Wikipedia:WikiProject Trains/ICC valuations/Cincinnati, Lebanon and Northern Railway

Interstate Commerce Commission, Volume 23, Valuation Reports

Location and General Description of Property
The railroad of The Cincinnati, Lebanon & Northern Railway Company, herein called the Cincinnati, Lebanon & Northern, is a standard-gauge, steam railroad, located wholly within the State of Ohio, and embracing 76.197 miles of road. The main line extends in a northerly direction from Cincinnati to Dayton, with branches extending from Middletown Junction to Middletown, from Blue Ash to Montgomery and from Hempstead to Clement. The main line is single track except for 5.308 miles, which is double track. The Cincinnati, Lebanon & Northern wholly owns and uses 114.652 miles of all tracks. These tracks, consisting of first and second main track and yard tracks and sidings, are classified in the trackage table in Appendix 1. The Cincinnati, Lebanon & Northern also jointly owns and uses with another carrier 1.790 undivided miles of all tracks, as shown in the trackage table in Appendix 1. It owns but does not use 2.010 miles of yard tracks and sidings which are leased to the American Rolling Mills Company, a non-carrier.

Economic Conditions Relating to Traffic
Most of the lands adjacent to the railroad of the Cincinnati, Lebanon & Northern are under cultivation and supply dairy and farm products. The industrial development is varied. The principal cities on this line are Cincinnati, Dayton, and Middletown.

Physical Characteristics of Road
The grading is light, averaging 23,000 cubic yards to the mile, and is practically all common excavation. The most important bridge, which is over the Little Miami River, is a two-span, through-pin-connected truss bridge, on two stone abutments and one stone pier, with a length of 350 feet. There are two tunnels on the line, 142 feet and 1,067 feet in length, both lined throughout with brick and stone. The rail is all relay, principally 85-pound.

Introductory
The Cincinnati, Lebanon & Northern is a corporation of the State of Ohio, having its principal office at Cincinnati, Ohio. It is controlled by the Pennsylvania Company through ownership of the entire outstanding capital stock. The records do not indicate that it controls any common-carrier corporation.

The property of the Cincinnati, Lebanon & Northern, with exception of 5.52 miles of its road, has been operated by the company's own organization from July 17, 1885, to date of valuation. The 5.52 miles of road extending from the north corporation line of Lebanon, Ohio, to a point north of Dodds, Ohio, has been operated as indicated below.


 * By company's own organization. July 17, 1885, to Jan. 31, 1893.
 * By The Dayton, Lebanon & Cincinnati Railroad Company. Feb. 1, 1893, to May 31, 1907.
 * By The Dayton, Lebanon and Cincinnati Railroad and Terminal Company. June 1, 1907, to Dec. 31, 1914.
 * By company's own organization. Jan. 1, 1915, to date of valuation.

Corporate History
The Cincinnati[,] Lebanon and Northern was incorporated July 14, 1885, under the general laws of Ohio, for the purpose of purchasing and operating the property of The Cincinnati Northern Railway Company that had been sold at separate foreclosure sale of The Toledo, Cincinnati & St. Louis Railroad Company (second corporation). The date of organization was July 17, 1885. Pursuant to the above purpose, the Cincinnati, Lebanon & Northern acquired at its organization the property, rights, and franchises of The Cincinnati Northern Railway Company. It subsequently acquired the properties and franchises of The Dayton, Lebanon and Cincinnati Railroad and Terminal Company, The Middletown and Cincinnati Railroad Company, and the Cincinnati Railway Tunnel Company. The Cincinnati, Lebanon & Northern, itself, and those corporations, together with their predecessors, total 13 different corporations, of which two underwent changes of name, and comprise the line of corporate succession culminating in the Cincinnati, Lebanon & Northern as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. References to each of these corporations is made in the last column by its respective number in the first column.

Development of Fixed Physical Property
The owned mileage of the Cincinnati, Lebanon & Northern, 76.197 miles, was acquired by purchase. Of the 12 corporations that comprise the line of succession culminating in the Cincinnati, Lebanon & Northern as at present constituted, three corporations did not construct any road or other common-carrier property and one partly constructed certain property that has never been completed and used for common-carrier purposes. These companies were: The Toledo, Cincinnati & St. Louis Railroad Company (second corporation), The Toledo, Cincinnati and St. Louis Railroad Company (first corporation), The Middletown and Cincinnati Railroad Company, and Cincinnati Railway Tunnel Company.

The property constructed by the remaining corporations and that partly constructed by the Cincinnati Railway Tunnel Company, the years when various portions of the line were constructed, and the manner in which the Cincinnati Lebanon & Northern acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.


