Wikipedia:WikiProject Trains/ICC valuations/Kanawha and Michigan Railway

Interstate Commerce Commission, Valuation Reports, Volume 28

Location and General Description of Properties
The railroad of the Kanawha & Michigan Railway Company, herein called the Kanawha & Michigan, is a single-track, standard-gage steam railroad, located in the States of Ohio and West Virginia, and extending from Corning, Ohio, to Gauley Bridge, W.Va., with branches to Carrington, Athens, Calvin, Pomeroy, and Gallipolis, Ohio, and from Carbondale and Bloomer, W.Va., to near-by points. The company wholly owns freight and passenger terminals at Hobson, Ohio and Charleston and Gauley Bridge, W.Va., and a freight terminal at Dickson, W.Va. In addition, it jointly owns with another carrier freight and passenger facilities at Corning, Ohio.

The Kanawha & Michigan wholly owns 163.682 miles of road, of which it uses 152.568 miles, and leases 11.114 miles to The Zanesville and Western Railway Company. The Kanawha & Michigan wholly uses 3.269 miles of road owned by lessors of the company and described in the paragraphs below.

The property of The Middleport and Northeastern Railway Company, herein called the Middleport and Northeastern, leased to and operated by the Kanawha & Michigan, is a single-track line extending from Rockville to Calvin, Ohio, a distance of 2.525 miles.

The property of The Point Pleasant Bridge Company, likewise leased to and operated by the Kanawha & Michigan, consists of a bridge and tracks thereon extending from the north end of the Ohio River bridge in Ohio to the south end of this bridge in Point Pleasant, W.Va., a distance of 0.744 miles.

The Kanawha & Michigan wholly owns and uses 281.188 miles of all tracks, wholly owns but does not use 11.114 miles of all tracks, and wholly uses but does not own 3.338 miles of all tracks. These tracks are classified in the trackage table in Appendix 1. The Kanawha & Michigan also owns and uses jointly with other carriers 8.621 miles of all tracks, as shown in the trackage table referred to.

Introductory
The Kanawha & Michigan is a corporation of the States of Ohio and West Virginia, having its principal office at Columbus, Ohio. It is controlled through ownership of a majority of the outstanding capital stock by The Toledo and Ohio Central Railway Company, which latter company is controlled by The New York Central Railroad Company. On the other hand, the Kanawha & Michigan controls, through ownership of the entire outstanding capital stock, The Point Pleasant Bridge Company, and through ownership of a majority of the outstanding stock, The Gauley and Eastern Railway Company. The entire property of The Point Pleasant Bridge Company was operated under implied lease as a part of its system on December 31, 1917. The Kanawha & Michigan also controls, through ownership of a majority of the outstanding capital stock, the Kanawha and West Virginia Railroad Company, whose property was separately operated on December 31, 1917.

The property of the Kanawha & Michigan, except the section from Glouster to Carrington, Ohio, of 11.114 miles, has been operated by its own organization from the date of acquirement until December 31, 1917. The excepted section was operated by The Zanesville and Western Railway Company. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History
The Kanawha & Michigan was incorporated under the general laws of the States of Ohio and West Virginia, the articles of incorporation being filed in those States on April 24, 1890, and April 25, 1890, respectively; for the stated purpose of acquiring, completing, maintaining, and operating the property and franchises of The Kanawha and Ohio Railway Company. The Kanawha & Michigan subsequently acquired the property, rights, and franchises of one other railroad corporation. The Kanawha & Michigan, itself, and that corporation, together with their predecessors, total eight different corporations, and comprise the line of corporate succession culminating in the Kanawha & Michigan 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. 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 Kanawha & Michigan, amounting to 163.682 miles, was acquired partly by purchase and partly by construction. The property constructed by the Kanawha & Michigan, itself, and by its predecessors and other companies, the years when the various portions of the line were constructed, and the manner in which the Kanawha & Michigan 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.

Mileage inventoried as of date of valuation, 163.682 miles.
 * Acquired by construction, 42.920 miles:
 * Charleston to Malden, W.Va., 1890, 7.000 miles.
 * Malden to Gauley Bridge, W.Va., 1893, 30.300 miles.
 * Smithers to Marting, W.Va., 1901, 4.400 miles.
 * Kanauga to The Hocking Valley Railway, Ohio, 1911, 1.220 miles.
 * Acquired by purchase, 124.600 miles, from—
 * The Kanawha and Ohio Railway Company (second corporation), Apr. 24, 1890—
 * Constructed by The Ohio Central Railroad Company (of 1882), not a predecessor—
 * Point Pleasant to Charleston, W.Va., 1882, 56.600 miles.
 * Glouster to Carrington, Ohio, 1882, 11.200 miles.
 * Constructed by The Ohio Central Railroad Company (of 1879), not a predecessor—
 * Corning to Hobson, Ohio, 1882, 56.800 miles.
 * Owned by The Point Pleasant and Ohio River Railroad Company (of 1883)—
 * Certain property between The Hocking Valley Railway, near Kanauga, Ohio, and Point Pleasant, W.Va.
 * The Charleston and Gauley Railway Company, July 1, 1890—
 * Partially constructed by that company, Charleston, to near Malden, W.Va., completed by the Kanawha & Michigan.
 * Difference between recorded mileage and mileage inventoried as of date of valuation, less 3.838 miles.

