Wikipedia:WikiProject Trains/ICC valuations/Northern Ohio Railway

Interstate Commerce Commission, Valuation Reports, Volume 38

Location and General Description of Property
The railroad of The Northern Ohio Railway Company, herein called the Northern Ohio, which is leased to and operated by the Lake Erie and Western, is a single-track, standard-gage, steam railroad, situated entirely within the State of Ohio, extending from Delphos northeasterly to Akron, 161.744 miles.

Introductory
The Northern Ohio is a corporation of the State of Ohio, having its principal office at Indianapolis, Ind. It is controlled by the Lake Erie and Western through ownership of a majority of the outstanding capital stock. On the other hand, the Northern Ohio, The Cleveland, Akron and Cincinnati Railway Company (Pennsylvania Company, lessee), The Baltimore and Ohio Railroad Company, and the Erie Railroad Company control The Akron & Barberton Belt Railroad Company through equal ownership of its entire outstanding capital stock.

The property of the Northern Ohio was operated from date of organization to December 31, 1917, by the Lake Erie and Western under lease agreement. On January 1, 1918, it was taken over for operation by the United States Railroad Administration as a part of the Lake Erie and Western's system and was so operated on date of valuation.

Corporate History
The Northern Ohio was incorporated on August 14, 1895, under the general laws of the State of Ohio, for the purpose of acquiring the property of The Pittsburgh, Akron & Western Railroad Company, which had been sold at foreclosure. The Northern Ohio later acquired by purchase the property of The Akron and Pittsburgh Railroad Company. The following chart shows the companies embraced in the corporate history of the Northern Ohio, 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 shown in the first column:

All of the foregoing corporations were incorporated under the general laws of the State of Ohio.

Development of Fixed Physical Property
The main track mileage of the Northern Ohio was all acquired from The Pittsburgh, Akron & Western Railroad Company on August 14, 1895, as stated above. This property has been constructed as follows: Total, 161.74 miles.
 * By The Pittsburgh, Akron & Western Railroad Company, Akron to Carey, Ohio, 1890, 106.64 miles.
 * By The Cleveland, Delphos and Saint Louis Railroad Company, Delphos to Carey, Ohio, 1882, 54.10 miles.
 * By The Pittsburgh and Chicago Railroad Company, in Delphos, Ohio, 1882, 1.00 mile.

With the exception of the fact that the property of The Cleveland, Delphos and Saint Louis Railroad Company was constructed by a contractor who subsequently became president of the company, no information is obtainable as to the manner of construction of the foregoing property.

Leased Railway Property
The Northern Ohio's entire property was operated from date of organization to December 31, 1917, by the Lake Erie and Western under the terms of a 999-year lease, dated October 1, 1895, effective from April 1, 1895. Under the terms of this lease the Lake Erie and Western agreed to operate the property of the Northern Ohio, pay all operating expenses, taxes, and maintenance charges, and to pay the interest accruing on the Northern Ohio's outstanding first-mortgage, 5 per cent, 50-year bonds, amounting to $125,000 per annum, and to turn over to the Northern Ohio all earnings in excess of the payments specified. The Northern Ohio agreed to credit the Lake Erie and Western in an open advance account with the amount of expenditures made for its account by the Lake Erie and Western, in excess of earnings collected. During the period mentioned the Northern Ohio credited the Lake Erie and Western with such excess payments in the amount of $3,380,495.15.

Since January 1, 1918, the property of the Northern Ohio has been operated as a part of the Lake Erie and Western's system by the United States Railroad Administration.

The Akron and Pittsburgh Railroad Company
The company owned at its demise about 1 mile of railroad in Akron, Ohio, extending from a connection with the tracks of the Northern Ohio at Main Street to a point of connection with the tracks of The Cleveland, Akron and Cincinnati Railroad Company. This track was constructed for The Akron and Pittsburgh Railroad Company by company forces of the Northern Ohio, with advances made by the Northern Ohio in the amount of $67,306.55. No accounting records of The Akron and Pittsburgh Railroad Company are obtainable, and the only information that is obtainable relative to its investment or finances is taken from the records of the Northern Ohio, as stated above. The property, rights, and franchises of The Akron and Pittsburgh Railroad Company were conveyed to the Northern Ohio by deed of August 15, 1899.

The Pittsburgh, Akron & Western Railroad Company
The company acquired about 55.10 miles of completed railroad, extending from Delphos to Carey, Ohio, from The Cleveland and Western Railroad Company and constructed about 106.64 miles of road from Akron to Carey, Ohio, which was opened for operation during the year 1890. This property was operated by The Pittsburgh, Akron & Western Railroad Company's own organization from the date of its acquirement to the date of demise. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Northern Ohio. No accounting records of this company are obtainable. The property of The Pittsburgh, Akron & Western Railroad Company was acquired by the Northern Ohio on August 14, 1895, after sale at foreclosure on October 17, 1894.

The Pittsburgh, Akron & Western Railway Company; The Ohio Railway Company
The Pittsburgh, Akron & Western Railway Company was successor through change of name of The Ohio Railway Company. It performed no construction work and owned no completed railroad on March 11, 1890, the date of its consolidation with The Cleveland and Western Railroad Company to form The Pittsburgh, Akron & Western Railroad Company. No accounting records of this company are obtainable.

The Cleveland and Western Railroad Company
The company owned on March 1, 1890, the date of consolidation, about 55.10 miles of railroad extending from Delphos to Carey, Ohio, which had been acquired by purchase, after foreclosure of the properties of The Cleveland, Delphos and Saint Louis Railroad Company and The Pittsburgh and Chicago Railroad Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Northern Ohio. This property was operated by The Cleveland and Western Railroad Company's own organization from date of acquirement to the date of demise. No accounting records of this company are obtainable.

The Cleveland, Delphos and Saint Louis Railroad Company
The company owned on January 6, 1890, the date of transfer of its property to The Cleveland and Western Railroad Company after sale at foreclosure on October 7, 1885, about 54.10 miles of railroad, extending from Delphos to Carey, Ohio, all of which had been acquired by construction and opened for operation on February 1, 1882. This road was constructed under the terms of a contract dated July 18, 1881, by A. G. Harty, a contractor, who was subsequently president of The Cleveland, Delphos and Saint Louis Railroad Company. From February 1, 1882, to the date of demise, the property of the company was operated under its own management. This company also operated about 1 mile of road in Delphos, which it leased from The Pittsburgh and Chicago Railroad Company, under the terms of an agreement dated September 1, 1882. No accounting records of this company are obtainable.

The Pittsburgh and Chicago Railroad Company
The company owned on April 30, 1887, the date of the sale of its property at foreclosure, about 1 mile of railroad in the town of Delphos, Ohio, which it had constructed and opened for operation during the year 1882. This property was operated from the date of completion to the date of demise by The Cleveland, Delphos and Saint Louis Railroad Company under terms of a lease dated September 1, 1882. No accounting records of this company are obtainable.