Wikipedia:WikiProject Trains/ICC valuations/Cumberland Valley Railroad

Interstate Commerce Commission, Volume 103, Valuation Reports

Cumberland Valley Rail Road
The Cumberland Valley Rail Road Company, hereinafter called the carrier, is a Pennsylvania corporation, controlled by The Pennsylvania Railroad Company. It owns and operates a single-track standard-gauge steam railroad extending from Harrisburg, Pa., to the south bank of the Potomac River, with branches from Dillsburg to Dillsburg Junction, Pa., and Waynesboro to Waynesboro Junction, Pa. It operates under lease the property of the Cumberland Valley and Martinsburg Railroad Company extending from the south bank of the Potomac River to Winchester, Va., 36.861 miles, and the property of the Southern Pennsylvania Railroad and Mining Company extending from Richmond, Pa., to South Pennsylvania Junction, Pa., 20 miles, with a branch about 2 miles in length from Mercersburg, to Mercersburg Junction, Pa. The owned mileage comprises 107.920 miles of first main track, 55.783 miles of second main track, and 90.621 miles of yard tracks and sidings. The leased mileage comprises 55.815 miles of main track and 21.199 miles of yard tracks and sidings.

Economic Conditions Relating to Traffic
Farm development.— The country is exceedingly fertile and is almost entirely under cultivation. Crops of many kinds are produced, including most of the fruits and vegetables. Dairy farming and cattle raising are also a part of the farm development of this region. Industrial development.— Manufacturing is largely confined to the communities on the northerly portion of the road. In addition to such manufacturing, quarrying and copper-mining operations are scattered along the line.

Physical Characteristics of Road
Grades.— The ruling grades in either direction are generally between 0.5 per cent and 1 per cent, with maximums on the main line of about 1 per cent. There are a few short stretches on the branch lines with a maximum of 1.77 per cent. Curvature.— On the main line the average curvature is about 2° and the maximum 6°; on the branch lines the average is about 2° and the maximum 8°.

Introductory
The carrier is a corporation of the State of Pennsylvania, having its principal office located in Chambersburg, Pa. It is controlled by The Pennsylvania Railroad Company through ownership of a majority of its outstanding capital stock. The accounting records prior to January 1, 1850, were not obtainable and no information relative to the financial transactions prior to that date were obtained. The property of the carrier has been operated by its own organization during its entire life.

Corporate History
The original incorporation was as Cumberland Valley Railroad Company under a special act of Pennsylvania, dated April 2, 1831. From February 6, 1860, to May 31, 1865, it operated the property of the Franklin Railroad Company through lease agreement and by virtue of ownership of a majority of the capital stock of the latter. The available records show no entries in the books of the Franklin Railroad Company subsequent to September 19, 1862. From that date, until May 31, 1865, its accounts were continued as a part of the accounting records of the Cumberland Valley Railroad Company.

An agreement dated May 31, 1865, and filed with the secretary of the Commonwealth of Pennsylvania on June 1, 1865, provided for the merger of the Cumberland Valley Railroad Company into the Franklin Railroad Company, Subsequently, on June 6, 1865, the name of the latter was changed by court decree to Cumberland Valley Rail Road Company. While the evident purpose was to maintain the corporate existence of the Franklin Railroad Company and thereby reserve certain franchises and privileges in Maryland of which the former was possessed by special act of that State approved January 16, 1837, the accounting records of the Cumberland Valley Railroad Company were continued and new securities were issued under the name of the Cumberland Valley Rail Road Company to retire the outstanding capital obligations of the Franklin Railroad Company. Thus it would appear that the Cumberland Valley Rail Road Company was a continuation, by change of name, of the Cumberland Valley Railroad Company, and for the purpose of this report the two will be considered as one corporation.

As the accounting records of the Franklin Railroad Company were discontinued and its capital stock retired with new securities issued by the carrier, the former will be considered as a demised predecessor of the latter and its financial affairs prior to May 31, 1865, recorded in a separate section of this report.

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 cloumn[sic].

Development of Fixed Physical Property
Of the recorded mileage owned by the carrier, aggregating 108.62 miles, a total of 47.66 miles was acquired by merger or purchase and 60.96 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 merger:
 * From the Franklin Railroad Company, May 30, 1865; constructed by The Chambersburg and Hagerstown Railroad Company, Chambersburg, Pa., to Hagerstown, Md., 1841. 22.00
 * From the Cumberland Valley & Waynesboro Railroad Company, June 30, 1905; constructed by Mont Alto Railroad Company—
 * Waynesboro Junction to Mont Alto, Pa., 1872. 10.20
 * Mont Alto to Waynesboro, Pa., 1879. 8.00
 * By purchase:
 * From The Dillsburg and Mechanicsburg Rail Road Company, Feb. 3, 1906; constructed by the same— Dillsburg Junction to Dillsburg, Pa., 1872. 7.46
 * By construction:
 * Harrisburg to Chambersburg, Pa. 52.00
 * Hagerstown to Powells Bend, Md. 8.96
 * Total recorded mileage. 108.62
 * Difference between total recorded mileage and mileage inventoried as of date of valuation. .70
 * Mileage inventoried as of date of valuation. 107.92

Leased Railway Property
The carrier uses on date of valuation facilities owned by other companies and other companies use facilities owned by it to the extent indicated in the statement below.

