Wikipedia:WikiProject Trains/ICC valuations/Toledo and Cincinnati Railroad

Interstate Commerce Commission, Valuation Reports, Volume 42

Location and General Description of Property
The railroad of The Toledo and Cincinnati Railroad Company, hereinafter called the Toledo and Cincinnati, is located entirely within the State of Ohio and extends northeasterly from Cincinnati to Third Street, Dayton, a distance of about 60 miles, most of which is double tracked, with another main line extending in a southeasterly direction from Dayton to West Junction, a distance of about 95 miles, all of which is single track. There is a detached line extending from Byers Junction to Wellston, together with several short branches serving coal mines. There is also a short branch line near Dayton, projecting from Miami City Junction to Stillwater Junction, while in addition, the company owns certain tracks along the Dayton and Michigan Railroad between Dayton and Toledo. This property, which forms a part of a through route from Cincinnati to Toledo, aggregates 192.319 miles of road with 58.705 miles of second main track.

Introductory
The Toledo and Cincinnati is a corporation of Ohio, having its principal office at Cincinnati, Ohio. It is controlled by the Baltimore and Ohio through owner ship of the entire outstanding capital stock.

The Toledo and Cincinnati controls, through ownership of the outstanding capital stock to the extent indicated, the following named companies the properties of which are operated as follows: Cincinnati and Dayton 94 percent, Piqua and Troy Branch 100 percent, Lima Belt Railway 100 percent, Columbus, Findlay and Northern 97 percent, and the Bowling Green Rail Road, 100 percent, the properties of the foregoing companies being operated by the Baltimore and Ohio; The Hamilton Belt Railway Company 82 percent, Dayton and Union Rail Road Company 52 percent, and The Dayton Union Railway Company 33 percent, the properties of the preceding three companies being operated by their own organization; and The Miami Valley Railway Company 100 percent, operated by Dayton and Troy Electric Company.

The property of the Toledo and Cincinnati has been operated by the Baltimore and Ohio from July 18, 1917, to December 31, 1917. Since January 1, 1918, it has been operated by the United States Railroad Administration as part of the Baltimore and Ohio system.

Corporate History
The Toledo and Cincinnati was incorporated June 21, 1917, under the general laws of Ohio, for the purpose of acquiring a part of the property, with the rights and franchises pertaining thereto, of The Cincinnati, Hamilton and Dayton Railway Company, which was sold under foreclosure June 8, 1917. The date of organization was June 21, 1917. The Toledo and Cincinnati acquired on July 18, 1917, following its organization, a part of the property, with the rights and franchises pertaining thereto, of the railroad corporation named. The Toledo and Cincinnati, itself, and that corporation, together with their predecessors, total 41 different corporations, of which two underwent changes of name, and comprise the line of corporate succession culminating in the Toledo and Cincinnati as at present constituted. The respective dates of in corporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession follow.

Development of Fixed Physical Property
The owned mileage of the Toledo and Cincinnati, about 192.48 miles, was acquired principally by purchase from the purchaser at foreclosure of the property of The Cincinnati, Hamilton and Dayton Railway Company.

Of the 40 corporations which comprise the line of succession culminating in the Toledo and Cincinnati as at present constituted, 35 did not construct any part of the property which was conveyed to the Toledo and Cincinnati.

Of the five other corporations, one, The Cincinnati, Hamilton and Dayton Railway Company, only improved property completed by others.

The road owned was constructed by the Toledo and Cincinnati and the four remaining corporations.

The Toledo and Cincinnati constructed 2.54 miles of road and acquired by purchase at foreclosure 184.62 miles, which had been constructed by the Cincinnati, Hamilton and Dayton Railroad Company, The Cincinnati, Dayton and Ironton Railroad Company, The Dayton, Covington and Toledo Railroad Company, and The Dayton & South Eastern Rail Road Company. The foregoing aggregate 187.16 miles which were increased by 5.32 miles, due to remeasurements and classifications, to 192.48 miles. The inventoried mileage is 192.319.

Details with respect to the construction of the property are given in the accounting report.

