Wikipedia:WikiProject Trains/ICC valuations/Harlem River and Port Chester Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

The Harlem River and Port Chester Railroad

Location and General Description of Property

The railroad of The Harlem River and Port Chester Railroad Company, herein called the Harlem River and Port Chester, is a standard-gage, steam railroad, located entirely in the State of New York. The owned mileage extends from the Harlem River to New Rochelle, and consists of 11.217 miles of first main track, 52.218 miles of second and other main tracks and 101.337 miles of yard tracks and sidings, aggregating 164.772 miles of all tracks. Practically all of the property of the Harlem River and Port Chester is leased to and operated by the carrier.

Corporate History

The Harlem River and Port Chester was incorporated in New York under an act passed in 1866 and an act passed April 2, 1850. Its principal office is at New York, N.Y. The accounts are kept in the office of the carrier at New Haven, Conn. Further information in regard to corporate history and the detailed facts as to the development of fixed physical property are given in Appendix 2.

Development of Fixed Physical Property

The railroad of the Harlem River and Port Chester extends from the Harlem River to New Rochelle, N.Y. Construction work was begun about 1870 and two main tracks were opened for operation November 24, 1873. In 1889 third and fourth tracks were started, but before they were finished the plans were changed to provide for six tracks. These were completed March 3, 1912. In October 1910 work was begun to equip the road for electrical operation, but on date of valuation this was not completed for all tracks. On date of valuation the road mileage was 11.217 miles.

Leased Railway Property

The property of the Harlem River and Port Chester is leased to the carrier under date of September 29, 1873, effective October 1, 1873, for a term of 99 years with the privilege of renewal. The lessee pays 7 per cent per annum on the capital stock, interest on all indebtedness, principal thereof, when due, cost of maintenance, and all taxes and assessments. In practice, there is no payment of money to the lessor. The amount credited as rent is disbursed or charged by the lessee as interest on the debt and dividends on the stock. Some part of the road lying south of One hundred and seventy-fourth Street is common as to location with that of the New York, Westchester and Boston Railroad Company, and a part of the property is used jointly.

The New York Connecting Railroad Company, under an agreement of June 27, 1913, has some right to the use of the Harlem River and Port Chester's property below One hundred and thirty-second Street.