Wikipedia:WikiProject Trains/ICC valuations/Baltimore and Ohio Railroad

Interstate Commerce Commission, Valuation Reports, Volume 42

Location and General Description of Properties
The railroad operated by The Baltimore and Ohio Rail Road Company, hereinafter called the Baltimore and Ohio, is standard gage, and is located in the States of New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, West Virginia, Ohio, Indiana, Illinois, and Kentucky, and in the District of Columbia. It comprises a trunk-line railroad, the principal main line of which extends from Philadelphia, Pa., through Baltimore, Md., Washington, D.C., and Pittsburgh, Pa., westerly to Chicago, Ill., a distance of about 919 miles. An alternate route used principally for freight service, projects from Relay, west of Baltimore, Md., to Washington Junction, Md. Another important main line extends from Cumberland, Md., southwesterly through Parkersburg, W.Va., Cincinnati, Ohio, and Vincennes, Ind., to St. Louis, Mo., a distance of about 739 miles. Projecting from these routes are other main lines and branches extending to Wheeling, W.Va., Cleveland, Toledo, Dayton, and Columbus, Ohio, Louisville, Ky., and other points of less importance. The company operates terminal facilities in the port of New York, which are reached by means of traffic arrangements with the Philadelphia and Reading Railway Company and The Central Railroad Company of New Jersey, providing for the movement of traffic between Philadelphia, Pa., and Jersey City, N.J. The entire railroad is operated by steam with the exception of the road through the Baltimore tunnel which is electrically operated.

The principal cities served by the Baltimore and Ohio are New York, N.Y., Connellsville, Johnstown, Philadelphia, Pittsburgh, and Uniontown, Pa.; Wilmington, Del.; Baltimore, Cumberland, Frederick, and Hagerstown, Md.; Washington, D.C.; Harrisonburg and Winchester, Va.; Clarksburg, Fairmont, Huntington, Parkersburg, and Wheeling, W.Va.; Akron, Cincinnati, Cleveland, Columbus, Dayton, Lorain, Marietta, Sandusky, Toledo, Youngstown, and Zanesville, Ohio; Aurora, Gary, Garrett, and Vincennes, Ind.; Beardstown, Chicago, Shawneetown, and Springfield, Ill., Louisville, Ky.; and St. Louis, Mo.

At various points connection is made by the Baltimore and Ohio with separately operated controlled companies of its system, which serve as important feeder lines in reaching the coal fields of Pennsylvania and West Virginia. Two other controlled lines form important parts of the Baltimore and Ohio system: The Staten Island Rapid Transit Railway Company, owning important facilities on Staten Island, New York City, and The Baltimore and Ohio Chicago Terminal Railroad Company, owning extensive terminal property and a belt line at Chicago, Ill.

The railroad property wholly owned and used by the Baltimore and Ohio is located largely in the States of Maryland, West Virginia, and Ohio, and in the District of Columbia. It includes that portion of its principal main line extending from the Delaware-Maryland State line, west of Newark, Del., to Viaduct Junction (Cumberland), Md., from the Pennsylvania-Ohio State line, south of Youngstown, Ohio, to Willard, Ohio, that portion of the main line to St. Louis extending from Viaduct Junction, Cumberland, Md., to Belpre, Ohio, and the route from Relay to Washington Junction, Md. It also owns additional main lines and branches, the most important extending from Green Springs to Romney and Petersburg, Grafton to Wheeling, Brooklyn Junction to Clarksburg, Gaston Junction to Clarksburg, Clarksburg to Richwood, Macpelah Junction to Pickens, Grafton to Belington, Parkersburg to Benwood Junction, Kenova to Parkersburg, and Ravenswood to Spencer, all in West Virginia, and Haselton to Newton Falls, DeForest Junction to Fairport, Lodi to Millersburg, Cleveland to Valley Junction, Sterling to Lorain, Lester to Cleveland, Bridgeport to Warwick, Bellaire to Newark, Newark to Shawnee, Newark to Sandusky, and Columbus to Midland City, all in Ohio.

The Baltimore and Ohio jointly owns with other carriers its tracks between West Cumbo and Berkeley, W.Va., and between Newark and Columbus, Ohio, and extensive engine and coach yards at Washington, D.C.

The road wholly owned but not used by the Baltimore and Ohio comprises 5.235 miles of single-track railroad between Cranberry and Barrenshe Run, W.Va., which is leased to the Cherry River Boom and Lumber Company, a noncarrier; 5.495 miles of single-track railroad from a point east of Lodi to a point west of Lodi, Ohio, leased to The Cleveland, Southwestern & Columbus Railroad Company, an electric line; 0.810 mile of single-track railroad between Camden Station (Baltimore) and "RN" Tower, leased to the Maryland Electric Railways Company, an electric line; and 0.634 mile of single-track railroad at Clarksburg, W.Va., leased to the Monongahela Valley Traction Company, an electric line.

The Baltimore and Ohio thus wholly owns and uses 2,302.865 miles of road with 622.732 miles of second, 118.621 miles of third, and 33.539 miles of fourth main tracks; jointly owns and uses 36.600 miles of road; and wholly owns but does not use 12.174 miles of road.

The road wholly used but not owned by the Baltimore and Ohio comprises 2,611.662 miles of road leased from the lessor companies included in this report, with 748.218 miles of second and other main tracks, and 4.325 miles of a single-track branch line, extending from Camp Meade Junction to Disney, Md., which is leased from The Washington, Baltimore and Annapolis Electric Railway Company.

The Baltimore and Ohio jointly uses but does not own 8.088 miles of road.

Introductory
The Baltimore and Ohio is a corporation of Maryland, having its principal office at Baltimore, Md. Some of the accounting records were lost in the fire of February 7, 1904. However, certain data were obtained from minute books, reports to stockholders and to us, and from other records and documents on file to supplement the information found in the available accounting records. The records do not indicate that the Baltimore and Ohio is controlled by any individual or corporation.

It controls through 100 percent stock ownership, except as otherwise indicated, the following-named companies whose common-carrier property it operated on December 31, 1917, under arrangements described under leased railway property. The Baltimore and New York Railway Company, The Schuylkill River East Side Railroad Company, The Baltimore and Philadelphia Railroad Company, The Lancaster, Cecil and Southern Railroad Company, The Baltimore Belt Railroad Company, Georgetown Barge, Dock, Elevator, and Railway Company, Washington and Western Maryland Railroad Company, Metropolitan Southern Railroad Company, The Quemahoning Branch Railroad Company, The Confluence and Oakland Railroad Company, Fairmont, Morgantown and Pittsburgh Railroad Company, The Wheeling, Pittsburgh & Baltimore Railroad Company, Pittsburgh Junction Railroad Company, The Pittsburg and Western Railroad Company, Gaffney and James City Railroad Company, The Sunday Creek Railroad Company, Baltimore and Ohio and Chicago Railroad Company (Ohio-Indiana), Baltimore and Ohio and Chicago Railroad Company (Illinois), Baltimore and Ohio Connecting Railroad Company, and The Baltimore and Ohio Southwestern Railroad Company; Washington County Rail Road Company, 99 percent; the Winchester and Potowmac Rail Road Company, 98 per cent; the Winchester and Strausburg Railroad Company, 99 percent; The Valley Rail Road Company, 63 percent; The Baltimore and Ohio Railroad Company in Pennsylvania, 95 percent; Ohio and Little Kanawha Railroad Company, 96 percent.

It controls, through its right to the entire capital stock, The Toledo and Cincinnati Railroad Company, whose common-carrier property it operated on December 31, 1917, the successor in ownership to a part of the property of The Cincinnati, Hamilton and Dayton Railway Company. The investment of the Baltimore and Ohio in acquisition of this control is recorded as advances to affiliated companies and designated as "The Cincinnati, Hamilton and Dayton Railway Company, reorganization adjustment account."

Through control of The Toledo and Cincinnati Railroad Company, it controls the following-named companies whose capital stocks are owned by that company and whose properties are operated as indicated: The Piqua and Troy Branch Railroad Company, The Lima Belt Railway Company, The Bowling Green Rail Road Company, stock owned 100 percent; The Columbus, Findlay and Northern Railroad Company, stock owned 97 percent; and The Cincinnati and Dayton Railway Company, stock owned 94 percent, all operated by the Baltimore and Ohio. Also, The Hamilton Belt Railway Company, stock owned 82 percent; Dayton and Union Rail Road Company, stock owned 52 percent; and The Dayton Union Railway Company, stock owned 33⅓ percent, each operated by own organization. Also, The Miami Valley Railway Company and The Toledo and Ohio River Railroad Company, stocks owned 100 percent, the former operated by Dayton and Troy Electric Company and the latter not in operation.

It controls through 100 percent stock ownership, except as otherwise indicated, the following-named companies which operate their own property: The Staten Island Rapid Transit Railway Company, Coal and Coke Railway Company, The Baltimore and Ohio Chicago Terminal Railroad Company, Long Fork Railway Company, The Sandy Valley & Elkhorn Railway Company, The Sharpsville Railroad Company, 51 percent, and Indian Creek Valley Railway Company, 54 percent.

It controls through ownership of 99 percent of the outstanding capital stock The Staten Island Railway Company, whose property is leased to The Staten Island Rapid Transit Railway Company.

It controls jointly with other companies, through stock ownership of the percent indicated, the following companies whose properties were operated by their own organization on December 31, 1917: The Washington Terminal Company, jointly controlled with The Philadelphia, Baltimore and Washington Railroad Company, stock ownership 50 percent; The Chartiers Southern Railway Company, jointly controlled with The Pittsburg and Lake Erie Railroad Company and Pittsburg, Cincinnati, Chicago and St. Louis Railroad Company, stock ownership 33⅓ percent; The Akron Union Passenger Depot Company, jointly controlled with The Cleveland, Akron and Cincinnati Railway Company, stock ownership 50 percent; The Akron and Barberton Belt Railroad Company, jointly controlled with Erie Railroad Company; Cleveland, Akron and Cincinnati Railway Company, and The Northern Ohio Railway Company, stock ownership 25 percent; The Central Union Depot and Railway Company of Cincinnati, jointly controlled with The Cleveland, Cincinnati, Chicago and St. Louis Railway Company, stock ownership 33⅓ percent; Terminal Railroad Association of St. Louis, jointly controlled with 14 other companies, stock ownership 6⅔ percent; Missouri and Illinois Bridge and Belt Railroad Company, jointly controlled with nine other companies, stock ownership 9 percent; Kentucky & Indiana Terminal Railroad Company, jointly controlled with Chicago, Indianapolis and Louisville Railway Company, and Southern Railway Company, stock ownership 33⅓ percent; The Greene County Railroad Company, jointly controlled with Pennsylvania Company and The Pittsburg and Lake Erie Railroad Company, stock ownership 25 percent.

It controls jointly with The Pittsburgh, Cincinnati, Chicago and St. Louis Railroad Company, through equal ownership of capital stock, The Tylerdale Connecting Railroad Company, whose property is operated jointly by the controlling companies.

