Wikipedia:WikiProject Trains/ICC valuations/Middleport and Northeastern Railway

Interstate Commerce Commission, Valuation Reports, Volume 28

The Middleport and Northeastern Railway

Location and General Description of Property

The property of The Middleport and Northeastern Railway Company, herein called the Middleport and Northeastern, leased to and operated by the Kanawha & Michigan, is a single-track line extending from Rockville to Calvin, Ohio, a distance of 2.525 miles.

Introductory

The Middleport and Northeastern is a corporation of the State of Ohio, having its principal office at Columbus, Ohio. It is controlled by F. B. Sheldon of Columbus, Ohio, through ownership of a majority of its outstanding capital stock. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation. The property of the Middleport and Northeastern was operated from the date of completion about July 1, 1914, to December 31, 1917, by the Kanawha & Michigan. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration as a part of the system of the Kanawha & Michigan and it is so operated on date of valuation, although no separate books were opened to record Federal operations.

Corporate History

The Middleport and Northeastern was incorporated April 12, 1913, under the general laws of the State of Ohio for the purpose of constructing a railroad from Middleport to Marietta, Ohio.

Development of Fixed Physical Property

The owned mileage of the Middleport and Northeastern, amounting to 2.525 miles, was acquired by construction. The property was constructed by J. B. Lindsey, contractor, and by forces of the Kanawha & Michigan. It was completed for operation on July 1, 1914.

Leased Railway Property

The property of the Middleport and Northeastern has been solely operated by the Kanawha & Michigan from July 1, 1914, to December 31, 1917, under lease agreement dated May 1, 1913, subject to six months' notice. From January 1, 1918, to date of valuation the property of this company has been operated by the United States Railroad Administration as a part of the system of the Kanawha & Michigan. The annual rental under the above lease is 6 per cent on valuation of $52,600, or $3,156 plus maintenance and taxes.