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

Interstate Commerce Commission Reports, Volume 23, Valuation Reports

Location and General Description of Property
The railroad of The Philadelphia, Baltimore and Washington Railroad Company, herein called the Philadelphia, Baltimore and Washington, is a standard-gage, steam railroad, located in Pennsylvania, Delaware, Maryland, and the District of Columbia. The railroad consists of a double-track main line, with three and four tracks between certain points, and numerous branches. The main line extends southwesterly from Philadelphia, Pa., through Wilmington, Del., and Baltimore, Md., to Washington, D. C. The principal branches project from Philadelphia, Pa., to Octoraro, Md.; Newark, Del., to Pomeroy, Pa.; Frenchtown, Md., to Columbia, Pa.; Newark to Delaware City, Del.; and Bowie to Popes Creek, Md. The company owns 416.928 miles of first main track, 178.407 miles of second main track, 71.564 miles of third main track, 44.385 miles of fourth main track, 0.052 mile of fifth main track, and 328.958 miles of yard tracks and sidings. Its road thus embraces 1,040.294 miles of all tracks wholly owned but not used. In addition, this company jointly owns with other carriers 44.587 undivided miles of yard tracks and sidings.

The entire mileage of the Philadelphia, Baltimore and Washington, except 9.948 miles of road mentiond[sic] below, is leased to and operated by the Pennsylvania Railroad as a part of its system, its main line being the southern portion of that carrier's New York-Washington main line. The 9.948 miles of road from Gray's Ferry to Eddystone, Pa., is leased to and operated by the Philadelphia and Reading Railway Company. Further classification of the mileage used by each of the operating carriers is given in the trackage table in Appendix 1.

Economic Conditions Relating to Traffic
The products of this locality are diversified. The principal industrial centers are Philadelphia, Chester, Wilmington, and Baltimore, producing all classes of manufactured goods in quantity. In proximity to Philadelphia are the anthracite coal fields and important steel industries. The land is generally fertile, outlying sections abounding in truck and fruit farms.

Introductory
The Philadelphia, Baltimore and Washington is a corporation of the States of Pennsylvania, Delaware and Maryland, having its principal office at Philadelphia, Pa. It is controlled by the Pennsylvania Railroad through ownership of the entire outstanding capital stock. It controls, through ownership of a majority of capital stock, The Delaware Railroad Company and The Delaware, Maryland and Virginia Railroad Company, whose several common-carrier properties it operated on December 31, 1917. It controls, further, through ownership of the entire capital stock of each, The Baltimore and Sparrows Point Railroad Company and the Rosslyn Connecting Railroad Company, which operated their own properties on December 31, 1917.

It controls jointly with other companies, through ownership of capital stock to the extent indicated, the following named companies, whose properties were operated on December 31, 1917, by their own organization:


 * Percentage of stock ownership.
 * Baltimore, Chesapeake & Atlantic Railway Company; jointly controlled with the Pennsylvania Railroad, The Delaware Railroad Company, and New York, Philadelphia and Norfolk Railroad Company. 28
 * Union Railroad Company of Baltimore; jointly controlled with The Northern Central Railway Company. 42
 * The Washington Terminal Company; jointly controlled with The Baltimore and Ohio Rail Road Company. 50

The property of the Philadelphia, Baltimore and Washington, except 9.94 miles leased to the Philadelphia and Reading Railway Company, as hereinafter described, was operated by its own organization from September 15, 1916, to December 31, 1917. By a lease dated December 13, 1917, effective January 1, 1918, the whole property was leased to the Pennsylvania Railroad Company for 999 years, subject to the prior lease of 9.94 miles to the Philadelphia and Reading. On January 1, 1918, its common-carrier property, owned and leased with that of the Pennsylvania Railroad, was taken over for operation by the United States Railroad Administration which operates it on date of valuation.

Corporate History
The Philadelphia, Baltimore and Washington was incorporated September 15, 1916, under the general laws of Delaware, Pennsylvania and Maryland, for the purpose of acquiring the property, rights and franchises of the following companies through articles of consolidation dated April 3, 1916: Elkton and Middletown Railroad Company of Cecil County, The Philadelphia and Baltimore Central Railroad Company, Columbia and Port Deposit Railway Company (July 1890), and Philadelphia, Baltimore and Washington Railroad Company. Pursuant to this purpose the Philadelphia, Baltimore and Washington acquired at its organization, September 15, 1916, the property, rights, and franchises of the four railroad corporations named. It also acquired the property, rights, and franchises of the Chester Creek Railroad Company under an agreement of September 21, 1917, and of the Pomeroy and Newark Railroad Company under an agreement of October 15, 1917.

The Philadelphia, Baltimore and Washington, itself, and those companies, together with their predecessors, total 39 different corporations, of which four underwent a change of name and one underwent three such changes, and comprise the line of corporate succession culminating in the Philadelphia, Baltimore and Washington 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 Philadelphia, Baltimore and Washington, amounting to 416.928 miles, was acquired by consolidation, purchase, and construction. Of the 38 corporations that comprise the line of succession culminating in the Philadelphia, Baltimore and Washington as at present constituted, 16 corporations did not construct any road or other common-carrier property. These companies were—


 * Baltimore and Philadelphia Rail Road Company.
 * Philadelphia and Baltimore Central Railroad Company, The.
 * Philadelphia Midland Rail Road Company.
 * Philadelphia and Chester County Rail Road Company, The.
 * Philadelphia and Chester County Railroad Company.
 * Columbia and Port Deposit Railway Company (July, 1890).
 * Columbia and Port Deposit Railway Company (May, 1890).
 * Port Deposit Railroad Company, The.
 * Columbia and Port Deposit Railroad Company (1858).
 * Columbia and Port Deposit Rail Road Company, The.
 * New-Castle and French Town Turnpike and Rail Road Company.
 * New-Castle Turnpike and Railroad Company, The.
 * Pomeroy and Newark Railroad Company.
 * Pomeroy and State Line Railroad Company, The.
 * Newark and Delaware City Railroad Company.
 * Pennsylvania and Delaware Railway Company, The.

