Wikipedia:WikiProject Trains/ICC valuations/Pittsburgh, Cincinnati, Chicago and St. Louis Railway

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Location and General Description of Property
The railroad of The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company, herein called the Panhandle, is standard gauge and steam operated and comprises a net work of main lines and branches lying within the States of Pennsylvania, West Virginia, Ohio, Indiana, and Illinois. These lines extend from Pittsburgh, Pa., to Cincinnati, Ohio, New Albany, Indianapolis, and Effner, Ind., and to Chicago, Ill. In addition they reach Washington, Pa., Wheeling, and Chester, W. Va.; Columbus, Springfield, and Dayton, Ohio; and Richmond, Madison, and Muncie, Ind. From Indianapolis a line extends to Clarksville, Ind., where connection is made with the Pennsylvania Terminal Railway entering Louisville, Ky. The road is double tracked between Pittsburgh, Pa., and Chicago, 111., with some third and fourth main track near these points and near Columbus, Ohio. It is partly double tracked between Richmond and Indianapolis, Ind. The Panhandle owns and uses 2,600.798 miles and uses but does not own 568.838 miles of all tracks, which are classified in the trackage tables in Appendix 1. In addition, under trackage rights, the Panhandle uses jointly with the owners a very considerable mileage of tracks and numerous terminal and other facilities. Of the tracks so operated, the most extensive is the 53.98 miles of main line between Indianapolis and Kokomo, Ind., owned by The Lake Erie and Western Railroad Company.

In Appendix 1 are set forth the traffic connections, physical conditions affecting construction, and economic conditions relating to traffic, for the lines operated by the Panhandle.

Jointly Used Property
Descriptions of property jointly owned by the Panhandle with other carriers, or by its lessors with other carriers, and jointly used by the Panhandle, are given in the summaries by accounts in Appendix 1, and the mileage so owned and used is summarized in the mileage table in Appendix 1. In Appendix 2, under the caption leased railway property, will be found a statement showing the property used jointly with other carriers and the terms of use.

Corporate History
The Panhandle was incorporated under the general laws of Pennsylvania, West Virginia, Ohio, Indiana and Illinois, for the purpose of consolidating the properties, rights and franchises of The Pittsburgh, Cincinnati and St. Louis Railway Company, the Chicago, Saint Louis and Pittsburgh Railroad Company, The Cincinnati & Richmond Railroad Company (second corporation), and the Jeffersonville, Madison and Indianapolis Railroad Company. The property, rights and franchises of these companies were acquired by the Panhandle, through a consolidation agreement, dated June 10, 1890, which was filed with the respective secretaries of state as follows: Indiana and Illinois on August 25, 1890; West Virginia on August 26, 1890; Ohio on August 28, 1890; and Pennsylvania on August 29, 1890. The organization of the Panhandle was perfected on September 18, 1890. Its principal office is located at Pittsburgh, Pa.

The consolidated companies retained possession of and operated their respective properties up to and including September 30, 1890. The Panhandle took possession and began the operation of the various properties on October 1, 1890. The Panhandle acquired the property, rights and franchises of the Chartiers Railway Company (second corporation) through an agreement dated November 20, 1907, filed with the secretary of state of Pennsylvania on November 21, 1907, and it acquired the property, rights and franchises of the Midway and Oakdale Railway Company through an agreement dated April 14, 1909, filed with the secretary of state of Pennsylvania on April 15, 1909. The property of the Panhandle has always been operated by its own officers for its own account.

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The Panhandle, itself, and those corporations, together with their predecessors, total 63 different corporations, of which five underwent a change of name, and comprise the line of corporate succession culminating in the Panhandle 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, the immediately succeeding corporation, and the manner 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 Panhandle reports that its wholly owned and jointly owned mileage aggregates 1,155.98 miles, which is 6 miles in excess of the mileage of 1,149.980 miles, divided between 1,114.491 miles wholly owned and 35.489 miles of jointly owned, which we have inventoried to the Panhandle. This excess can not be explained from the accounting records. The Panhandle reports that it acquired the mileage wholly and jointly owned as follows:


 * By consolidation, purchase, and merger. 1,121.45
 * By construction. 43.53
 * Total. 1,164.98
 * Less—
 * Mileage abandoned. 5.75
 * Mileage reclassified. 3.25
 * 9.00
 * Net total. 1,155.98

Of the 62 corporations which comprise the line of succession culminating in the Panhandle, 12 constructed no property. These companies were—
 * The Panhandle Railway Company.
 * The Chicago, St. Louis and Pittsburgh Railroad Company (of Indiana).
 * Chicago, St. Louis and Pittsburgh Railroad Company (of Illinois).
 * Columbus and Indianapolis Central Railway Company.
 * Toledo, Logansport and Burlington Railway Company.
 * The Galena and Illinois River Railroad Company.
 * The Cincinnati and Richmond Railroad Company (No. 2).
 * Cincinnati, Richmond & Chicago Railroad Company.
 * Eaton and Hamilton Railroad Company (No. 1).
 * Indianapolis and Madison Railroad Company.
 * Shelby and Rush Railroad Company.
 * The Chartiers Railway Company (No. 2).

The property constructed by the remaining corporations, the years the various portions of the line were opened for operation, and the manner in which the Panhandle acquired the properties are disclosed in the following table, wherein, to facilitate comparison with the table showing corporate succession, the same order of corporations is maintained.


 * Acquired from The Pittsburg, Cincinnati and St. Louis Railway Company, constructed by—
 * That company—
 * 1887, New Cumberland Junction to New Cumberland, W. Va. 7.60
 * 1888, New Cumberland to Union, W. Va. 1.90
 * 1890, Bridgeville to Bend's Mine No. 2, Pa. 9.69
 * 16.46
 * The Pittsburg and Steubenville Railroad Company, 1865, Pittsburgh, Pa., to Pennsylvania-West Virginia boundary and through a part of West Virginia to a point on the Ohio River opposite Steubenville, Ohio. 40.68
 * The Holliday's Cove Rail Road Company, 1865, at Steubenville, Ohio, Ohio River bridge. 0.36
 * Steubenville and Indiana Railroad Company—
 * 1853, Steubenville to Unionpoint, Ohio. 21.00
 * 1855, Unionpoint to Newark, Ohio. 95.17
 * 1855, Cadiz Junction to Cadiz, Ohio. 7.85
 * 1857, at Newark, Ohio. 0.85
 * 1865, at Steubenville, Ohio River bridge. 0.86
 * 1864, purchased undivided one-half interest in line between Newark and Columbus, Ohio, owned by The Central Ohio Railroad Company, undivided mileage. 33.13
 * 158.86
 * 216.36
 * Abandoned by The Pittsburg, Cincinnati and St. Louis Railway Company, 1864; by opening a tunnel near Gould, Ohio, that company shortened its operated mileage 2.18 miles, but neither the length of the new line constructed nor of the old line actually abandoned has been ascertained. 2.18
 * 214.18


 * Acquired from the Chicago. Saint Louis and Pittsburgh Railroad Company, constructed by—
 * That company—
 * 1885, at Chicago, Ill. 2.34
 * Sold to Englewood Connecting Railway. 2.34
 * Columbus, Chicago and Indiana Central Railway Company, 1873 and 1881, at Chicago. 4.13
 * Partially by the Marion and Logansport Railroad Company, the Marion and Mississinewa Valley Railroad Company (No. 2), the Union and Logansport Railroad Company, and the Columbus and Indiana Central Railway Company, completed by the Columbus, Chicago and Indiana Central Railway Company, 1868, Marion to Anoka Junction, Ind. 35.56
 * Partially by the Marion and Mississinewa Valley Railroad Company (No. 1), the Marion and Mississinewa Valley Railroad Company (No. 2), and The Union and Logansport Railroad Company, completed by the Columbus and Indiana Central Railway Company, 1867, Ohio-Indiana boundary to Marion, Ind. 53.62
 * Columbus, Piqua and Indiana Railroad Company, 1856, Columbus to Union City, Ohio. 103.77
 * The Richmond and Covington Railroad Company, 1863. Bradford to a connection with the Indiana Central Railway Company at a point on Ohio-Indiana boundary west of New Paris, Ohio. 32.29
 * The Indiana Central Railway Company, 1853, Indianapolis to Ohio-Indiana boundary. 71.94
 * Logansport, Peoria and Burlington Railway Company, 1859, Logansport to Effner, Ind. 61.57
 * Partially by the Chicago and Great Eastern Railway Company (No. 2) and the Chicago and Great Eastern Railway Company (No. 3), completed by the Chicago and Great Eastern Railway Company (No. 4)—
 * 1865, La Crosse, Ind., to Chicago, Ill. 64.86
 * 1865, abandoned La Crosse to Valparaiso, Ind. 10.40
 * 54.46
 * Cincinnati and Chicago Air-Line Railroad Company—
 * 1861, Wabash River Bridge near Logansport, Ind., and track connecting with the Chicago and Cincinnati Railroad Company. .77
 * Reclassified by the Cincinnati and Chicago Air-Line Railroad Company. .43
 * .34
 * Partially by the Cincinnati, Cambridge & Chicago Short Line Railway Company, the Cincinnati, Newcastle, and Michigan Railroad Company, and the Cincinnati, Logansport and Chicago Railway Company, completed by the Cincinnati and Chicago Railroad Company (No. 2), 1857, New Castle to Logansport, Ind. 80.22
 * Cincinnati, Logansport and Chicago Railway Company, 1853, Richmond to New Castle. Ind. 26.79
 * Chicago and Cincinnati Railroad Company, 1861, Logansport to a point east of Valparaiso, Ind. 58.65
 * The Kokomo Belt Railroad Company, 1889—
 * At Kokomo, Ind. 2.50
 * Reclassified as sidetrack. 2.50
 * 583.34


 * Acquired from The Cincinnati and Richmond [sic - Railroad] Company (No. 2), constructed by—
 * The Cincinnati and Richmond Railroad (No. 1), 1888, Rendcomb Junction to Hamilton, Ohio. 24.48
 * Richmond and Miami Railway Company, 1863, Richmond Junction to New Paris, Ind. 1.99
 * Eaton and Hamilton Railroad Company (No. 2), 1863, Hamilton to Neels, Ohio. 35.45
 * The President and Directors of the Richmond and Miami Railroad Company, date unknown, Richmond, Ind., to Indiana-Illinois boundary at Neels, Ohio. 6.03
 * 67.95


 * Acquired from the Jeffersonville, Madison and Indianapolis Railroad Company, constructed by—
 * That company—
 * 1870, Jeffersonville to Clarksville, Ind. 1.15
 * 1870, Ohio Falls to Jeffersonville Junction, Ind. .64
 * Date not known, at New Albany, Ind. .06
 * 1.85
 * Reclassified and retired. .63
 * 1.22
 * Madison and Indianapolis Railroad Company, 1847, Queensville to Indianapolis, Ind. 57.99
 * Abandoned by the Indianapolis and Madison Railroad Company in 1864, Edinburgh to Columbus. 10.09
 * 47.90
 * Madison and Indianapolis Railroad, 1839 to 1841, Madison to Queensville, Ind. 27.80
 * Jeffersonville Railroad Company—
 * 1852, Jeffersonville to Columbus, Ind. 66.90
 * 1853, Columbus to Edinburgh, Ind. 10.29
 * 1865, Jeffersonville to New Abany[sic - Albany], Ind. 5.42
 * 82.61
 * Rushville and Shelbyville Railroad Company, 1850. Shelbyville to Rushville, Ind. 18.33
 * Columbus and Shelby Railroad Company, 1853, Columbus to Shelbyville, Ind. 23.86
 * Partially by the Lake Erie and Pacific Railroad Company, completed by the Lake Erie and Louisville Railroad Company, 1867, Cambridge City to Rushville, Ind. 20.85
 * 222.57
 * The Fremont and Indiana Railroad Company, date unknown, Fremont to Findlay, Ohio. 35.00
 * Partially by The Fremont and Indiana Railroad Company, completed by the Fremont, Lima & Union Railroad Company, date unknown, Findlay to a point 2 miles south. 2.00
 * Partially by The Fremont and Indiana Railroad Company; not completed, south of Findlay to Lima, Ohio. 30.00
 * 67.00
 * Sold by the Lake Erie and Louisville Railroad Company at foreclosure sale in 1871 to a trustee who subsequently conveyed the property to the Fremont, Lima and Union Railway Company.
 * Partially by the Lake Erie and Pacific Railroad Company and sold, uncompleted, by the Lake Erie and Louisville Railroad Company at foreclosure sale in 1871 to a trustee who subsequently conveyed the property to the Lake Erie and Louisville Railway Company—
 * Cambridge City to Union City, Ind. 36.00
 * The foregoing property, wholly or partly constructed by The Fremont and Indiana Railroad Company and partially constructed by the Lake Erie and Pacific Railroad Company, is not now embraced by the Panhandle's railroad.


