Wikipedia:WikiProject Trains/ICC valuations/Pennsylvania Company

Interstate Commerce Commission, Volume 23, Valuation Reports

Leased Lines
The Pennsylvania Company owns no railroad in fee. The common carrier property owned by it consists of equipment and machinery, lands, and a freight station and 1.013 miles of yard tracks and sidings at St. Louis, Mo. It operates, under lease or under contract or agreement, the properties of 10 other companies, comprising a network of main lines and branches lying within and between the States of Pennsylvania, Ohio, Indiana, and Illinois. All of these properties are of standard gauge and are operated by steam. By means of these properties and the properties of other carriers used under trackage agreements, the Pennsylvania Company reaches the cities of Pittsburgh, Pa., Cleveland, Toledo, Columbus, and Cincinnati, Ohio, and Chicago, Ill., as well as such other points as Beaver Falls, New Castle, Sharon, and Erie, Pa., Youngstown, Ashtabula, Akron, Canton, and Marietta, Ohio, and Fort Wayne, Ind.

The properties operated under lease are as follows:

Pittsburgh, Fort Wayne and Chicago Railway Company, herein called the Pittsburgh, Fort Wayne and Chicago, a double-track railroad extending from Pittsburgh, Pa., in a general northwesterly direction through Ohio and Indiana to Chicago, Ill., 468.398 miles.

Massillon and Cleveland Railroad Company, herein called the Massillon and Cleveland, a single-track railroad extending from Clinton, Ohio, southeasterly to Massillon, Ohio, 12.140 miles.

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.

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.

The Pittsburgh, Youngstown & Ashtabula Railway Company herein called the Pittsburgh, Youngstown & Ashtabula, a single and double-track railroad extending from Kenwood, Pa., to Ashtabula, Ohio, 98.675 miles, with 38.893 miles of branch lines extending to Homewood, New Castle, and Walford, in Pennsylvania, and to Alliance Junction, Ohio, or 137.568 miles in all.

The Youngstown and Ravenna Railroad Company, herein called the Youngstown and Ravenna, an uncompleted road between Ravenna and Boanna, Ohio, the only completed portions of which consist of 1.171 miles of road extending between Boanna and Niles Junction, Ohio, and 1.106 miles of road at Ravenna, or 2.277 miles in all.

The properties operated under contract or agreement or under arrangement whereby rent is contingent upon earnings or other considerations, are as follows:

The Pittsburgh, Ohio Valley and Cincinnati Railroad Company, herein called the Pittsburgh, Ohio Valley and Cincinnati, a single track railroad extending from Bellaire to Powhatan, Ohio, 15.156 miles.

The Cleveland, Akron and Cincinnati Railway Company, herein called the Cleveland, Akron and Cincinnati, a single-track railroad extending from Hudson to Columbus, Ohio, 143.767 miles, and from Killbuck to Morrow, Ohio, 182.033 miles, with a branch line from Kramore Junction, Ohio, to a point near West Lebanon, Ohio, 9.3S6 miles, or 335.186 miles in all.

The Toledo, Columbus and Ohio River Railroad Company, herein called the Toledo, Columbus and Ohio River, a single-track railroad extending from Toledo Junction to Toledo, Ohio, 80.524 miles, from Sandusky to Columbus, Ohio, 108.273 miles, Canal Dover to Marietta, Ohio, 103.062 miles, and from Loudonville to Coshocton, Ohio, 45.398 miles, with a branch from Canal Dover to Harwalk, 7.919 miles, or 345.176 miles in all.

South Chicago & Southern Railroad Company, herein called the South Chicago and Southern, a single-track railroad extending from South Chicago, I11., to Pine, Ind., 12.629 miles, from Colehour, I11., to Bernice, I11., 9.288 miles, and from Hammond Junction, Ind., to the Indiana-Illinois line, 0.920 mile, or 22.837 miles in all.

That part of the property of the Western New York and Pennsylvania Railway Company, lessor of the Pennsylvania Railroad, extending between Mahoningtown and Stonesboro, Pa., and Leesburg andRedmond, Pa., a total distance of 51.492 miles, is operated by the Pennsylvania Company as sublessee.

In addition, the Pennsylvania Company operates, as agent, the properties of the Chicago Union Station Company and the Calumet Western Railway Company.

Pennsylvania Company wholly owns but does not use 1.013 miles of all tracks, wholly uses but does not own 4,312.759 miles of all tracks, and jointly uses but does not own 28.885 miles of all tracks, which are classified in the trackage table in Appendix 1.

