> C|H i> g HI * - - . . . *->' ^3 O 5 m : u . I ! !2 o ** w I . I I I C G RAI Name of Railroad DESCRIPTION. Land, Clearing and grubbing, . . . *2 g - -.2^ ^^ : : ^ ^jO ^n * T! S 'o-'' C : 45.5 00 . O w S S *0 ^^G o .-. - ^ rti b ^^^43^ j=0 ^ ^ 2 c3 bfir^j P+4 T , o y O 9 1 ^ .I'S S J-3 Q "S 1 S c S s ^h2 w ^ "jScS-s^wb G *3 e T5x^ ajr i3-*-'O'n j -' ,S (/) -*->.|i; en g bJD--< J5 Q< ^_, Q ^ r^ ^""aj'^ UrtbCQaJ-S , rt lyT^ c/? 'fi, oi o 'r< 2 *S ^ S}'S G aj -^ CH *^ ' ' 2 bC'^1 o' 'iH^Goj^.rt^ O^ ifQ^feOffll^r^P-lC/iC^-HH 1 P-lpLjO^C/} Locomotives, Passenger train equipment, Freight train equipment, . . . Miscellaneous road equipme Floating or marine equipme Total value of tangible prop Value of sub-division IV. _"' maining property, including Total value of all items as ; M M c~O Tf IONO t^xOO ON O M CM co Tt" 10^0 txOO ON O w (\) CO ^" 1-O\O txOO C 2 D E: s 306 no I ^ ^J "4 Q *> 9 ^ i-T ^O 10 Tj~ tx ! ! ' ' w I '. '. tx 3 fc 'j OTJ--*- ; (N CS . . . ^ ^ r< S s^ In HI CO DC 111 CO T> ^ ^ ffi ^ -J ^O 5 S \o O ^o* 1 ^, C ; SE CO ^ - o" ^> -M O E r s \O ^r roOO Tt u. LJ ro ^ VO" ' IO cs" < CO Z cvj- W- ' - 1 -> _l < > DC (a e II f*T ^ ^* o ^ V ' ^T Q ^o fY* 00 01 O . oo" M D LJ r^ } ' ; 00 01 i < Z CO UJ Q 1 Q Q < DC > < _l D < (0 Z O Q CALDWELL RAILWAY. MAIN STEM ^ , SECOND CI,ASS Value New. Present Value. Value' New. Present 'Valu Land. < cl3 ' :iC lililPllllllilll SKQ SSoS35,3SE :Sg "rt4H r c.s c I-H J < ; RAILROAD. 6. NEW PRESENT \ AL. TOTAI 00 s O co ON S. i-T O\ ' ' iu DC Hi u5S SH > oo M co ;::::::: . : : a - 5 I oad Sys f | ft : : ^ ~~ : : : :^ ::::::::: ::::::::::: (XlTl-s^ "3- . . S S* : : o 8! Q *< ||5i: U^> r- . .ro WM^ ^ . . fj*ii : ^ ::::::::: ::::::::::: z h- o r Si- * H R vS 5 $ s s ^3 D -1 > g > < S ^ ^ UJ ^ . * $ n- ^ s. 5 > , o g :;:::: ^ O ^|T^ 3 -ID C 1 a ^ 1 w 5 5 ^ 1 s ; RAILROAD / Name of Railroad DOCKS CONNECT! DESCRIPTION . .snH : : : * ' :.? : 1 : :::::; : : : - : :- -t; 1. ' % ' 2 3 '* G" S S rt c b/) 5.S *S I .S < b ^ ] C '^ > .j C o i^ < cii o ^ c^ C Oj^ 1- ^^H^rC' 1 " 1 4lJO'"rJ < L'iJ 3 ^ b 3 3.^^ &^ " -^f y 2 & at3 O-p s ^ tN.00 ON O M o o a> 'rt rt "o H 309 D ij Q O Q QOO C<1 in o "^)~ o O\v> 1 o^i ; ii ; ^ ^2 : ' ' : : ' ' ' '. y$.\Q ir> \Q ^j- V\ . '. '. moo ^t ' -ee- s < J ^ UJ CO DC UJ H t c 2 > Z IX, -s ^ C (J I 1 UJ Z J_' ro DC J W * [B 2 ' s o lil to o ^ o ^ in ^ 1- 111 ro ^ ^ >-^oo" tx t^ in m co < JL tr\ Z CVJ ~ ^^g) QQ 3 ^ ^ $ VO co D _l < > UJ MARY J & u 2 llj " 1 * 5 * 5 1! rf <* <& k CO _l ^ D (/) UJ * 0) * Ht . ' in in ^ vo" OCC 00 Z < CO HI J t 1 & n Q (U $ :*-vg 2 < ::::::: ^ :,:::: :"::::: : : : : : <{ U ; a, cc be *. ' c ' ' ' : ft G ' v : 'T-I : : : <*> ' ' : & O < T g S : o, >, -< 310 iO fO *> I-J a >: < O K -J 0< < * * &i Ujrig! UJ > IH >-( O -6A- OO 00 tx O oo 4 q i x w 73 (C O = 'fO QC S I .^ m^f^ S 1 d| | ^ ATION. SHEET. _i > < a: > < LU DC STEM 2 Present V : w< tv. O RAILROAD AND CANAL SUMM s ^ ^!^ |. 1-1 O 01 J^x vo -co ON ON O CO fO ON 11 w bfl train equipme ain equipment, ous road equipmen r marine equipmen r r asseng reight iscella oating KOOO\0 ^Ojco-f^,^ J^X 0,0 M N^^UO^ ,3 r g* - * l 2JMT! 3 c e "bco": G'So >> -:s? M-IT3 CH ^2 s a ^ " bfl rt M-I c > o-g ^ i>.5 rt 5 rt . .. ^B^ O C [(^fe^pH H> 3 iX ' > 3 t$ OO^VO^ ^ to H- 04" oo" i-T 04" o CO co ON TJ- 'OO* vO'TtOviO OO" ' ON ' T? Tt ' I-H O4tOTt i-i'Tt'c^co'''' T^ S VO" c- cr a , 1 tog g vq^ .HH COHHTt . ; ^ ^ ' ir, u S^ < DC H -J PH ^5. *& < o O\ GC H? hi ^^ 00 to co OOC O Os'O 04 TtOO OA 04 to txOO O-f UJ tn|^ ^^^ M ' O to of COVO O ' t^ ' toOO" I M 04 C 04 CO ' IX ' Tt VH HI Tt COOO ' t-T 04 04 v^T DC i to ,5 - /- 3 . . .vo"Ttd\ oo"!d\;co.''*'; o" sT *"s oo 04 to Tt M Tt OS ? *; < r 4. I 1 3| 3 ^ i g S ) to VO Q 00 OO-OQ-tx i & g o s o; _S> ^ UJ ,5 J} 00 s OD" 7 DC I -2 ,-f ! ON O '. ; ; Tt cooo i i M ; ; ; ; ; ; H 1 t! I Z 1- o> r ^ oo 9 ^ S <- tx O ui -^ o ^ Ul rt ^ ^ OO vo vO to . . ^ ro * : . : . K^ON ' ' ' CO 04 H- T Z ^ fi 04 00" O" N . .00" . . to . . .' . M Tt ; . ^O < s % * iu & B^ tt 1 < -^ d -J D **" ^ fS 00 to to O\ .0 . vo of oo ' | < co >: 1 | w- z z \ < < Q. l Q Z - < .....:: : <3 : : : : : g : : : : : -::::; 'S ;; o 52. o':c E i * . ;L I 9 . 4 Q ^ < o . o o S Q _i -^ ' ! o ..SP ..:::.: : . : : : c : : : : : '^ ^ rrt ' ' ' W * ' W .--... ^ c . . : u" 1 RAI Name of Railroad LONG DESCRIPTION. Land, Copartner anrl DTnbbino" Graduation, Tunnels, Bridges, retaining walls and Track and its appurtenances T*Vnrino- * . r c _ , r-'O xCO' O , O t-i O4 co Tt tr.vd 1X00 O\ O >-i O4' co Tt tovo JxOC 9> 3 I2 ; 01 04 in ON ON Tj- co co Tf 2 N : s ; ""> r^ ; 5 10 . ON . t-i o . u5o S^ 1 W- I fc :< : \O ' >-> GO CO 10 ON CO (-T of ' ' ' s I O u] 3 O z br. s bC'-M s |5 03 C C/2 f^ SJ-g wf vT ctf S&K ^ bo C j3 a rt .S to' Sc r jj In 1 :li? ! . |> : : : tl CO ' 5 : : : : : H* fH ^ M ' CO HH ON . 00 lx : ! i : : : : : : C/2 ^ 1 :R? in 04 01 :83 : : 1* to ^ :. : 01 O CO co CO " i-T in M 0? 0$ * 'CO ' * 1 | . "- 1 ^ ; ; ; ; ; ; ; ; . . . . O icc's^g'^^^rt SS > gt^lJP'tl-^ '^-S^ o.^' gil'SaS.g I I Q< O^ < DC > < 111 CO DC 111 ^ Z CM in 1000 co ' * o\ to to O O O CN ^x O Q O tS. 10 8* tN. f^^gplJ' Kof^ 1*5 O 10 O\ VO N VQ i-^ tx ^o ON co co C5 co rf tovO to to Tj Tf CN 1J 2 1 OOO CO CN"OO" o tx to i-T oo oo co vO 1 CO IO tx Ci ining walls and c s appurtenances, . be O ' co" . " I-H Vp ^-04 ^^ >> f^ , S oH S S 2^ .feft a II'H 1^ S^ft-oa; bc.2' cj.s o -5 g-g g^-S u L^^T: c Sp J S-Sj"co5iJ rt^VnptH VH-< 01 'SI 3 Ol O O M 5^ rOTT O to to I-H tO Tf 3 Tf t^x } Q ^ >\B HH CO Tf t^x fl 10 O\ to to co ^O IO M Ol Z h o m - QJ -i >- < DC r ^ 10 * S N 8 . : : : : lO Q o) o o to o . S d^^ N . ! " '. '. : : : ? . . .0,0 : : ~ ' o ;:::: u 3 i H S) f\l cq OJ ::*:;: -00 1^. \O O^ xo N?" i ' ~ PO oo HH* : ; : : : ^-^ $& a\ m ^vg " ^ O < o o- z ^ uj < cc o Q Z g b be a, g) : a! G "K'bc C e G s iss . a a J '5'3 ^ aJ C ^ ' j "- J_j' > 3. o -.- 1 ^'C 1 u, *^i- * ill . J^ C rt r; ^ o < cc i Z Z < s| I- O CO O s l/V 1 1^ I >i *Z-5 p ; pH tjO C3- g 3 .5 w a 53 cr cr *' sr e 5 *& 4J - (^ ^ OT be 16 Q W O ON t-O * O\ ro ^OVO l~xCO O >4 vo ^t~^o oo co *>s rx vo vo ^ ^ 4 ocT to * rood* o\ of i>x i ;| |;; p; jjilll i < *z ^ ^f$~ o DC _l < DC 5> M P-i .. Q ON u~) co O CO^O O ^O tx ^O ON 10 coco *** O ON ONOO ' tx ^O\ ' ' ix S\ ' ' 1 ^ Ul u E ^ ^ OO ^O Tj~ c-^ -H ro 10 HH OO J w g -^ 00 ', coO ^ ^O I : K " : : cf : ^ i^ . . ^e- T UJ 1 r ^o\ ^o-ojo o- ^in CS-'^S \2 ' . . g ... o ....... 5 ^. 00 E >"* 1 < 2"*t: ^ ^" 09- UJ <0 DC Ul 1 E -o E ) j^ -9 > ^ 8 ? 5 g ^ 00. -vO co 00 . } .^ $ : rf 'j' j i iv? : : 8: : : : ^ :::::: M? : : of M" ? UJ Z Z H a fe 5 ^ ^ ^ vo 2j Q * i 1 ^^ ^^'^^ 52 t? * Q Q co UJ * 5 S9>^-M-TtMOON MM' . -I 3 Ul rf) i^! ^ ^1"- "" ' ' : K ::::" ::::: < tf> Z o Z COMPANY - NEW JER, 2 * "> ... : : : : : : : g : : : : : o^g Q cc s DC : : : : fe : : -o : : : : g J> C * f w . * o en 22 o : : M : : : : : g : : : : : : g : : : ^ : : : : : b : : : : : "4: j ;; '. o< ". ' 1 ' ' >,^v > - ! ti 22.J3 C w ! is ti h -"fi ** * 1 ; - w c jn a g c S & ^ ^ bB -s^ M _ -S co C.S M ^ fa cr3-*-> a!, i.