 * Acquired from the Chartiers Railway Company (No. 2), constructed by-
 * Partially constructed by the Chartiers Valley Railroad Company, completed by The Chartiers Railway Company (No. 1), 1871, Carnegie to Washington, Pa. 22.79
 * The Chartiers Connecting Railroad Company, 1885, in Washington, Pa. .72
 * Meadow Lands and Zediker Railroad Company, 1904, Meadow Lands to Manifold Mine, Pa. 1.72
 * Western Washington Railroad Company, 1901–
 * Houston to Westland, Pa. 5.02
 * Plum Run Junction to Palanka, Pa. 1.63
 * 6.65
 * 31.88


 * Acquired from The Midway and Oakdale Railway Company, constructed by that company, 1901, Midway to Shaw Coal Company Mines. 1.53


 * Total acquired by consolidation, purchase, and merger. 1,121.45


 * Constructed by the Panhandle:
 * 1892, Cecil to Bishop, Pa. 1.94
 * 1893, Trimmer to Boone, Ind. 6.40
 * 1900, Union to Chester, W. Wa. 12.10
 * 1903, Burgettstown to Cherry Valley, Pa. 3.99
 * 1905, Rosslyn Connection. .99
 * 1910, Bentonville to Dublin Junction, Ind. 4.78
 * 1912, Lewis Run Junction to Carnegie, Pa. 2.58
 * 1912, Burgettstown to Atlasburg, Pa. 4.19
 * 1915, Langcloth to Studa, Pa. 6.56
 * 43.53

Total of above. 1,164.98


 * Abandoned by the Panhandle, 1910, Bentonville to Cambridge City, Ind. 5.75
 * Reclassified by the Panhandle:
 * 1908, Meadow Lands to Manifold Mine. 1.72
 * 1909, Midway to Shaw Coal Company mines. 1.53
 * 3.25
 * 9.00

Total recorded mileage. 1,155.98


 * Excess of recorded mileage over mileage inventoried. 6.00

Mileage inventoried as of date of valuation. 1,149.98

The net mileage owned on date of valuation, shown above, includes 35.489 miles of road which the Panhandle Jointly owns and uses with others, as follows:
 * Acquired from The Pittsburg, Cincinnati and St. Louis Railway Company and originally purchased by the Steubenville and Indiana Railroad Company, undivided one-half interest jointly owned and used with The Baltimore and Ohio Rail Road Company, Newark to Columbus, Ohio. 33.078
 * Acquired from Chicago, Saint Louis and Pittsburgh Railroad Company and wholly owned by the Panhandle until May 18, 1908, when the Panhandle conveyed an undivided one-half interest to Chicago, Milwaukee and St. Paul Railway Company, at Chicago, Ill., from Canal Street to Northwestern Avenue. 2.411

Total. 35.489

Leased Railway Property
The Panhandle uses on date of valuation facilities owned by other companies and other companies use facilities owned by the Panhandle to the extent indicated in the statement below. 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 date of valuation, are as follows:

Solely owned, but jointly used, used with—
 * Pittsburgh, Chartiers & Youghiogheny Railway Company: 1.31 miles of road located between Carnegie and Woodville, Pa., together with sidetracks and station facilities. The compensation for the use of these facilities is based on an amount equal to 3.5 per cent of a valuation of $135,574.09. The Pittsburgh, Chartiers & Youghiogheny also pays the salaries of two operators at Carnegie, one-half of the salary of the dispatchers and one-fourth of the salary of yard clerks and linemen. Charges for maintenance and operation of the tracks are divided on a basis of car and engine mileage. The station expense is divided on a basis of business performed. $4,745.09
 * The Pennsylvania Railroad Company: 2.05 miles of main and freight tracks located at Pittsburgh, Pa., extending from near Smithfield Street to the "DU" tower, for which it pays 0.035 cent per ton on all freight originating beyond the agreed switching limits of Pittsburgh, Pa., and interchanged with the Pennsylvania Company over these tracks. 262,851.81
 * Waynesburg and Washington Railroad Company: 0.82 mile of three-rail track located at Washington, Pa., between Main and Chestnut Streets, also third-rail yard tracks east of Main Street, freight and water stations, engine houses and other facilities. For the use of these facilities a rental is fixed equal to 4 per cent per annum on a valuation of $9,700 for the tracks and $183,872 for the freight stations and facilities, divided on a basis of engines and cars of each company in and out of Washington, Pa., monthly. The cost of maintenance of the tracks, including watch boxes and wages of crossing watchmen, is divided on the basis of the total number of locomotives and cars in and out of Washington, Pa., each month. The cost of maintenance and operation, including taxes, insurance, and assessments of the freight station facilities, is divided on a platform-tonnage basis. The cost of maintenance and operation of the engine-house facilities is divided on the basis of the number of locomotives handled and of water-station facilities on the basis of the water furnished each company during November each year. The Panhandle recorded as a credit to its income account a rental for these facilities for the year ended with date of valuation in the amount of. 1,668.84
 * Pennsylvania Company, as agent for The Toledo, Columbus and Ohio River Railroad Company: 13.65 miles of main-line double-track railroad located between New Commerstown and Coshocton, Ohio; the Pennsylvania Company furnishes power and crews to move freight to points beyond New Commerstown or Coshocton, Ohio, not on the line of the Panhandle, and the Panhandle pays the Pennsylvania Company 45 cents per train mile and retains all the revenues. If two engines are used, 78⅓ cents per train mile is paid.
 * The Hocking Valley Hallway Company: 0.44 mile of double track located at Columbus, Ohio, between High Street and Hocking Valley connection. For the use of these facilities The Hocking Valley Railway Company pays a flat rental of $600 per month.
 * The Cincinnati, Hamilton and Dayton Railway Company: 0.80 mile of double main track and certain sidetracks, located at Piqua, Ohio; for the use of these facilities The Cincinnati, Hamilton and Dayton Railway Company pays n fixed rental equal to 3 per cent per annum on a valuation of $100,316 and a maintenance charge of $24.17 per month. 3,009.48
 * Grand Rapids & Indiana Railway Company, as lessee of the property of the Cincinnati, Richmond and Fort Wayne Railroad Company: 0.79 mile of track, including freight station, terminal yards, interlockers, team tracks, and facilities and certain parts of passenger station and facilities located at Richmond, Ind. For the use of these facilities the Grand Rapids & Indiana pays a flat rental of $250 per month. It also pays 25.8 per cent of all maintenance and renewal expenses and 20.8 per cent of operating expenses, except the operation of freight facilities and yards, of which it pays 20 per cent.
 * The Cincinnati, Hamilton and Dayton Railway Company: 0.16 mile of main track and certain sidetracks of the Panhandle between Fifth and Tenth Streets, located at Hamilton, Ohio. 819.96
 * The Lake Erie and Western Railroad Company: 2.23 miles of main track and certain sidetracks located between New Castle and Fayne, Ind. The Lake Erie and Western Railroad Company pays 55 cents per train-mile for this service. Light engines are classed as one train. 3,000.08
 * In addition, there were a number of other facilities of minor importance owned by the carrier which were used jointly with other carriers, consisting principally of interlockers, crossings, crossing protection, passenger, freight, and other stations.

Solely used, but not owned, leased from—
 * The Pennsylvania Railroad Company—
 * Steubenville Extension, 1,183[sic] miles of road, at Pittsburgh, Pa., and all appurtenances including Grant and Try Street freight station facilities. The lease for the operation of this property was made by The Pennsylvania Railroad Company on June 29. 1874, to the Pennsylvania Company, for a period extending to Apr. 1, 1870. On Oct. 24, 1876. the Pennsylvania Company sublet this property to The Pittsburg, Cincinnati and St. Louis Railway Company for a period extending from Nov. 1, 1876, to Nov. 1, 1901. The lease was not renewed at maturity, but the property has been operated under its provisions by the Pittsburg, Cincinnati and St. Louis Railway Company and the Panhandle, from Nov. 1, 1876, to date of valuation. The Panhandle maintains and operates the property and pays the Pennsylvania Company an annual rental equal to 5 per cent on a valuation of $1,238,572.92. $61,928.64
 * The Panhandle, under terms of sublease from the Pennsylvania Company, dated Mar. 16, 1893, pays an additional flat rental on Try Street yard facilities of. 6,520.00
 * Ohio Connecting Railway: The entire property owned has been operated by the Panhandle, from Oct 20, 1890, to date of valuation, under various resolutions of the boards of directors of the two companies and a lease dated Dec. 30, 1905, terminable on one year's notice. All of the property is maintained and operated by the Panhandle, except that part extending from Duff Junction to Lewis Run Junction. The latter parallels a track owned by the Pittsburgh, Chartiers & Youghiogheny Railway Company, and it has been maintained and operated by that company and the Panhandle jointly as a double track since June 5, 1905, under an agreement dated Feb. 1, 1905. The Panhandle turns over to the Ohio Connecting Railway the net earnings from the operations of its property. 249,950.12
 * Pittsburgh, Wheeling and Kentucky: The entire property owned is used by the Panhandle under a lease executed on Feb. 25, 1878, with the Pittsburg, Cincinnati and St. Louis, for a period extending to Feb. 25, 1977. The Panhandle maintains and operates the property, collects all revenues and after deducting operating and maintenance expenses, insurance, taxes, assessments, and other charges pays the surplus to the Pittsburgh, Wheeling and Kentucky semi-annually. 166,377.88
 * Little Miami Railroad: The entire property owned, and also the property leased by the Little Miami Railroad from the Columbus and Xenia and the Dayton and Western, as explained hereinafter in the portion of this appendix devoted to those companies, is used by the Panhandle under a lease dated Feb. 23, 1870, and modified May 1, 1899, and Apr. 9, 1907. (For component factors of this amount, see box-head table at end of this statement on page 185). 786,898.41
 * Anderson Belt Railway: The entire property owned has been operated by the Panhandle from 1891 to date of valuation, without written agreement, by virtue of the ownership of the entire outstanding capital stock of the Anderson Belt Railway. The Panhandle maintains and operates this property, but the Panhandle's records do not disclose that any payment was made for its use for the year ended on date of valuation.
 * Chicago, Indiana & Eastern: The entire property owned has been operated by the Panhandle from May 1. 1907, to date of valuation, under the terms of an agreement dated May 10, 1907, terminable on six months' notice. The Panhandle maintains and operates the property and accounts to the Chicago, Indiana & Eastern, for the net earnings from operation. The operation of the property for the year ended on date of valuation resulted in a deficit, which the Panhandle credited to income account Rent for Leased Roads in the amount of (Cr.). 28,783.91
 * Englewood Connecting Railway: The entire property owned is used by the Panhandle without agreement. The Panhandle maintains and operates the property and accounts to the Englewood Connecting Railway for the net earnings from operation. The operation of the property for the year ended on date of valuation resulted In a deficit, which amount the Panhandle credited to its income account Rent for Leased Roads in the amount of (Cr.). 3,789.61