The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Philadelphia, Baltimore and Washington 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:
 * Near South Fifty-eighth Street, Philadelphia, to Hog Island, Pa., 1918. 4.50
 * Eddystone to Philadelphia, Pa., 1918. 7.62
 * Odenton to Admiral, Md., 1917. 1.71
 * 13.83

Acquired in the consolidation of 1916:
 * From the Elkton and Middletown Railroad Company of Cecil County, constructed by that company, Elkton to Big Elk River, Md., 1895. 0.31
 * From The Philadelphia and Baltimore Central Railroad Company—
 * Constructed by that company, Brandywine Summit to National Kaolin Works, Pa., 1888. 1.63
 * Constructed by the Philadelphia and Baltimore Central Railroad Company-
 * Wawa, Pa., to Rising Sun, Md., 1865. 45.79
 * Rising Sun to Octoraro, Md., 1867. [included above]
 * Constructed by The West Chester and Philadelphia Railroad Company, Philadelphia to West Chester, Pa., 1858. 26.22
 * Constructed by the Philadelphia and Delaware County Railroad Company-
 * Fernwood to Newtown Square, Pa., 1895. 9.92
 * Fernwood to Millbourne, Pa., 1900. 2.27
 * From the Columbia and Port Deposit Railroad Company (July, 1890)—
 * Constructed by that company, Columbia, Pa., to Port Deposit, Md., 1877. 39.83
 * Constructed by the Philadelphia, Wilmington and Baltimore Railroad Company, Perryville to Port Deposit, Md., 1866. 3.70
 * From the Philadelphia, Baltimore and Washington Railroad Company—
 * Landover, Md., to Washington, D. C., 1907. 6.33
 * Near South Street to Gray's Ferry, Philadelphia, 1905. 0.80
 * Connection with Columbia and Port Deposit Railway at Frenchtown, Md., 1907. 0.98
 * Constructed by the Philadelphia, Wilmington and Baltimore Railroad Company—
 * Perryville to Port Deposit, Md., 1866. 3.70
 * Gray’s Ferry to Chester, Pa., 1872. 11.54
 * Landlith to Augustine, Del., 1882. 2.14
 * New Castle to connection with Shellpot Branch, Del., 1888. 5.50
 * Edge Moor to north of Newport, Del., 1888. 4.82
 * Pennsylvania-Delaware State line to Naaman's Creek, Del., 1895. 0.72
 * Total. 28.42
 * Less road sold to The Delaware Railroad Company—
 * Rodney, Del., to a connection with the Shellpot Branch of the Philadelphia, Wilmington and Baltimore Railroad Company north of Christiana River, 1891. 11.50
 * New Castle to the Shellpot Branch of the Philadelphia, Wilmington and Baltimore Railroad company, 1891. 5.50
 * Less road sold to the Columbia and Port Deposit Railway Company (July, 1890), Perryville to Port Deposit, Md., 1893. 3.70
 * Total sold. 20.70
 * Net amount of above items. 7.72
 * Constructed by the Baltimore and Port Deposit RailRoad company, Havre-de-Grace to Baltimore, Md., 1837. 35.30
 * Constructed by the Philadelphia, Wilmington and Baltimore Railroad Company—
 * Seventh Mile Post, Pa., to Pennsylvania-Delaware State line, 1836. 19.00
 * Gray's Ferry to Seventh Mile Post, Pa., 1837. [included above]
 * Pennsylvania-Delaware State line to Wilmington, Del, 1837. 7.00
 * Constructed partly by The Wilmington and Susquehanna Rail Road Company (1836)—
 * Wilmington, Del., to Delaware-Maryland State line, commenced by The Wilmington and Susquehanna Rail Road Company (1832), completed 1837. 14.70
 * Delaware-Maryland State line to Perryville, Md., commenced by the Delaware and Maryland Rail Road Company, 1837. 18.00
 * Constructed by The New Castle and Frenchtown Turnpike and Rail Road Company, New Castle Del., to Frenchtown on Elk River, Md., 1831. 16.19
 * Less road abandoned, Rodney, Del., to Frenchtown on Elk River, Md., 1859. 9.01
 * Net of the above items. 7.18
 * Constructed by the Southwark Rail-Road company, from Cedar (now South) Street in Philadelphia, Pa., via Broad Street to Prime Street (now Washington Avenue) thence via Prime Street (now Washington Avenue) to the Delaware River, 1835. In 1870 the tracks on Broad Street were removed and a track built on Swanson Street. At the date of merger May 21, 1877, the length of this road was. 1.71
 * Constructed by The New Castle and Wilmington Rail Road Company, Wilmington to New Castle, Del., 1852. 4.90
 * Constructed by the Baltimore and Potomac Rail Road Company—
 * Baltimore to Pope's Creek, Md., 1873. 73.10
 * Bowie, Md., to south end of Long Bridge, D. C., 1873. 18.90
 * Loudon Park to Claremont Stock Yards, Md., 1892. 1.20
 * Constructed by the South Chester Railroad Company—
 * Chester, Pa., to the Pennsylvania-Delaware State line, 1892. 2.72
 * Lamokin, Pa., to a connection with the main line of the South Chester Railroad Company, 1892. 0.49
 * Linwood to Marcus Hook, Pa., 1893. 0.55
 * Constructed by The Delaware and Pennsylvania Railroad Company, from a point near Newark to Delaware City, Del., about 1873. 11.82
 * 362.070

Acquired by purchase, Nov. 12, 1917, from the Chester Creek Railroad Company, constructed by that company, Lenni to Lamokin, Pa., 1869. 6.530

Acquired by purchase, Dec. 14, 1917, from the Pomeroy and Newark Railroad Company:
 * Constructed by The Delaware and Pennsylvania Railroad Company, Pennsylvania-Delaware State line to Delaware City, Del., about 1873. 19.00
 * Constructed by the Pennsylvania and Delaware Rail Road Company, Pomeroy, Pa., to the Pennsylvania-Delaware State line, 1872. 21.26
 * Total. 40.26
 * Less road sold by Newark and Delaware City Railroad Company to Philadelphia, Wilmington and Baltimore Railroad Company, from a point near Newark to Delaware City, Del., 1881. 11.82
 * 28.440

Total. 410.870
 * Remeasurements and reclassifications. 6.890

Total recorded mileage. 417.760
 * Difference between recorded mileage and mileage inventoried. 0.832

Mileage inventoried as of date of valuation. 416.928

Leased Railway Property
The entire property of the Philadelphia, Baltimore and Washington, except the road between Gray's Ferry and Ridley Junction (Eddystone), Pa., about 9.948 miles, is leased to the Pennsylvania Railroad for 999 years from January 1, 1918. The lessee is obligated to pay the fixed charges and taxes and 6 per cent upon the capital stock. The 9.948 miles is leased to the Philadelphia and Reading Railway Company. On January 1, 1918, the common-carrier property of the Philadelphia, Baltimore and Washington was taken over for operation with that of the Pennsylvania Railroad Company by the United States Railroad Administration which operates it at the date of valuation.

The Philadelphia, Baltimore and Washington has the right of use, on date of valuation, of facilities owned by other companies and has let to other companies the right to use facilities owned by it to the extent indicated in the statement below.

