Wikipedia:WikiProject Trains/ICC valuations/Sharon Railway

Interstate Commerce Commission, Valuation Reports, Volume 33

The Sharon Railway

Location and General Description of Property

The railroad of The Sharon Railway, herein called the Sharon Railway, is located entirely within the State of Pennsylvania and extends from Pymatuning to Sharon, with branch lines projecting from Boyce to Sharpsville and from Ferrona to New Castle, aggregating 32.884 miles, of which 4.066 miles is double-tracked. This property forms a part of the Erie's principal main line between Pymatuning and Sharon, Pa.

Introductory

The Sharon Railway is a corporation of the State of Pennsylvania, having its principal office at Sharon, Pa.

The records reviewed do not indicate that the Sharon Railway is controlled by any individual or corporation, or that it controls any common-carrier corporation.

The property of the Sharon Railway was operated by The New York, Pennsylvania and Ohio Railroad Company (consolidated company) and its predecessors, and the Erie and its immediate predecessor, from the dates of acquirement thereof, exact dates not determinable, until December 31, 1917. The common carrier property of the Sharon Railway was taken over for operation by the United States Railroad Administration on January 1, 1918, as a part of the system of the Erie, and it is so operated on date of valuation.

Corporate History

The Sharon Railway was incorporated July 16, 1873, under the general laws of Pennsylvania, for the purpose of constructing and operating a railroad from a connection with The Atlantic and Great Western Railroad Company at or near Clarkesville, Pa., to a point on the Pennsylvania-Ohio State line, near the Hubbard branch of The Cleveland and Mahoning Railroad Company, and to construct branches. Although the Sharon Railway was incorporated July 16, 1873, as stated, it entered into two subsequent so-called consolidation and merger agreements on November 13, 1875, and November 20, 1900, for the purpose of acquiring the property of the Sharpsville, Wheatland, Sharon and Greenfield Railroad Company and The New Castle and Shenango Valley Railroad Company, and in each of these so-called consolidations the corporate name of the consolidated company was designated as “The Sharon Railway.” However, the accounting records were continuous from the date the Sharon Railway opened its books, September, 1875, to date of valuation. No new securities were recorded as being issued in any such consolidation, and the properties so acquired were taken over by the Sharon Railway as though by purchase or merger. Therefore, the two combinations are considered in this report as mergers or purchases.

The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

No.	Name	Incorporation	Succession
1.	The Sharon Railway.	Under general laws of Pennsylvania, July 16, 1873.
2.	Sharpsville, Wheatland, Sharon and Greenfield Railroad Company.	Under special act of Pennsylvania, June 2, 1870.	Acquired by 1, under so-called consolidation and merger agreement dated Nov. 13, 1875, filed Dec. 23, 1875.
3.	The New Castle and Shenango Valley Railroad Company.	Under general laws of Pennsylvania, May 10, 1887.	Acquired by 1, under so-called consolidation and merger agreement dated Nov. 20, 1900, effective Dec. 1, 1900, filed Dec. 28, 1900.
4.	New Castle Northern Railway Company.	Under general laws of Pennsylvania, Feb. 1, 1883.	Sold at foreclosure Jan. 12, 1887, after receivership begun Mar. 29, 1884, to interests which conveyed property to 3, May 3, 1887.

Development of Fixed Physical Property

The owned mileage of the Sharon Railway, amounting to 32.884 miles, was acquired partly by construction and partly by so-called consolidation or merger. The property constructed by the Sharon Railway, itself, and the three corporations that comprise the line of succession culminating in the Sharon Railway as at present constituted, the years when the various portions of the line were constructed, and the manner in which the Sharon Railway acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.

		Mileage
Acquired by construction:
Sharon to Pymatuning, Pa., 1877.	7.945
Boyce to Sharpsville, Pa., 1877.	1.461
Wheatville[sic] to Middlesex, Pa., 1881.	3.262
Constructed partly by the Sharpsville, Wheatland, Sharon and Greenfield Railroad Company and completed by the Sharon Railway, Ferrona to Wheatland, Pa., 1881.	3.600
		16.268
Acquired under so-called consolidation and merger agreement of 1900:
From The New Castle and Shenango Valley—
Constructed partly by the New Castle Northern Railway Company and completed by The New Castle and Shenango Valley Railroad Company—
West Middlesex to New Castle, Pa., 1889.		16.730
Total recorded mileage.		32.998
Difference between total recorded mileage and mileage inventoried as of date of valuation.		.114
Mileage inventoried as of date of valuation.		32.884

The records reviewed do not indicate whether the construction work performed for the Sharon Railway was done under contract or by company forces.

Leased Railway Property

The property of the Sharon Railway is leased to The Nypano Railroad Company for a term of 900 years from December 1, 1900, which company subleased the property to the Erie for the same period. The latter company operated the property from April 1, 1896, to December 31, 1917. From January 1, 1918, to date of valuation the property has been operated by the United States Railroad Administration as a part of the system of the Erie. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the Erie.

Predecessor Companies

The New Castle and Shenango Valley Railroad

No accounting records of The New Castle and Shenango Valley Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of the Sharon Railway.

The records reviewed did not indicate whether The New Castle and Shenango Valley Railroad Company was controlled by any individual or corporation on November 30, 1900, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of this company was operated by The New York, Lake Erie and Western Railroad Company from the date the first section of the road was placed in operation until April 1, 1896. From that date, until the date of demise, the property was operated by the Erie. The railroad owned by The New Castle and Shenango Valley Railroad Company on the date of its demise and operated by the Erie, consisted of 16.73 miles of standard-gage, steam railroad, extending from West Middlesex to New Castle, Pa., all in the State of Pennsylvania. This property had been acquired by completion of construction begun by its predecessor, the New Castle Northern Railway Company. The records reviewed did not indicate whether the construction work was performed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Sharon Railway.

New Castle Northern Railway

No accounting records of the New Castle Northern Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed did not indicate whether the New Castle Northern Railway Company was controlled by any individual or corporation on April 16, 1887, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation. The company owned on the date of its demise approximately 16.73 miles of partly constructed railroad between West Middlesex and New Castle, Pa., but the extent of construction work performed could not be ascertained

Sharpsville, Wheatland, Sharon and Greenfield Railroad

No accounting records of the Sharpsville, Wheatland, Sharon and Greenfield Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of the Sharon Railway. The records reviewed did not indicate whether the Sharpsville, Wheatland, Sharon and Greenfield Railroad Company was controlled by any individual or corporation on December 23, 1875, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation. The company owned on the date of its demise approximately 3.60 miles of partly constructed railroad between Ferrona and Wheatland, Pa., but the extent of construction work performed could not be ascertained.