Jointly used, but not owned, owned by—
 * The South Chicago and Southern Railroad Company: Line from Bernice to Colehour, Ill., consisting of 9.29 miles of track and facilities, including interlockers. The power and crews of the Panhandle move coke and stone trains over this track, and the Panhandle and the owner participate in the earnings. The South Chicago and Southern pays the Panhandle 45 cents per loaded train mile and the Panhandle pays The South Chicago and Southern 2 cents per light engine-mile, 1 cent per cabin car, and 40 cents per passenger-train mile. 9,834.20
 * The Pittsburgh, Fort Wayne and Chicago Railway Company: Line from Colehour to Chicago, Ill., consisting of 14.19 miles of first main track, together with other tracks and appurtenances for the use of which the Panhandle pays a flat rental of 40 cents per passenger-train mile. The power and crews of the Panhandle move coke and stone trains as far as Fifty-fifth Street and the revenue derived therefrom is divided between it and the Pennsylvania Company, lessee of the property of the Pittsburgh, Fort Wayne and Chicago, the Panhandle paying the Pennsylvania Company 2 cents per light engine-mile and 1 cent per cabin car-mile, and the Pennsylvania Company paying the Panhandle 45 cents per loaded train-mile. 13,428.91
 * Chicago Union Station Company—
 * 1.43 miles of track and passenger station facilities at Chicago, Ill. A rental amounting to 7 per cent on a valuation of $1,188,905 is divided equally among the using companies. The Panhandle's proportion for the year ended on date of valuation amounted to. 16,644.67
 * The Panhandle also pays its proportion of the net expense of maintenance and operation of the property between Van Buren and Madison Streets, divided on a basis of the number of cars and engines handled.
 * The Indianapolis Union Railway Company: 1.20 miles of track and the passenger station and facilities owned by the Indianapolis Union Railway and 10.46 miles of tracks leased by the Indianapolis Union Railway from The Belt Railroad and Stock Yards Company, all of which facilities are located at Indianapolis, Ind. For the use of the facilities owned by the Indianapolis Union Railway the Panhandle pays a fixed rental of 2000/12783 of $1,000,000 capitalized at 4.5 per cent and on $1,538,072.70 capitalized at 7 per cent, and a sinking fund of $8,100 per annum. It also pays a portion of the expenses of maintenance and operation, including taxes, insurance, and assessments on tracks and appurtenances, based on the mileage of all cars and locomotives handled over the tracks, and a portion of the expenses of the passenger station and appurtenances based on all trains in and out of the station. For the use of the facilities leased by the Indianapolis Union Railway and sublet to the Panhandle, the latter pays a fixed annual rental of 2000/12783 of $975,851.18 capitalized at 7 per cent, and also pays a portion of the expenses of maintenance and operation, including taxes, insurance, and assessments, based on the mileage of all cars and engines handled.
 * The Dayton Union Railway Company: 0.54 mile of track and passenger station facilities, located at Dayton, Ohio. As compensation for the use of these facilities the Panhandle pays its proportion of 7 per cent per annum on the capital stock of the Dayton and Union in the amount of $321,000, 5 per cent per annum on $47,000 ground rental, 4 per cent per annum on $388,000 mortgage bonds, and 1 per cent of that par value of bonds to be used as a sinking fund, together with expenses of maintenance and operation, taxes, assessments, and insurance. The charges are divided among the companies using the property on the basis of the number of trains in and out of the station. $13,555.15
 * Union Depot Company: 0.24 mile of track and passenger station and facilities located at Columbus, Ohio, for the use of which the Panhandle pays its proportion of an amount equal to 8 per cent per annum on $74,597.50 capital stock, 7 per cent per annum on $374,000 mortgage bonds, and 4.5 per cent per annum on $464,000 mortgage bonds of the depot company and a payment of $3,123 per annum as a sinking fund, together with its proportion of the net charges for maintenance and operation, taxes, insurance, and assessments, divided on a basis of the total number of passenger trains using the station facilities for six months preceding the mouth in which the account is due.
 * The Pennsylvania Railroad Company: 0.20 mile of track, the passenger station, below the first floor, passenger yards, terminal facilities, interlocked, and appurtenances located at Pittsburgh, Pa., for which the Panhandle pays its proportion of a rental based on 4 per cent per annum on a valuation of $11,141,507.50, and maintenance and operation expenses of these facilities and including taxes and insurance; all divided on a basis of the number of passenger cars handled monthly for each company using the station. The Panhandle also uses the office facilities of the Pennsylvania Station, above the first floor, including a proper portion of the Liberty Avenue and Tenth Street power plant. The expense of maintenance and operation, together with a rental equal to 4 per cent per annum on a valuation of $1,336,616.21, is divided among the companies using the facilities.
 * The Lake Erie and Western Railroad Company: 53.98 miles of single-track main line, located between Indianapolis and Kokomo, Ind., including side tracks, water and other stations, real estate and other property, but excluding terminal buildings, shops, structures, and side tracks at Indianapolis. As compensation for the use of this property the Panhandle pays a monthly rental of $2,755.73; also its proportion of the charges for maintenance and operating expenses, including renewals, taxes, insurance and assessments for all property jointly used, except passenger stations, divided on a basis of car and engine mileage. The expenses of passenger station maintenance and operation is borne solely by the Lake Erie and Western because the Panhandle retains only 25 per cent of the revenue derived from Lake Erie and Western tickets honored on Panhandle's trains.
 * The Cincinnati, Hamilton and Dayton Railway Company—
 * 1.27 miles of track located at Dayton, Ohio, extending from near Third Street to Miami City Junction. The expenses of maintenance, operation, and renewals are divided on a wheelage basis.
 * 1.60 miles of double track extending from Hamilton to New River Junction, Ohio, together with side tracks, signals, and all main track appurtenances. The Panhandle has perpetual rights to the use of this track as per agreement of Aug. 16, 1888, between the Cincinnati, Hamilton and Dayton and the Chicago, Saint Louis and Pittsburgh Railroad Company.
 * The Belt Railroad Company of Chicago: 1.82 miles of main track and about 161 miles of side tracks located at Chicago, Ill. The expenses of the Belt Railroad Company, which include an amount equal to 6 per cent on $2,880,000 par value of capital stock, expenses of maintenance, operation, taxes, insurance, and rentals, are apportioned to various sections of its line on an agreed reproduction value basis, and those amounts are divided among the companies using those sections, on a car basis. $19,979.91
 * Pittsburgh, Chartiers & Youghiogheny Railway Company—
 * 2.52 miles of railroad located between Carnegie and Lewis Run Junction, Pa. This track parallels a track owned by the Panhandle, which is located on right of way of the former company and the two tracks are used by both companies as a double-track railroad, each company having equal operating privileges. The expense of maintenance and operation is divided between the users on a basis of car and engine mileage. The Panhandle pays as rental an amount equal to 4 per cent per annum on a valuation of $26,395 for the use of the land on which its tracks are located.
 * 3.18 miles of railroad located between Lewis Run Junction on[sic] Duff Junction, Pa. This track parallels a track owned by the Ohio Connecting Railway, leased by the Panhandle, and the two tracks are used by the Pittsburgh, Chartiers & Youghiogheny Railway Company and the Panhandle as a double-track railroad. The expense of maintenance and operation is divided between the users on a car and engine mileage basis.
 * In addition, the Panhandle uses jointly with their owners a large number of other facilities of minor importance consisting of interlockers, crossings, targets, passenger, freight, and water stations, interchange and other facilities.

Solely leased, but jointly used:
 * Leased from The Pennsylvania Railroad Company, used with that company—
 * 0.86 mile of track and appurtenances, except M. B. interlocker, and also the Fourth Avenue passenger station of the Steubenville Extension of The Pennsylvania Railroad Company, located at Pittsburgh, Pa. The compensation for the use of the tracks is an amount equal to 4 per cent per annum on a valuation of $1,048,440, together with a proportion of the maintenance charges including taxes and insurance, divided on a wheelage basis. The compensation for the use of the Fourth Avenue station is an amount equal to 4 per cent per annum on a valuation of $58,292, together with a proportion of the expenses of maintenance and operation, including taxes and insurance divided on a basis of passenger trains of each company stopping at the station. $6,621.21
 * Grand and Try Street freight stations and facilities, used jointly with the Panhandle by the Pennsylvania Railroad, for the use of which they pay as rental their proportions of an amount equal to 4 per cent per annum on a valuation of $1,843,199, and a proportion of charges for maintenance, operation, taxes and insurance, all being divided on a tonnage basis.
 * Leased from the Pittsburgh, Wheeling and Kentucky, used with The Baltimore and Ohio Rail Road Company—
 * 4 miles of railroad, located between Wheeling and Benwood, W. Va., for the joint use of which the Baltimore and Ohio pays an annual rental equal to 3 per cent on a valuation of $363,242.59.
 * The charges for maintenance, renewals, and operation of the tracks are divided on a car and engine mileage basis, the charges for maintenance and operation of the passenger station and facilities are divided on a basis of the number of trains and engines using the stations, and the charges for the maintenance and operation of the freight station and facilities are divided on a basis of the cars and engines using the facilities. 10,489.80
 * Leased from the Little Miami Railroad—
 * Used with the Pennsylvania Company in its operation of The Cleveland, Akron and Cincinnati Railway Company: 27.57 miles of first main track and other main and side tracks, located between Morrow and Clare Streets. The Panhandle makes no charge against the Pennsylvania Company for the use of the tracks and that company makes no charges for equipment used in passenger service. The earnings from the passenger trains are divided equally. The Panhandle charges the Pennsylvania Company 45 cents per train-mile for freight trains operated between Morrow and Clare Streets.
 * Used with the Pennsylvania Company in its operation of The Cleveland, Akron and Cincinnati Railway Company, and with the Norfolk and Western Railway Company: 8.55 miles of main track, sidings, and engine-house facilities, located between Clare and Cincinnati, Ohio. The Panhandle does not charge the Pennsylvania Company for the use of its tracks in passenger service and the Pennsylvania Company does not charge the Panhandle for the use of its passenger equipment. The Panhandle charges the Pennsylvania Company 45 cents per train-mile for freight trains. The earnings of the Cleveland, Akron and Cincinnati passenger trains are divided equally with the Panhandle and the Pennsylvania Company. The Norfolk and Western Railway Company pays $7 per train for trains passing each way over these tracks. Engine-house expenses are prorated on the basis of the number of engines handled. The expense of passenger car repair force is prorated on the basis of the number of cars cared for.
 * Used with the Louisville and Nashville Railroad Company, the Norfolk and Western Railway Company, and the Pennsylvania Company In its operation of The Cleveland, Akron and Cincinnati Railway Company: 0.32 mile of double main track, passenger station and certain side tracks, located at Cincinnati, Ohio. For the use of these facilities the Louisville and Nashville and the Norfolk and Western each pay an annual rental equal to 4 per per cent per annum on a valuation of $679,637.85. The expense of maintenance, renewals, and operation, less the amount received from rent of office space and commissions, is prorated among the using companies on a basis of the number of cars handled. The expense of maintenance, renewals and operation of the station is divided on the basis that the number of trains of each company leaving the station bears to the total number of trains. The Pennsylvania Company pays no station expense.
 * Used with the Louisville and Nashville Railroad Company: Certain land on which the freight house of the Louisville and Nashville at Cincinnati, Ohio, and certain tracks are located. The Louisville and Nashville pays an annual rental of $17,000 for the use of the ground for its freight house and for the use of tracks and pays one-third of the cost of maintenance and renewal of certain tracks.
 * Leased from the Dayton and Western—
 * Used with The Cincinnati, Hamilton and Dayton Railway Company, the Cleveland, Cincinnati, Chicago and St. Louis Railway Company, and the Erie Railroad Company: 1.27 miles of main track located at Dayton, Ohio, and extending from Third Street to Miami City Junction. The Dayton and Union uses this track from the station to Miami City Junction. The expense of maintenance, renewals, and operation is prorated on a wheelage basis. The Big Four pays an annual rental equal to 5 per cent on a valuation of $55,882.40. The Dayton and Union pays $2,000 per annum rental. A reciprocal arrangement exists between the Dayton and Western and the Cincinnati, Hamilton and Dayton for the use of this and other tracks. The Erie uses these tracks through an arrangement with the Cincinnati, Hamilton and Dayton.
 * Used with The Dayton and Union Railroad Company: 15.34 miles of double and passing tracks, together with stations, water stations, and appurtenances, located between Dayton and Dodson, Ohio. The Dayton Union pays an annual rental of $10,000 and 10 per cent of any revenues received in excess of $100,000 per annum. It also pays a proportion of certain salaries at Dodson.

Jointly owned and used:
 * In Columbus, Ohio, the Pennsylvania Company in its operation of the Cleveland, Akron and Columbus Railway Company, and the Norfolk and Western Railway Company use 0.30 mile of track and facilities jointly owned by the Panhandle and the Baltimore and Ohio Rail Road Company. For the use of the facilities each of those companies pays a fixed monthly rental of $125, and a fixed maintenance charge of $25 per month. $1,500.00

The amount of $786,898.41 under "Little Miami Railroad" comprises the following:


 * 1 A portion of the guaranteed stock shown above for the Little Miami Railroad was issued during the year ended on date of valuation.

The Pittsburg, Cincinnati and St. Louis Railway Company
Introductory

This company was incorporated in the States of Ohio, Pennsylvania, and West Virginia. Control of the company was vested in the Pennsylvania Company and the Pennsylvania Railroad Company through ownership of a majority of the outstanding capital stock.

