Wikipedia:WikiProject Trains/ICC valuations/Patapsco and Back Rivers Railroad

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The Patapsco & Back Rivers Railroad Company, hereinafter called the carrier, owns and operates a standard-gage, steam switching railroad, in and about Sparrows Point, Md. Due to the peculiar layout of the property, there are 10 separate main lines, aggregating 12.313 miles of first main track owned and used. The land upon which the tracks are located and a portion of the grading and bridges are leased from the Beth-Mary Steel Corporation. The carrier leases to The Pennsylvania Railroad Company its passenger and freight depots. It also leases to the Maryland Slag Company 0.443 mile of yard tracks and sidings. Trackage rights are granted by the carrier to The Pennsylvania Railroad Company over about 2.4 miles of main line extending from Bear Creek Bridge to Penwood Park which provides the latter a means of reaching the leased station facilities at Sparrows Point. The carrier owns and uses 53.505 miles of all tracks and owns but does not use 0.443 mile of all tracks. These tracks consisting of first main and yard tracks and sidings are further classified in appendix 1. The carrier is an industrial switching road performing a general switching service between manufacturing plants and connecting trunk-line railroads. It is controlled by the Bethlehem Steel Corporation which also controls the Beth-Mary Steel Corporation, the owner of the large steel mills served by this road at Sparrows Point.

CORPORATE HISTORY

The carrier was incorporated December 26, 1916, under the laws of Maryland, for the purpose of acquiring a line of railroad in and about Sparrows Point, Md., and was organized on the same date.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property was acquired partly by purchase and partly by construction as follows: Acquired from Bethlehem Steel Company, predecessor of Bethlehem Steel Corporation, December 31, 1918, 9.470 miles; construction during years ended December 31, 1920, 0.420 mile; 1924, 0.110 mile; 1926, 0.650 mile. In 1922, 0.050 mile was abandoned; the total recorded mileage on date of valuation was thus 10.600 miles, or 1.713 miles less than the mileage inventoried.

HISTORY OF CORPORATE FINANCING