Wikipedia:WikiProject Trains/ICC valuations/New Haven and Dunbar Railroad

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The New Haven & Dunbar Railroad Company, hereinafter called the carrier, owns no physical property. The railroad operated is owned by the Dunbar Corporation, a noncarrier, and consists of a standard-gage, steam-operated switching road, located in and around Dunbar, Pa. Due to the peculiar layout of tracks, there are two main lines. The mileage consists of 2.587 miles of first main track, 0.637 mile of second main track, and 2.915 miles of yard tracks and sidings. Its roads thus embraces[sic] 6.139 miles of all tracks used but not owned.

CORPORATE HISTORY

The carrier was incorporated November 22, 1892, in Pennsylvania, under an act approved June 18, 1874, and acts supplemental thereto. The date of organization was not obtained.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property operated by the carrier is owned by the Dunbar Corporation and was acquired by purchase from the American Manganese Manufacturing Company at a receiver's sale on July 28, 1924. It was developed from a plant facility of the Dunbar Furnace Company, the construction by that company covering a period of over 40 years, from before 1870 to 1909.

Records indicate that a deed was executed November 30, 1917, conveying the railroad property of the American Manganese Manufacturing Company to the carrier, although no copy of the deed was obtained. However, when the entire property of the American Manganese Manufacturing Company was sold in 1924, to interests subsequently reorganized as the Dunbar Corporation, the railroad property which had been deeded to the carrier was adjudged by the court to be subject to the general mortgage and was taken over by the Dunbar Corporation in the reorganization.

It appears, therefore, that the carrier has no legal title to the property which it operates, except such as may be subject to mortgages held by the American Manganese Manufacturing Company and its successor the Dunbar Corporation.

HISTORY OF CORPORATE FINANCING