Corporate Genealogy
Pennsylvania Company


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:

Extent of
control
(per cent)
Pittsburgh, Fort Wayne and Chicago67.20
Massillon and Cleveland, through the Pittsburgh, Fort Wayne and Chicago51.90
Pittsburgh, Youngstown & Ashtabula70.40
Youngstown and Ravenna100.00
Pittsburgh, Ohio Valley and Cincinnati100.00
Cleveland, Akron and Cincinnati99.98
Toledo, Columbus and Ohio River100.00
South Chicago & Southern100.00

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:

How controlledExtent of
control
Railroad companies:
     Allegan and Southeastern Railroad Company (1)Solely100.00
Bellington and Northern Railroad CompanyJointly (2)25.00
Burnsville and Eastern Railroad Company (1)Jointly (2)25.00
Calumet Western Railway CompanyJointly (3)25.00
Canton and East Liverpool Railroad CompanySolely100.00
Canton and East Liverpool Railway CompanySolely100.00
Central Indiana Railway CompanyJointly (4)50.00
Chartiers Southern Railway CompanySolely100.00
Chicago, Indiana & Eastern Railway CompanySolely100.00
The Cincinnati, Lebanon & Northern Railway CompanySolely100.00
Cincinnati, Richmond and Fort Wayne Railroad CompanySolely58.40
The Englewood Connecting Railway CompanySolely100.00
Fairmont and Southern Railroad Company (1)Jointly (5)50.00
Fairport and Youngstown Railway Company (1)Solely100.00
Grand Rapids & Indiana Railway CompanySolely51.70
Greene County Railroad Company (1)Jointly (2)25.00
Indianapolis & Frankfort Railroad CompanySolely100.00
The Lake Erie and Pittsburg Railway CompanyJointly (6)50.00
Little Kanawha Railroad CompanyJointly (2)25.00
The Lorain, Ashtabula & Southern Railroad CompanySolely100.00
Massillon and Little Beaver Railroad Company (Pennsylvania) (1)Solely100.00
Massillon and Little Beaver Railroad Company (Ohio) (1)Solely100.00
The Ohio Connecting Railway CompanySolely100.00
The Ohio River and Western Railway CompanySolely99.80
Pennsylvania Western Railway Company (1)Solely100.00
The Pittsburgh, Cincinnati, Chicago and St. Louis Railway CompanySolely72.70
Pittsburgh, Wheeling and Kentucky Railroad CompanySolely52.70
State Line and Southern Railroad Company (1)Jointly (5)50.00
Toledo, Peoria and Western Railway CompanyJointly (7)49.30
Vandalia Railroad CompanySolely83.70
Zanesville, Marietta and Parkersburg Railroad Company (1)Jointly (2)25.00
Terminal and belt line companies
The Belt Railway Company of ChicagoJointly (8)8.33
Chicago Union Station CompanyJointly (9)25.00
Louisville Bridge CompanySolely99.80
Parkersburg Bridge and Terminal Railroad CompanyJointly (2)25.00
Pennsylvania Terminal Railway CompanySolely100.00
The Toledo Terminal Railway CompanyJointly (10)9.70
The Wheeling Terminal Railway CompanySolely100.00
Steamship companies:
Pennsylvania-Ontario Transportation CompanyJointly (11)33.33
Land-holding companies:
Granite Improvement CompanySolely100.00
Walhonding Coal CompanySolely100.00
Vandalia Mineral CompanySolely
through Granite
Improvement Co.
100.00
  1. Reported by the Pennsylvania Company as inactive transportation companies in its report filed with us for the year ending on the date of valuation. back
  2. With the Pittsburgh and Lake Erie Railroad Company and the Baltimore and Ohio Railroad Company. back
  3. With the Chicago, Rock Island and Pacific Railway Company and Indiana Harbor Belt Railroad Company. back
  4. With the Cleveland, Cincinnati, Chicago and St. Louis Railway Company. back
  5. With the Pittsburgh and Lake Erie Railroad Company. back
  6. With the New York Central Railroad Company. back
  7. With Chicago, Burlington and Quincy Railroad Company, back
  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 and Quincy Railroad Company; The Chesapeake and Ohio Railway Company of Indiana; Chicago and Erie Railroad Company; Wabash Railway Company; and The Chicago, Rock Island and Pacific Railway Company. back
  9. With The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company; Chicago, Burlington & Quincy Railroad Company; and Chicago, Milwaukee and St. Paul Railway Company. back
  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. back
  11. With Canadian Pacific Railway Company. back
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 550 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 PHYSICAL 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 miles 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:

Operation
commenced
Present
mileage
Pittsburgh, Fort Wayne and ChicagoApr. 1, 1871 468.398
Erie and Pittsburgh Apr. 1, 1871 83.014
Cleveland and Pittsburgh Dec. 1, 1871 205.333
Massillon and Cleveland Sept. 28, 1880 12.140
Pittsburgh, Ohio Valley and Cincinnati Aug. 11, 1890 15.156
South Chicago and Southern Feb. 5, 1901 22.837
Pittsburgh, Youngstown and Ashtabula Jan. 1, 1906 137.568
Youngstown and Ravenna July 1, 1910 2.277
Toledo, Columbus and Ohio River July 1, 1911 345.176
Cleveland, Akron and Cincinnati Jan. 1, 1912 335.186
Western New York and Pennsylvania Railroad Company Aug. 1, 1900     51.492
Total 1,678.557

