Wikipedia:WikiProject Trains/ICC valuations/Norfolk and Western Railway

Interstate Commerce Commission, Valuation Reports, Volume 26

Norfolk and Western Railway

Location and General Description of Property

The railroad of Norfolk and Western Railway Company, herein called the carrier, is a standard-gauge railroad, located in the States of Virginia, West Virginia, Kentucky, Ohio, Maryland, and North Carolina. The main line extends from a point on tidewater, near Norfolk, Va., to Columbus, Ohio, passing through the bituminous coal fields of southwestern Virginia and of West Virginia, a distance of about 677 miles. A branch line extends from the main line at Lynchburg, Va., to Durham, N.C., about 116 miles. Another line extends for about 361 miles from Hagerstown, Md., to Winston-Salem, N.C., intersecting the main line at Roanoke, Va. Branches of the main line extend from Walton to Bristol, Va., about 110 miles; from Graham to Norton, Va., about 101 miles; and from Portsmouth to Cincinnati, Ohio, about 107 miles. Numerous smaller branches extend from these lines, chiefly to coal mine operations and other industries.

For a distance of about 30 miles, from Bluefield to Vivian, W.Va., the main line and considerable trackage in yards, passing sidings, and spurs into coal workings are electrified. The remainder of the road is operated by steam. The major part of the main line is double-track and of the entire system 25 per cent is double-track.

The total mileage wholly owned and used by the carrier aggregates 2,051.280 miles of first main track, 546.328 miles of other main track and 1,358.464 miles of yard and side tracks, making a total of 3,956,072 miles of all track. In addition the carrier jointly owns and uses an undivided mileage of 2.08 miles of first main track and 9.864 miles of all track, has trackage rights over 48.30 miles of road owned by others, operates under lease a fraction of a mile of track owned by The North Carolina Railroad Company and leases almost a mile of track to the Interstate Railroad Company. A detailed statement of mileage owned or used is given in the trackage table in Appendix 1.

Introductory

The carrier is a corporation of Virginia. Its principal office is at Roanoke, Va.

Corporate History

The carrier was incorporated by special act of Virginia, approved January 15, 1896, for the purpose of acquiring, under a plan of reorganization, the property of the Norfolk and Western Railroad Company, and the property of its leased lines, the Lynchburg and Durham Railroad Company, and the Roanoke and Southern Railway Company. The three properties in question were sold under foreclosure proceedings on September 15, September 16, and November 24, 1896, and were acquired by the carrier on October 1, October 6, and December 2, 1896, respectively.

The property of the Norfolk and Western Railroad Company was acquired directly by the carrier. The property of the Lynchburg and Durham Railroad Company and that of the Roanoke and Southern Railway Company were purchased by the Norfolk, Lynchburg and Durham, and the Norfolk, Roanoke and Southern Railroad Companies, respectively. The two last-named companies were organized on the dates of purchase for the sole purpose of acquiring and transferring the property of the companies first mentioned to the carrier. No accounting records of the two purchasing companies were available and nothing further was learned of their affairs.

From the date the properties of the Lynchburg and Durham Railroad Company and the Roanoke and Southern Railway Company were sold until the date of their acquirement by the carrier, they were operated for the benefit of the latter, and, for the purposes of this report, will be treated as having been acquired directly by the carrier.

The carrier assumed operation of the property acquired from the Norfolk and Western Railroad Company on October 1, 1896, and that of the Lynchburg and Durham Railroad Company and of the Roanoke and Southern Railway Company on October 6, and December 2, 1896, respectively. Thereafter, the carrier acquired the property, rights, and franchises of the 16 additional corporations.

The carrier and its immediate predecessors above referred to, together with their antecedents, total 62 different corporations. 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.

