Wikipedia:WikiProject Trains/ICC valuations/Pittsburg, Bessemer and Lake Erie Railroad

Interstate Commerce Commission, Valuation Reports, Volume 34

Location and General Description of Property
The railroad of The Pittsburg, Bessemer and Lake Erie Railroad Company, herein called the Pittsburg, Bessemer and Lake Erie, consists of 182.430 miles of standard-gage, steam railroad, of which 136.934 miles are double track, located in Pennsylvania and Ohio. The main line extends from East Pittsburgh to Wallace Junction, Pa., with several branches, the most important of which extends from Conneaut Junction, Pa., to Conneaut Harbor, Ohio.

The Pittsburg, Bessemer and Lake Erie does not operate its property but leases it to the Bessemer and Lake Erie, which company operates it all with the exception of approximately 8 miles of road which it subleases to the Union Railroad Company (Pittsburgh, Pa.).

The Pittsburg, Bessemer and Lake Erie wholly owns 596.664 miles of all tracks, 505.029 miles of which are used by the Bessemer and Lake Erie, and 91.635 miles used by the Union Railroad Company (Pittsburgh, Pa.). The Pittsburg, Bessemer and Lake Erie also jointly owns 0.110 mile of all tracks with another carrier. The mileage is classified in the trackage table in Appendix 1.

Introductory
The Pittsburg, Bessemer and Lake Erie is a corporation of the States of Pennsylvania and Ohio, having its principal office at Pittsburgh, Pa. It is controlled by the United States Steel Corporation through ownership of a majority of its capital stock. On the other hand, the records do not indicate that this company controls any common-carrier corporation.

The property of the Pittsburg, Bessemer and Lake Erie was operated by its own organization from the date of acquirement thereof to April 1, 1901, and by the Bessemer and Lake Erie from that date to date of valuation, with the exception of approximately 8 miles of road subleased to the Union Railroad Company under an agreement dated April 2, 1906.

Corporate History
The Pittsburg, Bessemer and Lake Erie was incorporated January 18, 1897, under the general laws of the State of Pennsylvania, and January 19, 1897, under the general laws of the State of Ohio, for the purpose of acquiring the property, rights, and franchises of The Butler and Pittsburgh Railroad Company and The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1893).

Pursuant to the above purpose, the Pittsburg, Bessemer and Lake Erie acquired at its organization the property, rights, and franchises of the two railroad corporations named. The Pittsburg, Bessemer and Lake Erie, itself, and those corporations, together with their predecessors, total 15 different corporations, of which two underwent a change of name, and comprise the line of corporate succession culminating in the Pittsburg, Bessemer and Lake Erie 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 immediate 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 Pittsburg, Bessemer and Lake Erie, 174.370 miles, was acquired in the following manner:

Of the 14 corporations that comprise the line of succession culminating in the Pittsburg, Bessemer and Lake Erie as at present constituted, 7 corporations did not complete the construction of any road mileage. These companies were:
 * The Butler and Pittsburgh Railroad Company.
 * The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1893).
 * Pittsburgh, Butler and Shenango Railroad Company.
 * The Northeastern Ohio Railroad Company.
 * The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 8, 1888).
 * The Ohio River and Lake Erie Railroad Company.
 * The Pittsburgh, Shenango and Lake Erie Railroad Company (of Jan. 12, 1888).

The property constructed by the Pittsburg, Bessemer and Lake Erie and by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Pittsburg, Bessemer and Lake Erie 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 maintained.

Leased Railway Property
The entire property of the Pittsburg, Bessemer and Lake Erie is leased to the Bessemer and Lake Erie for a term of 999 years from April 1, 1901, at an annual rental equal to the interest of the bonds of the lessor, dividends of 3 per cent on its common stock, and 6 per cent on its preferred stock. The Bessemer and Lake Erie, in addition, pays all maintenance and taxes. The amount of rental so paid for the last year preceding date of valuation was $1,146,630.67.

The Butler and Pittsburgh Railroad
The records reviewed did not indicate that The Butler and Pittsburgh Railroad Company was controlled by any individual or corporation on January 18, 1897, the date of its demise, or, on the other hand, that it then controlled any common-carrier corporation.

The Butler and Pittsburgh Railroad Company acquired no completed railroad to the date of its demise. The records reviewed indicate that it had a franchise to build a railroad from East Pittsburgh to Butler, Pa., actual construction of which was begun but was unfinished at demise of the company. It was subsequently completed by The Pittsburg, Bessemer and Lake Erie. Details with respect to the construction of this property are given in the chapter on development of fixed physical property on the Pittsburg, Bessemer and Lake Erie.

