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

Interstate Commerce Commission, Volume 23, Valuation Reports

Erie and Pittsburgh Railroad
Erie and Pittsburgh Railroad Company, herein called the Erie and Pittsburgh, a single and double-track railroad extending in a northerly direction from New Castle to Girard Junction, Pa., 79.588 miles, and from Dock Junction to Erie, Pa., 3.426 miles, or 83.014 miles in all.

Introductory
The Erie and Pittsburgh is a corporation of the State of Pennsylvania, having its principal office at Erie, Pa. The report filed by the Erie and Pittsburgh with us for the year ending on date of valuation states that control of the company is not vested in any individual or corporation. The records do not indicate that it controls any carrier corporation.

Operation of the property of the Erie and Pittsburgh commenced in March, 1860. For an indeterminate time it was operated jointly with the Buffalo & State Line Rail Road, and thereafter by the Erie and Pittsburgh's own management until February 28, 1870. From March 1, 1870, to March 31, 1871, it was operated by the Pennsylvania Railroad under a 999-year lease dated March 24, 1870. Since April 1, 1871, the property has been operated by the Pennsylvania Company by assignment of this lease.

Corporate History
The Erie and Pittsburgh was incorporated in Pennsylvania under provisions of a special act of April 1, 1858, subject to the provisions of the general law of February 19, 1849, regulating railroad companies, and acts supplementary thereto for the purpose of completing the road between Girard Junction and Jamestown, Pa., then being constructed by the Erie and North East Rail Road Company, it having been suggested that the act of April 22, 1856, was defective in authorizing the latter company to do this work under its own corporate name. The Erie and Pittsburgh was also authorized under the act of incorporation to extend the road within five years from Jamestown to New Castle, Pa., and from Girard Junction to Erie, Pa.

The following chart shows the names of the corporations comprised in the corporate history of the Erie and Pittsburgh, their respective dates of incorporation, and manner and date of succession.

Development of Fixed Physical Property
The railroad owned by the Erie and Pittsburgh on date of valuation was acquired in part by direct purchase and in part by construction, as follows:


 * Acquired by direct purchase:
 * From Erie and North East Rail Road Company, constructed in part by that company and completed by the Erie and Pittsburgh during March, 1860, Girard Junction to Jamestown, Pa. 40
 * From individuals, constructed in part by The Pittsburgh and Erie Railroad Company and completed by the Erie and Pittsburgh in about 1864, Greenville to Shenango River, between Clarksville and Sharpsville, Pa. 9
 * 49


 * By construction:
 * Jamestown to New Castle, Pa., other than the 9 miles shown above, opened for operation Aug. 1, 1864. 31
 * Dock Junction to Erie, Pa., opened for operation during 1865. 3
 * 34


 * Total recorded mileage owned on date of valuation. 83

Construction of the above 34 miles of road was in part by various contractors and in part by the company's own forces. The Erie and Pittsburgh has constructed approximately 24.84 miles of second main track, in Pennsylvania, as follows:

The manner in which the Erie and Pittsburgh acquired certain of the property of the Erie Canal Company, most of which the latter disposed of, is set forth in the subsequent report on that company.

Leased Railway Property
The entire common-carrier property of the Erie and Pittsburgh was leased to the Pennsylvania Railroad under a 999-year lease dated March 24, 1870, effective March 1, 1870. This lease was assigned to the Pennsylvania Company on April 1, 1871. Under the terms of the lease the Pennsylvania Company pays to the Erie and Pittsburgh an amount equal to 7 per cent per annum on the outstanding capital stock of the Erie and Pittsburgh, interest on the outstanding bonds, all taxes on the property and earnings, and $2,500 per annum for maintenance of investment organization. All expenses of maintenance and operation of the property are paid by the lessee. The Erie and Pittsburgh credited its income account with $418,694.24 as income for the use of its property during the year ended on date of valuation.

Erie Canal Company
No accounting records of this company are obtainable. The information hereafter given is taken from the return of the Erie and Pittsburgh. The company acquired by purchase from the State of Pennsylvania those parts of the old Pennsylvania canal constructed by the State, known as:


 * Beaver Division Canal, from mouth of Beaver River, near New Brighton, to a point 6 miles north of New Castle. Mileage 30.75
 * Erie Extension Canal, from a point 6 miles north of New Castle to Erie. 106.50
 * French Creek Feeder, from the outlet of Conneaut Lake to the main canal, with a reservoir at Hartstown. 27.00
 * Franklin Line, from main canal 7 miles below Meadville to Franklin on the Allegheny River. 22.25
 * Total (in Pennsylvania). 185.50

Construction of the Beaver Division Canal was commenced in 1831 and completed by the State on May 28, 1844; the Erie Extension Canal was commenced in 1827, and completed in part by the State in 1844. The remaining portions of this section to Lake Erie were completed by the Erie Canal Company in 1845. These canals were operated by the Erie Canal Company until 1870, when the Erie and Pittsburgh acquired control. The Pennsylvania Railroad, lessee of the Erie and Pittsburgh, operated the canal for about one year without written agreement.

Erie and North East Rail Road Company
This company was incorporated in the State of Pennsylvania on April 12, 1842, for the purpose of constructing a railroad from Erie to some point on the east boundary of the township of North East, in Erie County. It did not comply with the terms of the charter, and by act of October 6, 1855, the charter was forfeited and the governor took possession of the road. By act of April 22, 1856, the charter was restored to the company on condition that it would either subscribe $400,000 to the capital stock of The Pittsburgh and Erie Railroad Company, or expend that amount in the construction of the main line of that road between Erie and the Mercer County coal fields. In the event that the company chose the latter course, the Pittsburgh and Erie was to transfer to it all rights, privileges, and franchises over the portion of the road to be constructed that were held by the Pittsburgh and Erie, and, should it fail or neglect to make such transfer within three months, the company was, by the terms of the same act, to have all the rights, privileges, and franchises over that portion of the road by any route it might select, that were originally vested in the Pittsburgh and Erie.

This company was consolidated on June 30, 1867, with the Buffalo & State Line Rail Road Company, to form The Buffalo and Erie Rail Road Company, and the mileage owned by it at that time, extending from Erie to the Pennsylvania-New York State line near North East, Pa., now constitutes a part of the New York Central Railroad system.

The company located a line of road from Girard Junction to Jamestown, Pa., but while this was being constructed it was suggested that the act of April 22, 1856, was defective in authorizing it to construct this section of road under its own corporate name, and that a separate organization was necessary. To provide this organization the Erie and Pittsburgh was incorporated by special act of the Pennsylvania Legislature, approved April 1, 1858, accepted by the stockholders of the company on June 28, 1858. This act provided that the company should continue work on the road from Girard Junction to Jamestown until $400,000 was expended, after which the property was to be transferred to the Erie and Pittsburgh in consideration for $400,000 of the latter's capital stock. The property was so turned over.

The Pittsburgh and Erie Railroad Company
This company, a corporation of the State of Pennsylvania, surveyed a line from Pittsburgh to Erie, Pa., acquired considerable right of way, and did some grading work south of Jamestown, but did not open any part of the road for operation. The section of road which had been graded from Greenville to Shenango River, between Clarksville and Sharpsville, about 9 miles, was sold at sheriff's sale to individuals, from whom it was afterwards purchased by the Erie and Pittsburgh. As authorized by special act of the Pennsylvania Legislature on May 20, 1857, the Pittsburgh and Erie sold and conveyed by deed of August 18, 1857, certain property, rights, and franchises in Crawford and Mercer Counties, Pa., to the Meadville Rail Road Company, which company now forms a part of the Erie Railroad system. No accounting records are obtainable.