The carrier is a corporation of the State of Pennsylvania, having its principal office located in Chambersburg, Pa. It is controlled by The Pennsylvania Railroad Company through ownership of a majority of its outstanding capital stock. The accounting records prior to January 1, 1850, were not obtainable and no information relative to the financial transactions prior to that date were obtained. The property of the carrier has been operated by its own organization during its entire life,
The original incorporation was as Cumberland Valley Railroad Company under a special act of Pennsylvania, dated April 2, 1831. From February 6, 1860, to May 31, 1865, it operated the property of the Franklin Railroad Company through lease agreement and by virtue of ownership of a majority of the capital stock of the latter. The available records show no entries in the books of the Franklin Railroad Company subsequent to September 19, 1862. From that date, until May 31, 1865, its accounts were continued as a part of the accounting records of the Cumberland Valley Railroad Company.
An agreement dated May 31, 1865, and filed with the secretary of the Commonwealth of Pennsylvania on June 1, 1865, provided for the merger of the Cumberland Valley Railroad Company into the Franklin Railroad Company. Subsequently, on June 6, 1865, the name of the latter was changed by court decree to Cumberland Valley Rail Road Company. While the evident purpose was to maintain the corporate existence of the Franklin Railroad Company and thereby reserve certain franchises and priveleges in Maryland of which the former was possessed by special act of that State approved January 16, 1837, the accounting records of the Cumberland Valley Railroad Company were continued and new securities were issued under the name of the Cumberland Valley Rail Road Company to retire the outstanding capital obligations of the Franklin Railroad Company. Thus it would appear that the Cumberland Valley Rail Road Company was a continuation, by change of name, of the Cumberland Valley Railroad Company, and for the purpose of this report the two will be considered as one corporation.
As the accounting records of the Franklin Railroad Company were discontinued and its capital stock retired with new securities issued by the carrier, the former will be considerwed as a demised predecessor of the latter and its financial affairs prior to May 31, 1865, recorded in a separate section of this report.
The following chart shows the names of the corporations, the respective date 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 Rail Road Company.||See description above||Operating company|
|2. Cumberland Valley Railroad Company.||Under special act of Pennsylvania, Apr. 2, 1831.||Succeeded by 1. See above description.|
|3. Franklin Railroad Company.||Under special act of Pennsylvania, Feb. 2, 1850.||Succeeded by 1. See above description.|
|4. The Chambersburg, Greencastle and Hagerstown Railroad Company.||Under special act of Pennsylvania, Mar. 17, 1853.||Reorganized on Feb. 9, 1859, forming 3.|
|5. The Chambersburg and Hagerstown Railroad Company.||See 6.||Sold under foreclosure on Oct. 25, 1850, and by purchasers deeded to 4 on Feb. 15, 1854.|
|6. The Franklin Rail-road Company.||Under special act of Pennsylvania, Mar. 12, 1832; special act of Maryland, Jan. 16, 1837.||Name changed Apr, 28, 1852, to 5.|
|7. The Dillsburg and Mechanicsburg Rail Road Company.||Under general laws of Pennsylvania, Nov. 1, 1871.||Foreclosed and sold on Feb. 3, 1906, to 1.|
|8. Cumberland Valley & Waynesboro Railroad Company.||Under general laws of Pennsylvania, June 7, 1901.||Acquired on June 30,1906, by 1.|
|9. Mont Alto Rail Road Company.||See 10.||Foreclosed on Apr. 27, 1901, and subsequently acquired by 8.|
|10. Scotland and Mont Alto Railroad Company.||Under special act of Pennsylvania, May 3, 1864.||Name changed on Nov. 22, 1871, to 9, by court of quarter sessions of Franklin County.|
Of the recorded mileage owned by the carrier, aggregating 108.62 miles, a total of 47.66 was acquired by merger or purchase and 60.96 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 Franklin Railroad Company, May 30, 1865; constructed by The Chambersburg and Hagerstown Railroad Company, Chambersburg, Pa., to Hagerstown, Md., 1841||22.00|
|From the Cumberland Valley & Waynesboro Railroad Company, June 30, 1905; constructed by Mont Alto Railroad Company--|
|Waynesboro Junction to Mont Alto, Pa., 1872||10.20|
|Mont Alto to Waynesboro, Pa., 1879||8.00|
|From the Dillersburg and Mechanicsburg Rail Road Company, Feb. 3, 1906; constructed by the same, Dillsburg Junction to Dillsburg, Pa., 1872||7.46|
|Harrisburg to Chambersburg, Pa.||52.00|
|Hagerstown to Powells Bend, Md.||8.96|
|Total recorded mileage||108.62|
|Difference between total recorded mileage and mileage inventoried as of date of valuation||.70|
|Mileage inventoried as of date of valuation||107.92|
The carrier uses on date of valuation facilities owned by other companies and other companies use facilities owned by it to the extent indicated in the statement below.
|Solely owned , but jointly used, used with:|
|The Northern Central Railroad Company (the Pennsylvania Railroad Company, lessee); tracks, Harrisburg to Lamoyle, Pa.|
|Norfolk and Western Railroad Company, tracks, Hagerstown Junction to North Junction, Md.|
|Philadelphia and Reading Railway Company; tracks, Shippensburg, Pa., to Cumbo, W. Va. The joint-facility rent income for the year ended on date of valuation is recorded as||$26,697.13|
|Solely used, but not owned, leased from:|
|Cumberland Valley and Martinsburg; entire property, term 99 years from Mar. 17, 1888. Under 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 the operation, including taxes, insurance, etc. The balance remaining to be paid to the lessor." The recorded rental paid by the carrier for the year ended on date of valuation was 116,319.17|
|Southern Pennsylvania; entire property, term 99 years from Mar. 1, 1870. Under 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 the operation, including taxes, insurance, etc. The balance remaining to be paid to the lessor." For the year ended June 30, 1917 , the carrier records a deficit of 3,738.04 from operations and credits that amount to rent for leased road.|
|Jointly used, but not owned, owned by:|
|The Pennsylvania Railroad Company; passenger and freight stations and appurtenances at Harisburg, Pa. The joint-facility rents paid by the carrier for the year ended on date of valuation are recorded at||3,711.84|
Note 1: This disagrees with the report on the Southern Pennsylvania Ry & M. Co., which gives the year as 1916. Since the date of valuation was June 30, 1916, I suspect 1917 is a misprint. Back
|Original data source:||Decisions of the Interstate Commerce Commission Vol. 103 pp 764-766, 776-777|
Interstate Commerce Commission
Although published in 1925, the report is "...as of date of valuation" which was 30 June, 1916