-jj^C : -0 ^-|.S 8 ^.2 I14i||.l!l|P lHl|l'il11.P& rtJ=.v-'3-~3 c >*o- > S&!ljfi.s "3 a !.''' 73 si ^ 8-SS rt .S^2-^^8^^-4^ o^S -g 2){-ic-i ewwo^aiaf^feSta ^<> H 1 ... I-H oi CO $ i/)O txOO ON O M OJ co TJ- LO\O IxOO ON O ^ 04 co ^ iO\O IxCO O> 3*7 HH ^ Tf t>. HH CO 01 co\O SH > < 5 c* T ~ r ^ o\ S| $ T- c r/i ^ ,^ s? -o re o U) .^ Cn^-s-, S 1 o ?> o ^ I o ^ Ss i tf ^ 0^ !>. 0^ O; lOOO" co of O" <5\ ++ 10 ro O M HH CO HH to 01 co O\ co co t^M3 00 00 0) w 0\^O ON "t m rxoq T}- K. co q "t ^ " rf tx. IO Tt t-n_ q. co i-T 1/3 ""!> ds co i-T l-O CO M HH ^^o^^- Tf -vo ^o CO CO Tf 00 t^ & q\ K. lO is. TT <& -< I^x O co O\ !>. >0 rj- COO O >O to CO co co 1000 OOO M M CO r, 8 1 \o i-T 5 i I O QC _J .oc Q O : '1| "ft ^ \O * <*O M f> 1O" *O ' to o l : : :3;S8 : : :88 : : : : : : : 3> SJ5$;': ;*-*; ;*:;; ; ; ; ; I 21^- < -^ ^ ^^ Z ^ &> VO lOO T ^ - tO Of Of T? OO 04 M s en" ' ' ' ' a ' ' -^-M" . G cj S) '-^ Ji ' < 3 S 8 6 5? -^ G T ~~7 qj *" jj'| (D rt ^ js B "o Is &l .5r p ^ riO> 2P J W OT~ flj bjOrn'c/2 O rt bJO rllll^-il^lll *O ^ n 1 * ' ^^ ^Sg^SgSo^ CJOHcqHfeOm^ "^ ^ -'- *rt o i-5 04' co TJ- xovd K.OO' cK o M 04 co O 1-1 Ol CO -rf 10 O t^OO O\ O ^ 0) co ^ 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 CO ON CO > -t ON "^ co M o Q 5 tx 10 to CM co O ^- co ^ co Tt- O co O O-'-txQ 00 O iO\O (N HH . IO CO "^ M " .' .' .' O" .'."'"' 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> t"x i 00 VO M CO -^ iO CO ^ 04 VO O ^3" t^ t^v l>v i i 8 ifS-vg&fc&SS^ . . . c ^ oo Q O UJ F -s ^ Q Q 10^0 . : : ;vo - : : : : ~ .::::: CO OA co rf c .... o vo .... AND CANAL REVALUAT SUMMARY SHE Nc AND RAMAPO. * MAIN STJvM 1. 2. Value New. Present V $231,548 $231, 1,800 i, <-O * O CO ^ Q Q co C O\ O vO C VO HH oo u iO ' OO" Of u VO ' 04 HH Ol '.MO f 04 -^VO *-* . '. i-T ; ; ; ; c<~ ; ; ; ; .... OAVO ooo" o^\ rf i-i : I-H co\3 ; : : IO ' ' ' ' Tf- v: :=:::::: :| i : i i :S : i : i : '. ^ '.''.'.'. ^ '.''.'.' Q Z < o <& 55 ;: '. : 3 .' . . CJ T1 wf -o g S ?':*' -. ^ en w O -4-J O ' ' (j " S : : : : : a : : : > rt c c C 4 HH" ; 00 -f 0^0 < I-H u-j -O O O t" 1 ^o v o ^j" r^. t ~ ( C?\ vQ co H-T ' 04 04 : : : : ::::::::::: 04 i-3 CO ' ? CO' ILROA 55 M PH H ^" ' A * ^f >. hH rr W J Tf *O GO \O I-H cC HI \o oo o vO jii TiT < M ' CO" 10 CO fO _, ' io M -f 10 O* 1 \o co h-T * ' ' ' ... .. 04 04 04 . . ..... to LTJ , CO ' VO 10 tN. HH TT j J H <^- ; . . OJ UJ > ^ W- T 1 ] 4 : R; ;;;;;;; :;;;;;; : ; = : o\ ::::;::: :;:::::;::: i 6\ ERSEY, t CO a n ^ C C ^ < w- '.'.'.'.'.'.'.'. '.'.'.'.'.'.'.'.'... & CO ~3 C "R t^x > JJ c. p 1 ; '*.:'': ':':::::::: > u OC 4 ::.:::::: ::::::::::: OI til z z o DC 1- 0> u E iii _j V 1 "a ^>. *Q ^" * ^3 04 OO ^O HH 00 <"O ' ' ' ' rf- 5 I Z cv >\ t-T ' 00 ^ Q^O -*^ HH " lO^Q Q O : tfe? M : : : : :::::::::: i 0? jj ^ C/3 J < DC fs 5- -/ r i 1 ^ ^ ^ ^ * 04 Q O OO "^O^ III !? 9- '. ^o oo V O 2^ : 2$^ : : : : ::::::::::: 8s cc j^ < 15; HH * oo to co co VO%M ' Tf ^ P - ^ hH ; 10 hH Tj- 10 ; "i ot : : ::::::::::: CO z Q Z CO CREEK. I w: : us ^ ' *5 tT ^S.S ^ ?rt g ..O.S. -S : c s" : : ^ = &| ii Jiff^c ^ ^ ^ ~^ 'o 'S 4 c ^ ^ . i bfl OT tnflj^_,'-' 1 - | JS *o< J2 "^ ^ .S tu ^ rt c^- 1 t |\^ "o i c -*-> ^ j : ^ e rt 3 - c 1 - 15 X M- 5 O X a> JO J5 : - > i *n 3 "O HH 04 CO Tl- to^D KOO OS O M 04 co ^- tOVO KOO ON O HH oj co rf tovo Kc 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 lO <^ 8 *ft w- o" r^ u-,CO HH I-H . . . o ON Tt -=t; q, * xo >- o . c o<5 n g:V aluUf^^isTo i n bl i e v Pr "h7;a,ueofVe- $34 ' 3?2 ^ $I ' 79 $8 ' 558 $45 ' lfe ^^ maining property, including the franchise," i oc & V 1 M OT 03 to *c3 MH bc : S-S '*^*1 1 1 ll I rf|g jl S IS ^ *-" JS Oj bjDT3 CXt^ i i ii i. #!l o -Is SJi .3"St-fi" c _- -t-; "" wH 66 5 -S o ^ F, v^'O ' -P C ^u2'r-' .t>xOO tx -ON 3 ^ j in IX 1 00 *** ** HHof* . .HH 5) M in Q ^T^ SI CO CO < Sl^ . X.VOIOHHHH OOt>>OiO.HH^ Ov CTJOl O\ -^Hll : ; . ^ 0> DC 3 ^ LU > r J 08 00 CO t^ f> ' tN s 5 JERSEY, I ^j a f 1 ? g o o oo *- rib* ,-X 1 : . . _ ^ SSL * ' * s q 01 z CJ < 00 5 8"$& DC 1 "s .-s I ^ E ON z Ho r ^ -*t E! I =^ 1 $ IcO?^ Ol HH Tf ! . '. .... 1 D _l < '> !~ o: Si C^ I l.ll ^ tEl2 ^^ : : :S : : : :^^ : : : : ; ij s o Q Z 3 p* l - D i : rt -cc ~HC/T_y a ^ < i; ^' '^-. w 5fl 3 i 1 ? = s. : D C ^ 1 DC J ^ c s ^ IslL-fll J35 J3 '5 -^ o H 10VO KOO 0\ M OJ t>.00 ON O W 3^3 co T txoq^ tx q tx -i ON 04 vo co IO lOOO VO IO tx 50JOQ o?8< :K8^K3; :8 s*fc . : v:? :< VO 04 * VO i-T 10 -co txlOlO O M 04 O 00 co >-i to O 04 >>-i^ONCOO-i>-i to S CO OO" )-(" CO ^-OO NOO^ 04^ O^OO^ t-^VO^ tN^OjCO CO O04 -CNiotx ^- 0\ lllj g ^ oorJ^ a UJ C < CO *- -J DC LJ UJ ' tx " *2 ' 10 tx O 04 VO O 04 o = g h- ^2T ' fi ON . ol :oo IO -o 04 ;\o i-T 10 -co O O tx M . tX tx tx J 10 IO o LU oa K Q < o = 13 < re -J CC DC m . s- U o DC u 15 UJ Q buo a I boa "S'So g4J - 3 13 o * c II s ^1 ^^ OJ s I rt 55 C K "" -V C Crt^ ^"^ ^c'^ ^^ "3 ^ *s -oa *2 ^'oTi ^ iJ 2 -n g 2^5-" h-roo^mtHpHom^^ .00 ON O M 'J r-l D. r_ >4 co rf tovo' txod ON O M 04' co TJ- iovd tx HI-HHHMH-, ^wi-HMoi040l040404 04 3 2 4 | ::::::: :::::::: : : : : : :*&%% : ui , ong : : . ON tx to to . . COVO 04 NO | UI H ; : ' ' '" ^ ' ^ M CO Q UJ z. -J I to O M Q >-$Q o <&- ^ . Q < < , *< ::::::: ON 01 C^ ' co NO 88 Z o ' CO l> tx to CO Zo ^ DC ad Systen VARE, LA WESTER J ^ > 2! III = < * - 1 5 ^ : : ! : : : : Z 2u' DC UJ * Q fz 5 o w E 1-1 ON u ^ CB ^ o" NO" HZ Z ( NO ^ CO 5 fOVO (s t J g V tA- w- _J ' < CO z o Q Z Q O DC -I UJ CO CO 3 < . << ^O Ii <^ P -J iu ,rfe I QC UJ o < > n* N^ ^ IB -i DC UJ ^ rt . ' o . t- c ^ . O ' en NI|M ^S^ T3 ?? M Q 4-! g CO ... CL 9-^^ . . . , C o rt ta : | rO ' : " ^ : S 6 2^o bio g 12 ua c bo T3 retaining walls , cid its appurtenar en TD I* CS 3 bJO i oS^n c-> oJ a! So j 'rt .1 'co CO o C u c< c '^) ^ b 'S MH T3 C c3 j-i ) S T3 c rt C/3 bn- 2 ' O e O "1 uf~ ^^ ^ Ui .S tuo ^ O ' J ^H O> I-H CN{ co T}- toNO txod oS o M oi ro rt 04 < CO CO 01 ' CO 10 <^- CO ' HH IO .10 . ^f co ; ; . -;:;;; z <>*< g ... . DC 63 111 b LI I PM fc. rj- co 10 00 CO COOO Jo -v8 c? i ? : : ^^ : : : < co co Ol ' xoOO D Z *$ ^ CO . M tX u z Z I-' O m =! > < u s 1 8 a n- " X t-r co* a 5 P ro 55 2 uTR S c t ! < CO o Q z < o DC _J tr ^VOOO -VOCOCOCO-O tx r >2 "^J" co 10 C\ co OVO C IO M ^ 01 01 O HH vc c-4 r ^.cocoor cj^ co CO - 5 en cu is! en" yf . a, . o3 -o c/5 " .* o ~ ^_^ c o3 *Tj C^ .^H | *O 4-^ 03 ^ 03 C . -4- "-" cu c*3 en" rt C ' en rt c/T cn be C "*"" CU G 3 11 |H ^ ^ g iS, ,^ s 11. .