Wikipedia:WikiProject Trains/ICC valuations/Beech Creek Extension Railroad

Interstate Commerce Commission, Valuation Reports, Volume 27

The Beech Creek Extension Railroad
The railroad of the Beech Creek Extension Railroad Company, herein called the Beech Creek Extension, is located within the State of Pennsylvania and consists of disconnected branch lines extending from Keating to Clearfield, Curwensville and Bower Junction to Curry Run, Dimeling to Irvona Junction, and Mahaffey to Arcadia, together with many mine spurs. With the exception of 6.861 miles that are double track, the railroad is single track and aggregates 132.133 miles of road.

Introductory
The Beech Creek Extension is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa. It is controlled by the New York Central through ownership of the entire capital stock. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation. The property of the Beech Creek Extension has always been operated by The [sic] York Central and Hudson River Railroad Company and its successor, the New York Central.

Corporate History
The Beech Creek Extension was incorporated under the general laws of the State of Pennsylvania, through filing with that State, on April 1, 1905, an agreement or consolidation and merger dated March 30, 1905, for the purpose of consolidating the property, rights, and franchises of the following corporations:
 * Beech Creek Extension Railroad Company (of 1901).
 * Pittsburgh and Eastern Railroad Company (of 1895).
 * The Clearfield Southern Railroad Company.

Curwensville and Bower Railroad Company. Pursuant to the above purpose, the Beech Creek Extension acquired at its organization the property, rights, and franchises of the four companies named. It subsequently acquired by merger or purchase the property, rights, and franchises of the Hooverhurst and South Western Railroad Company. The Beech Creek Extension, itself, and those corporations, together with their predecessors, total 12 different corporations and comprise the line of corporate succession culminating in the Beech Creek Extension as at present constituted.

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.

Development of Fixed Physical Property
The owned mileage of the Beech Creek Extension, amounting to 132.133 miles, was acquired by it as indicated hereunder.

Of the 11 corporations which comprise the line of succession culminating in the Beech Creek Extension as at present constituted, 3 corporations did not construct any road or other common-carrier property. These companies were:
 * Philadelphia and Pittsburgh Railroad Company.
 * Pittsburgh and Eastern Railroad Company (of 1894).
 * Loyalhanna and Youghiogheny Railroad Company.

The property constructed by the Beech Creek Extension and the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Beech Creek Extension acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.
 * Acquired by construction:
 * Boardman to Carnwath, Pa., 1913. 5.43 miles.
 * Acquired through consolidation:
 * From the Beech Creek Extension Railroad Company (of 1901), Apr. 1, 1905, 56.19 miles—
 * Constructed by the Beech Creek Extension Railroad Company (of 1901)—
 * Browns to McElhattan, Pa., 1902, 1.23 miles.
 * Constructed by the Canoe Creek Railroad Company—
 * Rossiter Junction to Rossiter, Pa., 2.82 miles.
 * Constructed partly by the West Branch Valley Railroad Company and completed by the Beech Creek Extension Railroad Company (of 1901)—
 * Karthaus to Clearfield, Pa., 1902, 30.08 miles.
 * Constructed by the Susquehanna and Clearfield Railroad Company—
 * Keating to Karthaus, Pa., 1884, 22.08 miles.
 * From the Curwensville and Bower Railroad Company, Apr. 1, 1905, 15.77 miles—
 * Constructed by the Curwensville and Bower Railroad Company—
 * C. B. Junction to Curry Run, Pa., 1904, 15.77 miles.
 * From The Clearfield Southern Railroad Company, Apr. 1, 1905, 28.57 miles—
 * Constructed by The Clearfield Southern Railroad Company—
 * Dimeling to Boardman, Pa., 1903, 12.36 miles.
 * Potts Run Junction to Irvona, Pa., 1904-1905, 16.21 miles.
 * From the Pittsburgh and Eastern Railroad Company (of 1895), Apr. 1, 1905, 25.50 miles—
 * Constructed by the Pittsburgh and Eastern Railroad Company (of 1895)—
 * Mahaffey to Glen Campbell, Pa., 1896, 10.41 miles.
 * Glen Campbell to Arcadia, Pa., 1897, 3.26 miles.
 * Dowler Junction to Cherry Tree, Pa., 1904-1905, 11.83 miles.
 * Acquired through merger:
 * From the Hooverhurst and South Western Railroad Company, Dec. 30, 1913, 3.90 miles—
 * Constructed by N. L. Hoover and acquired by the Hooverhurst and South Western Railroad Company in 1902—
 * Hooverhurst to Wilgus, Pa., 3.90 miles.
 * Total, 135.36 miles.