No.	Name	Incorporation	Succession
1	Norfolk and Western Railway Company.	Under general Act of Virginia, Jan. 15, 1896.
2	Norfolk and Western Railroad Company.	Under general laws of Virginia, May 3, 1881.	Sold at foreclosure on Sept. 15, 1896, and reorganized as 1 on Sept. 24, 1896. Property conveyed to 1, Oct. 1, 1896.
3	Atlantic, Mississippi and Ohio Railroad Company.	Under special Act of Virginia, June 17, 1870.	Sold at foreclosure on Feb. 10, 1881, to organizers of 2. Property conveyed to 2, May 3, 1881.
4	Norfolk and Petersburg Railroad Company.	Under special Act of Virginia, Mar. 17, 1851.	Consolidated April 1, 1871, with 5 and 8 to form 3.
5	Southside Railroad Company.	Under special Act of Virginia, Mar. 5, 1846.	Consolidated Apr. 1, 1871, with 4 and 8 to form 3.
6	Appomattox Railroad Company.	Under special Act of Virginia, Mar. 16, 1847.	Sold to 5, May 1, 1854.
7	City Point Railroad Company.	Under special Act of Virginia, Jan. 26, 1836.	Purchased by the City of Petersburg, Va., July 17, 1847, and reorganized as 6.
8	Virginia and Tennessee Railroad Company.	See 9.	Consolidated Apr. 1, 1871, with 4 and 5 to form 3.
9	Lynchburg and Tennessee Railroad Company.	Under special Act of Virginia, Mar. 24, 1848.	Name changed to 8, Mar. 6, 1849.
10	East River Railroad Company.	Under general laws of Virginia, Mar. 25, 1881.	Merged with 2, May 9, 1882.
11	New River Railroad Company (of Virginia).	See 12.	Acquired by 2, May 9, 1882.
12	New River Railroad, Mining and Manufacturing Company (of Virginia).	Under special Act of Virginia, Mar. 7, 1872.	Name changed to 11, Apr. 4, 1877.
13	New River Railroad Company of West Virginia.	Under general laws of West Virginia, Dec. 22, 1881.	Merged with 2, May 9, 1882.
14	New River Railroad, Mining and Manufacturing Company of West Virginia.	Under general laws of West Virginia, Sept. 4, 1874.	Consolidated with 15 to form 13, Dec. 22, 1881.
15	Blue Stone Railroad Company.	Under general laws of West Virginia, Feb. 25, 1881.	Consolidated with 14 to form 13, Dec. 22, 1881.
16	Clinch Valley Railroad Company.	Under special Act of Virginia, Apr. 6, 1887.	Merged with 2, May 20, 1887.
17	The Norfolk Terminal Company.	Under special Act of Virginia, Mar. 6, 1882.	Merged with 2, Oct. 16, 1889.
18	The New River Plateau Railway Company.	Under special Act of Virginia, Mar. 2, 1888.	Acquired by 2, Oct. 16, 1889.
19	The Scioto Valley and New England Railroad Company.	On Feb 1, 1890.	Merged with 2, July 22, 1890.
20	The Scioto Valley Railway Company.	Under laws of Ohio, Feb. 23, 1875.	Sold at foreclosure and reorganized as 19 on Feb. 1, 1890.
21	The Ohio River Railway Company.	Under laws of Ohio, Nov. 26, 1877.	Sold to 20, July 12, 1880.
22	West Virginia and Ironton Railroad Company.	Under laws of West Virginia on Mar. 7, 1888.	Merged with 2, Sept. 30, 1890.
23	Shenandoah Valley Railway Company.	Organized to receive title from 24, Dec. 2, 1890.	Merged with 2, Dec. 15, 1890.
24	Shenandoah Valley Railroad Company.	Under special Acts of Virginia, Feb. 23, 1867; West Virginia, Feb. 25, 1870, and Maryland, Apr. 4, 1870.	Sold at foreclosure to 23, Sept. 30, 1890. Property conveyed to 23, Nov. 29, 1890.
25	Washington and Western Railroad Company.	Under laws of Virginia, Dec. 20, 1887[sic - 1889].	Sold to 24,[sic] Dec. 2, 1890.
26	Norfolk, Lynchburg and Durham Railroad Company.	Organized to receive title from 27, Dec. 20, 1889[sic - 1896??].	Merged with 2, Oct. 6, 1896.
27	Lynchburg and Durham Railroad Company.	Formed on May 11, 1887.	Sold at foreclosure to 26, Sept. 24, 1896.
28	Roxboro Railroad Company.	See 29.	Consolidated with 30 and 31 to form 27, May 11, 1887.
29	Roxboro and Narrow Gauge Railroad Company.	Under Act of North Carolina, Mar. 13, 1879.	Name changed to 28, Feb. 4, 1881.
30	Lynchburg, Halifax and North Carolina Railroad Company.	Under Act of Virginia, Jan. 18, 1884.	Consolidated with 28 and 31 to form 27, May 11, 1887.
31	Durham and Roxboro Railroad Company.	Under Act of North Carolina, Mar. 11, 1885.	Consolidated with 28 and 30 to form 27, May 11, 1887.
32	Norfolk, Roanoke and Southern Railroad Company.	On Nov. 25, 1896, to receive title from 33.	Merged with 1, Dec. 2, 1896.
33	Roanoke and Southern Railway Company.	Formed on June 18, 1887.	Sold at foreclosure to 32, Nov. 25, 1896.
34	Roanoke and Southern Railway Company of Virginia.	Under laws of Virginia, Feb. 12, 1886.	Consolidated with 35 to form 33, June 18, 1887.
35	Roanoke and Southern Railway Company of North Carolina.	Under laws of North Carolina, Feb. 23, 1887.	Consolidated with 34 to form 33, June 18, 1887.
36	Roanoke Machine Works.	Under laws of Virginia, Sept. 3, 1881.	Merged with 1, Jan. 18, 1897.
37	The Cincinnati, Portsmouth and Virginia Railroad Company.	Under general laws of Ohio, June 4, 1881[sic - should be 1891?].	Merged with 1, Oct. 11, 1901.
38	The Ohio and North Western Railroad Company.	Under general laws of Ohio, Jan. 1, 1886.	Sold Mar. 13, 1890, to The Investment Company of Philadelphia, which conveyed property to 1[sic] on June 6, 1891.
39	The Cincinnati and Eastern Railway Company.	See 40.	Sold at foreclosure to 38, Jan. 5, 1887.
40	The Cincinnati, Batavia and Williamsburg Railroad Company.	Under laws of Ohio, Jan. 10, 1876.	Name changed to 39, May 26, 1876.
41	Columbus and Maysville Railroad Company.	See 42.	Merged with 37, Jan. 1, 1901.
42	Columbus and Maysville Railroad Company, Southern Division.	Under laws of Ohio, Apr. 16, 1877.	Name changed to 41, Jan. 31, 1881.
43	The Cincinnati Connecting Belt Railroad Company.	Under the laws of Ohio, Mar. 20, 1899.	Merged with 37, Apr. 9, 1901.
44	The Hillsboro Railroad Company.	Under laws of Ohio, Jan. 8, 1895.	Dissolved Oct. 25, 1904.
45	Hillsboro Short Line Railway.	Under laws of Ohio, Apr. 18, 1879.	Leased to 1 in perpetuity, equal to an estate in fee.
46	Radford-Southern Railroad and Mining Company.	Under an Act of Virginia, Feb. 14, 1898.	Merged with 1, July 28, 1903.
47	Kenova and Big Sandy Railroad Company.	Under laws of West Virginia, June 5, 1902.	Merged with 1, May 27, 1904.
48	The Columbus Terminal and Transfer Railroad Company.	Under laws of Ohio, Jan. 6, 1893.	Merged with 1, May 19, 1905.
49	Iaeger and Southern Railway Company.	Under laws of West Virginia, Jan. 18, 1898.	Merged with 1, Apr. 25, 1906.
50	Big Sandy, East Lynn and Guyan Railroad Company.	Under laws of West Virginia, June 16, 1902.	Merged with 1, Apr. 25, 1906[sic - 1908].
51	West Virginia South Western Railroad.	Under general laws of West Virginia, Nov. 17, 1902.	Merged with 1, Feb. 26, 1909.
52	Caretta Railway Company.	Under laws of West Virginia, Mar. 27, 1906.	Merged with 1, Feb. 26, 1909.
53	Catawba Valley Railway and Mining Company.	Under Act of Virginia, Mar. 25, 1902.	Merged with 1, July 30, 1909.
54	Lynchburg Belt Line and Connecting Railway Company.	Under laws of Virginia, Feb. 7, 1907.	Merged with 1, Apr. 7, 1910.
55	Blackstone and Lunenburg Railroad Company.	Under laws of Virginia, Feb. 15, 1905.	Merged with 1, Apr. 25, 1910.
56	Blackstone and Southern Railroad Company.	Under laws of Virginia, Mar. 6, 1900.	Conveyed to 55, Feb. 27, 1905.
57	Pocahontas and Western Railroad Company.	Under laws of Virginia, Apr. 27, 1904.	Merged with 1, April 29, 1910.
58	Big Stony Railway Company.	Under special Act of Virginia, Jan. 16, 1892.	Merged with 1, Dec. 9, 1915.
59	Interior and West Virginia Railroad Company.	Under laws of West Virginia, June 27, 1906.	Conveyed to 58, June 21, 1910.
60	Virginia and Potts Creek Railroad Company.	Under laws of Virginia, June 27, 1906.	Conveyed to 58, June 21, 1910.
61	Virginia Anthracite Coal and Railway Company.	Under an Act of Virginia, Apr. 2, 1902.	Sold under court decree to 1, Aug. 29, 1911.
62	The Columbus Connecting and Terminal Railroad Company.	Under laws of Ohio, Mar. 7, 1892.	Merged with 1, Dec. 16, 1913.