& g cr 1 ex cu cu 6 ex ex II 1 be o g be ^P c e 21 gP'g.S'g c3 beg 1 ^' ||| |.f|||| aoo^m^feom! r- o J rt - ^ M be ^ tN.00 d\ o' M oi co TJ- lovd Kod c\ p >-< oi co iovo' 0101 H $ 326 HH W O t> vO 01 to j HH co ro ^ i4 ^^ ^O~ CO O\ O 1 to rf O WESTERN. .> < <> |H w g .<> g& +y I-J //-v toto vo to ' * 1 u z < < z z < *fc -|l > [li- C rt '.S to'b/D 3 D ^ O bfl S C *O ., C ' t-< 3 11 IM 03 S ,wjS co-TtOCM ^vJC^iHHU?^' ' ' ' ' ' ' ' tx m o 10 ON vo O VO O^ co o co M cf M" t-T z|$ i^S : : * ~:::::::: H 1 CO fL, UJ .. r^-ooo 6 4 % :$$ : : : : : : : : ~ ^ < p\ : i-T in ^f ] 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 -^^^ :::::::: | aH . ^ -.::::::: - > |5fl i:i:!i;i;i:i: ^J<<; s 1**3 ^ o ^ vi g 8 5 ; ; ; : : ; ; : ; ; : : : _i ^ ^ m HI W 2 ^H ^" co ^ llj I-H 1 CO ' tX Tj-VO ' s[t ilsumiN UJ z :::::::::;: u. O- . bo : . g : . : : : : : : : : c/) . rt Q : : : : 5 : i^g : i : : f 2 : 3 : : : ^ o DC . - 5 \<\ i - E 5 > o tooq^ < t-T 10 rxf 01 r^ o 01 "3-vo oo ^t co o *o o MOOlOCOtOOlONOl-lT}- Oll-l Orxtx-i-ivooicoOONt^ ""iQ o'oo" T? \o" to of ^F\o" of o" vo"vo 01 CO tOC r^ 01 oo i-< tx co tx Oj a" vo~ ^ ! co o\ ^^5 t >_r u 5S8 ^^ c 01 ^-^^ t s ;a to Q O . OO Q\ tx to ON co ^O O 01 CO IO rx oj oo VO O C>1 CM i-i co i-i O 01 ^ o M ro *-i to ro <^ cooo i-i 01 o ^ 10 > 01 O OO t-x . _ . . - to i-i r^ to ^5 OO ON^O O 2 of of M" ^t co K W- M" o co & 'O G rT rt o * S'S^s" ^'S-Ss^' 2 8 rt c OT'M ,. ., c en ^ O * G G 4) O-g ^-. W. 5^ 5H O rt G t T 1 VANNA fi < > c ^ il % . Oj? :* : : : : $ : : : g : : : R :::::: M ON / JERSEY, E a) +j w X CO -a 2 E, LACKAV inrf-^. 3 * ^ s> o s U ^ ; O 10 Tf -00 * ::::::: a : ': :^ :::::: -oo--- CO-'-iO I | > UJ Z Z h 'ro DC M- < cc Z Z 1 g ^ ^ 3 i i S < .s tx f^ 01 _r cf moo M CO vl ::::::: : : : : $58 : : : : : ON -J D < CO Z o Q Z X EXTENSIO S- 1 1 I ^ 2 : &- ' illlJilltlljnljjni 01 CN< O9^ Rj ^| RAILROAD Name of Railroad MORRIS AND ESSE DESCRIPTION. i. Land, 2. Clearing and grubbing, 3. Graduation, 4. Tunnels, , 5. Bridges, retaining walls and culverts, 6. Track and its appurtenances, 7. Fencing. , S; : : '5 G ^ ? ; : ; ^ c S g | 4_>.s ajcj crt OJ.QH&I 4 : ^ c " : : : : ^ - S^'3'3 1 : ffj 1 J- ;. : :^l -ts^ 1^1? lt| lelll.sl B-l fill o o .9 ^ o i2 ^ c! QJ rt .i2 2 5 ^ o CJ PQ t i ^ PH C/} Q JH ^H PH t^ O S CG i-J P-i pi-i ^ fe 00 O\ O i^ C 1 ^ co ^t" *-ONO IxoO ON O t ~ ( 0^ ro ^t" i-ON/~> 3^ c b O "t C'oo _>i I'll * ' v ~~ l c O "3 C IX OC fM tM 1 c$ Crt tfl *c5 M-l O C/3 .^ to 111 2' I i Q LJ : o .- (. w re ^< rn DC :* :? ^^ *a O\ D ' _J > < OC CO Q Z Q O CC -J DC fx O 2* 2 ^^ (S) i-T 10 tx r-C O\ M * O co R . CO . CO t^ O 6" " . <^ ON O\ . O\ i- 1 vo ^^t O ' to' Sb ^ c fl^ Cd . rt rt* riid c*-', en ^ O ^S 43 C rt n JS S Q 1 :S S J,| o^ cx-o 2 rt ^4^ a; *2 c .S v e C'en r^> ^- be ; g |f cn. U en cn <^ S O< ^ ^ be rt ^ rt ^13 S OX O M O co Oi CO ir.VO txOO O\ _r S^ o\ O\ r^ 01 vo cj ^r> ' vg ! i ; i ^ ^. .' : : : : *4 3 M > %J NV S ^j- * * .... | H CO > * S O O\' O t~x ^afi CC t-^. ' if) COC4 s-y cj_ ro r^ -5- 04 H^ . . vo .... c Tf .... Qi I I ^ !!!! of ^ .''* < r \ f 1 l\l 1 ; 0\ 10 < DC > < Ul 5: txoO oo" t< in o ix N O of of c 10 M Sg " ^i c 3 "5 Jff tn" rt bfl ?^-5g^ C 4 'co Tf invd Kod d> d >-' ci 332 t-i vo O lx t-x COC -I" 04 VO to toOQ CO in O - to 04 in Ix co I-H 1-1 01 -00 tx tx TJ- to o to ON O\ co li n m o 04 to tx co t<^F co *o I -I >- < DC *l I K e OS'S S 01 s _l D < CO 1 Q Z < Q 2 DC _J DC \6 04\q tx c^o5 tooo; of' 04" ' ^ *^ of 04 OO ! ^ to M 00 to IO Q M M I-H co oo VO 04 \O of of ; t-Tvo" t-T T? ; ^04 00 . to tx i- . tx co m M of : : bo .- s JJ c Ms-asC'^^^-ss-sbus" -sj:^ -s rt ^ r- U^^ g 1.21*8 ^ rt c- 0) bjQ_ t _ ) n3 1 bJC 1 < < Z z < J ' 1 : : : : :S , : : : : : S s bs. JERSEY, E S >, CO "O n E, LACKAV\ y < t C C *::::: r ? 1 <^- 1 UJ Z z UJ HI 'ns DC H- DC < 2 Z hi d & 5z f N l ; : U > ^- vrT rA o 10 C*J i _l Z < Q Z ,-r SE D CO D MONTVILL H :::::::: J :::::-.:::: ! w* VH <1 u [ J Q < DC | Z < DC LU . . . . (L> ....>. 3 . O ^ i/r o -. ... S : : S| w - : :^ ^-S Ji j aJ i 1 " *"rt ^ +* * O ^^ C aj w . ^ CiAT"* C < DC T3 I DC 5 0) (3 ROCKAWAY R cj ^ . rt c O ^ co J5 & iff ^-^ 2 r^2 ^ *2 ^ 60 | w d c g Q ^ !S 'S : rf S , u : : -^ : 3 .3 1 Sf s : ' ifl Jllfi ; 2 2 ^tgl |g '".B.i^fil'{5*& -|^^| b2 c^ 'v3 o ^ be 5 ^ cti f^ "*^ r; o ^.^ ^ Q bflu-t^ p* SI-SI'S a| |- 1.S1 g.1 S.f.'S^ G O O-M. 1 " OT n^ b ^ G I ^ 1 M 04 co Tf trsvd ^ ^2HHI-lhH > l-IH?M ^I-HI-|C10JC^C^01C^ JP mT < DC ^S^ uj 8 L. W fc UJ > | . 1-7 >4 ^j- co O^ ^ Ix "^~ i i ON 04 VO tx O^ 00 *O ^O co *^ " co co \ ON Ol H-I 01 1 H-I tx txOO -00 >-" 04 rx 04 tx ON co'O "^ * OO to TJ- O O ONtxp ONOoooototxoooN-o vo COCMOO COtxOl toONtx T 3'i-iiO^J'>-iO -CO to iXTfONO tX C< O VC ^ ^ OO 3- ^ tN C if Z ^fcoO^ roOTtOi-ip'co coo"^ 01 i-t Ix^O CO CO ' co co ' 01 oi 01 co M ; H-. -i I-H i-i ; ; f*f IX s l< TI CO -sf to C\ roto-- to-'-Ol--- ON 04-OlON O VO O ' ' ~*f S > 3 < 3*3 ^ N 10V S ^ l ^ *? * ; 5 r 04" tx 6O- u * a S s *s i "" rc - 1 ? =; 01 -5 58 > 2 jj 2 S ON 04 txVO -'i-iO-- tx-'-ON 1 > DC S~; r LJ < W ^ .^.. ..^-.. ... : s Z 1 1 ^ o Si' 1 g ( i UI re Q -5 s >O tx O OO O ONVO OO04CO-. Tfvo O-^OQ- O tx^o HH t-t rfoo tO-^-O 1 . O tx ON04OVO- ONtXON-VOONCOMOONOl Tf ^* % ^1 ^t ' 00 o r t < DC ^ S ^ s i v ON covo O*\OrFt-iC3N04' ' ON M ^^O co i-T ' 01 co OO !-! 1-1 HH " =e- oi : 01 ; ; to tx o txVO OlIxOltxON-- Tf vf 04-^-QO- O tx>o co ONOO COtotxO-- Q ^r O04QO- ONtxON'O004tx - ^l"i-iiOTj-. . 00 OO OOrJ-ONO to CO ft vo O ^ S *T^ -ID " SJ < < to i Z k o | S 1 s S a ^ ' s 23 SJ..&J. o ^1 | jf^S |I : 3-3 11 II 'n ^ *-" rt rt *fcbrr-( Oitfi r/T & o O 3 C 3 3 3 C 'S ^^^^*C P "" a?-^ c be 'c rt "g^ ^^^^'O^o'^^^^a 'l^^l * 'B S ^ bo ^ i .5^ rt c/r^ * ^-~ ^"S.S S ^ ^S iT3 -PB (U O>L,u ( L ) O .;; c SG> "O'n c S'-* ^lo i-r^'~ H ^ C rtirj S-i- 1 C b/i^-jjn ^^ bCriwu rt be 5 rt rt rt ^ o'a3 T f3 go bX)^_, ^ b 5j rt S - "r g c o o -M.^ M o *^ ^ ^ ^ u'rt.23 2 w '^. o a ''S S'S.S bjo O . rt' 55 -^ ^i*I | ) rt en 1 *c3 *rt O HH oi co ^ tovd txOO ON O HH 04 co ^f tnvo K.OO ON O HH 01 co ^r tovd 335 Z - < oc > < It! s o" i-T 10 0*~ ,7! co 10 co * *^- \O CO co 01 co ;OO : 5 . u ill |{ bo ex en bfl ., C 9 o CO of tfi- ; U- O3 M-I 2 gj^ T > ^-M O 22 c I -.1.1 "c ^ 3 rv ai P* CT 1 -goo; cr cx*t3 - < vo" of '-f- \o" txo 1 of oo" ^'coSN^" * C40O 04 OO O O VO co tOCO ^vO cooO tx ! MD" of ^f tx of : M 04 O 04 tx i- -3- 04 tx co t> 10 ^T tx O^ 0< vO^ tx o to -tf- to ON 04" 00" Q" 04 co O 'OvO g>s> &OV5 O t< r ro ** to ,-H to tx O <"O CO M 04 < O ^-, -. - .o _T O co to H-I { i ^ O to A K 5 q !?; tx 5 ^ tx 8 :fcg^8 VO t-i O\VO j 04 00 O co 1000 COCO tx : 'f tx of .ONO^H . IX h-( Tj- tx >o H~ *O tx ' o ON o - . . ? : : :? tX ^ p < ooo *- ^S >0^ CNCX) Q M"' ) O O > O to )^O O : g> g S v q co Sj>St5s^ ' ^ <0 M 04 ' VO O N 04 ^ OO \ i LO !^ < I I Q L'J < I Q I D < T, <0 O ro - 5! <2? 