At the date of its demise, September 30, 1890, the company operated about 464 miles of standard-gauge railroad, the main line extending from Pittsburgh, Pa., southwestwardly through Columbus, Ohio, to Richmond Junction, Ind., with branches diverging from various points on the main line to the following termini: Washington, Pa.; Benwood and Union, W. Va.; Cadiz, Springfield, and Cincinnati, Ohio; and other points. Of the total mileage operated the Company owned about 181 miles, an undivided one-half interest in about 33 miles, and leased from others for exclusive operation about 250 miles.

Development of Fixed Physical Property

The mileage owned and jointly owned by the company at date of demise, approximately 214 miles, was acquired as follows:

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 Panhandle.

The Pan Handle Railway Company
Introductory

This company was Incorporated in the State of Pennsylvania.

On the date of its demise, April 30, 1868, the company owned a single-track railroad, extending westwardly from a connection with the Steubenville Extension of the Pennsylvania Railroad at Pittsburgh, Pa., to the east end of the Holliday's Cove Rail Road Company's bridge across the Ohio River near Steubenville, Ohio, about 41 miles. The above-described property was operated for account of the company from the date of its sale at foreclosure on November 6, 1867, to the date of its demise, by the Pittsburgh, Columbus and Cincinnati Railroad, an unincorporated company formed to operate jointly as a single unit the several railroads comprising the line from Pittsburgh to Columbus.

The company had obtainable accounting records purporting to be for the entire period from December 28, 1867, to April 30, 1868, but these do not include a complete record of the results of the operation of property and the data recorded In these accounts has been supplemented by data taken from the records of the operating company.

Development of Fixed Physical Property

The entire 41 miles of road owned by the company on date of demise, had been acquired by purchase after foreclosure from the Pittsburgh and Steubenville. 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 Panhandle.

Pittsburg and Steubenville Railroad Company
Introductory

This company was an incorporation of the State of Pennsylvania.

On the date of its demise, December 28, 1867, the company owned a line of railroad about 41 miles in length, extending westwardly from a connection with the Steubenville Extension of the Pennsylvania Railroad Company at the center of Smithfield Street, Pittsburgh, to a connection with the tracks of the Holiday's Cove Rail Road Company at the eastern end of that company's bridge across the Ohio River near Steubenville, Ohio.

The property was leased to the Western Transportation Company for sole operation from October 9, 1865, when it was opened for operation, to November 6, 1867, the date the property was sold at foreclosure as explained later on in this report, and was operated for account of the lessee during that period by the Pittsburgh, Columbus and Cincinnati Railroad, an unincorporated company formed to operate as a single unit the several railroads comprising the line from Pittsburgh, Pa., to Columbus, Ohio.

Accounting records of the company were obtainable only for the period from January, 1853, to December 31, 1860, inclusive, but other data relative to the construction and operation of the Steubenville's property was recorded in the accounts of the Western Transportation Company and the Pittsburgh, Columbus and Cincinnati Railroad. Certain information has been taken from the records of the last two mentioned companies, as detailed hereinafter.

Development of Fixed Physical Property

The railroad owned by the company at its demise, about 41 miles of road, was all acquired by construction. Construction of the line from Pittsburgh to the Virginia State line, about 34 miles, was begun during July, 1852, by Manful, Nicholson and Company, contractors, who discontinued work during May, 1856, on account of financial embarrassment. The work was continued under an agreement of May 10, 1856, by King and Thompson, contractors, who during 1862 assigned their contract to the Western Transportation Company, which completed the line and opened it for operation on October 9, 1865. No charter was obtained from the State of Virginia by the company and the line from the Pennsylvania State line to the Ohio River opposite Steubenville, about 7 miles, was constructed on privately acquired right of way by Edgington and Wells, contractors, who completed it during February, 1854, and operated it for several years in conjunction with a ferry at Steubenville. Beginning during 1864 the western portion of this line was reconstructed by the Western Transportation Company on a different grade and alignment, to connect with the tracks across the bridge of the Holliday's Cove Rail Road Company. This track was opened for operation on October 9, 1865.

The Holliday's Cove Rail Road Company
Introductory

This company was an Incorporation of the State of Virginia, and control was vested in the Pennsylvania Railroad, through ownership of the entire outstanding capital stock.

The property of the company at date of demise, comprised a bridge across the Ohio River at Steubenville, Ohio, with about 0.30 of a mile of single-track, main-line railroad, which formed a connection between the railroads of the Pan Handle Railway Company and the Pittsburg and Steubenville.

No accounting records of the company were obtainable, but certain data relative to the financing, construction, and operation of the property were obtained from the accounting records of certain other companies and from the return on corporate history filed by the Panhandle.

Development of Fixed Physical Property

The property owned by the company at its demise, comprising a bridge across the Ohio River, with about 0.36 mile of main-line track, was all acquired by construction. The construction of the bridge was originally begun in 1856 for the Pittsburg and Steubenville, by King and Thompson, contractors. The details of the company's acquirement of the partially completed bridge can not be stated, but that company on January 23, 1863, entered into an agreement with George W. McCook for its completion and operation under lease for a period of 999 years. The property was opened for operation on October 9, 1865. The records of the Western Transportation Company show that that company completed the bridge for George W. McCook, lessee, and the records of the Pittsburg, Columbus and Cincinnati Railroad, an unincorporated company formed to operate jointly the several sections of railroad forming the line from Pittsburgh to Columbus, show that it operated the property from October 9, 1865, until its demise.

Steubenville and Indiana Railroad Company
Introductory

This company was a corporation of the State of Ohio. Control of the company was vested in the Pennsylvania Railroad through ownership of a majority of the company's outstanding capital stock.

On date of demise, April 30, 1868, the common-carrier property of the company comprised about 158 miles of standard-gage railroad, all located within the State of Ohio, extending from the Ohio River bridge of the Holliday's Cove Rail Road near Steubenville, westwardly to Columbus, Ohio, about 150 miles, with a branch from Cadiz Junction southwardly to Cadiz, about 8 miles. About 125 miles of this line, extending from Steubenville to Newark, and from Cadiz Junction to Cadiz, was wholly owned by the company, and about 33 miles, extending from Newark to Columbus, was owned jointly with The Central Ohio Railroad Company.

The foregoing property of the company was operated from the dates of completion or acquirement to the date of the company's demise, as follows:


 * Steubenville to Unionport:
 * By company's own organization. Dec. 22, 1853, to Apr. 11, 1855.
 * Steubenville to Newark and Cadiz Junction to Cadiz:
 * By company's own organization. Apr. 11, 1855, to Sept. 1, 1859.
 * By Thomas L. Jewett, receiver. Sept. 2, 1859, to Oct. 8, 1865.
 * By the Pittsburgh, Columbus and Cincinnati Railroad for account of receiver. Oct. 9, 1865, to Apr. 30, 1868.
 * Newark to Columbus (undivided one-half interest):
 * Jointly by The Central Ohio Railroad Company and Thomas L. Jewett, receiver for The Pittsburg and Steubenville Railroad Company. Aug. 31, 1864, to Oct. 30, 1866.
 * Jointly by The Baltimore and Ohio Rail Road Company, lessee of The Central Ohio Railroad Company and the Pittsburgh, Columbus and Cincinnati Railroad, representing the receiver of The Pittsburg and Steubenville Railroad Company. Oct. 80, 1866, to Apr. 30, 1868.

The company had accounting records for the period from May, 1850, to September 2, 1859, the date the property was placed in the hands of a receiver, as explained later. Receiver's books were opened on September 2, 1859, and were maintained until after the date of demise, April 30, 1868, but these books do not include a record of the company's financial transactions during that period, nor of the results of the operation of the property for account of the receiver by the Pittsburgh, Columbus and Cincinnati, from October 9, 1865, to April 30, 1868. The data omitted from the corporate and receiver's books has been partially supplied by reference to records known as corporate reorganization ledgers and stock ledgers, and by data taken from the records of the Pittsburgh, Columbus and Cincinnati and the Western Transportation Company, as explained later on in the several chapters where used, but only an incomplete record of the financial transactions and property investments of the company was obtainable,

Development of Fixed Physical Property

On the date of its demise, the property of the company comprised about 158 miles of railroad, which it had acquired, as follows:


 * By construction:
 * Steubenville (Ohio River bridge) to Newark. 117
 * Cadiz Junction to Cadiz. 8
 * 125
 * By purchase (undivided one-half interest), Newark to Columbus. 33
 * Total. 158

Chicago, Saint Louis and Pittsburgh Railroad Company
Introductory

This company was a corporation of the States of Indiana and Illinois. On date of its demise the control of the company was vested in the Pennsylvania Company through ownership of a majority of the outstanding capital stock.

At its demise the company operated about 650 miles of standard-gage railroad which in a general way may be described as extending westerly from Columbus, Ohio, to Indianapolis, Ind., and northwesterly from Bradford Junction, Ohio, to Chicago, Ill.; with extensions from Richmond to Anoka Junction, Ind.; and from Logansport to Effner, Ind. It leased for sole operation railway property from Rendcomb Junction to Hamilton, Ohio, and had trackage rights over the railroad from Indianapolis to Kokomo. Of the total mileage operated by the company, about 582 miles were owned, about 68 miles were leased from others for sole operation. In addition, about 54 miles were used under trackage agreements. The entire property of the company was operated by its own management from April 1, 1884, to September 30, 1890.

The accounting records of the company were maintained without separation or distinction in the same books that had been used by the Chicago, St. Louis and Pittsburgh Railroad Company (of Indiana), from April 2, 1883, to March 31, 1884, and as those records also included the records of the Chicago, St. Louis and Pittsburgh Railroad Company (of Illinois), without separation or distinction, the financial affairs, the corporate operations, and the investments of the Chicago, St. Louis and Pittsburgh Railroad Company (of Indiana), the Chicago. St. Louis and Pittsburgh Railroad Company (of Illinois) are shown in some instances in this report in inseparable amounts from April 2, 1883, to September 30, 1890.

Development of Fixed Physical Property

The owned mileage of the company at the date of Its demise consisted of approximately 582 miles, acquired as follows:


 * By consolidation. 582
 * By purchase direct. 2
 * By construction. 2
 * 586
 * Less—
 * Mileage sold. 2
 * Mileage reclassified. 2
 * 4
 * Total. 582

The Chicago, St. Louis and Pittsburgh Railroad Company
Introductory

This company was a corporation of the State of Indiana. At the date of its demise it operated about 582 miles of standard gage railroad, which in a general way may be described as extending westerly from Columbus, Ohio, to Indianapolis, Ind., and northwesterly from Bradford Junction, Ohio, to Chicago, Ill., with extensions from Richmond to Anoka Junction, Ind., and from Logansport to Effner, Ind. The company owned, as stated in the Panhandle's records, about 554 miles of its operated mileage and used exclusively about 28 miles of railroad owned by the Chicago, St. Louis and Pittsburgh (of Illinois), which mileage it operated without written agreement. The entire property of the company was operated by its own management from April 2, 1883, to March 31, 1884.

The accounting records of the company were opened April 2, 1883, and from that date to March 31, 1884, the accounting records of the Chicago, St. Louis and Pittsburgh (of Illinois) were included therein without separation or distinction. The same accounting records were used by the company, from March 31, 1884, also without distinction or separation, and for that reason it is necessary to present the financial affairs, the corporate operations, and the investments of the Chicago, St. Louis and Pittsburgh (of Indiana), the Chicago, St. Louis and Pittsburgh (of Illinois) and this company in inseparable amounts, the details of which, as prepared from the obtainable records, are shown in the report on the Chicago, St. Louis and Pittsburgh.

Development of Fixed Physical Property

The entire mileage of the company owned at date of demise, consisting of 554 miles of railroad, was acquired by purchase after foreclosure. 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 Panhandle.

Chicago, St. Louis and Pittsburgh Railroad Company
Introductory

This company was a corporation of the State of Illinois. On the date of its demise the company owned, as stated in the Panhandle's records, a line of railroad extending in a northwesterly direction from the Illinois-Indiana State line, near Lansing, Ind., to a connection with the West Water Street tracks of The Pittsburgh, Fort Wayne and Chicago Railway Company in Chicago, Ill., 131 feet north of the north line of Fulton Street, about 28 miles, which was acquired by purchase after foreclosure. 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 Panhandle.

The entire property was operated without written agreement by the Chicago, St Louis and Pittsburgh (of Indiana) from April 2, 1883, to March 31, 1884. No accounting records were maintained by the company. its property investments and the results of the operation of its property were recorded in the books of the Chicago, St. Louis and Pittsburgh (of Indiana) without distinction and can not be Identified.