Development of Fixed Physical Property

The carrier has reached its present state of physical development by merging other railroad properties and by construction. Following is a tabular statement showing the companies which were merged, a description of their properties at date of acquisition, together with the mileage acquired by construction:

Acquired by merger, 1,806.46:
- Norfolk and Western Railroad Company, Oct. 1, 1896, 1,327.66 —
  - Lambert Point to Bristol, Va. (including branches) 407.07
  - Roanoke, Va., to Hagerstown, Md. (including branches) 257.29
  - Radford, Va., to Columbus, Ohio (including branches) 457.12
  - Graham to Norton, Va. (including branches) 116.18
- Lynchburg and Durham Railroad Company, Oct. 6, 1896 —
  - Lynchburg, Va., to Durham, N.C. 115.10
- Roanoke and Southern Railway Company, Dec. 2, 1896 —
  - Roanoke, Va., to Winston-Salem, N.C. 121.81
- Cincinnati, Portsmouth and Virginia Railroad Company, Oct. 11, 1901 —
  - Cincinnati to Sciotoville, Ohio (including branches) 130.10
- Hillsboro Short Line Railway, June 24, 1902 —
  - At Hillsboro, Ohio 1.39
- Radford-Southern Railroad and Mining Company, July 28, 1903 —
  - Radford to Miles, Va. Road under construction, completed by the Norfolk as an extension
- Kenova and Big Sandy Railroad Company, May 27, 1904 —
  - Kenova to Cassville, W.Va. (Road under construction, completed by the Norfolk as an extension)
- Iaeger and Southern Railway Company, Apr. 25, 1906 —
  - Iaeger to Ritter, W.Va. 4.90
- Big Sandy, East Lynn and Guyan Railroad Company, Apr. 25, 1908 —
  - Wayne to East Lynn, W.Va. 7.48
- West Virginia South Western Railway, Feb. 26, 1909 —
  - Gordon to Coalwood, W.Va. 10.96
- Caretta Railway Company, Feb. 26, 1909 —
  - Caretta Branch Junction to Juno, W.Va. 2.52
- Catawba Valley Railroad and Mining Company, July 30, 1909 —
  - Salem to Sandberg, Va. 9.39
- Lynchburg Belt Line and Connecting Railway Company, Apr. 7, 1910 —
  - Phoebe to Forest, Va. 22.33
- Blackstone and Lunenburg Railroad Company, Apr. 25, 1910 —
  - Blackstone to Dillard, Va. 5.52
- Pocahontas and Western Railroad Company, Apr. 29, 1910 —
  - Pocahontas to Boissevain, Va. 3.29
- Big Stony Railway Company, Dec. 9, 1910 —
  - Potts Valley Junction to Paint Bank, Va. 38.33
- Virginia Anthracite Coal and Railroad Company, Jan. 31, 1912 —
  - Christiansburg to Blacksburg, Va. 8.88
- Columbus Connecting and Terminal Railroad Company, Dec. 16, 1913 —
  - Terminal property in Columbus, Ohio 3.45
- Less road now used as second main track 6.65
Acquired by construction:
- Numerous branches and extensions 264.35
Less, Difference between total recorded mileage and mileage inventoried as of date of valuation 18.60

