Wikipedia:WikiProject Trains/ICC valuations/Pittsburgh and West Virginia Railway
Interstate Commerce Commission, Valuation Reports, Vol. 36
The Pittsburgh & West Virginia Railway
[edit]Location and General Description of Property
[edit]The railroad of The Pittsburgh & West Virginia Railway Company, herein called the carrier, is a single-track, standard-gage, steam railroad, situated in the States of Pennsylvania, West Virginia, and Ohio, and the main line extending from Pittsburgh, Pa., to Pittsburgh Junction, Ohio. It also owns the branch line extending from Longview to Mifflin, Pa., which is not connected with the main line. The road mileage aggregates 63.254 miles. The railroad is double-tracked from Pittsburgh Terminal to a point 4.129 miles west. The carrier also owns and uses 40.245 miles of yard tracks and sidings. Its road thus embraces 107.628 miles of all tracks owned, [...].
Introductory
[edit]The carrier is a corporation of the States of West Virginia and Pennsylvania, having its principal office at Pittsburgh, Pa. The records reviewed do not indicate that this company is controlled by any individual or corporation. On the other hand, it indirectly controls the West Side Belt Railroad Company through ownership of the entire capital stock of the Pittsburgh Terminal Railroad & Coal Company, which in turn owns a majority of the capital stock of the West Side Belt Railroad Company. The property of the carrier has been operated by its own organization during its entire life.
Physical Conditions Affecting Construction
[edit]The region traversed by this road is very hilly. Leaving Pittsburgh the road crosses the Monongahela River and by means of numerous tunnels reaches the valley of the Ohio River proper.
The geology of the surface is uniform. Excavations are of clay and schistous limestone and sandstone with occasional veins of bituminous coal.
The mean annual temperature is 50°F., ranging from 30° below to 100° above zero, with a mean annual rainfall of 40 inches.
Economic Conditions Relating to Traffic
[edit]The line of the carrier reaches the Pittsburgh district, in which the products of steel represent the most important industrial development. As a general thing the country traversed is not highly developed agriculturally.
Physical Characteristics of Road
[edit]On the main line the maximum grade both east and west bound ranges from 0.7 per cent to 1.0 per cent. On the branch line it ranges from 0.1 per cent to 0.67 per cent. The maximum curvature is from 3 to 5 degrees.
The volume of grading is very great, averaging about 182,000 cubic yards per mile. Of the total excavation, exclusive of tunnels, about 64 per cent is classified material, about 54 per cent being solid rock and about 10 per cent loose rock, and the remainder common excavation.
There are 17 tunnels on the system having a total length of 20,432 feet. These tunnels are all driven in solid rock for double track and the line is entirely of concrete, except for 303 feet of brick lining.
There are two bridges of importance, both being double-track cantilever structures. There are numerous bridges with reproduction costs between $50,000 and $100,000. With the exception of a few deck trusses these are mostly deck-plate girder structures. The ties are untreated, being oak and averaging about 3,100 per mile.
The rail is practically all 90-pound Bessemer laid new. Gravel is the most prevalent material used for ballast although there is also some broken stone, cinders, and slag.
