Wikipedia:WikiProject Trains/ICC valuations/Nypano Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Location and General Description of Property
The railroad of The Nypano Railroad Company, herein called the Nypano Railroad, is located in the States of New York, Pennsylvania and Ohio. The main line extends from Salamanca, N. Y., via Orangeville, Pa., to Dayton, Ohio, 388.948 miles with a single-track branch line projecting from Buchanan Junction to Oil City, Pa., 33.860 miles. This property which forms that part of the Erie's principal main line between Salamanca, N. Y., and Pymatuning, Pa., and from Leavittsburg to Marion, Ohio, aggregates 422.808 miles of road, with 194.805 miles of second main track. In addition to property leased to the Erie, this company owns a brick building at Akron, Ohio, which is leased to the American Railway Express Company.

Introductory
The Nypano Railroad is a corporation of the States of Ohio and Pennsylvania, having its principal office at Cleveland, Ohio. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated hereinafter were obtained from a balance sheet statement as of date of valuation, certified by the comptroller of the company, filed with us, and from the records of the Erie.

The Nypano Railroad is controlled by the Erie through ownership of its entire outstanding capital stock. The records do not indicate that this company controls any common-carrier corporation.

From the date of its organization to December 31, 1917, the property of the Nypano Railroad, together with its leased lines, was operated by the Erie. At the time the property of the Nypano Railroad was taken over for operation by the Erie, it held under lease the property of the following companies: The Cleveland and Mahoning Valley Railroad Company, Westerman Coal and Iron Railroad, The Youngstown and Austintown Railway Company, and The Sharon Railway. The common-carrier property of this company, together with the common-carrier property of its leased lines, 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 Nypano Railroad was incorporated March 16, 1896, under the general laws of Ohio and Pennsylvania for the purpose of consolidating the property, rights, and franchises of The Nypano Railroad Company (of Ohio) and of The Nypano Railroad Company (of Pennsylvania). The date of organization was March 16, 1896. Pursuant to the above purpose, the Nypano Railroad acquired at its organization the property, rights, and franchises of the two railroad corporations named. The Nypano Railroad, itself, and those corporations, together with their predecessors, total 16 different corporations, of which two underwent a change of name, and comprise the line of corporate succession culminating in the Nypano Railroad as at present constituted. 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.

Development of Fixed Physical Property
The owned mileage of the Nypano Railroad, amounting to 422.808 miles, was acquired partly by consolidation and partly by construction. Of the 15 corporations that comprise the line of succession culminating in the Nypano Railroad as at present constituted, 10 corporations did not construct any road or other common-carrier property. These corporations were:
 * The Nypano Railroad Company (of Ohio).
 * The Nypano Railroad Company (of Pennsylvania).
 * The New York, Pennsylvania and Ohio Railroad Company (of Ohio).
 * The New York, Pennsylvania and Ohio Railroad Company (of Pennsylvania).
 * The Atlantic and Great Western Railroad Company (of 1871).
 * The Atlantic and Great Western Railway Company (of Ohio).
 * The Atlantic and Great Western Railway Company of New York and Pennsylvania.
 * The Atlantic and Great Western Railway Company of Pennsylvania.
 * The Atlantic and Great Western Railway Company of New York.
 * The Buffalo Extension of the Atlantic and Great Western Railway Company.

The property constructed by the Nypano Railroad, itself, and the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Nypano Railroad 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 given.

Leased Railway Property
The property of the Nypano Railroad, together with the property of others that it leases, was solely operated by the Erie from the date of organization to December 31, 1917, under lease agreement. From January 1, 1918, to date of valuation the property of the company, together with that of its leased lines, devoted to common-carrier purposes, 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.

