Wikipedia:WikiProject Trains/ICC valuations/Cincinnati Northern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 28

Location and General Description of Property
The railroad of The Cincinnati Northern Railroad Company, hereinafter called the Cincinnati Northern, is a single-track, standard-gage, steam railroad, located in Ohio and Michigan. The main line extends northerly from Franklin, Ohio, to Jackson, Mich., a distance of 205.135 miles, with a branch line projecting from Lewisburg, Ohio, to quarries, aggregating 206.255 miles of road. The company also owns 61.433 miles of yard tracks and sidings. Its road thus embraces 267.688 miles of all tracks owned and used, classified by States in the trackage table in Appendix 1. In addition the Cincinnati Northern has trackage rights over 39.42 miles of the road of other carriers, part of which affords access to Cincinnati, Ohio.

The Cincinnati Northern is controlled by The Cleveland, Cincinnati, Chicago and St. Louis Railway Company and its railroad forms a part of the New York Central system.

Introductory
The Cincinnati Northern is a corporation of the State of Ohio, having its principal office at Cincinnati, Ohio. The Cincinnati Northern was originally incorporated as The Dayton and Cincinnati Terminal Railroad Company. The records reviewed indicate that the Cincinnati Northern is controlled by The Cleveland, Cincinnati, Chicago and St. Louis Railway Company through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that the Cincinnati Northern, itself, controls on the date of valuation any common-carrier corporation.

The property of this company was operated by its own organization from the date of acquirement until December 31, 1917. From that date until the date of valuation it has been operated by the United States Railroad Administration.

On December 31, 1901, the books of the Cincinnati Northern were discontinued and new books opened as of January 1, 1902, owing to change in control of the property, but the balances on the old books were not carried forward.

Corporate History
The Cincinnati Northern was incorporated May 30, 1894, under the general laws of the State of Ohio, as The Dayton and Cincinnati Terminal Railroad Company. By an amendment to its charter filed in the State of Ohio December 7, 1894, the name was changed to The Cincinnati Northern Railroad Company. It was incorporated for the purpose of constructing and operating a railroad to extend from Cincinnati to Dayton, Ohio, with additional power to purchase the property of other companies. The Cincinnati Northern subsequently acquired the property, rights, and franchises of two other railroad corporations. The Cincinnati Northern, itself, and those corporations, together with their predecessors, total ten different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the Cincinnati Northern as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each such predecessor the date of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Development of Fixed Physical Property
The owned mileage of the Cincinnati Northern, amounting to 206.255 miles, was all acquired by purchase.

Of the nine corporations which comprise the line of succession culminating in the Cincinnati Northern as at present constituted, one, the Cincinnati, Jackson and Mackinaw Railway Company, only improved property completed by others. One other, The Cincinnati and Michigan Railroad Company, acquired property from predecessors, but the records reviewed do not show whether it improved such property while owned by it.

The data with respect to the miles of road constructed by the seven remaining corporations, the years in which the various portions of the line were constructed, and the manner in which the Cincinnati Northern acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained.
 * Acquired by purchase from—
 * The Jackson and Cincinnati Railway Company, June 1, 1898, 18.70 miles.
 * Constructed by that company Addison Junction to Jackson, Mich., 1896.
 * Cincinnati, Jackson and Mackinaw Railway Company, July 23, 1897, 187.40 miles.—
 * Constructed by Cincinnati, Jackson and Mackinaw Railroad Company, Franklin to West Manchester, Ohio, 1885-1887, 31.20 miles.
 * Constructed partly by the Jackson and Ohio Railroad Company and completed by the Cincinnati, Jackson and Mackinaw Railroad Company—
 * Cecil, Ohio, to Addison Junction, Mich., 1885-1887, 60.00 miles.
 * Branch, Lewisburg to Quarrie, Ohio, 1887, 1.10 miles.
 * The Paulding and Cecil Railway Company, Paulding to Cecil, Ohio, 1885, 6.10 miles.
 * Cincinnati, Van Wert and Michigan Railroad Company—
 * West Manchester to Rockford, Ohio, 1885, 57.60 miles.
 * Scott to Paulding, Ohio, 1885, 10.20 miles.
 * The Van Wert, Paulding and Michigan Railway Company, Van Wert to Scott, Ohio, 1885, 8.20 miles.
 * Columbus and North Western Railway Company, Rockford to Van Wert, Ohio, 1885, 13.00 miles.
 * Total recorded mileage, 206.10 miles.
 * Difference between total recorded mileage and mileage inventoried as of date of valuation, 0.155 miles.
 * Mileage inventoried as of date of valuation, 206.255 miles.