Leased Railway Property
The entire property of the Beech Creek Extension is leased to the New York Central for a term of 999 years from June 1, 1905. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property in the report on the New York Central.

Beech Creek Extension Railroad Company (of 1901)
Introductory

The Beech Creek Extension Railroad Company (of 1901) was incorporated in the State of Pennsylvania, March 30, 1901.

This company was controlled on April 1, 1905, the date of consolidation, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporations.

The property of this company was operated by The New York Central and Hudson River Railroad Company (first corporation) as lessee from April 1, 1901, to date of consolidation. The railroad owned by the Beech Creek Extension Railroad Company (of 1901) on date of consolidation amounted to 56.19 miles and consisted of a single-track, steam railroad, extending from Keating to Clearfield, Rossiter Junction to Rossiter, and from Browns to McElhattan, all in the State of Pennsylvania.

Development of Fixed Physical Property

Of the 56.19 miles of road owned by the Beech Creek Extension Railroad Company (of 1901) on date of consolidation, it had acquired 22.08 miles from the Susquehanna and Clearfield Railroad Company, 2.82 miles from the Canoe Creek Railroad Company, 1.23 miles by construction and 30.06 miles by completion of construction begun by the West Branch Valley Railroad Company. The construction work of the Beech Creek Extension Railroad Company (of 1901) was all performed by The New York Central and Hudson River Railroad Company (first corporation). Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Beech Creek Extension.

Canoe Creek Railroad Company
The Canoe Creek Railroad Company was incorporated in the State of Pennsylvania, May 22, 1900. The accounting records obtained for the Canoe Creek Railroad Company contained only an entry recording its issuance of capital stock. Therefore, no information can be given from its accounts regarding its corporate operations or investments. However, certain data given below were obtained from the records of The New York Central and Hudson River Railroad Company (first corporation). The Canoe Creek Railroad Company was controlled by The New York Central and Hudson River Railroad Company (first corporation) on March 30, 1901, the date of consolidation, through ownership of its entire capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The report of the New York Central on its corporate history states that the property of the Canoe Creek Railroad Company was operated by The New York Central and Hudson River Railroad Company (first corporation) from the date construction was completed until the date of consolidation. The railroad owned by this company on date of consolidation consisted of 2.82 miles of single-track, steam railroad, extending from Rossiter Junction to Rossiter, Pa. This road was all acquired by construction, the dates of beginning and completion of which were not contained in the records reviewed.

The authorized capital stock of the Canoe Creek Railroad Company was $32,000 par value, divided into shares of $100 par value each, all of which was classified as common stock. Of the amount authorized, $6,400 was issued and charged to The New York Central and Hudson River Railroad Company (first corporation) in open account. This stock was outstanding on date of consolidation and was exchanged for stock of successor.

The records of The New York Central and Hudson River Railroad Company (first corporation) indicate that it made construction expenditures as lessee of the Canoe Creek Railroad Company aggregating $44,320.25, which it charged to this company in open accounts.

West Branch Valley Railroad Company
Introductory

The West Branch Valley Railroad Company was incorporated in the State of Pennsylvania, November 7, 1898. This company was controlled on March 30, 1901, the date of consolidation, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation. The property owned by this company on date of consolidation consisted of approximately 30.06 miles of partially constructed road between Clearfield and Karthaus, Pa.

Susquehanna and Clearfield Railroad Company
Introductory

The Susquehanna and Clearfield Railroad Company was incorporated in the State of Pennsylvania, December 8, 1879.

