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Pittsburgh, Youngstown & Ashtabula Railway
The Pittsburgh, Youngstown & Ashtabula Railway Company herein called the Pittsburgh, Youngstown & Astabula[sic], 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.

Introductory
The Pittsburgh, Youngstown & Ashtabula is a corporation of the States of Ohio and Pennsylvania, having its principal office at Youngstown, Ohio. It is controlled by the Pennsylvania Company through ownership of a majority of the outstanding capital stock. On the other hand, the records do not indicate that the Pittsburgh, Youngstown & Ashtabula controls any carrier corporation. During the entire life of this company its property has been operated by the Pennsylvania Company, under lease agreement. The accounting records of the consolidating companies were closed as of December 31, 1905. For this reason the Pittsburgh, Youngstown & Ashtabula is considered, for accounting purposes, to date from January 1, 1906.

Corporate History
The Pittsburgh, Youngstown & Ashtabula was incorporated under the general laws of Ohio and Pennsylvania, through filing, in Ohio on January 13, 1906, and in Pennsylvania on January 16, 1906, articles executed on January 9, 1906, providing for the consolidation of the property, rights, and franchises of The Pittsburgh, Youngstown and Ashtabula Railroad Company and the New Castle and Beaver Valley Railroad Company. Letters patent were granted by the governor of Pennsylvania on February 1, 1906. The following chart shows the corporations comprised in the corporate history of the Pittsburgh, Youngstown & Ashtabula, their respective dates of incorporation, and manner and date of succession. Reference to each of these corporations is made in the last column by its respective number in the first column.

Development of Fixed Physical Property
The Pittsburgh, Youngstown & Ashtabula owned on date of valuation approximately 138 miles of road, all of which it acquired in the consolidation of January 9, 1906. In the following table are shown the years in which and the companies by which the several parts of the property were constructed and manner in which they were acquired by the Pittsburgh, Youngstown & Ashtabula.


 * Acquired from New Castle and Beaver Valley Railroad Company, Homewood to New Castle, Pa., opened for operation Oct. 3, 1863. 14.98
 * (4.5 miles partly constructed by Pittsburgh, New Castle and Cleveland Rail Road Company.)
 * Acquired from the Pittsburgh, Youngstown and Ashtabula Railroad Company, constructed by-
 * The Pittsburgh, Youngstown and Ashtabula Railroad Company-
 * Coverts to Walford, Pa., 1888. 5.06
 * (Classified as sidetrack by The Pittsburgh, Youngstown and Ashtabula Railroad Company and the Pittsburgh, Youngstown & Ashtabula until 1906.)
 * Wampum to Lawrence Junction, Pa., 1891.
 * Total. 5.75
 * 10.81
 * The Ashtabula, Youngstown and Pittsburgh Rail Road Company-
 * Ashtabula Harbor to Niles, Ohio, 1873. 52.60
 * (Partly constructed by The Ashtabula and New Lisbon Rail Road Company.)
 * Niles to Girard, Ohio, 1873. 5.43
 * Total. 58.03
 * Liberty and Vienna Railroad Company, predecessor of Erie Railroad Company, 1871, acquired by The Ashtabula, Youngstown and Pittsburgh Rail Road Company by purchase on Aug. 25, 1871. 5.25
 * The Alliance, Niles and Ashtabula Railroad Company, east of Alliance to Niles, Ohio, 1882. 24.90
 * New Brighton and New Castle Rail Road Company, Kenwood to Wampum Junction, Pa., 1884. 12.54
 * Lawrence Railroad Company (1873), Canfield Junction, Ohio, to Foster's Coal Mines, 1874. 4.06
 * (Partly constucted[sic] by Youngstown & Canfield Railroad Company.)
 * Lawrence Railroad Company (1865)—
 * Lawrence Junction, Pa., to Youngstown, Ohio, 1867-1868. 17.13
 * (Partly constructed by Lawrence Railroad and Transportation Company (Pennsylvania) and Lawrence Rail Road & Transportation Company (Ohio).)
 * Aggregate mileage constructed or purchased by The Pittsburgh, Youngstown and Ashtabula Railroad Company and its predecessors. 132.72
 * Less mileage, Foster's Coal Mines to point 1.19 miles from Canfield Junction, Ohio, 1890. 2.87
 * 129.85
 * Total mileage acquired through consolidation 144.83
 * Less mileage abandoned or reclassified by the Pittsburgh, Youngstown & Ashtabula:
 * Portion of Alliance Branch in Niles, Ohio, abandoned 1906. 0.66
 * Canfield Junction to end of branch, reclassified as sidetracks, 1908. 1.19
 * Wampum Junction to Lawrence Junction, Pa., reclassified as other main tracks. 5.42
 * 7.27
 * Total recorded mileage owned. 137.56
 * Difference between recorded mileage and mileage inventoried. 0.008
 * Mileage inventoried as of date of valuation. 137.568

