Wikipedia:WikiProject Trains/ICC valuations/Southern Pennsylvania Railway and Mining Company

Interstate Commerce Commission, Valuation Report, Volume 103

Southern Pennsylvania Railway and Mining Company
The railroad of the Southern Pennsylvania Railway and Mining Company, hereinafter called the Southern Pennsylvania, which is leased to and operated by the carrier, is a single-track line extending from Richmond to South Pennsylvania Junction, Pa., a distance of about 20 miles, with a branch extending from Mercersburg to Mercersburg Junction, Pa., of about 2 miles.

Introductory
The Southern Pennsylvania is a corporation of the State of Pennsylvania. Its principal office is located in Chambersburg, Pa. On date of valuation its outstanding capital stock was held by the carrier and The Pennsylvania Railroad Company, each company holding one-half thereof. The property of the Southern Pennsylvania was, on date of valuation, operated by the carrier under lease agreement. On the date of valuation it owned 21.884 miles of single-track standard-gauge railroad, all in the State of Pennsylvania. Its main line extended from South Penn Junction to Richmond, a distance of about 20 miles, and its branch line extended from Mercersburg Junction to Mercersburg, about 2 miles.

Corporate History
The Southern Pennsylvania was organized on February 1, 1873, and the certificate of organization was filed with the Secretary of the Commonwealth of Pennsylvania, February 14, 1873. It is a reorganization of the Southern Pennsylvania Iron and Railroad Company, whose property was sold under court decree December 21, 1872. The property was conveyed to the Southern Pennsylvania on January 4, 1873. 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 Physical Property
The owned mileage of the Southern Pennsylvania, 21.884 miles, was acquired through the reorganization of the Southern Pennsylvania Iron and Railroad Company whoso property had been sold by court decree. The latter company constructed the property in 1870-1871.

Leased Railway Property
The entire property of the Southern Pennsylvania is operated by the carrier under the provisions of an agreement dated March 1, 1870, whereby the latter leased for a period of 199 years the property of the predecessor company. 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, 1916, the Southern Pennsylvania records a deficit of $3,738.04 and charges that amount to income from lease of road.

Southern Pennsylvania Iron and Railroad Company, Caledonia Iron, Land and Railroad Company
The accounting records of this company were not obtainable. Certain information contained in the return of the carrier is stated below. From its completion until January 4, 1873, this railroad was operated by the carrier under an agreement dated March 1, 1870.

Construction of a railroad from South Penn Junction to Richmond, Pa., about 19.56 miles, with a branch line from Mercersburg to Mercersburg Junction, Pa., about 2.33 miles, a total of 21.89 miles, was begun in March, 1870, and completed the latter part of 1871.