Mileage inventoried as of date of valuation 2,052.21

Leased Railway Property

The carrier uses on date of valuation facilities owned by other companies and other companies use facilities owned by the carrier to the extent indicated below. The description of the property, the period and terms of use, and the rental 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—
- Southern Railway Company and Norfolk Southern Railroad Company—
  - Passenger station at Suffolk, Va., rental consists of cost of operation and maintenance plus $2,600 (interest at 5 per cent on valuation of $52,000); all proportioned on wheelage basis—
    - Southern Railway Company, $626.06 rental.
    - Norfolk Southern Railroad Company, $225.69 rental.
- Atlantic Coast Line Railroad Company—
  - Passenger station at Petersburg, Va., rental equal to 50 per cent of cost of maintenance and operation, including insurance and taxes, plus one-half of 4 per cent interest on a valuation of $69,705.80, $1,634.71 rental.
- The Chesapeake and Ohio Railway Company and the Southern Railway Company—
  - Passenger station at Lynchburg, Va.; The Chesapeake and Ohio Railway Company pays $1,200 and the Southern Railway Company $1,286 per annum. Cost of maintenance and operation proportioned according to passenger-train service through station—
    - The Chesapeake and Ohio Railway Company, $1,446.27 rental.
    - Southern Railway Company, $1,556.12 rental.
- The Baltimore and Ohio Railroad Company—
  - Passenger and freight station at Shenandoah Junction at W.Va.; rental $90 per annum plus 50 per cent of cost maintenance, $90.00 rental.
- Southern Railway Company—
  - Passenger and freight station at Riverton, Va.; rental consists of a proportion of 5 per cent on a valuation of $15,000, plus a proportion of maintenance, based on freight revenue way bills issued and passenger cars in and out, $272.83 rental.
- Chesapeake Western Railway—
  - Passenger and freight station at Elkton, Va.; rental $30 per month, plus 50 per cent of wages of employees (except third operator), and 50 per cent of cost of fuel and other supplies, $360.00 rental.
- The Chesapeake and Ohio Railway Company—
  - Passenger station at Natural Bridge, Va.; rental $20 per month, plus one-third of wages of agent-operator, 60 per cent of wages of baggageman, and 50 per cent of cost of maintenance and operation of elevator, engine, and appurtenances, $120.00 rental.
- Winston-Salem Southbound Railway Company—
  - Freight station and yard limits at Winston-Salem, N.C.; rental comprised of a proportion of 5 per cent interest on a valuation of $305,849.70, together with a proportion of maintenance and operation, based on wheelage basis, engines, $15 per day, $6,032.27 rental.
- Virginia-Carolina Railway Company—
  - Station facilities and tracks at Abington, Va.; temporary and unimportant, with no agreement and no rental.
- Southern Railway Company—
  - Freight station, roundhouse, turntable, and yards at Bristol, Va.; rental comprised of a proportion of 4 per cent interest on a valuation of $50,093.67, plus a proportion of maintenance and operation on wheelage basis, $1,176.20 rental.
- Southern Railway Company and Virginia and Southwestern Railway Company—
  - Passenger station at Bristol, Va.; rental comprised of a proportion of 4 per cent interest on the valuation of $82,402.36, plus a proportion of maintenance and operation on a wheel age basis—
    - Southern Railway Company, $1,386.68 rental.
    - Virginia and Southwestern Railway Company, $746.32 rental.
- The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company—
  - Ivorydale freight station at Cincinnati, Ohio; rental $15.75 per month, ......
- Carolina, Clinchfield and Ohio Railway—
  - Passenger and freight station at St. Paul, Va.; rental $300 per annum, plus 50 per cent of cost of maintenance and operation, $819.68 rental.
- Big Sandy and Cumberland Railroad Company—
  - Freight station at Devon, W.Va.; maintenance and operation divided on 50 per cent basis, $4.60 rental.
- Williamson and Pond Creek Railroad Company—
  - Station and yard facilities at Williamson, W.Va.; proportion of expenses based on passenger and freight cars and tonnage handled at freight station, $3,291.58 rental.
- The Chesapeake and Ohio Railway Company and The Baltimore and Ohio Rail Road Company—
  - Passenger station at Kenova, W.Va.; rental is comprised of a proportion based on passenger-train service of 5 per cent interest on a valuation of $44,910.75; maintenance, operation, and salaries of agent, porter, etc., apportioned on basis of passenger-train service—
    - The Chesapeake and Ohio Railway Company, $438.77 rental.
    - The Baltimore and Ohio Rail Road Company, $413.23 rental.
- The Chesapeake and Ohio Railway Company—
  - Freight station at Kenova, W.Va.; tenant pays 5 per cent interest on $2,800 valuation and one-third of costs of maintenance and operation, $188.79 rental.
- The Baltimore and Ohio Southwestern Railroad Company—
  - Passenger station at Portsmouth, Ohio; rental $50 per month, $300.00 rental.
- Ohio River and Columbus Railway—
  - Passenger station and tracks at Sardinia, Ohio; tenant pays proportion of 5 per cent interest on $38,969.95 valuation and proportion of maintenance and operation on train basis, $106.77 rental.
- Detroit, Toledo and Ironton Railroad Company—
  - Freight station and tracks at Glen Jean, Ohio; tenant pays 3 per cent interest on $3,171 valuation and 50 per cent of cost of maintenance and operation, including salaries of joint agents and employees, $118.20 rental.
- The Hocking Valley Railway Company—
  - Passenger and freight station and tracks at Valley Crossing, Ohio; tenant pays 6 per cent interest on $2,533.33 valuation and 50 per cent of cost of maintenance and operation, including salaries of joint employees, $80.14 rental.
- The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company—
  - Joyce Avenue yard, 4 tracks, and South Side yard at Columbus, Ohio; rental $1,458.64 annually, $1,458.84 rental.
- The Chesapeake and Ohio Railway Company—
  - Interchange tracks at Glasgow, Va.; tenant pays 6 per cent interest on $2,035.54 and 50 per cent of cost of maintenance, $101.76 rental.
  - 8.5 miles of tracks from Glasgow to Loch Laird, Va.; tenant pays annual rental of $4,500 and proportion of maintenance and operation, based on engine and car mileage, $5,337.22 rental.
- Virginia Southwestern Railway Company—
  - 17.92 miles of tracks, Norton to Toms Creek, Va.; tenant pays proportion of 5 per cent interest on $332,000 and proportion of maintenance and operation, based on engine and car mileage, $308.80 rental.
- Carolina, Clinchfield and Ohio Railway Company—
  - 8.45 miles of tracks, Kiser to St. Paul, Va.; tenant pays 2½ per cent interest on $315,000 and proportion of cost of maintenance and operation, based on engine and car mileage, $9,843.73 rental.
- The Baltimore and Ohio Southwestern Railroad Company—
  - 0.775 mile of interchange tracks at Bond Hill, Ohio; tenant pays annual rental of $123.45 and 50 per cent of cost of maintenance and operation, $131.80 rental.
- The Cincinnati, Lebanon and Northern Railway Company—
  - Part of old freight station at Idlewild, Ohio; rental $85 annually, $85.02 rental.
- Louisville and Nashville Railroad Company—
  - Terminal facilities, yard, and 1.45 miles of track at Norton, Va.; annual rental of $1,357.97 and 50 per cent of cost of maintenance and operation, $1,681.14 rental.
- Interstate Railroad Company—
  - Station facilities and 1.06 miles of track at Norton, Va.; (includes 0.934 mile of road inventoried as used exclusively by the Interstate Railroad Company); tenant pays one half of 5 per cent interest on $4,147.96 and proportion of 5 per cent interest on $38,211.81, and proportion of taxes and maintenance of tracks, $1,179.71 rental.
- Virginia and Kentucky Railway—
  - Passenger station, freight station, and 0.76 mile of track at Norton, Va.; annual rental of $960; one-third cost of maintenance; proportion of maintenance of station, based on engine and car service, $8.08.
- Virginia and Southwestern Railway Company—
  - 0.12 mile of connecting tracks at Bristol, Va.; no rental or other charge.
- The Cleveland, Akron and Columbus Railway Company—
  - Outbound freight house, yards, and connecting tracks at Columbus, Ohio; monthly rental of $1,118.98 and proportion of maintenance, taxes, insurance, etc., $13,470.28 rental.
- Detroit, Toledo and Ironton Railroad Company—
  - Interlocking plants at Ironton, Ohio; tenant pays 5 per cent interest on $9,361.63 and 25 per cent of cost of maintenance and operation, $509.54 rental.
- Carolina, Clinchfield and Ohio Railroad Company—
  - Water station at St. Paul, Va.; monthly rental of $10 and 50 per cent of cost of maintenance and operation, including wages of pumper, $110.00 rental.
- Atlantic Coast Line Railroad Company—
  - Water station at Petersburg, Va.; annual rental of $69.63 and proportion of cost of maintenance, based on engines taking water, $202.52 rental.
- The Baltimore and Ohio Southwestern Railroad Company—
  - 0.126 mile of tracks to reach Harbison-Walker plant; tenant pays 50 cents for each loaded car switched, $504.44 rental.
Jointly used, but not owned, owned by—
- Virginia and Southwestern Railway Company—
  - Switching track at Bristol, Va.; track used for turning passenger trains; no rental or other charges.
- Norfolk Terminal Railway Company—
  - Passenger station and facilities at Norfolk, Va.; used jointly by the carrier with Norfolk Southern Railroad Company and the Virginian Railway Company; tenants pay proportion of expense, maintenance, operation, interest on bonds, etc., upon user basis, $19,206.51 rental.
- Seaboard Air Line Railway Company—
  - Freight station and interchange tracks at Kilby, Va.; carrier pays $40 annually for use of station, maintains 736 feet of interchange tracks, and pays 50 per cent of cost of maintenance and operation of buildings, $40.00 rental.
- Durham Union Station Company—
  - Passenger station and facilities at Durham, N.C.; used jointly by the carrier with the Southern Railway and Seaboard Air Line Railway Company; tenants pay net expense of operation, maintenance, interest on bonds, etc., apportioned on user basis, $638.12 rental.
- The Cumberland Valley Railroad Company—
  - Passenger and freight stations, transfer station, engine-house, etc., also 0.63 mile of tracks from Hagerstown Junction to North Junction at Hagerstown, Md.; tenant pays 5 per cent interest on $255,084.44 and proportion of joint expenses, maintenance, and operation, on basis of passenger trains in and out, tonnage, and cars in and out, $3,628.29 rental.
- The Chesapeake and Ohio Railway Company—
  - Passenger station and facilities at Basic, Va.; tenant pays 4 per cent interest on one-half of $9,500 and 50 per cent of cost of maintenance and operation, $190.00 rental.
- Winston-Salem Southbound Railway Company—
  - Unification of yards at Winston-Salem, N.C.; tenant pays proportion of 5 per cent interest on $828,132.42 and proportion of maintenance and operation, computed on car basis, $23,892.33 rental.
- Southern Railway Company—
  - Passenger station and facilities at Winston-Salem, N.C.; tenant pays proportion of 4 per cent interest on $59,000 and proportion of cost of maintenance and operation, determined on user basis, $714.31 rental.
  - Interchange tracks at Winston-Salem, N.C.; each party maintains its own tracks; no rental.
- The Western Maryland Railway Company—
  - Transfer station, interchange tracks, south yards, etc., at Hagerstown Junction, Md.; tenant pays 10 per cent interest on one-half of $7,013.33 valuation, $289.30 rental.
- Ashland Coal and Iron Railway Company—
  - Freight station and facilities at Ashland, Ky.; tenant pays monthly rental of $45 and 87.50 per cent of current expenses incident to operation of joint agency, $540.00 rental.
- Detroit, Toledo and Ironton Railway Company—
  - Tracks to reach Rogers Brown and Company at Ironton, Ohio; rental $25 annually, $25.00 rental.
- The Baltimore and Ohio Southwestern Railroad Company—
  - Interchange tracks at Sciotoville, Ohio; tenant pays annual rental of $36 and 50 per cent of cost of maintenance, $36.00 rental.
  - Passenger station at Chillicothe, Ohio; rental $1,200 annually, $1,200.00 rental.
- The Cleveland, Akron and Cincinnati Railway Company—
  - Passenger station at Circleville, Ohio; tenant pays 3 per cent on $11,738.56 and proportion of maintenance and operation on passenger-train basis, $368.30 rental.
- Union Depot Company—
  - Passenger station and facilities at Columbus, Ohio; jointly used by the carrier with all other lines entering the Union Depot. The carrier pays $675 per annum as a sinking fund to retire Union Depot bonds; 8 per cent interest on $74,597.50 of Union Depot capital stock; 7 per cent interest on Union Depot bonds; current expenses, cost of maintenance and operation, after deduction of rents, etc., proportioned on user basis, $3,521.83 rental.
  - 0.30 mile of track at Columbus, Ohio; jointly used by the carrier, The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company, The Baltimore and Ohio Rail Road Company, and Central Ohio Railway; the carrier pays an annual rental of $1,500, $1,500.00 rental.
- The Pittsburgh, Cincinnati, Chicago and St. Louis Railway Company—
  - Nine miles of track, Cincinnati to Clare, Ohio, and passenger station, engine-house, etc., at Cincinnati, Ohio; tenant pays $7 per train each way; also proportion of interest on cost and proportion of expense of operation of passenger station, engine-house, etc., upon user basis, $5,840.57 rental.
  - Passenger and freight station facilities at Clare, Ohio; tenant pays monthly rental of $3.30 and 50 per cent on joint expenses, $41.46 rental.
- Merchants and Miners Transportation Company—
  - Wharf at Norfolk, Va.; rental $1,000 annually, $1,000.00 rental.
- Southern Railway Company—
  - 0.472 mile of track at Durham, N.C. (includes 0.226 mile which we have inventoried as used exclusively by the carrier); rental $600 annually, $600.00
  - Coal chutes at Bristol, Va.; rental $60 annually, $60.00
- Louisville and Nashville Railroad Company—
  - Shop and repair tracks at Norton, Va.; tenant pays one-half of 6 per cent interest on $3,378.67 value of bad-order track, $101.36 rental.
- The Cincinnati, Lebanon & Northern Railway Company—
  - 3.62 miles of track, Cincinnati to Idlewild, Ohio; tenant pays proportion of 4½ per cent interest on $1,596,406 valuation, based on locomotive and car miles; also proportion of cost of maintenance and operation, $63,038.10 rental.

