Wikipedia:WikiProject Trains/ICC valuations/Cincinnati, Sandusky and Cleveland Railroad
Interstate Commerce Commission, Valuation Reports, Volume 28
The Cincinnati, Sandusky and Cleveland Rail Road
[edit]Location and General Description of Property
[edit]The railroad of The Cincinnati, Sandusky and Cleveland Rail Road Company, herein called the Cincinnati Sandusky and Cleveland, is a single-track, standard-gage, steam railroad, located in the central part of Ohio. The owned mileage extends northerly from Dayton to Sandusky, 154.416 miles, with a branch 15.373 miles in length extending northwesterly from Carey to Findlay. The total length of the main line and branch is 169.789 miles. This company also owns yard and side tracks totaling 69.779 miles. Its road thus embraces 239.568 miles of all tracks owned, all of which is leased to and operated by the Big Four. In addition, the company owns jointly with another carrier 0.930 mile of yard tracks and sidings, one-half each, classified as minor facilities, which is jointly used by the Big Four and another carrier.
Introductory
[edit]The Sandusky and Cincinnati Railroad Company was the predecessor of The Cincinnati, Sandusky and Cleveland Railroad Company and the two companies are herein treated together and collectively referred to as the Cincinnati, Sandusky and Cleveland.
No accounting records of the Cincinnati, Sandusky and Cleveland prior to 1874 are obtainable with the exception of fragmentary items brought forward to the records that were obtainable at January 1, 1874. After the Big Four began the operation of the property of the Cincinnati, Sandusky and Cleveland on October 30, 1890, the Cincinnati, Sandusky and Cleveland discontinued recording any transactions of any kind in its records that were then being used. On January 1, 1913, it opened a new set of records, general ledger and general journal, by recording therein the liabilities for its capital stock and its funded debt outstanding at that date, in the par value of $7,002,997.45 and charging the investment account with a like amount. No other entries were made in these records.
During the period from date of incorporation, July 2, 1866, to date of valuation, the property of the Cincinnati, Sandusky and Cleveland was operated as indicated by the following tabulation:
| Line operated | Operated by— | From— | To— |
|---|---|---|---|
| Entire line. | Own organization. | July 2, 1866 | July 20, 1866 |
| Cincinnati, Dayton and Eastern Railroad Company. | July 20, 1866 | Jan. 9, 1868 | |
| Own organization. | Jan. 9, 1868 | July 4, 1872 | |
| Dayton to Springfield. | Cleveland, Columbus, Cincinnati and Indianapolis Railway Company. | July 3, 1872 | June 30, 1889 |
| Big Four | July 1, 1889 | (1) | |
| Springfield to Sandusky and Carey to Findlay. | Own organization. | July 4, 1872 | Mar. 31, 1877 |
| Receivers. | Apr. 1, 1877 | Jan. 1880 | |
| Own organization. | Jan. 1880 | Apr. 30, 1881 | |
| The Indiana, Bloomington and Western Railway Company and its receiver. | May 1, 1881 | Jan. 10, 1888 | |
| Own organization. | Jan. 11, 1888 | Oct. 30, 1890 | |
| Big Four. | Oct. 30, 1890 | (1) |
1 Date of valuation.
Corporate History
[edit]The Cincinnati, Sandusky and Cleveland was incorporated on July 2, 1866, under the general laws of Ohio as The Sandusky and Cincinnati Railroad Company for the purpose of acquiring the property, rights, and franchises of the Sandusky, Dayton and Cincinnati Railroad Company and of the Sandusky City and Indiana Railroad Company. The properties of the two last-named companies were sold at foreclosure and conveyed by deed on February 8, 1866, to a purchasing committee consisting of Jacob W. Pierce, Isaac M. Spelman, and John P. Yelverton, who organized the Cincinnati, Sandusky and Cleveland and by deed dated May 25, 1866, which became effective on July 2, 1866, conveyed to it the properties which they had acquired at foreclosure sale. This conveyance was supplemented by a second deed, dated August 11, 1866, signed by the stockholders of the Sandusky, Dayton and Cincinnati Railroad Company, by which they formally transferred all property, rights, and franchises to the Cincinnati, Sandusky and Cleveland.
The name of The Sandusky and Cincinnati Railroad Company was changed on January 11, 1868, to The Cincinnati, Sandusky and Cleveland Railroad Company by authority of a court decree dated January 9, 1868, and the two companies are herein collectively referred to as the Cincinnati, Sandusky and Cleveland. The property was placed in the hands of receivers on April 1, 1877, but was subsequently returned to the Cincinnati, Sandusky and Cleveland during January, 1880, without foreclosure proceedings. The principal office of the Cincinnati, Sandusky and Cleveland is at Cincinnati, Ohio.
The following statement shows facts concerning the incorporation and demise of companies which were the immediate predecessors of the Cincinnati, Sandusky and Cleveland:
| Company | Date incorporated | Nature and date of change in corporation |
|---|---|---|
| Sandusky, Dayton and Cincinnati Railroad Company. | Jan. 5, 1832, as Mad River and Lake Erie Railroad Company, name changed Feb. 23, 1858. | Sold to purchasing committee Feb. 8, 1866, conveyed to the Cincinnati, Sandusky and Cleveland by deed dated May 25, 1866, effective July 2, 1866. |
| Sandusky City and Indiana Railroad Company. | Feb. 28, 1851. | Same as the Sandusky, Dayton and Cincinnati. |
Development of Fixed Physical Property
[edit]The Cincinnati, Sandusky and Cleveland acquired all of its property by purchase from the Sandusky City and Indiana Railroad Company and the Sandusky, Dayton and Cincinnati Railroad Company on July 2, 1866. Information concerning the property acquired, including the location, dates of completion of construction and mileage of road are shown in the following tabulations:
- Acquired from and construction completed by the Sandusky City and Indiana Railroad Company:
- Sandusky to Tiffin, Ohio, Dec. 1, 1854, 34.100 miles.
- Acquired from and construction completed by the Sandusky, Dayton and Cincinnati Railroad Company in January, 1851: 135.689 miles.
- Tiffin to Dayton, Ohio, 120.316 miles.
- Carey to Findlay, Ohio, 15.373 miles.
Total, 169.789 miles.
Leased Railway Property
[edit]The line of the Cincinnati, Sandusky and Cleveland extending from Dayton to Springfield, Ohio, about 24 miles, was operated by the Big Four from July 1, 1889, to October 30, 1890, under a lease dated November 28, 1870, which was acquired by the Big Four from the Cleveland, Columbus, Cincinnati and Indianapolis Railway Company on July 1, 1889. On October 30, 1890, the Cincinnati, Sandusky and Cleveland leased its entire property to the Big Four for a term of 99 years from the expiration of the lease dated November 28, 1870. The only rental recorded in the books of the Cincinnati, Sandusky and Cleveland, covering the use of its property by the Big Four, was for the period from January 1, 1913, to date of valuation. The rental received for the year ended on date of valuation amounted to $154,281. This amount represented 6 per cent dividends on the outstanding capital stock, preferred, and interest on the outstanding funded debt of the Cincinnati, Sandusky and Cleveland.