In addition to the main-line mileage listed above, the Pittsburgh, Youngstown & Ashtabula had under construction on date of valuation an extension from Kenwood to Rochester, Pa., about 4.26 miles. Included in the mileage shown as constructed by The Pittsburgh, Youngstown and Ashtabula Railroad Company are 1.76 miles, near Girard, Ohio, acquired in 1874 from The Cleveland and Mahoning Valley Railway Company by exchange for 1.76 miles of road at the same place which had been constructed by The Pittsburgh, Youngstown and Ashtabula Railroad Company.

Leased Railway Property
The entire property of the Pittsburgh, Youngstown & Ashtabula has been operated by the Pennsylvania Company under lease since January 1, 1906. From January 1, 1906, to June 30, 1910, operation was under the terms of a lease dated January 16, 1906, effective for one year from January 1, 1906, and thereafter until terminated by 12 month's written notice by either party. From July 1, 1910, to date of valuation, operation was under the terms of a lease effective July 1, 1910, for a period of 999 years. Pennsylvania Company pays rental equal to the interest on the bonds of the Pittsburgh, Youngstown & Ashtabula, sinking-fund installments, organization expenses, and 7 per cent dividends on the capital stock. Improvements to the lessor's property made by the lessee are to be paid for by the lessor through the issuance of its securities. For the year ended on date of valuation the Pittsburgh, Youngstown & Ashtabula credited its income account with $999,271.07 as income from lease of road.

The Pittsburgh, Youngstown and Ashtabula Railroad Company
Introductory

This company, a corporation of the States of Ohio and Pennsylvania, owned on January 1, 1906, the effective date of its consolidation with the New Castle and Beaver Valley Railroad Company to form the Pittsburgh, Youngstown & Ashtabula, about 124.79 miles of single-track, standard-gauge, steam railroad, situated in Ohio and Pennsylvania. Its main line extended from Kenwood, Pa., to Ashtabula Harbor, Ohio, about 98.70 miles, and branch lines, aggregating about 26.09 miles, extended to Alliance Junction, Ohio, and to industrial plants near Hazelton, Ohio. From August 1, 1887, the date of acquisition of its original property, to December 31, 1905, the property was operated by the Pennsylvania Company, under lease.

Development of Fixed Physical Property

The company acquired about 121.91 miles of road from the Ashtabula, Niles and Youngstown Railroad Company and about 33.73 miles from the Youngstown, Lawrence and Pittsburgh Railroad Company, in the consolidation of the properties of these companies, effective August 1, 1887. It constructed about 6.75 miles of road and in 1890 abandoned 2.87 miles of the road acquired in the consolidation. The company also constructed during the year 1888 a branch line, known as the Bessemer branch, about 5.06 miles in length, which was classified on the date of demise as sidetrack.

Details with respect to the construction of the above property are given in the chapter on development of fixed physical property of the Pittsburgh, Youngstown & Ashtabula.

Ashtabula, Niles and Youngstown Railroad Company
Introductory

This company, a corporation of the State of Ohio, owned on August 1, 1887, the effective date of its consolidation with the Youngstown, Lawrence and Pittsburgh Railroad Company to form The Pittsburgh, Youngstown and Ashtabula Railroad Company, about 88.18 miles of single-track, standard-gauge, steam railroad, situated in Ohio, extending from Youngstown to Ashtabula Harbor, about 63.28 miles, and from Alliance Junction to Niles Junction, about 24.90 miles. During the entire life of the company its property was operated by the Pennsylvania Company under lease and agreement.

