I v - The P&WV Hi-Line

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-~ -- -----------------------.-~---~.-----.........( ,-----~--------THE PITTSBURGH & WEST VIRGINIA RAILWAY COMPANYBANKERS INSPECTION TRIPOCTOBER 15, 1952.-"li>• tI. '"f--..---~This Inspection ~rip has been arranged for the purposeof providing the financial community with first-hand knowledgeof the P&VVV -- its property, traffic and operations and itspeople -- all to the end that those interested in stocks willbe in a better position to appraise the merits of P&WV commonstock and those interested in bonds will possess adequate knowledgeto consider carefully the purchase of the new bonds whichvall result from a necessary refunding of the mortgage debtprior to its maturity in 1958, 1959 and 1960.Background information on the property, its history, improvements,traffic carried in the past and likely in the fu~ture and results of operations is contained in this booklet.Any information not included will be gladly supplied.
.,."/Ck:tober 7, 1953MEMORANDUMSUBJECT;~estions WLich May Be Raised by Guests on Inspection Trip1) Q. '~bat happened to the relationship between the P&WV and PRR when Pennroad and PRR were divorced? A. There has been no change in the friendly relationship between thetwo railroads.2) Q. With so few trains a day. is the CTC system really needed'A. From an operating point of view, a CTC system is not needed all ofthe time. During traffic peaks. it is amply jUBtifi~d. Whateverthe level of traffio, it is justified as a means of preventingaccidents. Before the CTC system was installed, accidents due toman failure had become so numerous that the ICC was on the vergeof compelling the railroad to install a signal system. Sinceinstallation. there have been no accidents due to man failure.Although the savings cannot possibly be oomputed. they must besubstantial with the higher prices of merchandise carried and thevery much higher judgments being handed down in the courtlil forpersonal injuries and loss of life.J) Q. Are present divisions satisfactor,y?A. Our divisions are excellent on the whole, but there are a few minorexceptions involving Ex-Lake iron ore. "We are negotiating withthe interested carriers to correct these inequities and are findingthem surprisingly receptive to our appeals. Very recently, thePRR and B&O agreed to improve our divisions on Ex-Lake iron oreto Monessen, Pa. and Donora. Pa.4) Q. Why should traffic mOVe over the lIalphabet route" TA. The first and most important reason is that of service. Service isever so much better on the lIalphabet route," than by competingroutes. Also the participating railroads have an unusually fastoar-tracing service to keep shippers posted on frei ght movements.The use of the ualphabet route" also enables an industrial trafficmanager to satisfy :3 or 4 railroad solicitors with only one car offreight.5) Q. Who solicits traffic for the "alphabet routenTA. All of the participating railroads seek traffic for the route.6) Q. How active are the various railroads in .eliciting traffic tor iheroute?A. The NiP and WM are most acti va and cooperative. The Reading andONJ are more or less neutral.
Page 4 and 5: - :2 7) ~. Iron ore traffic futur
Page 6 and 7: I TIN ERA R YP. & ':'. V. INSP8CTIO
Page 8 and 9: •GUESTS - 2 Name and FirmCarSpa
Page 10 and 11: - 4 • Car SpacePERSONNEL OF THE P
Page 12 and 13: ccSECTION h----FinancialProprietary
Page 14 and 15: cCorporate historySECTION 1 The Rai
Page 16 and 17: cP&'ilV PersOlll1el Maldng the Trip
Page 18 and 19: 7cSTOCK OWNERSHIP There are 305,000
Page 20 and 21: THE PITTSBURGH &. WEST VIRGINIA RAI
Page 22 and 23: It might be well at this time to co
Page 24 and 25: c Identj,cal results have taken pla
Page 26 and 27: cat McKeesport, Pa., through our co
Page 28 and 29: Here is defi.nite evidence that the
Page 30 and 31: 23cFor the past several years the P
Page 32 and 33: c c At the present time preliminary
Page 34 and 35: Recently we opened up an ;interchan
Page 36 and 37: 31cFinancial statementsThere are an
Page 38 and 39: 37cExhibit 5 (Trend of Debt, Fixed
Page 40 and 41: 39CCTHE PITTSBURGH & WEST VIRGINIA
Page 42 and 43: cIt may also be noted that not unti
Page 44 and 45: cThe relationship of Pittsburgh & W
Page 46 and 47: 46RANKING OF SELECTED EASTERN DISTR
Page 48 and 49: None of this older equipment is und
Page 50 and 51: 50/'"r'--The following table sh
Page 52 and 53:
52,~-Gross Expenditures for Additio
Page 54 and 55:
55Cross Tie Renewals,- Installed Du
Page 56 and 57:
57'11:j~Statement of Miles and Perc
Page 58 and 59:
,-.".,---------------59Roadway Ma
Page 60 and 61:
611952 two oil or gas fired automat
Page 62 and 63:
Equipment 63EQUIPMENT UiPH.OVEMENT
Page 64 and 65:
65EQUIPMENT MAINTENANCEEquipment Ma
Page 66 and 67:
67cDIESEL MAINrENAl'ii'CE PROCEDURE
Page 68 and 69:
69SECTION 6 - OPERATING RESULTSTher
Page 70 and 71:
c C TREND OF OPERATING REVENUES: TO
Page 72 and 73:
73r"COMPt~TIVE STATEMENT OF RATIO
Page 74 and 75:
75r\~r- ,"P&WV Freight Train Perf
Page 76:
PERCENTOf 194123020018015012010080~
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I v - The P&WV Hi-Line

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