Wikipedia:WikiProject Trains/ICC valuations/Lake Erie and Pittsburg Railway

Interstate Commerce Commission, Valuation Reports, Volume 27

The Lake Erie and Pittsburg Railway

The railroad of The Lake Erie and Pittsburg Railway Company, herein called the Lake Erie and Pittsburg, is a single-track branch line, within the State of Ohio, extending from Marcy to Brady Lake Junction, a distance of 27.759 miles.

Introductory

The Lake Erie and Pittsburg is a corporation of the State of Ohio, having its principal office at Cleveland, Ohio. The Lake Erie and Pittsburg is controlled by the New York Central and the Pennsylvania Company jointly through ownership of the entire outstanding 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 Pittsburg was operated by The Lake Shore and Michigan Southern Railway Company from the date it was placed in operation, October 15, 1911, to December 23, 1914. From the latter date to date of valuation it has been operated by the New York Central.

Corporate History

The Lake Erie and Pittsburg was incorporated April 30, 1903, under the general laws of the State of Ohio for the purpose of constructing and operating a railroad from Lorain to a point at or near Youngstown, Ohio. The date of its organization has not been ascertainable from the records reviewed.

Development of Fixed Physical Property

The owned mileage of the Lake Erie and Pittsburg, extending from Marcy to Brady Lake Junction, Ohio, a distance of 27.759 miles, was acquired by construction which extended over a period from some time prior to April 22, 1905, to October 15, 1911. Prior to April 22, 1905, the construction work was performed under contract by the Carter Construction Company which was controlled by J. B. Carter and Wm. Kenefick, the latter being then president of the Lake Erie and Pittsburg. Subsequently to that date the construction work was performed by The Lake Shore and Michigan Southern Railway Company, or by others under its supervision.

Leased Railway Property

The entire property of the Lake Erie and Pittsburg is leased jointly to the Pennsylvania Company and the New York Central for an indefinite period under lease dated January 10, 1908. The Pennsylvania Company does not use any part of the property but, under the terms of the lease, pays annually an amount equal to one-half of the interest on the outstanding long-term debt and one-half of 5 per cent dividend on the outstanding capital stock of the Lake Erie and Pittsburg. The entire amount paid by the Pennsylvania Company is returned to it as owner of one-half of the capital stock and long-term debt of this company. The property is solely used and maintained by the New York Central, which pays annually as rental, taxes, maintenance, operation, and insurance, and an amount equal to one-half of the interest on the outstanding long-term debt and one-half of 5 per cent dividend on the outstanding capital stock. The rental accrued and credited to income for the year ending on date of valuation is $453,895.98, of which $254,770.98 is payable by the New York Central and $199,125 is payable by the Pennsylvania Company.