Corporate Genealogy
Pittsburgh, Ft. Wayne & Chicago

INTRODUCTORY

The Pittsburgh, Fort Wayne and Chicago is a corporation of the States of Pennsylvania, Ohio, Indiana, and Illinois, having its principal office at Pittsburgh, Pa. It is controlled by the Pennsylvania Company through ownership of a majority of the outstanding capital stock. The Pittsburgh, Fort Wayne and Chicago controls the Massillon and Cleveland through ownership of a majority of the latter's capital stock. From February 26, 1862 to June 30, 1869, the property of the Pittsburgh, Fort Wayne and Chicago was operated jointly by its own management and that of the Cleveland and Pittsburgh and the latter's receivers, under various agreements. From July 1, 1869 to March 31, 1871, it was operated jointly by the Cleveland and Pittsburgh under the foregoing agreements, and the Pennsylvania Railroad, under a lease to the latter of the Pittsburgh, Fort Wayne and Chicago's property, effective July 1, 1869, extending to July 1, 1868. From April 1, 1871, to date of valuation, the property was operated by the Pennsylvania Company under the aforesaid lease to the Pennsylvania Railroad which was assigned to the Pennsylvania Company on April 1, 1871.

CORPORATE HISTORY

The Pittsburgh, Fort Wayne and Chicago was incorporated by special acts of the legislatures of the States of Pennsylvania and Illinois, approved March 31, 1860, and February 8, 1891, respectively, for the purpose of reorganizing The Pittsburgh, Fort Wayne & Chicago Rail Road Company. Certificates of incorporation, dated February 26, 1862, were filed in the States of Pennsylvania, Indiana, and Illinois on February 28, 1862, and in Ohio on September 15, 1866.

The property, rights, and franchises of The Pittsburgh, Fort Wayne & Chicago Rail Road Company had been sold in Cleveland, Ohio, on October 24, 1861, to a purchasing committee, to whom they were deeded by the trustees and the master commissioner on February 18, 1862, and by deed of The Pittsburgh, Fort Wayne & Chicago Rail Road Company dated February 25, 1862. By deed dated March 2, 1862, the purchasing committee conveyed the property thus acquired to the Pittsburgh, Fort Wayne and Chicago.

The Pittsburgh, Fort Wayne and Chicago also acquired, on June 30, 1916, the properties of two other companies, as explained hereinafter.

The following table shows the names of the corporations embraced in the corporate history of the Pittsburgh, Fort Wayne and Chicago, their respective dates of incorporation, and the manner and date of succession. Reference to each of these corporations is made in the last column by its respective number in the first column.

No. Name Incorporation Succession
1 Pittsburgh, Fort Wayne and Chicago Railway Company. Special acts of Pennsylvania and Illinois approved Mar. 31, 1860 and Feb. 8, 1861, respectively.
2 The Pittsburgh, Fort Wayne and Chicago Rail Road Company. Under general laws of Ohio, Indiana, and Illinois and special act of Pennsylvania, approved Apr. 16, 1856, through articles of consolidation dated May 6, 1856, filed in Ohio and Pennsylvania July 26, 1856, in Illinois July 28, 1856, and in Indiana July 29, 1856. Sold to purchasing committee and reconveyed to 1.
3 Ohio and Pennsylvania Railroad Company. By special act of Ohio approved Feb. 24, 1848, concurred in by special act of Pennsylvania approved Apr. 11, 1848. Consolidated May 6, 1856, with 3 and 5 to form 2
4 Ohio and Indiana Railroad Company. Under special acts of Ohio and Indiana of Mar. 26, 1850, and Jan. 15, 1851, respectively. Consolidated May 6, 1856, with 3 and 5 to form 2.
5 Fort Wayne and Chicago Railroad Company. Under general laws of Indiana, May 11, 1852, and in Illinois on Mar. 5, 1853, by special act of Feb. 5, 1853. Consolidated May 6, 1856, with 3 and 4 to form 2.
6 Marginal Railroad (Harmony Society of Economy, Pa.) Not incorporated. Conveyed by Jacob Henrici and Jonathan Lenz, trustees of the Harmony Society, by deed of Dec. 7, 1889, to Henry W. Hartman, and by the latter conveyed to Pennsylvania Company by deed dated Mar. 14, 1890. Conveyed by the latter to 1 by deed dated June 30, 1916.
7 The Rochester, Beaver Falls and Western Railway Company. Under general laws of Pennsylvania, Mar. 27, 1889. Conveyed to Pennsylvania Company by assignments dated Feb. 3, 1890, and Apr. 7, 1890, and by deed dated Jan. 18, 1904. Conveyed by Pennsylvania Company to 1 by deed dated June 30, 1916.