It controls through ownership of the entire outstanding capital stock the following-named companies which planned to construct or were engaged in construction of roads on date of valuation: Metropolitan Western Railroad Company, Fulton, Bedford & Somerset Railroad Company, Bedford & Western Railroad Company, The Potomac & Allegheny Railroad Company (in Maryland), The Potomac & Allegheny Railroad Company (in Pennsylvania), Potomac Railroad Company of Maryland, The Connellsville, Uniontown & Wheeling Railroad Company, The Cheat Haven Railroad Company of West Virginia, The Tygart's Valley & Cheat River Railroad Company, The Cleveland, Youngstown & Pittsburg Railroad Company, Rockcastle Railroad Company, Allegheny & Westmoreland Railroad Company, Schuylkill Junction Railroad Company, and West Virginia & Pennsylvania Railroad Company.

It controls through ownership of the entire outstanding capital stock, the following-named companies, which, at date of valuation, had sold or otherwise disposed of all common-carrier property but which retained the status of corporations, with or without other assets: Ravenswood, Spencer and Glenville Railroad Company, Huntington and Big Sandy Railroad Company, Ohio River Rail Road Company, Monongahela River Railroad Company, West Virginia and Pittsburg Railroad Company, The Trumbull & Mahoning Railroad Company, The Columbus and Cincinnati Midland Rail Road Company, The Pittsburg, Cleveland and Toledo Rail Road Company, The Central Ohio Railroad Company as reorganized, The Pittsburg, Painesville and Fairport Railway Company, The Ohio Midland Railroad Company, The Cleveland Terminal and Valley Railroad Company, The Cleveland, Lorain and Wheeling Railway Company, and the Sandusky, Mansfield and Newark Rail Road Company as reorganized.

It controls jointly with The Pittsburgh and Lake Erie Railroad Company and the Pennsylvania Company, through its one fourth interest in the Little Kanawha Syndicate, the Little Kanawha Railroad Company and the Belington and Northern Railroad Company, the common-carrier property of which is operated each by its own organization. The investment of the Baltimore and Ohio in these properties is included in its account for investment in miscellaneous physical property.

It also controls, through its right to the stock of The Toledo and Cincinnati Railroad Company, jointly with the Southern Railway Company, the Southwestern Construction Company, which controls through ownership of a majority of the stock, the Cincinnati, New Orleans and Texas Pacific Railway Company.

In addition, the Baltimore and Ohio controls, jointly with the Southern Railway Company, the Pennsylvania Railroad Company, Atlantic Coast Line Railroad Company, Seaboard Air Line Railway Company, and The Chesapeake and Ohio Railway Company, through ownership by each of one sixth of the capital stock, The Richmond-Washington Company, which does not own or operate any common-carrier property but which, through ownership of the entire capital stock, controls the Washington Southern Railway Company and through ownership of a majority of the capital stock, the Richmond, Fredericksburg and Potomac Railroad Company.

The property of the Baltimore and Ohio was operated by its own organization from the date of acquisition to December 31, 1917, except in the period from March 1, 1896, to June 30, 1899, when it was operated by receivers. Since January 1, 1918, its common-carrier property, owned and leased, has been operated by the United States Railroad Administration.

Corporate History
The Baltimore and Ohio was incorporated February 28, 1827, under a special law of Maryland for the purpose of " the construction and repair of a railroad from the city of Baltimore to some suitable point on the Ohio River * * * with as many sets of tracks " as might be deemed necessary. The General Assembly of Virginia, by act of March 8, 1827, confirmed the act of Maryland and granted the new company the same rights and privileges, with some exceptions, " as are granted to them within the territory of Maryland."

The Baltimore and Ohio has acquired the property, rights, and franchises of 32 railroad corporations. The Baltimore and Ohio itself, and those corporations, together with their predecessors, total 85 different corporations, of which eight underwent a change of name, and comprise the line of corporate succession culminating in the Baltimore and Ohio, as at present constituted.

The names of the corporations, the respective dates of incorporation, and for each predecessor the date and manner of succession follow:

Development of Fixed Physical Property
The recorded mileage owned by the Baltimore and Ohio amounts to 2,363.090, of which 594.450 miles were acquired by construction and 1,768.640 miles by purchase and merger. The inventoried mileage is 2,315.039. Of the 84 predecessor corporations, 13 did not construct or improve any property, 4 did not complete construction begun, 9 made additions or betterments only to property acquired, and 5 acquired property from others but the records do not show whether they improved it. The 1,768.640 miles of road constructed by the remaining 53 predecessors were acquired by purchase or merger from 30 corporations and an individual as follows: The Washington City and Point Lookout Railroad Company 12.40 miles, The Cherry Run and Potomac Valley Railroad Company 13.67, The South Branch Railway Company 16.29, Patterson's Creek and Potomac Railroad Company 5.47, Paw Paw Railroad Company 8.20, Ripley and Mill Creek Valley Rail Road Company 12.62, Ravenswood, Spencer and Glenville Railway Company 32.76, Huntington and Big Sandy Rail Road Company 10.92, West Virginia Short Line Rail Road Company 62.67, Point Pleasant, Buckhannon and Tygarts Valley Railroad Company 21.67, Berkeley Springs Railroad Company 6.10, The Grafton and Belington Railroad Company 46.15, Ohio River Rail Road Company 207.81, Monongahela River Railroad Company 38.59, The Parkersburg Branch Railroad Company 103.41, West Virginia and Pittsburg Railroad Company 181.56, Moorefield and Virginia Railroad Company 36.65, Trumbull & Mahoning Railroad Company 8.59, The Mahoning Valley Western Railway Company 43.07, The Akron and Chicago Junction Railroad Company 82.74, The Columbus and Cincinnati Midland Rail Road Company 69.84, The Cleveland, Wooster and Muskingum Valley Railroad Company 35.62, The Pittsburg, Cleveland and Toledo Rail Road Company (of 1882) 51.42, The Central Ohio Railroad Company, as reorganized, 142.72, The Pittsburg, Painsville[sic] and Fairport Railway Company 49.86, The Ohio Midland Railroad Company 46.28, The Cleveland Terminal & Valley Railroad Company 89.0, The Cleveland, Lorain and Wheeling Railway Company 199.31, The Eastern Ohio Railroad Company 16.90, Sandusky, Mansfield and Newark Rail Road Company 116.25, and S. L. Lowe, individual, 0.10.

Details with respect to the construction of the property are given in accounting report.

Leased Railway Property
The Baltimore and Ohio uses on date of valuation property owned by other companies and other companies use property owned by the Baltimore and Ohio. The description of the property, period and terms of use, and rental accrued and charged or credited to income for the year ended at December 31, 1917, follow.

The Baltimore and Ohio has recorded ownership of $175,286,400 par of bonds and $39,262,027.50 par value of capital stock of, and advances aggregating $48,307,398.21 to, lessors. It has agreed to pay, as part of rental, interest on funded and unfunded debt of lessors, except that due lessee which is to be canceled as it accrues, dividends on stock of lessor held by others, and cost of maintaining organization of lessor. The rents payable under terms of the various agreements have not been indicated by the records. The amounts charged income for leased roads for year ended December 31, 1917, was $156,964.91, including $16,178 of joint-facility rents. The balance of $140,786.91 applies to six lessors, only, as hereinafter indicated. In addition to the facilities stated above, the Baltimore and Ohio used numerous other minor facilities owned or controlled by other companies. In addition to the above facilities, the Baltimore and Ohio owned or controlled numerous minor facilities jointly used with other companies.

Lessor Companies

 * Baltimore and Ohio in Pennsylvania
 * Baltimore and Philadelphia
 * Gaffney and James City
 * Pittsburgh Junction Railroad
 * Quemahoning Branch Railroad
 * Wheeling, Pittsburgh and Baltimore
 * Lancaster, Cecil and Southern
 * Metropolitan Southern
 * Washington County Railroad
 * Winchester and Strausburg
 * Winchester and Potowmac
 * Baltimore and New York
 * Baltimore and Ohio and Chicago Railroad Company (of Illinois) and Baltimore and Ohio and Chicago Railroad Company (of Ohio and Indiana) (Baltimore and Ohio and Chicago)
 * Baltimore and Ohio Connecting
 * Baltimore Belt Railroad
 * Confluence and Oakland
 * Fairmont, Morgantown and Pittsburg
 * Georgetown Barge, Dock, Elevator and Railway
 * The Schuylkill River East Side
 * Washington and Western Maryland
 * Sunday Creek Railroad
 * Ohio and Little Kanawha
 * Columbus, Findlay and Northern
 * Pittsburg and Western
 * Home Avenue Railroad
 * St. Clairsville and Northern
 * Bowling Green Railroad
 * Piqua and Troy Branch
 * Dayton and Michigan
 * Cincinnati and Dayton
 * Lima Belt Railway
 * Valley Railroad
 * Toledo and Cincinnati
 * Baltimore and Ohio Southwestern

The Washington City and Point Lookout Rail Road Company
This company was incorporated February 24, 1872, under general laws of Maryland. Authority to extend its line of railroad in the District of Columbia was granted by acts of Congress passed January 23, 1873, and June 23, 1874. No accounting records were obtained. However, certain data given below were obtained from other sources.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on November 18, 1874, the date of sale of its property, nor whether it then controlled any common-carrier corporation.

The property was operated on date of sale by the Baltimore and Ohio. Effective date of lease was March 1, 1874. The company owned on the date of sale approximately 12.4 miles of single-track, standard-gage railroad between Hyattsville, Md., and Marbury's Point (Shepherd), D. C., acquired by construction between May 12, 1873, and March 1, 1874.

The Cherry Run and Potomac Valley Railroad Company
This company was incorporated June 4, 1892, under the general laws of West Virginia. It was controlled on November 20, 1912, the date of sale, by the Baltimore and Ohio through ownership of its capital stock. The records reviewed did not indicate that it then controlled any common-carrier corporation.

The property was operated from the date of completion until the date of its sale by the Baltimore and Ohio. Between the date of sale and June 30, 1914, sundry entries were made in this company's books, and are repeated in the accounts of the Baltimore and Ohio, the amounts involved being recorded as expenditures for additions and betterments. The company owned, on the date of sale, a single-track, standard-gage, steam railroad of 13.67 miles, extending from Cherry Run to Berkeley, all in West Virginia, which had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

The South Branch Railway Company
This company was incorporated by a special act of West Virginia, approved February 23, 1871. An act enlarging the company's corporate powers was approved February 26, 1872.

On November 20, 1912, the date of sale, the company was controlled by the Baltimore and Ohio through ownership of substantially its entire capital stock. The records reviewed did not indicate that it then controlled any common-carrier corporation.