TRAFFIC CONNECTIONS

 
Location
 
 
Carriers
 
Pittsburgh, Pa. All railroads.
Beaver Falls, Pa. The Pittsburgh & Lake Erie Railroad Company.
New Castle, Pa. Erie Railroad Company.
The Pittsburgh and Lake Erie Railroad Company.
The Baltimore and Ohio Rail Road Company.
Sharon, Pa. Erie Railroad Company.
The New York Central Railroad Company.
Sharpsville, Pa. Erie Railroad Company.
Transfer, Pa. Erie Railroad Company.
Shenango, Pa. Bessemer and Lake Erie Railroad Company.
Jamestown, Pa. New York Central lines.
Girard Junction, Pa. New York Central lines.
Thorton Junction, Pa. The New York, Chicago and St. Louis Railroad Company.
Erie, Pa. The New York, Chicago and St. Louis Railroad Company.
New York Central Lines.
Bessemer and Lake Erie Railroad Company.
Pennsylvania Railroad Company.
Stoneboro, Pa. New York Central lines.
Youngstown, Ohio Erie Railroad Company.
New York Central lines.
The Baltimore and Ohio Rail Road Company.
Bridgeport, Ohio The Baltimore and Ohio Rail Road Company.
Ashtabula, Ohio New York Central lines.
The New York, Chicago and St. Louis Railroad Company.
Warren, Ohio The Baltimore and Ohio Rail Road Company.
Erie Railroad Company.
Niles, Ohio Erie Railroad Company.
The Baltimore and Ohio Rail Road Company.
Cleveland, Ohio All railroads.
Akron, Ohio Erie Railroad Company.
The Baltimore and Ohio Rail Road Company.
Steubenville, Ohio The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company.
Bellaire, Ohio The Baltimore and Ohio Rail Road Company.
Martins Ferry, Ohio The Wheeling and Lake Erie Railway Company.
The Wheeling Terminal Railway Company.
The Baltimore and Ohio Rail Road Company.
Marietta, Ohio The Baltimore and Ohio Rail Road Company.
Coshocton, Ohio The Wheeling and Lake Erie Railway Company.
The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company.
Zanesville, Ohio The Baltimore and Ohio Rail Road Company.
The Wheeling and Lake Erie Railway Company.
The Zanesville and Western Railway Company.
Washington C. H., Ohio The Baltimore and Ohio Rail Road Company.
Detroit, Toledo and Ironton Railroad Company.
Cincinnati, Hamilton and Dayton Railway Company.
Morrow, Ohio The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company.
Columbus, Ohio All railroads.
Ravenna, Ohio The Baltimore and Ohio Rail Road Company.
Erie Railroad Company.
Brady's Lake, Ohio The Lake Erie and Pittsburgh Railway Company.
Minerve, Ohio [1] The Lake Erie and Western Railroad Company.
Canal Dover, Ohio The Baltimore and Ohio Rail Road Company.
Valley Junction, Ohio The Baltimore and Ohio Rail Road Company.
Newcomerstown, Ohio The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company.
Cambridge, Ohio The Baltimore and Ohio Rail Road Company.
Cuyahoga Falls, Ohio The Baltimore and Ohio Rail Road Company.
Pleasant City, Ohio The Baltimore and Ohio Rail Road Company.
Girard, Ohio The Baltimore and Ohio Rail Road Company.
Canton, Ohio The Wheeling and Lake Erie Railway Company.
The Baltimore and Ohio Rail Road Company.
Massillon, Ohio The Baltimore and Ohio Rail Road Company.
Warwick, Ohio The Baltimore and Ohio Rail Road Company.
Barberton, Ohio The Akron & Barberton Belt Railroad Company.
Trinway, Ohio The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company.
New Lexington, Ohio The Toledo and Ohio Central Railway Company.
Bremen, Ohio The Toledo and Ohio Central Railway Company.
Lancaster, Ohio The Hocking Valley Railway Company.
Circleville, Ohio Norfolk and Western Railway Company.
Mt. Vernon, Ohio The Baltimore and Ohio Rail Road Company.
Lorain, Ohio The Baltimore and Ohio Rail Road Company.
Custaloga, Ohio The Lorain, Ashland and Southern Railroad Company.
Crestline, Ohio The Cleveland, Cincinnati, Chicago and St. Louis Railway Company.
Bellevue, Ohio The New York Central Railroad Company.
The Wheeling and Lake Erie Railway Company.
The New York, Chicago and St. Louis Railroad Company.
Upper Sandusky, Ohio The Hocking Valley Railway Company.
Marion, Ohio Erie Railroad Company.
The Hocking Valley Railway Company.
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company.
Bucyrus, Ohio The Toledo and Ohio Central Railway Company.
Mansfield, Ohio Erie Railroad Company.
The Baltimore and Ohio Rail Road Company.
Tiffin, Ohio The Baltimore and Ohio Rail Road Company.
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company.
Toledo, Ohio All railroads.
Sandusky, Ohio The Baltimore and Ohio Rail Road Company.
New York Central lines.
The Lake Erie and Western Railroad Company.
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company.
Forest, Ohio The Cleveland, Cincinnati, Chicago and St. Louis Railway Company.
Dunkirk, Ohio The Toledo and Ohio Central Railway Company.
Lima, Ohio The Lake Erie and Western Railroad Company.
Detroit, Toledo and Ironton Railroad Company.
Chicago and Erie Railroad Company.
Cincinnati, Hamilton and Dayton Railway Company.
Van Wert, Ohio The Cincinnati Northern Railroad Company.
Delphos, Ohio Toledo, St. Louis and Western Railroad Company.
Cincinnati, Hamilton and Dayton Railway Company.
Fort Wayne, Ind. All railroads.
Plymouth, Ind. The Lake Erie and Western Railroad Company.
Vandalia Railroad Company.
Columbus City, Ind. Vandalia Railroad Company.
Warsaw, Ind. The Cleveland, Cincinnati, Chicago and St. Louis Railway Company.
Hanna, Ind. Pere Marquette Railroad Company.
Chicago and Eastern Indiana Railroad Company.
Wanatah, Ind. Chicago, Indianapolis and Louisville Railway Company.
Hobart, Ind. Elgin, Joliet and Eastern Railway Company.
New York, Chicago and St. Louis Railroad.
Liverpool, Ind. The Michigan Central Railroad Company.
Valparaiso, Ind. Grand Trunk Western Railway Company.
Clark Junction, Ind. Elgin, Joliet and Eastern Railway Company.
Chicago, Ill. All railroads.