The Pittsburgh, Shenango and Lake Erie Railroad (of 1893)
Introductory

The records reviewed did not indicate that The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1893) was controlled by any individual or corporation on January 18, 1897, the date of its demise, or, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement thereof to the date of its demise. The railroad operated by The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1893) was a single-track, standard-gage, steam railroad, located in Pennsylvania and Ohio and aggregating 158.795 miles. The owned mileage amounted to 137.130 miles and consisted of a main line extending from Butler, Pa., to Conneaut Harbor, Ohio, about 110 miles, and several branch lines aggregating 27.130 miles. The mileage operated under lease amounted to 21.665 miles and consisted of a branch line extending from Meadville to Linesville, Pa. In addition, The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1893) had trackage rights over the New York, Chicago and St. Louis Railroad between Wallace Junction and Cascade, Pa., about 14 miles, and over the Pittsburgh and Western Railway at Butler, Pa., about 0.50 mile.

Development of Fixed Physical Property

Of the 137.130 miles of road owned by the company on the date of demise, it had acquired 1.700 miles from The Conneaut Terminal Railroad Company, 2.181 miles from The Erie Terminal Railroad Company, and 133.249 miles from The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1890). Details with respect to the construction of this property are given in the chapter on development of fixed physical property of The Pittsburg, Bessemer and Lake Erie.

The Conneaut Terminal Railroad
Introductory

The records reviewed did not indicate that The Conneaut Terminal Railroad Company was controlled by any individual or corporation on March 27, 1893, the date of its demise, or, on the other hand, that it then controlled any common-carrier corporation. The Conneaut Terminal Railroad Company owned no completed railroad on the date of demise. It had a franchise to build a railroad from a connection with the property of The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1890), at Conneaut, to Conneaut Harbor, Ohio, and to build terminals and piers at the latter place. The property of this company was acquired prior to completion by The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1893), and was subsequently completed by the latter.

Development of Fixed Physical Property

The property of The Conneaut Terminal Railroad Company, extending from Conneaut to Conneaut Harbor, Ohio, about 1.70 miles, which was uncompleted at date of 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 Pittsburg, Bessemer and Lake Erie.

The Erie Terminal Railroad
Introductory

The Erie Terminal Railroad Company was controlled on March 27, 1893, the date of its demise, by The Pittsburgh, Shenango, and Lake Erie Railroad Company (of 1890) through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it then controlled any common-carrier corporation. The Erie Terminal Railroad Company owned no completed railroad on the date of demise. It had a franchise to construct a railroad from Erie, Pa., to a connection with the property of the New York, Chicago and St. Louis Railroad Company at Cascade, Pa., a distance of about 2.181 miles. Construction of property was begun in 1890, under contract with Dick and Huidekoper. The property was acquired prior to completion by The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1893), and was subsequently completed by the latter.

Development of Fixed Physical Property

The property of The Erie Terminal Railroad Company, extending from Erie to Cascade, Pa., about 2.181 miles, which was uncompleted on date of 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 on the Pittsburg, Bessemer and Lake Erie.

The Pittsburgh, Shenango and Lake Erie Railroad (of 1890)
Introductory

The records reviewed did not indicate that The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1890), was controlled by any individual or corporation on March 27, 1893, the date of its demise, or, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date it was acquired, to the date of its demise. The two predecessors of this company were being operated by receivers on the date of consolidation and their accounts were continued to May 1, 1891. The accounts of The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1890) were continued to June 30, 1893. The accounting data in this report for the operating period and for the date of demise are those afforded by these records.

The railroad operated by The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1890), was a single-track, standard-gage, steam railroad, located in Pennsylvania and Ohio and aggregating 154.914 miles. The owned mileage amounted to 133.249 miles, and consisted of a main line extending from Butler, Pa., to Conneaut, Ohio, about 108.249 miles, and several branch lines aggregating about 25 miles. The mileage operated under lease amounted to 21.665 miles, consisting of a branch line extending from Meadville to Linesville, Pa. In addition, The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1890), had trackage rights over the property of the New York, Chicago and St. Louis Railroad Company between Wallace Junction and Cascade, Pa., about 14 miles, and over the property of the Pittsburgh and Western Railway Company at Butler, Pa., about 0.50 mile.

Development of Fixed Physical Property

Of the 133.249 miles of road owned by The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1890), on the date of demise, it had acquired about 54.887 miles from The Pittsburgh, Shenango and Lake Erie Railroad Company (of 1888), about 19.900 miles from the Pittsburgh, Butler and Shenango Railroad Company, and about 58.462 miles by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Pittsburg, Bessemer and Lake Erie.