That part of the line of the Cincinnati, Jackson and Mackinaw Railway Company, extending from Dundee to Allegan, Mich., sold at foreclosure sale in 1897, was acquired by another carrier, not a predecessor of the Cincinnati Northern.

Leased Railway Property
The Cincinnati Northern, on December 31, 1917, used facilities owned by other companies and other companies used facilities owned by the Cincinnati Northern to the extent indicated in the statement below. The property of the Cincinnati Northern was taken over for operation by the United States Railroad Administration on January 1, 1918, and is so operated on date of valuation. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on December 31, 1917, are as follows:
 * Solely owned, but jointly used, used by—
 * The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
 * Tracks, 2.30 miles, Carlisle Junction to Franklin, Ohio. Agreement dated Dec. 1, 1914, for indefinite period; annual rental 5 per cent on valuation of $194,905, plus additions and betterments. Operation and maintenance divided on train basis. $4,022.66
 * Passenger station at Franklin, Ohio. Agreement dated Dec. 1, 1914, operation divided on train basis. Light and telephone service 75 per cent. Heat and water one-third. Rental, valuation included in agreement for use of line, Carlisle Junction to Franklin, Ohio
 * The Baltimore and Ohio Rail Road Company—
 * Tracks at Carlisle, Ohio. Agreement dated June 1, 1912, terminating in 6 months' notice after one year. Rental 5 per cent on valuation of $792.40. ---
 * The New York Central Railroad Company—
 * Freight and passenger station at Addison Junction, Mich. Contract dated May 1, 1905, terminating upon 60 days' notice. Rental 2.5 per cent on valuation of $7,376. Maintenance and operation 50 per cent. ---
 * The New York, Chicago and St. Louis Railroad Company—
 * Freight and passenger station at Latty, Ohio. Contract dated May 1, 1911, terminating upon 6 months' notice after 3 years. Rental on valuation of $2,141.66. Maintenance and operation 50 per cent. ---
 * The Pittsburg [sic], Cincinnati, Chicago and St. Louis Railway Company—
 * Freight and passenger station at West Manchester, Ohio. Contract dated Dec. 31, 1897, terminating upon 6 months' notice after 3 years. Rental 2.5 per cent upon valuation of $600. Maintenance and operation 50 per cent. ---
 * Jointly owned and jointly used, used with—
 * The Baltimore and Ohio Railroad[sic] Company—
 * Freight and passenger station at Sherwood, Ohio. Contract dated May 14, 1919, effective Jan. 1, 1917, for indefinite period. Operation and maintenance divided on 50 per cent basis. ---
 * Chicago and Erie Railroad Company, Toledo, St. Louis and Western Railroad Company—
 * Freight and passenger station at Ohio City, Ohio. Contract dated Oct. 29, 1900, terminating on 60 days' notice. Each company pays its own cost of operation. Heating, lighting, and maintenance divided one-third each. ---
 * The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
 * Freight and passenger station at Savora, Ohio. Contract dated Mar. 22, 1904, for indefinite period. Operation and maintenance 50 per cent each. ---
 * Jointly used, but not owned, owned by—
 * The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
 * Tracks, 38.20 miles, Franklin Junction to Cincinnati, Ohio. Contract dated Mar. 1, 1901, for indefinite period. Rental $4.50 per loaded freight car and $2.25 for each empty freight car in excess of those loaded. 20 cents per ton for freight handled through freight houses. 30 cents per ton if less-than-car-load freight. $155,502.02
 * The New York Central Railroad Company—
 * Tracks, 1.22 miles at Jackson, Mich. Contract dated Aug. 19, 1907. Rental $1,200 per annum ($480 charged to operating expenses). $720.00

The Jackson and Cincinnati Railway Company
The accounting records of The Jackson and Cincinnati Railway Company were not obtained. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of the Cincinnati Northern. The records reviewed do not indicate whether this company was controlled by any individual or corporation on June 1, 1898, the date of sale, to the Cincinnati Northern.

The property of this company was operated by the Cincinnati, Jackson and Mackinaw Railway Company from date of completion until January 5, 1897, but it has not been ascertained by whom the property was operated from January 5, 1897, to the date of sale. The Jackson and Cincinnati Railway Company owned on date of sale, 18.70 miles of single-track, standard-gage, steam railroad, extending from Addison Junction to Jackson, Mich. The entire 18.70 miles of road owned by this company on date of sale had been acquired by construction. The records reviewed do not indicate whether the construction work was performed under contract or by company forces. No outlay by this company for construction of its property can be stated.

Cincinnati, Jackson and Mackinaw Railway Company
Introductory

The records reviewed do not indicate that the Cincinnati, Jackson and Mackinaw Railway Company was controlled by any individual or corporation on July 23, 1897, the date of foreclosure sale, nor on the other hand, whether it controlled any common-carrier corporation.