Leased Railway Property
The entire property is leased to the Baltimore and Ohio as stated in the report on that company.

The Cincinnati, Hamilton and Dayton Railway
Introductory

This company was incorporated under the general laws of Ohio and Indiana through articles of consolidation, filed in Ohio, July 12, 1895, and in Indiana, July 14, 1895.

It was controlled on June 25, 1917, the date of sale, by the Baltimore and Ohio through ownership of its capital stock. The company controlled on date of sale, through ownership of a majority or all of the issued capital stock of each, the following companies: The Cincinnati and Dayton Railway Company, The Piqua and Troy Branch Railroad Company, The Lima Belt Railway Company, The Columbus, Findlay and Northern Railroad Company, The Bowling Green Rail Road Company, Dayton and Union Rail Road Company, Hamilton Belt Railway Company, and Miami Valley Railway Company.

It held a stock interest in the following companies but it could not be determined from the record reviewed if this interest was a controlling one: Cincinnati Elevator Company, Cincinnati, Hamilton and Dayton Traction Company, Toledo Southern Traction Company, C. H. & D. R. R. Elevator Company, Kentucky Construction Company, Wainwright Coal Company, Toledo and Ohio River Railroad Company, and Manchester Land Company.

It controlled jointly with the Southern Railway Company, through the Southwestern Construction Company, The Cincinnati, New Orleans & Texas Pacific Railway Company.

It controlled through the Kentucky Construction Company, through ownership of the entire capital stock, The Jackson and Huntington Railroad Company, The Ashland and Ironton Bridge Company, and The Ohio River Construction Company.

The property of the company was operated by its own organization except for the periods from December 4, 1905, to August 20, 1909; and from July 3, 1914, to date of sale during which it was operated by receivers.

Although the property was conveyed to the Toledo and Cincinnati on June 25, 1917, the results of corporate operations to July 17, 1917, are recorded in the books of account of The Cincinnati, Hamilton and Dayton Railway Company.

The railroad operated by receivers on date of sale amounted to 607.05 miles, in Ohio and Indiana.

The owned mileage amounted to 311.86 miles of standard-gage, steam railroad, of partly single-track and partly double-track, from Cincinnati to Dayton, Wellston to Dayton, Delphos to Dayton, Dean to Berlin, with several branch lines diverging therefrom, all in Ohio.

The mileage operated under lease amounted to 295.19 miles, of which 277.99 was located in Ohio, and 17.20 in Indiana. It consisted of various stretches of line, as follows: From Dayton to Toledo, Ohio; from Findlay, Ohio, to Fort Wayne, Ind.; from Delphos to East Mandale, Ohio; from Hamilton to Middletown, Ohio; from Troy to Piqua, Ohio; from Tontogany to North Baltimore, Ohio; from Deshler to Findlay, Ohio; from Dayton to Soldier's Home, Ohio; and tracks in Lima, Ohio.

Development of Fixed Physical Property

Of the 311.86 miles of road owned on date of sale, 318.60 miles had been acquired by consolidation, of which 59.85 were from the Cincinnati, Hamilton and Dayton Railroad Company, 94.20 from The Cincinnati, Dayton and Chicago Railroad Company, and 164.55 from The Cincinnati, Dayton and Ironton Railroad Company, and 3.34 miles were acquired by construction. This mileage was reduced 10.08 miles by changes and remeasurements. Details with respect to construction are given in the accounting report on the Toledo and Cincinnati.

Cincinnati, Hamilton and Dayton Railroad, Formerly Named The Cincinnati and Hamilton Railroad
Introductory

This company was incorporated March 2, 1846, under a special act of the Legislature of Ohio as The Cincinnati and Hamilton Railroad Company.

The report of the Interstate Commerce Commission in ''[http://books.google.com/books?id=DVyQ5zhBBvkC&pg=PA70 Pere Marquette R.R. Co. and C. H. & D. Ry. Co.]'', 44 I.C.C. 1, 263, contains a history of the corporate financing of this company and its predecessors and reference is hereby made to that report which is published in 44 I.C.C. 1-263, particular reference being made to pages 70 et seq.

