Wikipedia:WikiProject Trains/ICC valuations/Stewart Railroad

Interstate Commerce Commission, Valuation Reports, Volume 27

The Stewart Railroad

Location and General Description of Property

The railroad of The Stewart Railroad Company, herein called the Stewart Railroad, is located within the State of Pennsylvania and consists of 4.019 miles of yard tracks and sidings, between the Stewart Iron Works at Sharon and the Pennsylvania-Ohio State line.

Introductory

The Stewart Railroad is a corporation of the State of Pennsylvania, having its principal office at Sharon, Pa. The company does not maintain any books of account. The accounting data in this report are taken from the records of the Mahoning Coal Railroad. The Stewart Railroad is controlled by the Mahoning Coal Railroad through ownership of its entire outstanding capital stock. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporations. The property of the Stewart Railroad was operated by The Lake Shore and Michigan Southern Railway Company from the date it was placed in operation in 1888, to December 23, 1914. From the latter date to date of valuation, it has been operated by the New York Central.

Corporate History

The Stewart Railroad was incorporated September 9, 1887, under the general laws of the State of Pennsylvania to construct a line of railroad from a point on the Ohio-Pennsylvania State line to Sharon, Pa. The date of its organization has not been ascertainable from the records reviewed.

Development of Fixed Physical Property

The owned mileage of the Stewart Railroad, extending from a connection with the railroads of The Mahoning and Shenango Valley Railway Company and the Shenango Valley Railroad Company at the Ohio-Pennsylvania State line to Stewart, Pa., a distance of 4.019 miles, was acquired by construction and was completed and placed in operation in 1888. The construction work was performed by contractors, who do not appear to have been affiliated with the company.

Leased Railway Property

The entire property of the Stewart Railroad is leased in perpetuity from October 1, 1889, to the Mahoning Coal Railroad and is operated under agreement with that company by the New York Central. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property in the report on the New York Central.