Solely owned but not used, leased to Philadelphia and Reading Railway Company: Gray's Ferry to Ridley Junction (Eddystone), Pa., 9.948 miles of road, 24.458 miles of all tracks. Agreement of July 1, 1873, made by the Philadelphia, Wilmington and Baltimore Railroad Company; term 999 years from July 1, 1873. The stipulated rent was $350,000 payable at the time the lease was made and $1 a year thereafter. The Philadelphia, Wilmington and Baltimore. Railroad Company agreed to convey to the Philadelphia and Reading Railway Company, when it could legally do so, a title to the leased property without the payment of any additional sum. There is no provision in the agreement for payment for improvements made to the leased property by the lessee. ---

Solely used but not owned, leased from The Delaware Railroad Company: Entire property, Wilmington to Delmar, Del., with five branch lines, 245.188 miles of road. Agreement of Feb. 24, 1910, made by the Philadelphia, Baltimore and Washington Railroad Company; term 99 years from Feb. 24, 1910; annual rental. $431,764.00

Jointly used but not owned, used with—
 * The Catonsville Short Line Rail Road Company: Loudon Park to Catonsville, Md., 3.748 miles for movement of freight traffic only. Agreement of Mar. 1, 1910, made by the Philadelphia, Baltimore and Washington Railroad Company, effective on that date for a term of one year and to continue in force thereafter subject to cancellation upon 60 days' notice from either party; payment for use to be upon a rate per ton of freight moved; property to be maintained by operating carrier, but cost thereof to be paid by the owner. The agreement does not grant sole use of the property, but at the date of valuation no other use is made of it. ---
 * The Northern Central Railway Company: North portal of Philadelphia, Baltimore and Washington Railroad tunnel to Union Railroad Junction, Baltimore, Md., about 0.58 mile. Agreement of Mar. 8, 1912, made by the Philadelphia, Baltimore and Washington Railroad Company. ---
 * Pennsylvania Railroad—
 * Passenger tracks, stations and yard facilities, West Philadelphia to Broad Street Station, Philadelphia, Pa., about 1.22 miles. Agreement of Mar. 11, 1908, made by the Philadelphia, Baltimore and Washington Railroad Company. ---
 * Gray's Ferry to Thirty-second and Market Streets, Philadelphia, Pa., about 1.66 miles. Agreement of Mar. 11, 1908, made with the Philadelphia, Baltimore and Washington Railroad Company. ---
 * Union Railroad Company of Baltimore—
 * Bay View connection with the Philadelphia, Baltimore and Washington Railroad to connection with the Northern Central Railway at Union Railroad Junction, Baltimore, Md., about 3.42 miles.
 * Canton Junction, Orangeville to Canton, Md., about 2.59 miles. Agreement of Dec. 30, 1873, by the Philadelphia, Wilmington and Baltimore Railroad Company. ---
 * The Washington Terminal Company:
 * Terminal tracks and appurtenances at Washington, D. C., about 1.64 miles. Agreements of July 27, 1904, and Oct. 24, 1907, made by the Philadelphia, Baltimore and Washington Railroad Company. ---
 * Western Maryland Railway Company:
 * Fulton Street Station, Baltimore, to Green Spring Junction, Md., about 9.91 miles. Agreement of Oct. 8, 1917, effective from Oct. 4, 1916. ---

Solely owned but jointly used, used with—
 * The Baltimore and Ohio Rail Road Company:
 * Anacostia Junction to Second Street and Virginia Avenue, Washington, D. C., about 2.70 miles, and from south portal, First Street tunnel, Washington, D. C., to south end of Long Bridge, Va., about 2.30 miles. Agreements of July 27, 1904, and Nov. 1, 1907, made by the Philadelphia, Baltimore and Washington Railroad Company. ---
 * The Chesapeake and Ohio Railway Company, Southern Railway Company, and Washington Southern Railway Company-
 * South portal of First Street tunnel, Washington, D. C., to south end of Long Bridge, Va., about 2.30 miles. Agreements of Oct. 24, 1907.
 * Union Railroad Company of Baltimore—
 * Fulton Junction, connection with Western Maryland Railway to connection with the Northern Central Railway at north portal of the Philadelphia, Baltimore and Washington Railroad tunnel, Baltimore, Md., about 1.58 miles. Agreement of Dec. 30, 1873, made by the Philadelphia, Wilmington and Baltimore Railroad Company. ---
 * Western Maryland Railway Company-
 * Fulton Junction, connection with Western Maryland Railway to connection with the Northern Central Railway at north portal of Philadelphia, Baltimore and Washington Railroad tunnel, Baltimore, Md., about 1.58 miles. Agreement of May 1, 1875, made by the Philadelphia, Wilmington and Baltimore Railroad Company. ---

Jointly owned but not used, leased to— Mileage
 * Orangeville yard, used by the Pennsylvania Railroad. 5.295
 * Wagners Point yard, used by the Pennsylvania Railroad and the Western Maryland Railway Company. 1.911
 * Washington coach yard, used by the Pennsylvania Railroad and The Baltimore and Ohio Rail Road Company. 37.270

Elkton and Middletown Railroad Company of Cecil County
This company was incorporated March 8, 1880, under the general laws of Maryland.

The records reviewed did not indicate that the company was controlled by any individual or corporation on September 15, 1916, the date of consolidation, nor that it controlled any common-carrier corporation. The company had no full-paid stock certificates outstanding, but installment receipts for subscriptions paid in were issued, all of which were owned by the Philadelphia, Baltimore and Washington Railroad Company on date of consolidation.

The property of this company was operated by the Philadelphia, Wilmington and Baltimore Railroad Company, and its successor, the Philadelphia, Baltimore and Washington Railroad Company, from April 1, 1895, until date of consolidation, and consisted of 0.31 mile of single-track, standard-gauge, steam operated railroad extending from Elkton to Big Elk River, Md., which was acquired by construction during 1894 and 1895.

The Philadelphia and Baltimore Central Railroad Company
Introductory

This company was incorporated October 15, 1881, under the general laws of Pennsylvania and Maryland. It was controlled by the Philadelphia, Baltimore and Washington Railroad Company on September 15, 1916, the date of consolidation, through ownership of a majority of the outstanding capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property of this company was operated by the Philadelphia, Baltimore, and Washington Railroad Company and its predecessor, the Philadelphia, Wilmington and Baltimore Railroad Company from October 31, 1881, to the date of consolidation. The railroad owned on date of consolidation amounted to 85.83 miles. It consisted of a single-track, standard-gauge, steam-operated railroad with main lines extending from Philadelphia to West Chester, 26.22 miles, from Wawa to Octoraro Junction, 45.79 miles, from Fernwood to Newton Square, 9.92 miles, and branches aggregating 3.90 miles. Of the foregoing, 76.54 miles were located in Pennsylvania and 9.29 miles in Maryland.

