Wikipedia:WikiProject Trains/ICC valuations/Cumberland Valley and Martinsburg Railroad

Interstate Commerce Commission, Volume 103, Valuation Reports

Cumberland Valley and Martinsburg Railroad

The railroad of the Cumberland Valley and Martinsburg Railroad Company, hereinafter called the Cumberland Valley and Martinsburg, which is leased to and operated by the carrier, is a single-track line extending from the south bank of the Potomac River through West Virginia to Winchester, Va., a distance of 36.861 miles.

Introductory

The Cumberland Valley and Martinsburg is a corporation of the States of Virginia and West Virginia. Its principal office is located in Chambersburg, Pa. It is controlled by the carriers, through ownership of its entire outstanding capital stock. Its property was operated on date of valuation by the carrier under a lease agreement. It owned on date of valuation 36.861 miles of single-track standard-gauge railroad extending from the south bank of the Potomac River in West Virginia to Winchester, Va.

Corporate History

The Cumberland Valley and Martinsburg was incorporated February 10, 1888, under the general laws of West Virginia, and December 19, 1889, by special act of Virginia, and is a reorganization of The Martinsburg and Potomac Railroad Company (West Virginia), whose property had been sold under court decree November 17, 1887. 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.

Predecessors of the Cumberland Valley and Martinsburg

Name	Incorporation	Succession
1. Cumberland Valley and Martinsburg Railroad Company.	Under general laws of West Virginia, Feb. 10, 1888; under special act of Virginia, Dec. 19, 1889.
2. The Martinsburg and Potomac Railroad Company (West Virginia).	Under special act of West Virginia, Feb. 19, 1868.	Sold and deeded Feb. 10, 1888, to Thomas B. Kennedy, who reorganized as 1.
3. The Martinsburg and Potomac Railroad Company (Virginia).	Under special act of Virginia, July 9, 1870.	Merged with 1 on Jan. 3, 1890.

Development of Fixed Physical Property

Of the recorded mileage owned by the Cumberland Valley and Martinsburg, aggregating 34.380 miles, a total of 21.060 miles was acquired by merger or purchase and 13.320 miles by construction.

The following tabulation shows the elements of trackage that go to make up the recorded mileage of road owned on date of valuation:

By purchase:

From The Martinsburg and Potomac Railroad Company (West Virginia) Feb. 10, 1888, constructed by The Martinsburg and Potomac Railroad Company (West Virginia) south side of Potomac River in West Virginia to Martinsburg, W. Va., 1870–1873. 11.850

By merger:

From The Martinsburg and Potomac Railroad Company (Virginia) Jan. 13, 1890, and constructed by that company Winchester, Va., to West Virginia State line, 1888–1889. 9.210

By construction:

Martinsburg, Va., to West Virginia State line, 1889. 13.320

Total recorded owned mileage. 34.380

Difference between total recorded mileage and mileage inventoried as of date of valuation. 2.481

Mileage inventoried as of date of valuation. 36.861

Leased Railway Property

The property of the Cumberland Valley and Martinsburg was leased to the carrier [Cumberland Valley Railroad] under date of January 1, 1890, for a period of 99 years. 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 operations including taxes, insurance, etc. The balance remaining to be paid to the lessor.” The recorded rental received by the Cumberland Valley and Martinsburg for the year ended June 30, 1916, was $116,319.17.

Predecessor Companies

The Martinsburg and Potomac Railroad Company (West Virginia)

The accounting records of this company were not obtainable. Certain information given in the return of the carrier is stated below. From its completion until February 10, 1888, this railroad was operated by the carrier. Construction of a railroad from Powell's Bend, Md., to Martinsburg, W. Va., about 11.85 miles, was begun in the latter part of 1870 and completed about September, 1873.

The Martinsburg and Potomac Railroad Company (Virginia)

The accounting records of this company were not obtainable. Certain information contained in the return of the carrier is stated below. From its completion until January 13, 1890, this railroad was operated by the carrier. Construction of a railroad from a point on the West Virginia State line to Winchester, Va., about 9.21 miles, was begun in 1888 and completed about October, 1889.