The property was operated from September 1, 1884, to date of sale by the Baltimore and Ohio. Between the date of sale and June 30, 1914, sundry entries were made in this company's books, and are repeated in the accounts of the Baltimore and Ohio, the amounts involved being regarded as expenditures for additions and betterments to the property of the latter. The company owned on the date of sale a single-track, standard-gage, steam railroad of 16.29 miles, extending from Green Spring to Romney, all in West Virginia, which had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

Patterson's Creek and Potomac Railroad Company
This company was incorporated March 15, 1900, under the general laws of West Virginia. The company was controlled on November 20, 1912, the date of sale, by the Baltimore and Ohio, through ownership of its entire capital stock. Records reviewed do not indicate that it then controlled any common-carrier corporation. The company owned on date of sale a standard-gage, steam railroad of 5.47 miles extending from Patterson Creek to the West Virginia-Maryland State line, all in West Virginia, and was operated by the Baltimore and Ohio from December 20. 1903, to date of sale. The entire road owned had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

Paw Paw Railroad Company
This company was incorporated September 12, 1900, under the general laws of West Virginia. It was controlled on November 20, 1912, the date of sale by the Baltimore and Ohio through ownership of its capital stock. Records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated from completion in 1902 by the Baltimore and Ohio. Between the date of sale and June 30, 1914, sundry entries were made in this company's books. All of these entries were repeated in the accounts of the Baltimore and Ohio, and the amounts involved appear in the statement of expenditures for additions and betterments. The company owned, on the date of sale, a single-track, standard-gage, steam railroad extending from Federal Junction (Fairmont) to Grant Town, and from Catawba Junction to Rivesville Junction, a total of 8.20 miles, all in West Virginia. The entire road owned had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

The Fairmont, Shinnston and Clarksburg Railway Company
This company was incorporated January 25, 1884, under the general laws of West Virginia. The original accounting records were not obtained. The in formation given herein with respect to financial dealings and investments was taken from entries made in accounts as of November 30, 1912, the date of sale.

The company was controlled on date of sale by the Baltimore and Ohio, through ownership of its capital stock. Records reviewed do not indicate that it then controlled any common-carrier corporation. The property was operated by the Baltimore and Ohio from March 15, 1901, but the books record no income from such operation. On date of sale the company owned 3.06 miles of sidetracks extending from Gaston Junction to Consolidation Mine No. 26, in West Virginia, acquired by purchase.

New England, Fairmont and Western Gas Coal Company of Baltimore City
This company was incorporated July 20, 1883, under the general laws of Maryland. No accounting records were obtained. However, certain data were obtained from other sources. The records reviewed do not indicate whether this company was controlled by any individual or corporation on November 5, 1885, the date of sale, nor whether it then controlled any common-carrier corporation. The company owned 3.06 miles of sidetracks between Gaston Junction and New England Mine (Consolidation No. 26) in West Virginia, acquired by construction.

Ripley and Mill Creek Valley Rail Road Company
This company was incorporated January 26, 1886, under the general laws of West Virginia, and was controlled on November 20, 1912, the date of sale, by the Baltimore and Ohio, through the ownership of its capital stock. Records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by the Ohio River Railroad Company from about October 1, 1888, to August 31, 1901; by its own organization from September 1, 1901, to June 30, 1903; and from July 1, 1903, to date of sale by the Baltimore and Ohio. The available records show only the results of operation from January 1, 1895, to June 30, 1903. The company owned a standard-gage, single-track, steam railroad of 12.62 miles extending from Millwood to Ripley, in West Virginia, which had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

Ravenswood, Spencer and Glenville Railway Company
This company was incorporated April 10, 1886, under the general laws of West Virginia, and was controlled by the Baltimore and Ohio on November 20, 1912, the date of sale, through ownership of capital stock. Records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated from January 4, 1892, to August 31, 1901, by the Ohio River Railroad Company; from September 1, 1901, to June 30, 1909, by its own organization; and from July 1, 1909, to date of sale, by the Baltimore and Ohio.

The accounting records were continued to June 30, 1914, but the entries subsequent to December 31, 1912, were disregarded in this report.

The company owned a single-track, standard-gage, steam railroad of 32.76 miles, extending from R. S. & G. Junction (Ravenswood) to Spencer, all in West Virginia, which had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

Huntington and Big Sandy Rail Road Company
This company was incorporated April 12, 1890, under the general laws of West Virginia, and was controlled by the Baltimore and Ohio on November 20, 1912, the date of sale, through ownership of its capital stock. Records reviewed did not indicate that it then controlled any common-carrier corporation. The property was sold to the Baltimore and Ohio November 20, 1912.

The property was operated from January 1, 1893, to August 31, 1901, by the Ohio River Railroad Company and from September 1, 1901, to date of sale by the Baltimore and Ohio. On date of sale the company owned a single-track, standard-gage, steam railroad of 10.92 miles, extending from the west bank of the Guyandotte River to Kenova in West Virginia, which had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

West Virginia Short Line Rail Road Company
This company was incorporated February 7, 1895, under the general laws of West Virginia. An amendment to its charter for a branch on Ten Mile Creek was filed with the secretary of state on March 10, 1900. The company was controlled on November 20, 1912, the dale of sale, by the Baltimore and Ohio through ownership of its capital stock. Records reviewed do not indicate the company then controlled any other common-carrier corporation.

Between the date of sale and June 30, 1914, sundry entries were made in the books of the company but the amounts were ignored in the sale of the property which was based upon the accounts as they stood at November 20, 1912. All of these entries made after the sale were repeated in the accounts of the Baltimore and Ohio and the amounts will appear in the statement of expenditures for additions and betterments made by the Baltimore and Ohio.

The property of the company was operated from July 1901 to August 31, 1901, by its own management; and from September 1, 1901, to date of sale by the Baltimore and Ohio. The company owned on date of sale a single-track standard-gage, steam railroad, extending from Brooklyn Junction to Short Line Junction, with certain branches, an aggregate of 62.67 miles, in West Virginia, which had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

Point Pleasant, Buckhannon and Tygarts Valley Railroad Company
This company was incorporated December 24, 1892, under the general laws of West Virginia. On November 20, 1912, the date of sale, the company was controlled by the Baltimore and Ohio through ownership of its entire capital stock. The records reviewed do not indicate that the company controlled any common-carrier corporation.

Between the date of sale and June 30, 1914, sundry entries were made in the books of the company but the amounts were ignored in the sale of the property which was based upon the accounts as they stood at November 30, 1912. All of these entries made after the sale were repeated in the accounts of the Baltimore and Ohio and the amounts will appear in the statement of expenditures for additions and betterments made by the Baltimore and Ohio.

The property of the company was operated from July 1, 1900, to date of sale by the Baltimore and Ohio. The company owned, on date of sale, 21.67 miles of single-track, standard-gage, steam railroad, extending from Tygarts Junction to Buckhannon, with a branch line between Lemley (Century) Junction and Century, all in West Virginia, which had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

Berkley Springs Railroad Company
This company was incorporated January 6, 1911, under the general laws of West Virginia. It was controlled by the Baltimore and Ohio on November 20, 1912, the date of sale, through ownership of its entire capital stock. The records reviewed did not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated from the date acquired, January 6, 1911, to date of demise, by the Baltimore and Ohio presumably under an agreement with its predecessor of September 10, 1888. Its accounting records were continued until June 30, 1914, but the entries subsequent to November 30, 1912, affecting investment in road and equipment accounts, being duplicates of entries in the books of the Baltimore and Ohio, were disregarded in this report and November 30, 1912, considered as the effective date of purchase by the Baltimore and Ohio.

The company owned, on the date of sale, 6.10 miles of standard-gage, steam railroad, extending from Berkeley Springs to Hancock, in West Virginia, of which 6 miles was acquired from the Berkeley Springs and Potomac Railroad Company, through foreclosure and reorganization, under deed dated January 6, 1911, and 0.10 mile by construction. Further details are given in the accounting report on the Baltimore and Ohio.

Berkley Springs and Potomac Railroad Company
This company was incorporated May 19, 1886, under the general laws of West Virginia. It was controlled by the Baltimore and Ohio on January 6, 1911, the date of sale, through ownership of substantially its entire capital stock. The records do not indicate that this company then controlled any common-carrier corporation.

The property was operated from the date of completion, about November 1888, to January 6, 1911, the date of sale, by the Baltimore and Ohio, under operating agreement dated September 10, 1888. The accounting records were continued until February 28, 1911. The company owned, on date of sale, 6 miles of standard-gage, steam railroad extending from Berkeley Springs to Hancock, in West Virginia, which was acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

The Grafton and Belington Railroad Company
This company was incorporated July 27, 1892, under the general laws of West Virginia, through the filing of a deed of even date given in foreclosure proceedings in connection with the judicial sale of the property of The Grafton and Greenbrier Rail Road Company. On November 20, 1912, the date of sale, the company was controlled by the Baltimore and Ohio through ownership of its entire capital stock. The records reviewed do not indicate that the company then controlled any common-carrier corporation.

The property of the company was operated from July 27, 1892, to August 1, 1892, presumably by its own organization, and from the latter date to date of sale by the Baltimore and Ohio.

Between the date of sale and June 30, 1914, sundry entries were made in the company's books, but the amounts were ignored in the sale of the property which was based upon the accounts as they stood at November 30, 1912. All of these entries, made after the sale, were repeated in the accounts of the Baltimore and Ohio and the amounts will appear in the statement of expenditures for additions and betterments made by the Baltimore and Ohio.

The railroad owned on the date of sale consisted of 46.15 miles of standard-gage, steam railroad, extending from Grafton to Belington and from Hacken Junction (Berryburg Junction) to Berryburg, in West Virginia, of which 41.49 miles had been acquired by purchase and 4.66 miles by construction. Further details are given in the accounting report on the Baltimore and Ohio.

The Grafton and Greenbrier Rail Road Company
This company was incorporated April 18, 1881, under the general laws of West Virginia. No accounting records of the company are available. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the report of the Baltimore and Ohio on its corporate history. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 27, 1892, the date of its sale, nor whether it then controlled any common-carrier corporation. The company owned on date of sale 41.49 miles of standard-gage, steam railroad extending from Grafton to Belington in the State of West Virginia, which it had originally constructed as a narrow-gage road. The property of the company was operated from January 1884 to about May 1891 by its own organization, and from the latter date to date of sale presumably by the same management.

Ohio River Rail Road Company, Formerly Named Wheeling, Parkersburg and Charleston Railway
This company was incorporated under the general laws of West Virginia, April 18, 1881. It exists as a corporation at June 30, 1918, the date of valuation of the Baltimore and Ohio, although it had disposed of all of its common-carrier property to the latter company on November 20, 1912. There were no available accounting records for the period from the date of organization to June 16, 1884. The records reviewed indicated that the company was controlled by the Baltimore and Ohio on November 20, 1912, the date of its sale. The company did not control any common-carrier corporation.

The property of this company was operated by its own organization from June 16, 1884, the date the road was opened for operation, to August 31, 1901. From the latter date until the date of sale it was operated by the Baltimore and Ohio. The railroad owned by the Ohio River Rail Road Company on the date of its sale consisted of 207.81 miles of standard-gage, steam railroad, extending from Benwood to Guyandotte, in West Virginia, which had been acquired by construction under several contracts with the Ohio Valley Construction Company. It was not determined from the records reviewed whether the construction company was affiliated with the Ohio River Rail Road Company. Further details are given in the accounting report on the Baltimore and Ohio.