Columbus, Chicago and Indiana Central Railway Company
Introductory

This company was a corporation of the States of Ohio, Indiana, and Illinois. On the date of its demise the company owned about 582 miles of standard-gage railroad, which in a general way may be described as extending westerly from Columbus, Ohio, to Indianapolis, Ind., and northwesterly from Bradford Junction, Ohio, to Chicago, Ill., with extensions from Richmond to Anoka Junction, Ind., and from Logansport to Effner, Ind.

The property was operated by its own management from its organization to January 31, 1869. From February 1, 1869, to December 31, 1874, the entire property of the company was operated by the Pittsburg, Cincinnati and St. Louis, under lease; and from January 1, 1875, to March 17, 1883, it was operated by the Pittsburg, Cincinnati and St. Louis for account of the receivers of the company. The property was operated by the Pittsburg, Cincinnati and St. Louis from March 17, to April 1, 1883, for the owners.

Development of Fixed Physical Property

The owned mileage of the company at date of demise consisted of approximately 5S2 miles, acquired as follows:
 * By consolidation. 542
 * By construction. 40
 * Total. 582

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 Panhandle.

Columbus and Indiana Central Railway Company
Introductory

This company was a corporation of the States of Indiana and Ohio. On February 11, 1868, the date of demise, it owned and operated approximately 323 miles of railway; the principal line extending from Columbus, Ohio, through Bradford Junction, Ohio, to Indianapolis, Ind., 187 miles. From Bradford Junction another line projected a northwesterly direction toward the Indiana-Illinois State line at Effner, Ind. The last-mentioned line was completed from Union City, Ohio, to Marion, Ind., 54 miles; and from Logansport to Effner, Ind., 61 miles. Between Marlon and Anoka, Ind., 35 miles, the road was under construction, but between Anoka and Logansport, 5 miles, construction work had not been commenced at the date of demise.

The obtainable accounting records of the company consist of a general ledger containing postings as late as May 20, 1873. For the purposes of this report, however, all entries made after February 11, 1868, are considered as being as of that date.

Development of Fixed Physical Property

The owned mileage at date of demise, consisting of approximately 323 miles of completed road, of which 269 miles were acquired by consolidation and 54 miles by construction. 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 Panhandle.

Columbus and Indianapolis Central Railway Company
Introductory

This company was a corporation of the States of Ohio and Indiana. On the date of its demise, September 10, 1875, it owned and operated about 208 miles of standard-gage railroad extending in a westerly direction from Columbus to the Ohio-Indiana State line at Union City, Ohio, and in a southwesterly direction from Bradford, Ohio, to Indianapolis. Ind.

Development of Fixed Physical Property

The property owned by the company at its demise, comprising about 208 miles of railroad, was all acquired from predecessors at consolidation, as follows:


 * From the Columbus & Indianapolis Railway Company:
 * Columbus, Ohio, to Ohio-Indiana State line at Union City, Ohio. 104
 * Bradford, Ohio, to Ohio-Indiana State line near New Paris, Ohio. 32
 * 130
 * From the Indiana Central Railway Company, Ohio-Indiana State line near New Paris, Ohio, to Indianapolis, Ind. 72
 * Total. 208

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 Panhandle.

The Columbus & Indianapolis Railroad Company
Introductory

This company was a corporation of the State of Ohio. On October 19, 1864, the date of its demise, it owned a single-track, standard-gauge railroad about 136 miles in length, extending from Columbus to Union City and from Bradford to a connection with The Indiana Central Railway Company, at the Indiana State line west of New Paris, all in Ohio. The company operated its property from October 1, 1863, to January 9, 1864, and from January 10, 1864, the property was operated by The Indiana Central Railway Company as a part of the Great Central Lines, until October 12, 1864. During the remaining seven days of the company's corporate existence, its property was in the possession of its successor.

The accounting records of the company that were obtainable consist of a general ledger, Journal, and cash book, which cover the period from December 1, 1864, to September 30, 1867. These records are incomplete in the matter of detailed information and only partial data are recorded therein regarding the results of corporate operations. The accounting data included in this report regarding the corporate operations, investments, and finances of the company are such as were recorded in those books between the dates named.

Development of Fixed Physical Property

The owned mileage of the company on date of demise, consisting of about 136 miles, was all acquired by purchase. By purchase after foreclosure, the company acquired the 103.77 miles of road of the Columbus, Piqua and Indiana Railroad Company, extending from Columbus to Union City. The property, rights, and franchises of the Columbus, Piqua and Indiana Railroad Company were conveyed to the company through a deed, dated December 1, 1803. By direct purchase, the company acquired the 32.29 miles of road of The Richmond and Covington Railroad Company, extending from Bradford to the Indiana State line west of New Paris. The property, rights, and franchises of The Richmond and Covington Railroad Company were conveyed to the company through a deed dated September 5, 1864. 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 Panhandle.

Columbus, Piqua and Indiana Railroad Company
Introductory

This company was a corporation of the State of Ohio. On date of demise, December 1, 1863, it owned a single-track, standard-gauge railroad about 104 miles in length, extending from Columbus to Union City, all within Ohio. The company operated its property for its own account from an unknown date to June 23, 1856, when receivers were appointed by the common-pleas court of Franklin County, Ohio, who operated the property until it was turned over to a successor corporation on October 1, 1863.

The accounting records of the company that are obtainable comprise general ledgers and general journals, which were opened as of August 1, 1850, and the closing entries therein were recorded under the date of November 30, 1864. These records are incomplete in the matter of detailed information. The accounting data included hereinafter show the results of the company's financial transactions, investments, and operations during its corporate existence, as recorded in those books between the dates named.

Development of Fixed Physical Property

The mileage owned at date of demise, consisting of about 104 miles, was all acquired by construction. Construction was commenced in the early part of 1851 and the entire line was opened for operation in 1856. The work of constructing the railroad was performed by various contractors, none of whom were recorded in the records as having been affiliated with the company.

The Richmond and Covington Railroad Company
Introductory

This company was a corporation of the State of Ohio. On date of demise it owned a railroad about 32 miles in length, extending from Bradford to a connection with the Indiana Central, at a point on the Ohio-Indiana State line near New Paris, all in Ohio. This property was constructed by it and was opened for operation early in 1863. From 1863 (exact date not known) until January 9, 1864, the property was operated by its own organization. From January 10, 1864, to September 4, 1864, the property was operated by the Indiana Central under an agreement of January 10, 1864. There were no obtainable accounting records of the company, therefore no information could be obtained from the accounts regarding its corporate operations or investments.

The Indiana Central Railway Company; The Terre Haute and Richmond Railroad Company (East of Indianapolis)
Introductory

The first-named company shown in the title hereof was the successor through change in name of the second-named company. For the purposes of this report the two companies are treated as one. The company was a corporation of the State of Indiana. On the date of demise it owned a railroad about 72 miles in length, extending from a point on the Ohio-Indiana boundary west of New Paris, Ohio, to Indianapolis, all in Indiana. The company operated its property for its own account and in addition used exclusively the 130.06 miles of road owned by the Columbus & Indianapolis Railroad Company. The property operated by the company at the date of its demise, comprising its owned and leased mileage which aggregated 208 miles in length, was known as the Great Central Lines.

The accounting records of the company that were obtainable were incomplete and fragmentary, therefore no reliable information could be obtained from the company's own accounts regarding its corporate operations, investments, or finances. The accounting data included in this report that show the results from the company's operations during the latter part of its corporate existence were recorded in a set of books known as the records of the Great Central Lines, and the Information stated herein regarding the securities of the company was recorded in the books of its successor on the demise of the company.

Development of Fixed Physical Property

All of the 72 miles of first main track wholly owned and used on date of demise was acquired by construction. The line was opened for operation from Indianapolis to Greenfield on September 19, 1853, and from Greenfield to the Ohio-Indiana boundary on October 8, 1853.

The Union and Logansport Railroad Company
This company was a corporation of the State of Indiana. The property and franchises of The Marion and Mississinewa Valley Railroad Company (No. 2), upon which road but little construction work had been done, were conveyed by it to the company by deed of January 9, 1863, in accordance with the agreement of January 8, 1863. At September 10, 1807, the date of the demise of the company, the road it owned was only partially constructed and no part had been opened for operation; construction work that had been begun by the Marion and Mississinewa Valley Railroad Company (No. 2) and its predecessor corporations was continued by the company under a contract entered into in May, 1866, with one B. E. Smith and others. No accounting records of the company were obtainable.

The Marion and Mississinewa Valley Railroad Company
This company was a corporation of the State of Indiana. Its charter authorized the construction of a railroad from the Indiana-Ohio State line at Union City to Logansport, Ind., about 94 miles. At January 9, 1863, the date of demise, the road it owned was only partially constructed and no part had been opened for operation. Construction that was commenced by its predecessor corporations was continued by the company. No accounting records were obtainable.

Marion and Logansport Railroad Company
This company was a corporation of the State of Indiana. It was incorporated to construct a railroad from Marion to Logansport, Ind. The company contracted for the construction of its road at a cost of $20,000 per single-track mile. Considerable work was done, but no part of the road was completed on November 28, 1854, the date of its demise. No accounting records were obtainable.

The Marion and Mississinewa Valley Railroad Company (No. 1)
This company was a corporation of the State of Indiana. This company acquired considerable right of way and entered into an agreement July 16, 1853, with Jonas Ward & Company, of Ohio, contractors, for the construction of the entire road from Union City to Marion. However, very little work was actually done and no part of the road was completed at the date of demise. No accounting records are obtainable for the company.

Toledo, Logansport and Burlington Railway Company
Introductory

This company was a corporation of the State of Indiana and it was a reorganization of the Toledo, Logansport and Burlington Railroad Company. On the date of its demise, September 10, 1867, the company owned a railroad about 62 miles in length, extending from Logansport to Effner, all in Indiana. The company operated its property for its own account from October 1, 1862, to the date of its demise.

Its accounting records are fragmentary and incomplete. The books that are obtainable were opened as of October 1, 1862, except the ledger, which dates from February, 1867, and the final entries therein were dated August 31, 1868. Accounting data stated in this report show the results of the company's financial transactions and operations during its corporate existence, as recorded in these books between the dates named.

Development of Fixed Physical Property

The mileage owned on date of demise, consisting of about 62 miles, was acquired by purchase. Through purchase after foreclosure proceedings, Frederick Marquand and others, the incorporators of the company, on July 31, 1862, acquired the property of the Toledo, Logansport and Burlington, which comprised the total owned mileage of the Toledo[sic - Toledo, Logansport and Burlington Railway]. 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 Panhandle.

Toledo, Logansport and Burlington Railroad Company; Logansport, Peoria and Burlington Railway Company; Logansport and Pacific Railway Company; Logansport and Pacific Railroad Company
Introductory

The first-named company shown in the title of this report was the successor through change in name of the second company, on June 11, 1858; the second-named company shown in the title hereof was the successor through change in name of the third company, on September 12, 1854, and that company was the successor through change in name of the last company shown in the title hereof, on May 12, 1853. For the purpose of this report, the four companies are treated as one.

The company was a corporation of the State of Indiana, and on the date of its demise, July 10, 1862, it owned a railroad about 62 miles in length, extending from Logansport to Effner, all within Indiana. The company operated its property for its own account from December, 1859 (exact date not recorded), to December 18, 1860, when a receiver was appointed by the circuit court of White County, Ind., who operated the property until it was turned over to a successor corporation on September 30, 1862.

The obtainable accounting records of the company cover the period from June, 1859 (exact date not shown), to September 30, 1862, but they are incomplete and do not show the full results of its financial transactions as recorded in the books of its successor, the Toledo, Logansport and Burlington Railway Company.

Development of Fixed Physical Property

The mileage owned on date of demise, consisting of about 62 miles, was all acquired by construction. The date of beginning construction is not recorded, but construction was completed and operation of the company's railroad was commenced in December, 1859. The work of constructing the railroad was performed by Culver & Kent and other contractors. The records that are obtainable do not record that any of the contractors were in any way affiliated with the company.

Chicago and Great Eastern Railway Company (No. 4)
Introductory

This company was a corporation of Indiana and Illinois. At its demise it owned about 219 miles of railroad, extending from Richmond, Ind., to Chicago, Ill. The property of the company was operated by its own management from the date of its organization, January 30, 1865, to date of demise, February 11, 1868. The company was consolidated with the Columbus and Indiana Central Railway Company on February 12, 1868, to form the Columbus, Chicago and Indiana Central Railway Company; however, its records were continued until August 22, 1869. Therefore, the balances recorded in its records at that date are stated herein.