Development of Fixed Physical Property

Of the 85.83 miles of road owned on date of consolidation 45.79 miles had been acquired from the Philadelphia and Baltimore Central Railroad Company, 26.22 miles from The West Chester and Philadelphia Railroad Company, 12.19 miles from the Philadelphia and Delaware County Railroad Company, and 1.63 miles by construction. 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 Philadelphia, Baltimore and Washington.

Philadelphia and Baltimore Central Railroad Company
Introductory

This company was incorporated under special acts of the States of Maryland and Pennsylvania, October 10, 1854, and November 11, 1854, respectively. It was controlled by the Philadelphia, Wilmington and Baltimore Railroad Company on October 31, 1881, the date of consolidation, through ownership of a majority of the outstanding capital stock. The records reviewed do not indicate that the company then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of completion to August 1, 1881, with the exception of the period from May 27, 1861, to May 1, 1863, when it was operated by a receiver. During the period from June 24, 1870, to December 30, 1876, the road in Pennsylvania was operated by a trustee, while the property in Maryland was operated by its own organization. From August 1, 1881, to October 31, 1881, the property was operated by the Philadelphia, Wilmington and Baltimore Railroad Company.

The railroad was a single-track, standard-gauge, steam-operated railroad aggregating 45.79 miles and extending from Wawa, Pa., to a connection with the Columbia and Port Deposit Railroad at Octoraro, Md. Of the foregoing, 36.50 miles of road were located in Pennsylvania and 9.29 miles in Maryland. The road was acquired by construction in 1865 and 1867.

Baltimore and Philadelphia Rail Road Company
This company was incorporated under a special act of the State of Maryland, May 28, 1852. No accounting records were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. The accounting records of the successor do not indicate whether this company was controlled by any individual or corporation on October 10, 1854, the date of consolidation, nor whether it then controlled any common-carrier corporation. The records reviewed do not indicate that this company owned any common-carrier property on date of consolidation.

The Philadelphia and Baltimore Central Railroad Company [of 1853]
This company was incorporated under a special act of Pennsylvania October 26, 1853. No accounting records were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The company's minute books do not indicate whether this company was controlled by any individual or corporation on October 10, 1854, the date of consolidation, nor whether it then controlled any common-carrier corporation. The records reviewed do not indicate that this company owned any common-carrier property on date of consolidation.

The West Chester and Philadelphia Railroad Company
Introductory

This company was incorporated April 11, 1848, under a special act of the State of Pennsylvania. The accounting records prior to January 1, 1869, are incomplete and of little value. Therefore, only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments.

The West Chester and Philadelphia railroad company was controlled on October 31, 1881, the date of consolidation, by the Philadelphia, Wilmington and Baltimore Railroad company through ownership of a majority of the outstanding capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was operated by its own organization from October 15, 1854, to August 1, 1881, with the exception of the period from April 26, 1856, to November, 1858, during which time it was operated by trustees for its creditors under a deed of trust dated April 26, 1856. It was operated by the Philadelphia, Wilmington and Baltimore Railroad company from August 1, 1881, to date of consolidation.

The railroad consisted of about 26.22 miles of single-track, standard-gauge, steam operated railroad, extending from West Chester to Philadelphia, Pa., which was acquired by construction in 1858.

Philadelphia and Delaware County Railroad Company
Introductory

This company was incorporated April 25, 1890, under the general laws of the State of Pennsylvania. It was controlled by The Philadelphia and Baltimore Central Railroad Company on December 29, 1913, the date of sale, through ownership of the entire outstanding capital stock. The records reviewed do not indicate that the Philadelphia and Delaware County Railroad Company then controlled any common-carrier corporation.

The property was operated from June 30, 1894, when a part of the road was opened for operation, to date of sale by the Philadelphia, Wilmington and Baltimore Railroad Company and its successor, the Philadelphia, Baltimore and Washington Railroad Company. The railroad consisted of 12.19 miles of single-track, standard-gauge, steam railroad. The main line extended from a connection with the Philadelphia and Baltimore Central Railroad at Fernwood to Newtown Square, 9.92 miles, and the branch line from a connection with the main line west of Fernwood to Millbourne Mills, 2.27 miles, all in Pennsylvania. The entire road owned had been acquired by construction in 1900.

Philadelphia Midland Rail Road Company
Introductory

The records reviewed do not indicate that this company was controlled on March 15, 1890, the date of sale, by any individual or corporation, nor that it then controlled any common-carrier property. The company was incorporated August 18, 1885, under the general laws of the State of Pennsylvania. The company acquired the uncompleted railroad of its predecessor and had not completed same on date of sale.

The Philadelphia and Chester County Rail Road Company
This company was incorporated October 22, 1877, under the general laws of the State of Pennsylvania. No accounting records were obtained. Therefore, no information can be given from its records regarding financial dealings or investments. Certain information was obtained from the report of the Philadelphia, Baltimore and Washington on its corporate history and from sources other than the accounting records of the company.

The corporate property, rights, and franchises of this company were sold under foreclosure and conveyed to its successor July 2, 1885.

Construction work was begun in 1882 under a contract with the Chester Construction Company of New Jersey, but was not completed on date of sale.

This company issued $500,000 par value of capital stock, shares $50 par value each, in acquiring the property of its predecessor, the Philadelphia and Chester County Railroad Company. In addition to the foregoing, mortgages were issued to the Guarantee Trust and Safe Deposit Company as trustee, one for $550,000 bearing interest at 7 per cent per annum, and one for $750,000 dated July 1, 1881, maturing July 1, 1901, bearing interest at 6 per cent per annum. The terms of the 7 per cent mortgage were not ascertained.

Philadelphia and Chester County Railroad Company, Successor by Change of Name of Philadelphia, Delaware and Chester Central Railroad Company
This company was incorporated October 13, 1871, under a special act of the State of Pennsylvania, and by a like act of April 9, 1872, its name was changed as indicated above. No accounting records were obtained. Therefore, no information can be given from its records regarding financial dealings or investments. Certain information obtained from the report of the Philadelphia, Baltimore and Washington on its corporate history indicates that the corporate property, rights, and franchises, excepting lands held in fee, of this company, were sold under foreclosure and conveyed to its successor September 7, 1877.

Columbia and Port Deposit Railway Company (July, 1890)
This company was incorporated under the general laws of the States of Maryland and Pennsylvania, June 21, 1890, and July 17,1890, respectively. The company was controlled by the Philadelphia, Baltimore and Washington Railroad Company on September 15, 1916, the date of consolidation, through ownership of the entire outstanding capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by the Pennsylvania Railroad from July 1, 1890, to June 1, 1902, by the Philadelphia, Wilmington and Baltimore Railroad Company and its successors, the Philadelphia, Baltimore and Washington Railroad Company, and the Philadelphia, Baltimore and Washington, from the latter date to date of consolidation under agreements of September 10, 1890, and May 8, 1902.

