Wikipedia:WikiProject Trains/ICC valuations/Confluence and Oakland Railroad

Interstate Commerce Commission, Valuation Reports, Volume 42

The Confluence and Oakland Railroad

Location and General Description of Property

The railroad of The Confluence and Oakland Railroad Company, hereinafter called the Confluence and Oakland, is a single-track branch line and extends from Confluence, Pa., to Kendall, Md., a distance of 19.786 miles.

Introductory

The Confluence and Oakland is a corporation of the States of Maryland and Pennsylvania, having its principal office at Philadelphia, Pa. The available accounting records were established in June 1907, so that only partial information can be given from the accounts in connection with the finances, investments, or original cost. This information has been supplemented with data obtained from the accounting records of the Baltimore and Ohio.

It is controlled by the Baltimore and Ohio through ownership of capital stock. The records do not indicate that this company, itself, controls any other common-carrier corporation.

The property was operated by the Baltimore and Ohio from date of completion to December 31, 1917. Since January 1, 1918, it has been operated by the United States Railroad Administration as part of the Baltimore and Ohio system.

Corporate History

The Confluence and Oakland was incorporated May 19, 1890, under the general laws of Pennsylvania and Maryland, through an agreement of consolidation, dated April 2, 1890, filed May 19, 1890, in Pennsylvania, and on April 28, 1890, in Maryland, for the purpose of acquiring the property, rights, and franchises of the Confluence and State Line Railroad Company, incorporated under the general laws of Pennsylvania, April 25, 1889, and The State Line and Oakland Railway Company, incorporated under the general laws of Maryland, April 2, 1890, successor to State Line and Oakland Railroad Company incorporated in Maryland, March 5, 1889.

Development of Fixed Physical Property

The road owned, 19.78 miles, was acquired in part by consolidation and in part by construction. The sections, Confluence, Pa., to Pennsylvania-Maryland State line, 12.52 miles, and Kendall, Md., to Maryland-Pennsylvania State line, 7.27 miles, were acquired in uncompleted condition by consolidation in 1890 from the Confluence and State Line Railroad Company and State Line and Oakland Railway Company, respectively. Construction was completed by this company in 1890. The mileage thus acquired, 19.79 miles, was corrected to 19.78 miles by reclassification of tracks. The inventoried mileage is 19.786.

Leased Railway Property

The entire property is leased to the Baltimore and Ohio as stated in the report on that company.

Predecessor Companies

Confluence and State Line Railroad

This company was incorporated April 25, 1889, under the general laws of Pennsylvania. The accounting records of the company were not obtained. However, certain data given below were obtained from the records of its successor and from papers filed. The records reviewed did not indicate that any individual or company controlled the company, nor that this company controlled any common-carrier corporation. The property was not completed before date of consolidation and there is no record of operations. The authorized capital stock was $100,000 par value, shares $100 par value each, but the records reviewed did not indicate how much was issued nor what was received for it.

The State Line and Oakland Railway

The company was incorporated April 2, 1890. No accounting records were obtained. However, certain data indicated below were obtained from the return to valuation order no. 20, corporate history, made by the Baltimore and Ohio. The company was incorporated at the instance of the Baltimore and Ohio for the purpose of acquiring the property of the State Line & Oakland Railroad Company which had been sold at foreclosure sale February 25, 1890. Under an agreement dated April 2, 1890, the date of incorporation, The State Line and Oakland Railway Company was consolidated with the Confluence & State Line Railroad Company to form The Confluence & Oakland Railroad Company.

State Line & Oakland Railroad

This company was incorporated March 5, 1889, under the general laws of Maryland. The accounting records were not obtained. However, certain data given below were obtained from its minute books, the records of its successor, and from papers filed. The company was controlled by the Yough Manor Land Company through ownership of a majority of the capital stock outstanding. The records do not indicate that this company controlled any common-carrier corporation. The railroad was not completed before date of sale and there is no record of operations. The authorized capital stock was $100,000 par value, shares $50 par value each, but the records did not indicate how much was issued nor what was received for it. The execution of a mortgage for $27,500 was authorized, to secure the floating debt representing money borrowed from the Yough Manor Land Company, but the records did not indicate the amount of the debt, the disposition of the money received, nor the manner of payment.