5 O UJ z ro Z to tx *O co >J-> 1 :t be CC.X3'O r _ < UrtbJO>t=rt bpS C w -3 C -g3 bc^ J> C rt fc -t! lllitili|iiillP.llili txOO O\ O I-H 04' co rf tov H-.MM040404040404 337 f JERSEY, 1911. road System 5K, SUSQUEHANNA AND WESTERN. :OND CLASS , 5. 6. 4. VALUE NEW PRESENT VALUE Vew. Present Value. TOTAL. TOTAL. >O \O O fx Ol O T Tfcol~x-01Ol HH rr O HH M HH l-( CO Total value of tangible property, $17,587 $13,657 . , . . $17,587 Si ^,657 Value of sub-division IV. "The value of re- maining pronertv. includiner the franchise". . , ?8 600 r> \r , <*. 01 5 & U 1 3 en 0} t _ 4 M-4 O ) ^ I M t- 1 . C> ... ... w 're o M | ::::::::::::::: : : : : : : : : : : : z *> I g . o [ I ti z f I^R :&S :2 : : : : : : 3 ::::::::::: PS 1 ! ?5-3 :~5 : ::::::? ::::::::::: RAILROAD AND CANAL REVALUA1 SUMMARY SH Name of Railroad N HACKENSACK AND LODI. MAIN STEM DESCRIPTION. Value New. Present T J tf>^ (^ ,O tf> si" C*"' JN. Xf HH t-H O 5 1* J . M ?* ^<- a M ; 01 ; 9- -H : : : : : : ^ : : : : : ^ : : : : : :....:. ^ : : : : g : : : : : y : : : : : g, .-..., M . : : . . g . : : : : ! ; i ! 42 I'M i '. \ '. ' '. \ v ' .' ' '. ' c : ' '. : * : : g : :-o : : : :^ : .^ : : : : :| : : : : : ^ I I g ; ; ; 2 t j3 a 3 ' go g . : : : -g *f a g ^ : o-^c^ _. C C g S a : '-S g ^^ '1 f : e8 43.5 . ro o r>. <^o ~*t <~o o ts. >-H tx p ^ Z < t eo !? ^^ M * * rO 00" DH to- ' A f ^ S III 1 fi W ^ ' Jo ' 0* ?5 to ^ ' ' ' vS" ' ' ^ ' ' ' ' Oj " o? : < r^ ' i-T ' i-Tod" " ' ' i-T " ' K. ^. L .j g w : : : : : : .... 01 < W- S*" 1 : : < . ..... .... Z ^ 1 x ^ ~O .... rv^ ^ .... ff^ ... >/~, CC ^- i UJ o rj -^ _" _- ' " ,_r ' > 3 - " .... .... ... 0^ iS.^ 2 g llJ "n j sj : ; > o* S "* S ^C ^ .- * ^ L ": vo N o ^ ^ : g ^>' : 7 !- a) III , ^ rf : O ^ E Z 3. ^ LI re t I Z ^ J : : ^ " :::::: w : : : : : : : : : 6, ! < CVJ t^ //x *ff D * - _l > < DC 5 | | : : : : : : : m 5 > r^ SI ; -1 o\ * "^ o rx ^ I-H - M 8; . ^ P SJ : _1 D ^ tf) ^ ^ - ' ' ' r ' e ! ' ! " 4> ! ! 2 ^ '. ' ' ' ' ; J3 oj flJ "g^-5 1 RAI Name of Railroad "A ^c^ 'JS.S " ' w -rtS.cx5, cnj3 'cnbjOC"^'. "^ S"^'s s " ? 1 -^s 5 fe 3-3 .^^^ j ^s = g.SP-o S^S'ar-a ^2 ^a^o; ^ *S bca be So^S^ijcS-tl G ^ ^'"rtS W ^ G Q< oj- ' < +-i c/3 - | -'!a5SJ2~"c75>i r-CT 10 '*-! Qi-j; 'rj rt -5 oD c/jJrt ^^JSa^ 1 - c aj! G """"C * "& hn ^ ^ *-> r- r, V ' S G ^ r/) ' 4 -'.G X S, G ^4->O22r-< > 2 fi * T> ^ f-i bC'- 1 ' '~ 'tr.J T T l ~V C _. i2 b/lAi'^ ooJlj G ^ r^ *"* V 'h/1 ^ *+J "O 3 T3 ^ Q o u G P Ts "o t^ C^ co ^" ^-O^O r^OO Os O ) ~* C^ to "^j" 'ovo txOO ON O '^ ^ to ^J" ^-OVO IX OC 0) M > 339 z ^) $i tx to ^00 |; s 1 c? ^ c i I 5 w * i WESTEF gi |H w ^ O 04 OO Tf 0) to ^i- J ^ Q 5^ . g i s r s ^00 W oq c ro ^ 1 IX ^- < Z Z 5^ < > T 1 I 1 o % to H-1 1 UJ r o <^ 3 fO ~> o^-^ 4y9- > -*-> Pf " S 111 >, cn T3 s S E CO C .. *. : ' S ^ h VO ^- , o3 HH UJ z z O UJ 'ro cc <4- o CC ^ (3 r w i i ' s> O^ 2. ^^ * H p> y x>? 11 cc c;- < - > -. -I D ^ f? s <. ~ 1 < z Q Z < Z Q. . |\ :::::::: :Z : : : : : g : : : : : : : 1 : : : I : : : : : g, :::::::*:::.:: | ::::: t cO T rt aj^a43 wf ' s "rt >;> ti^ IT 1> J3 C 'b0 11 11 *rt M-I > , i (. | b c 'H 'Z. u > J8 3 rt 3 8 S , *c5 * *0 * ~ D ,5 a3 > 13 H HH W f3 rfr to o 1X00 O\ O >-> vo t^OO O\ O M oi CO TJ- tovd txOC C^ (>) ^ 340 UJ *2 CO D - tOOO CO O l^ to I-H to a o4hHi-iONOi-itoto ^ < 00" w 04~ -" 04 to co r^ O 04 O -< Tl- i^x co "^t" to TT O 04 ON t>. to Tt to rf 04" OO" 04 co O to ON Ci to co ri ^ to J5 O DC > <0 UJ E z 3% 8 ON 04 04" i< of |3 ON t^ to T? of oo~ CO O to o^ W H CO z ' 5 si, fe UJ 'sj \O to O O S P-H OC co i-i * 0404t^i-iN CM s to 0400 ON M vO to O HH GO ^O : :R 04 VO 1^ 04 CO co 04 04 ^0 O 1 tx. if) ON to co ON I o to to C7\ i< T co H to to i-i to t^ O n CO M 04 Q ON o to o to OOO ON N VOOO 04 ON toOO vo ON co o" o' ' co to i-T O co 04 to ON to HH 10 N. 04 S&&C?' 00 ONtOOC cK o~ o~ co co co 04 to E be . o C/3 rt . . c V- c rt ' tn Jl 8 11 ^j r r) ^ tn o> '. ^^ G ' : "* G C r~ ^ rt !'43 j '' IS * ' "? g g rt be rt C c~ rt Cii P< b c/} ^ 11 1 rt ^f 53 J^ c/T u S-i c 1 S "c 3 3 ^n R 3 K/l 0. bfl ^J CA1 Q. g ^.S"^ rj a g o o o to to vo O f? 00 to VO to _ ON o^ qvo^ q to r^ -^ co M" to \ I to !% : -3 ,/- cn >i ON O M ^4 co TJ- tovo 1^.00 ON O ^ 01 co r}- txOO 04 04 341 I i S a s> CO . . -00 VO ....TJ- .... QX f?j % z < 4 o" 1 r<: ^F ^? .' i i ^ ' ; o" oo~ & f .> < tx 01 t i ^ fO O 00 to .... co Z tow? R ^ ^ro .*.*.* ^ 11 i . i . .' i ,* i to < IO 3,2 69- ~ ^^ ^" 1 $ ^ **- f x ('"'$, t^ ' c> 1 ? 1 a ON tx N ^~ c UJ C/3 .^x rf ' t-T C ^ IT}"* *j, I-H .:::-'::: :::::::::: oo sT ^ s Ss a l JJ (0 Q ....-. f* I ! '!!!!'!!'! M" "> o^O 1 o\ ' ' ^oo 5 : : : : : : : : : : : : : S5 ^ = S Wco^ - ' : l . ' ' ' ' ' _C 2 ^ "!2 aj C S'.S -i ^.S j *^ ^'S 4 'c "^ ^^-MO^^ -Sc^^ C) ' ^om^SfSSoHH SwoS^3(teto ^> j I J* ^3 D rt 2- MH D C i 3 *n 5 1 M oi co TJ- vo\d txod o\ d M \f ' ? > in >4 ^^ :>*< w M fctS rvT -^ JC M : ^r rJ-i . M ; ; ; '.'.'.'. '. '. vo g 1 h- : s | wH ,J ^t 3 _j < I 8 j> co Q |.lg" < toco ON 00 vo' W 8\ ON . vO ''''O T f''''OC CO &3 T - u I UJ _i fF r S K : ?j . . . . _T .... ^ E o essors, 0> 1 y y : : : : : : : 04 :::::: f 0) en < f JERSE\ a (0 CO a g ^M c. a c r *o | ~ ( a; 5 . ^ \ ^ vo ^9- u"; R "o *o IN a3 O PQ LU Z Z H HI 're DC s- _rt ^ A O < 5 Z 3 -il" ^ -:::::::::: ; : : :J- ~ : : : : Sr O o CO _j > < cc III -. fl *- (2 r 3 O 10 . o I-H O <- .^ sment ^ ^ i O; OC^ > 10 N ON t/5 "~- a. w St . 9. * ! '01 - ^- ON r rt ::, o ) OT g...:. IO 6^ i "8 ^ i |H he value g CD 4^ i % < flC Name of Railroad MORRIS CANAL ANI DESCRIPTION. i. Land, 2. Clearing and grubbing, . . . . '*%$ 15 : .2 .S ' i i :-a - : ^ o3 ;| ^ : :'|-| 1 : : : :#^ S J..I.I || 1 : -g 1 b ' : : :| ||l| !> in 3 ^ 3'o ^^w c/r ^ ^ o o 3 c C~ "S"" 1 ^c^^'O'rtaj'^'S *^JO 5 O |5 U *"" "?3 O ^ rt S"-' ^ C O o -2j.J2 OT O ^ ^-c ^ c3 C (L> rt.^ O <-> ^'S J2 o CO *$ 1O V O tsOO ON O i-J 01 co ^f v/)VO txOO ON C) ^ OJ CO ^f u~,VO o ^0> 13 'So 1 M-i O a; > "o {H IN. 01 in i i c .2 *c/5 .'S 'S i <-M O rt 00 01 maining property, includiner j co rt en ^ L i *rt M-l O OJ ^^ > "o 346 W if 5 O-CNCO-00 g CO : : : : : Tt O <* oci o co >i - f :^5 : : : ^ : : N : : : :S : '.'.'.'. d vo" tC -1 > O = [*n c r ^> A < * 5 ill o) i_T <-> &<>,? y. CO d, 5 ' i 8 < vg ' ' ' o -> s o ? X . . . : : : : ^ > '-> < ^ ' WfV^ f Uj rt oj .s z .~ [2 Z I- HI t^O ' ^ h -r vovo" ::::.:: : M ;oo z < a. s o. SI .SIS DC 5 > < > ^ * * O * ^O O ' *"" C 1 ^ . (V} . i i \,Q . Q\ jNs <^ : : : : : ^ , -> r- S*~ ^ ^ co 51-5 i'iS^; ::;::: : : I : : ': | : < OT vJ -^ < C . S^ : :^r^ K^^ _ ' : g g S^ 1 g> ^ *r c c o- . w R^ Name of Railroad ATLANTIC DESCRIPTION. T.anrl : ^ ^ :g.g ^^ ^g >> g- c ^42 ^2 ^ Sj 1 Ua Ill .Is C Oi m ^ "*^ * M ^ -*-* rt and track cranes, .... Pintsch gas plants, Electric light plants, .... Grain elevators, Miscellaneous structures, Shop machinery, tools ar Locomotives, Passenger train equipmen Freight train equipment, Miscellaneous road equipi . Floating or marine equipl . Total value of tangible pi . Value of sub-division IV. maining property, includ . Total value of all items a H H c4 co rt lovd txOO ON d >-< c4 co T}- invd J>s.OO O^i O t"" 1 M M M M W CO ^ tO'O t^OO NCJINMOJ C^Ol c vc > \ " > ^ >- 1 H^ C |Q 00 *- 5 e/j .