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

Interstate Commerce Commission, Valuation Reports, Volume 28

Location and General Description of Property
The railroad operated by The Pittsburgh and Lake Erie Railroad Company, herein called the Pittsburgh and Lake Erie, is a standard-gage, steam railroad, located in Pennsylvania and Ohio. The operated road forms a continuous route from Connellsville, Pa., northwesterly through Pittsburgh, Pa., to Youngstown, Ohio, a distance of about 123 miles, all of which is double-tracked with a large portion laid with third and fourth main tracks. There are also numerous branch lines.

The railroad property owned by the Pittsburgh and Lake Erie consists of that portion of the principal main line extending from Pittsburgh, Pa., to Youngstown (New York Central Junction), Ohio, with several branch lines, the most important projecting from New Castle Junction to New Castle, Pa., and from West Ellwood, Pa., to end of line. The lines used under lease include that portion of the main line between Connellsville and Pittsburgh, Pa., and many branch lines.

The Pittsburgh and Lake Erie wholly owns and uses 73.495 miles of road, with 68.055 miles of second, 46.814 miles of third, and 44.466 miles of fourth main tracks, all of which it uses. It also wholly uses 123.550 miles of road owned by three lessor companies, whose entire common-carrier properties it leases and operates […]

The Pittsburgh and Lake Erie wholly owns and uses 533.763 miles of all tracks, jointly owns and uses with other carriers 2.187 undivided miles of all tracks, wholly uses but does not own 509.248 miles of all tracks, and jointly uses but does not own 2.196 undivided miles of all tracks. These tracks are classified in the trackage table in Appendix 1. In addition to the foregoing, the Pittsburgh and Lake Erie has trackage rights over about 29 miles of road of other carriers, including trackage between New Castle and Ferrona, Pa., and joint use of terminals at Youngstown, Ohio, and Brownsville, Pa. The Pittsburgh and Lake Erie is controlled by the New York Central Railroad Company, and its property is operated as a part of the latter carrier's system in reaching the steel industries in the vicinity of Pittsburgh and Youngstown.

Introductory
The Pittsburgh and Lake Erie is a corporation of the State of Pennsylvania, having its principal office at Pittsburgh, Pa. It is the third company of that name, the first two of which joined with other corporations to form the next in the succession. The present company continued the accounting records of the two preceding companies as its own, and also incurred their stock liability. Owing to these complications it will be necessary for the purposes of this report to consider the three corporations as one company.

The Pittsburgh and Lake Erie is controlled by The New York Central Railroad Company through ownership of a majority of its capital stock. On the other hand, the Pittsburgh and Lake Erie controls, jointly with The New York Central Railroad Company, through ownership of 39.2 per cent of its capital stock, The Pittsburgh, McKeesport and Youghiogheny Railroad Company, and through ownership of a majority of its capital stock, The Mahoning State Line Railroad Company, both of whose common-carrier properties it operates. It controls jointly with other companies, through ownership of capital stock to the extent indicated, the following named companies, whose properties were operated on June 30, 1916, as stated.
 * Companies operated by their own organization
 * The Lake Erie and Eastern Railroad Company, 50 per cent.
 * Jointly controlled with The Mahoning Coal Railroad Company.
 * The Monongahela Railway Company, 50 per cent.
 * Jointly controlled with the Pennsylvania Railroad Company.
 * Pittsburgh, Chartiers & Youghiogheny Railway Company, 50 per cent.
 * Jointly controlled with The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company.
 * Companies operated by The Baltimore and Ohio Rail Road Company
 * Little Kanawha Railroad Company, 50 per cent.
 * Jointly controlled with—
 * Pennsylvania Company.
 * The Baltimore and Ohio Rail Road Company.
 * Belington and Northern Railroad Company, 50 per cent.
 * Jointly controlled with—
 * Pennsylvania Company
 * The Baltimore and Ohio Rail Road Company.

The property of the Pittsburgh and Lake Erie has been operated by its own organization during its entire life.

