Wikipedia:WikiProject Trains/ICC valuations/Cleveland and Pittsburgh Railroad

Interstate Commerce Commission, Volume 23, Valuation Reports

Cleveland and Pittsburgh Rail Road
The Cleveland and Pittsburgh Rail Road Company, herein called the Cleveland and Pittsburgh, a single and double-track railroad extending from Rochester, Pa., to Cleveland, Ohio, 122.193 miles, and from Yellow Creek, Ohio, to Bellaire, Ohio, 43.453 miles, with a branch from Bayard, Ohio, to Canal Dover and Roswell, Ohio, 39.687 miles, or 205.333 miles in all.

Introductory
The Cleveland and Pittsburgh is a corporation of the States of Ohio and Pennsylvania, having its principal office at Cleveland, Ohio. Its annual report filed with us for the year ending on date of valuation does not indicate that the control of the company is with any individual or corporation. The records do not indicate that the company controls any carrier corporation. From the date it was placed in operation, to date of valuation, the property has been operated as follows:


 * Own organization. Mar. 18, 1851, to Jan. 24, 1860.
 * Jointly by own organization and The Pittsburgh, Fort Wayne & Chicago Rail Road Company. Jan. 25, 1860, to June 13, 1860.
 * Jointly by receiver and the Pittsburgh, Fort Wayne & Chicago Rail Road Company. June 14, 1860, to Feb. 25, 1862.
 * Jointly by receiver and the Pittsburgh, Fort Wayne and Chicago. Feb. 26, 1862, to Mar. 31, 1863.
 * Jointly by own organization and the Pittsburgh, Fort Wayne and Chicago. Apr. 1, 1863, to January, 1869.
 * Jointly by receiver and the Pittsburgh, Fort Wayne and Chicago. January, 1869, to February, 1869.
 * Jointly by own organization and the Pittsburgh, Fort Wayne and Chicago. February, 1869, to June 30, 1869.
 * Jointly by own organization and the Pennsylvania Railroad. July 1, 1869, to Mar. 31, 1871.
 * Jointly by own organization and Pennsylvania Company. Apr. 1, 1871, to Nov. 30, 1871.
 * Pennsylvania Company. Dec. 1, 1871, to date of valuation.

Corporate History
The Cleveland and Pittsburgh was incorporated by a special act of the Ohio Legislature, approved March 14, 1836, and by special act of the Pennsylvania Legislature approved April 8, 1850. It originally was authorized to construct a railroad from Cleveland, Ohio, in the direction of Pittsburgh, Pa., to some point on the Ohio-Pennsylvania State line. Amendments to the articles of incorporation, effected through filing certificates dated March 11, 1845; February 16, 1849; February 21, 1850; March 9, 1850; February 19, 1851; April 18, 1853; and April 11, 1862, provided, among other things, for the extension of the railroad to Pittsburgh and for the construction of numerous branch lines.

The Cleveland and Pittsburgh acquired by deed dated November 30, 1898, the property of the Salineville Railroad Company, unincorporated.

Development of Fixed Physical Property
Of the 205.333 miles of road owned by the Cleveland and Pittsburgh approximately 205 miles were acquired by construction, as follows:

On October 1, 1913, the Cleveland and Pittsburgh acquired by purchase from the Toledo, Columbus and Ohio River the branch of that railroad extending from Zoarville to Valley Junction, Ohio, about 0.61 mile. It also acquired about 3 miles of road, extending from Salineville, Ohio, to the Osborne coal mines, formerly the property of the Salineville Railroad Company. This property was classified as sidetracks on date of valuation.

Leased Railway Property
The Cleveland and Pittsburgh's property was leased to the Pennsylvania Railroad under an agreement entered into on October 25, 1871, effective December 1, 1871, for a period of 999 years. This lease was assigned to the Pennsylvania Company on April 14,1873, effective December 1,1871. The Pennsylvania Company pays as annual rental an amount equal to interest on the lessor's outstanding bonds, 7 per cent on its outstanding stock of 1871, 4 per cent on its outstanding special guaranteed betterment stock, 10 per cent on the small amount of stock of 1836 outstanding, all taxes on its property and earnings, and an amount not to exceed $10,000 per annum for maintenance of investment organization.

The lease provides that upon its termination the lessee shall surrender and redeliver to the lessor the railroad and premises delivered to the lessee under the lease, in as good order and condition as when received by it, and with such additions, betterments, and improvements as shall have been made thereto; also the rolling stock, equipment, and other property delivered under the lease, in as good condition as when delivery was made, less ordinary wear, or rolling stock, equipment, or other similar property equal in value thereto. The lease also provides for the delivery of all additional rolling stock or equipment which shall be acquired or provided for use upon the property of the lessor, so far as the said equipment and betterments shall have been provided by the issue of its capital stock or bonds under the terms of the lease.

For the year ended on date of valuation the Cleveland and Pittsburgh credited its income account with $1,824,361.53 as income from lease of road.

The Pennsylvania Company subsequently leased to the Erie Railroad Company for exclusive use 2.499 miles of second main track and 0.255 mile of other than main tracks owned by the Cleveland and Pittsburgh extending from Brady's Lake to Ravenna, Ohio, under terms set forth in the report on the Pennsylvania Company.

Salineville Railroad Company
This company was not a corporation. The property was owned by James Farmer, Allen Jones, and others, copartners, who did business under the name of Salineville Railroad Company. The property of the company consisted of about 3.7 miles of single-track, standard-gauge, steam railroad, extending from a junction with the Cleveland and Pittsburgh at Salineville, Ohio, to the mines of the Osborne Coal Company. This railroad was constructed during 1855 by James Farmer and others. It was operated by the company from its opening in 1855 to January 7, 1892, and from that date to December 31, 1898, by the Pennsylvania Company for William Jackson, trustee. On July 21, 1891, William T. Cope and Isaac B. Cameron, executors of the estate of James Farmer, were appointed receivers, to sell the railroad and settle the partnership. On October 8, 1891, the receivers sold the railroad to William Jackson, trustee, conveying the property to him by deed dated December 18, 1891, and quit-claim deed of November 18, 1891. The sale was confirmed by the court on January 5, 1892. By deed dated November 30, 1898, William Jackson, trustee, conveyed the railroad to the Cleveland and Pittsburgh. No accounting records of the company were obtained.