The Cumberland Valley and Martinsburg is a corporation of the States of Virginia and West Virginia. Its principal office is located in Chambersburg, Pa. It is controlled by the carrier [Cumberland Valley Rail Road], through ownership of its entire outstanding capital stock. Its property was operated on date of valuation by the carrier under a lease agreement. It owned on date of valuation 36.861 miles of single-track standard gauge railroad extending from the south bank of the Potomac River in West Virginia to Winchester, Va.
The Cumberland Valley and Martinsburg was incorporated February 10, 1888, under general laws of West Virginia, and December 19, 1889, by special act of Virginia, and is a reorganization of The Martinsburg and Potomac Railroad Company (West Virginia), whose property had been sold under court decree November 17, 1887. 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 its respective number shown in the first column.
|1. Cumberland Valley and Martinsburg Railroad Company.||Under general laws of West Virginia, Feb. 10, 1888; under special act of Virginia, Dec. 19, 1889.|
|2. The Martinsburg and Potomac Railroad Company (West Virginia).||Under special act of West Virginia, Feb. 19, 1868.||Sold and deeded Feb. 10,1888, to Thomas B. Kennedy, who reorganized as 1.|
|3. The Martinsburg and Potomac Railroad Company (Virginia).||Under special act of Virginia, July 9, 1870.||Merged with 1 on Jan. 3, 1890.|
Of the recorded mileage owned by the Cumberland Valley and Martinsburg, aggregating 34.380 miles, a total of 21.060 miles was acquired by merger or purchase and 13.320 miles by construction.
The following tabulation shows the elements of trackage that go to make up the recorded mileage of road owned on date of valuation:
|From The Martinsburg and Potomac Railroad Company (West Viginia) Feb. 10, 1888, constructed by The Martinsburg and Potomac Railroad Company (West Virginia) south side of Potomac River in West Virginia to Martinsburg, W. Va., 1870-1873||11.850|
|From The Martinsburg and Potomac Railroad Company (Virginia) Jan. 13, 1890, and constructed by that company Winchester, Va., to West Virginia State line, 1888-1889||13.320|
|Total recorded owned mileage||34.380|
|Difference between total recorded mileage and mileage inventoried as of date of valuation||2.481|
|Mileage inventoried as of date of valuation||36.861|
The property of the Cumberland Valley and Martinsburg was leased to the carrier under date of January 1, 1890, for a period of 99 years. Under the terms of the lease "the receipts shall be applied to the cost of maintaining, keeping and perpetuating the property and equipment used thereon and all other expenses of operations including taxes, insurance, etc. The balance remaining to be paid to the lessor." The recorded rental received by the Cumberland Valley and Martinsburg for the year ended June 30, 1916, was $116,319.17.
|Original data source:||Decisions of the Interstate Commerce Commission Vol. 103 pp 778-779, 783|
Interstate Commerce Commission
Although published in 1925, the report is "...as of date of valuation" which was 30 June, 1916