The New York, Philadelphia and Norfolk Railroad Company, hereinafter called the carrier, owns and operates a rail-and-water transportation line in the States of Virginia and Maryland, extending from Norfolk, Va., to the Delaware-Maryland boundary near Delmar, Del. At the latter place it connects with the Delaware Railroad Company (Philadelphia, Baltimore and Washington Railroad Company, Lessee) and, in conjunction with this road and The Pennsylvania Railroad Company, forms a through line between Norfolk, Va., Wilmington, Del., Philadelphia, Pa., and New York, N. Y.
The rail portion of the owned line consists of about 95 miles of steam-operated standard-gauge road, aproximately 83 per cent double tracked, extending from near Delmar, Del., to Cape Charles, Va.; a single-track branch road about 17 miles long, extending from King's Creek to Crisfield, Md.; and a yard with about 13 miles of track at Port Norfolk, Va.
The water-operated part of the line extends from Cape Charles to Norfolk, Va., a distance of about 36 miles, and affords both passenger and freight service, the greater part of the freight being transported in freight cars carried upon floats. In addition to the terminal stops, the passenger boats make a stop at Old Point Comfort, Va. At Norfolk the passenger terminal is in Norfolk proper, while the principal freight terminal is at Port Norfolk, Va., adjacent to Norfolk, Va.
The carrier also operates, as agent for The Cape Charles Railroad Company, a single-track line about 10 miles long extending between Cape Junction, near Cape Charles, and Kiptopeke, Va.
The carrier was incorporated under special acts of Maryland and Virginia, dated, respectively, April 10, 1880, and February 9,1882. It was formed by the consolidation, under agreement of September 1, 1882 (on which date its organization was perfected), of two companies both bearing the name of Peninsula Railroad Company, but one being a Maryland and the other a Virginia corporation. The former was a reorganization of the Worcester and Somerset Railroad Company, which was incorporated under special acts of Maryland dated April 10, 1880, and May 3, 1882, and built the property owned by the Peninsula Railroad Company (Maryland) at the time it was absorbed by the carrier. The latter had no property or other assets. In it were vested, by special act of the Legislature of Virginia, the franchises and powers which had previously been granted three other companies, none of which built any property.
The Eastern Shore Railroad Company was merged with the carrier under articles of consolidation and merger dated March 15, 1884, which became effective on June 11, 1884, when filed in the circuit court for Somerset County, Md. This company was preceded by the Eastern Shore Rail Road Company, which was incorporated by a special act of Maryland of March 29, 1836, revised by special act of March 23, 1853. However, no road was constructed by it until 1860.
The carrier is controlled by The Pennsylvania Railroad Company through ownership of its capital stock.
The carrier acquired its railroad property by consolidation, merger, and construction, as shown in the following statement, wherein are also stated the companies which constructed the property and the dates upon which different portions of the line were opened for operations.
|From the Peninsula Railroad Company (Maryland), constructed by the Worcester and Somerset in the early seventies: King's Creek to Newton, Md.||9|
|From the Eastern Shore Railroad, constructed by its predecessor the Eastern Shore Rail Road--|
|1860 - Delmar, Del., to Salisbury, Md.||6|
|1866 - Salisbury to Annenessic (now Crisfield) Md.||32||38|
|1884-1885 Pocomoke, Md., to Cape Charles, Va.||65|
Nearly all of the construction work on the extension from Pocomoke to Cape Charles was done by contractor John Kellar. The carrier reconstructed, wholly or in part, both the property acquired from the Eastern Shore Railroad and that acquired from the Peninsula Railroad (Maryland). A water-line transfer service between Cape Charles and Norfolk, Va., consisting of tugs, floats, and barges for freight, and steamers for passengers, was acquired through construction.
The carrier connects at Salisbury, Md., with the Baltimore, Chesapeake & Atlantic Railway Company; at Old Point Comfort, Va., with The Chesapeake & Ohio Railway Company; at Norfolk, Va., with Atlantic Coast Line Railroad Company, The Chesapeake & Ohio Railway Company, The Norfolk and Portsmouth Belt Line Railroad Company, Norfolk Southern Railroad Company, Norfolk and Western Railway Comany, Seaboard Air Line Railway, Southern Railway Company, The Virginian Railway Company, and near Delmar, Del., with The Pennsylvania Railroad Company. At Crisfield, Md., connection is also made with the steamboat lines of the Baltimore, Chesapeake & Atlantic Railway Company. At Old Point Comfort and Norfolk, Va., connection is made with various water-transportation lines.
|Sinking fund||Par value||Book value|
|Norfolk & Western Railway Company||446,800.00||382,487.46|
|Baltimore, Chesapeake & Atlantic Railway Company||250,000.00||25,000.00|
|Norfolk & Western Railway Company||100,000.00||78,125.00|
|Baltimore, Chesapeake & Atlantic Railway Company||261,250.00||131,023.06|
|Consolidated Traction Company of New Jersey, 5 per cent bonds||26,000.00||28,837.50|
|The Norfolk and Portsmouth Belt Line Railroad Company first-mortgage 5 per cent bonds||20,000.00||20,750.00|
|Jersey City, Hoboken and Paterson Street Railway Company first-mortgage 4 per cent bonds||68,000.00||54,710.00|
|Elmira and Williamsport Railroad Company first-mortgage 4 per cent bonds||25,000.00||25,056.33|
|United States Steel Corporation sinking-fund bonds||75,000.00||71,603.75|
|Allegheny Valley Railway Company general-mortgage 4 per cent bonds||95,000.00||95,467.00|
|Norfolk and Western Railway Company convertible 4 1/2 per cent bonds||82,000.00||84,744.52|
|The Pennsylvania Railroad Company - New York, Philadelphia and Norfolk Railroad 4 per cent stock-trust certificates||13,000.00||13,007.22|
|Carrier's income-mortgage 4 per cent bonds||20,000.00||20,000.00|
|Original data source:||Decisions of the Interstate Commerce Commission Vol. 97 pp 312-314, 327|
Interstate Commerce Commission
Although published in 1926, the report is "...as of date of valuation" which was 30 June, 1915