^ K to ^ &< ! uj ns O > r< > g52- ; : : z Jl? ' aiiji |isi s? :> :< | <* Zl*\ : 3> g H < DC S ^ > < i,i K, . I-H o - ESE S~ i K Jhi DQ"-) 1 ^ OO tx l-i O - O DOOOTf to co , rr . O B oT ' " ' : ^ N " ' vX ' 2 ^rx.ojo t>. t-iO'O'O' ^l^txO tx -rt-Tf-O -to- ~O 01 01 ...... .... u-.vo . M . ON K !S o ^ -^ ^ "^ - < -i D i ^"^ w- : M :! < co eo -5 i !'\... Q v. ^oo" ...... ! ! ! '. oo" ^f ; T? ; to ; "^ JH / . . . . U . _- . . r i . . . . t- 1 . ^H RAILROA Name of Railroad ATLANTIC DESCRIPTION. . Land, \. Clearing and grubbing, . Graduation, r . Tunnels, > : G :::: ::::::: s :;:: ^> ^ ^ -. S-.. 12 . i3..:.:a.:: ^^^ ><^w 3 1 : : :^2 s"- : : : : ^ : : -~c~ fef 5 ^^f^ 18 a : '!l l ; : i ^ ; ss *M :i^ 5 I-2-r I ^rt g . ,.& a,-^ rt aj n JS c cbjOc:- | - J . ^'3^.S S.2-P ^ rt "c ^ JH ^ >s .^ S ^52^*3,?? u cg'Srt "- *'S'S 3 ll^Sl.!*! J*|2S.l rf S.sS 2 "Sf 6 s-s lf|"I-S*JfSallllKl8-S S S E -S fS S |t|||l3||fi^||l||J|^ -g| -g-ss rS'l'S-g'B^galg'pls^-S^ali.S'^'-S 3'S-S -^ -rtcoo^ c/5t/3C) ; : s'- ::; ;4f ; 3Caj"5 c/5C> uc(L) W) o * J '- H c +j^o -!-i^3 1 IJ-HV^rjncjl-iII^' < O^C O^^ 1 "* ^HfeOPQ^^PMC^Pj-ijH PHpLfOS^^fl^fo^ptH H> JH^> O O i-J irjvd ^ oi CO -4- i/5VO txOO 0401 348 System o fi y * U. 4 > ingo (0 5^ < < _i > o In -2 C/J * I 2<^ O Z H 0) r U s r - UJ re i 5 z 1 D ^ _l > < cc H > < UJ S 2 ^1 < -I D I ^ < CO I z o Q Z L < z 111 < DC Q < 1 H DC _l _l < m < .OC -2 o ] f&'& &-. ^ -? tfy *iz i*-rl|1 1 1 2 -c 2 g 2 o ^^ JOOfnPQHfeOMM^PH .fl1a i Sill .a - .2 e ft ^QJ 3 '5c rt MH < en II _J D < CO Z I O re H DC _J O CQ 4) re Z & 03 C S'Eb It CJ 03 10 O Q 10 04 OU ! of of f i 10 O O IO CO Tf O HH .:::! ^ K VO" _'..^ l^x Tf ^vS" W ^ . . . ^ s <^ 4 2 5 i H l^oTS .'"S'S ^ 8 : ' : i- rx 04 HHHHHHC^ O : TT o, M . HH ^ y-\ $. ^^ tj o 3 s ~ 11 I be t O ^ -ti C '7s *> ^_ *:>b ^ I *O CH M-4' S-e :-o -3J2 |B h -s'H|'5,l* J .^" H 'S3 S^'ec'S ^ '"SS " ill Ji^HiHiiilHllllHi! II & I M 0$ CO TJ- O\C ts.00* O\ O IH 04 co ^- lOVO txod ON O * oi CO rj- irjVO txOO O-- 350 Id 4i 2 s 00 of EW . it Z3 < ioS < r o I r S c/j .A r? u 2 s = g rf 3i a z h 0> < SHEE ro Z D _J > < > < UJ DC ^ E _J D < CO Z < o Q Z < Q < DC -I < DC 2 nt ^ x~* ^*^ ft> < =! I ^ < DC II HH C-< . PC . CM :::::: ; ;vo" ; ; ; ; O_ ! ; of -VO ~ : oi ; rr -vc ; HH ; ^ ; Tf be a c be a en be 5 "o 1 :S g ^.1 IP ?-t1. Q en _, rt -t> 3 C ,-- VM 1,52" e^ 1 rt bJO g 'en o^ ! T! "^ S3 C 3 rt o - ^ Z! JJ "^ 5 ? b'V'o'y'n ^^ " g S'g,? ^^o55 cx^^c c ^tJ--" a o3o.2fo^ rts5 15 ^^s^^8-Ss rt .s^s^jg^^-^J ^-^a ^ I-H 04 co rj- in\o txCO ON O M CM ro TJ- Lnv 352 W to Q ON O co r>CO CO ON 'O r-OCO-Q O i i ^ 4' cs o i o * ^8 i i i co ; * ; !. ""ovO rt" vo OO "O ON O O * Tj-oco-OOiONO' <>l O04'Q ' O f~>i Q O |j_ W}ooON'Oi x *o\cO'''l>.ON'O rx O CJ 1 ' CO LT uj % *H^ ^ : " J ' : ' ui < < : : : : : : 5 o > , D [*::: 5 4- ^ UJ DCE > QONOON-Ol8cN'^------ l/ } .... 4vO to 10 1 4t VJ- ^Z 6 V Q' QJ g * * " * ' * 2 'o* S'S> CO % E < -^ co 04" i< : M i o tx co :::.;. of .... ^ od . 04' O L-''^"cocO | -iMDOO co. ,Z<5 ^4/3! ^- M TH to i- H ^^^ (/^ i l!l ! < x" y < > g o ? uj n< 2 8 c: a: Q: Q. :::::: gj ::::.:: ^ : g l ~" 1 ^- . "tn >-, 0) ^0, i z . | ::::*: : 1 ' :^ : : : : : ^ : : : : : < o^o ::.'*>'.*>'$ - z h ^ ts : : ^ : : rt : ' ' ' ^ * i : : : : : E : < z o js 3 . -n o " i '. : : rt ; '. tT tf o H|, it t Illi i till 2- P ^ cfl rt cn~ '5) S ** I ' ^ B r*'3' < , Q m g g g ^ g *2 -- S | - : 5-g .11 S 4 ^ S i < * ' J s i ^^ ? I-S'S t'Sf'Hi* ^ 2 & l^^ i a. "C ^ * a^ & il iit ii J O ' C %i'l i^.l t < " i ? j o 5 ^ .4. ? ^ J C i, <+ ) C ll fl JD J ; c 2 ' 3 *c : t Value of materials and supplies in for use in maintenance of R. R- pr< 0\ 6 M 04 CO j4 lOVO 1 O ON 3 ;;;;;;;; ; ; ; ;i : ; : fj C 01 C ' JM" V u C^ 1 y ^ ^-*- w- > fc t 5 u CO DC tU X CO C ^ V > * -D * H g VO O O . Jj 00 m C ) m & Is t^ O > o c ; >^- : r cf ^J- s *- I- 1 T ^- :co ^ .... c/ z cc >f- . ^ - i ^-^ : : ^ v ^C u 111 1 rx 5 X ^^ ci of rf 1 re 4 < z oj "^ * fc J; i * " : _J < >- DC (i fr y 3 S ; ^ UJ re S S J- ; i 01 \o o ol S <-o M -oo CO - - LO c^' JO ; I E D S j .55*^ c-[ : : i/> ?a ; CO Z < a z < LJ H :::::::::_:::::-::::: j st i-^ ^ . VH ^ O LROAD S oc u . . . . (U ....>. T-1 CO - *7> "O co ' V-, X cu 3 ' : 9 : : : ; g : : : : : g. : : : : S : ' g " : : ^ ' g J| 1 a. 'H.p^ C- < oc Name of Railroad- FER DESCRIPTION. Y and, Clearing and grubbing, . . . Graduation, funnels, Bridges, retaining walls am Prack and its appurtenance J? ' ' Itfl 5--^ ^ -M C c : S.s o^- : c/r :& CO. tobflc ..! J C-tJr-j 'S- r -^ B --^ 0^0^ ^ ; ^^^ * . .. iJ .&|cuc; i- cj fcaCTT-j C^LI-I t/T w O O 5i S So : |'g|' |f| 2" ?-f*S.8 I's^l'S a| &ili'fj I 0.0 lill'l COo^.^^^o^^^Cajg.^O^^cJ.^O ^ ^ b( 03 <-M C > O-- If c 3 JE ^rt t /alue of materials and si for use in maintenance o co TJ- 10 \d 23 K S Kod 354 92 ir> <% ir> I * I !*& < < -i > o Z D O 'MO* Oi O tx 1-1 -oooo CO = D < DC Ul 3: x^'- * B ai ( LO ^O c^ CO < DC -, UJ 1 ? Po 01 :vo~ J5 O g 1 H Q rt , '-' J *"O " rt -^ s : "2'i : t>c 'j to*- ^ J3 fillts be O ?S bfl tj , a 2 1*5 cn"^ ; o - c .'-5 '^-^ O ^ fi -UC^ ^G ^ ^! ' ""' ^ -4 > *-- ^ rt c 05 a| S ^ ll '-8 C a; . ^ UJ be rt s-i c P> 0- S ^ w.S rt 3 rt O'rt H> tN.00 \ O 1-1 355 o o 5 <| -so " - < 4 vo .' M ; od" ' " ' ' vo < H . M CO " < cc > < S s tt S _I D < CO z < o a z < o o EC _l < CC J^^2 L^^ rt * ' ' c/r rt 1 grubbing, lining walls ts appurtena " So 3 g> I ** : S ^ u : -3-3 'rt b>- CX^J of .. wT o O !l;.pWt rain equipm 11 equipment is road equ marine equ: 5 ** b r Co rt ^ rt w"*^ ^ *; o ^ i ^'rt o ^ bo'-S T r/ r T3 ^^ * ^.5: fc rt: O i O O C* Q^ (!> ^ ^ be ,5 357 RAILROAD AND CANAL REVALUATION. NEW JERSEY, 1d11. SUMMARY SHEET. o> "E CO 1 'ro DC s ro Z 73 OS 2 DC 5 ro Z HUDSON AND MANHATTAN. UNCLASSIFIED. IV/TATM CTTMV/T CT?/^/"TVTl- rM A CO C C JEW PRESENT VALUE L, TOTAL. ,847 $279,847 Tf O m tx, O\ JH :^o CO . O\ m m tx CO CO co '. co m >"H O) CO 1-1 co of O O Ch o 5 ^- <*> | to Sfr O >-< 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 oc " 1 ir * V 1 ctJ cd CO g * 1 I 13 4 MH OJ ) ^ rt 3 ^ ON 5 |!& oo : 01 \O CO CO H-l oo" ' : 0(00 : tn m 00 M *O COCO Tf ""of j ** i l|: O I-H cq co ^- mvo 358 ^ j re 5?:ga H 8 u u * g U. g4 $"p _J > O i ! f |; E co * . o> ^ a ! oad Sys * I ON. EET VALUAT MARY E S RAILROAD AND CANAL UM " '* ^ ^ . & 5 : : 5 i ! . jj I ! i ' ;: : j : : I : : : : I s d R. A Name of Rail HUDSON ^ g S ,1.1 -S ' -H eg ^2-^ ^ ^1 c . g).SJCS S s^ '5 i ^^ -b j5 g o bo -> ^S i R T ns y ^?c c45 '5 2 * C 4H -^ ; o^ e rt ti **c ^M o - c >! i?j &o"l III" MH S O< s-Sl. 3 en v t , q_i _ g rt 2 oi o^ 5 H> N ro TJ- inMD l<00 C^ O M Oj ro ^ ^ ^^^R^o1o?t^ C^OJ O^ 359 W 04 O m >J OO CO VQ vo >8 re oc *o til UJ re I z CO e m HH C/3 .