This company was controlled on March 30, 1901, the date of consolidation, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of this company was operated by the Pennsylvania Railroad Company as lessee from July, 1884, to December 31, 1884, and as agent from January 1, 1885, to March 1, 1901. From the latter date to date of consolidation, The New York Central and Hudson River Railroad Company (first corporation) operated the property as agent. After December 31, 1900, the results of corporate operations for the Susquehanna and Clearfield Railroad Company were recorded in the books of The New York Central and Hudson River Railroad Company (first corporation) and no entries were made in the books of the Susquehanna and Clearfield Railroad Company.

The railroad owned by the Susquehanna and Clearfield Railroad Company on date of consolidation amounted to 22.08 miles and consisted of a single-track, steam railroad, extending from Keating to Karthaus, Pa.

Development of Fixed Physical Property

The 22.08 miles of road owned by the Susquehanna and Clearfield Railroad Company on date of consolidation had been constructed for it by the Pennsylvania Railroad Company during the period from January, 1880, to July, 1884. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Beech Creek Extension.

Curwensville and Bower Railroad Company
Introductory

The Curwensville and Bower Railroad Company was incorporated in the State of Pennsylvania, March 31, 1903.

This company was controlled on April 1, 1905, the date of consolidation, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of this company was operated by The New York Central and Hudson River Railroad Company (first corporation) under lease from July 18, 1904, the date the road was placed in operation, to date of consolidation. No income or profit and loss account was recorded in the books of the Curwensville and Bower Railroad Company. The results of corporate operations were included in the income account of the operating company.

The railroad owned by the Curwensville and Bower Railroad Company on date of consolidation consisted of 15.77 miles of standard-gage, steam railroad located in the State of Pennsylvania, extending from C. B. Junction to Curry Run.

Development of Fixed Physical Property

The 15.77 miles of road owned by the Curwensville and Bower Railroad Company on date of consolidation had been acquired by construction during 1904. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Beech Creek Extension.

Pittsburgh and Eastern Railroad Company (of 1895)
Introductory

The Pittsburgh and Eastern Railroad Company (of 1895) was incorporated in the State of Pennsylvania, January 3, 1895. No accounting records of the Pittsburgh and Eastern Railroad Company (of 1895) were obtained for the period from the date of incorporation to December, 1899. Therefore, only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments. This company was controlled on April 1, 1905, the date of consolidation, by The New York Central and Hudson River Railroad Company (first corporation) through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of this company was operated by The New York Central and Hudson River Railroad Company (first corporation), as lessee from December 27, 1899, to date of consolidation. It was not determined how or by whom the property was operated from November 16, 1896, when the first section of the road was placed in operation, to December 27, 1899. The railroad owned by the Pittsburgh and Eastern Railroad Company (of 1895) on date of consolidation consisted of 25.50 miles of steam railroad located in the State of Pennsylvania. The main line extended from Mahaffey to Arcadia and a branch line from Dowler Junction to Cherry Tree, Pa.

Development of Fixed Physical Property

The 22.74 miles of road owned by the Pittsburgh and Eastern Railroad Company (of 1895) on date of consolidation had been acquired by construction from 1896 to 1905. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Beech Creek extension.

Loyalhanna and Youghiogheny Railroad Company
The Loyalhanna and Youghiogheny Railroad Company was incorporated in the State of Pennsylvania, June 18, 1894. No accounting records of the Loyalhanna and Youghiogheny Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings or investments. However, certain data indicated herein were obtained from the report of the New York Central on its corporate history and from the records of the Pittsburgh and Eastern Railroad Company (of 1895). The records reviewed do not indicate whether the Loyalhanna and Youghiogheny Railroad Company was controlled by any individual or corporation on January 3, 1895, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Loyalhanna and Youghiogheny Railroad Company did not own any common-carrier property. The records of the Pittsburgh and Eastern Railroad Company (of 1895) indicate that no capital stock was actually issued by the Loyalhanna and Youghiogheny Railroad Company, but that $157,500 par value had been subscribed for to the date of consolidation.

