[N&W] Re: Pittsburgh & West Virginia Railway
nw-mailing-list at nwhs.org
nw-mailing-list at nwhs.org
Tue May 18 22:35:52 EDT 2004
The Pittsburgh and West Virginia was initially absorbed by the Norfolk
and Western in 1964 as part of their take over of the Nickel Plate
railroad. After the creation of Conrail and the merger of the Chessie
System and the Family Lines into the CSXT Corporation the N&W felt at a
disadvantage with reduced traffic levels. They therefore spun it off
along with remnants of the Akron, Canton and Youngstown RR and the old
Wheeling and Lake Erie. This regional is now known as the new Wheeling
and Lake Erie.
David W. Luttrell
The P&WV was absorbed by the N&W in the 1964 merger, which also included the
NKP, Wabash, and AC&Y.
To the best of my knowledge, there is one book on the P&WV: "The Pittsburgh &
West Virginia Railway", sub titled "The Story of the High and Dry". by Howard
Worley and Bill Poellot published by Withers Publishing (of Halifax PA). It
is © 1989. The book is incredible, and covers almost every aspect of the the
P&WV in great detail, year by year.
You can sometimes find the book at shows.
Contact me off list for more discussion.
The best reference I have found is a book titled "The Pittsburgh & West
Virginia Railway, The Story of the High and Dry" by Howard Worley Jr. and
William N. Peollet Jr.
I have found the book to be very helpful and a "good read".
The P&WV was "absorbed (leased)" into the N&W system in the 1964 merger that
included the Nickel Plate, Wabash, AC&Y and the purchase of PRR's Sandusky
There is a book, titled "The Pittsburgh & West Virginia Railway: The Story
of the High and Dry" by Howard V. Worley, Jr. and William N. Poellot, Jr.,
published 1989 by Withers Publishing, P. O. Box 36, Halifax, PA 17032.
Material related to the 1964 merger is in the book "The Norfolk & Western:
A History" by E. F. Pat Striplin, Revised Edition, published by the Society
and available through The Commissary.
Withers Publishing Company released a book on the P&WV 1989! It was written
by Howard V. Worley, Jr. & William N. Poellot, Jr. You may find a copy at
one of the train shows or through a used book dealer. Withers may still have
copies. Their address is:
Withers Publishing Co,
528 Dunkel School Road
Halifax, PA 17032
(717) 896- 3173
witherspub at aol.com
Hope this helps!
Its traded on the American Stock Exchange - I believe the symbol is "PWV". It
is a REIT with the rr leased to the N&W and subleased to the W&LE.
THIS MAY NOT BE EXACTLY THE INFORMATION YOU ARE LOOKING FOR. HOWEVER,I'LL
TELL YOU WHAT I KNOW. P&WVRW IS OWNED BY REAL ESTATE INVESTMENT TRUST(RIT)
AND IS PUBLICLY TRADED ON AMERICAN STOCK EXCHANGS (AMX)UNDER THE SYMBOL
PW,CURRENTLY TRADING AROUND $6.75/SHARE. THE ACTUAL PHYSICAL PLANT IS
LEASED TO NORFOLK SOUTHERN (ON A 99 YEAR LEASE), WHO ALSO IS RESPONSIBLE
FOR THE MAINTANCE. NS IS LEASING IT TO CSX PRESENTLY WITH TRAFFIC RIGHTS.
I'LL SEE IF I CAN FIND MORE INFO. FROM BACK ISSUES OF RAIL NEWS.THEY HAD A
COLUMN CALLED MARKET WATCH. I OWN A FEW SHARES BUT THEY DON'T PUBLISH AN
ANUAL REPORT THAT GIVES ANY DETAILS OR INFORMATION ABOUT THE RAILWAY ITSELF.
The short answer: the P & WV was leased to the Norfolk and Western on
October 16, 1964. Operating as an independent was no longer possible
because of the long term decline in steel and coal traffic, and demise of
the Western Maryland, which eliminated the run - through as part of the "
Alphabet Route ".
For a more complete story, I suggest the book " The Pittsburgh & West
Virginia Railway ", by Worley and Poellot, Withers Publishing, P.O. Box 36,
Halifax, Pa., 17032
The P&WV was absorbed by the N&W in the same 1964
merger that brought the Wabash and the NKP together
into the "new" N&W.
The P&WV still exists as a publicly traded company (on AMEX). The rail line
is under lease to NS - I think with about 30-40 years to go. In effect, the
P&WV is a real estate holding company that passes along the lease payments
to shareholders in the form of dividends - which is at a pretty good rate,
the last I checked.
More information about the NW-Mailing-List