Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-03-09

derwriters and surveyors, Lloyds agents
and others. and have e~ndeavored to
gain knowledge Of The practise from
all reliable sources.
The practise of marine underwater
does not assist US. Vessels are sur
veyed each year or oftener, and insur-
snce rarely, if ever. exceeds a period
Of one year.
A ferry-boat thirty years old, costing
originally $500. 900, may have required
the expenditure of $50. 600, plus inter-
est on original cos and the annual
upkeep. the total sum of which may
equal the original cost.
Depreciation for the purpose of estab-
Wishing present replacement values
should not be confused with cost Of
maintenance. 1t is, of course. neces-
sary to provide a fund for maintenance,
and this may be provided either by
charging an item to estimated require
ments for upkeep and additions, or by
a depreciation charged to operating ex-
penses available for upkeep, renewals,
or additions. Every ferryboat, tug,
lighter or other equipment having a
metal hull, machinery or other metal
members, has a scrap value which is
practically constant so far as it is rea-
sonable to consider such items in any
broad plan for depreciation against
the intangible loss in value. This scrap
value should be deducted from the
naked replacement value before any de-
probation is deducted from the asset
value, since the asset value never falls
below the scrap value.
The floating equipment of the Penn
sylvania Railroad Company operates
generally within the lighterage limits
bounded on the north by Fort Lee and
One Hundred and Thirty-fifth street
piers, on the Hudson river, and One
Hundred and Fifty-fifth street pier, on
the Harlem river, and on the south by
Avenue c. Bergen Point. and Owl Head,
Richmond avenue. borough of Kings.
The Pennsylvania Railroad Company
delivers freight to the Jersey shore at
South Amboy, Greenville. Jersey City
and Harsimus Cove. From these main
shore terminals the movement of the
floating equipment radiates over and
upon the waters of the Hudson, Har-
lem and East rivers. upper New York
Bay and the Kill Won Kull, with the
exception of certain tugs and barges,
numbered 100 to 722. inclusive. entitled
I'D. and r. Canal Barges." These
barges do not enter the canal, and are
operated entirely in coastwise coal traf-
fc between South Amboy and points as
far east as Boston. These barges sell
dom, if ever. enter within the ligtherage
limits before described. and are moored
when idle on the Jersey shore of the
Arthur Kill. The equipment generally
is d~rydocked at Hoboken, and when idle
is tied up on the Jersey shore.
Whether or not the floating equip
ment or any portion of it is taxed in
New York has any bearing on Il de-
termination of the several questions
involved in home port" '.situs." do
micile,'' ETC., we have ~endeavored e
learn the facts.
On July 16 we addressed a letter Il
the State Board of Assessors of New
York, inquiring if any part of the float
ing equipment of the Pennsylvania
Railroad Company or other railroad:
operating between New Jersey and New
York shores was taxed in New York
| We were advised that this letter wa
referred to the tax department of tn
city of New York. On July % we re
ceived a letter from the department o
taxes and assessments, Hall of Records
Borough of Manhattan, stating that tbs
assessment on personal property
against the Pennsylvania Railroad
| Company for 1909 was $4,000. and The
probability is that included in theil
items Is no floating equipment.
In case we are instructed that tbs
total floating equipment of the Penn
! ~sylvania Railroad Company operating
in New Jersey-New York waters is t
be appraised to New Jersey in proper
ton to the time spent within the waters
of the State, we are not in position t
accurately apportion same.
Unde the title Domicile and Situs OF
floating equipment we have described
the territory within which the float
ing equipment operates. Our survey
of each vessel, barge. float, scow ane
dredge and the like furnishes the 10
cation of the floating equipment a
that particular time, but since 1t 1;
constantly shifting within the terri
tory named, and part of it operating
from Perth Amboy as far east as Bos'
ton. it is manifestly impracticable Il
%apportion its exact location within geo
! graphical boundaries.
The Pennsylvania Railroad Compan,
has furnished us with an unsworr
statement as to the proportion of tint
each of the several vessels were in New
Jersey waters. This statement wal
given without request. either directl,
l or indirectly, and your committee hai
not suggested or implied that we woulC
consider any division of territory. Thi
| report referred to shows that the to
tai equipment was in New jersey wa
tiers about fifty (50) per cent. of TIL
time.
AS h~ereinbefore stated, the equip
ment is repaired, overhauled ant
locked on the New Jersey shore, ant
idle equipment is tied up in Jersey wa
tiers. which means that outside of TIL
ferry-boats and a few tugs. the ma
jority of the equipment rests in New
Jersey waters during the idle hours o
the night. We believe that If wetar
instructed to apportiou the equipmen
to New Jersey on the basis Of time en-
ployed in New Jersey waters, it woul'
be reasonable to apportion seventy-fy
(T5) per cent. of the time to New Jer
sey waters.
A v~essel's home port is that port es
tablished by law at o. nearest to whicl
the owner resides. (See customs regu
! ~lations.)
1t will be observed that the tern
Port of New York comprises not onl'
all the waters and shores of the Stat
- Nav Torea,. b,,. also tbo countries =,