Economic Conditions Relating to Traffic
More than 85 per cent of the freight tonnage of the Pennsylvania Company's system consists of products of mines and factories. The coal and iron industries are predominant in the Pittsburgh district. Large steel mills and blast furnaces are situated on the Pennsylvania Company's lines at or near Pittsburgh, New Castle, and Sharon, Pa.; Steubenville, Bellaire, Dover, Zanesville, Canton, Massillon, Cleveland, Youngstown, and Columbus, Ohio; and Chicago, Ill. Manufacturing in large volume and of great variety is the leading industry in many large industrial centers on the system. Iron ore from the mines in the Lake Superior district is delivered by water to the Great Lake ports of the Pennsylvania Company and transported by it to furnaces located on its lines. Bituminous coal, petroleum, and natural gas are important products of the mines in Pennsylvania and Ohio. The greater part of the Pennsylvania Company's system lies in a fertile farming country. The lines in Ohio and Indiana traverse the great farm belt of the Middle States. Grain, hay, fruits, vegetables, livestock, and poultry are the principal farm products.

Physical Characteristics of Road
[...] The grading in western Pennsylvania and southeastern Ohio is the most difficult of any on the Pennsylvania Company's system. The excavations contain considerable quantities of loose and solid rock and the volume of grading per mile is unusually large, owing to the rocky and mountainous character of the country traversed and to the additional width for double-track and four-track roads. Grading on the 4-track roads from Pittsburgh, Pa., to the Pennsylvania-Ohio State line averages about 260,000 cubic yards per mile of road; from Kenwood, Pa., to the Pennsylvania-Ohio State line, which is in part a double-track and in part a 4-track road, it averages about 190,000 cubic yards per mile; and from Rochester, Pa., to Cleveland, Ohio, a double-track road, it averages about 100,000 cubic yards per mile. On the double-track trunk line through Ohio and Indiana grading averages about 60,000 cubic yards per mile. On the remainder of the system, with the exception of heavy work In the neighborhood of large cities and for short distances in the broken country in southeastern Ohio, the grading averages generally less than 50,000 cubic yards per mile. In the flatter parts of Ohio and Indiana, where the grading is the lightest, it averages less than 15,000 cubic yards per mile of road. In some places extensive retaining walls are necessary to support the roadway. Tile drainage in certain cuts, principally on through traffic lines, also is extensive, comprising, on the entire system, 1,500,000 lineal feet of pipe of a diameter from 6 to 24 inches. Grading for the Conway freight yards in Pennsylvania contains about 7,000,000 cubic yards of embankment. In the yards and docks at Cleveland and Ashtabula, Ohio, the volumes of embankment are 4,600,000 and 2,000,000 cubic yards, respectively. This embankment is in part charged to the wharf accounts and in part included in the land appraisal.

There are six single-track tunnels on the system, ranging from 1,001 to 2,552 feet in length.

The principal bridges are the one over the Allegheny River at Pittsburgh, Pa., and that over the Maumee River at Toledo, Ohio. The first of these bridges is 965 feet in length and consists of three pin-connected spans, the largest of which is 333 feet in length. This bridge carries four tracks on two double-track decks. The weight of the metal in this bridge is unusually heavy. The bridge at Toledo is a steel bridge 1,118 feet in length, and consists of eight spans, having a single-track runway and a double-track gauntlet. The largest span is an electrically-operated, pin-connected, swing span. There are five or six other movable bridges on the system of swing, bascule, or lift design.

Ties are untreated white oak. There is a small percentage of creosote and zinc-treated ties. The ties are two sizes, 7 inches by 9 inches by 8.5 feet, and 7 inches by 9 inches by 8 feet. About 20 per cent are of the larger size. Ties on the main track run from 2,800 to 3,300 per mile.

The rail in main line tracks is 100-pound and 85-pound rail laid new, with a small amount of 85-pound relay rail. The rail generally runs 1.5 per cent in excess of the nominal weights by which it is designated. On branch lines the rail is either lighter weight new rail or relay rail of about the same weight as that used on the main line.

On the main line from Pittsburgh to Chicago broken stone ballast is in general use. On the lines from Pittsburgh to Erie, Ashtabula, and Cleveland slag and broken stone are the prevailing ballast materials. Gravel ballast predominates generally on the remaining lines of the system. Cinders and gravel are used to a large extent on side tracks.

Coal and ore wharves at Lake Erie ports, principally at Cleveland and Ashtabula, are extensive.

Introductory
Pennsylvania Company is a corporation of the State of Pennsylvania, having its principal office at Pittsburgh, Pa. It is controlled by the Pennsylvania Railroad, through ownership of the entire outstanding capital stock. It was organized in the interest of the Pennsylvania Railroad for the principal purpose of managing the railroad properties known as the Pennsylvania Lines West of Pittsburgh. Pennsylvania Company solely controls, either directly or indirectly, eight of the ten companies whose properties it operates, as follows:

In addition to the foregoing companies, the Pennsylvania Company solely or jointly controls 31 railroad companies, 7 terminal and belt line companies, 1 steamship company and 3 land-holding companies, none of which it operates, as follows:


 * 1 Reported by the Pennsylvania Company as inactive transportation companies in its report filed with us for the year ending on date of valuation.
 * 2 With The Pittsburgh and Lake Erie Railroad Company and The Baltimore and Ohio Railroad Company.
 * 3 With The Chicago, Rock Island and Pacific Railway Company and Indiana Harbor Belt Railroad Company.
 * 4 With The Cleveland, Cincinnati, Chicago and St. Louis Railway Company.
 * 5 With The Pittsburgh and Lake Erie Railroad Company.
 * 6 With The New York Central Railroad Company.
 * 7 With Chicago, Burlington & Quincy Railroad Company.
 * 8 With The Atchison, Topeka and Santa Fe Railway Company; Illinois Central Railroad Company; Chicago, Indianapolis and Louisville Railway Company; Chicago and Eastern Illinois Railroad Company; Minneapolis, St. Paul & Sault Ste. Marie Railway Company; Grand Trunk Western Railway Company; Chicago, Burlington & Quincy Railroad Company; The Chesapeake and Ohio Railway Company of Indiana; Chicago & Erie Railroad Company; Wabash Railway Company; and The Chicago, Rock Island and Pacific Railway Company.
 * 9 With The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company; Chicago, Burlington & Quincy Railroad Company; and Chicago. Milwaukee and St. Paul Railway Company.
 * 10 With The Michigan Central Railroad Company; The New York Central Railroad Company; Grand Trunk Western Railway Company; Pere Marquette Railroad Company; The Cincinnati, Hamilton and Dayton Railway Company; Toledo, St. Louis and Western Railroad Company; The Hocking Valley Railway Company; and The Toledo and Ohio Central Railway Company.
 * 11 With Canadian Pacific Railway Company.

Operation of the Pennsylvania Company began on April 1, 1871, on which date the Pennsylvania Railroad assigned to it leases of the properties of the Pittsburgh, Fort Wayne and Chicago and the Erie and Pittsburgh, whose combined mileages amounted to about 650 miles of road. From that date to date of valuation the operated mileage of the Pennsylvania Company has been expanded to approximately 1,679 miles of road, exclusive of property operated under trackage agreements.

Corporate History
Pennsylvania Company was incorporated by special act of the Legislature of Pennsylvania, approved April 7,1870. Letters patent were issued by the Governor of Pennsylvania on November 25, 1872. Pennsylvania Company was incorporated for the purpose of managing the railroad properties known as the Pennsylvania Lines West of Pittsburgh. Supplemental acts of the Legislature of Pennsylvania approved April 18, 1871, and April 10, 1873, authorized the Pennsylvania Company to divide its capital stock between common and preferred if it so desired, and to create and issue bonds, bearing not exceeding 7 per cent gold interest, to an amount not exceeding the fully paid capital stock as it may exist from time to time. Mention is made in the chapter following of certain carrier properties acquired and later disposed of by the Pennsylvania Company.

Development of Fixed Property
Pennsylvania Company owns no railroad in fee. On March 14, 1890, it acquired from Henry Hartman and wife about 2.87 miles of standard-gauge railroad known as the Marginal Railroad (not incorporated), extending from a connection with the Pittsburgh, Fort Wayne and Chicago to various industries in Beaver Falls, Pa., and on January 18, 1904, it acquired the property of The Rochester, Beaver Falls and Western Railway Company, consisting of about 0.57 mile of track in Beaver Falls, Pa. By deed dated June 30, 1916, the Pennsylvania Company sold and conveyed both of the foregoing properties to the Pittsburgh, Fort Wayne and Chicago. Operation of the properties now operated by the Pennsylvania Company under lease or other arrangement was commenced on the following dates:

Leased Railway Property
Pennsylvania Company uses on date of valuation facilities owned by other companies and other companies use facilities owned or leased by the Pennsylvania Company to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation, are as follows:


 * Solely owned, but not used, leased to Vandalia Railroad Company: Freight station and 1.103 miles of yard tracks and sidings at St. Louis, Mo. The records do not state separately what rental, if any, was paid for the use of this property for the year ended on date of valuation. ---
 * Solely used, but not owned, leased from —
 * Pittsburgh, Fort Wayne and Chicago: Entire property, leased to the Pennsylvania Railroad June 7, 1869, for 999 years; lease assigned to Pennsylvania Company Apr. 1, 1871; annual rental, an amount equal to interest on bonds, sinking-fund instalment on bonds, organization expenses not to exceed $19,000, and 7 per cent on capital stock. Improvements made by lessee to be paid for lessor through the issuance of its securities. $5,068,041.00
 * Massillon and Cleveland: Entire property; leased to the Pittsburgh, Fort Wayne and Chicago May 22, 1869, for a period of 99 years; lease assigned to the Pennsylvania Railroad June 7, 1869, by whom assigned to Cleveland, Mt. Vernon and Delaware Railroad Company Jan. 2, 1870, by whom surrendered to the Pennsylvania Company Sept. 28, 1880; annual rental equal to 40 per cent of gross revenue, but not less than $20,000 per annum. 29,823.22
 * Erie and Pittsburgh: Entire property; leased to the Pennsylvania Railroad Mar. 24, 1870, for 999 years; lease assigned to the Pennsylvania Company Apr. 1, 1871; annual rental, an amount equal to interest on bonds, organization expenses not to exceed $2,850, and 7 per cent on capital stock. Taxes paid by lessee. Improvements made by lessee to be paid for by lessor through issuance of its securities. 418,694.24
 * Cleveland and Pittsburgh: Entire property, some of which is subleased to Erie Railroad Company, as noted hereinafter; leased to the Pennsylvania Railroad Oct. 25, 1871, for 999 years from Apr. 14, 1873; lease assigned to the Pennsylvania Company Apr. 14, 1873; annual rental, an amount equal to interest on bonds, organization expenses not to exceed $10,000, 7 per cent on common stock and 4 per cent on special guaranteed betterment stock. Taxes paid by lessee. Improvements made by lessee to be paid for by lessor through issuance of its securities. 1,824,361.53
 * Pittsburgh, Youngstown & Ashtabula: Entire property; leased to the Pennsylvania Company for 999 years from July 1, 1910; annual rental, an amount equal to interest on bonds, sinking-fund instalments, organization expenses, and 7 per cent on capital stock. Improvements made by lessee to be paid for by lessor through issuance of its securities. 999,271.07
 * Youngstown and Ravenna: Entire property; operated by the Pennsylvania Company since July 1, 1910, under lease agreement with the Pittsburgh, Fort Wayne and Chicago dated Jan. 1, 1906, terminable upon 18 months' notice; annual rental, an amount equal to 4 per cent on cost of construction. 18,216.31
 * Pittsburgh, Ohio Valley and Cincinnati: Entire property; operated without written agreement, the Pennsylvania Company paying to the Pittsburgh, Ohio Valley and Cincinnati the net revenue from operation. 34,257.57
 * Cleveland, Akron and Cincinnati: Entire property; operated by the Pennsylvania Company under an agreement dated Dec. 1, 1911, effective Jan. 1, 1912, terminable upon six months' notice; Pennsylvania Company maintains and operates the property and pays to the Cleveland, Akron and Cincinnati an amount equal to the net earnings derived from operation of the property. Funds for additions and betterments to be furnished by the Cleveland, Akron and Cincinnati. 856,535.64
 * Toledo, Columbus and Ohio River: Entire property; operated by the Pennsylvania Company under an agreement dated June 30, 1911, terminable upon six months' notice; Pennsylvania Company operates the property and pays to the Toledo, Columbus and Ohio River a sum equal to the net earnings from operation of the property. Funds for additions and betterments to be furnished by the Toledo, Columbus and Ohio River. 1,835,892.20
 * South Chicago & Southern: Entire property; operated without written agreement, the Pennsylvania Company paying to the South Chicago & Southern the net revenue from operation. 11,196.52
 * Western New York and Pennsylvania Railway Company: Entire road leased to the Pennsylvania Railroad; that part thereof extending from Mahoningtown to Stoneboro, Pa., and from Leesburgh to Redmond, Pa., 51.492 miles, operated under sublease by Pennsylvania Company, under agreements with the Pennsylvania Railroad dated July 14, 1900, and June 24, 1903. Pennsylvania Company pays to the Pennsylvania Railroad the net revenue from operation. Agreement terminable on 60 days' notice. 213,818.68