The railroad amounted to 43.27 miles and was a single-track, standard-gauge, steam railroad, consisting of 41.94 miles of main line, extending from Columbia, Pa., to Frenchtown, Md., and a branch line 1.33 miles, extending from Frenchtown to Perryville, Md. Of the foregoing, 28.42 miles and 14.85 miles were located in Pennsylvania and Maryland, respectively.

Development of Fixed Physical Property

The 43.27 miles of road owned by this company on date of consolidation had been acquired as follows:


 * Acquired from Columbia and Port Deposit Railroad Company (May, 1890). 28.97
 * Acquired from the Port Deposit Railroad Company. 10.86
 * Total acquired under consolidation agreement dated May 29, 1890. 39.83
 * Acquired by purchase from Philadelphia, Wilmington and Baltimore Railroad Company May 12, 1893. 3.70
 * Total road acquired. 43.53
 * Less sundry revisions of line. 0.26
 * Total road owned, recorded mileage. 43.27

Further details with respect to the construction of this property are given under development of fixed physical property in the report on the Philadelphia, Baltimore and Washington.

Columbia and Port Deposit Railway Company (May, 1890)
This company was incorporated May 28, 1890, under the general laws of the State of Pennsylvania. The accounting records were not obtained. Therefore, nothing can be given from the accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources.

The records reviewed do not indicate that the company was controlled by any individual or corporation, nor, that it then controlled any common-carrier corporation.

The property of the company was operated by the Pennsylvania Railroad under agreement of June 13, 1877, from May 28, 1890, to July 1, 1890. The railroad consisted of 28.97 miles of single-track, standard-gauge, steam railroad, extending from Columbia, Pa., to Pennsylvania-Maryland State line junction with the Port Deposit Railroad, all of which was acquired from George A. Kugler, who had acquired it at foreclosure sale on April 30, 1890, from the Columbia and Port Deposit Railroad Company (1864).

The Port Deposit Railroad Company
This company was incorporated May 28, 1890, under the general laws of the State of Maryland. The accounting records were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from other sources.

The records reviewed do not indicate that the company was controlled by any individual or corporation on July 1, 1890, the date of consolidation, nor that it then controlled any common-carrier corporation.

The property of this company was operated by the Pennsylvania Railroad from May 29, 1890, to July 1, 1890, under agreement of June 13, 1877. The company owned 10.86 miles of single-track, standard-gauge, steam railroad, extending from Pennsylvania-Maryland State line junction with Columbia and Port Deposit Railway to Port Deposit, Md., all of which was acquired from George Kugler, who had acquired it at foreclosure sale on April 30, 1890, from the Columbia and Port Deposit Railroad Company (1864).

Columbia and Port Deposit Railway Company (1864)
This company was controlled by the Pennsylvania Railroad on April 30, 1890, the date of sale under foreclosure, through ownership of a majority of the entire outstanding capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property was operated by the Philadelphia, Wilmington and Baltimore Railroad Company from June 25, 1867, to July 1, 1877, under agreements of June 18, 1867, and March 27, 1869, and by the Pennsylvania Railroad from July 1, 1877, to date of foreclosure, under agreement of June 13, 1877. The railroad consisted of 39.83 miles of single-track, standard-gauge, steam railroad, extending from Columbia, Pa., to Port Deposit, Md., and connected the road of the Pennsylvania Railroad with that of the Philadelphia, Wilmington and Baltimore Railroad Company. All of the road owned was acquired by construction in 1877[.]

==== Columbia and Port Deposit Railway Company (1858); The Columbia and Port Deposit Rail Road Company; Columbia and Maryland Line Railroad Company; Columbia and Maryland Line Railroad; Washington and Maryland Line Railroad Company ==== The Columbia and Port Deposit Railroad Company was incorporated February 20, 1858, under a special act of the State of Maryland, an amendment of February 17, 1864. The Washington and Maryland Line Railroad Company was incorporated April 30, 1857, under a special act of the State of Pennsylvania. Its name was changed under special acts of the State of Pennsylvania, March 29, 1860; April 1, 1863; and April 4, 1864. No accounting records of the above-named corporations were obtained. Therefore, no information can be given from their accounts regarding their financial dealings or investments. No road was constructed or owned by any of these corporations.

Philadelphia, Baltimore and Washington Railroad Company
Introductory

This company was incorporated under the general laws of Pennsylvania, Delaware, and Maryland, and a special law of Maryland, November 1, 1902.

The records reviewed indicate that the company was controlled on the date of consolidation by the Pennsylvania Railroad through ownership of a majority of the outstanding capital stock. The company controlled on the date of consolidation the following companies through ownership of the outstanding capital stock to the extent indicated.

Percentage of stock ownership
 * The Baltimore and Sparrows Point Railroad Company. 100
 * Columbia and Port Deposit Railway Company (July, 1890). 100
 * Rossyln[sic] Connecting Railroad Company. 100
 * The Delaware, Maryland and Virginia Railroad Company. 72
 * The Delaware Railroad Company. 53
 * Delaware Water Company. 100
 * Elkton and Middletown Railroad Company of Cecil County. 100
 * The Philadelphia and Baltimore Central Railroad Company. 100

It controlled jointly with other companies the following companies, through ownership of capital stock to the extent indicated:

Percentage of stock ownership
 * Baltimore, Chesapeake & Atlantic Railway Company, jointly controlled with Pennsylvania Railroad, The Delaware Railroad Company, and New York, Philadelphia and Norfolk Railroad Company. 28
 * Union Railroad Company of Baltimore jointly controlled with The Northern Central Railway Company. 42
 * The Washington Terminal Company jointly controlled with The Baltimore and Ohio Rail Road Company. 50

The property of this company was operated by its own organization from the date of its formation, November 1, 1902, until the consolidation of September 15, 1916.

The railroad operated by the company was a standard-gauge, steam railroad located in Pennsylvania, Delaware, Maryland, and the District of Columbia, and aggregating about 708.11 miles. The owned mileage, about 239.31 miles, consisted of a main line extending from Philadelphia, Pa., to Washington, D. C., with 18 branch lines. Of this owned mileage, 9.948 miles extending from Gray's Ferry to Ridley Junction (Eddystone), Pa., was leased for sole operation to the Philadelphia and Reading Railway Company for 999 years from July 1, 1873.

The mileage operated under lease, about 245.15 miles, consisted of a main line extending from Shellpot Crossing to Delmar, Del., and five branch lines, all in Delaware and Maryland. Other lines operated under agency agreements consisted of about 233.59 miles located in Pennsylvania, Maryland, and Virginia. Other arrangements for the use of terminal properties and trackage rights over about 14.86 miles of road of other carriers afforded the Philadelphia, Baltimore and Washington Railroad Company access to passenger stations in Philadelphia, Pa., Baltimore, Md., and Washington, D. C.

