Wikipedia:WikiProject Trains/ICC valuations/Pontiac, Oxford and Northern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 143

Location and General Description of Property
The railroad of The Pontiac, Oxford and Northern Railroad Company, herein called the Pontiac, Oxford and Northern, is a single-track, standard-gauge, steam railroad, situated entirely within the State of Michigan, extending from Pontiac to Caseville, 99.894 miles. The company also owns 12.105 miles of yard tracks and sidings, or a total of 111.999 miles of all tracks.

Introductory
The Pontiac, Oxford and Northern is a corporation of the State of Michigan, having its principal office at Detroit, Mich.

It is controlled by the Grand Trunk Western, through ownership of the entire capital stock. That company is, in turn, controlled by the carrier. On the other hand, the records reviewed do not indicate that the Pontiac, Oxford and Northern itself, controls any common-carrier corporation. The property has been operated by the company's own organization, during its entire life, except for the period from March 25, 1905, to February 29, 1908, when it was operated by a receiver. For the period from September, 1889, to November 30, 1909, the accounts of the company were kept in the books of the Farmers' Loan and Trust Company, trustee.

Corporate History
The Pontiac, Oxford and Northern was incorporated September 24, 1889, under the general laws of the State of Michigan, for the purpose of acquiring the railroad formerly owned by the Pontiac, Oxford and Port Austin Railroad Company. The latter had been incorporated July 28, 1879, under the general laws of the State of Michigan as the Oxford and Port Austin Railroad Company. The name was changed January 15, 1880. The property was sold at foreclosure sale on June 5, 1889, to Hugh Porter and others, who reconveyed it to the Pontiac, Oxford and Northern on September 24, 1889.

Development of Fixed Physical Property
The owned mileage, 99.894 miles, was all acquired from Hugh Porter and others, who had acquired it at a foreclosure sale on June 5, 1889, from the Pontiac, Oxford and Port Austin Railroad Company. It had been constructed by that company and placed in operation October 8, 1883. There is a difference of 0.006 mile between the mileage recorded by the Pontiac, Oxford and Northern, 99.90 miles, and the mileage inventoried as of date of valuation, 99.894 miles.

Leased Railway Property
The Pontiac, Oxford and Northern jointly owns and jointly uses with the Western Union Telegraph Company on date of valuation a telegraph line of 99.894 miles between Pontiac and Caseville, Mich. It also uses on date of valuation 13 steam locomotives of other companies, as follows: The carrier, 1; Grand Trunk Western, 11; Cincinnati, Saginaw and Mackinaw, 1. The terms governing such use were not obtained.

Pontiac, Oxford and Port Austin Railroad Company, Formerly Named Oxford and Port Austin Railroad Company
The Pontiac, Oxford and Port Austin Railroad Company was incorporated July 28, 1879, under the general laws of the State of Michigan, as the Oxford and Port Austin Railroad Company, The name was changed on January 15, 1880. Although the property was sold on June 5, 1889, the accounts of the company recording the results of the operations of the property by the purchaser were continued in the books of the company until it was surrendered to the successor, September 24, 1889. The accounting data in this report, therefore, for the results of corporate operations cover the period to September 24, 1889. The company was controlled by the Estate of Joseph P. Hale, on June 5, 1889, the date of sale, through ownership of a majority of the outstanding capital stock. Prior to 1885, it had been controlled by the New York, New England and Western Investment Company. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of completion of construction until February 28, 1888, when it was taken over and operated by James Houston, as agent for the bondholders, until the date of sale. The railroad operated on date of sale amounted to 99.90 miles, all owned. It consisted of a single-track, standard-gauge, steam railroad, extending from Pontiac to Caseville, all in the State of Michigan, and had been acquired by construction during the years 1882 and 1883. The construction work was done by the New York, New England and Western Investment Company, an affiliated contractor, under contract dated November 12, 1881.