Monongahela River Railroad Company
This company was incorporated October 8, 1888, under the general laws of the State of West Virginia. The company exists as a corporation at June 30, 1918, the date of valuation of the Baltimore and Ohio, although it had disposed of all of its common-carrier property to the latter company as of November 30, 1912, the effective date of sale. The records reviewed indicated that the property owned at June 30, 1918, consisted of coal lands as hereinafter explained.

The records reviewed indicated that the company was controlled by the Baltimore and Ohio on November 30, 1912, the date of sale. The company did not control any common-carrier corporation.

The property of this company was operated by its own organization from August 1, 1890, to March 31, 1900. From the latter date until date of sale it was operated by the Baltimore and Ohio. The railroad owned on the date of sale aggregated 38.59 miles and extended from a point near Jayenn to Clarksburg, together with several branches, all in West Virginia, of which it had acquired 1.61 miles from the Gaston Gas Coal Company, 2.30 miles from the Everson and Adamsville Railroad Company, 2.01 miles from the Virginia-Maryland Coal Corporation, and 32.67 miles by construction. An undetermined portion of right-of-way and partially completed roadbed acquired from The Monongah and Ohio River Railroad Company was used in the construction. Further details are given in the accounting report on the Baltimore and Ohio.

The Monongah and Ohio River Railroad Company
This company was incorporated September 13, 1895, under the general laws of West Virginia. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation in 1900, when its rights and property were turned over to the Monongahela River Railroad Company, nor whether it then controlled any common-carrier corporation. This company had the right on the date its rights and property were transferred to build a railroad from the mouth of Bengamon Creek to the mouth of Fishing Creek in West Virginia. It had made partial payments for some undescribed right-of-way and had done some work thereon. The Monongahela River Railroad Company took title to the right-of-way direct from the several grantors and made the deferred payments thereon. The amount of money involved in this transfer was not determined.

Everson and Adamsville Railroad Company
This company was incorporated January 11, 1902, under the general laws of West Virginia. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding Its financial dealings, corporate operations, or investments. The records reviewed indicated that the company was controlled by The Kilarm Coal and Coke Company on October 31, 1903, the date of its sale. This company did not then control any common-carrier corporation. The property of this company was operated by its own organization from the date it was completed in the latter part of 1902 to the date of sale. This company owned, on the date of sale, approximately 2.30 miles of steam railroad extending from a connection with the Monongahela River Railroad Company at Kilarm Junction (Everson) up Coon Run to Kilarm, all in West Virginia, and which had been acquired by construction during the year 1902.

The Parkersburg Branch Railroad Company
This company was incorporated April 3, 1865, under the general laws of West Virginia. The results of corporate operations prior to October 1, 1879, were not reflected in the accounting records of the company. For that reason only partial information can be given from the accounts in connection with its corporate operations.

This company was controlled on November 20, 1912, the date of sale, by the Baltimore and Ohio through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of this company was operated by the Baltimore and Ohio from the date of incorporation to December 31, 1912.

Although the property was conveyed to the Baltimore and Ohio by deed dated November 20, 1912, the results of corporate operations were recorded in the books of the company to December 31, 1912.

The railroad owned by the company consisted of approximately 103.41 miles of standard-gage, steam railroad, extending from Grafton to Parkersburg, W.Va., which had been acquired from the North Western Virginia Rail Road Company. Further details are given in the accounting report on the Baltimore and Ohio.

North Western Virginia Rail Road Company
This company was incorporated February 14, 1851, by a special act of Virginia. It was organized August 2, 1851, at Parkersburg, Va., now West Virginia. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from other sources. The records reviewed indicate that this company was controlled by the Baltimore and Ohio on April 3, 1865, the date of sale. The records do not indicate that this company then controlled any common-carrier corporation. The property of the company was operated by the Baltimore and Ohio during its entire life. This company owned on date of sale approximately 103.41 miles of standard-gage, steam railroad, extending from Parkersburg to Grafton, W.Va., which it had acquired by construction during the period 1852 to 1857.

West Virginia and Pittsburg Railroad Company
Introductory

This company was incorporated through articles of consolidation dated February 6, 1890, filed in the office of the secretary of state of West Virginia, February 19, 1890. On November 20, 1912, the company sold all of its common-carrier property to the Baltimore and Ohio, but retained possession of its coal lands and certain lands on which the mineral rights were owned. It is, therefore, a continuing corporation of the State of West Virginia, having its principal office at Baltimore, Md.

The company was controlled on November 20, 1912, the date of sale of its common-carrier property, by the Baltimore and Ohio, through ownership of substantially its entire capital stock. The records reviewed do not indicate that the company controlled any common-carrier corporation.

The property of this company was operated by the Baltimore and Ohio, as lessee, from February 7, 1890, to November 20, 1912, except for the period May 1, 1898, to June 30, 1899, during which time it was operated by receivers. Its accounting records were continued to June 30, 1913, which latter date, for the purposes of this report, has been considered as the effective date of purchase by the Baltimore and Ohio. The railroad owned was a standard-gage, steam railroad of 181.56 miles located in West Virginia. Its main line extended from W. V. & P. Junction to Richwood, with branches projecting from Macpelah Junction to Pickens, Flatwoods to Sutton, and the Cranberry Logging Road of 5.25 miles between Cranberry and Baronshe Run, which was leased to the Cherry River Boom & Lumber Company for a term of 25 years from November 2, 1905.

Development of Fixed Physical Property

The West Virginia and Pittsburg Railroad Company acquired 54.05 miles of narrow-gage railroad from The Clarksburg, Weston and Midland Railroad Company, and a partially constructed railroad from the Buckhannon River Railroad Company. On the date of sale to the Baltimore and Ohio it had reconstructed its narrow-gage railroad, and constructed 127.51 miles of additional railroad, including the partially constructed railroad it acquired from the Buckhannon River Railroad Company. Further details are given in the accounting report on the Baltimore and Ohio.

The Clarksburg, Weston and Midland Railroad Company
This company was incorporated April 22, 1889, under the general laws of West Virginia. The accounting records of the company were not obtained. Therefore, no information can be given regarding its financial dealings, corporate operations, or investments. The information given below was obtained from the report of the Baltimore and Ohio to this Commission on its corporate history.

The records reviewed did not indicate whether the company was controlled by any individual or corporation on February 6, 1890, the date of consolidation, nor whether it then controlled any common-carrier corporation.

The company operated its property from April 10, 1889, to February 6, 1890. The company owned on the date of consolidation 40.68 miles of standard-gage, steam railroad extending from Clarksburg to Buckhannon, W.Va., being reconstructed narrow-gage railroad, of which it had acquired 24.87 miles from The Clarksburg, Weston and Glenville Railroad and Transportation Company, lessee of The Weston and West Fork Railroad Company, and 15.81 miles from The Weston & Buckhannon Railroad Company, lessee of the Buckhannon and West Fork Railroad Company. It also owned 13.37 miles of narrow-gage, tram railroad, acquired from the Buckhannon River Lumber Company, and a partially constructed railroad between Weston and Braxton Court House (Sutton), W.Va., acquired from The Weston and Elk River Railroad Company through merger.

The Clarksburg, Weston and Glenville Railroad and Transportation Company
Owing to the incompleteness of the accounting records of this company, only partial information can be given regarding its financial dealings, corporate operations, and investments. Certain information, given below, was obtained from its available records and from other sources. The company was incorporated August 6, 1878, under the general laws of West Virginia.

The records reviewed did not indicate whether the company was controlled by any individual or corporation on April 10, 1889, the date of consolidation, nor whether it then controlled any common-carrier corporation.

Under lease dated January 29, 1879, the company acquired the property of The Weston and West Fork Railroad Company, including a partially completed narrow-gage railroad of 24.87 miles, between Clarksburg and Weston, W.Va., which it completed in September 1879 and operated until the date of consolidation.

The Weston and West Fork Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain data given below were obtained from other sources. The company was incorporated March 4, 1875, under the general laws of West Virginia. The records reviewed did not indicate whether the company was controlled by any individual or corporation on April 10, 1889, the date of consolidation, nor whether the company controlled any common-carrier corporation.

The property was operated from September 1879 to April 10, 1889, by The Clarksburg, Weston and Glenville Railroad and Transportation Company, as lessee. On date of consolidation the company owned 24.87 miles of narrow-gage railroad between Clarksburg and Weston, W. Va., partially constructed by it and completed by The Clarksburg, Weston and Glenville Railroad and Transportation Company, as lessee.

Buckhannon River Lumber Company
No accounting or other records of this company were obtained. Therefore, no information can be given regarding its financial dealings, corporate operations, or investments. The information given below was obtained from the report of the Baltimore and Ohio, to this Commission, on its corporate history. The company was incorporated October 15, 1885, under the general laws of West Virginia. The records reviewed did not indicate whether the company was controlled by any individual or corporation on June 11, 1889, the date of sale, nor whether the company controlled any common-carrier corporation. On the date of sale the company owned a narrow-gage tram road from Buckhannon to Indian Camp Run (Calico Run), W.Va., 13.37 miles, which it had operated from completion in 1886.

The Weston and Elk River Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain data given below were obtained from other sources. The company was incorporated February 20, 1889, under the general laws of West Virginia. The records reviewed did not indicate whether the company was controlled by any individual or corporation on July 3, 1889, the date of merger, nor whether it controlled any common-carrier corporation. From the date of incorporation to the date of merger the company issued $60,500 par value of capital stock, of which $60,000 was subscribed and paid for by Braxton County, W.Va., through an issue of $60,000 of that county's bonds. On the date of merger the company owned a partially completed railroad between Weston and Braxton Court House (Sutton), W.Va.

Buckhannon and West Fork Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain data given below were obtained from other sources. The company was incorporated April 10, 1882, under the general laws of West Virginia. The records reviewed did not indicate whether the company was controlled by any individual or corporation on September 17, 1889, the date of merger, nor whether it controlled any common-carrier corporation. On the date of merger the company owned 15.81 miles of narrow-gage railroad between Weston and Buckhannon, W.Va., which it had partially constructed in 1882, and which completed in the same year by The Weston & Buckhannon Railroad Company, lessee, under the terms of a 99-year lease, dated August 26, 1882.

The Weston & Buckhannon Railroad Company, Formerly Named The Weston and Centreville Railroad Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The information given below was obtained from the report of the Baltimore and Ohio to this Commission on its corporate history. The company was incorporated May 31, 1882, under the general laws of West Virginia. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 17, 1889, the date of its merger, nor whether it controlled any common-carrier corporation. Under the terms of a 99-year lease, dated August 26, 1882, the company acquired the property of the Buckhannon and West Fork Railroad Company, including a partially constructed narrow-gage railroad of 15.81 miles, between Weston and Buckhannon, W.Va., which it completed in 1882 and operated until the date of merger.

Buckhannon River Railroad Company
The accounting records of the company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information given below was obtained from other sources. The company was incorporated August 13, 1889, under the general laws of West Virginia. The records reviewed do not indicate whether the company was controlled by any individual or corporation on February 6, 1890, the date of consolidation, nor whether it then controlled any common-carrier corporation. The report of the Baltimore and Ohio on its corporate history indicates that, while some construction work was attempted, no physical property was acquired by this company.