Corporate History
The Pittsburgh and Lake Erie was incorporated May 18, 1875, under the general laws of the State of Pennsylvania, for the purpose of constructing and operating a railroad from Pittsburgh, Pa., to the Pennsylvania-Ohio State line, a distance of about 57.95 miles. These rights were enlarged by the acquisition of the property, rights, and franchises of the Youngstown and Pittsburg Railroad Company which was incorporated April 25, 1877, under the general laws of the State of Ohio, for the purpose of constructing and operating a railroad from a connection with the property of the Pittsburgh and Lake Erie at the Pennsylvania-Ohio State line to Youngstown, Ohio.

Pursuant to the above purposes, the Pittsburgh and Lake Erie constructed a railroad between Pittsburgh, Pa., and Youngstown, Ohio. It subsequently acquired the property, rights, and franchises of two other railroad corporations. The Pittsburgh and Lake Erie itself and those corporations which it acquired, together with their predecessors, total 10 different corporations and comprise the line of corporate succession culminating in the Pittsburgh 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 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 Pittsburgh and Lake Erie, amounting to 73.495 miles, was acquired as follows: Mileage inventoried as of date of valuation, 73.495 miles.
 * By construction, 71.140 miles.
 * By purchase or merger, 4.240 miles.
 * Less difference between total recorded mileage and mileage inventoried as of date of valuation, 1.885 miles.

Of the seven corporations that comprise the line of succession culminating in the Pittsburgh and Lake Erie as at present constituted, four corporations did not construct any road mileage. These companies were:
 * Youngstown and Pittsburg Railroad Company.
 * The Pittsburgh and Beck's Run Railroad Company.
 * Beaver and Ellwood Railroad Company.
 * Beaver and Ellwood Railroad Company (of 1899).

The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Pittsburgh 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. Total, 75.380 miles.
 * Acquired by construction: 71.140 miles.
 * Pittsburgh, Pa., to Youngstown, Ohio, 1879, 64.620 miles.
 * Newcastle to Newcastle Junction, Pa., 1879, 2.350 miles.
 * New Castle branch extension, Pa., 1883, .580 miles.
 * Lowellsville Junction, to Bentley, Ohio, 1888, .380 miles.
 * Haselton to New York Central Junction, Ohio, 1903, 1.230 miles.
 * Ellwood City branch to Koppel, Pa, 1907, 1.340 miles.
 * Struthers to P. Y. & A. Crossing, Ohio, 1913, .640 miles.
 * Acquired by purchase and merger: 4.240 miles.
 * From the Beaver and Ellwood Railroad Company, Mar. 6, 1916—
 * Constructed by the Beaver and Ellwood Railroad Company (of 1890)—
 * Ellwood Junction to Ellwood City, Pa., 1899, 2.930 miles.
 * Constructed by the Ellwood Southern Railroad Company—
 * Ellwood City to New Sewickley Township, Pa., 1899, .660 miles.
 * Constructed by the Ellwood Connecting Railroad Company—
 * West Ellwood Junction to Ellwood Junction, Pa., 1893, .650 miles.

Leased Railway Property
The Pittsburgh and Lake Erie uses on date of valuation facilities owned by other companies and other companies use facilities owned by the Pittsburgh and Lake Erie to the extent indicated in the statement following.