Corporate History
[edit]The carrier was incorporated April 10 and 19, 1917, under the general laws of the States of West Virginia and Pennsylvania, respectively, for the purpose of acquiring the franchises and rights of The Pittsburgh & West Virginia Railway Company (of West Virginia), of The Pittsburgh & West Virginia Railway Company (of Pennsylvania), and the franchises, rights, and property of The Wabash Pittsburgh Terminal Railway Company. The first two companies referred to were short-lived companies, neither of which owned any property. Pursuant to the above purpose, the carrier acquired the franchises, rights, and property of the three railroad corporations named. The carrier, itself, and those corporations, together with their predecessors, total 11 different corporations and comprise the line of corporate succession culminating in the carrier 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.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1 | The Pittsburgh & West Virginia Railway Company. | Under general laws of West Virginia and Pennsylvania through agreement of merger and consolidation; dated Jan. 29, 1917; filed in West Virginia, Apr. 10, 1917; Pennsylvania, Apr. 19, 1917. | |
| 2 | The Pittsburgh & West Virginia Railway Company. | Under general laws of West Virginia, Dec. 14, 1916. | Consolidated Apr. 19, 1917, with 3 to form 1. |
| 3 | The Pittsburgh & West Virginia Railway Company. | Under general laws of Pennsylvania, Nov. 22, 1916. | Consolidated Apr. 19, 1917, with 2 to form 1. |
| 4 | The Wabash Pittsburgh Terminal Railway Company. | Under general laws of Pennsylvania, West Virginia, and Ohio, May 9, 1904. | Sold at foreclosure Aug. 15, 1916, after receivership begun May 29, 1908, and acquired Apr. 1, 1917, by 1. |
| 5 | Pittsburgh, Carnegie & Western Railroad Company. | Under general laws of Pennsylvania, July 17, 1901. | Consolidated May 9, 1904, with 10 and 11 to form 4. |
| 6 | Pittsburgh & Mansfield Railroad Company. | Under general laws of Pennsylvania, Aug. 24, 1898. | Consolidated July 17, 1901, with 8 to form 5. |
| 7 | Pittsburgh & Mansfield Railroad Company. | Under general laws of Pennsylvania, Aug. 23, 1893. | Sold at judicial sale Aug. 2, 1898, and reorganized Aug. 24, 1898, as 6. |
| 8 | Washington County Railroad Company. | Under general laws of Pennsylvania, Apr. 17, 1900. | Consolidated July 17, 1901, with 6 to form 5. |
| 9 | Pittsburgh & Carnegie Railroad Company. | Under general laws of Pennsylvania, Feb. 4, 1901. | Property acquired by 5, Nov. 30, 1901, when charter was abandoned. |
| 10 | Pittsburgh, Toledo & Western Railroad Company. | Under general laws of Ohio, Apr. 3, 1901. | Consolidated May 9, 1904, with 5 and 11 to form 4. |
| 11 | Cross Creek Railroad Company. | Under general laws of West Virginia, Apr. 23, 1900. | Consolidated May 9, 1904, with 5 and 10 to form 4. |
Development of Fixed Physical Property
[edit]The owned mileage of the carrier, 63.254 miles, was all acquired by purchase from the reorganization committee. Of the 10 corporations that comprise the line of succession culminating in the carrier as at present constituted, six corporations did not construct any road or other common-carrier property. These companies were:
- The Pittsburgh & West Virginia Railway Company (of West Virginia)
- The Pittsburgh & West Virginia Railway Company (of Pennsylvania)
- Pittsburgh & Mansfield Railroad Company (of 1898)
- Pittsburgh & Mansfield Railroad Company (of 1893)
- Washington County Railroad Company
- Pittsburgh & Carnegie Railroad Company
Some of the above companies had acquired certain land and one had begun the construction of a bridge, to all of which the carrier succeeded. The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the carrier 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.
- Acquired from the reorganization committee, from The Wabash Pittsburgh Terminal Railway Company, Apr. 1, 1917, 63.310 miles:
- Constructed by The Wabash Pittsburgh Terminal Railway Company, Longview to Mifflin, Pa., 1906 and 1907, 3.490 miles.
- Constructed partly by the Pittsburgh, Carnegie & Western Railroad Company and completed by The Wabash Pittsburgh Terminal Railway Company, Pittsburgh to Penowa, Pa., 1902-1906, 34.660 miles.
- Constructed partly by the Pittsburgh, Toledo & Western Railroad Company and completed by The Wabash Pittsburgh Terminal Railway Company, Mingo to Pittsburgh Junction, 1902-1905, 20.300 miles.
- Constructed partly by the Cross Creek Railroad Company and completed by The Wabash Pittsburgh Terminal Railway Company, Virginia Station to Ohio River, W. Va., 1901-1904, 4.860 miles.
- Less, difference between total recorded mileage and mileage inventoried as of date of valuation, 0.056 mile.
Mileage inventoried as of date of valuation, 63.254 miles.
Leased Railway Property
[edit]The carrier used on the date of valuation facilities owned by other companies and other companies used facilities owned by the carrier to the extent indicated in the statement below. The description of the property, terms of use, and the rentals accrued and charged or credited to income for the period from April 1, 1917, to date of valuation, are as follows:
- Solely owned, but jointly used, used with—
- West Side Belt Railroad Company, tracks, 1.30 miles, for entering Pittsburgh, Pa.; annual rental $900. Rental $225.00.