The carrier has two through passenger trains each way daily between Petersburg and Richmond, Va., over 22.50 miles of track of Atlantic Coast Line Railroad Company. These trains, while on the tracks of the Coast Line, are entirely controlled by that company, which pays, in addition to car hire, 20 cents per train-mile to cover the cost of crew, engine, and other services. The Coast Line takes all revenue from local traffic.

The carrier also has two through passenger trains each way daily between Montview and Monroe, Va., over 12 miles of tracks of the Southern Railway Company. The trains are manned by employees of the Southern Railway, which also pays for car hire and use of engine. The Southern Railway takes all revenue from local traffic.

Predecessor Companies

Norfolk and Western Railroad Company

Introductory

The Norfolk and Western Railroad Company was a Virginia corporation that operated a railroad system located in the States of Virginia, West Virginia, Maryland, North Carolina, Kentucky, and Ohio. The system operated by this company, according to its records, was 1,570.35 miles in length. Of the total mileage operated, 1,327.66 miles was owned and 242.69 miles was leased. The principal lines making up the systems were as follows:

Lambert Point (in Norfolk) to Bristol, Va., 412.32 miles.
Roanoke, Va., to Hagerstown, Md., 238.11 miles.
Cripple Creek Junction to Iron Ridge, Va., 45.19 miles.
Radford, Va., to Columbus, Ohio, 401.87 miles.
Graham to Norton, Va., 100.10 miles.
Lynchburg, Va., to Durham, N.C., 115.03 miles.
Roanoke, Va., to Winston-Salem, N.C., 121.30 miles.

Total, 1,434.28 miles.

In addition to the above total, there were numerous small branches aggregating 136.07 miles.

Development of Fixed Physical Property

The system operated by the Norfolk and Western Railroad Company at date of its demise was developed by merging railroad properties, by construction, and by leasing the property of other companies. Following is a statement showing the companies which were merged, a description of their property at date of acquisition, together with a description of the property acquired by construction and leasehold rights:

How acquired	Name of company	Termini of property	Date acquired	Recorded mileage
Acquired by merger
	Atlantic, Mississippi and Ohio Railroad Company	Norfolk to Bristol, Va. (including branches).	May 3, 1881	426.72
	East River Railroad Company	Road under construction; completed by the Norfolk and Western Railroad as an extension.	May 9, 1882	[unknown]
	New River Railroad Company (of Virginia)	Road under construction; completed by the Norfolk and Western Railroad as an extension.	May 9, 1882	[unknown]
	New River Railroad Company of West Virginia	Road under construction, completed by the Norfolk and Western Railroad as an extension.	May 9, 1882	[unknown]
	Clinch Valley Railroad Company	Road under construction, completed by the Norfolk and Western Railroad as an extension.	May 20, 1887	[unknown]
	Norfolk Terminal Company	Norfolk to Lamberts Point, Va.	Oct. 16, 1889	5.30
	New River Plateau Railway Company	Road under construction, completed by the Norfolk and Western Railroad as an extension.	Oct. 16, 1889	[unknown]
	Scioto Valley and New England Railroad Company	Caldwell to Petersburg, Ohio.	July 22, 1890	126.00
	West Virginia and Ironton Railroad Company	Road under construction, completed by the Norfolk and Western Railroad as an extension.	Sept. 30, 1890	[unknown]
	Shenandoah Valley Railroad Company	Roanoke, Va., to Hagerstown, Md. (including branches).	Dec. 15, 1890	255.55
	Total.			813.57
Acquired by construction
	Norfolk and Western Railroad	Radford, Va., to Powhatan, W.Va.[sic - Pocahontas, Va.]	1883	74.25
		Pulaski to Ivanhoe, Va.	1886	30.40
		Graham to Norton, Va.	1891	100.40
		Ivanhoe to Gossan, Va.	1890	15.26
		Ironton, Ohio, to Kenova, W.Va. (including branches).	1892	207.07
		Numerous branches.	Built at various dates.	86.71
	Total.			514.09
Total owned mileage.				1,327.66
Leased
	Lynchburg and Durham Railroad	Lynchburg, Va., to Durham, N.C.	Apr. 28, 1893	115.09
	Roanoke and Southern Railway	Roanoke, Va., to Winston-Salem (including branches).	Mar. 16, 1892	124.09
	The Columbus Connecting and Terminal Railroad	Caldwell Junction to Columbus, Ohio.	July 1, 1893	3.51
	Total.			242.69
Total operated mileage.				1,570.36

The Atlantic, Mississippi and Ohio Railroad Company

Introductory

The Atlantic, Mississippi and Ohio Railroad Company was formed by the consolidation of the Norfolk and Petersburg Railroad Company, Southside Railroad Company, Virginia and Tennessee Railroad Company, and the Virginia and Kentucky Railroad Company. The last-named company constructed no railroad property, and in conformity with an act of Virginia approved April 29, 1874, it was dropped out of the consolidation.