Development of Fixed Physical Property

The road owned on the date of demise had been acquired in the consolidation, effective as of June 16, 1887, of the properties of the Ashtabula and Pittsburgh Railway Company and The Alliance, Niles and Ashtabula Railroad Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Pittsburgh, Youngstown & Ashtabula.

Ashtabula and Pittsburgh Railway Company
Introductory

This company, an Ohio corporation, owned on June 16, 1887, the date of its consolidation with The Alliance, Niles and Ashtabula Railroad Company to form the Ashtabula, Niles and Youngstown Railroad Company, about 63.28 miles of single-track, standard-gauge, steam railroad, extending from Youngstown to Ashtabula Harbor, Ohio, which had been acquired by purchase, after foreclosure, of The Ashtabula, Youngstown and Pittsburgh Rail Road Company. Included in the mileage shown is about 1 mile at Youngstown, Ohio, in which the Lawrence Railroad Company (1873) had an undivided one-third interest. Although the company did not acquire title to the property of the Ashtabula, Youngstown and Pittsburgh until October 31, 1878, the return on the subject of corporate history indicates that it began the operation of the property on August I, 1878. The property was operated from August 1, 1878, to the date of demise, by the Pennsylvania Company under lease. Details with respect to the construction of the property owned on date of demise are given in the chapter on development of fixed physical property of the Pittsburgh, Youngstown & Ashtabula.

The Ashtabula, Youngstown and Pittsburgh Rail Road Company
Introductory

This company, an Ohio corporation, owned on August 24, 1878, the date of the sale of its property at foreclosures, about 62.28 miles of single-track, standard-gauge, steam railroad, extending from Youngstown to Ashtabula Harbor, Ohio. It also owned an undivided two-thirds interest with the Lawrence Railroad Company (1873) in about 1 mile of road at Youngstown.

Although the company acquired 5.25 miles of road by purchase on August 25, 1871, the records that are obtainable indicate that no portion of its property was opened for operation until May 1, 1873. The property was operated by the Pennsylvania Company from this date to the date of demise. The Ashtabula and Pittsburgh Railway Company acquired possession and began the operation of the property of this company on August 1, 1878, although conveyance of title was not made until October 31, 1878. For the purpose of this report July 31, 1878, is therefore considered the date of the demise of the company.

Development of Fixed Physical Property

Of the road owned on date of demise about 52.5 miles had been acquired on August 25,1871, by purchase from the Liberty and Vienna Railroad Company, and about 58.03 miles by construction, including the completion of the construction of 52.60 miles of partially completed railroad acquired on November 14, 1870, by purchase after foreclosure of the property of The Ashtabula and New Lisbon Rail Road Company. An additional 1.76 miles of main track near Girard, Ohio, acquired by construction, were exchanged on February 13, 1874, for 1.76 miles of main track at Girard, Ohio, owned by The Cleveland and Mahoning Valley Railway Company. Included in the mileage referred to is about 1 mile of road in which the Lawrence Railroad (1873) had an undivided one-third interest. Construction of the property of the company was begun on October 9, 1871, by N. Randall and Company, contractors, who performed, however, only a small amount of construction work. From February 1, 1872, to March 1, 1872, the construction work was performed by the company's own forces. On the latter date an agreement was made with the Granite Improvement Company for the completion and delivery of the entire road from Youngstown to Ashtabula Harbor, Ohio. The entire railroad was opened for operation on May 1, 1873. The Granite Improvement Company was affiliated with the company to the extent that a majority of the latter's capital stock was issued to it. Further details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Pittsburgh, Youngstown & Ashtabula.