 * Mather Horse & Stock Car Company, 169 stock cars; rental not stated separately. ---
 * Streets Western Stable Car Company; 1,204 stock cars; rental not stated separately. ---
 * Solely owned by operated lines of the Pennsylvania Company, used jointly by the Pennsylvania Company and other carriers, owned by—
 * Pittsburgh, Fort Wayne and Chicago—
 * Tracks, Adams to Fort Wayne, Ind., 5.43 miles, and Fort Wayne to Grand Rapids Junction, Ind., 1.31 miles, and passenger and freight terminal facilities at Fort Wayne, Ind., used by Grand Rapids & Indiana Railway Company jointly with the Pennsylvania Company under a 995-year agreement dated Jan. 1, 1873. For use of tracks between Adams and Fort Wayne the Grand Rapids & Indiana Railway Company pays an amount equal to its gross earnings between the points mentioned, computed on a mileage basis; for use of passenger and terminal facilities it pays 5 cents for each adult passenger and 2½ cents for each half-fare passenger carried over these tracks whose transportation begins or ends at Fort Wayne. 23,438.76
 * Tracks and facilities, Colehour, Ill., to passenger station at Chicago, Ill., 14.19 miles, used by The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company jointly with the Pennsylvania Company, without written agreement. Rental based on 40 cents per passenger train-mile, 2 cents per light engine mile, and 1 cent per cabin car-mile. 13,428.91
 * Tracks, Chicago, Burlington & Quincy Junction, north of Sixteenth Street to Twelfth Street, Chicago, Ill., 0.37 mile, used by Chicago, Burlington & Quincy Railroad Company jointly with the Pennsylvania Company under agreement dated Sept. 7, 1880. Rental, one-half of one-fifth of 7 per cent on valuation of $142,623.25. Expense of operation and maintenance apportioned on wheelage basis. 499.19
 * Tracks, south line of Van Buren Street to south line of Madison Street, Chicago, Ill., 0.36 mile, used by The Chicago and Alton Railroad Company jointly with the Pennsylvania Company under 999-year agreement dated Dec. 31, 1879. No rental payment stated. ---
 * Freight station, Allegheny and Pittsburgh, Pa., used by the Pennsylvania Railroad jointly with the Pennsylvania Company. Rental at 4 per cent on valuation of $406,792.15 for Allegheny station and $1,610,644 for Pittsburgh station apportioned, together with expense of maintenance and operation, on tonnage basis. 6,424.62
 * Freight stations, Allegheny and Pittsburgh, Pa., used by The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company jointly with the Pennsylvania Company. Rental at 4 per cent on valuation of $406,792.15 for Allegheny station and $1,610,644 for Pittsburgh station apportioned, together with expense of maintenance and operation, on tonnage basis. 2,183.86
 * Passenger station, interlocker and tracks at Allegheny, Pa., used by the Pennsylvania Railroad jointly with the Pennsylvania Company. Rental at 4 per cent on valuation of $375,696 for passenger station apportioned on basis of tickets sold; rental at 4 per cent on valuation of $997,657.82 for interlocker and tracks apportioned on basis of use. 5,485.94
 * Massillon and Cleveland: Tracks and facilities, Massillon to Clinton, Ohio, 12.14 miles, and tracks of The Baltimore and Ohio Rail Road Company between Massillon and Warwick, Ohio, 11.48 miles, operated as a double-track system. No rental paid or received. ---
 * Cleveland and Pittsburgh—
 * Tracks and facilities, Brady Lake to Minerva, Ohio, 36.52 miles, used by The New York Central Railroad Company jointly with the Pennsylvania Company under agreement dated Oct. 31, 1911, terminable upon 18 months' notice. Rental based on 55 cents per train-mile with a minimum of $40,000 per year. 15,999.96
 * Tracks and facilities, Brady Lake to Ravenna, Ohio, 2.79 miles, used by The New York Central Railroad Company jointly with the Pennsylvania Company under a 20-year agreement dated Jan. 5, 1914. Rental based on one-half of 4 per cent on valuation of $615,203.90. Maintenance and operation divided on a wheelage basis. (See also below). 12,268.28
 * Youngstown and Ravenna: Tracks from junction with the Cleveland and Pittsburgh to Mahoning Valley Western Junction at Ravenna, Ohio, 1.11 miles, used by The New York Central Railroad Company jointly with the Pennsylvania Company under a 20-year agreement dated Jan. 5, 1914. Valuation includes portion of tracks of the Cleveland and Pittsburgh used by The New York Central Railroad Company. (See above.) Rental included in bill for the Cleveland and Pittsburgh's proportion.