The property of this company was operated by its own organization from the date completed to date of consolidation.

The railroad operated by the company was a single-track, standard-gage, steam railroad in Ohio, aggregating 447.18 miles. The owned mileage amounted to 59.74 miles extending from Cincinnati to Dayton, Ohio.

The mileage operated under lease and through stock ownership amounted to 387.44 miles extending from Dayton to Toledo, Ohio; Dayton to Ironton, Ohio; Deshler to Findlay, Ohio; Tontogany to North Baltimore, Ohio; Piqua to Troy, Ohio, and Hamilton to Middletown, Ohio.

Development of Fixed Physical Property

The entire 59.74 miles of road owned on date of consolidation had been acquired by construction. Details are given in the accounting report on the Toledo and Cincinnati.

The Cincinnati, Dayton and Chicago Railroad; and The Cincinnati, Dayton and Ironton Railroad
The accounting records of The Cincinnati, Dayton and Chicago Railroad Company, The Cincinnati, Dayton and Ironton Railroad Company and their 36 predecessors were not obtained. However, certain data indicated below were obtained from the records of the Cincinnati, Hamilton and Dayton Railroad Company, and from other sources.

The Cincinnati, Dayton and Chicago Railroad Company was incorporated March 18, 1891, and The Cincinnati, Dayton and Ironton Railroad Company on March 17, 1891, both under the general laws of Ohio. The 36 predecessors, one of which underwent a change of name, were incorporated in the States and on the dates shown in the corporate history chapter in the accounting report on the Toledo and Cincinnati, companies numbered 7 to 43 inclusive.

The Cincinnati, Dayton and Chicago Railroad Company and The Cincinnati, Dayton and Ironton Railroad Company were successors, after foreclosure, to The Dayton, Fort Wayne and Chicago Railway Company, the property of which was sold in two lots. The latter company as well as the two companies organized to take over the property after foreclosure sale were controlled by the Cincinnati, Hamilton and Dayton Railroad Company through ownership of the entire capital stock.

The properties of The Cincinnati, Dayton and Chicago Railroad Company and The Cincinnati, Dayton and Ironton Railroad Company were operated by the Cincinnati, Hamilton and Dayton Railroad Company from date of acquisition in 1891 to date of consolidation in 1895. The results of operations of The Cincinnati, Dayton and Ironton Railroad Company were included in the operating accounts of the operating company, but the operating results of The Cincinnati, Dayton and Chicago Railroad Company were cleared to an open account.

The Cincinnati, Dayton and Chicago Railroad Company became the owner, through sundry consolidations and reorganizations of 94.20 miles of railroad, which it conveyed to the Cincinnati, Hamilton and Dayton Railway Company in the consolidation of July 14, 1895. This mileage had been constructed as follows: Miami City Junction to Stillwater Junction, Ohio, 1879, 4.60 miles, and Stillwater Junction to Versailles, Ohio, 1879, 35.50 miles, by The Dayton, Covington and Toledo Railroad Company; Byrd to Delphos, Ohio, 1877, 14.90 miles, by the Toledo, Delphos and Indianapolis Railway Company; and Byrd to Versailles, Ohio, 1881, 39.20 miles, by The Toledo, Delphos and Burlington Railroad Company (March 1881).

In the foreclosure sale of the property of the Cincinnati, Hamilton and Dayton Railway Company on June 25, 1917, the first item of 4.60 miles was acquired by The Toledo and Cincinnati Railroad Company, a lessor of the Baltimore and Ohio, and the balance of 89.60 miles was acquired by The Dayton, Toledo and Chicago Railway Company which is not a part of the Baltimore and Ohio system.

The Cincinnati, Dayton and Ironton Railroad Company became the owner, through sundry consolidations and reorganizations, of 142.13 miles of which it conveyed to the Cincinnati, Hamilton and Dayton Railway Company in the consolidation of July 14, 1895.