The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation are as follows:

Solely owned, but jointly used, used with:
 * The Northern Central Railroad Company (the Pennsylvania Railroad Company, lessee); tracks, Harrisburg to Lamoyle, Pa. ---
 * Norfolk and Western Railroad Company, tracks, Hagerstown Junction to North Junction, Md. ---
 * Philadelphia and Reading Railway Company; tracks, Shippensburg, Pa., to Cumbo, W. Va. The joint-facility rent income for year ended on date of valuation is recorded as. $26,697.13

Solely used, but not owned, leased from:
 * Cumberland Valley and Martinsburg; entire property, term 99 years from Mar. 17, 1888. 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 operation, including taxes, insurance, etc. The balance remaining to be paid to the lessor.” The recorded rental paid by the carrier for the year ended on date was. 116,319.17
 * Southern Pennsylvania; entire property, term 99 years from Mar. 1, 1870. 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 operation, including taxes, insurance, etc. The balance remaining to be paid to the lessor.” For the year ended June 30, 1917, the carrier records a deficit of $3,738.04 from operations and credits that amount to rent for leased road. ---

Jointly used, but not owned, owned by:
 * The Pennsylvania Railroad Company; passenger and freight stations and appurtenances at Harrisburg, Pa. The joint-facility rents paid by the carrier for the year ended on date of valuation are recorded at. $3,711.84

Franklin Railroad Company
(Predecessor of the carrier)

Introductory

The obtainable records show no entries in the books of the Franklin Railroad Company subsequent to September 12, 1862. From that date until the merger on May 31, 1865, its accounts were continued as a part of the records of the carrier.

Development of Fixed Physical Property

The railroad of the Franklin Railroad Company, which it acquired from its predecessor, extended from Chambersburg, Pa., to Hagerstown, Md., a distance of about 22 miles.

The Chambersburg, Greencastle and Hagerstown Railroad Company
(Predecessor of the Franklin Railroad Company)

The accounting records of this company were not obtainable. At its demise, February 9, 1859, the Chambersburg, Greencastle and Hagerstown Railroad Company owned about 22 miles of railroad, which had been acquired from the purchasers of the property of The Chambersburg and Hagerstown Railroad Company.

The Chambersburg and Hagerstown Railroad Company, The Franklin Rail-Road Company
(Predecessors of the Chambersburg, Greencastle and Hagerstown Railroad Company)

The accounting records of this company were not obtainable. About 22 miles of railroad was constructed between Chambersburg, Pa., and Hagerstown, Md., during the period March, 1837, and February, 1841.

The Dillsburg and Mechanicsburg Rail Road Company
(Predecessor of the carrier)

Development of Fixed Physical Property

At date of its demise, The Dillsburg and Mechanicsburg Rail Road Company owned about 7.46 miles of railroad extending from Dillsburg Junction to Dillsburg Pa. The property was acquired by construction during the years 1871 and 1872, and was opened for operation on date of completion.

Cumberland Valley & Waynesboro Railroad Company
(Predecessor of the carrier)

The accounting records of this company were not obtainable. At the date of its demise, the Cumberland Valley & Waynesboro Railroad Company owned about 18.20 miles of railroad located in the State of Pennsylvania, which had been acquired from the Mont Alto Rail Road Company by deed dated May 15, 1901. The main line extended from a junction near Chambersburg to Mont Alto, a distance of about 10.20 miles, and its branch line extended from Mont Alto Junction to Waynesboro, about 8 miles.

Mont Alto Rail Road Company, Scotland and Mont Alto Railroad Company
(Predecessors of the Cumberland Valley & Waynesboro Railroad Company[)]

Introductory

The accounting records of the Mont Alto Rail Road Company prior to January 1, 1879, and subsequent to June 30, 1893, were not obtainable, and for this reason only partial information can be given from the available accounts in connection with the finances and operations, and none on investment or original cost.

Development of Fixed Physical Property

At the date of its demise the Mont Alto Rail Road Company owned about 18.20 miles of railroad, all in the State of Pennsylvania. Its main line extended from a junction near Chambersburg to Mont Alto, a distance of about 10.20 miles, and its branch line extended from Mont Alto Junction to Waynesboro, about 8 miles. The property was acquired by construction. The main line was built during the years 1871 and 1872 and opened for operation in October, 1872. The branch line was constructed in the years 1878 and 1879, and upon completion was opened for operation.