Wikipedia:WikiProject Trains/ICC valuations/North Pennsylvania Railroad

Interstate Commerce Commission of the Unites States, Valuation Reports, Volume 32

North Pennsylvania Railroad
The railroad of the North Pennsylvania Railroad Company, herein called the North Pennsylvania Railroad, all in Pennsylvania, extends from Philadelphia to the Pennsylvania-New Jersey State line, a distance of 87.229 miles. From Philadelphia to Bethlehem and between Jenkinton and the Pennsylvania-New Jersey State line, the road is double track, with section of fourth main track on the latter portion.

Introductory
The North Pennsylvania Railroad is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa.

The records reviewed do not indicate that the North Pennsylvania Railroad, on date of valuation, is controlled by any individual or corporation. This company does not control any common-carrier corporation.

The North Pennsylvania Railroad was operated by its own organization to April 30, 1879. From May 1, 1879, to date of valuation it has been operated in turn by The Philadelphia and Reading Railroad Company and the Philadelphia and Reading under lease agreement.

Corporate History
The North Pennsylvania Railroad was incorporated by special act of Pennsylvania, approved April 8, 1852, as the Philadelphia, Easton and Water Gap Railroad Company. By special act of the above-named State, approved April 18, 1853, the corporate title was changed to that borne on date of valuation.

Development of Fixed Physical Property
The mileage owned by the North Pennsylvania Railroad, amounting to 87.229 miles, was acquired by construction and opened for operation in sections as follows:

Leased Railway Property
The property of the North Pennsylvania Railroad was leased by The Philadelphia and Reading Railroad Company for a period of 999 years from May 1, 1879. The Philadelphia and Reading assumed the lease on December 1, 1896. Under the terms of the lease the lessee agreed to pay all taxes, interest charges, cost of maintenance of investment organization, and annual rental equal to 6 per cent on the capital stock for the first two years, 7 per cent for the two years following, and 8 per cent thereafter. The rental paid by the lessee for the year ended on date of valuation was $682,772.