Wikipedia:WikiProject Trains/ICC valuations/Baltimore and Philadelphia Railroad

Interstate Commerce Commission, Valuation Reports, Volume 42

Location and General Description of Property
The railroad of The Baltimore and Philadelphia Railroad Company, hereinafter called the Baltimore and Philadelphia, is located in the States of Pennsylvania and Delaware and extends from Eastwick, Pa., to the Delaware-Maryland State line, a distance of 36.865 miles, all of which is double track, with branch lines from Eddystone to Avondale, Pa., Landenberg Junction, Del., to Landenberg, Pa., and Elsmere Junction to Wilmington, Del. This property also forms a part of the principal main line and aggregates 59.850 miles of road with 36.864 miles of second, 1.729 miles of third, and 1.611 miles of fourth main tracks.

Introductory
The Baltimore and Philadelphia is a corporation of Pennsylvania and Delaware, having its principal office at Philadelphia, Pa. The records of predecessors are not complete. Information obtained from records of the company has been supplemented with data from the accounting records of the Baltimore and Ohio. It is controlled by the Baltimore and Ohio through ownership of the capital stock.

Records do not indicate that this company controls any common-carrier corporation.

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

Corporate History
The Baltimore and Philadelphia was incorporated under the general laws of Delaware and Pennsylvania, for the purpose of acquiring the property, rights, and franchises of The Baltimore and Philadelphia Railway Company and the Delaware and Western Railroad Company. The agreement of consolidation dated February 1, 1883, was recorded in Delaware on February 20, 1883, and in Pennsylvania on February 21, 1883. The Baltimore and Philadelphia acquired at its organization the property, rights, and franchises of the two railroad corporations named. The Baltimore and Philadelphia, itself, and those corporations, together with their predecessors, total six different corporations, of which one underwent a change of name, and one partnership, and comprise the line of corporate succession culminating in the Baltimore and Philadelphia as at present constituted. The respective dates of incorporation and for each predecessor, the date of succession, the immediately succeeding corporation and the manner of succession follow.

Development of Fixed Physical Property
The recorded mileage of the Baltimore and Philadelphia amounts to 59.380 miles, of which 37.32 miles were acquired by construction, 21.44 miles by consolidation, and 2.45 miles by purchase, less 1.830 miles due to changes in mileage. The inventoried mileage is 59.850.

The Baltimore and Philadelphia and its predecessors total 1 partnership and 6 corporations, 3 of which, The Baltimore and Philadelphia Railway Company, Delaware Western Railroad Company (Delaware), and the Delaware Western Railroad Company of Pennsylvania, did not construct any common-carrier property. The Delaware Western Railroad Company made additions and betterments only to road acquired. The 21.44 miles acquired by consolidation from the Delaware and Western Railroad Company had been constructed by the Wilmington and Western Railroad Company. The 2.45 miles were acquired by purchase from Leiper and Lewis, a partnership, having been constructed by them.

Details with respect to the construction of the property are given in the accounting report.

Leased Railway Property
The entire property of the Baltimore and Philadelphia is leased to the Baltimore and Ohio as stated in the report on that company.

Leiper and Lewis (a Partnership)
Leiper and Lewis, a partnership, owned and operated as part of a private enterprise a single-track, narrow-gage, steam railroad from the Leiper quarries, at Avondale, to tidewater, near the present site of the Baldwin Locomotive Works, about 2.45 miles. The road, familiarly known as the Crum Creek Branch, was built by G. C. Leiper in 1852 and operated by him and his successor, the partnership named, until March 15, 1887, when it was sold to the Baltimore and Philadelphia.

The Baltimore and Philadelphia Railway
This company was incorporated under the general laws of Pennsylvania, January 31, 1883. The records reviewed did not indicate that the company had issued capital stock or any evidences of debt or that it owned any property on date of consolidation. The authorized capital stock was $1,200,000 par value, shares $50 each. Although the records reviewed did not indicate that any stock was issued, the agreement of consolidation provided that stock of the new company be issued in exchange for the stock of this company, share for share.

Delaware Western Railroad
Introductory

This company was incorporated under the general laws of Pennsylvania and Delaware through articles of consolidation dated June 28, 1877, filed July 31, 1877. The company was controlled on date of consolidation by the Baltimore and Ohio through ownership of a majority of the outstanding capital stock. The records do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated by its own organization from date the company was formed to date of consolidation. The railroad operated was a single-track, standard-gage, steam railroad from Wilmington, Del., to Landenberg, Pa., about 21.44 miles.

The accounts are stated as from June 1, 1877, and immediately succeed those of The Wilmington and Western Railroad Company of which they are, in effect, a combination.

Development of Fixed Physical Property

The 21.44 miles of railroad owned on date of consolidation was acquired through consolidation from the Delaware Western Railroad Company of Pennsylvania and the Delaware Western Railroad Company (Delaware), all built by The Wilmington and Western Railroad Company. Details with respect to the construction are given in the accounting report on the Baltimore and Philadelphia.

Delaware Western Railroad (Delaware)
This company was incorporated under a special law of Delaware May 31, 1877. There are no available accounting records. However, certain data, indicated below, were obtained from its minute books and sundry documents filed. The company was controlled on date of consolidation by a committee of holders of bonds issued under a first mortgage which had been foreclosed upon the property of The Wilmington and Western Railroad Company.

The records reviewed did not show the operation of the property by this company but showed operation during ownership by this company as combined with that of successor. The railroad consisted of about 18.75 miles of single-track, standard-gage, steam railroad from Wilmington, Del., to the Delaware-Pennsylvania State line, acquired by purchase at foreclosure of that part of the property of The Wilmington and Western Railroad Company lying in Delaware.

Delaware Western Railroad of Pennsylvania
This company was incorporated under general laws of Pennsylvania, June 1, 1877. There are no available accounting records for this company. However, certain data, indicated below, were obtained from its minute books and sundry documents filed. The company was controlled on date of consolidation by a committee of holders of bonds issued under a first mortgage which bad been foreclosed upon the property of The Wilmington and Western Railroad Company.

The record reviewed did not show the operation of the property by this company, but showed the operation during ownership by this company as combined with that of successor. The railroad consisted of about 2.69 miles of single-track, standard-gage, steam railroad from the Delaware-Pennsylvania State line to Landenberg, Pa., acquired by purchase at foreclosure of that part of the property of The Wilmington and Western Railroad Company in Pennsylvania.

The Wilmington and Western Railroad, Originally Named The Delaware and Chester County Railroad
This company was incorporated under a special law of Delaware, February 5, 1867, and changed its name March 10, 1869. There are no available accounting records for the period prior to January 1, 1873. Therefore, only partial information can be given from accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from other sources. The records reviewed do not indicate that this company was controlled by any individual or corporation on date of sale. The records did not indicate that this company controlled any common-carrier corporation. The railroad owned consisted of about 21.44 miles of single-track, standard-gage, steam railroad from Wilmington, Del., to Landenberg, Pa., all acquired by construction.