"Beaver Connecting" not a paper railroad?

I've read that the "Beaver Connecting" was one of PA's many paper railroads, proposing a line from Homedale to Koppel north of Beaver Falls and existing as a company from 1908 to 1918.

But if it was a paper railroad, what was it doing with one of these?

http://www.northeast.railfan.net/images/bcrr2.jpg

That's a builder's photo. Therefore we know the engine was ordered, constructed, and lettered. It might never have been delivered. Or it might have been delivered but never turned a wheel. Many ambitious companies got charters and ordered equipment long before the first section of track was laid if ever it was. These companies never got track down or were absorbed or bought by others companies before operations began. It is a great picture, though.