Development of Fixed Physical Property

Of the approximate 239.31 miles of road owned by the Philadelphia, Baltimore and Washington Railroad Company on the date of consolidation, it had acquired about 127.32 miles from the Philadelphia, Wilmington and Baltimore Railroad company, about 93.20 miles from the Baltimore and Potomac rail road company, about 3.76 miles from the South Chester Railroad Company, about 0.83 mile from the Edge Moor Iron Works, and about 14.20 miles by construction. Details with respect to the construction of this property are given under development of fixed physical property in the report on the Philadelphia, Baltimore and Washington.

Philadelphia, Wilmington and Baltimore Railroad Company
Introductory

This company was incorporated under the special acts of Delaware, Pennsylvania, and Maryland, dated February 4, 1833, December 19, 1837, and January 20, 1838, respectively. It was a consolidation of the Philadelphia, Wilmington and Baltimore Railroad Company, The Wilmington and Susquehanna Railroad Company, and the Baltimore and Port Deposit Rail Road Company, in accordance with an agreement dated February 5, 1838. The consolidation was made about March 1, 1838, and final entries were made in the accounting records of the consolidating companies on December 31, 1841, December 6, 1839, and March 1, 1838, respectively.

This company was controlled on the date of consolidation by the Pennsylvania Railroad through ownership of a majority of the outstanding capital stock. This company controlled through the ownership of a majority of the outstanding capital stocks the following companies:


 * The Delaware, Maryland and Virginia Railroad Company.
 * The Delaware Railroad Company.
 * Elkton and Middletown Railroad Company of Cecil County.
 * Junction Railroad Company.
 * The Philadelphia and Baltimore Central Railroad Company.
 * South Chester Railroad Company.

It controlled jointly with affiliated companies the following companies:


 * Baltimore, Chesapeake & Atlantic Railway Company.
 * Columbia and Port Deposit Railroad Company (July, 1890).
 * Union Railroad Company of Baltimore.

The property of this company, except the 9.948 miles of road leased to the Philadelphia and Reading Railway Company as hereinafter described, was operated by its own organization from the date of acquisition to the date of consolidation of 1902. The income account in its books covers the period from February 5, 1838, to October 31, 1902. The road extending from Gray's Ferry (Philadelphia) to Ridley Junction, Pa., 9.948 miles, was leased to the Philadelphia and Reading Railway Company for sole operation for 999 years from July 1, 1873.

The railroad operated by the company was a standard-gauge, steam railroad, partly double track and partly single track, located in Pennsylvania, Delaware, Maryland, Virginia, and the District of Columbia. The owned mileage, about 127.32 miles, consisted of a main line extending from Philadelphia, Pa., to Baltimore, Md., and sundry short branch lines. The mileage operated under lease or other form of agreement, about 586.52 miles, consisted of main lines extending from Baltimore, Md., through Washington, D. C, to Quantico, Va.; from Columbia, Pa., to Perryville, Md.; from Philadelphia to Octoraro Junction, Pa., and from Wilmington to Delmar, Del., with branch lines in Pennsylvania, Delaware, Maryland, and Virginia.

Development of Fixed Physical Property

Of the road owned by the company, it had acquired 26 miles from the Philadelphia, Wilmington and Baltimore Railroad company, 35.30 miles from the Baltimore and Port Deposit Rail Road Company, 32.70 miles from The Wilmington and Susquehanna Rail Road Company, 7.18 miles from The Newcastle and Frenchtown Turnpike and Rail Road Company, 4.90 miles from The New Castle and Wilmington Rail Road Company, and 1.71 miles from the Southwark Rail-Road Company. It also acquired by purchase from the Newark and Delaware City Railroad Company about 11.82 miles of road. It sold about 17 miles of road to The Delaware Railroad Company and about 3.70 miles to the Columbia and Port Deposit Railway Company (July, 1890). It constructed about 28.42 miles of road. Details with respect to the construction of this property are given under development of fixed physical property in the report on the Philadelphia, Baltimore and Washington.

Baltimore and Port Deposit Rail Road Company
Introductory

This company was incorporated March 5, 1832, by special act of the State of Maryland. The records reviewed do not indicate whether this company was controlled by any individual or corporation on February 12, 1838, the date of consolidation, nor whether it then controlled any common-carrier corporation.

The property was operated by its own organization from the date it was completed to the date of consolidation. The railroad owned consisted of approximately 35.3 miles of standard-gauge, steam railroad, extending from Havre-de-Grace to Baltimore, Md., and had been acquired by construction during the period from May, 1835, to July, 1837.

The Philadelphia, Wilmington and Baltimore Railroad Company, Successor by Change of Name of The Philadelphia and Delaware County Rail Road Company
Introductory

This company was incorporated April 2, 1831, as The Philadelphia and Delaware County Rail-Road Company under a special act of Pennsylvania, and on March 14, 1836, its name was changed to The Philadelphia, Wilmington and Baltimore Railroad Company. The records reviewed do not indicate that the company was controlled by any individual or corporation on February 12, 1838, the effective date of consolidation. The records reviewed indicate that the company then controlled The Newcastle and Frenchtown Turnpike and Rail Road Company through ownership of a majority of that company's outstanding capital stock.

The railroad owned and operated by the company on date of consolidation, about 26 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Gray's Ferry in Philadelphia, Pa., to Wilmington, Del., and was acquired by construction in 1837 and 1838.

The Wilmington and Susquehanna Rail Road Company (1836)
Introductory

This company was incorporated April 19 and May 6, 1836, by special acts of the States of Delaware and Maryland, respectively. The records reviewed do not indicate whether this company was controlled by any individual or corporation on February 12, 1838, the date of consolidation, nor whether it then controlled any common-carrier corporation.

The property of this company was operated by its own organization during its entire life. The railroad consisted of approximately 32.7 miles of standard-gauge, steam railroad, extending from Wilmington, Del., to Perryville, Md., and had been acquired by consolidation and construction. The company acquired by consolidation the uncompleted roads of The Wilmington and Susquehanna Rail Road Company (1832) and the Delaware and Maryland Rail Road Company. These properties were completed by The Wilmington and Susquehanna Rail Road Company (1836) and opened for operation on July 31, 1837. Details with respect to the construction of this property are given under development of fixed physical property in the report on the Philadelphia, Baltimore and Washington.