Moorefield and Virginia Railroad Company
This company was incorporated April 6, 1910, under the general laws of West Virginia.

The company was controlled on November 20, 1912, the date of sale, by the Baltimore and Ohio, through ownership of its entire capital stock. On the other hand, the records reviewed do not indicate that it controlled any common-carrier corporation.

The property was operated from July 1, 1911, to date of sale by the Hampshire Southern Railroad Company, as agent, and from the latter date to June 30, 1914, by the Hampshire Southern Railroad Company, as agent for the Baltimore and Ohio.

The property was sold to the Baltimore and Ohio November 20, 1912, but the accounts were continued to November 30, 1915, and the accounting facts following are stated as of the latter date. No entries affecting the investment in road and equipment were recorded subsequent to November 30, 1914, the date the Baltimore and Ohio merged the property.

The company owned on the date of sale a standard-gage, steam railroad of 36.65 miles, extending from Romney Junction to Petersburg, in West Virginia, which had been acquired by purchase from the Hampshire Southern Railroad Company. Further details are given in the accounting report on the Baltimore and Ohio.

Hampshire Southern Railroad Company
This company was incorporated August 30, 1906, under the general laws of West Virginia. The records reviewed do not indicate that the company was controlled by any individual or corporation on December 11, 1911, the date of sale, nor that it then controlled any common-carrier corporation. Its accounting records were continued to June 30, 1915, but the entries subsequent to June 30, 1911, affecting investment in road and equipment accounts, being duplicates of entries in the books of its successor, were disregarded in this report and June 30, 1911, considered as the effective date of sale. The company owned on the date of sale 36.65 miles of standard-gage railroad extending from Romney Junction to Petersburg. W.Va., which had been acquired by construction, performed by several contractors, none of whom appear to have been affiliated with the company. Further details are given in the accounting report on the Baltimore and Ohio.

The Trumbull & Mahoning Railroad Company
This company was incorporated June 13, 1887, under the general laws of Ohio. It was controlled on October 1, 1915, the date of sale, by the Baltimore and Ohio through ownership of its entire capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was conveyed to the Baltimore and Ohio by deed dated October 1, 1915, but June 30, 1915, was considered as the effective date of sale, and is so treated in this report. The company by deed dated July 26, 1895, conveyed to The Pittsburgh, Cleveland and Toledo Rail Road Company all of its property, leases, franchises, and rights, except its franchise to be a corporation.

The Pittsburgh, Cleveland and Toledo Rail Road Company leased the property acquired from The Trumbull & Mahoning Railroad Company to the Pittsburgh and Western Railroad Company, which operated the property until 1902, when the property of the latter was sold under foreclosure. The purchasers surrendered the lease of The Pittsburgh, Cleveland and Toledo Rail Road lines and the latter, by deed dated November 3, 1902, reconveyed to The Trumbull & Mahoning Railroad Company the property, leases, franchises, and rights it had acquired under the deed of July 26, 1895.

The property of the company was operated presumably by its own organization from October 1887 to July 31, 1895. From August 1, 1895, to November 2, 1902, the company owned no railroad property. From November 3, 1902, to date of sale its property was operated by the Baltimore and Ohio. The railroad owned consisted of a double-track, standard-gage, steam railroad, extending from Haselton to McDonald, Ohio, 8.59 miles in length, which had been acquired as follows:

Under date of October 15, 1887, The Trumbull & Mahoning Railroad Company leased from The Pittsburgh, Painesville and Fairport Railway Company, for 999 years, a portion of its narrow-gage road, about 10 miles in length, between Youngstown and Niles, Ohio, and on the same date acquired by purchase from The Pittsburgh and Western Railway Company about 2 miles of right-of-way and partially constructed railroad between Youngstown and Haselton, Ohio. During the years 1887 and 1888 the 2 miles of partially constructed road was completed as a standard-gage road, and about 3 miles of the narrow-gage road was standardized. Upon reacquiring its property in 1903, the company commenced the reconstruction of its entire road to a standard-gage, double-track line and in July 1905 completed and opened for operation the 8.59 miles of road between Haselton and McDonald, Ohio, which it owned on date of sale. Details are given in the accounting report on the Baltimore and Ohio.

The Mahoning Valley Western Railway Company
This company was incorporated July 31, 1902, under the general laws of Ohio. It was controlled on October 1, 1915, the date of sale, by the Baltimore and Ohio, through ownership of its capital stock. The records reviewed do not indicate that the company then controlled any common-carrier corporation. The property was operated from March 1905 to date of sale by the Baltimore and Ohio, and was conveyed to that company by deed dated October 1, 1915, but the effective date of sale in the accounting records was June 30, 1915, and is so treated in this report. On the date of sale the company owned a double-track, standard-gage, steam railroad of 43.07 miles, extending from McDonald to Cuyahoga Falls, with a connection known as the Newton Falls Connection, all in Ohio, and acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

The Akron and Chicago Junction Railroad Company
This company was incorporated February 17, 1890, under the general laws of Ohio. On June 30, 1915, the effective date of sale, the company was controlled by the Baltimore and Ohio through ownership of its capital stock. The records reviewed did not indicate that the company then controlled any common-carrier corporation.

The property was operated as follows: Warwick to Chicago Junction (Willard) Ohio, from August 1, 1891, to June 30, 1915, by the Baltimore and Ohio, Akron Junction to Warwick, Ohio, from September 1, 1891, to June 30, 1915, by the Baltimore and Ohio and The Cleveland, Akron & Columbus Railway Company (Cleveland, Akron & Cincinnati Railway Company, successor) jointly under direction of the latter. On date of sale the company owned 82.74 miles of standard-gage, steam railroad, partly single and partly double track, extending from Akron Junction to Chicago Junction, Ohio, of which 5.49 miles was leased for 99 years from July 1, 1908, to the Cleveland, Southwestern & Columbus Railway Company. The entire road owned on date of sale had been acquired by construction. Further details are given in the accounting report on the Baltimore and Ohio.

The Columbus and Cincinnati Midland Rail Road Company, Originally Named the Columbus and Cincinnati Rail Road Company
This company was incorporated April 13, 1882, under the general laws of Ohio. It exists as a corporation on June 30, 1918, the valuation date of the Baltimore and Ohio, but all of its common-carrier property was conveyed to the latter by deed dated October 1, 1915. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from reconstructed accounts made up by the Baltimore and Ohio from its records subsequent to January 1, 1890, and from other sources.

The records reviewed indicate that this company was controlled by the Baltimore and Ohio on October 1, 1915, the date of sale, through ownership of its capital stock. The records do not indicate that this company then controlled any common-carrier corporation.

The property of the company was operated by its own organization from November 17, 1884, to December 31, 1889, and from that date to date of sale by the Baltimore and Ohio. The railroad consisted of approximately 69.84 miles of standard-gage steam railroad, extending from Columbus to Midland City, Ohio, which had been acquired by construction during the period 1882 to 1884.

The Cleveland, Wooster and Muskingum Valley Railroad Company
This company was incorporated October 1, 1890, under the general laws of Ohio. It was controlled on October 1, 1915, the date of sale, by the Baltimore and Ohio, through ownership of its capital stock. The records reviewed do not indicate that this company controlled any common-carrier corporation. The property was operated from 1892 to June 30, 1915, by the Baltimore and Ohio. The accounts of the company were closed as of the latter date which is considered, for the purposes of this report, as the effective date of transfer of its property to the Baltimore and Ohio. The company owned, on the date of sale, 35.62 miles of standard-gage, steam railroad, extending from Lodi to Millersburg, Ohio, of which 15.02 miles of partially constructed road had been acquired from the Lake Erie, Wooster and Muskingum Valley Rail Road Company, and 3 miles of partially constructed road from The Painesville, Wooster and Ohio Railway Company. Further details are given in the accounting report on the Baltimore and Ohio.

Lake Erie, Wooster and Muskingum Valley Rail Road Company
This company was incorporated October 15, 1881, under the general laws of Ohio. No accounting or other records were obtained. Therefore, no information can be given regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 23, 1891, the date of sale, nor whether it then controlled any common-carrier corporation. On October 4, 1890, the company purchased the property of The Painesville, Wooster and Ohio Railway Company. The report of the Baltimore and Ohio on its corporate history indicates that on the date of sale the Lake Erie, Wooster and Muskingum Valley Rail Road Company owned a partially completed railroad, about 10.02 miles, between Wooster and Burbank, Ohio.

The Painesville, Wooster and Ohio Railway Company
This company was incorporated April 7, 1886, under the general laws of Ohio. No accounting or other records were obtained. Therefore, no information can be given regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on October 4, 1890, the date of sale, nor whether it then controlled any common-carrier corporation. The report of the Baltimore and Ohio on its corporate history indicates that on date of sale The Painesville, Wooster and Ohio Railway Company owned about 3 miles of partially constructed railroad, between Burbank and Lodi, Ohio.

Trustees of the Wooster and Lodi Railroad
No accounting or other records of this company were obtained. Therefore, no information can be given regarding their financial dealings or investments. The report of the Baltimore and Ohio on its corporate history contains the following information:

Under authority of a general law of Ohio, passed April 11, 1890, authorizing any town of 5,400 persons to build, own, and operate a railroad, the town of Wooster, having sufficient population, obtained from the judges of the common pleas court the appointment of the trustees of The Wooster and Lodi Railroad, who organized August 11, 1890. No railroad construction was under taken by the trustees.

The Pittsburgh, Cleveland and Toledo Rail Road Company (of June, 1882)—Predecessor of the Baltimore and Ohio and of the Pittsburg and Western
Introductory

This company was incorporated June 29, 1882, under the general laws of Ohio and June 30, 1882, under the general laws of Pennsylvania. Although the company sold a part of its property to the Baltimore and Ohio on October 1, 1915, and sold the remainder to the Pittsburg and Western on November 8, 1915, its accounting records were closed as of June 30, 1915.

The company was controlled on the date of sale by the Baltimore and Ohio through ownership of its capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated by its own organization from June 30, 1883, to July 14, 1884; by The Pittsburgh and Western Railroad Company (of 1883) and its receiver from July 14, 1884, to June 24, 1887; by The Pittsburgh and Western Railway Company and its receiver from June 24, 1887, to December 31, 1901; and by the Baltimore and Ohio from December 31, 1901, to December 31, 1906. From the latter date to the date of sale, a part of the property was operated by the Baltimore and Ohio and a part leased to and operated by The Cleveland, Alliance and Mahoning Valley Railroad Company. The railroad owned amounted to 61.24 miles, and consisted of a partly single- and partly double-track, standard-gage railroad from New Castle Junction, Pa., to Newton Falls, Ohio, from Newton Falls to Lowery Junction, Ohio, from Cuyahoga Falls to Akron Junction, Ohio, and from Ohio Junction to Girard, Ohio.

