The carrier is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa. The records reviewed indicate that this company is not controlled by any individual or corporation on date of valuation. The records reviewed do not indicate that it controls any common-carrier corporation. The property of the carrier was operated by its own organization from some time during the year 1856 to April 4, 1868, and from January 28, 1882, to December 31,1917. The trustees of the consolidated mortgage operated the property from April 4, 1868, to January 28, 1882. On January 1, 1918, the common-carrier property of this company was taken over for operation by the United States Railroad Administration, and is so operated at date of valuation.
The carrier was incorporated May 6, 1852, under a special act of the Legislature of the State of Pennsylvania, for the purpose of constructing a railroad from Huntingdon to Bedford, Pa., and also for the purpose of mining coal and for transacting the usual business of companies engaged in mining, tranporting, and selling coal and other products of coal lands. It was organized January 10, 1853.
This carrier acquired through merger, on August 17, 1864, the property, rights, and franchises of the Bedford Railroad Company, which had been incorporated February 3, 1859, by a special act of the Legislature of the State of Pennsylvania, for the purpose of constructing a railroad from Hopewell to Mount Dallas, Pa., about 13 miles. The date of organization of the latter company was February 19, 1859.
The owned mileage of the carrier was acquired by merger and construction. The years when the various portions of the line were constructed and the manner in which this company acquired the property are indicated in the following statement.
|Acquired in merger of the Bedford Railroad Company, constructed by that company, Hopewell to Mount Dallas, Pa., 1859-1863||13.00|
|Acquired by construction by the carrier:|
|Huntingdon to Hopewell, Pa., 1853-1856||31.05|
|Various branches and industrial tracks, 1855-1918||28.71||59.76|
|Total recorded mileage acquired||72.76|
|Less mileage abandoned 1913-1918||2.60|
|Difference between total recorded mileage and mileage inventoried as of date of valuation||0.507|
|Mileage inventoried as of date of valuation||69.653|
The carrier has connections for the interchange of traffic with the road of The Pennsylvania Railroad Company at Huntingdon and Mount Dallas, Pa.
The investments in other companies, on date of valuation, are stated in the books as $8,685.75. This amount represents stock of the Philadelphia Bourse of $275 par value, recorded at $215.75 book value, and United States Goverment bonds of $8,470 par and book value. The consideration given for these investments was cash at the book values. No details were obtained from the records reviewed with respect to investments acquired which were disposed of prior to date of valuation.
The carrier leases to the Colonial Iron Company, without written agreement, 2 flat cars and 23 hopper gondola cars, classified as work equipment, at a rental of 30 cents per car per day. The date of beginning or expiration of this arrangement was not ascertained.
|Original data source:||Decisions of the Interstate Commerce Commission Vol. 149 pp 283, 285, 297|
Interstate Commerce Commission
Although published in 1929, the report is "...as of date of valuation" which was 30 June, 1918