Wikipedia:WikiProject Trains/ICC valuations/Pittsburgh, Ohio Valley and Cincinnati Railroad

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Pittsburgh, Ohio Valley and Cincinnati Railroad

The Pittsburgh, Ohio Valley and Cincinnati Railroad Company, herein called the Pittsburgh, Ohio Valley and Cincinnati, a single-track railroad extending from Bellaire to Powhatan, Ohio, 15.156 miles.

Introductory

The Pittsburgh, Ohio Valley and Cincinnati is a corporation of the State of Ohio, having its principal office at Zanesville, Ohio. It is controlled by the Pennsylvania Company through ownership of the entire outstanding capital stock. The records do not indicate that the company controls any carrier corporation.

The records reviewed do not indicate how the property of the Pittsburgh, Ohio Valley and Cincinnati, consisting at that time of about 2 miles of road between Bellaire and Pultney Bottoms, Ohio, was operated from its completion, in 1884, to August 11, 1890. From the latter date to December 1, 1892, this property was operated by the Pennsylvania Company as a sidetrack. Since December 1, 1892, the entire property of the Pittsburgh, Ohio Valley and Cincinnati has been operated under agreement by the Pennsylvania Company.

Corporate History

The Pittsburgh, Ohio Valley and Cincinnati was incorporated on May 8, 1871, under the general laws of Ohio, as The Ohio Valley Railway Company, through filing certificate of incorporation dated April 26, 1871. The purpose of incorporation was the construction of a railroad from Bellaire to Ironton, Ohio, to pass through seven specified counties. On August 11, 1890, by resolution of stockholders, the corporate name was changed to The Pittsburgh, Ohio Valley and Cincinnati Railroad Company, a certificate to this effect being filed August 19, 1890. By decree of court entered in 1872, the southern terminus of the road was changed from Ironton to Cincinnati, Ohio.

Development of Fixed Physical Property

The Pittsburgh, Ohio Valley and Cincinnati purchased from the Marietta and Cincinnati Railroad Company, on April 5, 1873, certain rights of way and unfinished roadbed between Bellaire and Marietta, Ohio, about 75 miles. It also surveyed and located a line for a railroad to extend from a point in Lawrence County, Ohio, across the river from Catlettsburg, Ky., to Cincinnati, Ohio, about 100 miles. In September, 1873, all construction work was indefinitely suspended before any sections of road had been completed and opened for operation. Subsequently, about 15 miles of road between Bellaire and Powhatan, Ohio, were constructed and opened for operation. Of this mileage about 2 miles, from Bellaire to Pultney Bottoms, were constructed by the Pittsburgh, Ohio Valley and Cincinnati and opened for operation in about the year 1884. From August 11, 1890, to December 1, 1892, this mileage was operated by the Pennsylvania Company as side track. On October 1, 1890, the Pittsburgh, Ohio Valley and Cincinnati entered into a contract with the Granite Improvement Company, under which 13 miles of road from Pultney Bottoms to Powhatan were constructed and opened for operation on December 1, 1982[sic - 1892]. Under the construction agreement it was provided that the Pittsburgh, Ohio Valley and Cincinnati should furnish the right of way. Both the Pittsburgh, Ohio Valley and Cincinnati and the Granite Improvement Company were controlled, through stock ownership, by the Pennsylvania Company at the time of the entering into this agreement.

Leased Railway Property

The Pittsburgh, Ohio Valley and Cincinnati's property is solely operated, without written agreement, by the Pennsylvania Company. In a report filed with us for the year ended on date of valuation the Pittsburgh, Ohio Valley and Cincinnati states that the Pennsylvania Company operated its railroad and property under an agreed arrangement, paying the net earnings from operation to the Pittsburgh, Ohio Valley and Cincinnati as rental.