The Northern Central is a corporation of the States of Maryland and Pennsylvania, having its principal office at Baltimore, Md. It is controlled by the Pennsylvania Railroad through ownership of a majority of its capital stock. On the other hand, the Northern Central controls, through ownership of either a majority of, or the entire outstanding capital stock, the Shamokin Valley and Pottsville Railroad Company whose common-carrier property was operated by the Pennsylvania Railroad Company on December 31, 1917, under lease and The Elmira and Lake Ontario Railroad Company whose common-carrier property was operated by the Pennsylvania Railroad on December 31, 1917, under an agency agreement. It controls jointly with the Philadelphia, Baltimore and Washington Railroad Company, through ownership of 58 per cent of its capital stock, the Union Railroad Company of Baltimore, whose property was operated on December 31, 1917, by its own organization.
The property of the Northern Central was operated by its own organization from December 16, 1854, to January 1, 1911; by the Pennsylvania Railroad from the latter date to December 31, 1917, and by the United States Railroad Administration from that date to date of valuation as part of the operating unit of the Pennsylvania Railroad.
The Northern Central was incorporated March 10, 1854, and May 3, 1854, by special acts of the States of Maryland and Pennsylvania, respectively, for the purpose of acquiring the property, rights, and franchises of The Susquehanna Railroad Company, the York and Maryland Line Rail Road Company, the York and Cumberland Railroad Company, and the Baltimore and Susquehanna Railroad Company. Pursuant to this this purpose, the Northern Central acquired at its organization the property, rights, and franchises of the four railroad corporations named. The Northern Central, itself, and those corporations, total five different corporations and comprise the line of corporate succession culminating in the Northern Central as at present constituted.
The following chart shows the names of the corporations, the respective dates of incorporation, 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||The Northern Central Railway Company||By special acts of Maryland and Pennsylvania through articles of union; dated Dec. 4, 1854; filed in Pennsylvania Dec. 16, 1854, and in Maryland on or about the same date.|
|2||Baltimore and Susquehanna Railroad Company||By special act of Maryland, Feb. 13, 1828||Consolidated Dec. 16, 1854 with 3 4 and 5 to form 1.|
|3||York and Maryland Line Rail Road Company||By special act of Pennsylvania, Mar. 14, 1832||Consolidated Dec. 16, 1854 with 2 4 and 5 to form 1.|
|4||York and Cumberland Railroad Company||By special act of Pennsylvania, Apr. 21, 1846||Consolidated Dec. 16, 1854 with 2, 3 and 5 to form 1.|
|5||The Susquehanna Railroad Company||By special act of Pennsylvania, Apr. 14, 1851||Consolidated Dec. 16, 1854 with 2, 3 and 4 to form 1.|
The owned mileage of the Northern Central, 146.433 miles, was all acquired on December 16, 1854, by consolidation, as follows:
|Acquired from --|
|Baltimore and Susquehanna --|
|Constructed by that company, Baltimore, Md., to Maryland-Pennsylvania State line, 1829-1838||35.60|
|Hollins to Turnpike, 1831-1832||10.00||45.60|
|York and Maryland, constructed by that company, Maryland-Pennsylvania State line to York, Pa., 1836-1838||22.00|
|York and Cumberland, constructed by that company, York to Lemoyne, Pa., 1849-1851||26.00|
|Susquehanna Railroad, constructed partly by that company and completed by the Northern Central, Lemoyne to Sunbury, Pa., 1855-1858||54.00|
|Less road sold and abandoned||2.22|
|Difference between recorded mileage and mileage inventoried||1.053|
|Mileage inventoried as of date of valuation||146.433|
The investments of the Northern Central in other companies on date of valuation are stated in its records at a total book value of $4,435,726.73. A statement of the several investments with their respective par values and book values, follows:
|Stocks:||Par value||Book value|
|Affiliated carrier corporations--|
|Union Railroad Company of Baltimore||1,225,000||1,175,000.00|
|Shamokin Valley and Pottsville Railroad Company||619,650||548,765.95|
|The Elmira and Lake Ontario Railroad Company||1,500,000||1.00|
|Northern Central Connecting Railway Company||220,900||220,900.00|
|Affiliated noncarrier corporations--|
|Mineral Railroad & Mining Company||199,998||1.00|
|Central Elevator Company of Baltimore||40,000||40,000.00|
|Southern Pacific Company||1,848,700||1,833,340.86|
|Norfolk and Western Railway Company||103,000||105,575.00|
|Terminal Warehouse Company||100,000||100,000.00|
|Bonds; affiliated carrier corporations, Sodus Bay and Southern Railroad Company||265,000||269,108.64|
|Other investments; miscellaneous, mortgages and ground rents receivable||1,025||1,025.00|
The entire property of the Northern Central is leased to the Pennsylvania Railroad for 999 years from January 1, 1911. The terms of the lease and the rental accrued for the year ended December 31, 1917, are given under leased railway property in the report on the Pennsylvania Railroad.
|Original data source:||Valuation Reports Vol. 22 pp 475-477, 495-496|
Interstate Commerce Commission
Although published in 1929, the report is "...as of date of valuation" which was 30 June, 1918