 * Property of The Cincinnati Northern Railway Company acquired through the reorganization trustees:
 * From The Toledo, Cincinnati & St. Louis Railroad Company (second corporation) July 16, 1885—
 * Constructed partly by the Miami Valley Railway Company and completed by The Cincinnati Northern Railway Company—
 * Cincinnati to East Norwood, Ohio, prior to Mar. 1, 1882. 5.30
 * Dodds to Waynesville, Ohio, year not ascertained (about 5 miles of roadbed). ---
 * Constructed partly by the Cincinnati, Lebanon and Xenia Rail Road Company and completed by The Cincinnati Northern Railway Company—
 * East Norwood to Lebanon, Ohio, prior to May 10, 1881. 24.86
 * Lebanon to Dodds, Ohio, prior to Mar. 1, 1882. 5.52
 * Constructed by The Cincinnati Northern Railway Company, Blue Ash to Montgomery, Ohio, prior to Nov. 14, 1881. 1.35
 * 37.03
 * Acquired by purchase:
 * From The Dayton, Lebanon and Cincinnati Railroad and Terminal Company, July 1, 1915—
 * Constructed partly by the Toledo, Delphos and Burlington Railroad Company and completed by The Toledo, Delphos and Burlington Railroad Company (of Ohio), Dodds to Lebanon Junction, Ohio, 1881-82. 16.96
 * Constructed by The Dayton, Lebanon & Cincinnati Railroad Company, Hempstead to Lambeth, Ohio, 1903. 3.60
 * Constructed by The Dayton, Lebanon and Cincinnati Railroad and Terminal Company—
 * Lambeth to Brown Street, Dayton, Ohio, 1909. 1.30
 * Brown Street to Washington Street, Dayton, Ohio, 1912. 1.54
 * Lebanon Junction to Clement, Ohio, 1915. 1.51
 * 24.91
 * From The Middletown and Cincinnati Railroad Company, June 3, 1902, constructed by The Middletown and Cincinnati Railway Company, Middletown Junction to Middletown, Ohio, 1890-1892. 14.23
 * Total. 76.17
 * Difference between total recorded mileage and mileage inventoried as of date of valuation. .027
 * Mileage inventoried as of date of valuation. 76.197

The 37.03 miles of road acquired from the Cincinnati Northern was originally narrow gauge, but was changed to standard gauge in 1894. In addition, the Cincinnati, Lebanon & Northern reported that it owned 10,010 feet of an incompleted[sic] tunnel under Walnut Hills, Cincinnati, Ohio, and 4 miles of incompleted[sic] roadbed, extending from Cincinnati to a point north thereof, which was formerly owned by the Cincinnati Railway Tunnel Company. No part of this tunnel or roadbed has been inventoried as being common-carrier property owned by the company on date of valuation.

Leased Railway Property
The Norfolk and Western Railway Company jointly uses about 3.51 miles of track owned by the Cincinnati, Lebanon & Northern between Idlewild and Cincinnati, Ohio, under a trackage agreement for an indefinite period from August 1,1904; annual rental a proportion, on basis of locomotive and car miles, of 4.5 per cent on valuation of the property used and cost of maintenance and operation. The rental accrued and credited by the Cincinnati, Lebanon & Northern to income for the year ending on date of valuation was $38,343.15.

This company owns 2.010 miles of sidetrack that is solely used by the American Rolling Mills Company, a noncarrier company. The terms of the agreement under which this track is used and the rental received by the company for its use for the year ending on date of valuation was not obtained.

The Cincinnati, Lebanon & Northern jointly uses certain minor facilities of other companies, such as stations and interlockers, that are not listed in this chapter.

The Toledo, Cincinnati & St. Louis Railroad Company (Second Corporation)
The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any individual or corporation when its property was sold at foreclosure, nor that it then controlled any common-carrier corporation. The property was operated by its own organization from the date of its incorporation, May 8, 1883, until October 19, 1883. From October 20, 1883, until the several sections of the property were sold at foreclosure it was operated by receivers. The railroad operated by receivers at the time of foreclosure amounted to 782.99 miles, all owned by the company. It consisted of a single-track, narrow-gauge, steam railroad, extending from Cincinnati to Lebanon Junction, Ohio, 53.99 miles, and six other lines, aggregating 729 miles, which form no part of the Cincinnati, Lebanon & Northern. Of the property owned by the company on the date of demise, it had acquired 729 miles by consolidation from corporations that are not in the line of succession, 37.03 miles of road and about 5 miles of graded roadbed from The Cincinnati Northern Railway Company, and 16.96 miles of road from The Toledo, Cincinnati and St. Louis Railroad Company (first corporation). Details with respect to the construction of the property acquired from the two companies named are given in the chapter on development of fixed physical property in the report on the Cincinnati, Lebanon & Northern.

The Cincinnati Northern Railway Company
The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any individual or corporation on the date of demise, nor that it then controlled any common-carrier corporation.

