Wikipedia:WikiProject Trains/ICC valuations/Lake Erie and Eastern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 28

The Lake Erie and Eastern Railroad

Location and General Description of Property

The railroad of The Lake Erie and Eastern Railroad Company, herein called the Lake Erie and Eastern, is a standard-gage, steam switching railroad, located in northeastern Ohio. The main line extends northwesterly from Struthers, through Youngstown, to Brier Hill, and consists of 7.037 miles of first main track and 6.960 miles of second main track. The company also owns 11.324 miles of yard tracks and sidings. Its road thus embraces 25.321 miles of all tracks owned and used. In addition to the foregoing, the Lake Erie and Eastern has joint use of yard tracks and facilities at Struthers, Ohio, owned by The Pittsburgh and Lake Erie Railroad Company, and also of yard tracks and facilities at the Brier Hill Iron and Steel Company's plant at Youngstown, Ohio, owned by the Erie Railroad Company.

The Lake Erie and Eastern is controlled jointly by The Pittsburgh and Lake Erie Railroad Company and The Mahoning Coal Railroad Company. It serves principally the steel industries in the vicinity of Youngstown, Ohio.

Introductory

The Lake Erie and Eastern is a corporation of the State of Ohio, having its principal office at Youngstown, Ohio. The company is controlled jointly by The Pittsburgh and Lake Erie Railroad Company and The Mahoning Coal Railroad Company through ownership of a majority of its capital stock. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation. The property of the Lake Erie and Eastern has been operated by its own organization during its entire life.

Corporate History

The Lake Erie and Eastern was incorporated March 28, 1904, under the general laws of the State of Ohio, for the purpose of constructing and operating a railroad extending from a connection with the Youngstown branch of The Pittsburgh and Lake Erie Railroad Company at Struthers, Ohio, to Brier Hill, in the city of Youngstown, Ohio, a distance of about 7 miles. Pursuant to the above purpose, the Lake Erie and Eastern constructed a railroad from Struthers to Brier Hill, Ohio. On June 14, 1912, this company acquired the property, rights, and franchises of The Lake Erie, Youngstown and Southern Railroad Company, which company was incorporated on November 18, 1902, under the general laws of the State of Ohio.

No.	Name	Incorporation	Succession
1.	The Lake Erie and Eastern Railroad Company.	Under general laws of Ohio, Mar. 28, 1904.
2.	The Lake Erie, Youngstown and Southern Railroad Company.	Under general laws of Ohio, Nov. 18, 1902.	Sold to 1, June 14, 1912.

Development of Fixed Physical Property

The owned mileage of the Lake Erie and Eastern, extending from Struthers to Brier Hill, Ohio, a distance of 7.037 miles, was acquired by construction during the period from March, 1912, to January 18, 1915. The Lake Erie, Youngstown and Southern Railroad Company had not constructed any road mileage to the date of sale to the Lake Erie and Eastern, but made certain expenditures in acquiring right of way and for general purposes.

Leased Railway Property

The Lake Erie and Eastern uses on date of valuation facilities owned by other companies to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged to income for the year ending on date of valuation are as follows:

• Jointly used, but not owned, owned by—
  • The Pittsburgh and Lake Erie Railroad Company—
    • Tracks and yard facilities at Struthers, Ohio; annual rental a proportion of the following, based upon number of cars handled, $12,950.45—
      • (a) Interest of 5 per cent on valuation of land, tracks, structures, and other facilities
      • (b) Cost of maintaining and operating yard
      • (c) Taxes assessed upon the property
  • Erie Railroad Company—
    • Tracks and yard facilities of the Brier Hill Iron and Steel Company yard at Youngstown, Ohio; annual rental a proportion of switching cars as the number of cars loaded or empty handled for the tenant company bears to the total number of cars handled. $116.40

The Lake Erie and Eastern uses equipment furnished by The Pittsburg and Lake Erie Railroad Company which is paid for through the hire of equipment accounts in income as equipment interchanged.

The Lake Erie and Eastern jointly owns and jointly uses with The Pittsburgh, Youngstown and Ashtabula Railroad Company (the Pennsylvania Railroad Company, lessee) and The Youngstown and Austintown Railway Company (Erie Railroad Company, lessee) certain minor facilities. The investments of the Lake Erie and Eastern in this jointly owned property and the original cost thereof are not separately stated but are included in the statements of the investment and original cost of the whole property.