Leased Railway Property
The Kanawha & Michigan, on December 31, 1917, used facilities owned by other companies and other companies used facilities owned by the Kanawha & Michigan to the extent indicated in the following statement. The property of the Kanawha & Michigan, together with the properties of others that it used, were taken over for operation by the United States Railroad Administration on January 1, 1918, and are 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 not used, used by the Zanesville and Western Railway Company:
 * Tracks, 11.114 miles, Glouster to Carrington, Ohio; rental $6,800 per annum, and maintenance and taxes, all improvements placed upon the property by lessee to become the property of lessor at termination of lease. $6,800.00
 * Solely owned, but jointly used, used with—
 * The Chesapeake and Ohio Railway Company—
 * Tracks, 2.40 miles of main line and 0.2 mile of other, Charleston, W.Va.; term 20 years from Mar. 26, 1918; rental $6,000 per annum and entire maintenance and operation. $6,000.00
 * Coal and Coke Railway Company—
 * Tracks, 0.13 mile of main line and 0.07 mile of other, also station facilities, Charleston, W.Va.; term, agreement dated Apr. 12, 1904, terminated upon 30 days' notice; rental, $1,200 per annum. $1,200.00
 * Kanawha and West Virginia Railroad Company—
 * Tracks, 0.78 mile of main line and 0.07 mile of other; Charleston, W.Va.; term, no formal agreement; rental, $37.50 per annum and a fixed charge of $36 per annum for maintenance. $37.50
 * The Toledo and Ohio Central Railway Company—
 * Tracks, 17.14 miles of main line and 6.91 miles of other, Corning to Chauncey, Ohio; term 99 years under agreement dated July 1, 1901, renewable; stipulated rental $7,650 per annum, also maintenance and operation divided on wheelage basis. $7,650.00
 * The Zanesville and Western Railway Company—
 * Station Glouster, Ohio; term, no formal agreement; rental, $120 per annum and proportion of operation. $120.00
 * Solely used, but not owned, owned by—
 * The Middleport and Northeastern Railway Company—
 * Tracks, 2.525 miles of main line, Rockville to Calvin, Ohio; term, indefinite subject to six months' notice under agreement dated May 1, 1913; rental, 6 per cent on valuation of $52,600, also all operation, maintenance, and taxes. $3,156.00
 * The Point Pleasant Bridge Company—
 * Bridge across Ohio River at Point Pleasant, W.Va.; 0.744 mile; term and rental, by virtue of stock ownership. --
 * Jointly used, but not owned, owned by—
 * The Baltimore and Ohio Southwestern Railroad Company—
 * Station and tracks, Athens, Ohio; terms, indeterminate under agreement dated Apr. 1, 1915; rental, 3 per cent per annum on a valuation of $11,319, on property used jointly with The Hocking Valley Railway Company, and 2 per cent per annum on a valuation of $31,991 on property used jointly with The Hocking Valley Railway Company and The Baltimore and Ohio Southwestern Railroad Company. The cost of maintenance and operation to be divided on a train basis. $979.44
 * The Hocking Valley Railway Company—
 * Tracks, 1.3 miles of main line and 1.01 miles of other, Armitage to Athens, Ohio; also 17.7 miles of main line and 4.3 miles of other, Pomeroy to Gallipolis, Ohio; term, 99 years under agreement dated July 24, 1886, renewable forever; rental $10,000 per annum and a proportion of maintenance and operation divided on a wheelage basis. $10,000.00
 * Freight and passenger station, Hocking, Ohio; term, no written agreement, rental $50 per annum, being one-half the amount of 5 per cent on a valuation of $2,000. $50.00
 * The Toledo and Ohio Central Railway Company—
 * Yard facilities, Corning, Ohio; term, 99 years under agreement dated May 1, 1890, renewable forever; rental, 5 per cent per annum on a valuation of $60,000, divided on a wheelage basis. $1,565.00

The telegraph pole line located on the property of the Kanawha & Michigan, consisting of 152.88 miles of pole line and 409.43 miles of aerial wire, is wholly owned by the Kanawha & Michigan, but leased to the Western Union Telegraph Company under agreement of June 1, 1907, the Kanawha & Michigan reserving the right to jointly use the telegraph property.

There are other facilities of minor importance, such as joint stations and interlockers, that are not taken up in this report.