Development of Fixed Physical Property

The mileage owned at February 11, 1868, approximately 219 miles, was acquired as follows:


 * By consolidation. 166
 * By construction. 64
 * 230
 * Less mileage abandoned. 11
 * Mileage owned. 219

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 Panhandle.

Cincinnati and Chicago Air-Line Railroad Company
Introductory

This company was a corporation of Indiana and, at its demise, it owned about 107 miles of railroad extending from Richmond to Logansport, Ind., which was operated jointly by it and the Chicago and Cincinnati Railroad Company. The property, rights, and franchises of the Cincinnati and Chicago Railroad Company (No. 2), comprising a line of railroad, extending from Richmond to the south bank of the Wabash River, opposite Logansport, Ind., were acquired by the company by deed dated July 11, 1860, from a purchasing committee, who had previously purchased the property at a foreclosure sale, April 28, 1860. The company completed its bridge over the Wabash River near Logansport, Ind., and constructed a connection, about 0.77 mile, from a point on the south bank of the Wabash River to a junction with the Chicago and Cincinnati Railroad Company. When this connection was completed and opened for operation in 1861, the company classed as a sidetrack about 0.43 mile of the main track acquired by it on the date of organization.

There were no accounting records of the company obtainable; therefore, no information could be obtained from the accounts regarding its corporate operations, investments, or finances.

Cincinnati and Chicago Railroad Company (No. 2)
Introductory

This company was a corporation of Indiana, and owned about 107 miles of completed railroad, extending from Richmond, Ind., to the south bank of the Wabash River, opposite Logansport, Ind., which was sold at foreclosure on April 28, 1860, and now forms a part of the Panhandle. The company also owned a partly constructed railroad lying between Wabash, Ind., and the Indiana-Ohio State line, which was not sold at foreclosure on April 28, 1860, and forms no part of the Panhandle's railroad. The obtainable accounting records of the company, consisting of a ledger and journal, were incomplete and fragmentary, therefore, a complete statement of its financial transactions, results of corporate operations, or property investments can not be given.

Development of Fixed Physical Property

Through the consolidation agreement of August 31, 1854, the company acquired from the Cincinnati and Chicago Railroad Company (No. 1) a partly constructed railroad lying between Wabash, Ind., and the Indiana-Ohio State line, and it acquired from the Cincinnati, Logansport and Chicago Railway Company a partly completed railroad lying between Richmond and Logansport, Ind., of which about 27 miles, extending from Richmond to New Castle, Ind., was completed and had previously been opened for operation by the Cincinnati, Logansport and Chicago. Subsequent to the organization of the Cincinnati and Chicago (No. 2), that portion of the partly constructed railroad which it acquired from the Cincinnati, Logansport and Chicago, lying between New Castle and Logansport, Ind., about 80 miles, was completed and was opened for operation July 4, 1857, by John W. Wright and Company, who operated the property, under lease.

In the return on corporate history filed by the Panhandle, the latter states that the Cincinnati and Chicago (No. 2) secured right of way and performed construction work to the extent of $500,000 on the partly constructed railroad which it acquired from the Cincinnati and Chicago Railroad Company (No. 1), lying between Wabash and the Indiana-Ohio State line, but no portion of this road was opened for operation by it, nor does any portion of it form a part of the Panhandle's railroad.

Cincinnati, Logansport and Chicago Railway Company; New Castle and Richmond Railroad Company
Introductory

The first-named company shown in the title above was successor, through change in name, of the second-hand company. For the purposes of this report, the two companies are treated as one. The company was a corporation of the State of Indiana. When it consolidated with the Cincinnati and Chicago (No. 1) to form the Cincinnati and Chicago (No. 2), it owned a partly constructed railroad, extending from Richmond, Ind., to the south bank of the Wabash River at Logansport, of which about 27 miles, extending from Richmond to New Castle, was completed and opened for operation. From December, 1853, to January 31, 1854, the property was operated jointly with the Richmond and Miami Railway Company and the Eaton and Hamilton Railroad Company (No. 1), under an agreement dated December 11, 1852, and from February 1, 1854, to August 30, 1854, it was operated jointly with the two companies named and The Cincinnati, Hamilton and Dayton Railway Company, under an agreement dated December 13, 1853.

The obtainable accounting records of the company covered the period from December 24, 1850, to October 10, 1854. Therefore, for the purposes of this report and from an accounting standpoint the latter date is considered the date of demise of the company.

Development of Fixed Physical Property

The construction of the property of the company was begun in 1851 and that portion of its railroad extending from Richmond to New Castle, Ind., about 27 miles, was opened for operation in December, 1853. It could not be determined from the obtainable records of the company the extent of construction work performed on that portion of its railroad extending from New Castle to the south bank of the Wabash River at Logansport.

Cincinnati and Chicago Railroad Company (No. 1)
Introductory

This company was a corporation of the State of Indiana. The obtainable records of the company, consisting of a ledger, covered a period from April, 1854, to January, 1855. The balances recorded in this record as of December 20, 1854, were those transferred to the books of the Cincinnati and Chicago (No. 2), the successor company. Therefore, for the purposes of this report, the balances as of that date are herein stated. In acquiring the properties of the Cincinnati, Cambridge & Chicago Short Line and the Cincinnati, New Castle and Michigan through the consolidation plan of April 12, 1854, the records of the Cincinnati and Chicago (No. 1) record certain balances transferred to its books of only one of the above companies, the Cincinnati, Cambridge & Chicago Short Line, the accounts of the other company, the Cincinnati, New Castle and Michigan, being recorded in the books of the Cincinnati and Chicago (No. 2), the successor company.

Development of Fixed Physical Property

The Cincinnati and Chicago (No. 1) acquired through the consolidation plan of April 12, 1854, an uncompleted railroad from the Cincinnati, Cambridge & Chicago Short Line lying between New Castle and the Indiana-Ohio State line, and from the Cincinnati, New Castle and Michigan it acquired an uncompleted railroad lying between New Castle and Wabash, Ind. The Cincinnati and Chicago (No. 1) performed some additional construction work on the above railroads, but it opened no portion of its road for operation.

Cincinnati, Cambridge & Chicago Short Line Railway Company
This company was a corporation of the State of Indiana. On date of demise it owned no completed railroad, but had performed some construction work, the extent of which Is unknown. There were no obtainable accounting records of the company, therefore, no information could be obtained from the accounts regarding its investments or finances.

Cincinnati, New Castle and Michigan Railroad Company
This company was a corporation of the State of Indiana. At date of demise it owned no completed railroad, but had performed some construction work, the extent of which is unknown. There were no obtainable accounting records of the company, therefore, no information could be obtained from its accounts regarding its finances, corporate operations, or investments.

Chicago and Great Eastern Railway Company (No. 3)
This company was a corporation of the States of Indiana and Illinois. Through consolidation it acquired from the Chicago and Cincinnati Railroad Company about 59 miles of completed railroad extending from Duret Street, Logansport, to a point east of Valparaiso, and from the Chicago and Great Eastern Railway Company (No. 2) it acquired an uncompleted railroad lying between LaCrosse, Ind., and Chicago, Ill., which represented the railroad owned by the company at its demise. There were no obtainable accounting records of the company, therefore, no information could be obtained from the accounts regarding its investments or finances.

Chicago and Cincinnati Railroad Company
This company was a corporation of the State of Indiana. On date of demise the company owned about 59 miles of railroad, extending from Duret Street, Logansport, to a point east of Valparaiso, Ind. The company began the construction of this railroad in August, 1858, and opened it for operation in 1861. There were no accounting records of the company obtainable, therefore, no information could be obtained from the accounts regarding its corporate operations, investments, or finances.

Chicago and Great Eastern Railway Company (No. 2)
This company was a corporation of the States of Indiana and Illinois. On the date of its demise the company owned an uncompleted railroad lying between LaCrosse, Ind., and Chicago, Ill., the partial construction of which had been performed by the company. There were no accounting records of the company obtainable, therefore, no information could be obtained from the accounts regarding its investments or finances.

The Galena and Illinois River Railroad Company
This company was a corporation of the State of Illinois. In the return on corporate history filed by the Panhandle it is stated that the company performed no construction work. There were no accounting records of the company obtainable, therefore, no information could be obtained from the accounts regarding its investments or finances.

Chicago and Great Eastern Railway Company (No. 1)
This company was a corporation of the State of Indiana. No construction work was performed by it. There were no accounting records of the company obtainable, therefore no information could be obtained from the accounts regarding its investments or finances.

The Kokomo Belt Railroad Company
This company was a corporation of the State of Indiana. On the date of its demise the company owned a railroad about 2.50 miles in length, extending from a connection with the Chicago, Saint Louis and Pittsburgh Railroad Company, to the Kokomo Straw Board Works, all within the town of Kokomo, Ind., which was constructed by the Chicago, Saint Louis and Pittsburgh under an agreement dated March 9, 1889. Construction was commenced in April 1889, and during the latter part of the same year (exact date not known) the line was completed and opened for operation. The Board of Trade of Kokomo furnished the right of way and about 1,400 crossties and paid for some of the construction of the work. The property of the company was operated by the Chicago, Saint Louis and Pittsburgh from the date of opening operations until January 26, 1890, without written agreement, and on January 27, 1890, the property was conveyed to the Chicago, Saint Louis and Pittsburgh.

There were no obtainable accounting records for the company, therefore no information could be obtained regarding Its corporate operations, investments, or finances, except such information as was recorded in the accounting records of the Chicago, Saint Louis and Pittsburgh. [...]

The Cincinnati and Richmond Railroad Company (No. 2)
Introductory

The company was a corporation of the States of Ohio and Indiana. The entire property of the company at date of demise was operated by other railroads. That portion of its railroad extending from Rendcomb Junction, Ohio, to Richmond, Ind., about 66 miles, was operated by the Chicago, Saint Louis and Pittsburgh Railroad Company, under arrangements; and that portion of the railroad from Richmond Junction, Ind., to the Ohio-Indiana State line, near Paris, about 2 miles, was operated by The Pittsburg, Cincinnati and St. Louis Railway Company under lease.

Development of Fixed Physical Property

The entire mileage owned by the company at date of demise, aggregating about 68 miles, represented the mileage acquired by the company through the consolidation agreement which became effective April 1, 1890, of which about 35 miles were acquired from the Cincinnati, Richmond & Chicago Railroad Company, about 8 miles from the Richmond and Miami Railway Company, and about 25 miles from The Cincinnati and Richmond Railroad Company (No. 1). 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 carrier.

The Cincinnati and Richmond Railroad Company (No. 1)
Introductory

This company was a corporation of the State of Ohio. On date of demise, March 31, 1890, its entire property, consisting of about 25 miles of railroad extending from Rendcomb Junction to Hamilton, Ohio, was operated by the Chicago, Saint Louis and Pittsburgh Railroad Company without written agreement. The obtainable records of the company did not indicate the date the construction of its property was begun. In a return filed by the Panhandle it is stated that the Cincinnati and Richmond (No. 1) completed the construction of the railroad, and that it was opened for operation on June 18, 1888, by the Chicago, Saint Louis and Pittsburgh, which company continuously operated it until the date of demise of the Cincinnati, Richmond & Chicago.

Cincinnati, Richmond & Chicago Railroad Company
Introductory

This company was a corporation of the State of Ohio. The property, rights, and franchises of the Eaton and Hamilton Railroad Company (No. 2), comprising a line of railroad extending from Hamilton, Ohio, to Neels, on the Ohio-Indiana State line, about 35 miles, were sold March 17, 1866, under a reorganization agreement dated June 1, 1865, and decree of sale of the court of Butler County, Ohio, February 6, 1866, and were conveyed by a special master commissioner's deed, dated March 26, 1866, to certain trustees, who organized the company and conveyed the property to that company by deed dated March 1, 1866.

Under an agreement dated and effective February 18, 1869, the company leased its entire property in perpetuity to the Dayton and Western Railroad Company, which company operated it until August 15, 1888. In returns filed by the Panhandle It Is stated that the Cincinnati, Richmond & Chicago operated its own property during the period from April 30, 1866, to February 17, 1869. However, its accounting records indicate that it was also operated by the Dayton and Western during that period.