The Nypano Railroad (of Ohio)
No accounting records of The Nypano Railroad Company (of Ohio) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of capital stock were obtained from articles of incorporation. The records reviewed did not indicate whether the company was controlled by any individual or corporation on March 16, 1896, the date of its demise, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by the Erie from the date of acquirement thereof to the date of its demise. The railroad owned by The Nypano Railroad Company (of Ohio) on the date of its demise and operated by the Erie consisted of approximately 266.575 miles of steam railroad, the main line of which extended from Dayton, Ohio, to the Ohio–Pennsylvania State line, with branch lines projecting therefrom. The entire 266.575 miles of railroad owned by the company had been acquired from Rosewell G. Rolston and Charles G. Mason, who had acquired it at a foreclosure sale on February 27, 1896, from the New York, Pennsylvania and Ohio Railroad Company (consolidated company). 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 Nypano.

The Nypano Railroad (of Pennsylvania)
No accounting records of The Nypano Railroad Company (of Pennsylvania) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of capital stock were obtained from the articles of incorporation. The records reviewed did not indicate whether the company was controlled by any individual or corporation on March 16, 1896, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by the Erie from the date of acquirement thereof to the date of its demise. The railroad owned by The Nypano Railroad Company (of Pennsylvania) on the date of its demise and operated by the Erie consisted cf approximately 175.245 miles of steam railroad, the main line of which extended from Salamanca, N. Y., to the Ohio-Pennsylvania State line, with a branch line extending from Buchanan Junction to Oil City, Pa. The entire 175.245 miles of railroad owned by the company had been acquired from Rosewell G. Rolston and Charles G. Mason, who had acquired it at a foreclosure sale on February 27, 1896, from the New York, Pennsylvania and Ohio Railroad Company (consolidated company). 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 Nypano Railroad.

The New York, Pennsylvania and Ohio Railroad (Consolidated Company)
Introductory

The accounting records of the company for the period December 1, 1895, to February 27, 1896, the date of demise, were not obtained. Although The New York, Pennsylvania and Ohio Railroad Company (consolidated company) did not acquire title to its property until April 2, 1880, the accounts of the company record the results of corporate operations thereof from January 7, 1880. Therefore, the accounting data in this report covering the results of corporate operations cover the period from January 7, 1880, to November 30, 1895. The records reviewed did not indicate whether the company was controlled by any individual or corporation on 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 its own organization from the date it acquired its original road until April 30, 1883. From May 1, 1883, to November 30, 1895, it was operated by The New York, Lake Erie and Western Railroad Company and its receivers, and from December 1, 1895, to March 15, 1896, it was operated by the Erie. The railroad owned by The New York, Pennsylvania and Ohio Railroad Company (consolidated company) and operated by the Erie consisted of approximately 441.820 miles of standard-gage, steam railroad, the main line of which extended from Dayton, Ohio, to Salamanca, N. Y., with numerous branches projecting therefrom, the principal one of which extended from Buchanan Junction to Oil City, Pa.

In addition to its owned mileage, the company leased approximately 169 miles of road of other companies that it subleased to The New York, Lake Erie and Western Railroad Company and to that company's successor, the Erie, as follows:


 * The Cleveland and Mahoning Valley Railway Company. Approximate mileage 124
 * The Sharon Railway. 16
 * The New Castle and Shenango Valley Railroad Company. 17
 * Westerman Coal and Iron Railroad. 2
 * The Youngstown and Austintown Railway Company. 10
 * Total. 169

Development of Fixed Physical Property

Of the 441.820 miles of road owned by The New York, Pennsylvania and Ohio Railroad Company (consolidated company) on the date of its demise, it had acquired 428.199 in the consolidation of The New York, Pennsylvania and Ohio Railroad Company (of Ohio) and The New York, Pennsylvania and Ohio Railroad Company (of Pennsylvania), 4.99 miles by purchase from the Akron Coal Company, and 8.631 miles by construction. 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 Nypano Railroad.