The Kanawha and Ohio Railway Company (Second Corporation)
The available accounting records of this company are so incomplete that no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information, stated hereinafter, was obtained from the records of the Kanawha & Michigan and from that company's report on the corporate history of this company. The records reviewed do not indicate that this company was controlled by any individual or corporation on April 24, 1890, the date of sale. On the other hand, it controlled through ownership of all the outstanding capital stock and funded debt, The Point Pleasant Bridge Company. The property of that company extending from the railroad of The Hocking Valley Railway Company, near Kanauga Ohio, to Point Pleasant, W.Va., about 2 miles, was operated by the Kanawha & Michigan.

The property of this company was operated by its own organization from April 19, 1886, to February 19, 1889, and from the latter date to April 16, 1890, by a receiver. The railroad owned by this company on date of sale amounted to about 125 miles of single-track, standard-gage, steam railroad, as follows:

All of this mileage had been acquired by consolidation and was constructed by other companies (not predecessors), as stated in the chapter on development of fixed physical property, in the report on the Kanawha & Michigan.

The records of the Kanawha & Michigan indicate that this company assumed certain funded debt in the acquisition of the 125 miles of railroad from The Ohio Central Railroad Company (of 1882), not a predecessor; also that it issued certain securities. The amount of funded debt assumed, and the amount of securities issued, and the considerations received in connection therewith are not indicated in records reviewed. No outlay by this company for property can be stated.

The Point Pleasant and Ohio River Railroad Company (of 1883)
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information, stated below, was obtained from the corporate history returns of the Kanawha & Michigan. The records reviewed do not indicate whether this company was controlled by any individual or corporation on June 25, 1886, the date 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 some time in 1885 to the date of sale. The railroad owned by this company on date of demise amounted to 1.99 miles, and consisted of a single-track, standard-gage, steam railroad and bridge over the Ohio River, extending from a point on the railroad of The Hocking Valley Railway Company, near Kanauga, Ohio, to Point Pleasant, W.Va. This property was partially constructed when acquired by consolidation, and was completed for operation by this company. 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 Point Pleasant Bridge Company.

No outlay by this company for construction of its property can be stated.

The Point Pleasant and Ohio River Railroad Company (of 1881)
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings or investments. However, certain information, stated below, was obtained from the corporate history returns of the Kanawha & Michigan. The records reviewed do not indicate whether this company was controlled by any individual or corporation on January 17, 1883, the date of consolidation, or, on the other hand, whether it controlled any common-carrier corporation. The property owned by this company on date of consolidation consisted of a partially constructed railroad and bridge extending from a point on the railroad of The Hocking Valley Railway Company, near Kanauga, Ohio, to Point Pleasant, W.Va., a distance of 1.99 miles. No part of this property was completed for operation by this company. No outlay by this company for construction of its property can be stated.

The Pomeroy and Ohio River Railroad Company — Predecessor of The Point Pleasant and Ohio River Railroad Company (of 1883)
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information, stated below, was obtained from the report of the Kanawha & Michigan on its corporate history. The records reviewed do not indicate whether this company was controlled by any individual or corporation on January 17, 1883, the date of consolidation, or, on the other hand, whether it controlled any common-carrier corporation. This company was authorized to construct a railroad from Pomeroy, Ohio, through Meigs and Gallia Counties, to the Ohio-West Virginia State line. No part of this projected railroad was constructed.

The Ohio and Kanawha Railway Company
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings or investments. However, certain information, stated below, was obtained from the report of the Kanawha & Michigan on its corporate history. The records reviewed do not indicate whether this company was controlled by any individual or corporation on April 19, 1886, the date of consolidation, or, on the other hand, whether it controlled any common-carrier corporation. The railroad owned by this company on date of consolidation amounted to 68.0 miles and consisted of a single-track, standard-gage, steam railroad, extending from Corning to Hobson, Ohio, 56.8 miles, and from Glouster to Carrington, Ohio, 11.2 miles, all of which was acquired by purchase. 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 Kanawha & Michigan.

The Kanawha and Ohio Railway Company (First Corporation)
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings or investments. However, certain information, stated below, was obtained from the report of the Kanawha & Michigan on its corporate history. The records reviewed do not indicate whether this company was controlled by any individual or corporation on April 19, 1886, the date of consolidation, or, on the other hand, whether it controlled any common-carrier corporation. The railroad owned by this company on date of consolidation amounted to 56.6 miles and consisted of a single-track, standard-gage, steam railroad, extending from Point Pleasant to Charleston, W.Va., all of which had been acquired by purchase. 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 Kanawha & Michigan.

The Charleston and Gauley Railway Company
The accounting records of The Charleston and Gauley Railway Company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information stated below, was obtained from the corporate history returns of the Kanawha & Michigan. The records reviewed do not indicate whether The Charleston and Gauley Railway Company was controlled by any individual or corporation on July 1, 1890, the date of sale, or, on the other hand, whether it controlled any common-carrier corporation. This company partially constructed a railroad from Charleston, to near Malden, W.Va. No outlay by this company for its partially constructed railroad can be stated.