Wikipedia:WikiProject Trains/ICC valuations/Covington and Cincinnati Elevated Railroad and Transfer and Bridge Company

Interstate Commerce Commission, Valuation Reports, Volume 24

The Covington and Cincinnati Elevated Railroad and Transfer and Bridge Company

Location and General Description of Property

The railroad of The Covington and Cincinnati Elevated Railroad and Transfer and Bridge Company, herein called the Covington and Cincinnati, likewise leased to and operated by the carrier [Chesapeake and Ohio Railway], is a partly double-track line extending from Covington, Ky., to Cincinnati, Ohio, a distance of 1.733 miles.

Introductory

The Covington and Cincinnati is a corporation of the State of Kentucky, having its principal office at Cincinnati, Ohio. It is controlled by the carrier through ownership of the entire outstanding capital stock. The property of the Covington and Cincinnati has been operated since completion for the benefit of the carrier. There are no obtainable records of the Covington and Cincinnati. The information herein submitted has been taken from the corporate minutes, copies of the annual reports to the Railroad Commission of Kentucky, the corporate history return of the carrier, and from records of the latter company.

Corporate History

The Covington and Cincinnati was incorporated April 4, 1884, under a special act of the State of Kentucky, as the Covington and Cincinnati Pier Bridge Company. Its name was changed to the present designation by a special act of Kentucky approved February 9, 1886. Its organization was perfected September 8, 1886.

Under an agreement of consolidation dated February 12, 1886, that was filed in Kentucky on July 28, 1886, and in Ohio on August 2, 1886, the Covington and Cincinnati acquired the franchise, rights, and property of The Ohio and Kentucky Bridge Company, and by an act of the Congress of the United States, approved May 20, 1886, it was authorized to construct a bridge across the Ohio River between Covington, Ky., and Cincinnati, Ohio. The Ohio and Kentucky Bridge Company had been incorporated on February 8, 1886, but did nothing beyond perfecting its organization prior to the date of its demise.

Development of Fixed Physical Property

The owned property of the Covington and Cincinnati, consisting of a bridge across the Ohio River between Covington, Ky., and Cincinnati, Ohio, together with 1.733 miles of double-track road, has all been acquired by construction. The construction work on the bridge and road was commenced under a contract with the Contracting and Building Company dated February 7, 1888, and was completed January 1, 1889.

Leased Railway Property

The property of the Covington and Cincinnati has been maintained and operated since completion for the benefit of the carrier. This was originally under an agreement dated January 1, 1889, which provided that the carrier should collect all revenues and pay all expenses and other charges, applying the residue, after deducting expenditures for additions and betterments, to the payment of interest on funded debt. This agreement was abrogated and new agreements, dated October 3, 1895, and January 5, 1905, were made for an indeterminate period, subject to cancellation on 30 days' notice, and are now in effect.

The Covington and Cincinnati leases, under an agreement dated January 5, 1905, for an indeterminate period, the property of the Cincinnati Inter-Terminal, consisting of 0.57 mile of single-track railroad and appurtenances. The annual rental is 4 per cent on an agreed valuation of the property, which, as of date of valuation, is $33,496.61.