Wikipedia:WikiProject Trains/ICC valuations/Cleveland, Akron and Cincinnati Railway

Interstate Commerce Commission, Volume 23, Valuation Reports

The Cleveland, Akron and Cincinnati Railway
The Cleveland, Akron and Cincinnati Railway Company, herein called the Cleveland, Akron and Cincinnati, a single-track railroad extending from Hudson to Columbus, Ohio, 143.767 miles, and from Killbuck to Morrow, Ohio, 182.033 miles, with a branch line from Kramore Junction, Ohio, to a point near West Lebanon, Ohio, 9.3S6 miles, or 335.186 miles in all.

Introductory
The Cleveland, Akron and Cincinnati is a corporation of the State of Ohio, having its principal office at Cleveland, Ohio. It is controlled by the Pennsylvania Company through ownership of a majority of the outstanding capital stock. On the other hand, the Cleveland, Akron and Cincinnati controls, jointly with other carriers, the following terminal and belt line companies:

Percentage of control

The Akron & Barberton Railroad Company, jointly with The Baltimore and Ohio Rail Road Company, Erie Railroad Company, and The Northern Ohio Railway Company. 25 The Akron Union Passenger Depot Company, jointly with The Baltimore and Ohio Rail Road Company. 50 The Zanesville Terminal Railroad Company, jointly with The Zanesville and Western Railway Company. 50

From July 1, 1911, the effective date of consolidation, to December 31, 1911, the property of the Cleveland, Akron and Cincinnati was operated by that company's own management. From January 1, 1912, to date of valuation, it was operated by the Pennsylvania Company under an agreement dated December 1, 1911.

Corporate History
The Cleveland, Akron and Cincinnati was incorporated on June 26, 1911, under the general laws of Ohio, through filing an agreement, dated June 13, 1911, for the consolidation of the properties, rights, and franchises of The Cincinnati and Muskingum Valley Railroad Company and The Cleveland, Akron and Columbus Railway Company. The following chart shows the names of the corporations comprised in the corporate history of the Cleveland, Akron and Cincinnati, their respective dates of incorporation, and manner and date of succession. Reference 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 Cleveland, Akron and Cincinnati owned on date of valuation 335.186 miles of road, all of which was acquired in the consolidation of June 26, 1911. In the following table are shown the years in which and the companies by which the several parts of the property were constructed and the manner in which they were acquired by the Cleveland, Akron and Cincinnati.


 * From The Cincinnati and Muskingum Valley Railway Company, constructed by—
 * The Cincinnati and Muskingum Valley Railway Company, Zanesville to Trinway, Ohio, 1871. 16.36
 * The Cincinnati, Wilmington and Zanesville Railroad Company, Morrow to Washington Court House, Ohio, 1853, Washington Court House to Lancaster, Ohio, 1854, Lancaster to Zanesville, Ohio, 1856. 132.10
 * 148.46
 * From The Cleveland, Akron and Columbus Railway Company, constructed by—
 * The Cleveland, Akron and Cincinnati Railway Company—
 * Killibuck[sic - Killbuck] to Trinway, Ohio (partly constructed by Cleveland, Mt. Vernon and Delaware Railroad Company), 1888. 33.54
 * Kramore Junction to a point in Paint Township, Wayne County, near West Lebanon, Ohio, (partly constructed by The Ashland and Wooster Railway Company). 9.42
 * Total. 42.96
 * Cleveland, Mt. Vernon and Delaware Railroad Company, south of Millersburg to Mount Vernon, Ohio, 1872, and Mount Vernon to Columbus, Ohio, 1873 (23 miles partly constructed by Springfield, Mt. Vernon and Pittsburgh Railroad Company) 78.79
 * The Cleveland, Zanesville and Cincinnati Railroad Company, Hudson to Akron Ohio, 1852, and Akron to Millersburg, Ohio, 1854. 61.50
 * The Pittsburgh, Fort Wayne and Chicago, Millersburg, Ohio, to a point south, 1868. 3.50
 * 186.750
 * Total recorded mileage owned on date of valuation. 335.210
 * Difference between recorded mileage and mileage inventoried. 0.024
 * Mileage inventoried as of date of valuation. 335.186

Leased Railway Property
The property of the Cleveland, Akron and Cincinnati is operated by the Pennsylvania Company under an agreement dated December 1, 1911, effective on January 1, 1912. Under the terms of this agreement the Pennsylvania Company maintains and operates the property and pays as rental therefor an amount equal to the net earnings derived from operating the property. The rental received by the Cleveland, Akron and Cincinnati for the year ended on date of valuation was $856,535.64.