The New York, Pennsylvania and Ohio Railroad (of Ohio)
No accounting records of The New York, Pennsylvania and Ohio Railroad Company (of Ohio) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of capital stock were obtained from the articles of incorporation. The records reviewed did not indicate whether the company was controlled by any individual or corporation on April 2, 1880, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by the receiver of The Atlantic and Great Western Railroad Company (of 1871) from the date of acquirement thereof to date of demise. The railroad owned by The New York, Pennsylvania and Ohio Railroad Company (of Ohio) consisted of approximately 252.954 miles of steam railroad, extending from Dayton, Ohio, to the Ohio–Pennsylvania State line and from Wadsworth, Ohio, to coal mines. The entire 252.954 miles of railroad owned by the company had been acquired from Samuel A. Strang and Rosewell G. Rolston, who had acquired it at a foreclosure sale on January 6, 1880, from The Atlantic and Great Western Railroad Company (of 1871). 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 Nypano Railroad.

The New York, Pennsylvania and Ohio Railroad (of Pennsylvania)
No accounting records of The New York, Pennsylvania and Ohio Railroad Company (of Pennsylvania) were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of capital stock were obtained from the articles of incorporation. The records reviewed did not indicate whether the company was controlled by any individual or corporation on April 2, 1880, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by the receiver of The Atlantic and Great Western Railroad Company (of 1871) from the date of acquirement thereof to date of demise. The railroad owned by The New York, Pennsylvania and Ohio Railroad Company (of Pennsylvania) consisted of approximately 175.245 miles of steam railroad, the main line of which extended from Salamanca, N. Y., to the Ohio–Pennsylvania State line, with a branch line extending from Buchanan Junction to Oil City, Pa. The entire 175.245 miles of railroad owned by the company had been acquired from Samuel A. Strang and Rosewell G. Rolston, who had acquired it at a foreclosure sale on January 6, 1880, from The Atlantic and Great Western Railroad Company (of 1871). 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 Nypano Railroad.

The Atlantic and Great Western Railroad (of 1871)
No accounting records of The Atlantic and Great Western Railroad Company (of 1871) 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 company was controlled by any individual or corporation on March 15, 1880, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof until the receivership December 10, 1874. From that date until date of demise, it was operated by a receiver. In addition to its owned road the company operated at date of receivership approximately 139 miles of road of other companies, as follows:
 * The Cleveland and Mahoning Valley Railway Company. 124
 * The Sharon Railway. 13
 * Westerman Coal and Iron Railroad. 2

The railroad owned by The Atlantic and Great Western Railroad Company (of 1871) consisted of approximately 428.199 miles of steam railroad, the main line of which extended from Salamanca, N. Y., to Dayton, Ohio, with branch lines extending from Buchanan Junction to Oil City, Pa., and from Wadsworth, Ohio, to coal mines. Of this it acquired approximately 252.954 miles from The Atlantic and Great Western Railway Company of Ohio and approximately 175.245 miles from The Atlantic and Great Western Railway Company of New York and Pennsylvania. 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 Nypano Railroad.

The Atlantic and Great Western Railway of Ohio
No accounting records of The Atlantic and Great Western Railway Company of Ohio 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 company was controlled by any individual or corporation on November 20, 1871, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by the receiver of The Atlantic and Great Western Railway Company from the date of acquirement thereof to the date of demise. In addition the receiver operated approximately 82 miles of road owned by The Cleveland and Mahoning Railroad Company. The railroad owned by The Atlantic and Great Western Railway Company of Ohio consisted of approximately 252.954 miles of single-track, steam railroad, the main line of which extended from Dayton, Ohio, to the Ohio–Pennsylvania State line, with a branch line extending from Wadsworth, Ohio, to coal mines. The entire 252.954 miles of railroad owned by the company had been acquired from George B. McClellan, Allan G. Thurman, and William B. Duncan, who had acquired it at a foreclosure sale on July 26, 1871, from The Atlantic and Great Western Railway Company. 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 Nypano Railroad.