Note 1: I think this is actually Minerva, not Minerve. Back

Dividends - Dividends aggregating $84,240,000 were declared by the Pennsylvania Company during the period from 1872 to 1916, of which $55,490,000 were charged to income and $28,750,000 to profit and loss. Included in the dividends declared, as stated, was a stock dividend of 33 1/3 per cent declared in 1910, amounting to $20,000,000, which was paid in common stock of the Pennsylvania Company issued at par value. The dividends declared were at the following rates per annum:

Period Rate
per cent
Preferred stock:
18723
18736
18806
Common stock:
18732 1/4
18815
1882-18834
1891-18944
1901-19023
19034
1904-19055
19066
1907-19087
19098
191040 1/3
1911-19137
19143
19156
19164

INVESTMENTS IN OTHER COMPANIES

The following summary shows the par and book value of the investment in other companies and in the notes of individuals owned by the Pennsylvania Company on date of valuation:
Class Par value Book value
Investments in affliated companies:
     Capital stock--
     Allegan and Southeastern Railroad Company, common 61,075.00 1.00
The Belt Railway Company of Chicago, common 240,000.00 200,000.00
Calumet Western Railway Company, common 108,000.00 108,000.00
Canton and East Liverpool Railroad Company, common 10,000.00 6,735.75
Canton and East Liverpool Railway Company, common 5,000.00 5,000.00
Central Indiana Railway Company, common 60,000.00 1.00
Chartiers Southern Railway Company, common 9,000.00 9,000.00
Chicago, Indiana & Eastern Railway Company, common 1,000,000.00 1.00
Chicago Union Station Company, common 700,000.00 700,000.00
The Cincinnati, Lebanon and Northern Railway Company, common 2,100,000.00 2,100,000.00
Cincinnati, Richmond and Fort Wayne Railroad Company, common 1,277,000.00 1.00
The Cleveland, Akron and Cincinnati Railway Company, common 7,498,487,50 4,080,309.83
Cornwall and Lebanon Rail Road Company, common 300,000.00 687,500.00
The Englewood Connecting Railway Company, common 250,000.00 250,000.00
Fairport and Youngstown Railroad Company, common 25,000.00 1.00
Grand Rapids & Indiana Railway Company, common 2,995,600.00 1,676,092.63
Granite Inprovement Company, common 70,000.00 1.00
Indianapolis & Frankfort Railroad Company, common 560,000.00 560,000.00
The Lake Erie and Pittsburgh Railway Company, common 2,150,000.00 2,150,000.00
Louisville Bridge Company, common 1,495,800.00 1,765,143.06
The Monongahela Railway Company, common 823,500.00 823,500.00
The Ohio Connecting Railway Company, common 2,000,000.00 2,000,000.00
Ohio River and Western Railway Company, common 652,600.00 264,005.57
Pennsylvania Ontario Transportation Company, common 125,000.00 1.00
Pennsylvania Terminal Railway Company, common 759,600.00 759,600.00
Pennsylvania Tunnel and Terminal Railroad Company, common 10,000,000.00 1.00
Pennsylvania Western Railway Company, common 60,000.00 60,000.00
Pittsburgh Joint Stock Yards Company, common 500,000.00 486,556.79
The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company--
     Preferred 24,886,800.00 22,638,540.00
Common 24,169,600.00 15,978,314.53
Pittsburgh, Fort Wayne and Chicago Railway Company, guaranteed special 48,505,200.00 52,123,440.00
The Pittsburgh, Ohio Valley and Cincinnati Railroad Company, common 300,000.00 1.00
Pittsburgh, Wheeling and Kentucky Railroad Company, common 526,900.00 540,864.75
The Pittsburgh, Ashtabula and Youngstown Railway Company--
Preferred 5,775,000.00 5,775,000.00
Common 2,100.000.00 2,100,000.00
The South Chicago and Southern Railroad Company, common 842,500.00 842,500.00
Terre Haute and Peoria Railroad Company--
Preferred 1,135,200.00 489,682.50
Common 246,800.00 40,003.00
Toledo, Peoria and Western Railway Company, common 2,011,200.00 325,742.12
Toledo Terminal Railroad Company, common 387,200.00 1.00
The Toledo, Columbus and Ohio River Railroad Company, common 10,000,000.00 5,874,007.00
Vandalia Railroad Company, common 12,236,100.00 7,571,620.00
Walhonding Coal Company, common 262,500.00 231,500.00