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: (1) Not reported.
 * Solely owned but jointly used, used with—
 * Wabash Pittsburgh Terminal Railway Company—
 * Tracks, 2.30 miles, from Pittsburgh West End, to Pittsburgh, Pa.; rental $22,500 per annum, plus 25 cents for each car loaded or empty, in each direction, payments to be made monthly, $22,500.00 rental.
 * Pittsburgh, Chartiers & Youghiogheny Railway Company—
 * Tracks, 0.870 mile, from Davis Island Yard, McKees Rocks to Neville Island, Pa.; annual rental interest at 3½ per cent on cost of track, and proportion of maintenance on basis of car and engine miles, $5,162.50 rental.
 * Erie Railroad Company—
 * Freight depot and tracks appurtenant thereto at New Castle, Pa.; tenant company to furnish its own office force and pay them, and a proportion of heat, light, and janitor service on basis of floor space occupied; maintenance and operation of freight house to be apportioned on basis of tonnage handled; tenant company to pay for switching its cars to and from freight house and team tracks, $1,965.69 rental.
 * The Lake Erie and Eastern Railroad Company—
 * Tracks and yard facilities at Struthers, Ohio; annual rental a proportion of the following based upon number of cars handled— $12,950.45 rental.
 * (a) Interest of 5 per cent on valuation of land, tracks, structures, and other facilities.
 * (b) Cost of maintaining and operating yard.
 * (c) Taxes assessed[sic] upon the property.
 * The New York Central Railroad Company—
 * Roundhouse and facilities at Easelton, Ohio; annual rental one-half of 10 per cent to cover interest, maintenance and depreciation on the property, on basis of number of engines handled, $635.17 rental.
 * Switching cars and classifying trains in Haselton, Ohio, yard, on basis of actual cost, $1,388.05 rental.
 * Youngstown Sheet & Tube Company—
 * Tracks and facilities between East Youngstown and Struthers, Ohio; work trains handled on basis of $1 for each car and engine, with a minimum of $5 for each work train, $9,017.00 rental.
 * Western Maryland Railway Company—
 * Passenger and freight stations and tracks, 5.60 miles, appurtenant thereto at Connellsville, Pa.; annual rental stipulated— $3,389.52 rental.
 * (a) Interest at 5 per cent on one-half valuation of property used.
 * (b) One-half of all passenger station expenses.
 * (c) Proportion of freight station expenses based upon tonnage handled.
 * (d) Proportion of maintaining and operating freight yard based upon the number of cars handled.
 * (e) Cost of keeping accounts of this joint facility.
 * Terminal facilities at Dickerson Run, Pa., including yard tracks, engine house, water and coaling facilities, and other structures; annual rental stipulated— $5,442.48 rental.
 * (a) Interest at 5 per cent on one-third valuation of property used.
 * (b) Proportion of cost of water based upon the number of engines supplied.
 * (c) Proportion of maintenance and operation based upon number of cars handled.
 * (d) Proportion of roundhouse and power-house expenses based upon number of engines handled.
 * (e) Cost of keeping accounts of this joint facility.
 * The Baltimore and Ohio Rail Road Company—
 * Crossover track connecting the property of this company with that of the Pittsburgh and Lake Erie and The Pittsburgh, McKeesport and Youghiogheny Railroad Company at McKeesport, Pa.; annual rental $48 and proportion of maintenance, $48.00 rental.
 * The Pennsylvania Railroad Company—
 * Car inspector's building at Connellsville, Pa.; annual rental $18, $18.00 rental.
 * Solely used but not owned, leased from—
 * The Pittsburgh, McKeesport and Youghiogheny—
 * Entire property; term 999 years from Aug. 3, 1881; annual rental equal to 6 per cent dividend on capital stock and interest on funded debt of lessor, $468,579.00 rental.
 * The Mahoning State Line Railroad—
 * The entire property, term 99 years from Nov. 26, 1895; annual rental equal to taxes, maintenance, and other assessments, $330.64 rental.
 * The Youghiogheny Northern—
 * The entire property; term 50 years from Apr. 1, 1883; annual rental $1 per loaded car transported over any portion of the line, $41,952.00 rental.
 * Jointly used but not owned, owned by—
 * Erie Railroad Company—