The Atlantic and Great Western Railway of New York and Pennsylvania
No accounting records of The Atlantic and Great Western Railway Company pf New York and Pennsylvania 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 company was controlled by any individual or corporation on November 20, 1871, the date of its demise, nor on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by the receiver of The Atlantic and Great Western Railway Company from the date of acquirement thereof to the date of demise. In addition, the receiver operated approximately 2 miles of road owned by the Westerman Coal and Iron Railroad. The railroad owned by The Atlantic and Great Western Railway Company of New York and Pennsylvania consisted of approximately 175.245 miles of single-track, steam railroad, the main line of which extended from Salamanca, N. Y., to the Ohio-Pennsylvania State line, with a branch line extending from Buchanan Junction to Oil City, Pa. The entire 175.245 miles of railroad owned by the company had been acquired by consolidation, 126.174 having been acquired from The Atlantic and Great Western Railway Company of Pennsylvania and 49.071 miles from The Atlantic and Great Western Railway Company of New York. 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 Nypano Railroad.

The Atlantic and Great Western Railway of Pennsylvania
No accounting records of The Atlantic and Great Western Railway Company of Pennsylvania 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 company was controlled by any individual or corporation on November 9, 1871, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by the receiver of The Atlantic and Great Western Railway Company from the date of acquirement thereof to the date of demise. In addition, the receiver operated approximately 2 miles of road owned by the Westerman Coal and Iron Railroad. The railroad owned by The Atlantic and Great Western Railway Company of Pennsylvania consisted of 126.174 miles of single-track, steam railroad, the main line of which extended from New York-Pennsylvania State line to the Ohio–Pennsylvania State line, with a branch line extending from Buchanan Junction to Oil City, Pa. The entire 126.174 miles of railroad owned by the company had been acquired from George B. McClellan, Allen G. Thurman, and William B. Duncan, who had acquired it at a foreclosure sale on July 22, 1871, from The Atlantic and Great Western Railway Company. 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 Nypano Railroad.

The Atlantic and Great Western Railway of New York
No accounting records of The Atlantic and Great Western Railway Company of New York 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 company was controlled by any individual or corporation on November 9, 1871, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation. The property of the company was operated by the receiver of The Atlantic and Great Western Railway Company from the date of acquirement thereof to the date of demise. The railroad owned by The Atlantic and Great Western Railway Company of New York consisted of approximately 49.071 miles of single-track, steam railroad extending from Salamanca, N. Y., to the New York-Pennsylvania State line, and had been acquired from George B. McClellan, Allen G. Thurman, and William B. Duncan, who had acquired it at a foreclosure sale on July 19, 1871, from The Atlantic and Great Western Railway Company. 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 Nypano Railroad.

The Atlantic and Great Western Railway
No accounting records of The Atlantic and Great Western Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information indicated hereinafter has been taken from sources other than the accounting records of the company. The records reviewed did not indicate whether the company was controlled by any individual or corporation on October 3, 1871, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date of acquirement thereof to December 7, 1868, and from April 9, 1869, to January 1, 1870, from December 7, 1868, to April 9, 1869, and from January 1, 1870, to September 1, 1871, it was operated by the Erie Railway Company, and from September 1, 1871, to the date of demise it was operated by a receiver. Although the property was sold at foreclosure in July, 1871, and was conveyed to its successors by deeds dated September 5, 1871, September 8, 1871, and October 3, 1871, the receiver continued to operate the property until it was taken over by The Atlantic and Great Western Railroad Company (of 1871) on November 20, 1871. In addition, the receiver operated approximately 82 miles of road owned by The Cleveland and Mahoning Railroad Company, and approximately 2 miles of road owned by the Westerman Coal and Iron Railroad.

The railroad owned by The Atlantic and Great Western Railway Company consisted of approximately 428.199 miles of single-track, steam railroad, the main line of which extended from Dayton, Ohio, to Salamanca, N. Y., with branches extending from Buchanan Junction to Oil City, Pa., and from Wadsworth, Ohio, to coal mines. Of this it acquired 252.954 miles from The Atlantic and Great Western Railroad Company (of Ohio), 117.282 miles from The Atlantic and Great Western Railroad Company of Pennsylvania, 49.071 miles from The Atlantic and Great Western Rail Road Company in New York, and 8.892 miles by construction. 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 Nypano Railroad.

