Wikipedia:WikiProject Trains/ICC valuations/Meadville, Conneaut Lake and Linesville Railroad
Interstate Commerce Commission, Valuation Reports, Volume 34
The Meadville, Conneaut Lake and Linesville Railroad
[edit]Location and General Description of Property
[edit]The railroad of The Meadville, Conneaut Lake and Linesville Railroad Company, hereinafter called the Meadville, Conneaut Lake and Linesville, which is leased to and operated by the Bessemer and Lake Erie, is a standard-gage, steam railroad, extending from Meadville to Linesville, Pa., 21.665 miles, approximately 2 miles of which is double track. It connects with the property of the Bessemer and Lake Erie at Meadville Junction, Pa. The Meadville, Conneaut Lake and Linesville also owns 10.416 miles of yard and sidetracks.
Introductory
[edit]The Meadville, Conneaut Lake and Linesville is a corporation of the State of Pennsylvania, having its principal office at Pittsburgh, Pa. There were no available accounting records of the Meadville, Conneaut Lake and Linesville for the period from the date of its organization to June 30, 1907. For that reason only partial information can be given from the accounts in connection with the finances, operations, aids, investments, or original cost. Certain information indicated hereinafter pertaining to the period first mentioned has been taken from sources other than the accounting records of the company.
The company is not controlled by any individual or other company but the Bessemer and Lake Erie is the owner of 50 per cent of its capital stock. On the other hand, the records do not indicate that this company controls any other common-carrier corporation.
The property of the Meadville, Conneaut Lake and Linesville was operated by The Pittsburgh, Shenango and Lake Erie Railroad Company from July 1, 1891, to January 18, 1897, by the Pittsburg, Bessemer and Lake Erie from January 18, 1897, to April 1, 1901, and by the Bessemer and Lake Erie from April 1, 1901, to date of valuation.
Corporate History
[edit]The Meadville, Conneaut Lake and Linesville was incorporated June 23, 1891, under the general laws of Pennsylvania, as a reorganization of The Meadville and Linesville Railway Company. The date of organization was June 23, 1891.
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 Meadville, Conneaut Lake and Linesville Railroad Company. | Under general laws of Pennsylvania, June 23, 1891. | |
| 2. | The Meadville and Linesville Railway Company. | Under general laws of Pennsylvania, Feb. 12, 1884. | Sold at foreclosure May 23, 1891, and reorganized June 23, 1891, as 1. |
| 3. | The Meadville Railway Company. | Under general laws of Pennsylvania, Aug. 2, 1880. | Sold at foreclosure Jan. 3, 1884, and reorganized Feb. 12, 1884, as 2. |
Development of Fixed Physical Property
[edit]Of the 21.665 miles of road owned by the Meadville, Conneaut Lake and Linesville, 20.540 miles were acquired from The Meadville and Linesville Railway Company, through foreclosure and reorganization, under deed September 10, 1891. This mileage was constructed by The Meadville Railway Company during the years 1880 to 1882, both inclusive. The remaining 1.125 miles were constructed by the Meadville, Conneaut Lake and Linesville during the years 1892 and 1893.
Leased Railway Property
[edit]The entire property of the Meadville, Conneaut Lake and Linesville is leased to the Bessemer and Lake Erie for 99 years from July 1, 1891. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property of the report on the Bessemer and Lake Erie.
Predecessor Companies
[edit]The Meadville and Linesville Railway
[edit]The accounting records of The Meadville and Linesville Railway Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Bessemer and Lake Erie. The records reviewed did not indicate whether the company was controlled by any individual or corporation on May 23, 1891, the date of sale, nor, on the other hand, whether it controlled any common-carrier corporation. The company owned on date of sale approximately 20.540 miles of single-track, standard-gage, steam railroad between Meadville and Linesville, Pa., which was acquired by purchase. The property of the company was operated by its own organization from the date of acquirement thereof to the date of sale.
The Meadville Railway
[edit]The accounting records of The Meadville Railway Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Bessemer and Lake Erie. The records reviewed did not indicate whether it was controlled by any individual or corporation on January 3, 1884, the date of sale, nor, on the other hand, whether it controlled any common-carrier corporation. The company owned on the date of sale approximately 20.540 miles of single-track, standard-gage, steam railroad between Meadville and Linesville, Pa., which it acquired by construction. The property of the company was operated by its own organization from the date of acquirement thereof to the date of sale.