Wikipedia:WikiProject Trains/ICC valuations/Cincinnati and Dayton Railway

Interstate Commerce Commission, Valuation Reports, Volume 42

Location and General Description of Property
The railroad of The Cincinnati and Dayton Railway Company, hereinafter called the Cincinnati and Dayton, is a single-track branch line, located entirely within the State of Ohio and extends from Hamilton to East Middletown, a distance of 13.240 miles.

Introductory
The Cincinnati and Dayton is a corporation of Ohio, having its principal office at Cincinnati, Ohio. No accounting records, except some data relating to the cost of lands, of the Cincinnati and Dayton 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 Cincinnati, Hamilton and Dayton Railroad Company and The Cincinnati, Hamilton and Dayton Railway Company.

The Cincinnati and Dayton is controlled by the Toledo and Cincinnati through ownership of a majority of the capital stock. The Baltimore and Ohio owns all of the capital stock of the Toledo and Cincinnati. The records do not indicate that this company controls any other common-carrier corporation.

The property of the Cincinnati and Dayton was operated from date of acquisition to July 17, 1917, by the Cincinnati, Hamilton and Dayton Railroad Company and its successor, The Cincinnati, Hamilton and Dayton Railway Company, and from July 18 to December 31, 1917, by the Baltimore and Ohio. Since January 1, 1918, it has been operated by the United States Rail road Administration as part of the Baltimore and Ohio system.

Corporate History
The Cincinnati and Dayton was incorporated March 30, 1887, under the laws of Ohio to build or otherwise acquire a railroad having Cincinnati and Dayton, Ohio, for its termini. The date of its organization has not been ascertained. Pursuant to the above purpose, the Cincinnati and Dayton on February 3, 1888, acquired by purchase the property, rights, and franchises of the Louisville, Cincinnati and Dayton Railway Company (of 1886), which had been incorporated under the laws of Ohio and Indiana through articles of consolidation dated March 9, 1886, filed in Ohio April 30, 1886, and in Indiana April 23, 1886, by which the Louisville, Cincinnati and Dayton Railway Company, incorporated February 22, 1886, under the laws of Indiana, and The Middletown and State Line Railroad Company, incorporated February 9, 1886, under the laws of Ohio, were consolidated.

Development of Fixed Physical Property
The road owned, 13.24 miles, was acquired by purchase and construction. Two predecessors, the Louisville, Cincinnati and Dayton Railway Company (of February 1886) and The Middletown and State Line Railroad Company, did not construct or improve any property.

The company acquired about 14 miles of road from Hamilton to Middletown, Ohio, by purchase from the Louisville, Cincinnati and Dayton Railway Company (of April 1886), which had been constructed by that company in 1887. The company, in 1905, constructed an extension of 0.13 mile, and reduced its mileage owned by 0.62 mile by reclassification and remeasurements. The difference between the recorded mileage and mileage inventoried as of date of valuation is 0.27.

Leased Railway Property
The entire property is leased to the Baltimore and Ohio for an indefinite term, as stated in the report on that company.

Louisville, Cincinnati and Dayton Railway (of April 1886)
This company was formed April 30, 1886, under the laws of Ohio and Indiana through an agreement of consolidation. No accounting records were obtained. However, certain data indicated below were obtained from the records of the Cincinnati, Hamilton and Dayton Railroad Company and The Cincinnati, Hamilton and Dayton Railway Company. The records reviewed do not indicate whether the company was controlled by any individual or corporation on February 3, 1888, the date of sale, nor whether it then controlled any common-carrier corporation. The company owned on date of sale approximately 14 miles of single-track, standard-gage railroad, all acquired by construction in the year 1887. The records reviewed indicate that this company had issued capital stock par value $280,000, and first-mortgage bonds, par value $280,000, but the considerations received therefor were not ascertained. These securities were canceled under the agreement of sale.

The Middletown and State Line Railroad and Louisville, Cincinnati and Dayton Railway (of February, 1886)
The Middletown and State Line Railroad Company was incorporated February 9, 1886, under the laws of Ohio. The Louisville, Cincinnati and Dayton Railway Company (of February 1886) was incorporated February 27, 1886, under the laws of Indiana. No accounting records of these corporations were obtained. However, certain data indicated below were obtained from the records of the Cincinnati, Hamilton and Dayton Railroad Company and The Cincinnati, Hamilton and Dayton Railway Company. The records reviewed do not indicate whether these corporations were controlled by any individual or corporation on April 30, 1886, the date of consolidation, nor whether they then controlled any common-carrier corporation. These two corporations were short lived. They were incorporated in February 1886, and in April of that year were consolidated to form the Louisville, Cincinnati and Dayton Railway Company (of April 1886). The records reviewed indicate that no completed road was owned by either of these corporations on date of consolidation. They do not indicate what securities were issued.