Wikipedia:WikiProject Trains/ICC valuations/Allegheny and Western Railway

Interstate Commerce Commission, Valuation Reports, Volume 31

Allegheny & Western Railway
The railroad of the Allegheny & Western Railway Company, herein called the Allegheny & Western, extending from a connection with the carrier [Buffalo, Rochester and Pittsburgh Railway] at Punxsutawney, Pa., to a connection with the Baltimore and Ohio Rail Road at Butler, Pa., 59.020 miles, with spurs at Butler and Craigsville and three detached branches extending from connections with the Baltimore and Ohio Rail Road in the vicinity of New Castle, Pa., or 71.350 miles in all.

Introductory
The Allegheny & Western is a corporation of the State of Pennsylvania, having its principal office at Ridgway, Pa. Its financial office is at New York City and its operating office at Rochester, N. Y. It is controlled by A. Iselin & Company, C. O'D. Iselin, and Roosevelt & Son, through ownership of a majority of the outstanding capital stock. The Allegheny & Western controls the Allegheny Terminal Company through ownership of a majority of its outstanding capital stock.

The property of the Allegheny & Western has been operated by the carrier from the date it was placed in operation to date of valuation, under a lease agreement dated October 1, 1898, effective during the corporate life of the Allegheny & Western. The carrier also operates the property of the Allegheny Terminal Company, whose property the Allegheny & Western holds under lease.

Corporate History
The Allegheny & Western was incorporated on January 22, 1898, through the filing with the secretary of state of Pennsylvania of an agreement dated December 29, 1897, providing for the consolidation of the Allegheny and Western Railway Company and the Jefferson and Allegheny Railway Company [incorporated October 8, 1894].

Development of Fixed Physical Property
The Allegheny & Western did not acquire any constructed road from the two consolidating companies. The road owned on date of valuation was acquired by construction, as follows:

The original road was constructed by the Allegheny & Western's own forces and by independent contractors, and subsequent additions and betterments have been made by the carrier.

Leased Railway Property
The Allegheny & Western acquired, under the terms of a verbal agreement prior to 1900, the use of the property of the Allegheny Terminal Company, consisting of terminal facilities at Pittsburgh, Pa., for which it pays no rental. The property of the Allegheny Terminal Company is operated by the carrier through its lease of the property of the Allegheny & Western.

The property of the Allegheny & Western was leased on January 1, 1900, for the term of that company’s corporate existence, and for any and every renewal and continuance thereof, to the carrier. Under the terms of the agreement the lessee operates and maintains the property and pays as annual rental an amount equal to a dividend of 6 per cent on the capital stock, and the interest on the funded debt. These payments aggregate $272,000 per annum.

As hereinbefore mentioned, the equipment owned by the Allegheny & Western is used by the carrier. The lease stipulates that at its expiration the equipment in good order, or its equivalent in value, shall be returned.

The Baltimore and Ohio Railroad Company grants the Allegheny & Western and its lessee, the carrier, the use of the following trackage rights, the rentals for which are paid by the carrier: In addition to the facilities mentioned, The Baltimore and Ohio Rail Road Company grants the Allegheny & Western the use of tracks for the interchange of freight at New Castle, Pa., and yard facilities at that point, for a period of 20 years from November 1, 1899, with an option of renewal.

Allegheny and Western Railway Company
No accounting records of this company are obtainable. The information here given was obtained from the minute books of directors and stockholders, from the accounting records of the Allegheny & Western, and from other sources. The records obtainable indicate that $325,000 par value of capital stock, of a total authorized issue of $1,000,000, was issued and outstanding on the date of demise. The consideration received therefor was not of record. This company constructed no road. [...]

Jefferson and Allegheny Railway Company
No accounting records of this company are obtainable. Information here given was obtained from the minute books of directors and stockholders, from the accounting records of the Allegheny & Western, and from other sources. The records that are obtainable indicate that $500,000 par value of capital stock, of a total authorized issue of $1,500,000, was issued and outstanding on date of demise. The consideration received therefor is not of record. This company constructed no road. [...]