Under an agreement dated August 16, 1888, the Dayton and Western subleased this property to the Chicago, Saint Louis and Pittsburgh, and that company operated the property from August 16, 1888, to March 31, 1890. The lease dated February 18, 1869, between the Chicago, Saint Louis and Pittsburgh and the Dayton and Western was canceled on February 4, 1890.

Development of Fixed Physical Property

The entire mileage owned by the company at date of demise, comprising about 35 miles of railroad, extending from Hamilton to Neels, was acquired by purchase from the Eaton and Hamilton (No. 2). Details with respect to the construction of this property are given In the chapter on development of fixed physical property for the Panhandle.

Richmond and Miami Railway Company
This company was a corporation of the State of Indiana. On date of demise, March 31, 1890, It owned about 8 miles of railroad, extending from a connection with the Chicago, Saint Louis and Pittsburgh Railroad at Richmond, to a connection with the Eaton and Hamilton Railroad Company (No. 1) at Neals[sic - Neels], about 6 miles, and from Richmond Junction to a connection with the Dayton and Western Railroad at the Indiana-Ohio State line, near New Paris, about 2 miles, all of which was located in Indiana. The property was exclusively operated by others during its entire corporate existence, as follows:


 * Richmond to Neels, operated by—
 * Receivers for Eaton and Hamilton (No. 1). Oct. 1, 1862, to Apr. 29, 1866
 * Cincinnati, Richmond & Chicago Railroad Company. Apr. 30, 1866, to Feb. 17, 1869
 * The Cincinnati, Hamilton and Dayton Railway Company. Feb. 18, 1869, to Aug. 15, 1888
 * Chicago, Saint Louis and Pittsburgh. Aug. 16, 1888, to Mar. 31, 1890
 * Richmond Junction to State line, near New Paris, operated by—
 * Jointly by the Columbus and Xenia and the Little Miami Railroad. Mar. 12, 1863, to Nov. 29, 1868
 * Little Miami Railroad. Nov. 30, 1868, to Nov. 30, 1869
 * Pittsburg, Cincinnati and St. Louis Railway Company. Dec. 1, 1869, to Mar. 31, 1890

The obtainable accounting records of the Richmond and Miami were so incomplete and fragmentary it was impossible to secure from those records sufficient data relative to its corporate operations, investments, and finances for this report. All of the information incorporated in this report was obtained from the return on corporate history filed by the Panhandle.

Of the railroad owned on date of demise by the Richmond and Miami, about 6 miles was acquired by purchase from the Eaton and Hamilton Railroad Company (No. 2) and about 2 miles was constructed by the Richmond and Miami. Details with respect to construction of this property are given in the chapter on development of fixed physical property in the report on the Panhandle.

Eaton and Hamilton Railroad Company (No. 2)
Introductory

This company was a corporation of the States of Ohio and Indiana. On date of demise it owned about 35 miles of road extending from Hamilton, Ohio, to Neels, on the Ohio-Indiana State line.

The obtainable records of the Eaton and Hamilton (No. 2) disclose that on December 1, 1854, the date it was consolidated with the Eaton and Hamilton Railroad Company (No. 1) and the President and Directors of the Richmond and Miami Railroad Company, it apparently continued the records of the Eaton and Hamilton (No 1) without change. Recorded in these records were certain balances which were transferred by the Eaton and Hamilton (No. 1) on November 26, 1853, from previous records which are missing, and certain entries recorded by the Eaton and Hamilton (No. 1) during the period from November 26, 1853, to December 1, 1854. Therefore, it is impossible to make a separation of the accounts of the Eaton and Hamilton (No. 1) and the Eaton and Hamilton (No. 2), and all information relative to the financial affairs of both of these companies is included herein. The obtainable records of the Eaton and Hamilton (No. 2) did not record the merger and consolidation of the accounts of the President and Directors of the Richmond and Miami Railroad Company, which could be identified, other than the recorded assumption of certain outstanding bonds of that company.

The property was operated from December 1, 1854, to November 30, 1856, jointly with The Cincinnati, Hamilton and Dayton Railway Company and the Cincinnati and Chicago Railroad Company; from December 1, 1856, to February 1858, solely by its own management; and from February, 1858, to date of demise, by receivers. The receivers of the Eaton and Hamilton (No. 2) also operated, under agreement and lease, from October 1, 1862, to April 29, 1866, the property of the Richmond and Miami Railway Company.

Development of Fixed Physical Property

The railroad owned at date of demise, about 35 miles, represented the mileage which the Eaton and Hamilton (No. 2) acquired from the Eaton and Hamilton (No. 1). Details with respect to construction of this property are given in the chapter on development of fixed physical property of the Panhandle.

Eaton and Hamilton Railroad Company (No. 1)
This company was a corporation of the State of Ohio. At its demise, December 1, 1854, the Eaton and Hamilton (No. 1) owned about 35 miles of railroad extending from a connection with The President and Directors of the Richmond and Miami Railroad Company at Neels, on the Ohio-Indiana State line, to a connection with The Cincinnati, Hamilton and Dayton Railway Company at Hamilton, Ohio. The property was constructed under contract, and the road from Hamilton to Eaton, Ohio, was opened for operation on July 1, 1852, and from Eaton to Neels, May 1, 1853. The company operated its own property until December, 1853, and from that date to date of demise, it was operated jointly with other railroads. The records of the Eaton and Hamilton (No. 1) were apparently continued without change by the Eaton and Hamilton (No. 2). Recorded in these records were certain balances which were transferred on November 26, 1853, from previous records of the Eaton and Hamilton (No. 1), which are missing, and certain entries recorded by the Eaton and Hamilton (No. 1) during the period from November 26, 1853, to December 1, 1854, therefore, a separation of the accounts of the Eaton and Hamilton (No. 1) and the Eaton and Hamilton (No. 2) could not be made. All information, therefore, relative to the financial affairs and property investments of the Eaton and Hamilton (No. 1) is incorporated in the accounting report on the Eaton and Hamilton (No. 2).

The President and Directors of the Richmond and Miami Railroad Company
This company was a corporation of the State of Indiana. On date of demise, December 1, 1854, it owned about 6 miles of railroad extending from Richmond, Ind., to Neels, on the Indiana-Ohio State line, which was operated jointly with The Cincinnati, Hamilton and Dayton Railway Company, the Eaton and Hamilton (No. 2), and the Cincinnati and Chicago Railroad. There were no obtainable accounting records of the company. Therefore, no information could be obtained from the accounts regarding its corporate operations, investments, or finances.

Jeffersonville, Madison and Indianapolis Railroad Company
Introductory

This company was a corporation of the State of Indiana. On date of demise, October 1, 1890, it owned about 222 miles of railroad, extending from Indianapolis in a southeasterly direction to Clarksville and New Albany, Ind.; and branches extending from Columbus to Madison and Cambridge City, Ind. The property was operated by the company's own management from May 1, 1866, to July 31, 1871; by the Pittsburgh Cincinnati and St. Louis Railroad Company, under lease dated December 26, 1871, from August 1, 1871, to December 31, 1872; and by the Pennsylvania Company, under lease dated January 1, 1873, and March 8, 1880, from January 1, 1873, to date of demise.

Development of Fixed Physical Property

The owned and operated railroad of the company on date of demise was acquired as follows:


 * By consolidation. 158.31
 * By direct purchase. 63.04
 * By construction. 1.85
 * Total. 223.20
 * Less—
 * Mileage acquired by consolidation, classed as sidetrack. 0.39
 * Subsequently sold. .24
 * 0.63
 * 222.67

Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Panhandle.

Indianapolis and Madison Railroad Company
Introductory

This company was a corporation of the State of Indiana. Its property from date of organization, March 28, 1863, to date of demise, May 1, 1866, was operated by its own officers. The Indianapolis and Madison operated under agreement about 10 miles of track of the Jeffersonville Railroad Company extending from Edinburg to Columbus, Ind., and permitted the latter company to use its tracks between Edinburg and Indianapolis, Ind. In addition to its owned mileage it operated exclusively under agreements about 24 miles of railroad of the Columbus and Shelby Railroad Company and about 18 miles of railroad of the Shelby and Rush Railroad Company.

Development of Fixed Physical Property

The Indianapolis and Madison constructed no main mileage. On date of organization it acquired by purchase after forclosure[sic] about 86 miles of railroad, formerly owned by the Madison and Indianapolis Railroad Company. In 1864, it abandoned about 10 miles of its road, extending from Edinburg to Columbus, Ind., thereby leaving about 76 miles, which represented the entire railroad owned on the date of demise. It also held the title to about 0.240 mile of track between South Street and the Union Station at Indianapolis, Ind.

Madison and Indianapolis Railroad Company
Introductory

This company was a corporation of the State of Indiana. On date of demise, March 28, 1862, it owned and operated about 86 miles of railroad extending from Madison to Indianapolis, Ind., and operated under agreement, about 24 miles of railroad of the Columbus and Shelby Railroad Company, extending from Columbus to Shelbyville, Ind., and about 18 miles of railroad of the Shelby and Rush Railroad Company, extending from Shelbyville to Rushville, Ind. The Madison and Indianapolis also used under lease, during the period from May 1, 1853, to 1859, about 25 miles of railroad of the Martinsville and Franklin Railroad Company, extending from Martinsville to Franklin, Ind.

The Madison and Indianapolis consolidated with the President and Directors of the Peru and Indianapolis Railroad Company, on January 1, 1854, through agreements dated September 7 and 28, 1853, to form the Madison, Indianapolis and Peru Railroad Company. The two properties were operated as the Madison, Indianapolis and Peru from January 1, 1854, to September 4, 1854, at which time the property formerly owned by the President and Directors of the Peru and Indianapolis Railroad Company was transferred back to that company for operation, and the consolidation previously effected as above was dissolved under a decree of the Marion County Circuit Court and consent of both parties on November 12, 1855. The Madison and Indianapolis resumed the operation of its own property on September 4, 1854. All financial transactions, however, were recorded in the books of the Madison, Indianapolis and Peru continuously until January 1, 1856.

When the consolidation was first effected the balances in the accounts of the Madison and Indianapolis were transferred to the books of the Madison, Indianapolis and Peru, but the balances in the accounts of the Peru and Indianapolis were never transferred to the books of the Madison, Indianapolis and Peru. After the consolidation had been dissolved the balances then in the books of the Madison, Indianapolis and Peru were transferred back to the books of the Madison and Indianapolis. The Madison, Indianapolis and Peru issued no capital obligations during its existence. For the purpose of this report all entries recorded in the records of the Madison, Indianapolis and Peru and those of the Madison and Indianapolis are combined and treated as the accounts of the latter.

An agreement for the reorganization of the Madison and Indianapolis was entered into August 1, 1861, by its stock and bond holders, and on March 27, 1862, the property of the company was sold at foreclosure, and conveyed by a U. S. marshal's deed dated March 28, 1862, to certain trustees who organized the Indianapolis and Madison Railroad Company. The obtainable accounting records of the Madison and Indianapolis prior to August 1, 1843, are so incomplete and fragmentary that a full statement of its financial transactions can not be obtained.

Development of Fixed Physical Property

Of the 86 miles of owned and operated railroad, about 28 miles, extending from Madison to Queensville. Ind., had been acquired by purchase from the Madison and Indianapolis Railroad, and about 58 miles, extending from Queensville to Indianapolis, was constructed principally by the company in accordance with the special act of the Legislature of Indiana of January 31, 1S43. Details as to the construction of this property will be found in the chapter on development of fixed physical property of the Panhandle. In addition, the company held the title to about 0.240 mile of track between South Street and the Union Station at Indianapolis, Ind., as more fully explained in the chapter on investment in road and equipment. The return filed by the Panhandle states that the company "expended over $309,000 in the partial construction of a new line at Madison, Ind., but abandoned the work in 1855." The new line as located was 5.42 miles in length, but the exact mileage constructed could not be ascertained.

Madison, Indianapolis and Peru Railroad Company
The company was a corporation of the State of Indiana. On September 4, 1854, the properties formerly owned by the Madison and Indianapolis and the President and Directors of the Peru & Indianapolis Railroad Company were transferred back to those companies for operation and the consolidation previously effected as above, was dissolved under a decree of the Madison County circuit court and consent of both companies on November 12, 1855. The obtainable records of the Madison, Indianapolis and Peru record that when the agreement of consolidation became effective, January 1, 1854, the latter transferred to its books the balances in the accounts of the Madison and Indianapolis, but the balances in the accounts of the Peru & Indianapolis were never so transferred. After the consolidation had been dissolved the balances then recorded in the books of the Madison, Indianapolis and Peru were transferred back to the books of the Madison and Indianapolis. Therefore, the accounts of the Madison, Indianapolis and Peru have been treated as those of the Madison and Indianapolis and all information obtained from the obtainable accounting records of both companies may be found in the accounting report on the Madison and Indianapolis.

