Wikipedia:WikiProject Trains/ICC valuations/Dayton and Western Railroad

Interstate Commerce Commission, Volume 24, Valuation Reports

Location and General Description of Property
The railroad of the Dayton and Western Railroad Company, herein called the Dayton and Western, is a standard-gauge railroad, located entirely within the State of Ohio, and extending from Dayton to the Ohio-Indiana boundary, 38.065 miles. In addition, it owns 1.135 miles of second main track and 9.035 miles of yard and side tracks. Its road thus embraces 48.235 miles of all tracks. All of the property owned by the Dayton and Western is operated by the Panhandle.

Corporate History
The Dayton and Western was incorporated by a special act of the legislature of Ohio on February 14, 1846, for the purpose of constructing a railroad from Dayton to any point on the Ohio-Indiana boundary. Its corporate office is located in Cincinnati, Ohio, and its accounting office at Pittsburgh, Pa. Incomplete accounting records only are obtainable for the Dayton and Western. They are confined to the period from June 2, 1849, to March 22, 1871. No entries are recorded subsequent to the latter date in the obtainable records relating to its financial transactions, income or property investments. The annual report of the company for the year ended with date of valuation includes balances for capital stock and funded debt outstanding and for investment in road and equipment as of that date. No records are obtainable to explain the difference between the balances stated in its annual report and the balances as of March 22, 1871, contained in the accounting records above referred to.

Introductory
This company's property was operated by its own organization from October 11, 1853, to July 31, 1854, by the Columbus and Indiana Central Railway Company from October 1, 1854, to March 11, 1863; jointly by the Little Miami Railroad and the Columbus and Xenia from March 12, 1863, to November 29, 1868; solely by the Little Miami Railroad from November 30, 1868, to November 30, 1869; by The Pittsburg, Cincinnati and St. Louis Railway Company from December 1, 1869, to September 30, 1890; and by the Panhandle from October 1, 1890, to date of valuation.

Development of Fixed Physical Property
The Dayton and Western reported that the construction of its property was begun on July 1, 1848, and that its railroad was opened for operation on October 11, 1853. The obtainable records do not disclose by whom this railroad was constructed.

Leased Railway Property
On date of valuation the common-carrier property of the Dayton and Western was operated by the Panhandle under the terms of a lease dated February 4, 1865, between the Dayton and Western, the Little Miami Railroad, and the Columbus and Xenia, and subsequent leases and agreements dated March 18, 1869, February 23, 1870, and May, 1899, which are fully discussed In the portion of this appendix devoted to the Panhandle. Under the terms of the lease dated February 4, 1865, the lessees were to pay as an annual rental a sum equal to the interest on $738,000 par value of the Dayton and Western's outstanding mortgage bonds. The lease also provides that upon the payment of the principal of the above bonds by the lessees a nominal rental of five cents per annum would be charged. In event the lessees redeemed the above bonds, the Dayton and Western agreed, upon request, to convey by deed its entire property to the lessees.

On date of valuation The Cincinnati, Hamilton and Dayton Railway Company used 1.27 miles of track of the Dayton and Western, between Third Street, Dayton, and Miami City Junction, under an agreement dated May 26, 1864, between its predecessor, The Cincinnati, Hamilton and Dayton Railroad Company, and the Dayton and Western, and supplemental agreements thereto. Under the terms of the agreement all expenses incurred in the maintenance of these tracks were to be paid, one-fourth by the Dayton and Western and three-fourths by the lessee. The lessee was also to have control of the bridge over the Miami River, and one-half of the cost of maintaining or of rebuilding was to be paid by each company. The Dayton and Union Railroad Company uses the 1.27 miles of track jointly with The Cincinnati, Hamilton and Dayton Railway Company under agreements effective July 1, 1899.

The Dayton and Union Railroad Company also uses under trackage rights 15.34 miles of track of the Dayton and Western, together with the right to use the Great Miami bridge under an agreement dated January 14, 1863. The rental for the use of these facilities was fixed at $8,000 per annum, and 10 per cent of the gross receipts in excess of $100,000. The terms of the above agreement were amended January 2, 1877, and the compensation for the use of the above facilities was fixed at a rental of $10,000 per annum.