The Cincinnati and Muskingum Valley Railroad Company
This company, an Ohio corporation, was controlled on July 1, 1911, the date of its consolidation with The Cleveland, Akron and Columbus Railway Company to form the Cleveland, Akron and Cincinnati, by The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company. The company had, on the date of its demise, a 50 per cent control of The Zanesville Terminal Railroad Company.

It owned and operated on date of demise about 148 miles of single-track, standard-gauge railroad, all in Ohio, extending from Morrow to Trinway. The company operated its road from August 1, 1898, to the date of demise. It also had trackage rights over the Little Miami Railroad between Morrow and Cincinnati, Ohio, about 36 miles. All of the road owned had been acquired on June 30, 1898, from The Cincinnati and Muskingum Valley Railway Company by purchase after foreclosure. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Cleveland, Akron and Cincinnati.

The Cincinnati and Muskingum Valley Railway Company
Introductory

This company, an Ohio corporation, was controlled on June 29, 1898, the date of sale of its property under foreclosure, by the Pennsylvania Company through ownership of a majority of the outstanding capital stock. It owned and operated on date of demise about 148 miles of single-track, standard-gauge, steam railroad, all in Ohio, extending from Morrow to Trinway. From May 1, 1873, to December 31, 1885, the property was operated by The Pittsburgh, Cincinnati and St. Louts Railway Company. Although its property was deeded on June 30, 1898, the company continued to operate it until July 31, 1898.

Of the road owned on date of demise about 132 miles, extending from Morrow to Zanesville, were acquired on September 1, 1870, by purchase after foreclosure from The Cincinnati and Zanesville Railroad Company, and about 16 miles, from Zanesville to Trinway, were acquired by construction, completed in 1871. Details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Cleveland, Akron and Cincinnati.

Leased Railway Property

This property was solely operated by the Pittsburgh, Cincinnati and St. Louis during the period from May 1, 1873, to December 31, 1885, under the terms of a 99-year agreement, dated March 25, 1873, which provided that net earnings, if any, were payable to the owning company, and that, in case the net earnings were insufficient to meet the interest on the latter's first-mortgage bonds, the lessee was to advance the amount needed, which was to be returned out of subsequent earnings, and not otherwise.

Cincinnati and Zanesville Railroad Company
This company was incorporated in Ohio as a reorganization of the Cincinnati, Wilmington and Zanesville Railroad Company. On December 1, 1869, the date of sale of its property under foreclosure, the company owned approximately 132 miles of single-track, standard-gauge, steam railroad, extending from Morrow to Zanesville, Ohio, which had been acquired from the Cincinnati, Wilmington and Zanesville. During the period from December 2, 1869, to August 31, 1870, the property was operated by Thomas L. Jewett for the mortgage bondholders. No accounting records of the company are obtainable.

Cincinnati, Wilmington and Zanesville Railroad Company
This company, a corporation of Ohio, owned on August 27, 1863, the date of the sale of its property under foreclosure, about 132 miles of single-track, standard-gauge, steam railroad, extending from Morrow to Zanesville, Ohio. This property had been constructed by the company, and was opened for operation at various times in the years 1853, 1854, and 1856. The property was in the hands of receivers from March 3, 1857, to March 12, 1864, the date of transfer of title to the Cincinnati and Zanesville Railroad Company. No accounting records of the company are obtainable.

The Cleveland, Akron and Columbus Railway Company
Introductory

This company, a corporation of Ohio, was controlled on July 1, 1911, the date of its consolidation with The Cincinnati and Muskingum Valley Railroad Company, by the Pennsylvania Company through ownership of a majority of the outstanding capital stock.

It owned and operated on the date of its demise about 186.75 miles of single-track, standard-gauge, steam railroad, in Ohio. Its main line extended from Hudson to Columbus, 143.79 miles, and branches extended from Killbuck to Trinway, 33.54 miles, and from Kramore Junction to a point in Paint Township, near West Lebanon, 9.42 miles. Three other branch lines aggregating 10.17 miles were classed as sidings. Of the road owned on the date of demise about 143.79 miles extending from Hudson to Columbus, were acquired from the Cleveland, Mt. Vernon and Delaware Railroad Company, by purchase after foreclosure, and about 42.96 miles by construction, completed in 1888 and 1902. Of the latter mileage 33.54 miles represented partly completed road acquired from the Cleveland, Mt. Vernon and Delaware and 9.42 miles represented partly completed road acquired on September 4, 1900, from The Ashland and Wooster Railway Company. Details with respect to the construction of the property owned on date of consolidation are given in the chapter on development of fixed physical property of the Cleveland, Akron and Cincinnati.

