The accounting records of the carrier are incomplete. The records obtained indicate the net revenue from railway operations but do not contain any information regarding its financial dealings or investments or any other information in connection with corporate operations. Therefore, no information can be given from its accounts in connection with financial dealings or investments and only partial information can be given from that source regarding corporate operations. However, the data obtained from its accounts have been supplemented by those contained in the reports to this commission and the published reports of the State of Pennsylvania. The records reviewed do not indicate whether the carrier is controlled by any individual or corporation on date of valuation, nor, on the other hand, that it controls any other carrier corporation. The property of the carrier has been operated by its own organization during its entire existance.
The carrier was incorporated by letters patent issued May 9, 1892, under the general laws of Pennsylvania, for the purpose of acquiring the property, rights, and franchises of the Buffalo Run, Bellefonte & Bald Eagle Railroad Company. Pursuant to the above purpose, the carrier acquired at its organization the property, rights, and franchises of the Buffalo Run, Bellefonte & Bald Eagle Railroad Company. The carrier itself, and that corporation, together with its predecessors total four different corporations, and comprises the line of corporate succession culminating in the carrier as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by uts respective number shown in the first column.
|1. Carrier||Under general laws of Pennsylvania, May 9, 1892.|
|2. Buffalo Run, Bellefonte & Bald Eagle Railroad Co.||Under general laws of Pennsylvania, Sept. 21, 1882.||Sold at foreclosure Dec. 1, 1891, and reorganized as 1.|
|3. Bellefonte & Buffalo Run Railraod Co.||Under general laws of Pennsylvania, Sept. 21, 1882.||Merged Sept. 21, 1882, with 4 to form 2.|
|4. Nittany Valley & Southwestern Ralroad Co.||Under general laws of Pennsylvania, Jan. 27, 1882.||Merged Sept. 21, 1882, with 3 to form 2.|
The owned mileage of the carrier, amounting to 22.458 miles, was all acquired through reorganization of the Buffalo Run, Bellefonte & Bald Eagle Railroad Company. Of the three corporations that comprise the line of succession culminating in the carrier as at present constituted, two corporations did not construct any road or other common-carrier property. These companies were Bellefonte and Buffalo Run Railroad Company and Nittany Valley and Southwestern Railroad Company. The property constructed by the remaining corporation, the Buffalo Run, Bellefonte and Bald Eagle Railroad Company, consists of the road now owned by the carrier, which was completed by the year 1887.
The carrier has direct connection with tracks of The Pennsylvania Railroad Company at Bellefonte.
|Original data source:||Decisions of the Interstate Commerce Commission Vol. 110 pp 572, 574|
Interstate Commerce Commission
Although published in 1926, the report is "...as of date of valuation" which was 30 June, 1917