The property was operated by its own organization from the date the first section of road was opened for operation, May 10, 1881, until it was conveyed to a successor through a consolidation agreement on May 8, 1883. The railroad operated by the company on the date of consolidation was a single-track narrow-gauge, steam railroad, located wholly within the State of Ohio and aggregating 37.03 miles, all owned. It consisted of a main line extending from Cincinnati to Dodds, Ohio, and a branch line extending from Blue Ash to Montgomery, Ohio. Of the 37.03 miles of road owned by the company on the date of consolidation, it had acquired 35.68 miles by completion of construction begun by the Miami Valley Railway Company and the Cincinnati, Lebanon and Xenia Rail Road Company, and 1.35 miles by construction. It also completed the construction of about 5 miles of narrow-gauge roadbed begun by the first-named predecessor. The records reviewed did not indicate whether the construction work was performed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Cincinnati, Lebanon & Northern.

Miami Valley Railway Company, Successor by Change of Name of the Miami Valley Narrow Gauge Railway Company
The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any indivdual[sic] or corporation on March 20, 1880, the date of demise, nor that it then controlled any common-carrier corporation.

The property owned on date of demise consisted of about 8 miles of narrow-gauge roadbed between Mason and Lebanon, Ohio, a partly constructed narrow-gauge roadbed between Dodds and Waynesville, Ohio, and some track in the city of Cincinnati. Of the property owned by the company on date of sale, it had acquired the roadbed between Mason and Lebanon, Ohio, from the Cincinnati, Lebanon and Xenia Rail Road Company, and the remainder by construction. The records reviewed did not indicate whether the construction work was performed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Cincinnati, Lebanon & Northern.

Cincinnati, Lebanon and Xenia Rail Road Company
The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any individual or corporation on November 17, 1869, the date of demise, nor that it then controlled any common-carrier corporation. The property owned on date of demise consisted of about 8 miles of narrow-gauge roadbed between Mason and Lebanon, Ohio, which it had acquired by construction. It had also done some construction work between Sharon and Mason, Ohio, but had completed no part of the road. The records reviewed did not indicate whether the construction work was performed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Cincinnati, Lebanon & Northern.

The Dayton, Lebanon and Cincinnati Railroad and Terminal Company
Introductory

The accounting records of this company obtained were incomplete and fragmentary. Therefore, only partial information can be given from the accounts regarding-its financial dealings, corporate operations, or investments. However, certain data indicated hereinafter were obtained from other sources for the period prior to the date of opening general books. The company was controlled by the Pennsylvania Company on July 1, 1915, the date its property was sold, through ownership of its entire outstanding capital stock. The records reviewed did not indicate that the company then controlled any common-carrier corporation.

The property was operated by its own organization from June 1, 1907, the date it acquired possession of the property, to December 31, 1914. From that date to the date of sale it was operated by the Cincinnati, Lebanon & Northern under an agreement for operation dated December 28, 1914.

The railroad owned by the company and operated by the Cincinnati, Lebanon & Northern amounted to 24.91 miles. It consisted of a single-track, standard-gauge, steam railroad in Ohio, the main line of which extended from Dodds to Lebanon Junction, Ohio, and a branch line extended from Hempstead to Clemont, Ohio, of which it had acquired 20.56 miles from The Dayton, Lebanon & Cincinnati Railroad Company, and 4.35 miles by construction. The records reviewed did not indicate whether the construction work was performed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Cincinnati, Lebanon & Northern.

The Dayton, Lebanon & Cincinnati Railroad Company
Introductory

The records reviewed did not indicate that the company was controlled by any individual or corporation on April 16, 1907, the date of demise, nor that it then controlled any common-carrier corporation. The property was operated by its own organization from February, 1893, when its original road was changed to standard gauge, until January 4, 1905. From that date to May 31, 1907, it was operated by receivers.

The railroad owned by the company and operated by the receiver on the date of demise amounted to 20.56 miles. It consisted of a single-track, standard-gauge, steam railroad located in Ohio, the main line of which extended from Dodds to Lebanon Junction, Ohio, and a branch line extended from Hempstead to Lambeth, Ohio. In addition, the receiver operated 5.52 miles of road owned by the Cincinnati, Lebanon & Northern that the company held under lease.

Development of Fixed Physical Property

Of the 20.56 miles of road owned by the company on date of demise, it had acquired by purchase from Henry Lewis 16.96 miles formerly owned by The Toledo, Delphos and Burlington Railroad Company (of Ohio), and had constructed 3.60 miles. The mileage purchased was originally narrow gauge, but was changed to standard gauge in 1893. The records reviewed indicate that all of the construction and reconstruction work was performed by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Cincinnati, Lebanon & Northern.

The Toledo, Cincinnati and St. Louis Railroad Company (First Corporation)
The accounting records of this company were not obtained. Therefore nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any individual or corporation on May 8, 1883, the date of demise, nor that it then controlled any common-carrier corporation.

