Wikipedia:WikiProject Trains/ICC valuations/Northern Central Railway

Interstate Commerce Commission, Volume 22, Valuation Reports

The Northern Central Railway
The railroad of The Northern Central Railway Company, herein called the Northern Central, is located in Pennsylvania and Maryland and extends from Baltimore, Md., to Marysville, Pa., about 92 miles, with branch lines projecting from Hollins to Green Springs Junction, Md., and from Dauphin to Sunbury, Pa. This property aggregates 146.433 miles of road, with 135.687 miles of second, 17.645 miles of third, and 17.586 miles of fourth main tracks. In addition, this company owns jointly with The Philadelphia, Baltimore and Washington Railroad Company yard facilities at Orangeville, Baltimore, Md. It also jointly owns with the Pennsylvania Railroad extensive yard facilities known as the Enola and Northumberland yards, including 3.035 miles of first and 2.950 miles of second main tracks in the Enola yard. The property of this company forms an important connection between the principal main line of the Pennsylvania Railroad at Harrisburg and the main line to Baltimore and Washington.

Introductory
The Northern Central is a corporation of the States of Maryland and Pennsylvania, having its principal office at Baltimore, Md. It is controlled by the Pennsylvania Railroad through ownership of a majority of its capital stock. On the other hand, the Northern Central controls, through ownership of either a majority of or the entire outstanding capital stock, the Shamokin Valley and Pottsville Railroad Company whose common-carrier property was operated by the Pennsylvania Railroad on December 31, 1917, under lease and The Elmira and Lake Ontario Railroad Company whose common-carrier property was operated by the Pennsylvania Railroad on December 31, 1917, under an agency agreement. It controls jointly with the Philadelphia, Baltimore and Washington Railroad Company, through ownership of 58 per cent of its capital stock, the Union Railroad Company of Baltimore, whose property was operated on December 31, 1917, by its own organization.

The property of the Northern Central was operated by its own organization from December 16, 1854, to January 1, 1911; by the Pennsylvania Railroad from the latter date to December 31, 1917, and by the United States Railroad Administration from that date to date of valuation as a part of the operating unit of the Pennsylvania Railroad.

Corporate History
The Northern Central was incorporated March 10, 1854, and May 3, 1854, by special acts of the States of Maryland and Pennsylvania, respectively, for the purpose of acquiring the property, rights, and franchises of The Susquehanna Railroad Company, the York and Maryland Line Rail Road Company, the York and Cumberland Railroad Company, and the Baltimore and Susquehanna Railroad Company. Pursuant to this purpose, the Northern Central acquired at its organization the property, rights, and franchises of the four railroad corporations named. The Northern Central, itself, and those corporations, total five different corporations and comprise the line of corporate succession culminating in the Northern Central as at present constituted.

The following chart shows the names of the corporations, the respective dates of incorporation, 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 Northern Central, 146.433 miles, was all acquired on December 16. 1854, by consolidation, as follows:

Acquired from—
 * Baltimore and Susquehanna—
 * Constructed by that company, Baltimore, Md., to Maryland-Pennsylvania State line, 1829-1838. 35.60
 * Hollins to Turnpike, 1831-1832. 10.00
 * 45.60
 * York and Maryland, constructed by that company, Maryland-Pennsylvania State line to York, Pa., 1836-1838. 22.00
 * York and Cumberland, constructed by that company, York to Lemoyne, Pa., 1849-1851. 26.00
 * Susquehanna Railroad, constructed partly by that company and completed by the Northern Central, Lemoyne to Sunbury, Pa., 1855-1858. 54.00
 * 147.60
 * Less road sold and abandoned. 2.22
 * Total. 145.38
 * Difference between recorded mileage and mileage inventoried. 1.053
 * Mileage inventoried as of date of valuation. 146.433

Leased Railway Property
The entire property of the Northern Central is leased to the Pennsylvania Railroad for 999 years from January 1, 1911. The terms of the lease and the rental accrued for the year ended December 31, 1917, are given under leased railway property in the report on the Pennsylvania Railroad.

Baltimore and Susquehanna Rail Road Company
Introductory

The accounting records of this company are not complete. A full set of accounts were not kept prior to July 1, 1835. Therefore, only partial information can be given from its accounts regarding its financial transactions, corporate operations, and investments. The State of Maryland, by virtue of its power to appoint a majority of the directors, controlled the company on December 16, 1854, the date of its consolidation with three other corporations to form the Northern Central. This power of control was a prerequisite to the third loan from the State of Maryland and it was established through the company's acceptance of the act passed by the State of Maryland, dated April 5, 1839, authorizing that loan. The company controlled, through ownership of entire capital stock, the York and Maryland Line Rail Road Company, whose common-carrier property it operated.

The property of this company was operated by its own organization from the dates acquired by it until the date of consolidation. The railroad operated on date of consolidation consisted of about 80.6 miles of single-track, steam railroad located in Maryland and Pennsylvania. The owned mileage amounted to about 45.6 miles and consisted of a main line from Baltimore, Md., to Maryland-Pennsylvania State line, about 35.6 miles and branch line extending from Hollins to Turnpike, Md., about 10 miles. The mileage operated under lease or other agreements amounted to 35 miles and consisted of a line from Maryland-Pennsylvania State line to York, Pa., and a line from York to Wrightsville, Pa. The entire 45.6 miles of road owned on date of consolidation had been acquired through construction in 1829–1833.

The Susquehanna Railroad Company
Introductory

The accounting records of this company are incomplete and fragmentary for the period from the date of its incorporation to the date of consolidation. Therefore, only partial information can be given from its accounts regarding financial dealings or investments. The records reviewed do not indicate that the company was controlled by any individual or corporation on December 16, 1854, the date of consolidation with three other corporations to form the Northern Central, nor that it controlled any common-carrier corporations.

The property owned on date of consolidation consisted of a partially completed line of railroad extending from Lemoyne to Sunbury, Pa., about 54 miles, which was acquired by construction in 1855-1858.

York and Cumberland Railroad Company
Introductory

The records reviewed did not indicate that the company was controlled by any individual or corporation on December 16, 1854, the date of consolidation with three other corporations to form the Northern Central, nor that it controlled any common-carrier corporation. The property of this company was operated by the Baltimore and Susquehanna Rail Road Company, as agent, from the date it was completed to the date of consolidation. The railroad owned by the company on date of consolidation consisted of about 26 miles of single-track railroad extending from York to Lemoyne, Pa., which was acquired by it through construction in 1849–1851.

York and Maryland Line Rail Road Company
Introductory

The only available accounting record of this company was a journal for the period July, 1835, to May, 1841, and the data contained therein was of such fragmentary nature that very little information of value can be given. Certain information regarding its financial dealings, corporate operations and investments has been taken from its corporate records and from the accounting records of the Baltimore and Susquehanna Rail Road Company. The records reviewed indicate that the company was controlled by the Baltimore and Susquehanna through ownership of its entire outstanding capital stock on December 16, 1854, the date of consolidation with three other corporations to form the Northern Central. The property was operated from the date of completion to date of consolidation by the Baltimore and Susquehanna. The railroad consisted of about 22 miles of single-track railroad extending from the Maryland-Pennsylvania State line to York, all in Pennsylvania, which had been acquired by it through construction, in 1836–1838.