The Philadelphia Belt Line Railroad is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa.
It is controlled by voting trustees that hold a majority of its capital stock. The voting-trust agreement has existed since the organization of the Philadelphia Belt Line Railroad, having been required by the city of Philadelphia at the time it granted a franchise to the railroad company. The principal purpose of the trust is to free the Philadelphia Belt Line Railroad from exclusive control by any one railroad company so that its belt-line railroad property may always be open for use by all connecting carriers on equal terms and without discrimination.
The records reviewed do not indicate that the Philadelphia Belt Line Railroad, itself, controls any common-carrier corporation.
Under the operating arrangements in effect on date of valuation, the Philadelphia Belt Line Railroad grants trackage rights over its entire property to other carriers. The property has been maintained, for account of the Philadelphia Belt Line Railroad, by other carriers from the date operations were commenced to December 31, 1917. On January 1, 1918, the common-carrier property of the Philadelphia Belt Line Railroad was taken over by the United States Railroad Administration which has assumed the maintenance of the property since that date.
The Philadelphia Belt Line Railroad was incorporated March 10, 1889, under the general laws of Pennsylvania, for the stated purpose of constructing and operating a railroad to extend along the water front in Philadelphia, Pa., with an extension to Tacony, Pa., a distance of about 18 miles.
The owned mileage of the Philadelphia Belt Railroad, located in Philadelphia, Pa., 3.849 miles in length, was acquired by construction. The road was constructed in sections between 1892 and date of valuation.
The Philadelphia Belt Line Railroad has connections for interchange of traffic with the roads of The Baltimore and Ohio Rail Road Company, The Pennsylvania Railroad Company, and the Philadelphia and Reading at Philadelphia, Pa.
All of the property of this company is operated by the Philadelphia and Reading, the Pennsylvania Railroad Company, and The Baltimore and Ohio Rail Road Company, under agreements which require the using companies to maintain and operate the road paying all charges and an amount equal to 5 per cent annually upon the authorized preferred capital stock of $98,000 par value. The Philadelphia and Reading has the right to use the property to its whole extent; the Pennsylvania Railroad Company has the right to use the line from Vine Street to South Street, and The Baltimore and Ohio Rail Road Company has the right to use the road from Callowhill Street to the tracks of the lessee [Philadelphia and Reading?]. The rights granted are perpetual.
The Philadelphia Belt Line Railroad uses, under trackage rights, about 2 miles of track in Delaware Avenue, Philadelphia, belonging to the Pennsylvania Railroad Company.
|Original data source:||Interstate Commerce Commission Valuation Reports Vol. 32 pp 938-940, 943|
Interstate Commerce Commission
Although published in 1931, the report is "...as of date of valuation" which was 30 June, 1917