Pittsburgh and Eastern Railroad Company (of 1894)
The Pittsburgh and Eastern Railroad Company (of 1894) was incorporated in the State of Pennsylvania, March 20, 1894. No accounting records of the Pittsburgh and Eastern Railroad Company (of 1894) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings or investments. However, certain data indicated herein were obtained from the report of the New York Central on its corporate history and from the records of the Pittsburgh and Eastern Railroad Company (of 1895). The records reviewed do not indicate whether the Pittsburgh and Eastern Railroad Company (of 1894) was controlled by any individual or corporation on January 3, 1895, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Pittsburgh and Eastern Railroad Company (of 1894) did not own any common-carrier property. The records of the Pittsburgh and Eastern Railroad Company (of 1895) indicated that no capital stock was actually issued by the Pittsburgh and Eastern Railroad Company (of 1894), but that $17,000 par value had been subscribed for to date of consolidation.

Philadelphia and Pittsburgh Railroad Company
The Philadelphia and Pittsburgh Railroad Company was incorporated in the State of Pennsylvania, May 5, 1893. No accounting records of the Philadelphia and Pittsburgh Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings or investments. However, certain data indicated herein were obtained from the report of the New York Central on its corporate history and from the records of the Pittsburgh and Eastern Railroad Company (of 1895). The records reviewed do not indicate whether the Philadelphia and Pittsburgh Railroad Company was controlled by any individual or corporation on January 3, 1895, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Philadelphia and Pittsburgh Railroad Company did not own any common-carrier property. The records of the Pittsburgh and Eastern Railroad Company (of 1895) indicate that no capital stock was actually issued by the Philadelphia and Pittsburgh Railroad Company, but that $180,000 par value had been subscribed for to date of consolidation.

The Clearfield Southern Railroad Company
Introductory

The Clearfield Southern Railroad Company was incorporated in the State of Pennsylvania, July 6, 1898. No accounting records of The Clearfield Southern Railroad Company were obtained for the period from the date of incorporation to October, 1903. Therefore, only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments. This company was controlled on April 1, 1905, the date of consolidation, by The New York Central and Hudson River Railroad Company (first corporation), through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of this company was operated by The New York Central and Hudson River Railroad Company (first corporation), as lessee, from September 1, 1903, to date of consolidation. It was not determined how or by whom the property was operated from 1899, when the first section of the road was placed in operation, to September 1, 1903. The railroad owned by The Clearfield Southern Railroad Company on date of consolidation consisted of 28.57 miles of standard-gage, steam railroad, located in the State of Pennsylvania extending from Dimeling to Boardman and from Potts Run Junction to Irvona, Pa.

Development of Fixed Physical Property

The entire 28.57 miles of road owned by The Clearfield Southern Railroad Company on date of consolidation had been acquired by construction, from 1899 to 1905. The original road of The Clearfield Southern Railroad Company was constructed by Geo. S. Good, a contractor, sometime prior to October, 1903, the date The New York Central and Hudson River Railroad Company (first corporation) acquired control of the company. During the period from 1903 to 1905, the road was rebuilt and extended by The New York Central and Hudson River Railroad Company (first corporation). Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Beech Creek Extension.

Hooverhurst and South Western Railroad Company
Introductory

The Hooverhurst and South Western Railroad Company was incorporated in the State of Pennsylvania, May 9, 1902. This company was controlled on December 30, 1913, the date of merger, by The New York Central and Hudson River Railroad Company (second corporation) through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of this company was operated by the Beech Creek Coal and Coke Company as agent from April 1, 1903, to September 1, 1906, and by the Pennsylvania, Beech Creek and Eastern Coal Company, its successor, the Pennsylvania Coal and Coke Company and the latter's successor, the Pennsylvania Coal and Coke Corporation, as agents from September 1, 1906, to date not determined. The railroad owned by the Hooverhurst and South Western Railroad Company on date of merger, consisted of 3.90 miles of standard-gage, steam railroad, located in the State of Pennsylvania extending from Hooverhurst to Wilgus, Pa.

Development of Fixed Physical Property

The 3.90 miles of road owned by the Hooverhurst and South Western Railroad Company on date of merger had been acquired by it from N. L. Hoover, an individual. The road so acquired was reconstructed by the Hooverhurst and South Western Railroad Company. The records obtained do not contain any data regarding the original construction of this property.