This property has been constructed as follows: Dayton to West Junction and Byers Junction to Wellston, Ohio, 1876-1880, 107.13 miles, by The Dayton and South Eastern Rail Road Company; Ironton Junction to Deans, Ohio, 1883, 35.00 miles, by The Toledo, Cincinnati and St. Louis Railroad Company, (1883).

In the foreclosure sale of the property of the Cincinnati, Hamilton and Dayton Railway Company the item of 107.13 miles was acquired by The Toledo and Cincinnati Railroad Company, a lessor of the Baltimore and Ohio, and the remaining 35 miles was abandoned and salvage sold.

The Cincinnati, Dayton and Ironton Railroad Company constructed 19.04 miles of road, consisting of a line from Ironton Junction to Roads, Ohio, 7.44 miles; the Buckeye Branch, 8.31 miles; and coal branches, 3.29 miles. In the foreclosure sale of the property of the Cincinnati, Hamilton and Dayton Railway Company, this property was acquired by The Toledo and Cincinnati Railroad Company, a lessor of the Baltimore and Ohio.

[...]

The Toledo, Cincinnati and St. Louis Railroad Company, incorporated May 8, 1883, and 30 corporations, built, owned, and operated approximately 776 miles of single-track railroad, a part of which was narrow gage. The several parts of this property, sold at foreclosure under separate mortgages, included 258 miles, consisting of the line from Delphos to Dayton, Ohio, and branches, 98 miles, sold June 28, 1884, and reorganized as The Dayton and Toledo Railroad Company; from Dayton to Wellston, Ohio, and branches, 125 miles, and from Ironton Junction to Deans, Ohio, 35 miles, sold June 28, 1884, and reorganized as The Dayton and Ironton Railroad Company.

These two roads through sundry corporate changes became a part of the property of the Cincinnati, Hamilton and Dayton Railway Company.

The remaining 518 miles of road of The Toledo, Cincinnati and St. Louis Railroad Company (1883) was sold, a part to The Cincinnati, Lebanon & Northern Railway Company and a part to other companies, which, through consolidations and reorganizations, became the Toledo, St. Louis and Western Railroad Company. The companies that acquired this 518 miles of road are not a part of the Baltimore and Ohio system.

The data obtained relative to that part of the property of The Toledo, Cincinnati and St. Louis Railroad Company (1883), which passed eventually to the Cincinnati, Hamilton and Dayton Railway Company, are given below.

The Dayton, Covington and Toledo Railroad Company built approximately 40.10 miles of single-track, narrow-gage, railroad from Miami City Junction to Versailles, Ohio, which is included in the line described above as from Delphos to Dayton.

This property passed through several corporate changes to The Cincinnati, Dayton and Chicago Railroad Company, which conveyed it to the Cincinnati, Hamilton and Dayton Railway Company. When the property of the latter was sold at foreclosure, 4.60 miles was acquired by The Toledo and Cincinnati Railroad Company and 35.50 miles was acquired by The Dayton, Toledo and Chicago Railway Company, as hereinbefore described.

No accounting records of the Dayton & South Eastern Rail Road Company were available, but from other sources the following information was obtained.

The Dayton & South Eastern Rail Road Company built approximately 107.13 miles of single-track, standard-gage railroad from Dayton to West Junction, Ohio, and from Byers Junction to Wellston, Ohio, and used under trackage rights about 7.52 miles of the railroad of The Baltimore and Ohio Southwestern Railroad Company between West Junction and Byers Junction, Ohio.

The property of the company was operated by its own organization from November 28, 1876 to August 8, 1878, and from the latter date to the date of consolidation, March 18, 1881, by receivers.

[...] The Dayton & South Eastern Rail Road Company issued $6,000,000 par value of mortgage bonds and there were outstanding at the date of consolidation $1,750 of receiver's certificates. This property passed through several corporate changes to The Cincinnati, Dayton and Ironton Railroad Company which conveyed it to the Cincinnati, Hamilton and Dayton Railway Company. When the property of the latter was sold at foreclosure, the entire 107.13 miles was acquired by The Toledo and Cincinnati Railroad Company as hereinbefore described.