The Ashtabula and New Lisbon Rail Road Company
This company was incorporated in Ohio for the purpose of constructing a railroad from Ashtabula to New Lisbon, Ohio. From the return on the subject of corporate history it appears that it acquired the right of way and graded about 31 miles of roadbed between Ashtabula and Bristolville, Ohio, and that considerable construction work was performed on the road between Niles and New Lisbon, Ohio. On July 14, 1864, the partially constructed road between Niles and New Lisbon, about 34 miles, was leased for 99 years to the New Lisbon Railway Company, which undertook to complete the construction of this portion of the road. That company failed to carry out the terms of the lease with respect to the leasing and construction of the road, and on April 17, 1869, this portion of the road was sold at foreclosure and purchased by various individuals. The latter organized the Niles and New Lisbon Railway Company, a predecessor of The Cleveland and Mahoning Valley Railway Company, which now forms a part of the Erie Railroad system. The remaining portion of the uncompleted railroad lying between Ashtabula Harbor and Niles, Ohio, together with the rights and franchises, was sold and conveyed by deed dated November 14, 1870, to The Ashtabula, Youngstown and Pittsburg Rail Road Company. No accounting records of the company were obtained.

The Alliance, Niles and Ashtabula Railroad Company
Introductory

This company, an Ohio corporation, was controlled by the Pennsylvania Company on June 16, 1887, the effective date of its consolidation with the Ashtabula and Pittsburgh Railway Company to form the Ashtabula, Niles and Youngstown Railroad Company, through ownership of the entire outstanding capital stock.

At its demise the company owned about 24.9 miles of single-track, standard-guage, steam railroad, extending from a junction with the Pittsburgh, Fort Wayne and Chicago, east of Alliance, Ohio, to Niles, Ohio. The property was operated by the Pennsylvania Company from August 7, 1882, the date of its completion, to the date of demise, without written agreement. The construction by the forces of the company, of the property owned on date of demise, was commenced in September, 1881, and completed on August 7, 1882.

Youngstown, Lawrence and Pittsburgh Railroad Company
Introductory

This company, a corporation of the States of Pennsylvania and Ohio, owned on August 1, 1887, the date of its consolidation with the Ashtabula, Niles and Youngstown Railroad Company to form The Pittsburgh, Youngstown and Ashtabula Railroad Company, about 33.73 miles of single-track, standard-gauge, steam railroad, extending from Kenwood to Wampum Junction, Pa., about 12.54 miles, and from Lawrence Junction, Pa., to Youngstown, Ohio, about 17.13 miles, with a branch from Hazelton, Ohio, to Foster's Coal Mines, about 4.06 miles. All of this property was acquired in the consolidation of May 31, 1887, and in addition an undivided one-third interest in about 1 mile of road at Youngstown, Ohio. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Pittsburgh, Youngstown & Ashtabula.

During the entire life of the company its property was operated by the Pennsylvania Company without written agreement.

New Brighton and New Castle Rail Road Company
Introductory

This company, a corporation of Pennsylvania, was controlled by the Pennsylvania Company on May 31, 1887, the effective date of its consolidation with the Lawrence Railroad Company (1873) to form the Youngstown, Lawrence and Pittsburgh Railroad Company, through ownership of the entire outstanding capital stock. It owned on date of demise about 12.54 miles of single-track, standard-gauge, steam railroad, extending from Kenwood to Wampum Junction, Pa. The property was operated from August 18, 1884, to the date of demise, by the Pennsylvania Company without written agreement. Construction of the owned property by the company's own forces was begun September 6, 1881, and completed August 18, 1884.

Lawrence Railroad Company (1873)
Introductory

This company, a corporation of Pennsylvania and Ohio, was controlled by the Pennsylvania Company on May 31, 1887, the effective date of its consolidation with the New Brighton and New Castle Rail Road Company to form the Youngstown, Lawrence and Pittsburgh Railroad Company, through ownership of the entire outstanding capital stock. At its demise the company owned about 21.19 miles of single-track, standard-guage, steam railroad, extending from Lawrence Junction, Pa., to Youngstown, Ohio, 17.13 miles, with a branch extending from Hazelton, Ohio, to Foster's Coal Mines, about 4.06 miles. From the date of the organization of the company to date of demise, its property was operated by the Pennsylvania Company.

Of the road owned on date of demise, about 17.13 miles had been acquired in the consolidation of 1873 and about 4.06 miles by construction, completed in 1874. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Pittsburgh, Youngstown and Ashtabula. In addition, the company acquired on May 18, 1874, an undivided one-third interest in about 1 mile of track at Youngstown, Ohio, owned by The Ashtabula, Youngstown and Pittsburg Rail Road Company.