- Montour Railroad Company, tracks, 3.46 miles, from Longview to Mifflin, Pa.; annual rental equal to 3 per cent on capital cost; cost to maintain and operate is apportioned on number of cars handled by each company, $2,093.46 rental.
- Jointly used, but not owned, owned by—
- The Pittsburgh and Lake Erie Railroad Company, tracks, 1.73 miles, from West End to South Side Yard, Pittsburgh, Pa.; annual rental $22,500 and 25 cents for each car handled; owning company to maintain and operate, $5,768.75 rental.
- The Wheeling and Lake Erie Railroad Company, tracks, 0.74 mile from Pittsburgh Junction to Rexford wye, Pa.; the terms and conditions of use are not stated.
Predecessor Companies
[edit]The Pittsburgh & West Virginia Railway Company (of West Virginia) and The Pittsburgh & West Virginia Railway Company (of Pennsylvania)
[edit]The accounting records of neither of these corporations were obtained. Therefore, no information can be given from their accounts regarding their financial dealings, corporate operations, or investments. Certain data indicated below were obtained from agreements and other papers on file.
The Pittsburgh & West Virginia Railway Company (of West Virginia) and The Pittsburgh & West Virginia Railway Company (of Pennsylvania) were short-lived companies that consolidated to form the carrier. Neither of these companies on the date of its demise owned any property. The only material action by the two companies was the issuance of their capital stock to the reorganization committee, hereinbefore referred to. The West Virginia corporation issued $39,600,000 par value and the Pennsylvania corporation issued $10,000,000 par value, but no considerations were received therefor. The $39,600,000 issued by the West Virginia corporation was retired with an equal amount of the capital stock of the carrier and the $10,000,000 issued by the Pennsylvania corporation was retired and extinguished.
The Wabash Pittsburgh Terminal Railway Company
[edit]Introductory
This company was controlled on March 31, 1917, the date of its demise, by the Wabash Railway Company through ownership of its entire capital stock. On the other hand, the records reviewed did not indicate that this company controlled any common-carrier corporation. The property of this company was operated by its own organization from July 1, 1904, until the receivership, May 29, 1908. From that date to the date of demise, it was operated by the receivers. The railroad owned by the company on the date of its demise amounted to 63.310 miles. It consisted of a main line extending from Pittsburgh, Pa., to Pittsburgh Junction, Ohio, 59.820 miles, with a branch line extending from Longview to Mifflin, Pa., 3.490 miles.
Corporate History
On February 1, 1901, the Pittsburgh-Toledo syndicate was formed for the purpose of constructing a railroad from Pittsburgh, Pa., to a point on the railroad of the Wheeling & Lake Erie Railroad Company in Ohio, and of acquiring control of that company. Immediately after its organization the syndicate entered into a contract with the Union Railroad Company and the Carnegie Steel Company at Pittsburgh, whereby the syndicate, in consideration of receiving certain traffic, agreed to construct, purchase, or lease such lines of railway as would be required to make a continuous route to Chicago, Ill.
The syndicate purchased the property of the Pittsburgh & Mansfield Railroad Company and caused to be incorporated the Washington County Railroad Company and later consolidated the two companies into the Pittsburgh, Carnegie & Western Railroad Company. It also purchased control of the Wheeling & Lake Erie and caused to be executed a traffic and trackage contract between the Wabash Railroad Company, the Wheeling & Lake Erie Railroad Company, and the Pittsburgh, Carnegie & Western Railroad Company. As the construction work under the charters of the three separate railroad companies was nearing completion, the syndicate consolidated them to form The Wabash Pittsburgh Terminal Railway Company.
Development of Fixed Physical Property
Of the 63.310 miles of road owned by the company on the date of its demise, it had acquired 3.490 miles by construction and 59.820 miles by completion of construction begun by the Pittsburgh, Carnegie and Western Railroad Company, the Pittsburgh, Toledo and Western Railroad Company, and the Cross Creek Railroad Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the carrier.
Pittsburgh, Carnegie & Western Railroad Company
[edit]The Pittsburgh, Carnegie & Western Railroad Company was controlled on May 9, 1904, the date of its demise, by the Pittsburgh-Toledo syndicate through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it controlled any common-carrier corporation. The property of the company on the date of its demise consisted of about 34.66 miles of railroad under construction, but not completed, extending from Pittsburgh to Penowa, Pa.