The Atlantic, Mississippi and Ohio Railroad Company operated its property from April 1, 1871, until June 30, 1876, when, having defaulted in the payment of interest on its first-mortgage bonds, receivers took over the property and continued operations until February 10, 1881. On the latter date the property was purchased at foreclosure sale by C. H. Clark and his associates, and was reorganized as the Norfolk and Western Railroad Company.

Complete accounting records for the period of operation by the receivers were not available. The information herein was obtained from the available accounting records and other data located in the files of the Norfolk and Western Railroad Company.

Development of Fixed Physical Property

The property acquired by the Atlantic, Mississippi and Ohio Railroad Company in the consolidation consisted of about 426.72 miles of railroad located in the State of Virginia. The main line, about 408.30 miles in length, extended from Norfolk to Bristol, Va., with two branches, aggregating about 18.42 miles, extending therefrom. The Atlantic, Mississippi and Ohio Railroad Company built no extensions to the property thus acquired.

Norfolk and Petersburg Railroad Company

Introductory

The accounting records of the Norfolk and Petersburg Railroad Company are not complete. During the Civil War the property was more or less controlled by, or in the hands of, the contending armies, and no accounting records are available for the period from January 1, 1862, to February 26, 1866, the date the property was recovered by the Norfolk and Petersburg Railroad Company. The information contained in this report was obtained from available accounting records.

Development of Fixed Physical Property

On date of its demise, the Norfolk and Petersburg Railroad Company owned about 81 miles of railroad, extending from Norfolk to Petersburg, Va., which was acquired by construction. The road was built between May, 1853, and September 1, 1858, and opened for operation on the latter date.

Southside Railroad Company

Development of Fixed Physical Property

On date of demise, the Southside Railroad Company owned about 132.25 miles of single-track, standard-gauge railroad, located in the State of Virginia. The main line, about 123 miles in length, extended from Petersburg to Lynchburg, with a branch line, about 9.25 miles in length, extending from Petersburg to City Point. The main line was acquired by construction and was built partly by contract and partly by the Southside Railroad Company between December, 1849, and October, 1854. The branch, originally the property of the Appomattox Railroad Company, was purchased by the Southside Railroad Company on May 1, 1854.

Appomattox Railroad Company — Predecessor of the Southside Railroad Company

On July 17, 1847, the Appomattox Railroad Company acquired, by reorganization, the franchises, rights, and property of the City Point Railroad Company. The property acquired consisted of about 9 miles of railroad extending from Petersburg to City Point, Va., together with certain steamboats and barges.

The company operated its property until May 1, 1854, when it was purchased by the Southside Railroad Company. No accounting records of the company were available and no further information relative to its affairs was obtained.

City Point Railroad Company — Predecessor of the Appomattox Railroad Company

Between April, 1837, and May, 1839, the City Point Railroad Company constructed about 9 miles of railroad extending from Petersburg to City Point, Va., and on February 26, 1840, purchased certain steamboats and barges from the Petersburg Towing Company. The company operated its property from date of completion to July 17, 1847, when it was purchased by the City of Petersburg, Va., and reorganized as the Appomattox Railroad Company. No accounting records of the company were available and no further information relative to its affairs was obtained.

Virginia and Tennessee Railroad Company

Development of Fixed Physical Property

On date of its demise, the Virginia and Tennessee Railroad Company owned about 213.66 miles of single-track, standard-gauge railroad, the main line extending from Lynchburg to Bristol, Va., about 204.24 miles in length, with a branch from Glade Springs to Saltville, Va., about 9.42 miles. The property was acquired by construction and opened for operations in sections between March, 1850, and October 1, 1856. The construction was performed by 42 or more individual contractors. The terms of the contracts were not of record.

East River Railroad Company

Under its charter the East River Railroad Company was authorized to construct a railroad extending from a point near the mouth of the East River on the Virginia-West Virginia State line to a point near the head of said river on the Virginia-West Virginia State line. The road was located and some grading had been done when the merger with the Norfolk and Western Railroad Company was effected. The construction account was not closed until August 21, 1862. The cost of its property at that date was recorded as $344,438.39. This amount represented $342,482.19 of cash advances and $1,956.20 of interest accrued and unpaid.

New River Railroad Company (of Virginia), name changed from New River Railroad, Mining and Manufacturing Company

On date of its demise, the New River Railroad Company (of Virginia) had located its line of road from the Virginia-North Carolina State line to the Virginia-West Virginia State line and some grading had been done, but the road was completed and put in operation by the Norfolk and Western Railroad Company. The accounts of this company were not closed until August 21, 1862.

New River Railroad Company of West Virginia

The New River Railroad Company of West Virginia was formed on December 22, 1881, under the laws of West Virginia by consolidation of the New River Railroad, Mining and Manufacturing Company of West Virginia and the Blue Stone Railroad Company. Available records of the New River Railroad, Mining and Manufacturing Company of West Virginia, and the Blue Stone Railroad Company state that the former expended $6,492.58 and the latter $797.35, in cash, for construction. No accounting records of the New River Railroad Company of West Virginia were available. Those of the Norfolk and Western Railroad Company record a cash expenditure of $828.90 in acquiring the property.

Clinch Valley Railroad Company

No records of this company were available, but the corporate history of the Norfolk and Western Railroad Company states that no construction work was done prior to the merger. The Norfolk and Western Railroad Company, under the franchises acquired from this company, constructed 100.40 miles of road from Graham to Norton, Va.

The Norfolk Terminal Company

Development of Fixed Physical Property

On date of its demise, The Norfolk Terminal Company owned about five miles of railroad, together with docks, warehouses, grain elevators, etc., located in the city of Norfolk, Va. The road was acquired by construction between December, 1883, and August 31, 1884, and opened for operation on March 12, 1885. The Norfolk and Western Railroad Company, which owned all of the capital stock, leased the property of The Norfolk Terminal Company for sole operation.

The New River Plateau Railway Company

No records of this company were available. According to the corporate history of the Norfolk and Western Railroad Company, surveys were made during 1888, but construction was not begun until after it had acquired the franchises of this company. The Norfolk and Western Railroad Company charged its investment account with $28,646.72 as the cost to acquire this company, but the considerations received therefor are not of record.

