Wikipedia:WikiProject Trains/ICC valuations/Bradford Railroad
Interstate Commerce Commission, Volume 22, Valuation Reports
Bradford Railroad
editThe railroad of the Bradford Railroad Company, herein called the Bradford Railroad, is a single-track line located entirely within Pennsylvania and extending from Bradford to Tarport, 0.661 mile.
Introductory
editThe Bradford Railroad is a corporation of the State of Pennsylvania, having its principal office at Philadelphia, Pa. The accounting records of this company are incomplete, the only entries recorded therein being an issue of capital stock and a corresponding charge to the investment in road and equipment account. Therefore, the information shown by these entries is all that can be given from the accounts regarding its financial dealings and investments, and no information can be given from its accounts regarding its corporate operations. The Bradford Railroad is controlled by the Western New York and Pennsylvania Railway Company through ownership of its entire capital stock. On the other hand, the records do not indicate that this company controls any other carrier corporation. The property of the Bradford Railroad was operated from the date of its organization, June 30, 1911, to December 31, 1917, by the Pennsylvania Railroad. On January 1, 1918, its common carrier property was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.
Corporate History
editThe Bradford Railroad was incorporated June 30, 1911, under the general laws of Pennsylvania, for the purpose of acquiring and consolidating the property, rights, and franchises of the Olean, Bradford and Warren Railway Company and the Bradford Railway Company. Pursuant to the above purpose, the Bradford Railroad acquired at its organization the property, rights, and franchises of the two corporations named. The Bradford Railroad, itself, and those corporations total 3 different corporations, and comprise the line of corporate succession culminating in the Bradford Railroad as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation and the date and manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1 | Bradford Railroad Company. | Under general laws of Pennsylvania, June 30, 1911. | |
| 2 | Olean, Bradford and Warren Railway Company. | Under general laws of Pennsylvania, Sept. 29, 1877. | Consolidated June 30, 1911, with 3 to form 1. |
| 3 | Bradford Railway Company. | Under general laws of Pennsylvania, Jan. 7, 1881. | Consolidated June 30, 1911, with 2, to form 1. |
Development of Fixed Physical Property
editThe mileage owned by the Bradford Railroad, amounting to 0.661 mile, was all acquired by consolidation. The property constructed by the two corporations that comprise the line of succession culminating in the Bradford Railroad as at present constituted, the years when the various portions of the line were constructed, and the manner in which the Bradford Railroad acquired the property are indicated in the following table. To facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.
- Acquired by consolidation:
- From the Olean, Bradford and Warren Railway Company—
- Constructed by that company, Bradford, Pa., to the New York State line, 1877-1878. 10.90
- Less mileage of road sold to the Olean, Rock City and Bradford Electric Railroad Company in 1897, Tarport, Pa., to the New York State line. 8.61
- 2.29
- From the Bradford Railway Company—
- Constructed by that company, Bradford to near Marshburg, Pa., 1881. 14.00
- Less mileage of road abandoned in 1906, Bradford to near Marshburg, Pa. 13.95
- 0.05
- From the Olean, Bradford and Warren Railway Company—
- Total. 2.34
- Difference between total recorded mileage and mileage inventoried as of date of valuation. 1.679
- Mileage inventoried as of date of valuation. 0.661
Leased Railway Property
editThe entire property of the Bradford Railroad is leased to the Western New York and Pennsylvania Railway Company for 999 years under the terms of agreements made by its predecessor and dated December 8, 1881. Its property is subleased to the Pennsylvania Railroad, and the terms of the lease are given in the chapter on leased railway property in the report on that company. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.
Predecessor Companies
editOlean, Bradford and Warren Railway Company
editThe accounting records of this company are incomplete. No records were obtained for the period from September 29,1877, to January 1, 1909. The only entries made in its accounts record on issue of capital stock and a corresponding charge to the investment in road and equipment account. Therefore the information shown by these entries is all that can be given from the accounts in connection with its financial dealings and investments, and no information can be given from the accounts regarding its corporate operations.
The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 30, 1911, the date of consolidation. The records do not indicate that it then controlled any other carrier corporations. The railroad owned by the company on date of demise consisted of single-track, steam railroad 2.29 miles in length, of which 0.60 mile was standard-gauge railroad located at Bradford, Pa., and 1.69 miles was narrow-gauge railroad extending from Bradford to Tarport, Pa., which had been acquired by construction 1877-1878.
Bradford Railway Company
editThe accounting records of this company are incomplete. No records were obtained for the period January 7, 1881, to January 1, 1909. The only entries in its accounts record an issue of capital stock and a corresponding charge to the investment in road and equipment account. Therefore, the information shown by these entries are all that can be given from the accounts regarding its financial dealings and investments, and no information can be given from its accounts regarding its corporate operations.
The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 30, 1911, the date of consolidation.
The records reviewed do not indicate that it controlled any other carrier corporation. The railroad owned on date of consolidation consisted of 0.05 mile of standard-gauge, single-track, steam railroad located at Bradford, Pa., which had been acquired by construction in 1881.