 * Cleveland, Akron and Cincinnati—
 * Tracks and facilities, Zanesville to Spangler, Ohio, 2.90 miles, together with terminal facilities at Zanesville, Ohio, used by The Zanesville and Western Railway Company jointly with the Pennsylvania Company under agreements dated June 27, 1886, and May 18,1888, for 30 years. Rental based on 3½ per cent on valuation of $208,854.88. Expenses of operation and maintenance divided on user basis. 7,310.24
 * Tracks and facilities, Zanesville, Ohio, to O. & L. K. Junction, 1.80 miles, and terminal facilities at Zanesville, used by The Baltimore and Ohio Railroad Company jointly with the Pennsylvania Company under agreements dated July 2, 1888, Oct. 30, 1888, and Jan. 17, 1893. Rental based on agreed valuations. Expenses of operation and maintenance divided on user basis. 10,733.08
 * Tracks and facilities, Spangler to Crooksville, Ohio, 10.88 miles, used by The Baltimore and Ohio Railroad Company jointly with the Pennsylvania Company under agreement dated Sept. 15, 1902. Rental based on payment of 62 cents per train-mile. 388.25
 * Tracks and facilities, New Lexington to Bremen, Ohio, 11.25 miles, used by The Toledo and Ohio Central Railway Company jointly with the Pennsylvania Company under 25-year agreement dated Mar. 3, 1898. Rental of 3 per cent per annum on valuation of $179,463.89. Operation and maintenance based on car and engine mileage. 7,318.42
 * Tracks and facilities, Akron to Warwick, Ohio, 15.5 miles, and tracks of The Baltimore and Ohio Railroad Company between the same points operated as a double-track system. No rental paid or received. ---
 * Tracks, 0.57 mile, and terminal facilities at Millersburgh, Ohio, used by The Baltimore and Ohio Railroad Company jointly with the Pennsylvania Company under agreement dated Oct. 18, 1893. Rental based on 3 per cent of agreed valuation. ---
 * Toledo, Columbus and Ohio River—
 * Tracks, Woodlawn Avenue to Cleveland, Akron and Cincinnati crossing, Columbus, Ohio, 0.92 mile, used by The Toledo and Ohio Central Railway Company jointly with the Pennsylvania Company. Expense of maintenance and operation and interest on valuation apportioned on basis of number of engines and cars handled. 248.05
 * Tracks, Walbridge, Ohio to Outer Yard, 1.50 miles, and terminal facilities at Toledo, Ohio, used by the Vandalia Railroad Company jointly with the Pennsylvania Company, under agreement dated June 28, 1915, terminable on 30 days' notice. Annual rental, $12,000. 4,800.00
 * Tracks, Olive Street to Old City Line, Toledo, Ohio, 1.11 miles, used by The Manufacturers Railway Company jointly with the Pennsylvania Company. Rental, proportion of $500 per annum and of expenses of maintenance and operation, based on car mileage. No amount identified as rental for year ended on date of valuation. ---
 * South Chicago & Southern—
 * Tracks and facilities, Bernice to Colehour, Ill., 9.29 miles used by The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company jointly with the Pennsylvania Company without written agreement. Rental based on 40 cents per passenger train-mile, 2 cents per light engine mile and 1 cent per cabin car-mile. 9,834.20
 * Tracks and facilities, Hegewisch Junction to Calumet Park, Ill., 1.74 miles, and South Chicago to Hegewisch Junction, Ill., 4.40 miles, used by Indiana Harbor Belt Railroad Company jointly with the Pennsylvania Company under 50-year agreement dated June 6, 1901. Rental based on 5 per cent on agreed valuations and apportioned, together with expense of operation and maintenance, on car-mileage basis. 13,621.62
 * Tracks Pine to Hammond, Ind., 6.14 miles, used by Pere Marquette Railroad Company jointly with the Pennsylvania Company. Annual rental, $12,000, one-half of which is retained by The Baltimore and Ohio Chicago Terminal Railroad Company. 6,000.00
 * Clarke Junction to Hammond Junction, Ind., 5.70 miles, used by Wabash Railway Company jointly with the Pennsylvania Company. Annual rental, $12,000, one-half of which is retained by The Baltimore and Ohio Chicago Terminal Railroad Company. 6,000.00
 * Tracks and facilities, Pine to Hammond, Ind., 6.14 miles, and tracks of The Baltimore and Ohio Chicago Terminal Railroad Company between the same points, operated for the benefit of the latter and the Pennsylvania Company as a joint system. Expenses and fares apportioned on wheelage basis. No rental paid. ---

