Wikipedia:WikiProject Trains/ICC valuations/Mahoning Valley Railroad

Interstate Commerce Commission, Valuation Reports, Volume 31

Mahoning Valley Railroad

Location and General Description of Property

The railroad of the Mahoning Valley Railroad Company, herein called the Mahoning Valley Railroad, extending from Stanley to Helvetia, Pa., 1.876 miles.

Introductory

The Mahoning Valley Railroad is a corporation of the State of Pennsylvania, having its principal office at Ridgway, Pa. It is controlled by Adrian Iselin through ownership of a majority of its outstanding capital stock. The records do not indicate that the Mahoning Valley Railroad controls any carrier corporation.

From the date it was placed in operation until May 1, 1896, the property of the Mahoning Valley Railroad was operated by that company's own organization. Since May 1, 1896, the property has been operated by the carrier under a lease agreement of that date, effective for the full term of the Mahoning Valley's corporate existence.

No entries have been made in the accounting records of the Mahoning Valley Railroad since May 1, 1897. The balances hereinafter stated are as of date of valuation.

Corporate History

The Mahoning Valley Railroad was incorporated under the general laws of the State of Pennsylvania and by letters patent of the Governor of Pennsylvania dated October 18, 1890, for the purpose of constructing and operating a railroad in Jefferson and Clearfield Counties, Pa.

Development of Fixed Physical Property

The 1.876 miles of road owned by the Mahoning Valley Railroad on date of valuation was acquired by construction, commenced in 1890 and completed in March, 1891. The work of the construction was done by the Mahoning Valley's own forces and by independent contractors.

In addition to the mileage mentioned, the Mahoning Valley Railroad constructed in 1891 and 1892 about 1.827 miles of yard tracks and sidings in Falls Creek yard. This mileage, the identity of which has been lost, has not been included in the mileage reported by the Mahoning Valley Railroad, although the investment in road and equipment account of that company includes expenditures for the construction of this property. This mileage is included by the carrier in its owned mileage. Access to the Falls Creek yard was obtained through trackage agreement with the carrier, which was cancelled by the latter's lease of the entire property of the Mahoning Valley Railroad on May 1, 1896.

Leased Railway Property

The property of the Mahoning Valley Railroad has been operated by the carrier since May 1, 1896, under an agreement of that date, for the full term of the Mahoning Valley Railroad's corporate existence. The agreement provides an annual rental of $15,000.

As hereinbefore mentioned, the equipment owned by Mahoning Valley Railroad is used by the carrier. The lease stipulates that at its expiration the equipment in good order, or its equivalent in value, shall be returned.