Pittsburgh & Mansfield Railroad Company (of 1898)
[edit]The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corpоrate operations, or investments. Certain information stated below was obtained from the commission's Docket No. 8663, relative to The Wabash Pittsburgh Terminal Railway Company.
The company was controlled on July 17, 1901, the date of its demise, by the Pittsburgh-Toledo syndicate through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it controlled any common-carrier corporation. On the date of its demise the company owned certain land and a partly constructed bridge over the Monongahela River which had been acquired from its predecessor, the Pittsburgh & Mansfield Railroad Company (of 1893).
Pittsburgh & Mansfield Railroad Company (of 1893) - predecessor of the Pittsburgh & Mansfield Railroad Company (of 1898)
[edit]The existing records of this company consisted of a cash statement supported by receipts. The information given below was obtained from this statement and other data in the files of the Pittsburgh & West Virginia. The records reviewed did not indicate whether the company was controlled by any individual or corporation on August 24, 1898, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation. On the date of its demise the company had made a survey, acquired certain land, and commenced the construction of a bridge across the Monongahela River for its projected railroad from Pittsburgh to Mansfield (now Carnegie), Pa. From the date of its incorporation to the date of its demise, the company issued $25,900 par value of capital stock and $24,000 par value of first-mortgage, 6 per cent bonds, dated January 1, 1897, due January 1, 1927, all of which were outstanding on the date of its demise. The considerations received and the disposition of the stock and bonds at the demise of the company was not ascertained. The company owned no equipment. Its investment in road, including land, on the date of its demise, amounted to $24,720.64 of cash expenditures.
Washington County Railroad Company
[edit]This company was controlled on July 17, 1901, the date of its demise, by the Pittsburgh-Toledo syndicate through ownership of a majority of its capital stock. On the other hand, the records reviewed did not indicate that it controlled any common-carrier corporation. On the date of its demise the company had only made a survey and acquired some land for its projected railroad from Green Tree Borough, Allegheny County, Pa., to the Pennsylvania-West Virginia State line, about 40 miles. From the date of its incorporation to the date of its demise, the company issued $200,000 par value of capital stock and incurred $4,563.91 of nonnegotiable debt to affiliated companies, all of which were outstanding on the date of its demise. The $200,000 par value of capital stock was purchased for account of the Pittsburgh-Toledo syndicate for a like amount of cash. The $4,563.91 of nonnegotiable debt represented cash advances from the Pittsburgh-Toledo syndicate to the company. The disposition of the capital stock and the nonnegotiable debt at the demise of the company was not ascertained. The company owned no equipment. Its investment in road, including land, on the date of its demise was stated in its books as $86,524.11 of money outlay.
Pittsburgh & Carnegie Railroad Company
[edit]This company was incorporated at the instance of the Pittsburgh-Toledo syndicate for the purpose of effecting an entrance into the city of Pittsburgh as planned by the syndicate. This charter, however, conflicted with a charter previously granted to the Pittsburgh & Mansfield Railroad Company and so the property of the latter was purchased by the syndicate. After the formation of the Pittsburgh, Carnegie & Western Railroad Company, which succeeded informally to the property and apparently to the corporate rights of the Pittsburgh & Carnegie Railroad Company, the charter of the latter was not maintained. Its books and accounts were discontinued as of November 30, 1901. On November 30, 1901, the company had only made a survey and acquired some land for its projected railroad from Pittsburgh to Carnegie Borough, Pa., about 5 miles.
Pittsburgh, Toledo & Western Railroad Company
[edit]This company was controlled on May 9, 1904, the date of its demise, by the Pittsburgh-Toledo syndicate through ownership of a majority of its capital stock. On the other hand, the records reviewed did not indicate that it controlled any common-carrier corporation. The property of the company on the date of its demise consisted of about 20.30 miles of railroad under construction, extending from Mingo to Pittsburgh Junction. The company was financed by the Pittsburgh-Toledo syndicate through cash advances.
Cross Creek Railroad Company
[edit]This company was controlled on May 9, 1904, the date of its demise, by the Pittsburgh-Toledo syndicate through ownership of a majority of its capital stock. On the other hand, the records reviewed did not indicate that it controlled any common-carrier corporation. The property of the company on the date of its demise consisted of about 4.86 miles of railroad under construction, extending from the Ohio River to Virginia Station, W.Va.