^ O" I VO" .2 ON O m a 04 co m * | 5 ON o in 5 S 04 com ^ ^> ,-C r Z O CO Q D I Q re < Si re S a I S u _J . hi \r> M oo co O ON w in rj-vo CO CO Of V" M O co co 04 tx Q Q O O co ON ON O -job VO 04 04 txOO^ ^ 00" i-T tx of co T? I i a OvO OO VO CO HH <" 04 1 04 O ON rf txOO Tf 04 ON M m >H ( HH_ ON HH 10 o 10 t-T of tx i-T 00" CO of H CO O co CO txOO O "w o 04 co c^ m 04 cS 8 m O4 04 IX 3&S n Tf Q- I-H w M co^- H 10 * ON 04 04 vo" : -3 a HH 04* co T}- iovd txOO O\ O M 04 txod ** 10 rx i-r cc ^t-' I I vo ON :88 ^ S I vN q. oq^ i op^ s J : 2 O CO VO" co : ^ < DC > < 41 " o (L) Cj fd Q ' d e Gfc ' ^^ " O O Tl" O V O . co rx tx VO ^ : . tx TJ- . rx 01 ^ : ' i_r. ' c-1 ' Tl- Q rf 04 OC tx & : n ' ,9, 3- ^^8 SI H? vg * ' vo ft : : . : : . : : : : S ^ : : :"g : ! : : : a : :" :: : IX ** : j*\i MH "-" : : : ^ i : i : iS ! : ! : ! : -g SJ c ZS frt "rt I txod oS d I-H oi ro -^- lovd txod MMw^WClvNvNOlCvi vNO) 361 w o\o o ^ ED co tn^C 00 <0fn 5 I te ^ = re cc s H cc < s D (0 d 4 ~30 CO -VO 00 ON S CN o... . . . . >-i to "> W O . '-' .... ?/5- .* ^j . o\ ^ '- }^ . :'::; : 1 j * !] g J 1 : : : : ::::::::: : : : : :::::: , O^vS --ON -^ <) s? .00,7 ::::::::::: : : ::*::: o' ff-j IJ } H g S^^VO --^ co 10 M (j _^^9. ^r--^ OC ... ff~ Q * ......... .... . . ... \ :::::::::::::: :$ : : : : : : : : : . ::'::' ^ :'*'.*..** 03 * i : <> :.::':. gj ::::::: ^ ::::: rt :;;:: c " i : : : : 5 : :-a ::::: :^ : : : : : : : : : : . > . . C > . a, I* ' ^ : rf 2 : S ^ 3 ^ : : rt ' : c c ill I 2 1 'd^*-' o cr< C3^- 1 . > 5 G C3 d< J-J ^ij "S^j^G^WiC^ '^ "cc8^ : 5'o^S^^'^8 : g^r''S8 c 3 / .2 . ^ a * fi.a S ^ 9 "aS 2 ^'^ J c rt -S a> i 3 c ^^ OT co"rtbJ3?r'coo CT3 bC?i rt rtrt"'~'i- l O | L> rt PobX)j_> rt!:i ' ^.2 r cu o ? 1 3 M P-H Oi F 1x00 O\ O HH M co rf tovO t^xOO ON O *-< ^f tOVO txOO 362 < cr -J D < CO Z . ' * ^ f> t^ ^ MM vO ' ' ' O\ O^vo^ O_ M ; 2 8 O co vo" co vo t^ M M & CO o LT NCLASSI 5. < tO vo w O i 3 ! V ; 2^ .' E-8 : : ' VO co ' ' ' M ' 5 VO i I CO 13 ' . vo & : O ON o C ^ c S vo h-l | M : ;:;: ::::| m :g: % ft Z ww tx CJ "S C/3 ^ ; 8& ; ; ; ; i\f ; ; * . c^ w ro M . I <- s PI 6- c/ !l Tt g U < E? 'j| aoo CO LO^O M_ :::;f -vo?i8Q-K- . . \o ^ o\o O * ; ; ^ '.cooTr^ : | vO ^5 ON | *& in 1 K Ai CO y~ ... I ju cu ; ; ' S C ; ) ,-c Z en C- ' ' ' > ^ .Ji E ^ . t O w RJ S e OJ *^ "^ u 3 'B-^ of Railroad MOR DESCRIPTION. igt and grubbing, ation, 1c s, retaining walls and c and its appurtenances, CD rt be c/T rt So %* % S S Sfc =^ -g a :|| 3>a gS -" l^t-S ~^C o t^2 c.So'o 1 ^^^ ^^ - 5^ '3 O-^"* ' rS c.| -2'> "i .5 C M-CO C A ! .5 ^ ; ^0-2 ^ t 2 3 H 5 ^ 3 ^ H D S, 3D 3 value ui an uciiib d.^ d of materials and sup use in maintenance of 3-S i- ^r^ O Kod o\ o M O ^ oj co 363 ? I s nS S < D _J > < DC > < S s ^ s _J D < CO oad System >< J Hr nT 10 rf CO ~ *-T h-T 1 S ^ vq n-T 04 TJ ,> > /5- O4 04 Sl ; 1 ^ 10 O\ ^* ON 04 vo c^ "^t" ON ^-O O co VQ O 1 vO ^ .^ < i-i --i ; tx ^ oo 04 04 >-, * ''' 8 ^ rr. ^ ~ ..... . j | : : :::::: : : : : : : :::::: ; ^-w- " oo" to nS I K ^ 00 O O vO ^O "^ 00 CO 04 O Q ^"^ ^QiO'O-iO M tN. HH O ^ lOOO 04 04 * .^^s.^- 10 ^ ....:. M "- 1 -* *> ftn .^ '. . '. . '. '. '. '. . '. '. . '. . '. v ' ' ' ' r ^^ :.:.::. g .::.:.: ...:,. % . : . . ''.'.'.' \ ',;'.''.'.'.'.'. & '.'.'.'.'. & '.'.'. ' : : : : :*^ : : : : * : :^ : : : : : S : : : :::: o3 :: -0 :::: ^' :: y ::::: "S : : : ;vf I "S.!: 5 1 ^k "~ ex nnijiljiljlirtnfni- ii 7.' ! rt UbjC I *ie C ^ *^ c"c - SS I 1 111 ^s ;|I ^ || || ll 1 1 II I. !{l|p!i!|!i Jill is,-*! JMiyiyp'iiflipij v'%3 l^^'I'l^'S'S 1 aJS 'i'^S.c'g & | g'-g cSgS^gcoo^.^^ ^*-^^^ og.^o^^S.^o Total value of tangible property, Value of sub-division IV. "The v ) r 2 J f) r : 3 p - r = 1 J C X +. 3 C X 10 J I M Value of materials and supplies for use in maintenance of R. R. I-H 04 co ^f tO^O IxOO Q\ O I-H 04 co TJ- tovc txoOO\Oi-' Olco^t iOVO ^HH^HHHH)-,^; ^ M 040404040J0404 III QC -ID ^ < Z O ^ 5 3-vo 3 ^9- T? ' COO" P : -8 00 U- : 5 I ^ 1 If p ^^ os^: '+3 -<3!-c$H at I ^- " 2 r- C S &0-- .tJ ^ 365 ^ s ^ S5 oj O * ^vS 8 ' 3- M ' 'S ^ 04 tx 04 * O 10 1 :^ : cvjl?^" * . M o\ . W 5 I ::::::: k { c/ \l < *j < !!vi?vv : 0?^ : ^ : ' : : : :^ $ LO I-H O 04 10 04 ^ ^ ^ to tf ' of co ' ; i-T t-T *- ^4/3- or N CO >-" .' : VA1ASNN g :: 4 ~ HI re -^ DC 2 fi : t; : . C/3 -^ . , o> . . ' tn ' aj || c3 W OT - I : a . o. . 03 : : c"? a S S u oS ' fee : . o - .'^3 c ,5 03 ffl#3 "E ^ ^ ^nS) 02 c S=l ^^13 .e c.s bco . C'55 >> ^ . \c o S .{ 2 -gg 00 i |< * ' ' S. D ' ' tx 3 ' ' LO ^r : H ^ 1: : : : ^ _: CO > 111 1 [I K? C V) > t/3^- * t JERSEY I i 1 ; 1 ? g i o O J *- O ^ HI Z J?S Weo <> rc t/3 = * t g 1 r ^ ^ : : : : ' IT) 00 S < / z ^^ Iw? 1 - S : : : : 8 t CO REVALU flMARY * S r a 4 z is ui < , 9- : : : : -).... 00 5\ -oo <^ \n o5 r-x |3 O a z < Uj S ^ ; H ^ oc u. z 5 m Li::! . . . . f J:::::::i::;:::i: = !:iiii:i:: I >- 1 ui g, J CO <0 ? i - 2 ? f! : i i i i i : i i i \\ I ' I ' i ii i i ii i ; i -> S! a, j| !!;;:!!;;;.!!!:; MMMMiiM | . ' ^ H a) ^ m c o u I f ^ (*5 M M . . z ::::::::::::::::::::: :<^g^ : : m tr> q. i z , ^ ^ ;! .2 a 5; > < ,*HH;HrniHlHH;Mn***M ii ! S -! C? <^00 i ^ tx o^ tx 1O -jj ^ Sf i- < 5 < < DC Q Z ZQ a- I ! tx w o\ . . "J CO' JSS ' * " >> RAIl Name of Railroad NEW YORK, ONT 2 - c2 " " w'Eo ^ 8 ^ I I I I S c +*'~ T! g c ^S -g : OT --M g jj u : : : : ^^ ||f ic s-| ^i g|^i^^^ s'Eiiijp'! 1^ 2 a; :S *o 13 M M* CO ^t 1 vc*O txOO O\ O i-*' 0$ ro rf t/5^O txod O\ C5 "-* 01 CO T}- tOVO tx |_( (_( HH M M M HH l-lMl-lM04MC^C^C^(N W 368 LU Z it 3 < OL I ! w oo 10 ^ ij] S to ZTL t/1 fir tjj U Q .38- o tuo i to o : of 0^ O OO O Tj- l^ ON vo 01 : Ko?^8 8R : 04 to ON to d vo ! to Oivo" i-T | O) O to O O O toOO to o O co CV1 to to to Tf O $ 1 M 1 \RY SHEE COMPANY < > r S$ oo oo ^ CO {N. O\ -< Tp vN . . O O Q cvi ON . o i o\ i l.i o c /3 .-^ *"~ : I s ? ON . & ^ ''.''.'. vO 0> ^ z ' ' w i_ i- CO X C CO < ^ go? * CL c ^ I -t <* > Z 5 g^O ^ 3 | ^ : :^^ CO '. '. of * : : -co o r^ ooo -T r ix O\ M ' o\ *-** ' of ' :j i /^ (VI M vo^ JERSEY, ime of Rai N TRANS W S is VO CO t ^f O C o to q vo co Q 00 O O O oooo to 5 o t< 5 tx UJ Z ^ ^ of to CVJ^ *"* "^ ' J : : : : : o" : : : I Cvf ONVO" I-H N" rx 7 -3 k * e y 2 . 2 o z i 1 ' si OO ON *x ' .> Cvf ir5 Tf tOV VOOO VC ON to C jg: : : : : :s : : : 00 Q to O O O "HH OO to O O CO CO IO to to ^ O eg xf RAILROAD AND CANAL REVA LUAT of Railroad PEMBERTON AND HIGHTSTOW : ,- . M DESCRIPTION. , 1 v aluc j $1 y and grubbing, tion, 5 retaining walls and culverts, 3, nd its appurtenances, ifjj S I tr> C rt C/2 S) en" d o3 S ^ oj^r; -si ': : : en* ' o ' D ' o! f O en" 2"S -S^ S' 5 " 1 *"*" ~ " C ^ x ^ *3 rt.bC.