The Buffalo Extension of the Atlantic and Great Western Railway
No accounting records of The Buffalo Extension of the Atlantic and Great Western 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 company was controlled by any individual or corporation on October 3, 1865, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation. No construction work was completed by this company, and it is not known whether it owned any common-carrier property on the date of its demise.

The Atlantic and Great Western Rail Road in New York
No accounting records of The Atlantic and Great Western Rail Road Company in New York 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 articles of incorporation and from a history of the Erie system, compiled by George H. Minor. The records reviewed did not indicate whether the company was controlled by any individual or corporation on October 3, 1865, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated from the date of completion thereof to the date of demise by an organization known as the Atlantic and Great Western Railway Line, composed of The Atlantic and Great Western Rail Road Company in New York, Atlantic and Great Western Railroad Company of Pennsylvania, and The Atlantic and Great Western Railroad Company (of Ohio). The railroad owned by The Atlantic and Great Western Rail Road Company in New York consisted of 49.071 miles of single-track, steam railroad, extending from the Pennsylvania-New York State line to Salamanca, N. Y. The railroad owned by the company on the date of its demise was acquired partly by purchase and partly by construction. It acquired by purchase from The Erie and New York City Railroad Company the portion of that company's road, then unfinished, between Bucktooth, N. Y., and a point near Ashville, N. Y. This unfinished portion of road was utilized by The Atlantic and Great Western Rail Road Company in New York in the construction of its road from Pennsylvania-New York State line to Salamanca, N. Y. 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 Nypano Railroad.

Atlantic and Great Western Railroad of Pennsylvania; formerly named Meadville Railroad Company
No accounting records of the Atlantic and Great Western Railroad Company of Pennsylvania 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 articles of incorporation and from a history of the Erie system, compiled by George H. Minor. The records reviewed did not indicate whether the company was controlled by any individual or corporation on October 3, 1865, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated from the date of completion thereof to the date of demise by an organization known as the Atlantic and Great Western Railway Line, composed of The Atlantic and Great Western Railroad Company (of Ohio), Atlantic and Great Western Railroad Company of Pennsylvania, and The Atlantic and Great Western Rail Road Company in New York. The railroad owned by The Atlantic and Great Western Railroad Company of Pennsylvania consisted of 117.282 miles of single-track, steam railroad, the main line of which extended from the Ohio-Pennsylvania State line to the Pennsylvania-New York State line, with a branch from Buchanan Junction to Franklin, Pa. The railroad owned by the company on the date of its demise was all acquired by construction with the exception of about 4 or 5 miles of old roadbed between Meadville and Geneva, Pa., that had been acquired by purchase from the Pittsburgh and Erie Railroad Company. 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 Nypano Railroad.

The Atlantic and Great Western Railroad (of Ohio); formerly named Franklin and Warren Railroad
No accounting records of The Atlantic and Great Western Railroad Company (of Ohio) 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 articles of incorporation and from a history of the Erie system, compiled by George H. Minor. The records reviewed did not indicate whether the company was controlled by any individual or corporation on October 3, 1865, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of the company was operated from the date of completion thereof to the date of demise by an organization known as the Atlantic and Great Western Railway Line, composed of The Atlantic and Great Western Railroad Company (of Ohio), Atlantic and Great Western Railroad Company of Pennsylvania, and The Atlantic and Great Western Rail Road Company in New York. In addition, the Atlantic and Great Western Railway Line operated for the company approximately 82 miles of road owned by The Cleveland and Mahoning Railroad Company. The railroad owned by The Atlantic and Great Western Railroad Company (of Ohio) consisted of 252.954 miles of single-track, steam railroad, extending from Dayton, Ohio, to the Ohio–Pennsylvania State line, with a branch from Wadsworth, Ohio, south to coal mines. The entire 252.954 miles of railroad owned by the company on the date of its demise was acquired by construction. 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 Nypano Railroad.