Pittsburgh, Youngstown and Ashtabula Railroad Co. - Stock Certificate

Stock printed by Franklin Bank Note Co., New York.

In 1991 the Pittsburgh, Youngstown and Ashtabula Railroad, an Ohio holding company, purchased the assets of the Pittsburgh and Lake Erie Railroad. The P&LE was deep in debt and its track was in such disrepair that the entire mainline was operated under slow orders. Maintenance of Way crews worked to install new ties and continuous welded rail. Motive power was overhauled and cars repaired to meet increased car loadings. By 1998 the P&LE was operating in black ink. New locomotives in the form of wide cabs were purchased from EMD and GE. Today the “Little Giant” has reclaimed its status as a first class Regional Railroad. Management is proud of its heritage and shows it by having the locomotives painted in the traditional black and yellow paint scheme of the P&LE. PY&A also purchased the assets of the Monongahela Railroad and several locomotives have the MGA paint scheme. The P&LE continues its endless work of moving raw materials to the steel mills and taking out finished products. With the passing of Dean Freytag, owner of Davies Steel and the South Ridge Lines Railroad, in 2010 the assets of Davies Steel and South Ridge Lines were sold to the Pittsburgh, Youngstown & Ashtabula and 3 partners. This was a prearranged sale by Dean Freytag while he was alive. Davies Steel is currently upgrading its diesel locomotives, rolling stock and steel making facilities. In 2012 Davies Steel purchased the Edgar Thompson Works (iron and steel making facilities) and Irvin Works (rolling mill facilities) from United States Steel.