-j 0,^ OT ~ ^ en" C flj ^ ^* CO 4J GQ "*"^ .545 a Jj S^IJ cn-g B-S-g* w-E^i sS^S' 73 "^rt^-^i neous structures, 3 achinery, tools and appurtenances, :ives > 30 sr train equipment, 27 train equipment 2 neous road equipment, . . i or marine equipment, . . me of tangible property $358 sub-division IV. "The value of re- g property, including the franchise," 1 c/) (D .Is.c UJ Z OS QC ' \ **- [_ .. z o UJ E C J UJ ro v ^3 5 CO Z d il D ^ ^ _l > w ^ < > UJ tr _i < z SUMMAR IGANTINE. * t/5 S5 ^ 3 .'^_ < cc o CQ Z Q coyj Q Z < < I Q. _J UJ O J I 5 S Q. 4 bJ9 O. c a CO el |i rtt*3 > r, -*- ^ t I O r- C o"l .> 2& Is, " bo II ^ 2 TS S l M oi CO * lOMD d d\ o M oi 37* WO Q - i-O O \o o vc? K! Tf ^" HHrH^O .>$. ^ ' ' ' ' I-H *l ^ ^ J wH Q- HI ^ O O Tf- co O ' U. J ^ ? ~c oo :::: {^ :::::: ^ ^^5^ ^ 5 ; ; cf co "^ ::..:: i^J- < < -j > o D f s * ' ' ' 1 0) | -^ : ::\: ^ ::::::: 2^ i c/> ,>. : : : : w : ^ ^ C c/)^j-^ %. <; s ' ft Zi ^ ' Ill co QC LJ d g CO 0, TJ 2 ON -3 g ^ g:----co : : ::::::::::: ^ ^ u ^ * J5 UM* : : : : : ::::::: LJ : : z 2 .0 I- * H D ^ r*i r-H c^- n El IS. 1 s sl Hj Jj ^- rf O>VO : : :::: | :::::: g 1- I-y " r\f " Tf ' VO z *s~l. : : : : : : : : :::::: ^f ^ co ^-i ^ s w : ^ S - < >. w 2 a: g * UJ ^ g g 8 q\ -too S t^ o QC s < .> t : J : M 2- :::::: l/"3 IO 1 | SHtg : ^ : 2 ;::::: ^ jj * ' ' ^ z o Q Z < g[< o o i. < ; ; ; ; : ; ; | ; ; : ; ; IS"*"* "^ ' ' ' i>" ~ rt u -t RAILROAD .....-. ..of a. . . . . s : :-o . . : : % "3 ' ' rt - ^ u 1 8 : c TD ^ +j .' o O ^ ^n rt af * Irt.'Si) 1 S G "rt ^ u. ^"^ ' ^flll^s cg-s's -:s| "3 ^1 J^lssl^Slii oj^ -s 8-Jfll68ilhii s ^ S S I rt gB^^.H 13 ^ S g-g-2 g 1 >*o.S ^ |8 ) *I'i5B.s'3o,l8S'8*-g ^^-^ -a 013 s rt .S^ S-J^ g ^ w.2 -S^S -g QHH flH^OS^^PUfeSpH ^> {H u-.vO (N\ '-J 3: < oc _l D < CO I Q LU < LJ 2^ CO 2 i ^ z Q. O O LJ -1 fc > ^ -c be rtM-i c > o-a rf|^l5'8'i-8l < 8 c* &? 1 8-a|.fl'8 o, SSII cS rt S-2 rt COo-^.^ c/2 2o^ rt ^^-"2r "-S3 O o*rt i-< 04 CO ^ IOO tv.00 O\ O M> CJ CO TJ- VT)VO ^OO C?N O >-I oi CO "tf >-OVO 373 W Q O vo 3 < a 6. ENT VA TOTAL. $37, 17 3 44 5 i RAILROAD AND CANAL REVALUATION o I- V LJ E LU re I Z CO > QC < S s D CO , EW N AL. 7,0 7 3 1, 44, O ON ON C O\ O 00 Q O 1-1 rt 10 Q O tx COOO O M IO CO' SECOND CLASS 3. 4. ue New. Present DC < I 3; -j. oc I - * :t IO ' HH M . IO IO vo rxvo <> u'S-? ^5 :^ 10 COOO O M" O^ Of M o O O ON rf Q O c( 10 co 8 jf. T3 4J- - ; t/ - 1 3 a ^ w be V > o ^2 rt M VN ON O M M co T}- u-^vo txOO ON O >-< M co ^f iovo ^i^KHHlMWM^ I-HHH-.MC^CSJCJOJOIM 374 OWE UJ (C t I z . 5 T? '. 01 in M '. f\f H-I ' of co . -* ^ *lt* HH . HH m Q . LJ fe 1^04 m rx LL jvo ^ S* O\ CO \ :$ 04 1-1 04 ^4 ^8 :^ ^ Ov f^ O O O O gvo o o j^- o vo vo in t^.00 ^x 00 vo 5; ^Z^vo-vd | <"O C^ . !-" . vo" 04 . co tx co HH in co 01 HH ; vo co >-H 1 CO U> f . ^^ H . ^ f/J- < 3 -J > Z D r i co -S tr J Tf O\ 01 oo tx m in m m VO OO ^t ; ; i 1.23 *- vo 04 tx * ! !T vO tx. OO : N : : of 2 j 1 CO El, "O 9 .CO nj t ^- 01 CO OO tx O vo co co :vSK : : g -m o^ 5 s r^ o" i O _< in OJ C/) s ^^~ ^ ^ ^ i-Tvo" f^ ! of o" 10 01 tx 10 IT < UJ ^ DC ^ _l D < CO I I \$\ co 00 O4 ON COVO C^ vO VO tx co M " g S of ^ nTto^cfM" : vo co ^ Q (- o 1 " f 2 i O C/5 1! I be 1 n) bo cx f - H-i C * ^ t/3 C " ^* *^ " ^* bJO O " . - l r 111 I-lll 111! i ^4 O O H M H PH O PQ nS ^ P^ c ^'S s- 8 "o^S 62 &^J c >^- ^s o rt aj 6 c HH 01 co TJ- mvo tN.oo OlOlOlOlOlOt OlOl 375 ^ JERSEY, 1911. road System UNCLASSIFI 'OND CLASS 5. g CO ON r^oo tx N - m ^ > , , 1 +H 3 O V ft, RAILROAD AND CANAL REVALUATION. NEW SUMMARY SHEET. Name of Railroad Name of Rail RARITAN TERMINAL AND TRANSPORTATION. MAIN QTPM SF( 15 10 T}- toco .^& M ^ ; :::::::::: ; 1 :::::: &. ::::::: : : : : . ances, : : : :j : :-| ::::: :^ : : : : :S : ' rt . ' - ^ - . . & . ' V) . . % O & . . rt . - ' V ^ ^ ^ T T2 15 : .27i -^^ :T ' ^i ' C ' .{Svp 4} Cti in & ', tn & m' ' '/iboc' 1 "' ^ ^ c 'cS ^ VH ^"^ ^ x h -B'S S 3 : C3 . b j : 'o S 41 ^ ^tfT-M 3-2 1| _l'| .|l|l fclf JllllJ 111 ifllliffilifillpllili! jOOHW^feoS^^PHC/^QHH S O S t/J i3 23. Passenger train equipment, ". . . 24. Freight train equipment, 25. Miscellaneous road equipment, 26. Floating or marine equipment, M oi fo TJ- iovo txod o\ o I-H CM ro -^ to^o t>.od ON p < _J < . vO .OO" 04 . . . . . "~ < /3- (3 ! ! '.'.'.. vO ' " ' CO ' ' ' -t" M .' '. '. lr) < .4^ < ! ; ; '.'.'.'.'.<& _l O z s 1 3 > f ^ <0 -00 ix O -cri ix -oo 04 a rf tx 10 I-H *2 * * * 9 ^ TJ----04 IN. 00 co O 1 t/3 .^ 04 to ' ^f if, : : .0 : : : o : ; : : : : 3 V *> " r t lO'-'CO tx = ^ -S; 04^ * 10 ' ' vo^ \c5 \o ^o o (-H " Tf uj ns Z tt f- o ZU 4, "a I ^ : : : ::::::.& : : [7, S r sRiSifS^ ::':; O w c UJ re -04 IX < oc > < III 2 w 2 S 4: a s 2 _l D 5 *r co = 1 -a : : :::::: . . . . . . ^f ; 1 '.'.'.' *& AND CAN> PHILLIPSE I 1 c ' > ' ' bfl ' |J i : : itf : : r : : iv : S : : : : : c : : : : : -2 *c/3*.*" ctf O^ I 1 I - ...... a,... .^ . .. . . c-c-^ 2 bc-^cS c^ fc S c -5 w ^ -5 S^sll^'l^o'!!-?^ 3^' S 3 2^HH SSoScS3f2foJSS H> H M O4 CO ^J- tOVO txOO ON O 1-1 04 co ^f XOVO 1X00 O\ O t-i 04' CO * iO\O IX 00 ON 377 S ... Jrj 00 c >H S 1 O" < ON h- c D | wc~< W- Q' UJ w c s. Tf O M VO u. ^ < ' 'S3 : : : 5- ::::::::::: 4 CO u ^w % ' ' ^t -r- D 1 :::::: cn T , :::::: fc %JZ ^ Ul CO cc (0 TJ h- c. c > ^ &* i m -D n \ E ' 2 ; ^ ; > c } >:::::: ui re > J M I :::::: ff z 7 H 5 4> [ ^ q UJ III ffi : 3 : : : : : : : : : :::::: g \- DC ^ u t c/ ! 1 : : : : ; Jj & ' ' ' ' tx 9j vo UJ ^ ^ i- tx u. ^ > < < I? i .5^ : : v en" g C 'C en rt' < o cc < DC h- Q . . . . <1J . . . . 3 . .'J75 . . . . . . ^ cu ;|;;; isf i ;| i ;.; ; i| : . ; ;;; ' : : go .::::: & : : :-g til -I Q. : '-o c^ * * t/r ^ cj ~ ^ ^4 |i;,: s M It i !- l|f! 2 * ed b/Gr,-] CXi4~ lijWf^SlllJs :&sf ll^llFlI-l^llllsl.!!! flill fiilPllii 11 iff! UoS^'SiS^cHH EScSc^hSfSTSSs ex *& M-H o *rt 13 "o O\ O M C^ ro Tf i/)VO IXOO C^ O >-< OJ CO T}- irjvo* r Q ON ON Q OQ iO \Q *H^ o o^ o\ 10 ^, ^ "O Tf h-T ' t-4' ocT ' IO r-l " > 1 \O ' ; tN tN R IN : rf co ^f >- rt . M OO 8, 379 Jtf* 5(H Q PH H! * g j q\ u5|^ < > t :l 1O\ t^ CO 5 f I S (-' I- ^ ^- 111 ON ^ tX >-H S C.5 i i i Q PH S! * :^&2 LO of Tf LOOO ^L^^ LJ t I < CO * L 5 *J ^ < 5 ? O - -( IT) O IX Tf t^ | - ) 22 o ^ So fe! Q. .& g i , rf " ^ ^^-lO^C ^ C ^ r H al uT3^ g o bxj.M^ ' O i O O 3 M be ^ >1 s H-I O O H W H fe O PQ HH M w ro TJ- xo\d Kod ^ -5 2 o N 01 ol 0? oT Kqp 01 M 38' p (X s iooo K vo i- ^t ^-' oc o O 5 o 8 i4 CC i O O ON ' ' ' txOO Ix VO t H-I rj- JN. lO 1 ! s c- i E T > \ I *go M : : : D - I ui "* .- tx ON 0) tx HH \T5 tx VQ O ON O O O O LL s> oo "^co CO Ov txo ON tx '^oooo <^ 1 tx I _i < ; i ; : : o > r ^iO---.iO OOOv C^-'-ro B >" Sjcfl.