The Scioto Valley and New England Railroad Company

On the date of incorporation, The Scioto Valley and New England Railroad Company acquired, by reorganization, the franchises, rights, and property of The Scioto Valley Railway Company, whose property had been sold under foreclosure proceedings on January 22, 1890. The property as acquired consisted of about 126 miles of railroad extending from Caldwell to Petersburg, Ohio. It was operated by The Scioto Valley and New England Railroad Company from February 1 to July 22, 1890, when it was conveyed to the Norfolk and Western Railroad Company. No accounting records were available. According to its minutes, the Scioto Valley and New England Railroad Company issued $5,000,000 of capital stock and $5,000,000 of first-mortgage, 100-year, 4 per cent bonds, due November 1, 1989. All of these securities were issued to the reorganization committee, whose accounting records were not available. When the Scioto Valley and New England Railroad Company was merged with the Norfolk and Western Railroad Company, the latter owned all of the capital stock, which it canceled. The latter also assumed the $5,000,000 of bonds. On the date of its demise, the Scioto Valley and New England Railroad Company recorded its investment in road and equipment at $10,000,000. This amount represented the par value of its capital securities outstanding.

The Scioto Valley Railway Company

Introductory

No accounting records of The Scioto Valley Railway Company were available. The information contained herein was obtained from the published reports to the Railroad Commissioners of Ohio and its minute records.

Development of Fixed Physical Property

On date of its demise, The Scioto Valley Railway Company owned about 126 miles of railroad extending from Caldwell to Petersburg, Ohio. The property was acquired by construction. The original road from Caldwell to Portsmouth, about 96 miles in length, was built by contract (the terms of which were not available) between May 19, 1875, and January 10, 1878, when it was opened for operation by The Scioto Valley Railway Company. A detached section from Sciotoville to Petersburg, about 25 miles, was built between July 1, 1880, and May 22, 1881. A connection between Portsmouth and Sciotoville, about 5 miles in length was constructed during the years 1889 and 1890.

Construction of the line between Sciotoville and Petersburg was begun by The Ohio River Railway Company, which had been incorporated on November 26, 1877, under the laws of Ohio. On July 12, 1880, its franchises, rights, and property were purchased by the Scioto Valley Railway Company. There are no available records of The Ohio River Railway Company, but the records of the Scioto Valley Railway Company state that it paid $6,918.96 for the property acquired.

West Virginia and Ironton Railroad Company

No accounting records of this company were available. On date of its demise, the accounts of the Norfolk and Western Railroad Company contained a charge of $1,774,883.51, against the company. According to the accounts in question, this charge consisted of $1,668,558.65 cash advances for construction, $6,324.86 representing interest on advances, and $100,000 of discount sustained by the Norfolk and Western Railroad Company in the issuance of its own securities.

Shenandoah Valley Railroad Company; Shenandoah Valley Railway Company

Introductory

On September 30, 1890, the franchises, rights, and property of the Shenandoah Valley Railroad Company were sold under foreclosure proceedings and on the same date was reorganized as the Shenandoah Valley Railway Company. On December 2, 1890, the latter company acquired the rights and franchises of the Washington and Western Railroad Company, incorporated on December 20, 1889, for the purpose of constructing a railroad, from a point in Virginia opposite Washington, D.C., to a connection with the Shenandoah Valley Railway Company in Virginia, on which construction had not been begun. On December 15, 1890, the Shenandoah Valley Railway Company conveyed its franchises and property to the Norfolk and Western Railroad Company.

The Shenandoah Valley Railway operated its property until April 1, 1885, when receivers took charge and continued operations until September 30, 1890. Between September 30, and December 15, 1890, the receivers operated the property for the benefit of the Norfolk and Western Railroad Company.

No accounting records of the Shenandoah Valley Railway Company were available.

Development of Fixed Physical Property

On date of its demise the Shenandoah Valley Railway owned about 255 miles of railroad situated in the States of Maryland, West Virginia, and Virginia. The main line extended from Hagerstown, Md., to Roanoke, Va., about 240 miles in length, with branches aggregating about 15 miles. The main line was constructed by contract, the terms of which were not available. It was built in sections which were opened for operation between December 15, 1879, and June 19, 1882. The branches were constructed at different times, but the exact dates were not ascertainable.

Lynchburg and Durham Railroad Company

Development of Fixed Physical Property

On the date of its demise, the Lynchburg and Durham Railroad Company owned about 115 miles of single-track, standard-gauge railroad, extending from Lynchburg, Va., to Durham, N.C. Construction was commenced by the Lynchburg and Durham Railroad Company on September 12, 1887, and on February 4, 1889, when about 11 miles of road from Lynchburg to Rustburg, Va., were near completion, the Lynchburg and Durham Railroad Company made a contract with the Penn Construction Company to complete the construction of the entire 115 miles of road from Lynchburg, Va., to Durham, N.C. The road was completed under this contract and opened for operation on September 12, 1890. The Penn Construction Company, which acted more as a financial agent, sublet the construction to subcontractors.

Roanoke and Southern Railway Company; Roanoke and Southern Railway Company of Virginia; Roanoke and Southern Railway Company of North Carolina, and its successor, Norfolk, Roanoke and Southern Railroad Company

Introductory

The Roanoke and Southern Railway Company was formed on June 18, 1887, by consolidating the franchises and rights of the Roanoke and Southern Railway Company of Virginia and the Roanoke and Southern Railway Company of North Carolina. The consolidated companies, which were incorporated under the laws of Virginia and North Carolina on February 12, 1886, and February 23, 1887, respectively, never constructed or owned any railroad property.

The Norfolk, Roanoke and Southern Railroad Company was incorporated on November 25, 1896, and on the same date purchased, at foreclosure sale, the property of the Roanoke and Southern Railway. On December 2, 1896, the first-named company conveyed the purchased property, together with its franchises and rights, to the Norfolk and Western Railroad Company.

Development of Fixed Physical Property

On date of its demise, the Roanoke and Southern Railway Company owned about 122 miles of single-track, standard-gauge railroad, extending from Roanoke, Va., to Winston-Salem, N.C. A contract was made with the Virginia and North Carolina Construction Company, which was organized by certain officers, directors, and other individuals prominent in the organization of the Roanoke and Southern Railway, to build the road, but the records indicate that it sublet most of the construction and acted more in the capacity of a financial agent. The road was constructed and opened for operation in sections between May, 1889, and March, 1892.

Roanoke Machine Works

On date of its demise, the Roanoke Machine Works owned certain land, works, shops, buildings, fixtures, and machinery located in or adjacent to Roanoke, Va. Its property, which was constructed between November, 1881, and August, 1883, was managed by the Norfolk and Western Railroad Company and its successor, the Norfolk and Western. These companies, in turn, owned all of the outstanding capital securities of the Roanoke Machine Works. The Roanoke Machine Works issued $417,400 of capital stock and $500,000 of first-mortgage, 50-year, 6 per cent bonds, due February 1, 1933. All of these securities, which were issued to the Norfolk and Western Railroad Company in payment for a like amount of construction advances, were outstanding at the demise of the Roanoke Machine Works. In addition to the capital securities outstanding, the Roanoke Machine Works had a nonnegotiable debt of $167.075.93 in favor of the receivers of the Norfolk and Western Railroad Company, which represented cash advances for construction. No records of the corporate operations were available. The recorded investment in the property of the Roanoke Machine Works at date of its demise amounted to $1,069,894.97. This amount represents $1,123,396.61 of cash expenditures, less cash proceeds of $53,501.64 derived from the sale of a roundhouse and certain land to the Norfolk and Western Railroad Company.