The property of this company was operated by its own organization from April 1, 1892, to December 6, 1894, and from the latter date to June 30, 1897, by a receiver. The railroad owned by the Cincinnati, Jackson and Mackinaw Railway Company on date of sale amounted to 320.40 miles located in the States of Ohio and Michigan. It consisted of a single-track, standard-gage, steam railroad, extending from Franklin, Ohio, to Addison Junction, Mich., and from Allegan to Dundee, Mich.

Development of Fixed Physical Property

The entire 320.40 miles of road owned by the Cincinnati, Jackson and Mackinaw Railway Company on date of sale had been acquired by consolidation, as follows:
 * From—
 * The Cincinnati and Michigan Railroad Company—
 * Franklin, Ohio, to Addison Junction, Mich., 187.40 miles.
 * The Michigan and Mackinaw Railroad Company—
 * Dundee to Allegan, Mich., 133.00 miles.
 * Total, 320.40 miles.

Of the above mileage, that part extending from Dundee to Allegan, Mich., was acquired at foreclosure by The Toledo and Milwaukee Railroad Company, not a predecessor of the Cincinnati Northern. Further details with respect to the construction of the property are given in the chapter on development of fixed physical property in the report on the Cincinnati Northern.

The Cincinnati and Michigan Railroad Company - Predecessor of the Cincinnati, Jackson and Mackinaw Railway Company
The accounting records of The Cincinnati and Michigan Railroad Company were not obtained. Therefore, no information can be given from the accounts regarding its financial dealings or investments. However, certain data indicated below were obtained from records of the Cincinnati Northern. The records reviewed do not indicate whether this company was controlled by any individual or corporation on April 1, 1892, the date of consolidation, nor, on the other hand, whether it controlled any common-carrier corporation.

The property of this company was not operated by it. While title to the property was acquired on February 23, 1892, the Cincinnati, Jackson and Mackinaw Railroad Company continued operation of the property until May 31, 1892. The Cincinnati and Michigan Railroad Company owned on date of consolidation, 186.30 miles of single-track, standard-gage, steam railroad, extending from Franklin, Ohio, to Addison Junction, Mich., with 1.10 miles of branches, all of which was acquired by purchase at foreclosure sale from the Cincinnati, Jackson and Mackinaw Railroad Company.

Cincinnati, Jackson and Mackinaw Railroad Company - Predecessor of The Cincinnati and Michigan Railroad Company
Introductory

Although the Cincinnati, Jackson and Mackinaw Railroad Company sold its property on February 23, 1892, it recorded the results from operation of the property in its books until March 31, 1892. The records reviewed do not indicate that this company was controlled by any individual or corporation on date of foreclosure sale, nor on the other hand, whether it controlled any common-carrier corporation.

The property of this company was operated by its own organization from date of acquisition or completion of road to November 7, 1889, and by a receiver from November 8, 1889, to March 31, 1892. The railroad owned by the Cincinnati, Jackson and Mackinaw Railroad Company on date of sale amounted to 320.40 miles located in the States of Ohio and Michigan. It consisted of a single-track, standard-gage, steam railroad, extending from Franklin, Ohio, to Addison Junction, Mich., and from Allegan to Dundee, Mich.

Development of Fixed Physical Property

The road owned by the Cincinnati, Jackson and Mackinaw Railroad Company on date of sale had been acquired as follows:
 * By consolidation from—
 * Cincinnati, Van Wert and Michigan Railroad Company, 80.80 miles.
 * The Van Wert, Paulding and Michigan Railway Company, 8.20 miles.
 * The Paulding and Cecil Railway Company, 6.10 miles.
 * Total, 95.10 miles.
 * By purchase from—
 * The Michigan and Ohio Railroad Company, 133.00 miles.
 * By construction, 92.30 miles:
 * Franklin to West Manchester, Ohio. 31.20 miles.
 * Cecil, Ohio, to Addison, Mich. 60.00 miles.
 * Branch Lewisburg, Ohio, to Quarries. 1.10 miles.
 * Total, 320.40 miles.

Further details with respect to the construction of the property are given in the chapter on development of fixed physical property in the report on the Cincinnati Northern.

The Paulding and Cecil Railway Company - Predecessor of the Cincinnati, Jackson and Mackinaw Railroad Company
The accounting records of The Paulding and Cecil Railway Company were not obtained. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from records of the Cincinnati Northern. The records reviewed do not indicate whether this company was controlled by any individual or corporation on May 2, 1887, the date of sale to the Cincinnati, Jackson and Mackinaw Railroad Company, or, on the other hand, whether it controlled any common-carrier corporation.

