Wikipedia:WikiProject Trains/ICC valuations/Coudersport and Port Allegany Railroad

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CORPORATE HISTORY

The carrier was incorporated April 11, 1882, under the general laws of the State of Pennsylvania, and was organized April 17, 1882. It was authorized by its charter to construct, maintain, and operate a railroad from Port Allegany to Coudersport, Pa. By charter amendments it was authorized to extend its main line to Ulysses, Pa. By an agreement dated September 3, 1895, effective October 1, 1895, the carrier acquired by merger the property, rights, and franchises of the Coudersport and Pine Creek Railroad Company which had been incorporated December 20, 1889, under the general laws of the State of Pennsylvania.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

By an agreement dated April 20, 1882, the carrier leased for 99 years about 16 miles of right of way, and a partly constructed road, extending from Port Allegany to Coudersport, Pa., then owned by the Jersey Shore, Pine Creek and Buffalo Railway Company, which company is a predecessor of the New York Central Railroad Company. Further information respecting the lease is given in the chapter devoted to "leased railway property." The carrier completed the construction of the leased property, as a narrow-gauge railroad, and opened it for operation on October 1, 1882. The gauge was changed to standard in 1889. The agreement mentioned above states that certain construction work, including grading, bridging, and placing culverts, had been performed by the lessor on the leased right of way. However, through an arrangement made by the interested parties, only the leased right of way has been inventoried as owned by the New York Central Railroad Company, the present lessor, while all improvements constructed on the right of way have been inventoried as owned by the carrier. The carrier constructed about 23 miles of additional standard-gauge road, extending from Coudersport to Ulysses, which it opened for operation October 1, 1895.

HISTORY OF CORPORATE FINANCING