Development of Fixed Physical Property

The company acquired 1.86 miles of road by construction, 67.58 miles by completing the road partly constructed by The Pittsburgh, Cleveland and Toledo Rail Road Company (of Ohio), The Pittsburgh, Youngstown and Chicago Rail Road Company and The Pittsburgh, Youngstown and Chicago Railroad Company, and 9.82 miles by completing the road partly constructed by The Pittsburgh, Cleveland and Toledo Rail Road Company (of Pennsylvania), The Pittsburgh, Youngstown and Chicago Rail Road Company, and the Pittsburgh, Chicago and Youngstown Railroad Company. Of the railroad thus acquired, 16.99 miles, Cuyahoga Falls to Lowery Junction, Ohio, were abandoned, 1 mile was reclassified as sidetrack, and changes resulted in a decrease of 0.03 mile.

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The Pittsburgh, Cleveland and Toledo Rail Road Company (of Ohio), The Pittsburgh, Cleveland and Toledo Rail Road Company (of Pennsylvania), The Pittsburgh, Youngstown and Chicago Rail Road Company, The Pittsburgh, Youngstown and Chicago Railroad Company—Predecessor of The Pittsburgh, Youngstown and Chicago Rail Road Company, and Pittsburgh, Youngstown and Chicago Railroad Company—Predecessor of The Pittsburgh, Youngstown and Chicago Railroad Company===== The Pittsburgh, Cleveland and Toledo Rail Road Company was incorporated May 1, 1882, under the general laws of Ohio. The Pittsburgh, Cleveland and Toledo Rail Road Company was incorporated May 2, 1882, under the general laws of Pennsylvania. The Pittsburgh, Youngstown and Chicago Rail Road Company was incorporated under the general laws of Ohio and Pennsylvania on July 1, and July 6, 1881, respectively. The Pittsburgh, Youngstown and Chicago Railroad Company was incorporated February 8, 1881, under the general laws of Ohio, and the Pittsburgh, Youngstown and Chicago Railroad Company was incorporated December 4, 1880, under the general laws of Pennsylvania.

The accounting records of the above-named companies were not obtained. Therefore, no information can be given from their accounts regarding their financial dealings, corporate operations, or investments. The information given herein has been taken from the records of the Baltimore and Ohio and from documents on file.

The Pittsburgh, Youngstown and Chicago Railroad Company (of Pennsylvania) and the Ohio corporation of the same name proposed to construct a standard-gage, steam railroad from Pittsburgh, Pa., to Akron, Ohio. Each company located its route, acquired certain right-of-way lands, and performed certain work, but did not complete any common-carrier property.

The Pittsburgh, Youngstown and Chicago Rail Road Company acquired by consolidation the property, rights, and franchises of the Pittsburgh, Youngstown and Chicago Railroad Company and The Pittsburgh, Youngstown and Chicago Railroad Company, acquired additional right-of-way lands, and continued work on the projected and partly constructed road between Pittsburgh, Pa., and Akron, Ohio, but did not complete any common-carrier property.

The Pittsburgh, Cleveland and Toledo Rail Road Company (of Pennsylvania) proposed to construct a standard-gage, steam railroad from a connection with the tracks of The Pittsburg and Western Rail Road Company at New Castle Junction, Pa., to the Ohio State line, about 10 miles. The location for the road was adopted and some work towards its construction was performed, but no common-carrier property was completed.

The Pittsburgh, Cleveland and Toledo Rail Road Company (of Ohio) proposed to construct a standard-gage, steam railroad from the Ohio-Pennsylvania State line to Pike, Ohio. The company adopted the location for its road and some work toward its construction was performed, but no common-carrier property was completed.

The Central Ohio Railroad Company, as Reorganized
Introductory

This company, as reorganized, was incorporated November 8, 1865, in Ohio. Although the property, rights, and franchises of the company were conveyed to the Baltimore and Ohio on October 1, 1915, the corporation is extant. No entries were recorded in the income accounts of this company subsequently to June 30, 1899. The results of operation of its property subsequently to that date are inseparably recorded in the accounts of the Baltimore and Ohio. It was controlled by the Baltimore and Ohio on October 1, 1915, the date of sale, through ownership of a majority of capital stock. The records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated by its own organization from January 1, 1866, the date it was surrendered by the receiver of its predecessor, to November 30, 1866. From the latter date to date of sale it was operated by the Baltimore and Ohio. The railroad owned by this company on the date of sale amounted to 142.72 miles. It consisted of a main line, standard-gage, steam railroad, extending from Bellaire to Columbus, Ohio, 136.15 miles, with a branch line extending from Neff to St. Clairsville, Ohio, 6.57 miles. Of the main line 33.08 miles extending from Newark to Columbus was jointly owned and used jointly by The Pittsburgh, Cincinnati, Chicago and St. Louis Railroad Company with this company.

Development of Fixed Physical Property

Of the 109.64 miles of road solely owned and 33.08 miles jointly owned by the company, as reorganized, on date of sale, it had acquired its interest in 336.15 miles from the Central Ohio Railroad Company and in 6.57 miles from The Bellaire and St. Clairsville Railway Company. The 6.57 miles acquired from The Bellaire and St. Clairsville Railway Company was reconstructed by this company during 1888. Further details are given in the accounting report on the Baltimore and Ohio.

Central Ohio Railroad Company
Introductory

This company was incorporated February 8, 1847, in Ohio. The accounting records of the company obtained were incomplete. Those pertaining to a portion of its securities and investments were not obtained. For that reason only partial information can be given from the accounts regarding its financial dealings or investments. The records reviewed do not indicate that the company was controlled by any individual or corporation on November 10, 1865, the date of sale, nor that it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was placed in operation, January 26, 1852, to April 27, 1859. From that date to December 31, 1865, it was operated by a receiver. The railroad operated by the receiver of the company on date of sale amounted to 137.06 miles. It consisted of a standard-gage, steam railroad, extending from Bellaire to Columbus, Ohio, of which 103.98 miles extending from Bellaire to Newark was solely owned by this company and 33.08 miles extending from Newark to Columbus was jointly owned by this company and the Steubenville & Indiana Railroad Company, now The Pittsburgh, Cincinnati, Chicago and St Louis Railroad Company.

Development of Fixed Physical Property

The entire 137.06 miles of road had been acquired by construction. An undivided one half interest in 33.08 miles extending from Newark to Columbus was sold to the Steubenville & Indiana Railroad Company August 31, 1864. The records reviewed do not indicate whether the road was constructed under contract or by company forces. Further details are given in the accounting report on the Baltimore and Ohio.

The Bellaire and St. Clairsville Railway Company
This company was incorporated December 29, 1885, in Ohio. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on November 12, 1888, the date of sale, nor whether it then controlled any common-carrier corporation. Its property was operated by its own organization from August 2, 1886, the date acquired by purchase, to July 25, 1888. From the latter date to date of sale it was not operated on account of damage caused by floods. The entire railroad owned on date of sale consisted of 6.50 miles of standard-gage, steam railroad, extending from St. Clairsville to Neff, Ohio, which had been acquired by purchase from the St. Clairsville Railway Company. The road when acquired was narrow-gage, but was changed to standard-gage in 1886.

St. Clairsville Railway Company
This company was incorporated April 7, 1880, in Ohio. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 2, 1886, the date of sale, nor whether it then controlled any common-carrier corporation. Its property was operated by its own organization from April 5, 1880, the date acquired by purchase, to March 4, 1885. From the latter date until date of sale it was operated by a receiver. The railroad owned consisted of 6.50 miles of single-track, narrow-gage, steam railroad, extending from St. Clairsville to Neff, Ohio, acquired from the Bellaire & St. Clairsville Narrow Gauge Rail Way.

Bellaire & St. Clairsville Narrow Gauge Rail Way Company—Predecessor of the St. Clairsville Railway
This company was incorporated December 11, 1875, in Ohio. No accounting records were obtained. Therefore, nothing can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on April 5, 1880, the date of sale, nor whether it then controlled any common-carrier corporation. The property of this company was operated by its own organization from the date of completion to October 29, 1879. From the latter date until the date of sale its property was operated by a receiver. The railroad owned consisted of approximately 6.50 miles of single-track, narrow-gage road, extending from St. Clairsville to Neff, Ohio, acquired by construction which was completed in April 1877. It is not known whether the construction work was performed by the company's forces or by contract.

The Pittsburgh, Painesville and Fairport Railway Company
Introductory

This company was incorporated May 6, 1886, under general laws of Ohio. This company was controlled by the Baltimore and Ohio on October 1, 1915, the date of sale, effective in the accounts as of June 30, 1915, through ownership of its capital stock. The records do not indicate that this company then controlled any common-carrier corporation.

The property was operated by The Pittsburgh and Western Railroad Company from October 18, 1886, to February 1, 1902, and by the Baltimore and Ohio from that date to date of sale. The railroad owned consisted of 49.86 miles of standard-gage railroad extending from De Forest Junction to Fairport, Ohio.

Development of Fixed Physical Property

The 49.86 miles of road owned on date of sale was acquired from The Painesville and Youngstown Railway Company. The road as originally acquired consisted of 62.78 miles of narrow-gage road between Fairport and Youngstown, Ohio. Of this mileage, 9.70 miles between Niles and Youngstown, Ohio, was leased to The Trumbull and Mahoning Railroad Company for 999 years, and the remaining 53.08 miles between Fairport and Niles, Ohio, was reconstructed to standard-gage, and later the mileage was reduced by reclassification to 49.86 miles.

The Painesville and Youngstown Railway Company
This company was incorporated July 24, 1879, under the general laws of Ohio. The records reviewed do not indicate whether this company was controlled by any individual or corporation on September 8, 1886, the date of sale, nor whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from July 23, 1879, to January 27, 1882, and from that date to date of sale by a receiver. The road owned consisted of approximately 62.78 miles of narrow-gage railroad extending from Fairport Harbor to Youngstown, Ohio, of which 60.05 miles were acquired from The Painesville and Youngstown Rail Road Company, and 2.73 miles by construction. Further details are given in the accounting report on the Baltimore and Ohio.

The Painesville and Youngstown Rail Road Company
This company was incorporated November 17, 1870, under the general laws of Ohio. The records reviewed do not indicate whether this company was controlled by any individual or corporation on July 9, 1879, the date of sale, nor whether it then controlled any common-carrier corporation. The property of this company was operated by its own organization from completion in 1874 to February 4, 1877, and by a receiver from that date to date of sale. The railroad owned was a narrow-gage railroad extending from Painesville to Youngstown, Ohio, approximately 60.05 miles, of which approximately 11 miles had been acquired by completion of construction begun by a predecessor, and about 50 miles by construction.

The Painesville and Hudson Rail Road Company—Predecessor of The Painesville and Youngstown Rail Road
This company was incorporated August 6, 1852, under the general laws of Ohio. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 17, 1870, the date of sale, nor whether it then controlled any common-carrier corporation. This company owned on date of sale approximately 11 miles of uncompleted railroad between Painesville and Hudson, Ohio. Construction was begun about September 1854 but was suspended on November 15, 1857, and not again resumed prior to date of sale.