The Paulding and Cecil Railway Company owned on date of sale, 6.10 miles of single-track, standard-gage, steam railroad, extending from Paulding to Cecil, Ohio. The entire 6.10 miles of road owned by the company on date of sale had been acquired by construction. The records reviewed do not indicate whether the construction work was performed under contract or by company forces. No outlay by the company for construction can be stated.

Jackson and Ohio Railroad Company - Predecessor of the Cincinnati, Jackson and Mackinaw Railroad Company
The accounting records of the Jackson and Ohio Railroad Company were not obtained. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of the Cincinnati Northern. The records reviewed do not indicate that this company was controlled by any individual or corporation on March 12, 1886, date of consolidation of its property, rights, and franchises to form the Cincinnati, Jackson and Mackinaw Railroad Company. On date of consolidation, this company had under construction a line extending from the Ohio-Michigan State line to Jackson, Mich. No outlay by this company for construction of its property can be stated.

Cincinnati, Van Wert and Michigan Railroad Company - Predecessor of the Cincinnati, Jackson and Mackinaw Railroad Company
The accounting records of the Cincinnati, Van Wert and Michigan Railroad Company were not obtained. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from records of its successor, the Cincinnati, Jackson and Mackinaw Railroad Company, and from records of the Cincinnati Northern. The records reviewed do not indicate that this company was controlled by any individual or corporation on March 12, 1886, date of consolidation, or, on the other hand, that it controlled any common-carrier corporation.

The property of this company was operated by its own organization from date of completion of construction to date of consolidation. The railroad owned by the Cincinnati, Van Wert and Michigan Railroad Company, on date of consolidation, amounted to 80.80 miles of single-track, standard-gage, steam railroad, as follows:
 * West Manchester to Van Wert, Ohio, 70.60 miles.
 * Scott to Paulding, Ohio, 10.20 miles.
 * Total, 80.80 miles.

In addition to the owned mileage shown above, this company operated 14.30 miles of the property of the following companies under long-term leases:
 * The Van Wert, Paulding and Michigan Railway Company:
 * Van Wert to Scott, Ohio. 8.20 miles.
 * The Paulding and Cecil Railway Company:
 * Paulding to Cecil, Ohio. 6.10 miles.
 * Total, 14.30 miles.

The owned mileage, together with properties leased, aggregated 95.10 miles of operated railroad, extending from West Manchester to Cecil, Ohio. Of the 80.80 miles of road owned by the company on date of consolidation, 67.80 miles had been acquired by construction and 13 miles acquired by purchase from the Columbus and North Western Railway Company. The records reviewed do not indicate whether construction work was performed under contract or by company forces. No outlay by this company for construction can be stated.

The Van Wert, Paulding and Michigan Railway Company - Predecessor of the Cincinnati, Jackson and Mackinaw Railroad Company
The accounting records of The Van Wert, Paulding and Michigan Railway Company were not obtained. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from records of the Cincinnati Northern. The records reviewed do not indicate that this company was controlled by any individual or corporation on date of consolidation, or, on the other hand, that it controlled any common-carrier corporation.

The property of this company was leased for a term of 99 years from March 7, 1881, lease dated August 26, 1881, to the Cincinnati, Van Wert and Michigan Railroad Company. The railroad owned by the Van Wert, Paulding and Michigan Railway Company, on date of consolidation, amounted to 8.20 miles of single-track, standard-gage, steam railroad, extending from Van Wert to Scott, Ohio. The entire 8.20 miles of road owned by this company had been acquired by construction. The records reviewed do not indicate whether the construction work was performed under contract or by company forces. No outlay by the company for construction can be stated.

Columbus and North Western Railway Company - Predecessor of the Cincinnati, Van Wert and Michigan Railroad Company
The accounting records of the Columbus and North Western Railway Company were not obtained. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from records of the Cincinnati Northern. The records reviewed do not indicate that this company was controlled by any individual or corporation on June 15, 1881, the date of sale to the Cincinnati, Van Wert and Michigan Railroad Company, or, on the other hand, that it controlled any common-carrier corporation.

The property of this company was leased for a term of 99 years from June 1, 1881, lease dated June 14, 1881, to the Cincinnati, Van Wert and Michigan Railroad Company. The railroad owned by the Columbus and North Western Railway Company amounted to 13 miles of single-track, standard-gage, steam railroad, extending from Rockford to Van Wert, Ohio. The entire 13 miles of road owned by the company, on date of sale, had been acquired by construction. The records reviewed do not indicate whether the construction work was performed under contract or by company forces. No outlay by the company for construction can be stated.