Pittsburgh, Butler and Shenango Railroad
The accounting records of the Pittsburgh, Butler and Shenango Railroad Company were not 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 records of the Pittsburg, Bessemer and Lake Erie. The records reviewed did not indicate whether the Pittsburgh, Butler and Shenango Railroad Company was controlled by any individual or corporation on October, 22, 1890, the date of its demise, or, on the other hand, whether it then controlled any common-carrier corporation.

The Pittsburgh, Butler and Shenango Railroad Company owned on the date of its demise approximately 19.900 miles of single-track, standard-gage, steam railroad, extending from Coaltown to Butler, Pa. which had been acquired from Samuel Dick, C. P. Hollis, and R. R. C. Hill, who had previously acquired the property at a foreclosure sale on February 4, 1889, from The West Penn and Shenango Connecting Railroad Company.

The Pittsburgh, Shenango and Lake Erie Railroad (of June 9, 1888)
Introductory

The records reviewed did not indicate that The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 9, 1888), was controlled by any individual or corporation on October 22, 1890, the date of its demise, or, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement thereof to October 25, 1889, and thereafter to April 30, 1891, by receivers. The accounts of this company show results of corporate operations for the period from February 11, 1888, to April 30, 1891, and other accounts were closed as of the latter date. The railroad operated by The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 9, 1888) was a single-track, standard-gage, steam railroad, located in Pennsylvania and aggregating 74.787 miles. The owned mileage amounted to 54.887 miles and consisted of a main line from Osgood to Branchton, Pa., and several branch lines extending from the main line. The mileage operated under lease amounted to 19.900 miles and consisted of a branch line extending from Coaltown to Butler, Pa.

Development of Fixed Physical Property

Of the 54.887 miles of road owned by The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 9, 1888), on the date of its demise, it had acquired about 54.05 miles from The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 8, 1888), and 0.837 mile 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 Pittsburg, Bessemer and Lake Erie.

The West Penn and Shenango Connecting Railroad, Formerly Named The Connequenessing Valley Railroad-Predecessor of the Pittsburgh, Butler and Shenango Railroad
Introductory

The records reviewed did not indicate that The West Penn and Shenango Connecting Railroad Company was controlled by any individual or corporation on February 4, 1889, the date of its demise, or, on the other hand, that it then controlled any common-carrier corporation. The property of this company was operated by the Shenango and Allegheny Railroad Company from August 1, 1883, to January 9, 1888, and thereafter to the date of demise by The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 9, 1888). The West Penn and Shenango Connecting Railroad Company owned on the date of its demise approximately 19.900 miles of single-track, standard-gage, steam railroad, extending from Coaltown to Butler, Pa.

Development of Fixed Physical Property

The entire 19.900 miles of road owned by The West Penn and Shenango Connecting Railroad Company 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 Pittsburg, Bessemer and Lake Erie.

The North-Eastern Ohio Railroad-Predecessor of The Pittsburgh, Shenango and Lake Erie Railroad (of June 9, 1888)
The accounting records of The North-Eastern Ohio Railroad Company were not 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 records of the Pittsburg, Bessemer and Lake Erie. The records reviewed did not indicate whether The North-Eastern Ohio Railroad Company was controlled by any individual or corporation on June 30, 1888, the date of its demise, or, on the other hand, whether it then controlled any common-carrier corporation. This company was incorporated for the purpose of constructing a railroad from Conneaut Harbor, Ohio, to the Ohio-Pennsylvania State line, but no mileage had been constructed to the date of demise. The property owned at demise consisted of land in the village of Conneaut, Ohio, and along Conneaut Creek. [...]

The Pittsburgh, Shenango and Lake Erie Railroad (of June 8, 1888)—Predecessor of The Pittsburgh, Shenango and Lake Erie Railroad (of June 9, 1888)
Introductory

The records reviewed did not indicate that The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 8, 1888), was controlled by any individual or corporation on June 9, 1888, the date of its demise, or, on the other hand, that it then controlled any common-carrier corporation. The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 8, 1888) consolidated with other companies to form The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 9, 1888). The results of its corporate operations could not be separately determined from the records reviewed and have, therefore, been included in the report on the latter company.

The railroad operated was a single-track, standard-gage, steam railroad, located in Pennsylvania and aggregating 73.95 miles. The owned mileage amounted to 54.05 miles and consisted of a main line from Osgood to Branchton, Pa., and several branch lines extending from the main line. The mileage operated under lease amounted to 19.90 miles and consisted of a branch line extending from Coaltown to Butler, Pa.