The Ohio Midland Railroad Company
Introductory

This company was incorporated March 27, 1900, in Ohio. Although its property, rights, and franchises were conveyed to the Baltimore and Ohio on October 1, 1915, the corporation is extant.

The accounting records of the company covering the period from the date of organization to June 29, 1912, were not obtained. Therefore, only partial information can be given from its accounts regarding its financial dealings or investments. The accounting records available were opened June 30, 1912, and, although the property was conveyed to the Baltimore and Ohio by deed dated October 1, 1915, the accounts were closed as of June 30, 1915. The accounting data in this report for the date of sale are those afforded by these records.

The company was controlled on the date of sale by the Baltimore and Ohio through ownership of its capital stock. The records reviewed do not indicate that this company then controlled any other common-carrier corporation.

The property of the company was operated under lease, during its entire life, by the Baltimore and Ohio, and the results of corporate operations are included in the accounts of that company. The railroad owned by The Ohio Midland Railroad Company on date of sale was a single-track, standard-gage, steam railroad, wholly within Ohio, aggregating 46.28 miles, with a main line extending from Newark to Shawnee, Ohio, and a branch line from Rock Run Junction to Hocking Valley Products Mine No. 117, Ohio.

Development of Fixed Physical Property

The entire 46.28 miles of road owned by the company on date of sale had been acquired from E. Francis Hyde and Noel Gale, who had acquired it at a foreclosure sale on February 19, 1900, from the Newark, Somerset and Straitsville Rail Road Company. There were originally acquired in this manner 46.68 miles, of which 0.40 mile was retired through line changes and revisions by the company, leaving 46.28 miles owned at date of sale.

Newark, Somerset and Straitsville Rail Road Company
This company was incorporated January 29, 1867, in Ohio. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the records of the Baltimore and Ohio.

The company was controlled on February 19, 1900, the date of sale, by the Baltimore and Ohio through ownership of its capital stock. The records reviewed do not indicate that this company then controlled any other common-carrier corporation.

The property of this company was operated by its own organization from the date the first section of its road was put in operation, in 1871, until January 1, 1872, and from the latter date until the date of sale under lease by the Baltimore and Ohio. The railroad owned by the company on date of sale was a single-track, standard-gage, steam railroad, wholly within Ohio, aggregating 46.68 miles, of which 23.68 miles had been acquired by construction and 23 miles by completion of construction of uncompleted road acquired from the Scioto and Hocking Valley Railroad Company. It consisted of a main line extending from Newark to Shawnee, Ohio, and a branch line from Rock Run Branch Junction to Salt Lick Mine, Ohio.

The records reviewed indicate that the construction work on the main line was performed by contract. Further details are given in the accounting re port on the Baltimore and Ohio.

Scioto and Hocking Valley Rail Road Company
This company was incorporated February 20, 1849, in Ohio. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 2, 1809, the date of sale, nor whether it then controlled any other common-carrier corporation.

The property of this company was operated by its own organization from the date the first section of its road was put in operation, August 1853, until the receivership, March 4, 1858, and from the latter date until January 28, 1864, by a receiver. The company owned 55.71 miles of single-track, standard-gage, steam railroad extending from Portsmouth to Hamden, Ohio, and a section of road under construction, all of which was sold under foreclosure sale, confirmed by the court on May 20, 1863. On January 26, 1864, the 55.71 miles of completed road, as described above, was acquired by the Marietta & Cincinnati Railroad Company, and on September 2, 1869, a portion of the uncompleted section, 23 miles, was acquired by the Newark, Somerset and Straitsville Rail Road Company, a predecessor of the Baltimore and Ohio. The records reviewed indicate that the construction work on the main line was performed by contract. Further details are given in the accounting report on the Baltimore and Ohio.

The Marietta & Cincinnati Railroad Company recorded that it assumed $300,000 par value of first-mortgage 7 percent bonds of the Scioto and Hocking Valley Rail Road Company in acquiring the 55.71 miles of road referred to above.

The Cleveland Terminal and Valley Railroad Company
This company was incorporated on October 3, 1895, under the general laws of Ohio. It was controlled by the Baltimore and Ohio on October 1, 1915, the date of sale, through ownership of its capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of this company was operated by its own organization from October 1, 1895, to June 30, 1909, and by the Baltimore and Ohio from that date to date of sale. The railroad on date of sale amounted to 89 miles of road located in Ohio, of which it had acquired approximately 83.50 miles from the Valley Railway Company and about 5.50 miles from The Sandyville and Waynesburg Railroad Company. The main line extended from Cleveland to Valley Junction, with four small branches diverging therefrom. Further details are given in the accounting report on the Baltimore and Ohio.

Valley Railway Company
Introductory

This company was incorporated August 21, 1871, under the general laws of Ohio. The records reviewed do not indicate whether it was controlled by any individual or corporation on September 10, 1895, the date of sale, nor whether it then controlled any common-carrier corporation. The property of the Valley Railway Company was operated by its own organization from February 2, 1880, the date of completion, to June 15, 1892, and from the latter date to date of sale by receivers. The railroad owned by the Valley Railway Company on the date of sale amounted to 83.42 miles of road located in Ohio. The main line extended from Cleveland to Valley Junction, with three small branches diverging therefrom, which had been acquired by construction.

Development of Fixed Physical Property

Further details are given in the accounting report on the Baltimore and Ohio.

The Sandyville and Waynesburg Railroad Company
This company was incorporated November 9, 1898, under the general laws of Ohio. There were no available accounting records of the company from the date of organization to May 31, 1904, and the records subsequent to that date were incomplete. Certain information indicated hereinafter was obtained from records that were available. The records reviewed indicate that this company was controlled by The Cleveland Terminal and Valley Railroad Company on November 25, 1914, the date of sale. The records do not indicate that it then controlled any common-carrier corporation.

The property was operated by The Cleveland Terminal and Valley Railroad Company from completion to June 30, 1909, and by the Baltimore and Ohio from that date to date of sale. The railroad owned on the date of sale consisted of approximately 5 miles of railroad extending from Sandyville to Magnolia, Ohio, acquired by construction during the year 1899.

The Cleveland, Lorain and Wheeling Railway Company
Introductory

This company was incorporated November 11, 1893, under the general laws of Ohio. The records reviewed indicate that it was controlled by the Baltimore and Ohio on October 1, 1915, the date of sale, through ownership of its capital stock. The records do not indicate that it then controlled any common-carrier corporation.

The property of The Cleveland, Lorain and Wheeling Railway Company was operated by its own organization from November 11, 1893, to July 1, 1909, and by the Baltimore and Ohio from that date to date of sale. The railroad operated was a standard-gage, steam railroad in Ohio, aggregating 202.73 miles. The owned mileage amounted to 199.31 miles and consisted of a main line extending from Lorain to Bridgeport, Ohio, together with three branch lines diverging therefrom. The mileage operated under lease amounted to 3.42 miles and consisted of a branch line extending from St. Clairsville Junction to St. Clairsville, Ohio.

Development of Fixed Physical Property

Of the 199.31 miles of road owned by the company on date of sale, it had acquired about 137.31 miles from The Cleveland, Lorain and Wheeling Railroad Company, about 34.16 miles by construction and about 27.84 miles by completion of construction begun by The Cleveland & Southwestern Railway Company. Further details are given in the accounting report on the Baltimore and Ohio.

Cleveland and Southwestern Railway
This company was incorporated April 25, 1887, under the general laws of Ohio. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of The Cleveland, Lorain and Wheeling Railway Company and other sources. The records reviewed do not indicate whether this company was controlled by any individual or corporation on November 11, 1893, the date of consolidation, nor whether it then controlled any common-carrier corporation. It owned on date of consolidation about 28 miles of uncompleted railroad in course of construction between Cleveland and a point near Medina, Ohio, but the amount of work done is not stated in the records reviewed. The records of The Cleveland, Lorain and Wheeling Railway Company indicate that this company had $2,000,000 par value of common and $500,000 par value of capital stock outstanding on date of consolidation and that all was retired by the former company.

The Cleveland, Lorain and Wheeling Railroad Company
This company was incorporated March 1, 1883, under the general laws of Ohio. The records reviewed do not indicate it was controlled by any individual or corporation on November 11, 1893, the date of consolidation, nor whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization during its entire life. The railroad owned was a standard-gage, steam railroad, located in Ohio, aggregating 164.31 miles. The main line extended from Lorain to Bridgeport, Ohio, with a branch between Bellaire and Martins Ferry. Of this, it had acquired 157.97 miles from the Cleveland, Tuscarawas Valley and Wheeling Railroad Company, and 6.34 miles by construction. Further details are given in the accounting report on the Baltimore and Ohio.

Cleveland, Tuscarawas and Wheeling Railway Company
This company was incorporated February 5, 1875, under the general laws of Ohio. The records of corporate operations were not obtained. The records reviewed do not indicate whether this company was controlled by any individual or corporation on February 5, 1883, the date of sale, nor whether it then controlled any common-carrier corporation.

The railroad owned consisted of 157.97 miles of single-track, standard-gage, steam railroad, extending from Lorain to West Wheeling, Ohio, of which 100.58 miles had been acquired from The Lake Shore and Tuscarawas Valley Railway Company and 57.39 miles by construction. Further details are given in the accounting report on the Baltimore and Ohio.

The property of the company was operated by its own organization from February 5, 1875, to February 19, 1882, and from that date to February 21, 1883, the property was operated by a receiver.

The Lake Shore and Tuscarawas Valley Railway Company—Predecessor of the Cleveland, Tuscarawas and Wheeling Railway
This company was incorporated July 2, 1870, under the general laws of Ohio. The accounting records of this company were incomplete and no record of its corporate operations was obtained. Therefore, only partial information can be given from its accounts. The records reviewed do not indicate whether the company was controlled by any individual or corporation on January 26, 1875, the date of sale, nor that it then controlled any common-carrier corporation. The property of this company was operated by its own organization from 1871, when a portion thereof was opened for operation, to July 1874, and from that date to date of sale by a receiver. The railroad owned consisted of approximately 100.58 miles of road extending from Uhrichsville to Charlestown (now Lorain), Ohio, of which it had acquired about 8 miles from the Elyria & Black River Railway Company, about 14 miles by completion of construction begun by the Cleveland, Medina & Tuscarawas Railroad Company, and about 78 miles by construction. Further details are given in the accounting report on the Baltimore and Ohio.

Cleveland, Medina and Tuscarawas Railroad Company—Predecessor of The Lake Shore and Tuscarawas Valley Railway, Formerly Named Coshocton, Wooster and Cleveland Railroad Company
This company was incorporated March 4, 1851, by special act of the State of Ohio. The records reviewed do not indicate whether it was controlled on April 16, 1870, the date of sale, by any individual or corporation, nor whether it then controlled any common-carrier corporation. The property owned on date of sale consisted of approximately 14 miles of uncompleted road between Medina and Grafton, Ohio.

Elyria and Black River Railway Company
This company was incorporated December 20, 1871, under the general laws of Ohio. No accounting records were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on October 31, 1872, the date of sale, nor whether it then controlled any common-carrier corporation. This company owned on the date of sale approximately 8 miles of railroad extending from Elyria to Charlestown (now Lorain), Ohio, which it had acquired by construction in 1872.