Madison and Indianapolis Railroad
This was an unincorporated company. Its entire railroad of about 28 miles, extending from Madison to Queensville, Ind., was constructed and owned by the State of Indiana, under the provisions of an act of the Legislature of Indiana, January 27, 1836, providing for a " general system of internal improvements." From the date it was opened for operation, April 1, 1839, to February 19, 1843, the property was operated by various private parties. From February 20, 1843, to February 25, 1856, it was operated by the Madison and Indianapolis Railroad Company. Under the terms of acts of the State of Indiana of February 28, 1852, and March 1, 1855, the property was sold and conveyed to the Madison and Indianapolis Railroad Company by deed dated February 28, 1856. No Information relative to the expenditures made by the company for the construction of its railroad, could be obtained from the accounting records that were obtainable.

President and Directors of the Peru and Indianapolis Railroad Company
This company was a corporation of the State of Indiana. On January 1, 1854, the date of its attempted consolidation with the Madison and Indianapolis Railroad Company to form the Madison, Indianapolis and Peru Railroad Company, it owned and operated a railroad extending from Noblesville to Indianapolis, Ind., and an uncompleted line extending from Noblesville to Peru, Ind. On September 4, 1854, the properties formerly owned by the Peru & Indianapolis and the Madison and Indianapolis Railroad Company were transferred back to those companies for operation and the consolidation previously effected as above, was dissolved under a decree of the Marlon County circuit court and consent of both companies on November 12, 1855. On January 15, 1864, the property of the company was sold at foreclosure, and was subsequently merged into The Lake Erie and Western Railroad Company. No accounting records of the company are obtainable, therefore no information could be obtained from accounts regarding its financial transactions with the Madison, Indianapolis and Peru.

Jeffersonville Railroad Company; Ohio and Indianapolis Railroad Company
Introductory

On date of demise the Jeffersonville Railroad Company, an Indiana corporation, owned and operated about 82 miles of railroad, extending from Jeffersonville to Edinburg, Ind., about 77 miles, and a branch line extending from Jeffersonville to New Albany, Ind., about 5 miles.

Development of Fixed Physical Property

The railroad of the company above described was constructed almost in its entirety by its own forces. The branch line from Jeffersonville to New Albany, Ind., was originally a plank road owned by the Clark County Central Plank Road Company, which this company acquired, together with certain real estate in Jeffersonville, Ind., by deed dated June 5, 1805. Details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Panhandle.

Shelby and Rush Railroad Company
Introductory

At date of demise this company, an Indiana corporation owned about 18 miles of railroad extending from Shelbyville to Rushville, Ind., which, during the entire period of its existence was operated by other carriers. On date of demise the property was operated under lease by the Pennsylvania Company. The property was purchased by the company at foreclosure sale on July 6, 1859, and conveyed by a U. S. marshal's deed dated July 7, 1859, to Frederick H. Smith, who organized the company. The obtainable records did not record the date of formal conveyance of the property to the company. On April 10, 1882, the property was sold and conveyed to the Jeffersonville Railroad Company by deed dated April 10, 1882. The obtainable records of the company covered only the period from the date of its organization, October 5, 1859, to December 31, 1881. Therefore a complete statement of its financial affairs can not be given.

Development of Fixed Physical Property

The property of the company was all acquired by predecessors from the Rushville and Shelbyville Railroad Company. Details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Panhandle.

Rushville and Shelbyville Railroad Company
This company was a corporation of the State of Indiana. On date of demise, it owned about 18 miles of railroad extending from Shelbyville to Rushville, Ind., which was operated under lease by the Jeffersonville Railroad Company. The entire 18 miles was acquired through construction. No accounting records of the company are obtainable and therefore no information can be obtained from accounts regarding its corporate operations, investments, or finances.

Columbus and Shelby Railroad Company
This company was a corporation of the State of Indiana. On date of demise, November 18, 1881, it owned about 24 miles of railroad, extending from Columbus to Shelbyville, Ind., which was operated under lease by the Pennsylvania Company. The return filed by the Panhandle states that the property of the company was constructed with funds furnished by the Madison and Indianapolis Railroad Company. No accounting records of the company are obtainable, therefore no information can be obtained from accounts regarding its corporate operations, investments, or finances.

Lake Erie and Louisville Railroad Company
Introductory

This company was a corporation of the States of Ohio and Indiana. On date of demise, June 26, 1890, the company owned about 21 miles of railroad, extending from Cambridge City to Rushville, Ind., which was operated under lease by the Pennsylvania Company. The accounting records obtainable consisted of a construction ledger and journal, which were kept by the Jeffersonville Railroad Company, and which covered only the period of the construction and a part of the operation of the company's railroad extending from Cambridge City to Rushville, Ind. No entries were recorded in these records subsequent to August 31, 1872.

Development of Fixed Physical Property

The company acquired about 37 miles of completed railroad and about 87 miles of partly completed railroad from predecessors, as follows:

From the Fremont, Lima & Union Railroad Company:
 * Fremont to point south of Findlay, Ohio, completed, about 37
 * Point south of Findlay to Lima, Ohio, road graded, about 30

From the Lake Erie and Pacific Railroad Company:
 * Cambridge City to Union City, Ind., graded, about 36
 * Cambridge City to Rushville, Ind., partly graded, about 21

On August 28, 1866, the company entered into an agreement with the Indiana Central Railway Company and the Jeffersonville, Madison and Indianapolis Railroad Company, for the completion of that portion of the railroad extending from Cambridge City to Rushville, Ind., which had been partly constructed and formerly owned by the Lake Erie and Pacific Railroad Company. Under this contract this portion of the company's road was completed and was opened for operation in 1867 by the Jeffersonville, Madison and Indianapolis, under the terms of an agreement dated August 28, 1866.

By a decree of the Ohio court of May 31, 1871, and an auxiliary decree of the Indiana court of June 1, 1871, that portion of the company's railroad extending from Cambridge City, Ind., to Fremont, Ohio, was sold at foreclosure sale on July 27, 1871, to George T. M. Davis, Trustee. Davis conveyed by deed dated December 4, 1871, that portion of the road extending from Cambridge City to Union City, Ind., about 36 miles, which was partly graded, to the Lake Erie and Louisville Railway Company, and on December 26, 1871, Davis conveyed to the Fremont, Lima & Union Railroad Company, by deed dated December 26, 1871, that portion of the railroad extending from Fremont, Ohio, to Union City, Ind., of which about 37 miles were completed and about 30 miles partly constructed. The sale of the above portions of the railroad left in the possession of the company only that portion of its railroad extending from Cambridge City to Rushville, Ind., about 21 miles.

Lake Erie and Pacific Railroad Company
This company was a corporation of the State of Indiana. On December 23, 1861, the company entered into a contract for the construction of its projected railroad to extend from Rushville, Ind., to Union City, on the Indiana-Ohio State line, about 57 miles. Under this contract a large portion of the grading of the entire line was completed. Construction of the property was suspended in 1864, no portion of the railroad being opened for operation by the company. No accounting records of the company were obtainable, therefore no information can be obtained from accounts regarding its investment or finances.

Fremont, Lima & Union Railroad Company
This company was a corporation of the State of Ohio. On date of demise, the company owned and operated about 37 miles of railroad, extending from Fremont to a point about 2 miles south of Findlay, Ohio. It also owned about 30 miles of a partly completed railroad extending from the latter point to Lima, Ohio. No accounting records of the company are obtainable. Therefore, no information can be obtained from accounts regarding its corporate operations, investments, or finances.

The Fremont and Indiana Railroad Company
This company was a corporation of the State of Ohio. On date of demise, the company owned and operated about 35 miles of completed railroad extending from Fremont to Findlay, Ohio, and about 32 miles of a partly constructed railroad extending from Findlay to Lima, Ohio. No accounting records of the company are obtainable, therefore no information can be obtained from the accounts regarding its corporate operations, investments, or finances.

The Chartiers Railway Company (No. 2)
Introductory

This company was a corporation of the State of Pennsylvania. On date of demise, the company owned about 32 miles of railroad, extending from Carnegie to Washington, Pa., about 24 miles, together with several branch lines aggregating about 8 miles. From the date the property of the company was opened for operation to date of demise it was operated by the Panhandle under lease.

Development of Fixed Physical Property

The company constructed no main-line mileage. Of its owned mileage, aggregating about 32 miles, about 24 miles were acquired from the Chartiers Railway Company (No. 1) and the Chartiers Connecting Railroad Company, through the consolidation agreement effective December 30, 1899, and about 8 miles were acquired by purchase and consolidation subsequent to that date from the Meadow Lands and Zediker Railroad Company and the Western Washington Railroad Company, under agreements effective September 9, 1907. Details with respect to the construction of its property are given in the chapter on development of fixed physical property of the Panhandle.

The Chartiers Railway Company (No. 1)
Introductory

This company was a corporation of the State of Pennsylvania. On date of demise, December 30, 1899, the company owned about 23 miles of railroad, extending from Carnegie to Washington, Pa. From the date the first portion of the railroad of the company was opened for operation, December 24, 1870, to December 31, 1871, it was operated by its own management; from January 1, 1872, to September 30, 1890, under lease by the Pittsburgh, Cincinnati and St. Louis Railway Company; and from October 1, 1890, to date of demise, under lease, by the Panhandle.

Development of Fixed Physical Property

The company constructed about 8 miles of railroad and also completed the construction of about 15 miles of railroad which had formerly been partially constructed and owned by the Chartiers Valley Railroad Company. Details with respect to the construction of its property are given in the chapter on development of fixed physical property of the Panhandle.

Chartiers Valley Railroad Company
Introductory

This company was a corporation of the State of Pennsylvania. On date of demise it owned a partially constructed railroad, extending from Carnegie to Washington, Pa. On October 30, 1866, the property was sold at foreclosure and conveyed by deed dated December 10, 1866, of John Graham and J. Edgar Thomson, trustee, to Wm. J. Howard, a representative of the first-mortgage bondholders of the company. Howard organized the Chartiers Railway (No. 1). The obtainable accounting records covered only the period from the date of organization, April 9, 1853, to December 31, 1860.

Development of Fixed Physical Property

The construction of the property was begun under contract April 20, 1854, and about 15 miles of the road was graded and most of the bridge masonry was completed. In 1856, construction work was suspended, no portion of the road being opened for operation by the company.

The Chartiers Connecting Railroad Company
This company was a corporation of the State of Pennsylvania. On the date of demise it owned about 1 mile of railroad extending from a connection with the Chartiers Railway Company (first corporation) to a connection with the Waynesburg and Washington Railroad Company, at Washington, Pa., all of which was acquired through construction, the road being opened for operation on August 26, 1885. This railroad was operated by the Pittsburgh, Cincinnati and St. Louis Railway Company from the date it was opened for operation, August 26, 1885, to September 30, 1890; and by the carrier from the date last named to December 31, 1899, the date of demise of the company.

Meadow Lands and Zediker Railroad Company
This company was a corporation of the State of Pennsylvania. On the date of demise the company owned about 2 miles of railroad extending from Meadow Lands, Pa., to the Manifold Mine, which was acquired through construction, the road being opened for operation on May 14, 1904, by the Panhandle. From the date the property was opened for operation, May 14, 1904, to date of demise of the company, the property was operated by the Panhandle under an agreement dated December 30, 1904.

Western Washington Railroad Company
Introductory

This company was a corporation of the State of Pennsylvania.

On the date of demise, the company owned about 6 miles of railroad extending from Houston to Westland, Pa., about 5 miles, from Plum Run Junction to Palanka, Pa., about 1 mile, and was opened for operation in October, 1901. The entire property was then operated by the Panhandle under an agreement dated December 31, 1902.

The Midway and Oakdale Railway Company
Introductory

This company was a corporation of the State of Pennsylvania. The property was operated by its own management from the date it was placed in operation, July 1, 1901, to December 30, 1902, and from that date to April 14, 1909, by the Panhandle, which controlled the company through the ownership of a majority of the outstanding capital stock. On its demise the company owned about 2 miles of railroad, wholly in Pennsylvania, extending from a connection with the Panhandle at Midway to the Shaw Coal Company mines, which was acquired by construction and placed in operation on July 1, 1901.