Wheeling Terminal Railway Company, common 2,000,000.00 1.00
The Youngstown and Ravenna Railroad Company, common     320,000.00     320,000.00
Total  171,540,662.50  133,542,668.53
Bonds--
Cincinnati and Muskingum Valley Railroad Company, first-mortgage 4 per cent bonds, due Aug. 1, 1948 100,000.00 97,000.00
The Cincinnati, Lebanon & Northern Railway Company, consolidated 4 per cent mortgage bonds, due May 1, 1953 200,000.00 200,000.00
Central Indiana Railway Company, first-mortgage 4 per cent, due May 1, 1953 750,000.00 37,000.00
Chicago, Indiana & Eastern Railway Company, first-mortgage 5 per cent bonds, due May 1,&nbsp1942 500,000.00 500,000.00
Chicago, St. Louis and Pittsburgh Railway Company, first consolidated 5 per cent mortgage bonds, due Oct. 1, 1932 8,000.00 8,910.49
Dayton, Lebanon and Cincinnati Railroad and Terminal Company, first-mortgage 6 per cent bonds, due Mar. 1, 1934 92,500.00 92,500.00
Dayton Union Railway Company, first-mortgage 4 per cent bonds due July 1, 1949 7,000.00 7,000.00
Grand Rapids & Indiana Railway Company, second-mortgage 4 per cent bonds, due Oct. 1, 1936 3,487,000.00 3,487,000.00
The Lake Erie and Pittsburgh Railway Company, agreement for first-mortgage 5 per cent bonds, due Oct. 1, 1965 1,770,000.00 1,770,000.00
The Long Island Railroad Company, 4 per cent equipment trusts, due Feb. 1 1921 500,000.00 500,000.00
Muskegon, Grand Rapids and Indiana Railroad Company, first-mortgage 5 per cent bonds, due July 1, 1926 20,000.00 10,000.00
The Ohio River and Western Railway Company, first-mortgage 4 per cent bonds, due Sept. 1, 1952 600,000.00 561,000.00
Pennsylvania Railroad, 4 per cent general freight equipment trusts, due Nov. 1, 1916 1,000,000.00 1,000,000.00
The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company--
Consolidated 4 per cent mortgage bonds, due Nov. 1, 1945 9,000.00 8,557.50
Consolidated 3 1/2 per cent mortgage bonds, due Aug. 1, 1949 184,000.00 169,468.75
Consolidated 4 per cent mortgage bonds, due Nov. 1, 1957 11,000.00 10,465.00
Consolidated 4 per cent mortgage bonds, due Feb. 1, 1960 16,000.00 15,260.00
The Pittsburgh, Ohio Valley and Cincinnati Railroad Company, first-mortgage 5 per cent bonds, due Oct. 1,&nbsp1920 290,000.00 14,500.00
The Pittsburgh, Youngstown and Ashtabula Railway Company, first general-mortgage 4 per cent bonds, due June 1, 1948 364,000.00 364,000.00
Peoria and Pekin Union Railway Company, 5 per cent debenture bonds, due Nov. 1, 1930 56,000.00 56,000.00
Toledo, Peoria & Western Railway Company, first-mortgage 4 per cent bonds, due July 1, 1917 1,248,000.00 1,033,564.25
The Toledo Terminal Railroad Company, first-mortgage 4 1/2 per cent bonds, due Nov. 1, 1957 24,000.00 24,000.00
Union Depot Company, Columbus, Ohio--
First-mortgage 7 per cent bonds, due May 1, 1923 39,000.00 39,000.00
General-mortgage 4 1/2 per cent bonds, due July 1, 1946 16,000.00 16,250.00
The Vandalia Railroad Company--
Consolidated 4 per cent mortgage bonds, due Feb. 1, 1955 3,000.00 2,747.50
Consolidated 4 per cent mortgage bonds, due Nov. 1, 1957 73,000.00 66,960.00
The Wheeling Terminal Railway Company, first-mortgage 4 per cent bonds, due Aug. 1, 1940     16,000.00     14,560.00
Total  11,383,500.00  10,106,243.49
Notes--
Buckhannon and Northern Railroad Company 4 per cent demand note 1,268,604.59 1,268,604.59
Cincinnati, Richmond and Fort Wayne Railroad Company, 4 per cent demand note 96,495.87 96,495.87
Grand Rapids & Indiana Railway Caompany, 4 per cent demand note 150,000.00 150,000.00
Granite Improvement Company, 6 per cent demand note 326,500.00 326,500.00
Toledo, Peoria & Western Railway Company, 4 per cent demand note 237,000.00 237,000.00
The Toledo Termnal Railroad Company, 5 per cent demand note    127,752.00    127,752.00
Total   2,206,352.46   2,206,352.46
Advances--
The Akron and Barberton Belt Railroad Conmpany 30,000.00 30,000.00
Baden and Conway Street Railway Company 35,828.86 35,828.86
Calumet Western Railway Company 5,481.88 5,481.88
Canton and East Liverpool Railway Company 15,855.32 15,855.32
