Wikipedia:WikiProject Trains/ICC valuations/Little Miami Railroad

Interstate Commerce Commission, Volume 24, Valuation Reports

Location and General Description of Property
The railroad of The Little Miami Railroad Company, herein called the Little Miami Railroad, is a standard-gage railroad, located entirely within the State of Ohio. The wholly owned mileage extends from Springfield, through Xenia, to Cincinnati, 86.619 miles. In addition, the Little Miami Railroad owns 30.644 miles of other main track and 72.209 miles of yard and side tracks, making a total of 189.472 miles of all tracks. It also owns an undivided two-thirds interest in 15.372 miles of road extending from Xenia to a connection with the Dayton and Western at Dayton, Ohio, and in 11.237 miles of yard and side tracks operated in connection therewith, making a total undivided mileage of 26.609 miles of all tracks, the remaining one-third interest in which is owned by the Columbus and Xenia.

All of the property owned by the Little Miami Railroad is operated by other carriers, as are also the properties of the Columbus and Xenia and the Dayton and Western which are leased to the Little Miami Railroad and subject to the Panhandle, and which are described elsewhere in this report.

Corporate History
The Little Miami Railroad was incorporated by a special act of the Legislature of Ohio, approved March 11, 1836, for the purpose of constructing a railroad from Springfield, Ohio, through Xenia, to Cincinnati. The organization of the company was perfected August 24, 1837. Its principal office is located at Cincinnati, Ohio. The property, rights and franchises, except the right to be a corporation, of the Dayton, Xenia and Belpre Railroad Company were sold at judicial sale, January 3, 1865, to the Little Miami Railroad and the Columbus and Xenia and by a deed, dated January 4, 1865, an undivided two-thirds interest was conveyed to the Little Miami Railroad and an undivided one-third interest to the Columbus and Xenia.

The available accounting records of the Little Miami Railroad cover only the period from December 1, 1869, to date of valuation, and no information relative to the financial affairs, corporate operations or property investment of the Little Miami Railroad, for the period prior to December 1, 1869, was obtainable from its accounting records.

Introductory
The property of the Little Miami Railroad was operated by its own organization from the date it was first opened for service, December 20, 1841, to November 30, 1853. From December 1, 1853, to November 29, 1868, the Little Miami Railroad and the Columbus and Xenia operated their property jointly. The property of the Columbus and Xenia was leased to the Little Miami Railroad on November 30, 1868, through an agreement dated March 18, 1869, for a period extending to November 31, 1967, renewable forever. From November 30, 1868, to November 30, 1869, the property of the Little Miami Railroad was again operated by its own management. Under the terms of a lease dated February 23, 1870, the owned and leased property of the Little Miami Railroad was leased to the Pittsburgh, Cincinnati and St. Louis Railway Company, a predecessor of the Panhandle, from December 1, 1869, for a period extending to December 1, 1968, renewable forever. Under that lease and modifying agreements, dated May 1, 1899, and April 9, 1907, the owned and leased property of the Little Miami Railroad have been operated, from December 1, 1869, to the date of valuation, by the Pittsburgh, Cincinnati and St. Louis Railway Company and its successor, the Panhandle.

Development of Fixed Physical Property
The wholly owned mileage of the Little Miami Railroad was all acquired by construction, which was commenced in 1837, different portions of the property being opened for operation as indicated below:

By deed dated January 4, 1865, the Little Miami Railroad acquired an undivided two-thirds interest in the property of the Dayton, Xenia and Belpre Railroad Company, consisting of a line of railway extending from Xenia to Dayton, Ohio, 15.372 miles. As previously stated, the remaining undivided one-third interest in the Dayton, Xenia and Belpre Railroad Company property is owned by the Columbus and Xenia.

Leased Railway Property
The entire property of the Little Miami Railroad was operated jointly with that of the Columbus and Xenia from December 1, 1853, to November 29, 1868, under an agreement dated November 30, 1853. Under this agreement, termed a contract of union, the combined properties were operated by one superintendent appointed by the joint action of the directors of both companies.

The property of the Columbus and Xenia, consisting of 54.758 miles of owned railroad, an undivided one-third interest in the railroad extending from Xenia to Dayton, 15.372 miles, formerly belonging to the Dayton, Xenia and Belpre, as previously explained, and the Columbus and Xenia lease-hold interest in the property of the Dayton and Western, consisting of 38.065 miles of railroad extending from Dayton to the Ohio-Indiana State line, were leased to the Little Miami Railroad through an agreement dated March 18, 1869, which became effective November 30, 1868, for a period extending to November 30, 1967, renewable forever. For the use of this property for the year ending on date of valuation the little Miami Railroad charged its income account with $142,896, an amount equal to 8 per cent on the capital stock of the Columbus and Xenia.

From December 1, 1869, to date of valuation, the owned, jointly owned and leased property of the Little Miami Railroad has been operated by The Pittsburg, Cincinnati and St. Louis and the carrier under the terms of a lease dated February 23,1870, with certain amendments thereto, effective December 1, 1868, extending to December 1, 1969, renewable forever, as explained herein-before in the chapter on leased railway property in the report upon the Panhandle.

Dayton, Xenia and Belpre Railroad Company
This company was a corporation of the State of Ohio. Its organization was perfected on February 19, 1851. The company constructed 15.372 miles of railroad extending from Dayton to Xenia, Ohio, which was opened for operation during January, 1858. From the date of completion of the railroad to December 31, 1858, It was operated by its own management. From January 1, 1859, to January 3, 1865, the property was operated by the Little Miami Railroad and the Columbus and Xenia, under a 20-year lease In favor of the Columbus and Xenia dated December 11, 1858, effective January 1, 1859, and by an agreement or contract of union dated November 30, 1853, whereby the properties of the Little Miami Railroad and the Columbus and Xenia were jointly operated under one management. The property, rights, and franchises of the company, except the right to be a corporation, were sold at foreclosure sale, January 3, 1865, to the Little Miami Railroad and the Columbus and Xenia on January 4, 1865. An undivided two-thirds interest in that property was conveyed by deed to the Little Miami Railroad and an undivided one-third interest was conveyed to the Columbus and Xenia.