^^' i_oi-i h - 1 > ' 15 c/2^-s~ . . . . . ... ..;;.. jj HI -' ;;;;.' . . ; ; 0) ^ W . & < oc w 2 s * ^ ^ 111 ^ *-" s^ M* w '^ tx S\ vH Np -'8R8 -I D i 1.8**. '. '. '. : : '. : '. * '. *5 01 *0 < CO i z *< I s ::::::: M - :::*.::::::: | : : : : : C *to'." o3 ... W- i ^ ' ? E ^7 "^ S CU- ROAD > g : : : :^ : -55 : : : : : :^ : : : : :c : : : : : f. l : : : : ^ : : : : : : % : : : : : % : : : : : OL : :%::? :.:; w : d co : : ^g r : S* : :*r*f ' CO *^3 o I S :g ^1 "H -.,- g-s .11 II o 1 2 ^ . a rt ^ID S^ 1 ^ T - J2" <-" 9 E S i flj 2 L^ : b,| sb pi .IsSfl S^l fffU = ':&) -I 8 * -Sg '"^^O^Sg'I'B^'S 1 |^ 2 ^ I 11 til! 'Sb.o't *l^ ^ i Sis o^ S c V) rt " 3 '. o ! to ' ' c S < : l . a c ' C/5 J5 it '. c/f ^-j *-4 c. cr; bfl c : be .S ;is 111 . 'O . 1-4 5 7 C/T- 1 - 1 S C .X b 0- r* O. 5c : .& 2 rt oj-'fl .en ctu oo and aini ts a 2.8 ' fT< ,Tl ^, o a) bfi - 'S-s '&s : bp'gjf arS bB^'w -M C C rt -(-> .^^rf ' ^4., O OT 1 J2*E Ox o> R.SP > :;gg ' s s 5 ^.g^.a ,|| II a*o UJ UJ 73 - 11 r" , 1 v "V nC C Q Z o -g (T CO be a< rt 3 be if CC r^H ^ CJ 03 faJO .'+3 -HHHHC^CMCMCMCMCMCM XOO ON O "^f Q "% &H "^^K : vd^ r^ ^ HH HH" 2 O^ 00 CM txVO VOVOO OOVOOtxvo & O to w Q ^.VOCMOO covoO CM voVO O tx ' D . Tf- Tj- Tj- tX CO VO HH VO CO ^ . HH" H-" '','.''.' 5 xCO O O CM ONOO VO VO tx ix -rf COOO rf tx O tx co ^ S | ^VOVOLOHH'COCM * CM" 'VOHH COOO ^ CO OCOVOHHTf ^KHHHtX co ^e- "fOO coQHHCOvocoOOvo vo- -OOVOCMOOOOO N rtoo oOvOVOON^OCtxO HH.. -^^l-c{o>OCMO ( vo HH ON. co HHCOCO " co'' 't-iOCM COOO M tx O COVO HH vo ' ' ] '. HH vo CM CM O to . . : : : : j : : : : : h\- .* CU c g| ' : : S ;' g . ; ; = 1 \ I I ^ 1 cj 8rt S & cn O V) ~ 1 -M C O 05 SC c c" a;'^ u 2^O rt ^ rt cn"'* n j'bc rt O^S -M ' a j6i- wnci' cuCC &. 6 CM CO 384 3 S" DO i-H C^ ' O " * * O ^^ * 00 CO * ' T ^* ^O ^*O ^" O iO 5 ^f oo ^^ * t^* * * * 5^ ^5 * t^v M T}~ t^x o co O 'O 01 Q 01 > << 2 ^2 1^ ...t< : M "H...CO covo o\ $ ~ I *|l : : : : : : : : : S 0" < Q | HI MV C 4v | ;^ ;| ; ; ;< :| | ; ;s K 'SI,S : S co .^ 2; <^ O co .' oo" M .' . . .' o >-< .' 01 1-1 ; ; ; ir> 10 o' rs. ; tx < H ~~: J ~: :::" : ::: : ^ -1 > ^ Z T ~") r ^> % - | 1 . ' : 01 tx 4 M ^_ 4) <^ =: . w- /n X u 2 <% ^ 111 re ^ ' 1-5 o O S .10 O co W ... .VO COtx-- ts ... -.O-----O01 ix ... g > *-(->!$;' > = w HI re ov ^ O o ^ 3" ' o 10 co 'co -3- to co ^t o LO 8^T :^8s :^r : : : :SJ :^ ^ : : :^^^R^ : S . g. 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ON co $< Of M " tx tx co I-H CO T)-V Tf Ol 8 O CO Tf S vo co 9, ^ p. ** O\ ON O tO tx 8 88 8 i '5j be ; ssessment 1910, fference. . HH C 5 " *g "s I G fference. . liladelphia & Readir sessment IQIO. . fference. , ie Railroad. sessment IQIO. . fference, . 4 sessment IQIO. . fference. , 08 CO c -M c "3" vO * " O ^O ro txVO O C O ' ^O Tt- HH to HH Tf M txtOOl t-tO"- 1 >- **&* 111 ^ . rtoo oo vooo^ : ::::&* | w i^ 04 i oS ^ ^ X3 OO T|- o O" t< ^" " " ' ^O OO 00 ^ * xr OJ i VO u^ O '.*''*&"".. ? s -g-S *-^ Cu "ti - l VJ hH ^ S x -3- 01 <^ r :::: ' : ' ' ^ 1 : : '''' > '' 5 ^E 3 ^ 04 ^ ^00 ~ o o 2 to o^ ' .... ... v . . ~o S> rt o ^ HM CO * -r-,' s Is rt IH bfi ~(u rj to ON 2 01 to fi to 01 01 .; . oo ^o, ^"2 '. . .... rt j C >. So c g^ ri.'S ' ^ u o_n 1 ifl rt rt O S -5 rt Ol tx 10 VO 01 % ' " '" S S "-T o" 3 S? 1 ; ; ; ; | M ; ; ; ; \\l&\ : .J g fe -o H^ 03 T-I " ^- ^ ::::::: : : : : : : ffi| ; ;^ V-c S H ^^ " ^o rt s ^ * *ojS ' :^ t-i 3'C J cr 'C^ 1 Q, > 2 C ^ JS e^. ^ g TS tx'? O t^ 5 o : G 03 : '. c j_ ON rt u Ti ^ . ^ > f- S *^ .t: O -M c - : : : : : : : : : 2 : ^ : : g w -| l| W IH **^ Name of Syste 8. Railroads Not Classified Assessment 1910, -o" GO- :o eg Sf ^S : g .5*0 K/HH ;S T ^.>.>g'-; K^ON coON ^ON *H G cj TJO.^rja MM : z~ %" I s S ^i-i '"^ o c" C 4 - 1 DJ-*-* cd-*-> 3< 5 s?-c ^g ^ M >^ .0175 JJ-^S ^ cLo-2 c^ -a*! ^^^ a'Sb^ a3S a35 ?- o ^^S 8^^^^^S^^,2 2 '^5 g-3 2 '5 g g ^S g w< Q H< Q W< Q H ^2^ ''1 fc |'rta> l g*rt "rt *rt G SgJ^^ |^- S ^1 S E2' I s 1"" 1" |'B3 '" * 2 S 2 5> 5 f-T z S - G-0 rt * ^ ;2 8 i ^ 5 .5 -o c ^ ^is-> ^o's ^ &C^ -o-^K^; ill Z tn ^ gg Q O -5! ^ < H s/! p2 ^ 00% O Pw ^ H rt Q en O O o O *. C ~ 93 PH O < < ^ 2 ^< in * % ^ ^ < > s 3 s S H ^ ^ oioi-i-^-co i oo v ^3 o O v w* " -.^ III Iff c c g 8^g ^^ ^PnP- 1 o o 391 g g t/3 CO co SS 25 $ P< < o P4 g O S PH Q O W O PH Q Q @ 2 < |Ii ?s s s ^ ii;i ~e"2 I "? s S rf & ^ * o\ owinCi O vo woo ~ of eg c 6 '* c> s- r 5 P-I I s ! ago* S^ S CX'- 392 888S.8 O O M to o s fa O M 888% 888" 8S>^8^ 8 80000 8 pa Q PH G HH O ON O O S S O PH Pa 3 i i PH < o fa o O co o >< Q So 3 g 3 i.ia pa ~ IS ^ ^ O CJ S^-o g *a| *|3 ^ S |o 2SooSg iS ^Q|^^^50go^ .. v b/) ^ ^ ^ K^ -H fli di ^ and Railway hung Railroad -M ^J ^J C ^ I >> CO m v ^ ^ CO ^ T3 OJ o^ CJ J2 O 4-> rt -M W co ^n'O-H 03 W rt afa o3 P rt O^M O O" dk d i-J 393 J-x VO CO 00 oi to CO to to O W _ * g s PQ ^ g Q S ^ to ^ Q ^ Jz; Q S co i ^ Qd 8 o O PH CO O . T O OT ir< HH S O Q < s ^ o a < to < < O s: I 3 I ^ a d to 1 Q I W -r . to to 00 O & r* r>~> . co cop a< r^T *"* ^ en co^ W *"* i S ^ PH PM PH CO ^ "-< c4 co rr lovd txod o\ o ag | O MH O O O O ba bo bo Iss affiQ ERSEY 394 r^ * o o m ; 10 CO I pa E ~ .o PH I O O 1| - 3 < ^ P^ S, PO 2; tf o pa O H o 8 PS 1 a g CO p g a 1 w g M 888 S^ to o" Q" o" O~ 01 ^O VO O t^ CJ c3 *-J^ ^ 0*0 o b bfi U) rt cd ctf u o o 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 403 * l! 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XN^QO vo co ^ ONOO 04 ON vo Q tx co Tt*vO ON vo co 04 2 " of ^ ON w~ T? vo vovo" t-T O 00$ t-T t-Too" vo vo ON X] l ~ l M I ^ |" "g ON TT O4 co co TJ-VO vo 04 HH Tf CO Tj- w voOO M M co O t-T ON of ON of Q" cooo" M"\O" tx rf vo ONOO" O~ vo t-H'vo" 5cooOOO\OOOOvo'-ivotxO>- | 04VO | - 1 vovo VO It O Tf OO coO\cotxO\04 vo"-! txVO VO Q^ ON co co 04 ^ l" ^ nJ tx co voOO P ON covo vo ON O ^OO Q ON vo co vo co j^ O co 04 OO 04 IN* tx KH ^" vo co i* co O vovo O VO VO ^ co O r^ T^ 04 04 O ON ^r co 04 ON rxVO tx tx O vo vo c^ i_T of Tf ON covo" of ON VOOO" O" vo co of 06 txOO~ ON fvf s; ON M 00 rxOO -^- O O P 04 txCO OO T)- tx i-H covo co ^ ON CO tx COOO I-H tx ON 04 vo ^ VO vovo ON rj- co CO 04 ^ Of M" M" :;:::::::::::::::;: tf> -"*"!-*' nf I nf !!.'!' o '. ^ rt - -'a, ^ w - C 5 efu Z2$'% : ll-tl el -t. Jl -- 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 M O CO DO GC < CM ~t ~ ^ o b ^s H c/5 t/; c ta ^ -7, ^ CA> * C/3 S> 5^2 feg c < SE ^r,, X OCG ^ -fi- OvO O. ^ \00 X wfc c/3 OH c/i - rt OO ON O ON ^P _^ g /i c/: H-CO P UJ T o : ; : j- : i *. : : o ' ' ' ' - o _^ c > ^ _- j_ tj ! bfl .' 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" '. .^.Nr^ psj &<&* 2^ E, u ^- ^/ "^ ;/: ^3 ^^ ^ ^* ^ PH ^>-( . rt r) d i p t/3 l^jlli- S lillgs ?ft ! ! 1 * ^ J'l B-- E 1^ d S 1 8 I * * r 5 ^"~? is ". s ^ i^X to XXX S PQ 55 PM ou 03 ^ x pi pi PH 457 ' 3 > E O O\ Tf Tj- vo O "-f u-, & 8 a o p o 6 : : : : : : : : r . . Q> Qi O '.'.'.'.' C 5 o Or-" -4* 'PS . X ^ cJ . .Q * r E PH ri S"T ^ - 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