The Wilmington and Susquehanna Rail Road Company (1832)
This company was incorporated January 18, 1832, by special act of the State of Delaware. The records reviewed do not indicate whether this company was controlled by any individual or corporation on April 18, 1836, the date of consolidation, nor whether it then controlled any common-carrier corporation. On date of consolidation, the company owned a railroad in the course of construction, extending from the Maryland-Delaware State line to Wilmington, Del., about 15 miles. The records reviewed indicate that this company issued $251,645 par value of capital stock in exchange for an equal amount of cash. The investment in road, including land, no equipment being owned, on date of consolidation was stated in the books as $212,640.31 of money outlay.

Delaware and Maryland Rail Road Company
This company was incorporated March 14, 1832, by special act of the State of Maryland. The records do not indicate whether this company was controlled by any individual or corporation of April 18, 1836, the date of its consolidation, nor whether it then controlled any common-carrier corporation. On date of consolidation, it owned a railroad under course of construction, extending from the Maryland-Delaware State line to Perryville, Md., about 18 miles. The records reviewed indicate that this company issued $219,675.11 par value of capital stock in exchange for an equal amount of cash. The investment in road, including land, no equipment being owned, on date of consolidation was stated in the books as $219,675.11 of recorded money outlay.

The New Castle and Frenchtown Turnpike and Rail Road Company
This company was incorporated January 16, 1830, under a special law of the State of Delaware. There were no available accounting records of this company for the period from the date of its organization to December 31, 1835. Therefore only partial information can be given from its accounts regarding financial dealings, corporate operations, or investments.

The company was controlled on May 15, 1877, the date of merger, by the Philadelphia, Wilmington and Baltimore Railroad Company through ownership of the capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated by its own organization during its entire life, except during the period January 1, 1843, to May 15, 1877, when the property was operated by the Philadelphia, Wilmington and Baltimore under agreement of April 8, 1843. The railroad owned on date of merger amounted to approximately 7.18 miles of standard-gauge railroad, extending from New Castle to Rodney, Del., and had been acquired by construction in 1831. This company had acquired from its predecessors, the New Castle and Frenchtown Turnpike and Rail Road Company and The New Castle Turnpike and Railroad Company, about 16 miles of turnpike, from New Castle, Del., to Frenchtown on Elk River, Md., and in 1831 it constructed a railroad on the turnpike between the points named. On November 30, 1859, that portion of the road between Rodney, Del., and Frenchtown on Elk River, Md., was abandoned, leaving 7.18 miles of road owned on the date of merger.

New-Castle and French Town Turnpike and Rail Road Company, Successor by Change of Name of The President, Managers and Company of the New-Castle and Frenchtown Turnpike Company
This company was incorporated January 24, 1809, and January 6, 1810, by special acts of the States of Delaware and Maryland, respectively. No accounting records were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether this company was controlled by any individual or corporation on March 31, 1830, the date of consolidation, nor whether it then controlled any common-carrier corporation. The records reviewed indicate that it owned a turnpike extending from Clark's Corner, Del., to Frenchtown on Elk River, Md., but did not own any railroad property.

The New Castle Turnpike and Railroad Company, Successor by Change of Name of The New Castle Turnpike Company
This company was incorporated January 30, 1811, by special act of Delaware. No accounting records were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from other sources. The records reviewed do not indicate whether this company was controlled by any individual or corporation on March 31, 1839, the date of consolidation, nor whether it then controlled any common-carrier corporations. The records reviewed indicate that it owned a turnpike extending from New Castle to Clark's Corner, Del., but did did not own any railroad property.

Southwark Rail-Road Company
Introductory

This company was incorporated April 2, 1831, by special act of Pennsylvania. It did not record the results of its corporate operations for the period January 1, 1855, to May 21, 1877. For that reason only partial information can be given from the accounts in connection with its corporate operations.

The records reviewed do not indicate whether this company was controlled by any individual or corporation on May 21, 1877, the date of merger, nor whether it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of completion, about June, 1835, to about January, 1854, and from the latter date to date of merger by the Philadelphia, Wilmington and Baltimore Railroad Company, as agent. The railroad owned on date of merger consisted of 1.71 miles of standard-gauge, steam railroad, located in Philadelphia, Pa., which was acquired by construction. During the years 1834 and 1835 this company constructed a railroad located in Philadelphia, Pa., extending from Broad and Cedar Streets down Broad Street to Prime Street, thence down Prime Street to the Delaware River. In 1870 the tracks on Broad Street from South Street to Washington Avenue were removed and a branch constructed on Swanson Street, leaving the mileage on date of merger as stated above.

The New Castle and Wilmington Rail Road Company
Introductory

This company was incorporated February 19, 1839, by special act of Delaware. It did not record the results of its corporate operations from May 1, 1875, to May 15, 1877. For that reason only partial information can be given from the accounts in connection with its corporate operations.

The records reviewed do not indicate whether this company was controlled by any individual or corporation on May 15, 1877, the effective date of merger, nor whether it then controlled any common-carrier corporation.

The property of this company was operated by the Philadelphia, Wilmington and Baltimore from the date it was completed to date of merger. The railroad owned by the company consisted of approximately 4.9 miles of standard-gauge, steam railroad extending from Wilmington to New Castle, Del., which was acquired by construction during the period from May to December, 1852.

Baltimore and Potomac Rail Road Company
Introductory

This company was incorporated May 6, 1853, under a special act of Maryland.

It was controlled by the Pennsylvania Railroad on November 1, 1902, the date of consolidation, through ownership of a majority of the outstanding capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of its completion to November 1, 1891; and by the Philadelphia, Wilmington and Baltimore Railroad Company from the latter date to the date of consolidation. The railroad was a standard-gauge, steam railroad, located in Maryland and the District of Columbia, aggregating 93.20 miles. It extends from Baltimore to Pope's Creek, Md., and from Bowie, Md., to south end of Long Bridge, opposite Washington, D. C, with an extension from Loudon Park to Claremont Stock Yards, Md., and had been acquired by construction between 1873 and 1892. All of the construction work, except the Claremont branch, 1.20 miles, was performed under contract with Thomas Seabrooke, contractor. The records reviewed do not indicate whether the contractor was affiliated with the company.

South Chester Railroad Company
Introductory

The accounting records of the company were incomplete to the extent that the company kept no record of its corporate operations. Therefore, the results of such operations were not obtained. The company was incorporated June 22, 1891, under the general laws of Pennsylvania. It was controlled by the Philadelphia, Baltimore and Washington Railroad Company on February 9, 1906, the date of sale, through ownership of the entire capital stock. The records reviewed do not indicate that the company then controlled any common-carrier corporation.