Canton and East Liverpool Railway Company 34,293.88 34,293.88
Central Indiana Railway Company 15,202.24 15,202.24
Chicago, Indiana & Eastern Railway Company 26,556.56 26,556.56
Chicago Union Station Company 4,216,075.82 4,216,075.82
Cincinnati, Richmond and Fort Wayne Railroad Company 1.00 1.00
Granite Improvement Company 1,494,880.92 1,494,880.92
Indianapolis & Frankfort Railroad Company 180,167.25 180,167.25
The Lorain, Ashland & Southern Railroad Company 2,055,833.33 2,055,833.33
The Manufacturers Railway Company 194,433.64 194,433.64
Massillon-Little Beaver Railroad Company 2,026.33 2,026.33
Ohio River and Western Railway Company 160,000.00 160,000.00
Pennsylvania Terminal Railway Company 100,000.00 100,000.00
Pittsburgh, Fort Wayne and Chicago Railway Company 8,237,948.84 8,237,948.84
The Pittsburgh, Youngstown & Ashtabula Railway Company 1,064,739.32 1,064,739.32
Steubenville and Toronto Railroad Company 222,789.20 222,789.20
Toledo Dock and Warehouse Company 234,397.73 234,397.73
Western New York and Pennsylvania Railway Company 23,972.38 23,972.38
The Wheeling Terminal Railway Company 40,000.00 40,000.00
Wheeling and State Line Railroad Company     50,000.00     50,000.00
Total     18,440,484.50     18,440,484.50
Grand total, affiliated companies 203,570,999.46 164,295,748.98
Investments in nonaffiliated companies:
Capital stock--
The Cleveland and Pittsburgh Rail Road Company, special guaranteed 5,451,750.00 5,451,750.00
The Columbus and Xenia Railroad Company, common 500.00 1,000.00
Erie and Pittsburgh Railroad Company--
Common 2,200.00 2,200.00
Special guaranteed 911,650.00 911,650.00
The Little Miami Railroad Company--
Common 500.00 1,000.00
Special guaranteed 881,500.00 881,500.00
Norfolk and Western Railway Company--
Preferred 5,000,000.00 3,260,000.00
Common 3,190,500.00 1,990,512.50
The Sharpsville Railroad Company 170,100.00 1.00
Southern Pacific Company, common 11,184,050.00 10,686,957.42
First-second National Bank, Pittsburgh, Pa 91,800.00 114,750.00
Homewood Consumers Gas Company, common 5.00 1.00
Massillon Iron and Steel Company, second preferred 15,300.00 15,300.00
Pennsylvania Steel Company--
Preferred 4,759,200.00 3,879,344.39
Common 3,694,400.00 1,374,029.28
Continental Improvement Company, common      1,562.50        1.00
Total   35,175,017.50   28,929,996.59
Bonds--
Chicago, Peoria and St. Louis Railway Company, general and refunding 4 1/2 per cent gold bonds, due Dec. 1, 1939 1,000.00 1,000.00
Erie and Pittsburgh Railroad Company--
General debenture 3 1/2 per cent bonds, due July 1, 1940 479,505.90 479,505.90
General mortgage 3 1/2 per cent bonds, due July 1, 1940 88,000.00 81,001.58
The Cleveland and Pittsburgh Rail Road Company
General-mortgage 3 1/2 per cent bonds, due Nov. 1, 1948 5,000.00 4,481.25
General mortgage 3 1/2 per cent bonds, due Aug. 1,  3,000.00 2,668.75
Lake Shore and Michigan Southern Railroad Company, 25-year 4 per cent gold bonds 9,000.00 8,527.50
Pennsylvania Steel Company, collateral trust 5 per cent bonds  5,950,000.00  5,950,000.00
Total 6,535,505.90 6,527,184.98
Notes--
Cambria Steel Company, 5 per cent scrip certificates 281,301.25 281,301.25
W. H. Doner, 5 per cent notes due Oct. 29, 1916, 1917, 1918 3,939,982.21 3,939,982.21
Isaac Joseph, 5 per cent notes due July 1, 1916 and Jan. 2, 1917 155.74 155.74
Mueller and Young Grain Company, 4 per cent mortgage 25,000.00 25,000.00
W. H. Scriver, mortgage 26,950.00 1.00
Dover Fire Brick Company, 6 per cent demand note 18,859.13 18,859.13
Harbison-Walker Refractories Company, 6 per cent demand note      14,050.18      14,050.18
Total   4,306,298.51   4,279,349.51
Advances:
The Cleveland and Pittsburgh Rail Road Company 832,866.89 832,866.89
Erie and Pittsburgh Railroad Company       818.85       818.85
Total     833,685.74     833,685.74
Miscellaneous, certificates of membership in boards of trade, chambers of commerce, etc.     Not shown     44.00
Grand total, nonaffiliated companies 46,850,507.65 40,570,260.82

