The Southern Pennsylvania is a corporation of the State of Pennsylvania. Its principal office is located in Chambersburg, Pa. On date of valuation its outstanding capital stock was held by the carrier [Cumberland Valley Rail Road] and The Pennsylvania Railroad Company, each company holding one-half thereof. The property of the Southern Pennsylvania was, on date of valuation, operated by the carrier under lease agreement. On date of valuation it owned 21.884 miles of single-track standard-gauge railroad, all in the State of Pennsylvania. Its main line extended from South Penn Junction to Richmond, a distance of about 20 miles, and its branch line extended from Mercersburg Junction to Mercersburg, about 2 miles.
The Southern Pennsylvania was organized on February 1, 1873, and the certificate of organization was filed with the Secretary of the Commonwealth of Pennsylvania, February 14, 1873. It is a reorganization of the Southern Pennsylvania Iron and Railroad Company, whose property was sold under court decree December 21, 1872. The property was conveyed to the Southern Pennsylvania on January 4, 1873. The following chart shows the names of the corporations, the respective dates 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. Southern Pennsylvania.||Under general laws of Pennsylvania, Feb. 14, 1873.|
|2. Southern Pennsylvania Iron and Railroad Company.||See 3.||Sold Dec. 21, 1872, and deeded Jan. 4, 1873, to J. Edgar Thompson et al. , who reorganized it as 1.|
|3. Caledonia Iron, Land and Railroad Company.||Under special act of Pennsylvania, Mar. 22, 1867.||Name changed under special act of Pennsylvania, Apr. 30, 1869.|
The owned mileage of the Southern Pennsylvania, 21.884 miles, was acquired through the reorganization of the Southern Pennsylvania Iron and Railroad Company whose property had been sold by court decree. The latter company constructed the property in 1870-1871.
The entire property of the Southern Pennsylvania is operated by the carrier under the provisions of an agreement dated March 1, 1870, whereby the latter leased for a period of 199 years  the property of the predecessor company. Under the 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 operation, including taxes, insurance, etc. The balance remaining to be paid to the lessor." For the year ended June 30, 1916, the Southern Pennsylvania records a deficit of $3,738.04 and charges that amount to income from lease of road.
Note 1: I suspect that the ICC meant to say Thomson rather than Thompson. Back
Note 2: The report on the Cumberland Valley says the term is 99 years. Back
|Original data source:||Decisions of the Interstate Commerce Commission Vol. 103 pp 783-784, 787-788|
Interstate Commerce Commission
Although published in 1925, the report is "...as of date of valuation" which was 30 June, 1916