The Cleveland, Akron and Columbus Railroad Company
Introductory

This company, a corporation of Ohio, acquired on December 24, 1881, by purchase after foreclosure, the single-track, standard-gauge, steam railroad, of the Cleveland, Mt. Vernon and Delaware Railroad Company, extending from Hudson to Columbus, Ohio, 143.79 miles, with a partly completed branch from Killbuck to Trinway, Ohio. The sale of this property was set aside by order of court dated March 13,1882, and on April 24,1882, a receiver took possession of the property. The property was again sold to purchasers who organized The Cleveland, Akron and Columbus Railway Company.

Cleveland, Mt. Vernon and Delaware Railroad Company; The Pittsburgh Mt. Vernon, Columbus and London Railroad Company
Introductory

This company was originally incorporated in Ohio, as The Pittsburgh, Mt. Vernon, Columbus and London Railroad Company. The change of name was effected December 20, 1869. It owned on June 7, 1882, the date of sale of its property, about 143.79 miles of single-track, standard-gauge, steam railroad, extending from Hudson to Columbus, Ohio. From December 1, 1869, to September 27, 1880, the property was operated by the company's own organization. From September 27, 1880, to December 31, 1885, it was operated by receivers except during the period from December 1, 1881, to April 23, 1882, when it was owned by The Cleveland, Akron and Columbus Railroad Company.

Of the road owned on date of demise about 65 miles, extending from Hudson to a point 3.5 miles south of Millersburg, Ohio, were acquired in 1869 from the Pittsburgh, Fort Wayne and Chicago. The remainder of the property, 78.79 miles, was acquired by construction in 1872 and 1873. In the construction of about 23 miles of road the company made use of 23 miles, or the total of about 43 miles, of partly completed railroad of the Springfield, Mt. Vernon and Pittsburgh Company, which it had acquired on November 1, 1869. Details with respect to the construction of the property owned on date of demise are given in the chapter on development of fixed physical property of the Cleveland, Akron and Cincinnati. In 1872 construction of a branch line from Killbuck to Trinway, Ohio, was commenced, but this work was discontinued in 1873.

Leased Railway Property

During the period from May 1, 1870, to September 27, 1880, the company solely operated the 12.140 miles of railroad of the Massillon and Cleveland, extending from Massillon to Clinton, Ohio, under a lease dated May 22, 1869, to the Pittsburgh, Fort Wayne and Chicago. This lease was assigned to the company on January 2, 1870.

The Cleveland, Zanesville and Cincinnati Railroad Company; The Akron Branch of Cleveland and Pittsburgh Railroad Company
Introductory

This company was originally incorporated, in Ohio, as the Akron Branch of the Cleveland and Pittsburgh Railroad Company. The change of corporate name was made on March 17, 1853.

It owned on December 23, 1864, the date of sale of its property under foreclosure, about 61.5 miles of single-track, standard-gauge, steam railroad, extending from Hudson to Millersburg, Ohio. Construction of the road from Hudson to Akron, 12.9 miles, was completed in 1852, and of the road from Akron to Millersburg, 48.6 miles, in 1854. From the date it was placed in operation, in 1852, to August 27, 1861, the property was operated by the company's own organization. From August 27, 1861, to date of demise, the property was operated by a receiver.

The company had no accounting records for the period from November 1, 1864, to the date of its demise. The closing entries in its books were made under date of January 1, 1865, and recorded the results of transactions during the period prior to November 1, 1864.

Springfield, Mt. Vernon and Pittsburgh Railroad Company, Springfield and Mansfield Railroad Company
This company was originally incorporated, in Ohio, as the Springfield and Mansfield Railroad Company. The change of corporate name was effected August 9, 1852. The property owned by this company at its demise comprised about 50 miles of completed road, extending from Springfield to Delaware, Ohio, and about 43 miles of partly constructed road between Delaware and a point 4 miles east of Loudonville, Ohio. The completed road, following a foreclosure sale, was conveyed by deed dated January 1, 1862, to a predecessor of The Cleveland, Cincinnati, Chicago and St. Louis Railway Company. The 43 miles of partly constructed road, with its attendant rights and franchises, was acquired, after sheriff's sale, by the Pittsburgh, Mt. Vernon, Columbus and London Railroad Company, conveyance being made November 1, 1869. No accounting records of the company are obtainable.