Wikipedia:WikiProject Trains/ICC valuations/Youngstown and Ravenna Railroad

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Youngstown and Ravenna Railroad

The Youngstown and Ravenna Railroad Company, herein called the Youngstown and Ravenna, an uncompleted road between Ravenna and Boanna, Ohio, the only completed portions of which consist of 1.171 miles of road extending between Boanna and Niles Junction, Ohio, and 1.106 miles of road at Ravenna, or 2.277 miles in all.

Introductory

The Youngstown and Ravenna is a corporation of the State of Ohio, having its principal office at Youngstown, Ohio. It is controlled by the Pennsylvania Company through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that the company controls any common-carrier corporation.

From November 26, 1905, the date of completion of construction, to June 30, 1910, the property was operated by the Pennsylvania Company as agent for the Pittsburgh, Youngstown & Ashtabula, lessee. On July 1, 1910, the property of the latter company, including its leasehold interest in the Youngstown and Ravenna, was leased to the Pennsylvania Company, and the latter has continued to operate the property to date of valuation under this arrangement.

Corporate History

The Youngstown and Ravenna was incorporated November 4, 1899, under the general laws of Ohio, through filing articles of incorporation dated October 28, 1899, for the purpose of constructing, or otherwise acquiring, and operating a railroad from Youngstown to Ravenna, Ohio. On November 13, 1899, it acquired by purchase the uncompleted railroad of The Cleveland and New Castle Railway Company. This company had been incorporated, on a date not of record, under the general laws of Ohio.

Development of Fixed Physical Property

On November 13, 1899, the Youngstown and Ravenna purchased from The Cleveland and New Castle Railway Company its right of way and unfinished roadbed and other property between Ravenna and Niles, Ohio, about 23 miles. The Cleveland and New Castle Railway had discontinued work on this project in October, 1898. The Youngstown and Ravenna completed the construction of 1.106 miles of main line at Ravenna and 1.171 miles of main line extending from Boanna to Niles Junction. In each instance construction, which was by the forces of the Pennsylvania Company for the account of the Youngstown and Ravenna, was begun in December, 1903, and completed on November 26, 1905.

Leased Railway Property

From November 26, 1905, to June 30, 1910, the Pennsylvania Company operated the Youngstown and Ravenna's property as agent for the Pittsburgh, Youngstown & Ashtabula. On July 1, 1910, the property of the latter company, including its leasehold interest in the Youngstown and Ravenna, was leased to the Pennsylvania Company, and the Pennsylvania Company has, under this arrangement, continued to operate the Youngstown and Ravenna's property to date of valuation. The lease agreement, dated January 1, 1906, and terminable upon 18 months' notice, provides for rental payments equal to 4 per cent per annum on cost of the property leased and for the maintenance of the property in good condition.