Development of Fixed Physical Property

Of the 54.05 miles of road owned by The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 8, 1888), on the date of its demise, it had acquired 50.90 miles from The Pittsburgh, Shenango and Lake Erie Railroad Company (of Jan. 12, 1888), and 3.15 miles from the Erie, Shenango and Pittsburgh Railway Company, in the consolidation of June 8, 1888. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Pittsburg, Bessemer and Lake Erie.

Erie, Shenango and Pittsburgh Railway-Predecessor of The Pittsburgh, Shenango and Lake Erie Railroad (of June 8, 1888)
The accounting records of the Erie, Shenango and Pittsburgh Railway Company were not 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 records of the Pittsburgh[sic]. The records reviewed did not indicate whether the Erie, Shenango and Pittsburgh Railway Company was controlled by any individual or corporation on June 8, 1888, the date of its demise, or, on the other hand, whether it then controlled any common-carrier corporation.

The Erie, Shenango and Pittsburgh Railway Company owned on the date of its demise approximately 3.150 miles of single-track, standard-gage, steam railroad, between Greenville and Osgood, Pa., which was acquired by construction.

The Ohio River and Lake Erie Railroad-Predecessor of the Erie, Shenango and Pittsburgh Railway
The accounting records of the Ohio River and Lake Erie Railroad Company were not 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 records of the Pittsburgh[sic]. The records reviewed did not indicate that The Ohio River and Lake Erie Railroad Company was controlled by any individual or corporation on June 5, 1886, the date of its demise, nor, on the other hand, that it then controlled any common-carrier corporation. This company was incorporated for the purpose of constructing a railroad from Greenville to Girard, Pa., but no mileage had been constructed to the date of demise. The records reviewed did not indicate the securities issued by the company and the amount outstanding on the date of demise.

The Pittsburgh, Shenango and Lake Erie Railroad (of Jan. 12, 1888)-Predecessor of The Pittsburgh, Shenango and Lake Erie Railroad (of June 8, 1888)
Introductory

The records reviewed did not indicate that The Pittsburgh, Shenango and Lake Erie Railroad Company (of Jan. 12, 1888), was controlled by any individual or corporation on June 8, 1888, the date of its demise, or, on the other hand, that it then controlled any common-carrier corporations. The Pittsburgh, Shenango and Lake Erie Railroad Company (of Jan. 12, 1888) consolidated with another company to form The Pittsburgh, Shenango and Lake Erie Railroad Company (of June 9, 1888). The results of its corporate operations could not be separately determined from the records reviewed and have, therefore, been included in the report on the latter company.

The railroad operated was a single-track, standard-gage, steam railroad, located in Pennsylvania and aggregating 70.80 miles. The owned mileage amounted to 50.90 miles and consisted of a main line from Greenville to Hilliard, Pa., about 47 miles, and several branch lines. The mileage operated under lease amounted to 19.90 miles and consisted of a branch line extending from Coaltown to Butler, Pa.

Development of Fixed Physical Property

The entire 50.90 miles owned by The Pittsburgh, Shenango and Lake Erie Railroad Company (of Jan. 12, 1888), on the date of its demise had been acquired from the Shenango and Allegheny Railroad Company through foreclosure and reorganization under deed dated January 12, 1888. 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 Pittsburg, Bessemer and Lake Erie.

Shenango and Allegheny Railroad Company, Formerly Named Bear Creek Railroad Company—Predecessor of The Pittsburgh, Shenango and Lake Erie Railroad Company (of Jan. 12, 1888)
Introductory

The records reviewed did not indicate that the Shenango and Allegheny Railroad Company was controlled by any individual or corporation on January 12, 1888, the date of its demise, or, on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement thereof until the receivership, March 15, 1884. From the latter date until the date of demise, it was operated by receivers. But the accounts of the company for the results of corporate operations cover the period from October 1, 1869, to October 25, 1889, and other accounts were closed as of the latter date. The accounting data in this report for the operating period and for the date of demise are those afforded by these records.

The railroad operated by this company was a single-track, standard-gage, steam railroad, located in Pennsylvania and aggregating 70.80 miles, The owned mileage amounted to 50.90 miles and consisted of a main line from Greenville to Hilliard, Pa., about 47 miles, and several branch lines. The mileage operated under lease amounted to 19.90 miles and consisted of a branch line extending from Coaltown to Butler, Pa.

Development of Fixed Physical Property

Of the 50.90 miles of road owned by the Shenango and Allegheny Railroad Company on the date of its demise, it had acquired about 3.10 miles from private parties, and the remainder 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 Pittsburg, Bessemer and Lake Erie.