The property of this company was operated during its entire life by the Philadelphia, Wilmington and Baltimore Railroad Company and its successor, the Philadelphia, Baltimore and Washington Railroad Company, under agreement of March 27, 1899. The property was a single-track, standard-gauge, steam railroad, located in Pennsylvania, aggregating 3.76 miles. The main line extended from Chester to the Pennsylvania-Delaware State line, 2.72 miles. The branch lines, aggregating 1.04 miles, extended from Linwood to Marcus Hook, and from Lamokin to a connection with the' main line of the South Chester Railroad. This mileage had been acquired by construction in 1892-1893.

Chester Creek Railroad Company
Introductory

This company was incorporated April 16, 1866, under a special act of Pennsylvania. It was controlled by the Philadelphia, Baltimore and Washington on November 12, 1917, the date of sale, through ownership of a majority of its outstanding capital stock. The records reviewed do not indicate that it controlled any common-carrier corporation.

The property of this company was operated by the Philadelphia and Baltimore Central Railroad Company from January, 1869, to August 1, 1881, and by The Philadelphia, Wilmington and Baltimore Railroad Company, as agent for The Philadelphia and Baltimore Central Railroad Company, from August 1, 1881, to November 1, 1902. From the latter date to date of sale the property was operated by the Philadelphia, Baltimore and Washington Railroad Company and by its successor, the Philadelphia, Baltimore and Washington. The railroad consisted of 6.53 miles of single-track, standard-gauge, steam railroad, extending from Lenni to Lamokin, Pa., which was acquired by construction in 1869, partly under a contract with George A. Parker dated August 31, 1867, partly by the Philadelphia and Baltimore Central Railroad Company, and partly by its own forces.

Pomeroy and Newark Railroad Company
Introductory

This company was incorporated under a special act of Delaware, December 3, 1881, and under the general laws of Pennsylvania, December 29, 1881.

The company was controlled by the Pennsylvania Railroad on December 14, 1917, the date of sale, through ownership of its entire outstanding capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated from January 1, 1882, to date of sale by the Pennsylvania Railroad, under a lease dated March 1, 1880. The railroad consisted of 26.81 miles of single-track, standard-gauge steam railroad, extending from Pomeroy, Pa., to Newark, Del., of which 21.44 miles are in Pennsylvania and 5.37 miles in Delaware.

Development of Fixed Physical Property

Of the road owned on date of sale, about 21 miles had been acquired from The Pomeroy and State Line Railroad Company and about 5 miles from the Newark and Delaware City Railroad Company. Details with respect to the construction of this property are given under development of fixed physical property in the report on the Philadelphia, Baltimore and Washington.

The Pomeroy and State Line Railroad Company
Introductory

This company was incorporated under the general laws of Pennsylvania. Certificate of organization was dated February 21, 1880, and filed in the office of the secretary of The Commonwealth of Pennsylvania, February 26, 1880. However, letters patent were not dated until August 31, 1881. The company was controlled by the Pennsylvania Railroad on date of consolidation, December 2, 1881, through ownership of its entire outstanding capital stock. The records reviewed did not indicate that it then controlled any common-carrier corporation.

The property of this company, according to the available records, was operated January 19, 1880, to March 1, 1880, by the Wilmington and Western Railroad Company, and March 1, 1880, to date of consolidation by the Pennsylvania Railroad. The railroad owned on date of consolidation consisted of about 21.26 miles of single-track, standard-gauge, steam railroad, extending from Pomeroy, Pa., to Pennsylvania-Delaware State line, and had been acquired from the Pennsylvania and Delaware Railway Company under deed dated December 7, 1880, it being all of the latter company's road located in Pennsylvania.

Newark and Delaware City Railroad Company
Introductory

This company was incorporated April 30,1880, under a special act of Delaware.

The company was controlled by the Pennsylvania Railroad on date of consolidation through ownership of its entire outstanding capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

This company owned on December 3, 1881, the date of consolidation, about 5.44 miles of single-track, standard-gauge, steam railroad, all in Delaware, extending from the Pennsylvania-Delaware State line to a junction with the Philadelphia, Wilmington and Baltimore Railroad near Newark, Del. The property of the company was operated by the Pennsylvania Railroad from March 1, 1880, to date of consolidation. Operation of the road was suspended from January 19, 1880, to March 1, 1880, on account of storm damage to line.

Development of Fixed Physical Property

This company acquired that portion of the railroad of The Pennsylvania and Delaware Railroad Company situated in Delaware, aggregating about 17.26 miles, by deed dated December 7, 1880, from Dell Noblit, et. ux. This property had been sold on August 12, 1879, under decree of foreclosure of the Circuit Court of Eastern Pennsylvania and consisted of about 17.26 miles of single-track, standard-gauge, steam railroad, extending from the Pennsylvania-Delaware State line to Delaware City, Del. Of the foregoing, 11.82 miles of road between Newark and Delaware City, Del., were sold to the Philadelphia, Wilmington and Baltimore by deed dated October 29, 1881.

The Pennsylvania and Delaware Railway Company
This company was incorporated May 1, 1873, under a special act of Delaware, and May 3, 1873, under the general laws of Pennsylvania. The accounting records were not obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from other records.

The records reviewed do not indicate that the company was controlled by any individual or corporation on August 12, 1879, the date of sale, nor that it then controlled any common-carrier corporation.

The railroad consisted of about 38.62 miles of single-track, standard-gauge, steam railroad, extending from Pomeroy, Pa., to Delaware City, Del., of which 21.26 miles of road are in Pennsylvania and 17.36 miles in Delaware, which had been acquired from the Pennsylvania and Delaware Rail Road Company and The Delaware and Pennsylvania Railroad Company, respectively. Details with respect to the construction of this property are given under development of fixed physical property in the report on the Philadelphia, Baltimore and Washington.

The Delaware and Pennsylvania Railroad Company
This company was incorporated under a special act of Delaware, February 26, 1857. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from other records. The records reviewed do not indicate that it was controlled by any individual or corporation on May 1, 1873, the date of consolidation, nor that this company then controlled any common-carrier corporation. The railroad owned on date of consolidation consisted of about 19 miles of single-track, standard-gauge, steam railroad extending from the Pennsylvania-Delaware State line to Delaware City, Del., all of which was acquired by construction in 1873.

Pennsylvania and Delaware Rail Road Company, Successor by Change of Name of Doe Run and White Clay Creek Railroad Company
This company was incorporated under special act of Pennsylvania, August 20, 1868. Its name was changed on August 9, 1870. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts regarding financial dealings or investments. However, certain data were obtained from other records. The records reviewed do not indicate that the company was controlled by any individual or corporation on May 1, 1873, the date of consolidation, nor that it then controlled any common-carrier corporation. The railroad consisted of about 21.26 miles of single-track, standard-gauge, steam railroad extending from Pomeroy, Pa., to the Pennsylvania-Delaware State line, all of which was acquired by construction in 1872.