The Union Railroad is a corporation of the State of Maryland, having its principal office at Baltimore, Md. No accounting records of the Union Railroad, except for two valueless journals, covering the period from the date of its organization to February 28, 1882, were obtained. Therefore, only partial information can be given from the accounting records regarding the financial dealings, corporate operations, or investments. The accounting data in this report were obtained from records that cover the period from March 1, 1882, to date of valuation.
The Union Railroad is controlled by the Pennsylvania Railroad by virtue of its control of The Northern Central Railway Company, the company that owns a majority of the capital stock of the Union Railroad. On the other hand, the records do not indicate that this company controls any common-carrier corporation.
The property of the Union Railroad was operated by its own organization from the date of construction to April 1, 1918. From April 1, 1918, and still effective, by the Pennsylvania Railroad, under lease, for 991 years and nine months, dated March 13, 1918, effective April 1, 1918. On December 28, 1917 (effective for the purposes of accounting from midnight, December 31, 1917), the United States Railroad Administration took possession and assumed control of the railroad of this company.
The Union Railroad was incorporated February 6, 1866, under special act of the State of Maryland, for the purpose of constructing and maintaining a railroad in Baltimore and Baltimore County, Md. The date of organization of the Union Railroad has not been determined.
The owned mileage of the Union Railroad, 9.212 miles, was all acquired by construction. The years when the various portions of the line were constructed are indicated in the following statement:
|Guilford Avenue, Baltimore, to Bay View, Md., about 1867 to 1873 or 1874||3.42|
|Ninth and East Madison Streets to Canton wharves, Baltimore, Md., about 1867 to 1873 or 1874||2.88|
|Ninth Street and Second Avenue to Colgate Creek bridge, Baltimore, Md.--|
|Difference between recorded mileage and mileage inventoried||0.962|
|Mileage inventoried as of date of valuation||9.212|
All of the road built for the Union Railroad was constructed by Dull, Wiley and Company, contractors, with the exception of an extension of about 1 mile to Colgate Creek bridge constructed by company forces.
The investments of the Union Railroad in other companies on date of valuation are stated in its records at a total par value of $174,000 and book value of $173,984.09, and consist of an investment in bonds of The Northern Central Railway Company.
The property of the Union Railroad, devoted to common-carrier purposes, was taken over for operation by the United States Railroad Administration on January 1, 1918, and it is so operated on date of valuation. However, on March 13, 1918, the property of the company was leased to the Pennsylvania Railroad, effective April 1, 1918, and from that date to date of valuation it has been operated by the United States Railroad Administration, as a part of the operating system of the Pennsylvania.
During the period January 1, 1918, to March 31, 1918, the Union Railroad has accrued rental from lease of road, United States Railroad Administration, amounting to $346,941.74, and from April 1, 1918, to date of valuation it has accrued rental from lease of road, Pennsylvania Railroad, amounting to $84,000.
|Original data source:||Valuation Reports Vol. 22 pp 524-525, 532-533|
Interstate Commerce Commission
Although published in 1929, the report is "...as of date of valuation" which was 30 June, 1918