Youngstown & Canfield Railroad Company
This company, an Ohio corporation, owned at its demise a partially completed railroad extending from Canfield Junction to Kyle Coal Mines, Ohio. The accounting records of the company were not obtained. The information herein given is taken from other sources, as indicated. In the return on the subject of corporate history, it is stated that the company had acquired right of way and performed some construction work, to the extent of $50,000. On October 18, 1872, the company entered into an agreement with the Lawrence Railroad (1865) for the completion of its road and sale of its property to that company. The latter charged its own investment in road and equipment account with $84,987.89, as outlays in the construction and purchase of the property. It did not, however, acquire title to the property, since title passed directly to the Lawrence Railroad (1873) in the consolidation of April 23, 1873.

Lawrence Railroad Company (1865)
This company, a corporation of Pennsylvania and Ohio, owned on May 16, 1873, the date of its consolidation with the Youngstown & Canfield Railroad Company to form the Lawrence Railroad Company (1873), about 17.13 miles of single-track, standard-gauge, steam railroad, extending from Lawrence Junction, Pa., to Youngstown, Ohio. From February, 1867, to May 21, 1869, the property of the company was operated by its own management; from May 22, 1869, to June 30, 1869, it was operated under lease by the Pittsburgh, Fort Wayne and Chicago; from July 1, 1869, to March 31, 1871, under lease by The Pennsylvania Railroad Company; and from April 1, 1871, to May 15, 1873, under lease by the Pennsylvania Company.

The railroad owned on date of demise was constructed for the most part by the company, although some construction work had been done by its two predecessors. Construction was completed and the road opened for operation during the years 1867-1868.

Lawrence Railroad and Transportation Company (Pennsylvania)
This company did not own any completed mileage on June 29, 1865, the date of its consolidation with the Lawrence Rail Road & Transportation Company (Ohio) to form the Lawrence Railroad Company (1865). It owned a partially constructed railroad lying between Mahoningtown and Lowell, Pa.

New Castle and Beaver Valley Railroad Company
Introductory

This company, a corporation of Pennsylvania, was controlled by the Pennsylvania Company on January 1, 1906, the effective date of its consolidation with The Pittsburgh, Youngstown and Ashtabula Railroad Company to form the Pittsburgh, Youngstown & Ashtabula. It owned on date of demise about 14.98 miles of standard-gauge railroad, extending from a connection with the Pittsburgh, Fort Wayne and Chicago at Homewood, Pa., to a connection with the Erie and Pittsburgh at New Castle, Pa. The property was operated from date of completion, October 3, 1863, to December 31, 1905, as follows:


 * By own organization. Oct. 3, 1863, to June 30, 1865.
 * By the Pittsburgh, Fort Wayne and Chicago under lease agreement. July 1, 1865, to June 30, 1869.
 * By the Pennsylvania Railroad under lease agreement assigned to it. July 1, 1869, to Mar. 31, 1871.
 * By Pennsylvania Company under lease agreement assigned to it. Apr. 1, 1871, to Dec. 31, 1905.

The accounting records were closed December 31, 1905. For the purpose of this report, this date is considered to be the date of demise.

Development of Fixed Physical Property

The road owned on date of consolidation had been acquired by construction, commenced in April, 1862, and completed October 3, 1863. In the construction of this road use was made of about 4.5 miles of partially completed road of the Pittsburgh, New Castle and Cleveland Rail Road Company, extending from New Castle to Darlington, Pa., which had been acquired on March 21, 1863, by purchase after foreclosure.

Pittsburgh, New Castle and Cleveland Rail Road Company; New Castle and Darlington Railroad Company; Nicholson Run and Pine Swamp Railroad and Coal Company
This company was originally incorporated, in Pennsylvania, as The Nicholson Run and Pine Swamp Railroad and Coal Company. By special act of March 13, 1856, the name of the company was changed to New Castle and Darlington Railroad Company, and by special act of January 31, 1857, to Pittsburgh, New Castle and Cleveland Rail Road Company. On October 8, 1861, the date of the sale of its property at foreclosure, the company owned a partially constructed railroad extending from New Castle to Darlington, Pa., about 13 miles. No accounting records of the company are obtainable.