Wikipedia:WikiProject Trains/ICC valuations/Chesapeake Beach Railway

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Location and general description of property.—The railroad of Chesapeake Beach Railway Company, hereinafter called the carrier, is a single-track standard-gauge steam-operated railroad, extending from Chesapeake Beach, Md., to Chesapeake Junction, D. C. The carrier owns that part of its line which is located in Maryland and leases from the Washington, Potomac & Chesapeake Railway Company that part located in the District of Columbia. The total mileage operated, both owned and leased, is as follows:

Corporate history.—The carrier was incorporated under the general laws of Maryland on March 7, 1896, and on the same date succeeded to the property, rights, and franchises of the Washington and Chesapeake Beach Railway Company, incorporated under the general laws of the same State on September 1, 1891. The latter company having defaulted in the payment of its interest obligations, its property was sold on December 10, 1895, under foreclosure proceedings, to Robert E. Tod, of New York, N. Y., who transferred it to the carrier. There are no accounting records obtainable of this predecessor company, but other records available state that it purchased certain lands but did no construction work. Charles Cavender, of Leadville, Colo., who represents the estate of the late D. H. Moffat, of Denver, Colo., holds a majority of the carrier's outstanding capital stock. The development of fixed physical property of the carrier is related in Appendix 2.

History of corporate financing, capital stock, and long-term debt.

LEASED RAILWAY PROPERTY

That part of the operated road in the District of Columbia, now the property of the Washington, Potomac and Chesapeake Railway Company, was built by the Southern Maryland Railroad Company, to whose property the present owner succeeded. This piece of track has not been operated by its owner but was practically abandoned. The carrier used it without paying rent and regarded it as owned property. The Washington, Potomac and Chesapeake Railway Company sued for possession of the road and as a result an agreement of lease was made with the carrier; the lessee paid taxes and maintainance[sic] and $50 a year rent from July 1, 1911.