The property was operated by its own organization from April 1, 1882, the effective date of its incorporation, to date of demise. The railroad operated on date of demise amounted to 744.66 miles, all owned. It consisted of a single-track, narrow-gauge, steam railroad extending from Dodds to Lebanon Junction, Ohio, 16.96 miles, and five other lines, aggregating 727.70 miles, which form no part of the Cincinnati, Lebanon & Northern. Of the 744.66 miles of road owned by the company on the date of demise, it had acquired 727.70 miles by consolidation from corporations that are not in the line of succession of the Cincinnati, Lebanon & Northern, and 16.96 miles from The Toledo, Delphos and Burlington Railroad Company (of Ohio). Details with respect to the construction of the 16.96 miles of road are given in the chapter on development of fixed physical property in the report on the Cincinnati, Lebanon & Northern.

The Toledo, Delphos and Burlington Railroad Company (of Ohio)
The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any individual or corporation on April 1, 1882, the date of demise, nor that it then controlled any common-carrier corporation.

The property was operated by its own organization from October 25, 1881, the date of its incorporation, to date of demise. The railroad operated on date of demise amounted to 436.66 miles, all owned. It consisted of a single-track, narrow-gauge, steam railroad extending from Dodds to Lebanon Junction, Ohio, 16.96 miles, and four other lines, aggregating 419.70 miles, which form no part of the Cincinnati, Lebanon & Northern. Of the 436.66 miles of road owned by the company on the date of demise, it had acquired 419.70 miles by consolidation from corporations that are not in the line of succession, and 16.96 miles by completion of construction begun by the Toledo, Delphos and Burlington Railroad Company. The records reviewed did not indicate whether the work of completing the 16.96 miles of road was performed by contractors or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Cincinnati, Lebanon & Northern.

Toledo, Delphos and Burlington Railroad Company
The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any individual or corporation on October 25, 1881, the date of demise, nor that it then controlled any common-carrier corporation.

The property owned on date of demise consisted of a partly-constructed narrow-gauge railroad between Dodds and Lebanon Junction, Ohio, and three other lines, aggregating 397.33 miles, which form no part of the Cincinnati, Lebanon & Northern. The 397.33 miles of completed road owned on date of demise had been acquired by consolidation from corporations that are not in the line of succession of the Cincinnati, Lebanon & Northern. The company acquired the right to construct a branch line 16.96 miles in length, which it partly constructed, as indicated above. The records reviewed did not indicate whether the construction work done on the 16.96 miles of partly constructed road was performed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report of the Cincinnati, Lebanon & Northern.

The Middletown and Cincinnati Railroad Company
The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any individual or corporation on June 3, 1902, the date of sale of its property, nor that it then controlled any other common-carrier corporations.

The property was operated by its own organization from December 27, 1894, the date of acquisition, until the property was taken over for operation by the purchaser on December 31, 1902. The railroad operated on date of sale amounted to 14.23 miles, all owned. It consisted of a single-track, standard-gauge, Steam railroad extending from Middletown Junction to Middletown, Ohio, which had been acquired through reorganization from The Middletown and Cincinnati Railway Company.

The Middletown and Cincinnati Railway Company
The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any individual or corporation on October 20, 1894, the date of demise, nor that it then controlled any common-carrier corporation. The property was operated by its own organization from the time construction was completed in 1892, until the receivership, July 28, 1894. From that date until the property was conveyed to its successor on December 27, 1894, it was operated by a receiver. The railroad, owned on date of sale and operated by the receiver, amounted to 14.23 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Middletown Junction to Middletown, Ohio, which had been acquired by construction in 1890-1892. The records reviewed did not indicate whether this mileage was constructed under contract or by company forces.

==== Cincinnati Railway Tunnel Company, Successor Through Changes of Name of Dayton and Cincinnati Railroad Company; Dayton, Springboro, Lebanon and Cincinnati Railroad Company; and Dayton, Lebanon and Deerfield Railroad Company ==== The accounting records of this company were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate that the company was controlled by any individual or corporation on May 19, 1896, the date of demise, nor that it then controlled any common-carrier corporation.

The property owned op date of demise consisted of terminal property and a partly-constructed tunnel under Walnut Hills, in Cincinnati, Ohio, and a partly constructed roadbed extending from Cincinnati to a point 4 miles north of that city. The tunnel and roadbed had been acquired by construction, but the records reviewed did not indicate whether the construction work was performed by contractors or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Cincinnati, Lebanon & Northern. The company also had acquired right of way and partly constructed a roadbed between Sharon and Dayton, Ohio, about 40 miles, which it conveyed by deed dated July 28, 1865, to a predecessor of The Cleveland, Cincinnati, Chicago and St. Louis Railway Company.