 * Tracks, 24.16 miles, from Ferrona to New Castle, Pa.; annual rental proportion of interest at 6 per cent on investment, and cost of maintenance and operation based on number of cars and engines handled, and a proportion of supervision based on mileage.
 * Tracks, 2.59 miles, yard, engine house, water station, and coaling facilities at Ferrona, Pa.; annual rental a proportion of interest at 6 per cent on value of the facilities used, and cost of maintenance and operation based on number of engines handled, $52,468.65 rental.
 * Yard and freight terminal at Youngstown, Ohio; annual rental a proportion of interest at 6 per cent on the value of the property used, insurance, taxes, etc., and cost of operation based on tonnage handled plus 44 per cent of maintenance.
 * Passenger station at Youngstown, Ohio; annual rental a proportion of interest at 6 per cent on the value of property used, insurance, taxes, etc., 50 per cent of the cost of operation and 44 per cent of the cost of maintenance, $3,506.94 rental.
 * The Baltimore and Ohio Rail Road Company—
 * Passenger station at Ellwood City, Pa.; annual rental interest at 2.5 per cent on the value of the property and one-half the cost of operation and maintenance, $1,232.85 rental.
 * Pittsburgh, Chartiers & Youghiogheny Railway Company—
 * Freight station at McKees Rocks, Pa.; annual rental one-half of 5 per cent interest on the value of the property, cost of maintenance apportioned on basis of tonnage handled, and 82 per cent of the cost of operation, $1,336.70 rental.
 * Freight station and tracks appurtenant at Neville Island, Pa.; annual payment $1 per year and 50 per cent of the cost of maintenance and operation.(1)
 * Tracks at McKees Rocks, Pa.; used under informal mutual understanding, no rental.(1)
 * Tracks at Neville Island, Pa.; used under informal mutual understanding, no rental.(1)
 * The Monongahela Railway Company—
 * Tracks, 2 miles, between Brownsville Junction and Brownsville, Pa.; annual payment a proportion of cost of maintenance on basis of mileage, and one-third of the cost of operation.(1)
 * The Baltimore and Ohio Rail Road Company—
 * Tracks at Gardner Avenue, New Castle, Pa.; used for interchange of traffic without charge.(1)
 * The Pennsylvania Railroad Company—
 * Terminal Warehouse and Transfer Company sidetracks at Pittsburgh, Pa., 0.567 mile; annual rental a proportion of cost of maintenance and operation based on tonnage handled, $274.23 rental.
 * Connecting tracks between Youngstown Iron & Steel Co. and Youngstown Car Works at Haselton, Ohio; annual payment to pay cost of maintenance.(1)
 * Tracks at New Castle, Pa.; perpetual use of tracks without payment.(1)
 * Tracks at New Castle, Pa.; used under informal mutual understanding, no rental.(1)
 * American Steel & Wire Company—
 * Sidetracks at Southside, Pittsburgh, Pa., 0.390 mile; annual rental a proportion of annual rental paid by the Pennsylvania Railroad Company of $ 1,000 and maintenance based on number of cars handled, $128.65 rental.
 * Struthers Furnace Company—
 * Tracks at Struthers, Ohio; annual rental a trackage charge based on number of loaded cars and engines moved over the tracks. 866.00 rental.
 * The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
 * Tracks between Erie depot and Union depot at Cleveland, Ohio; annual rental a proportion of cost of trains and light engines handled, and expenses of train crews, $337.68 rental.
 * Pittsburgh & Whitehall Railroad Company—
 * Tracks between Sixth and Ninth Streets, Pittsburgh, Pa.; no payment is made.(1)
 * West Side Belt Railroad Company—
 * Freight station at West End, Pittsburgh, Pa.; annual payment $240 and one-half of operating expenses.(1)
 * Western New York and Pennsylvania Railway Company—
 * Middle Fair Ground yard at Mahoningtown, Pa.; annual payment a proportion of the operation expenses on basis of loaded cars handled.(1)
 * Tracks in Moravia Street yard, New Castle, Pa.; used under Local Yard Masters Agreement, no rental.(1)
 * The Buffalo, Rochester and Pittsburgh Railway Company—
 * Tracks over end of Big Run branch at New Castle, Pa.; used under Local Yard Masters Agreement, no rental.(1)
 * The New York Central Railroad Company—
 * Tracks at Youngstown, Ohio; used for the interchange of passenger and freight business without charge.(1)
 * Washington Run Railroad Company—
 * Tracks at Star Junction, Pa.; used for the interchange of traffic to Washington Mine No. 1 without charge.(1)