The Belmont Central Railroad Company
This company was incorporated June 7, 1907, under the general laws of Ohio. No results of corporate operations were obtained. The records reviewed indicate that this company was controlled by The Baltimore and Ohio Rail Road Company on November 25, 1914, the date of sale. The records do not indicate that it then controlled any other common-carrier corporation.

The property was operated by the Pittsburg-Belmont Coal Company from May 1909, the date of completion, to June 1, 1913, and presumably by The Baltimore and Ohio Rail Road Company from that date to date of sale. The railroad owned consisted of 1.53 miles of railroad extending from Latterly to Mine No. 3 of the Pittsburg-Belmont Coal Company, in Belmont County, Ohio, all of which had been acquired by construction during the years 1908 and 1909.

The Eastern Ohio Railroad Company
This company was incorporated May 23, 1891, in Ohio. There were no available accounting records for the period from the date of incorporation to January 1, 1895, and those obtained for the period from that date to date of sale are of such a fragmentary nature that only partial information can be given from the accounts in connection with its financial dealings or investments and nothing of value can be given regarding its corporate operations. However, certain data given below were obtained from other sources.

This company was controlled on October 1, 1915, the date of sale, by the Baltimore and Ohio, through ownership of capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of the company was operated by its own organization from May 23, 1891, to June 30, 1899, and from the latter date to date of sale by the Baltimore and Ohio. The railroad owned consisted of 16.90 miles of single-track, standard-gage, steam railroad extending from Lore City to Cumberland, Ohio, of which it had acquired 16.18 miles from The Cincinnati, Wheeling & New York Railroad Company and 0.72 mile by construction in 1895. Details are given in the accounting report on the Baltimore and Ohio.

The Cincinnati, Wheeling and New York Railroad Company, Formerly Named Wheeling and Cincinnati Mineral Railway Company, Formerly Named Bellaire, Beaver Valley and Shawnee Railway Company
The company was incorporated November 19, 1879, in Ohio, as the Bellaire, Beaver Valley & Shawnee Railway Company. On January 7, 1882, the name was changed to Wheeling and Cincinnati Mineral Railway Company, and on February 28, 1883, it was changed to The Cincinnati, Wheeling & New York Railroad Company. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on April 29, 1891, the date of sale, nor whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from November 1882 to February 1888, and from the latter date to date of sale by a receiver.

The railroad owned amounted to 16.30 miles. It consisted of a single-track, steam railroad, extending from Cumberland to Morgan Junction, Ohio, of which it had acquired 7.75 miles from The Eastern Ohio Rail Road Company and 8.55 miles by construction. The records reviewed did not indicate whether the 8.55 miles of road were constructed under contract or by company forces. Further details are given in the accounting report on the Baltimore and Ohio.

The Eastern Ohio Rail Road Company
This company was incorporated March 21, 1871, in Ohio. No accounting records were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether this company was controlled by any individual or corporation on November 29, 1882, the date of sale, nor whether it then controlled any common-carrier corporation.

The property was operated by the contractors that completed construction from the date of completion, November 1, 1874, to date of sale. The railroad owned by this company on date of sale consisted of 7.75 miles of single-track railroad extending from Cumberland to a point near Hartford, Ohio. Under terms of agreement effective February 12, 1874, W. H. and C. B. Stevens constructed the 7.75 miles of completed road owned by this company. A portion of the right of way of this road on which some construction work had been done at the time acquired was acquired from the Southwestern Rail Road Company. Further details with respect to construction are given in the accounting report on the Baltimore and Ohio.

Southwestern Rail Road Company—Predecessor of The Eastern Ohio Rail Road, Formerly Named Pittsburg, Maysville and Cincinnati Rail Road Company, Formerly Named Sharon Railroad Company
This company was incorporated March 2, 1849, in Ohio, as the Sharon Railroad Company. On April 5, 1853, the name was changed to Pittsburg, Maysville and Cincinnati Rail Road Company and on October 12, 1865, it was changed to Southwestern Rail Road Company. No accounting records were obtained. Therefore, nothing can be given from accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 26, 1871, the date of sale, nor whether it then controlled any common-carrier corporation. The company owned on date of sale some right-of-way between Cumberland and McConnellsville, Ohio, on which some construction work had been performed, but none completed.

Sandusky, Mansfield and Newark Rail Road Company, as Reorganized
This company was incorporated April 8, 1856, in Ohio. Although the property, rights, and franchises were conveyed to the Baltimore and Ohio October 1, 1915, the corporation is extant.

No accounting records of the company covering the period from the date of organization to January 20, 1886, were obtained. Therefore, only partial information can be given regarding its financial dealings, corporate operations, or investments. The accounting data in this report were obtained from records that cover the period from January 20, 1886, to the date of sale, October 1, 1915.

The company was controlled on the date of sale by the Baltimore and Ohio through ownership of its capital stock. The records reviewed do not indicate that this company then controlled any other common-carrier corporation.

The property of the company was operated by its own organization from July 24, 1856, the date the property was taken over from the receiver, until June 30, 1869, and from that date until date of sale by the Baltimore and Ohio.

The railroad operated by the Baltimore and Ohio and owned or leased by the company on date of sale was a single-track, standard-gage, steam railroad, aggregating 162.93 miles. The owned mileage amounted to 116.25 miles and consisted of a main line extending from Sandusky City to Newark, Ohio, of which 1.06 miles had been acquired by construction and 124.94 miles by purchase, less 9.75 miles abandoned. The mileage operated under lease, 46.68 miles, consisted of a main line from Newark to Shawnee, Ohio, and a branch line from Rock Run Branch Junction to Salt Lick Mine, Ohio.

Details with respect to the construction are given in the accounting report on the Baltimore and Ohio.

Sandusky, Mansfield and Newark Rail-Road Company
This company was incorporated December 30, 1853, in Ohio. No accounting records were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on April 8, 1856, the date of reorganization, nor whether it then controlled any other common-carrier corporation.

The property was operated under lease by J. R. Robinson from date of acquirement, January 1, 1854, until February 12, 1855. From that date until receivership, August 29, 1855, it was operated by its own organization and from the latter date by a receiver until surrendered to the Sandusky, Mansfield and Newark Rail Road Company, as reorganized, July 24, 1856.

The railroad operated on date of reorganization was a single-track, steam railroad, aggregating 124.94 miles. It consisted of a main line extending from Sandusky City to Newark, Ohio, and a branch line from Huron Junction to Oxford[sic Huron], Ohio, acquired by consolidation from Mansfield and Sandusky City Rail Road Company, 54.26 miles; Columbus and Lake Erie Railroad Company, 61.88 miles; and the Huron and Oxford Railroad Company, 9.00 miles; less transferred to side-track mileage, 0.20 mile.

Mansfield and Sandusky City Rail Road Company, Formerly Named The Mansfield and New Haven Railroad Company
This company was originally incorporated as The Mansfield & New Haven Railroad Company in Ohio on March 12, 1836. The name was changed on May 30, 1843. No accounting records were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 30, 1853, the date of consolidation, nor whether it then controlled any other common-carrier corporation.

It was not ascertained how the property was operated during the period from 1843 to 1849. From 1849 until February 11, 1852, operation was by its own organization and from the latter date to January 1, 1854, the date the consolidation became effective, under lease by J. R. Robinson and associates.

The railroad owned or leased on date of consolidation was a single-track, steam railroad, in Ohio, aggregating 125.14 miles. The owned mileage amounted to 54.26 miles and consisted of a main line from Sandusky City to Mansfield, Ohio, of which it had acquired 12.87 miles from the State of Ohio which had acquired it by seizure January 1, 1843, from the Monroeville and Sandusky City Railroad Company, and 41.39 miles by construction. Details are given in the accounting report on the Baltimore and Ohio.

The mileage operated under lease amounted to 70.88 miles and consisted of a main line from Mansfield to Newark, Ohio, and a branch line from Huron Junction to Huron, Ohio.

Monroeville and Sandusky City Railroad Company—Predecessor of the Mansfield and Sandusky City Rail Road
This company was incorporated March 9, 1835, in Ohio. No accounting records were obtained. Therefore, no information can be given from accounts regarding financial dealings, corporate operations, or investments.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 30, 1843, the date of sale, nor whether it then controlled any other common-carrier corporation. However, it is indicated in the records that, in consequence of default in payment of interest on a loan from the State of Ohio, the property had been seized by that State about January 1, 1843, and delivered to the Ohio Board of Public Works to be sold.

The property of the company was operated by its own organization from the date it was completed to January 1, 1843, and from the latter date to date of sale by the State of Ohio. The company owned on date of sale 12.87 miles of single-track railroad, extending from a point near Sandusky City to a point near Monroeville, Ohio, which had been acquired by construction. Details with respect to the construction are given in the accounting report on the Baltimore and Ohio.

Columbus and Lake Erie Railroad Company
This company was incorporated March 12, 1845, in Ohio. No accounting records were obtained. Therefore, no information can be given from accounts regarding financial dealings, corporate operations, or investments.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 30, 1853, the date of consolidation, nor whether it then controlled any other common-carrier corporation.

The property was operated under lease by the Mansfield and Sandusky City Rail Road Company from the date completed in 1850 to February 12, 1852, and from the latter date to January 1, 1854, the date the consolidation became effective, by J. R. Robinson and associates, lessees of the Mansfield and Sandusky City Rail Road Company.

The railroad owned on date of consolidation consisted of 61.88 miles of single-track, steam railroad extending from Mansfield to Newark, Ohio, which had been acquired by construction. Details are given in the accounting report on the Baltimore and Ohio.

Huron and Oxford Railroad Company
This company was incorporated February 27, 1846, in Ohio. No accounting records were obtained. Therefore, no information can be given from accounts regarding financial dealings, corporate operations, or investments.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 30, 1853, the date of consolidation, nor whether it then controlled any other common-carrier corporation.

The property of the company was operated under lease by the Mansfield and Sandusky City Rail Road Company from the date completed to February 12, 1852, and from the latter date to January 1, 1854, the date the consolidation became effective, by J. R. Robinson and associates, lessees, of the Mansfield and Sandusky City Rail Road Company.

The railroad owned on date of consolidation consisted of approximately 9 miles of single-track, steam railroad from Huron Junction to Huron, Ohio, which had been acquired by construction. Details are given in the accounting report on the Baltimore and Ohio.

South Park and Royalton Railroad Company
This company was incorporated May 9, 1898, under the general laws of Ohio. No accounting records were obtained. Therefore, no information can be given from accounts regarding financial dealings, corporate operations, or investments. However, certain information given below was obtained from other sources. The records do not indicate whether the company was controlled by any individual or corporation on May 4, 1916, the date of sale, nor whether this company then controlled any common-carrier corporation. The railroad owned on date of sale consisted of about 1,500 feet of sidetrack extending from a connection with the Independence Stone Branch to a point near Little and Pettibone Stone Mill, Cuyahoga County, Ohio, which had been acquired from Little and Pettibone by deed dated June 27, 1898.