As explained in the miscellaneous physical property chapter, the book value of the capital stock forming a part of the assets of the Litttle Kanawha and the Greene County Railroad Syndicates is transferable to the investments in other companies account, but the amount so transferable is not shown in the records reviewed.

In addition to the foregoing investments, the Pennsylvania Company has also made investments in other companies and reacquired securities of its own issue through a reserve fund established in 1909 and designated as "General fund of Pennsylvania Company," for the purpose of providing for the redemption of such securities of the Pennsylvania Company's own issue as were not already provided for and for other corporate purposes.

On the date of valuation the Pennsylvania Copmpany owned securities of its own issue which had been reacquired and securities of other companies which had been acquired, all through this fund, as follows:

Par value Book value
Securities of Pennsylvania Company's own issue 8,961,745.18 8,961,745.18
Securities of other companies   4,686,500.00   4,779,292.93
Total 13,648,245.18 13,741,038.11

Of the book value of securities of other companies $4,165,571.47 is classified on the Pennsylvania Company's general balance as "Insurance and other funds".

A list of the securities of other companies acquired through the reserve fund follows:

Par value Book value
Investments in affiliated companies, bonds:
     Cincinnati, Richmond and Fort Wayne Railroad Company, first-mortgage 4 1/2 per cent 748,000.00 820,432.22
The Cleveland, Akron and Columbus Railway Company, equipment 4 per cent 27,000.00 28,775.10
The Long Island Railroad Company, equipment 4 per cent 600,000.00 600,000.00
Philadelphia and Erie Railroad Company, general-mortgage 6 per cent 109,000.00 115,831.72
Philadelphia, Baltimore and Washington Railroad Company, serial gold 4 per cent 45,000.00 44,445.35
Terre Haute and Indianapolis Railroad Company, first-consolidated 5 per cent 22,000.00 23,263.03
Terre Haute and Peoria Railroad Company, first-mortgage 5 per cent     53,000.00     57,721.12
Total  1,604,000.00  1,690,468.54
Investments in nonaffliated companies, bonds:
The Baltimore and Ohio Rail Road Company, equipment trust 4 1/2 per cent 33,000.00 33,479.87
Buffalo, Rochester and Pittsburgh Railway Company, equipment 4 1/2 per cent 36,000.00 36,201.84
Canadian Northern Railway Company--
     Equipment-trust 4 1/2 per cent 90,000.00 87,842.58
Equipment-trust 5 per cent 35,000.00 34,418.51
Canadian Pacific Railway Company, equipment trust 4 1/2 per cent 46,000.00 46,213.00
The Chesapeake and Ohio Railway Company--
First-consolidated 5 per cent 20,000.00 22,338.46
Equipment-trust 4 1/2 per cent 111,000.00 112,185.13
Chicago and North Western Railway Company--
Equipment-trust 4 1/2 per cent 50,000.00 49,648.33
Debenture 5 per cent 198,000.00 203,276.40
Chicago, Indianapolis and Louisville Railway Company, equipment 4 1/2 per cent 25,000.00 24,215.52
Chicago, Milwaukee and St. Paul Railway Company, first-mortgage 5 per cent 62,000.00 64,375.80
The Chicago, Rock Island and Pacific Railway Company, equipment gold 4 1/2 per cent 50,000.00 48,757.33
Chicago, St. Louis and New Orleans Railroad Company, equipment trust 5 per cent 20,000.00 20,752.00
The Cincinnati Northern Railroad Company, equipment-trust 5 per cent 5,000.00 5,036.61
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company, equipment-trust 5 per cent 6,000.00 6,153.03
Columbus Connecting and Terminal Railroad Company, first-mortgage 5 per cent 2,000.00 2,079.50
Cornwall and Lebanon Rail Road Company,first-mortgage 4 per cent 8,500.00 8,372.50
The Duluth, South Shore & Atlantic Railway Company, equipment-trust 4 1/2 per cent 33,000.00 33,443.78
Erie Railroad Company--
Equipment gold notes, 5 per cent 16,000.00 16,494.41