Youngstown and Pittsburg Railroad Company
The accounting records of the Youngstown and Pittsburg Railroad Company were not obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Pittsburgh and Lake Erie. The records reviewed did not indicate whether the Youngstown and Pittsburg Railroad Company was controlled by any individual or corporation on May 7, 1878, the date of merger, nor, on the other hand, whether it then controlled any common-carrier corporation. This company placed under construction but did not complete a railroad from the Pennsylvania-Ohio State line to Youngstown, Ohio, which would enable the Pittsburgh and Lake Erie to enter the last-named place. The authorized capital stock of the Youngstown and Pittsburg Railroad Company was $200,000 par value. How much was actually issued and the considerations received therefor were not ascertained from the records reviewed.

Pittsburgh and Beck's Run Railroad Company
The accounting records of The Pittsburgh and Beck's Run Railroad Company were not obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Pittsburgh and Lake Erie. The records reviewed did not indicate whether The Pittsburgh and Beck's Run Railroad Company was controlled by any individual or corporation on March 12, 1880, the date of merger, nor, on the other hand, whether it then controlled any common-carrier corporation. This company placed under construction but did not complete a railroad from the Smithfield Street bridge of the Pittsburgh and Lake Erie to the works of the Jones and Laughlin Iron Company. The authorized capital stock of The Pittsburgh and Beck's Run Railroad Company was $50,000 par value. How much was actually issued and the considerations received therefor were not ascertained from the records reviewed.

Beaver and Ellwood Railroad Company
Introductory

The Beaver and Ellwood Railroad Company was controlled on March 6, 1916, the date of merger, by the Pittsburgh and Lake Erie through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it then controlled any common-carrier corporation. While the Beaver and Ellwood Railroad Company was separately incorporated January 9, 1911, it is the last of three corporations bearing the same name, the first two of which joined with other corporations to form the next in the succession. The third company continued the accounting records of the first two companies as its own and also incurred their stock liability. Owing to these complications it will be necessary for the purposes of this report to consider the three companies as one corporation. The property of this company was operated by its own organization from the date of acquirement thereof to August 1, 1895, and thereafter to date of merger by the Pittsburgh and Lake Erie. The Beaver and Ellwood Railroad Company owned on the date of merger approximately 4.240 miles of single-track, standard-gage, steam railroad, wholly within the State of Pennsylvania, extending from West Ellwood Junction to New Sewickley Township.

Development of Fixed Physical Property

Of the 4.240 miles of road owned by the Beaver and Ellwood Railroad Company on date of merger, it had acquired 0.660 of a mile from the Ellwood Southern Railroad Company, 0.650 mile from the Ellwood Connecting Railroad Company, and 2.93 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 Pittsburgh and Lake Erie.

Ellwood Connecting Railroad Company — Predecessor of the Beaver and Ellwood Railroad Company
The Ellwood Connecting Railroad Company was controlled on January 9, 1911, the date of consolidation, by the Pittsburgh and Lake Erie, 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 property of this company was operated by the Pittsburgh and Lake Erie from the date of completion to the date of consolidation. The property owned by the Ellwood Connecting Railroad Company on the date of consolidation amounted to 0.650 mile. It consisted of a single-track, standard-gage, steam railroad, wholly within the State of Pennsylvania and extending from a connection with the Pittsburgh and Lake Erie at West Ellwood Junction to Ellwood Junction, Pa. This property was acquired by construction during the year 1893, under a 4-party agreement between this company, the Beaver and Ellwood Railroad Company, the Pittsburgh Company, and the Pittsburgh and Lake Erie. The latter agreed to advance the funds necessary for the construction of the property.

Ellwood Southern Railroad Company — Predecessor of the Beaver and Ellwood Railroad Company
The records reviewed did not indicate whether the Ellwood Southern Railroad Company was controlled by any individual or corporation on July 27, 1899, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation.

The property of this company was operated by the Pittsburgh and Lake Erie from the date of its completion to the date of consolidation. The property owned by the Ellwood Southern Railroad Company on the date of consolidation amounted to 0.660 mile. It consisted of a single-track, standard-gage, steam railroad, wholly within the State of Pennsylvania and extending from Ellwood City to New Sewickley Township, Pa., which was acquired by construction during the year 1899, under contract with the Pittsburgh Company. The latter advanced the funds necessary for the construction of the property.