The lines operated by the Pennsylvania Company own jointly with other companies, which is used jointly by the Pennsylvania Company and the joint owners.


 * Jointly used but not owned, owned by—
 * The Little Miami Railroad Company, operated by The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company: Tracks and facilities, Morrow to Cincinnati, Ohio, 36.44 miles, and terminal facilities at Cincinnati, used under agreement of May, 1860, between owner and the Cincinnati, Wilmington and Zanesville Railroad Company, predecessor of the Cleveland, Akron and Cincinnati. Earnings from passenger service divided equally; Pennsylvania Company pays 45 cents per train-mile for freight trains. No amount charged to income as rental. ---
 * The New York Central Railroad Company—
 * Tracks and other facilities between Girard Junction and Erie, Pa., about 16.70 miles, used for freight and passenger service under agreement dated Oct. 18, 1900, terminable upon 18 months' notice. Pennsylvania Company pays 55 cents per train-mile for each train operated, with a minimum payment of $55,000 in any one year. 34,098.44
 * Tracks, East Toledo to Toledo, Ohio, about 1.90 miles, and passenger station, engine house, and other facilities at Toledo, under an agreement dated Nov. 30, 1908, terminable upon 60 days' notice. Pennsylvania Company pays 75 cents per train-mile and a proportion, based on use, of 6 per cent per annum on a valuation of $648,994.14 for the passenger station, tracks, and appurtenances. Maintenance and operation apportioned on basis of trains handled. 3,883.29
 * Main and side tracks, water tracks, and other appurtenances, Stoneboro to Oil City, Pa., about 30 miles, under agreement dated May 31, 1892, terminable upon one year's written notice. Pennsylvania Company pays fixed rental of $26,400 per annum for use of tracks, and a proportion of its earnings for freight and passenger traffic handled. Pennsylvania Company also pays its proportion of operation and maintenance, based on wheelage. 39,782.35
 * The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
 * Tracks, Bay Junction to Wayne Street, Sandusky, Ohio, about 1.20 miles, under agreement dated Mar. 21, 1893, for a period of 30 years. Pennsylvania Company pays $500 per month. $3,222.00
 * Tracks, Fifth Avenue to Union Depot Company's tracks at Columbus, Ohio, about 1 mile, under agreements dated May 10, 1886, and Nov. 23, 1894, terminable upon one year's notice. Pennsylvania Company pays a flat rental of $3,000 per annum. 1,500.00
 * Mahoning Valley Western Railroad Company, operated by The Baltimore and Ohio Railroad Company: Tracks, sidings, and appurtenances, Niles Junction to Ravenna, Ohio, about 22.90 miles, under agreement dated Jan. 19, 1904, modified by agreement of Nov. 27, 1911, terminable upon 18 months' notice. Pennsylvania Company pays an annual rental equal to 5 per cent on one-third of the total cost of right of way, and proportion of maintenance and operation on mileage basis. 44,730.83
 * The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company: Double-track main line, Coshocton to Newcomerstown, Ohio, about 13.65 miles, used by the Pennsylvania Company since 1893, without written agreement. No payment for use is stated. ---
 * The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company and The Baltimore and Ohio Railroad Company: Right of way and about 0.21 mile of tracks into Union Depot, Columbus, Ohio, under agreements dated Jan. 1, 1884, and July 16, 1900, effective while parties use the Union Depot. Pennsylvania Company pays a flat rate of $250 per month as rental and $50 per month for maintenance. 1,375.00
 * The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company and Norfolk and Western Railway Company: Freight station and facilities at Columbus, Ohio, the Pennsylvania Company paying to The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company fixed rental of $7,020 per annum and to Norfolk and Western Railway Company rentals based on agreed valuations. 20,498.09
 * Union Depot Company (Columbus, Ohio): Passenger terminal facilities, the Pennsylvania Company paying proportion of annual rental equal to 8 per cent dividend on stock, interest on 7 per cent mortgage bonds, and contributions to sinking fund. Expenses apportioned on basis of trains handled. 6,451.84
 * Dayton and Michigan Railroad Company: Tracks from connection at Oak Street to connection with The New York Central Railroad at East Toledo, Ohio, about 0.72 mile, under agreements dated June 27, 1898, June 12, 1906, and Nov. 7, 1912, terminable upon 60 days' notice. Pennsylvania Company pays $1 per train and one-half of wages of two switch-tenders. 1,610.00
 * The Pennsylvania Railroad Company: Tracks, Pennsylvania station to connection with the Pittsburgh, Fort Wayne and Chicago at Spring Alley, Pittsburgh, Pa., about 0.17 mile, together with passenger terminal freight station and engine house at Pittsburgh, transfer station and engine house at Pitcairn, Pa., freight and passenger station at Allegheny, Pa., and engine house at Conway, Pa., used since Apr. 1, 1871, without written agreement. Pennsylvania Company pays an annual rental equal to 4 per cent on stipulated valuations and its proportion, based on use, of expenses of operation and maintenance. 204,280.44
 * Chicago Union Station Company: Station and terminal facilities, Twelfth Street to Fulton Street, Chicago, Ill., 1.43 miles, under agreement dated July 2, 1915, effective until July 3, 1963. Annual rental equal to 7 per cent on valuation of $1,188,905 is divided equally among tenant companies and expense of operation and maintenance is proportioned. 15,833.56
 * Calumet Western Railway Company: Tracks and facilities, one hundred and sixth Street, Chicago, to Hegewisch, Ill., 3.42 miles, under agreements of June 6, 1901, for 50 years, and June 29, 1901, terminable on written notice. Pennsylvania Company pays one-fourth of maintenance and taxes and 50 cents per loaded car move on the tracks. No charge is made to income for rental. ---
 * The Baltimore and Ohio Chicago Terminal Railroad Company: Tracks, Calumet Park, Ill., to east of Illinois-Indiana State line near Hammond Junction, Ind., 1.40 miles, under agreement dated Apr. 1, 1898, for 999 years. Pennsylvania Company pays annual rental equal to 3 per cent on valuation of $60,000 and proportion, on wheelage basis, of maintenance and operation. 1,800.00
 * The Akron Union Passenger Depot Company: Passenger terminal and facilities at Akron, Ohio, the Pennsylvania Company paying proportion of stipulated rental and expense of operation based on trains handled. 3,383.57
 * The Wheeling Terminal Railway Company: Terminal facilities and tracks, Martin's Ferry, Ohio, and Wheeling, W. Va. Pennsylvania Company pays fixed rate per loaded car passing over tracks to cover rent and operation of road between Wheeling and Martin's Ferry, and a fixed rental and proportion of certain expenses for use of freight house at Wheeling. 53,461.63
 * Pittsburgh Joint Stock Yards Company: Stockyard facilities and tracks appurtenant thereto, Herr's Island, Pittsburgh, Pa. Pennsylvania Company pays proportion, based on cars handled, of rental of 5 per cent per annum and of expense of operation and maintenance. 7,957.97
 * The Baltimore and Ohio Chicago Terminal Railroad Company: Tracks and facilities, Pine to Hammond, Ind., 6. 14 miles, and tracks of the South Chicago & Southern, whose property is operated by the Pennsylvania Company, between the same points, operated for the benefit of both companies as a joint system. Expenses and taxes apportioned on wheelage basis. No rental paid. ---
 * The Baltimore and Ohio Rail Road Company—
 * Tracks and facilities, Massillon to Warwick, Ohio, 11.48 miles, and tracks of the Massillon and Cleveland, whose property is operated by the Pennsylvania Company, between the same points operated as a double-track system. No rental paid or received. ---
 * Tracks and facilities, Second Street industry tracks at Cambridge, Ohio, 1.77 miles, under agreement dated Apr. 7, 1890, providing for the payment of half the cost of maintenance and 3 per cent of the cost of tracks and facilities. ---
 * Tracks and facilities, Akron to Warwick, Ohio, 15.5 miles, and tracks of the Cleveland, Akron and Cincinnati, whose property is operated by the Pennsylvania Company, between the same points operated as a double-track system. No rental paid or received. ---
 * Tracks from Pleasant City, Ohio, to coal mines of the Cambridge Collieries Company, near Buffalo, Ohio, 4.44 miles, under agreements dated Apr. 5, 1909, and June 20, 1904, respectively, providing for payment of 62½ cents per train-mile. No charges made by the Pennsylvania Company to income for rental. ---

