Wikipedia:WikiProject Trains/ICC valuations/Potomac, Fredericksburg and Piedmont Railroad

http://books.google.com/books?id=WMD1SjKuWfUC

The railroad of The Potomac, Fredericksburg and Piedmont Railroad Company, hereinafter called the carrier, is a single-track narrow-gauge steam railroad, located entirely within the State of Virginia, and extending from Fredericksburg to Orange, a distance of 38.062 miles. Yard tracks and sidings aggregate 2.498 miles and all tracks owned and used, 40.66 miles.

Corporate history.—The carrier was incorporated by act of the General Assembly of Virginia, March 1, 1863, as the Fredericksburg and Gordonsville Railroad Company. The name was changed to the present name, by act of the general assembly, on March, 1876. The principal office of the carrier is in Fredericksburg, Va. The estate of L. Harry Richards, deceased, holds a majority of the capital stock. The original incorporation conferred authority to build the road, as it now exists, from Fredericksburg to Orange. About 18 miles, from Fredericksburg to Parker, Va., was built prior to 1872. The carrier defaulted in payments under a mortgage securing about $1,000,000 of bonds and the road was sold at foreclosure on December 28, 1872. The purchaser, the Fredericksburg, Orange and Charlottesville Railroad Company, was incorporated by an act of the General Assembly of Virginia, of February 21, 1872, which was supplemented by an act of March 26, 1873, and was recognized as the successor to the rights and property of the carrier. The State of Virginia held some interest in the stock of the carrier, but the extent of such interest is not known. The validity of the sale was apparently in question and the terms under which the Fredericksburg, Orange and Charlottesville Railroad Company was incorporated seem to have been a compromise of the disputed rights acquired at the sale. Authority was given for the completion of the road, but it was provided that, if the extension from Parker to Orange was not finished by July 1, 1873, the property and rights should be forfeited to the State to be held in trust for the former owners, the stockholders of the carrier. The road to Orange was not completed by the date set and the property and rights were forfeited to the State, which in November, 1873, restored them to the carrier. The road was completed as planned, Fredericksburg to Orange, about 38 miles, and as extended was opened for operation May 14, 1878.

The accounting records are incomplete and defective. There are no records for the period prior to May 14, 1878, aad only incomplete records for the later prtiod. There are no records of the Fredericksburg, Orange and Charlottesville Railroad Company. What additions, if any, that company made to the property purchased at foreclosure in December, 1872, before it was forfeited to the State on July 1, 1873, are not known, but the act of March 27, 1876, recited that it "did wholly fail and neglect to complete said railroad or to do any valuable work towards such completion."