Equipment-trust 4 1/2 per cent 98,000.00 97,988.38
Equipment-trust 5 per cent 1,000.00 1,025.20
Evansville and Terre Haute Railroad Company, first-consolidated 6 per cent 33,000.00 33,574.64
Fort Worth and Denver City Railway Company, equipment-trust 4 1/2 per cent 25,000.00 25,000.00
Georgia Southern and Florida Railway Company, equipment 4 1/2 per cent 7,000.00 6,966.79
The Grand Trunk Railway Company of Canada, equipment-trust 4 1/2 per cent 230,000.00 225,475.13
Houston and Texas Central Railroad Company, general-mortgage 4 per cent 57,000.00 54,411.25
Illinois Central Railroad Company--
First-mortgage 5 per cent 12,000.00 12,491.68
Equipment-trust 4 1/2 per cent 109,000.00 109,294.16
Equipment-trust 5 per cent 111,000.00 111,492.13
Lehigh and New England Railroad Company, equipment-trust 4 1/2 per cent 25,000.00 25,163.85
Louisville and Nashville Railroad Company--
First-mortgage 6 per cent 18,000.00 19,132.48
Equipment-trust 4 1/2 per cent 3,000.00 3,119.10
Louisville Western Railroad Company, first-mortgage 6 per cent 40,000.00 42,930.56
The Meadville, Conneaut Lake and Linesville Railroad Company, first-mortgage 5 per cent 17,000.00 17,000.00
The Michigan Central Railroad Company, equipment-trust 5 per cent 10,000.00 10,412.00
Milwaukee, Lake Shore and Western Railway Company--
First-consolidated 6 per cent 11,000.00 11,921.11
First-mortgage 6 per cent 13,000.00 14,679.60
Minneapolis, St. Paul & Sault Ste. Marie Railway Company--
Equipment-trust 4 1/2 per cent 50,000.00 49,875.00
Equipment-trust 5 per cent 2,000.00 2,076.47
Equipment-trust 6 per cent 15,000.00 15,264.00
The New York Central Railroad Company, equipment 4 1/2 per cent 414,000.00 412,852.34
The New York, New Haven and Hartford Railroad Company, equipment-trust 4 1/2 per cent 56,000.00 56,693.09
Northern Pacific-Great Northern Joint Burlington 4 per cent 200,000.00 193,439.89
Pennsylvania Fork Lines, equipment-trust 6 per cent 10,000.00 10,100.00
Rensselaer and Saratoga Railroad Company, first-mortgage 7 per cent 12,000.00 13,470.28
Rochester and Pitsburgh Railroad Company, first-mortgage 6 per cent 3,000.00 3,240.39
Rutland Railroad Company, equipment-trust 4 1/2 per cent 25,000.00 24,817.50
Seaboard Airline Railroad Company, equipment gold notes 5 per cent 5,000.00 5,153.33
Southern Pacific Company, equipment-trust 4 1/2 per cent 155,000.00 152,652.99
Southern Railway Company--
Equipment-trust 4 1/2 per cent 41,000.00 40,893.84
Equipment-trust 5 per cent 12,000.00 12,388.05
Toronto, Hamilton and Buffalo Railway Company, equipment 4 1/2 per cent gold notes 25,000.00 24,589.92
Vicksburg and Meridian Railroad Copmpany, first-mortgage 6 per cent 50,000.00 53,138.57
Virginia and Southwestern Railway Company, equipment 5 per cent 16,000.00 16,032.34
Virginia Midland Railway Company, 40-year serial 5 per cent      23,000.00      23,575.00
Total   2,780,500.00   2,787,626.56
City of Los Angeles, electric plant, 4 1/2 per cent 25,000.00 25,208.32
City of Pittsburgh, judgement-loan, 4 per cent 5,000.00 4,889.00
City of Oklahoma, street-improvement, 6 per cent 5,000.00 5,177.50
County of Washington, Pennsylvania, road bonds, 4 1/2 per cent 20,000.00 20,250.29
Frisco Construction Company, equipment notes, 5 per cent 25,000.00 23,405.00
Government of Dominion of Canada, gold bonds, 5 per cent 100,000.00 99,560.00
Luzerne County, Pennsylvania, refunding 4 1/2 per cent 12,000.00 12,220.22
Monongahela Bridge Company, gold bonds, 5 per cent 70,000.00 70,000.00
Roman Catholic Board of School Commissioners, City of Quebec, gold bonds, 5 per cent 10,000.00 9,987.50
Standard Car Equipment Company, car trust 6 per cent 20,000.00 20,225.00
State of Minnesota, County of Koochiching, drainage ditch, 5 1/2 per cent     10,000.00     10,275.00
Total 302,000.00 301,197.83
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:

Rental
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 the 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 by lessor through 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 tp 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 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 sub-leased 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 and Southern:
Entire property; operated without written agreement, the Pennsylvania Company paying to the South Chicago & Southern the net revenue from operation. 11,195.52
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;
1,203 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 and 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 2 1/2 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 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 Railroaf 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 sttaion 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, 36.53 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 Cenral 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. Rental based on one-half of 4 per cent on valuation of $615,203.90, which 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 3 1/2 per cent on 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 a 25-year agreement dated Mar. 3, 1898. Rental of 3 per cent per annum on valuation of $179,463.89. Operaton 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 and Southern
Tracks and facilities, Berenice to Colehour, Ill, 9.29 miles used by The Pittsburgh, Cincinnati, Chicago and 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 a 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 Termoinal 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 a wheelage basis. No rental paid. -----
The lines operated by the Pennsylvania Company own jointly with other companies other property of minor importance, 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 Ralroad 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 a proportion of maintenance and operation on a mileage basis. 44,730.83
The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company:
Double-track main line, Coshocton to Newcomertown, 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 and 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 and 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 and 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 3, 1963. [1] 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 Hegewich, 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 City, 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 propoortion, 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. V. 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 rent 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 62 1/2 cents per train-mile. No charges made by the Pennsylvania Company to income for rental.

Note 1: Surely the ICC meant to say "1863". Back.

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 that 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-haf 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, locomotive 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 and 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 $61,928.4.

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:

Company Period of operation Mileage
From To
The South Chicago and Southern Railroad Company (1881) Oct. 15, 1887 Feb. 4, 1901 10.61
State Line and Indiana City Railway Company Oct. 15, 1888 Feb. 4, 1901 8.01
The Calumet River Railway Company Sept. 16, 1895 Feb. 4, 1901 4.43
Erie Canal Company (canal property) [to E&P RR] Sept. 16, 1870 Feb. 4, 1871 185.50
The Pittsburgh, Youngstown and Ashtabula Railroad Company Aug. 1, 1887 Dec. 31, 1905 124.79
Ashtabula, Niles and Youngstown Railroad Company June 16, 1887 July 31, 1887 88.18
Ashtabula and Pittsburgh Railway Company Aug. 1, 1878 June 15, 1887 63.28
The Ashtabula, Youngstown and Pittsburg Rail Road Company May 1, 1873 June 31, 1878 63.28
The Alliance, Niles and Ashtabula Railroad Company Aug. 7, 1882 June 15, 1887 24.90
Youngstown, Lawrence and Pittsburgh Railroad Company June 1, 1887 July 31, 1887 33.73
Lawrence Railroad Company (1869) Apr. 1, 1871 May 15, 1873 17.13
Lawrence Railroad Company (1873) May 16, 1873 May 31, 1887 21.19
New Brighton and New Castle Railroad Company Aug. 18, 1884 May 31, 1887 12.54
New Castle and Beaver Valley Railroad Company Apr. 1, 1871 Dec. 31, 1905 14.98
Salineville Railroad Jan. 8, 1892 Dec. 31, 1898 3.70
The Ohio Valley Railway Company Jan. 8, 1884 Aug. 10, 1898 2.00
The Toledo, Walhonding Valley & Ohio Railroad Company May 23, 1891 June 30, 1911 234.26
Northwestern Ohio Railway Company Oct. 1, 1876 May 22, 1891 80.20
The Toledo, Tiffin and Eastern Rail Road Company May 1, 1873 Sept. 31, 1876 24.54
Toledo and Woodville Railroad May 1, 1873 Sept. 3, 1878 18.62
Mansfield, Coldwater and Lake Michigan Rail Road Company May 1, 1873 Nov. 27, 1877 37.11
The Rolling Mill Railroad Company Jan. 1892 Dec. 31, 1903 .71
The Cleveland and Marietta Railway Company Jan. 1, 1900 June 30, 1911 103.68

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:

Company Period of operation Mileage
From To
Meadville Railway Company Oct. 3, 1881 Jan. 31, 1884 20.00
Toledo State Line Railroad Company Nov. 10, 1873 Apr. 30, 1878 4.17
Louisville Bridge Company Jan. 1, 1873 Sept. 30, 1890 2.87
Indianapolis & Vincennes Railroad Company Apr. 1, 1871 Dec. 31, 1904 137.44
Jeffersonville, Madison and Indianapolis Railroad Company Jan. 1, 1873 Sept. 30, 1890 222.57
Columbus and Shelby Railroad Company Jan. 1, 1873 Nov. 17, 1881 23.86
Shelby and Rush Railroad Company Jan. 1, 1873 April 9, 1882 18.33
Lake Erie and Louisville Railroad Company Jan. 1, 1873 June 25, 1890 20.85

The Indianapolis and 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, Cicinnati, Chicago & St. Louis Railway Company.


Original data source: Valuation Reports, Volume 23 pp 408-409, 445-447, 475-486
Reports of the Interstate Commerce Commission
Washington, DC,
January, 1929
Although published in 1929, the data is "...as of the date of valuation." which was June 30, 1916.
HTML by Robert T. Netzlof, 15 May 2001
Content revised and numerous typographical errors corrected 31 May 2002
Content expanded 16 July 2002
Error corrected 18 October 2002
Valuation date corrected 7 July 2005
Typographical error corrected 28 October 2007
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