In addition to the foregoing, the Pennsylvania Company uses jointly with the owners a large number of other facilities of minor importance, such as interlockers, crossings, targets, passenger, freight and water stations, and interchange and other facilities.

Pennsylvania Company has the right to operate over 27.79 miles of track between Marcy and Brady's Lake, Ohio, owned by The Lake Erie and Pittsburg Railway Company, but was not exercising this right on date of valuation. The Lake Erie and Pittsburg Railway Company was organized in the interest of and controlled by the Pennsylvania Company and The New York Central Railroad Company. The agreement for the use of its property by both companies provides that each company shall pay as rental a sum equivalent to one-half of the dividend at the rate of 5 per cent per annum on the outstanding capital stock of the company and one-half of the interest upon its obligations for construction. Pennsylvania Company recorded as a charge to income for the year ended on date of valuation the amount of $195,525. This amount is returned to the Pennsylvania Company as dividends on the stock and interest on the bonds of The Lake Erie and Pittsburg Railway Company owned by it.


 * Solely leased, but used by other carriers, owned by—
 * Cleveland and Pittsburgh; 2.499 miles of second main track and 0.255 mile of sidings between Brady Lake and Ravenna, Ohio, used by the Erie Railroad Company under an agreement dated July 1, 1911, extending for period of 10 years and thereafter terminable by either party. Rental is based on rate of $2,000 per annum. ---
 * Pittsburgh, Fort Wayne and Chicago, locomotives leased to Grand Rapids & Indiana Railway Company. The records do not state separately the rental paid by that company. ---

Pennsylvania Company leases from the Pennsylvania Railroad for 999 years from April 1, 1871, certain property owned by that company known as the Steubenville extension of the Pennsylvania Railroad, 1.183 miles in length, extending from the east side of Washington Street to the center line of Smithfield Street, Steubenville, Ohio, together with the south-side main line and appurtenances. In consideration for acquiring the lease of this property the Pennsylvania Company issued to the Pennsylvania Railroad $1,250,000 par value of its preferred stock. This property was sublet by the Pennsylvania Company to The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company for sole operation under a 25-year lease dated October 24, 1876. This lease expired on November 1, 1901, and was not renewed. The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company continues to operate the property under the same terms, paying as rental a sum equal to 5 per cent per annum on a fixed valuation of $1,238,572.92. The rental received by the Pennsylvania Company for the year ended on date of valuation was $61,928.64.

During its life the Pennsylvania Company has operated as a part of its system the properties of certain companies which, through consolidation or sale, conveyed their property to the several companies whose properties comprise the operated mileage of Pennsylvania Company on date of valuation or to predecessors of these companies, as follows:

The information that is obtainable regarding the conditions under which these properties were operated by the Pennsylvania Company may be found in the reports of the respective companies.

In addition to the foregoing, the Pennsylvania Company operated the property of certain other companies, which was surrendered prior to date of valuation, as follows:

The Indianapolis & Vincennes Railroad Company consolidated with other companies on January 1, 1905, to form the Vandalia Railroad Company. Jeffersonville, Madison and Indianapolis Railroad Company consolidated with other companies on June 10, 1890, to form The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company.