The Pittsburgh, Fort Wayne and Chicago acquired by deed dated July 1, 1865, the property, rights, and franchises of The Cleveland, Zanesville and Cincinnati Railroad Company, described below, from George W. Cass and John J. Marvin, to whom the property had been conveyed on December 23, 1864, after foreclosure sale. The Pittsburgh, Fort Wayne and Chicago sold this property, together with an extension about 3.5 miles in length, to The Pittsburgh, Mt. Vernon, Columbus and London Railroad Company, predecessor of the Cleveland, Akron and Cincinnati. Conveyance was by deed of the Pittsburgh, Fort Wayne and Chicago, dated November 4, 1869, and by quitclaim deed of George W. Cass and John J. Marvin, dated November 6, 1869.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned railroad was acquired pricipally by purchase after foreclosure. In the following table are shown the years in which and the companies by which the several parts of the property were constructed, and the manner in which they were acquired by the Pittsburgh, Fort Wayne and Chicago.

Acquired by purchase after foreclosure from--
      The Pittsburgh, Fort Wayne and Chicago Rail Road Company, Mar. 2, 1862, constructed by--
      That company--
      Columbia City, Ind., to Chicago, Ill., including jointly owned mileage to Chicago (45 miles partly completed by Fort Wayne and Chicago Railroad Company), 1856-1859 and 1860 129.79
Allegheny to Pittsburgh, Pa., 1858   1.00
Total 130.79
Ohio and Pennsylvania Railroad Company, Allegheny, Pa., to Crestline, Ohio, 1853 187.57
Ohio and Indiana Railroad Company, Crestline, Ohio, to Fort Wayne, Ind., 1854 131.60
Fort Wayne and Chicago Railroad Company, Fort Wayne to Columbia City, Ind., 1856 19.00 468.96
The Cleveland, Zanesville and Cincinnati Railroad Company, July 1, 1865, constructed by The Cleveland, Zanesville and Cincinnati Railroad Company, Hudson to Millersburg, Ohio, 1852 and 1854 61.50
By construction:
Extension south of Millersburg, Ohio, 1868, by forces of the Pittsburgh, Fort Wayne and Chicago 3.50
Cummings branch, Chicago, Ill., 1875, by forces of Pennsylvania Company 1.57 5.07
Total mileage acquired 535.53
Less mileage sold:
Hudson to point 3.5 south of Millersburg, Ohio, Nov. 4, 1869 65.00
Mileage located in Chicago 1.43 66.43
Total recorded mileage owned 469.10
Difference between recorded mileage and mileage inventoried 0.318
Mileage inventoried as of date of valuation 469.418

Included in the 468.96 miles of road acquired from The Pittsburgh, Fort Wayne & Chicago Rail Road Company are 1.020 mile of road in the city of Chicago, Ill., owned jointly with other carriers.

INVESTMENTS IN OTHER COMPANIES

The Pittsburgh, Fort Wayne and Chicago has acquired investments in other companies of a par value of $5,057,659.31, and a book value of $4,953,371.80. It disposed of $3,785,559.31 par value of the foregoing investments, of a book value of $3,584,137.55. It therefore had investments on hand on date of valuation of a par value of 1,272,100 and a book value of 1,369,234.25, as follows:

Class Par value Book value
Capital stock:
     Affiliated companies--
     Massillon and Cleveland Railroad Company 103,800 103,800.00
Pennsylvania Railroad 242,000 317,257.75
The United New Jersey Railroad and Canal Company     10,000     25,600.00
Total    355,800    446,657.75
Nonaffiliated companies--
Chicago, Milwaukee and St. Paul Railway Company--
     Refund 100,000 153,167.00
Common 25,000 25,097.50
Cleveland and Pittsburgh Rail Road Company 65,000 63,660.00
Great Northern Railway Company 118,800 130,346.22
Northern Pacific Railway Company 100,000 102,975.09
Northern Securities Company 1,000 1,000
Lake Superior Company    36,000     -----
Total    445,800    476,245.81
Bonds:
Affiliated companies--
The Long Island Railroad Company 30,000 26,936.71
Pennsylvania Railroad    50,000    49,750.00
Total    80,000    76,686.71
Nonaffiliated companies--
The Atchison, Topeka and Santa Fe Railway Company 20,000 18,660.50
Boston and Albany Railroad Company 45,000 44,805.00
Chicago, Milwaukee and St. Paul Railway Company 40,500 40,562.55
Norfolk and Western Railway Company 20,000 18,809.33
The New York Central Railroad Company 50,000 47,670.00
Northern Pacific-Great Northern 100,000 96,125.00
Northern Pacific Railway Company 50,000 37,062.50
Reading Company 40,000 38,352.22
State of New York    25,000    27,596.88
Total    390,500    369,642.98
Grand total 1,272,100 1,369,234.25

LEASED RAILWAY PROPERTY

From February 26, 1862, to June 30, 1869, the property of the Pittsburgh, Fort Wayne and Chicago was operated jointly by its own management and that of the Cleveland and Pittsburgh and the latter's receivers, under various agreements. From July 1, 1869, to March 31, 1871, it was operated jointly by the Cleveland and Pittsburgh, under the foregoing agreements, and the Pennsylvania Railroad, under a lease to the latter of the Pittsburgh, Fort Wayne and Chicago's property, effective July 1, 1869, extending to July 1, 2868. From April 1, 1871, to date of valuation, the property was operated by the Pennsylvania Company under the aforesaid lease to the Pennsylvania Railroad, which was assigned to the Pennsylvania Company on April 1, 1871.

The lease of the property of the Pittsburgh, Fort Wayne and Chicago to the Pennsylvania Railroad provided among other things for the following considerations for the use of the property:

An annual rental payment of $1,380,000 to provide for a 7 per cent guaranteed dividend on the common stock of the Pittsburgh, Fort Wayne and Chicago; a guaranteed 7 per cent dividend on the guaranteed special stock issued by the Pittsburgh, Fort Wayne and Chicago; and the assumption by the lessee of the payment of the principal of and interest on the following bonds issued or assumed by the Pittsburgh, Fort Wayne and Chicago, which were outstanding at the date of the lease:

Issued:
      First-mortgage bonds $5,250,000
Second-mortgage bonds 5,160,000
Third-mortgage bonds 2,000,000
Equipment bonds
Assumed:
Ohio bridge bonds 153,000
Chicago (Haight) construction bonds assumed 100,000
Total 13,663,000

The lease also provides for the payment of certain organization expenses of the Pittsburgh, Fort Wayne and Chicago.

At the expiration of the lease, or at its earlier termination, the lessee agrees to redeliver and surrender the railway to the Pittsburgh, Fort Wayne and Chicago in as good a condition as when leased, together with all additions and betterments which have been made upon the property. The lessee also agrees to redeliver to the Pittsburgh, Fort Wayne and Chicago all rolling stock, material and supplies, or other property received under the lease, or similar property of equal value.

The rental recorded by the Pittsburgh, Fort Wayne and Chicago, for the use of its property for the year ending on date of valuation amounted to $5,068,041, which was credited to income account, income from lease of road.


Original data source: Valuation Reports Vol. 23 pp 488-490, 507-510
Interstate Commerce Commission
Washington, DC
January 1929

Although published in 1929, the report is "...as of date of valuation" which was 30 June, 1916


HTML by Robert T. Netzlof 22 March 2001
Content expanded 10 June 2002
Valuation date corrected 7 July 2005
Typographical errors corrected 20 January 2008
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