West Liberty

[Jim Holland]

Greetings!

	Utterly fascinating - thanks mucho for taking the time to type this
in.  How long did you say it will take to complete all 600+++
pages?!?!::>>)))

	I love to *King-the-Butcher's-English* or
*Gorcefy-the-Ingrish-Ranguage* as much as possible so I am positive that
is what you were doing when you spelled *United* as *Untied*  -- 
consistently.  I corrected some of it in the quotes below:  THANKS  for
your humor!::>>)))  I always refer to the airline as *Untied-Airlines.*

John Swindler wrote:

> History of Pittsburgh

> Printed 1922

> Pp 169:  Pittsburgh’s street railway system is entirely the property of the
> Pittsburgh Railways Company, which in turn is a subsidiary of the
> Philadelphia Company, an organization formed more than forty years ago by
> George Westinghouse and his associated under the terms of a most inclusive
> charter.

	Do you think this might have had some influence on PRCo ordering
Westinghouse PCCs to the tune of 75% of the fleet?

> “All of the subsidiary companies were incorporated under the general act of
> March 22, 1887, and most of them were reincorporated under the general act
> of May 14, 1889.  This subsequent act provides that companies may be
> incorporated under its provisions for the purpose of construction,
> maintaining and operating street railways for public use in the conveyance
> of passengers by any power, other than locomotive, on any street or highway
> now laid out, upon which no track is laid or authorized to be laid under any
> existing charter.

	Does this translate into the fact that PRCo could lay track anywhere it
desired  --  without interference from the Burgh?  Sounds like PRCo was
more powerful than the city.  This would set up PRCo to be disliked,
wouldn't it?!?!

> “No rentals are paid to the companies owned by the Philadelphia Company, and
> the Pittsburgh Railways Company receives the earnings of the companies owned
> by it.  Therefore, with the exception of the rentals paid on account of the
> Consolidated and United systems, the Pittsburgh Railways Company pays
> rentals only to the Pittsburgh and Castle Shannon Railroad Company.

	Sounds like a circular statement above  --  and makes one wonder about
the bankruptcy proceedings.  I understood that part of the reason PRCo
had financial problems was the drain caused by paying the *underlies.* 
The above makes it sound as though this is not the case!_._._.

> “The Pittsburgh Railways company, under leases and operating contracts,
> guarantees the payment of interest on a number of underlying mortgages upon
> property not belonging to the Consolidated or the United Traction Company
> systems.

> “The Pittsburgh Railways Company operated the United and Consolidated
> traction companies under contracts that may be terminated at any time on
> three months notice by either party.  These contract obligate the Pittsburgh
> Railways Company to pay dividends upon the preferred and common stock of the
> Consolidated Traction Company at the respective rates of six percent and two
> percent, and upon the preferred and common stock of the Untied Traction
> Company at the respective rates of five percent and one percent.  The
> Philadelphia Company receives all of these dividends with the exception of
> small amount which goes to outsiders.  These contracts also obligate the
> Pittsburgh Railways Company to pay, in addition to all expenses of
> operation, ordinary maintenance and taxes, State, county and municipal, all
> interest and rentals which the Untied and Consolidated Traction companies
> ware obligated to pay on account of the companies formerly operated by them.

	. . . or it makes it sound as though the Philly Company was siphoning
off all the working and operating capital of PRCo since it owned a very
high percentage of the stock of the founding companies.  Like the
summary says, it seems overly complicated.

> This history was written shortly before the Pittsburgh Railways Company went
> into the receivership appointed by the United States District Court.  This
> receivership has subsisted well into two years, the effects of the World War
> and other causes combining to make rapid resolution of the intricacies
> involving the necessity of the receivership very difficult.

James B. Holland

        Pittsburgh  Railways  Company  (PRCo),   1930  --  1950
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