The Cincinnati, Portsmouth and Virginia Railroad Company

Development of Fixed Physical Property

On date of its demise, The Cincinnati, Portsmouth and Virginia Railroad Company owned about 130 miles of single-track, standard-gauge railroad, located in Ohio. The main line extended from Sciotoville to Cincinnati, about 112 miles, with a branch line from Sardinia to a point about 1 mile distant from Hillsboro, Ohio, about 18 miles in length. All of the property owned was acquired from predecessors. The names of the predecessors and a description of their properties, together with the date on which they were acquired by the Cincinnati, Portsmouth and Virginia Railroad Company follows:

Name of company	Termini	Date acquired	Approximate mileage
The Ohio and North Western Railroad Company	Idlewild to Sciotoville, Ohio.	June 6, 1891	107.50
Columbus and Maysville Railroad Company	Sardinia to a point about 1 mile from Hillsboro, Ohio.	Jan. 1, 1901	18.00
The Cincinnati Connecting Belt Railroad Company	Idlewild to Ivorydale, Ohio.	Apr. 9, 1901	4.57
Total.			130.07

The main line from Sciotoville to Ivorydale, about 112 miles, was operated by the Cincinnati, Portsmouth and Virginia Railroad. The Sardinia branch, about 18 miles, was leased to The Hillsboro Railroad Company for sole operation.

The Ohio and North Western Railroad Company

Development of Fixed Physical Property

On date of its demise, The Ohio and North Western Railroad Company owned about 107.50 miles of single-track, standard-gauge railroad, extending from Sciotoville to Idlewild, Ohio, which was acquired by purchase and by construction. On January 5, 1887, it purchased at foreclosure sale the main line of the Cincinnati and Eastern Railway Company, consisting of about 102 miles of single-track, narrow-gauge railroad, extending from Idlewild to Portsmouth, Ohio. The remainder of the latter's property, consisting of about 15 miles of branch line extending from Richmond Junction to New Richmond, Ohio, was not acquired by the Ohio and North Western Railroad but was purchased by other parties and later abandoned. The Ohio and North Western change the property acquired from narrow to standard gauge. In 1889, it constructed about 5.50 miles of extension from Portsmouth to Sciotoville.

The Cincinnati and Eastern Railway Company — predecessor of The Ohio and North Western Railroad Company

Development of Fixed Physical Property

The Cincinnati and Eastern Railway Company constructed and owned about 117 miles of single-track, narrow-gauge railroad, which was opened for operation in sections between 1877 and 1884. The main line, about 102 miles in length, extended from Idlewild to Portsmouth, Ohio, with a branch from Richmond Junction to New Richmond, Ohio, about 15 miles in length. The branch line last referred to was purchased by parties composed of the line of corporate succession and was later abandoned.

Columbus and Maysville Railroad Company

No accounting records of the Columbus and Maysville Railroad Company were available. The information contained herein was obtained from its published reports to the Railroad Commissioners of Ohio. The Columbus and Maysville Railroad Company operated its property until 1887, when it was leased to The Ohio and North Western Railroad Company. From March 13, 1890, to March 1, 1900, the property was operated by trustees representing the bondholders. On February 6, 1900, the property was purchased by the Investment Company of Philadelphia, who leased the property to the Hillsboro Railroad Company, March 1, 1900. The latter company operated the property until January 1, 1901, when it was acquired by The Cincinnati, Portsmouth and Virginia Railroad Company.

On date of its demise, the Columbus and Maysville Railroad owned about 18 miles of single-track, standard-gauge railroad, extending from Sardinia to a point about one mile distant from Hillsboro, Ohio. The property was originally constructed as a narrow-gauge road in 1879 and 1880. The Ohio and North Western Railroad Company as lessee of the property changed the road to standard gauge.

The Cincinnati Connecting Belt Railroad Company

On date of its demise, The Cincinnati Connecting Belt Railroad Company owned about 4.57 miles of single-track, standard-gauge railroad, extending from Idlewild to Ivorydale, Ohio. The road was constructed in 1900 and 1901 by the company. No accounting records were available. The information contained herein was obtained from the company's minute records. Capital liabilities amounting to $500,000 were issued. They consisted of $300,000 of capital stock and $200,000 of 30-year, 5 per cent, mortgage bonds. The bonds were guaranteed, both as to principal and interest, by The Cincinnati, Portsmouth and Virginia Railroad Company. The stock was issued to that company for guaranteeing the bonds which were sold for $200,000 cash. All of the securities were retired by The Cincinnati, Portsmouth and Virginia Railroad Company.

Hillsboro Short Line Railway

The Hillsboro Short Line Railway was constructed by the village of Hillsboro, Ohio, under provisions an act of Ohio dated April 18, 1879. The road was about 1.39 miles in length and was located in Hillsboro. The date of construction has not been ascertained. According to the printed reports of the Railroad Commissioners of Ohio, the road was leased for operation to the Maysville and Columbus Railroad Company in 1886 and subleased to the Ohio and North Western Railroad Company in 1887. The latter evidently operated the property until February 29, 1896, when the road was leased to The Hillsboro Railroad Company, incorporated under the laws of Ohio on January 11, 1895, for a period of 99 years, renewable forever. On June 24, 1902, The Hillsboro Railroad Company, with the consent of the trustees of the Hillsboro Short Line Railway, transferred the lease to the Norfolk and Western Railroad Company. Under the laws of Ohio, this lease in perpetuity is equal to an estate in fee. After transferring the lease to the Norfolk and Western Railroad Company, The Hillsboro Railroad Company, which owned no railroad property, was dissolved on October 25, 1904. No accounting records of the Hillsboro Short Line Railway were available and no further information relative to the affairs of this company was obtained.

The Radford-Southern Railroad and Mining Company

The property owned by this company at date of its demise consisted of right of way and roadbed extending from Radford to Mills, Va., about 3 miles long. No accounting records of this company were available. The accounting records of the carrier state that it purchased $100,000 par value of capital stock and $56,000 par value of bonds of this company for $23,750.

Kenova and Big Sandy Railroad Company

On the date of its demise, this company had under course of construction about 25.12 miles of single-track, standard-gauge railroad, extending from Kenova to Cassville, W.Va. The road was built by the carrier with its own funds and was practically a part of an extension of a branch known as The Big Sandy Low Grade Line extending from Naugatuck to Kenova, W.Va., 59.16 miles in length, and forms a part of the second-track system of the Norfolk and Western. The expenditures for the construction of the 59.16 miles in question were recorded in the accounts of the carrier and the outlay has been treated, for the purposes of this report, as expenditures for additions and betterments by the carrier.

The Columbus Terminal and Transfer Railroad Company

On date of its demise, this company owned terminal and transfer facilities in the city of Columbus, Ohio. It never constructed or operated any railroad except tracks and sidings to reach its warehouses. No accounting records of this company were available.

Iaeger and Southern Railway Company

The Iaeger and Southern Railway Company built 4.90 miles of road from Iaeger to Ritter, W.Va. Construction was begun in November, 1898, and the road was completed and opened for operation on August 28, 1899. Funds for construction were obtained from the sale of $25,000 par value of capital stock (the only capital securities issued) and funds furnished by W. M. Ritter, who owned $24,200 of the capital stock. No entries were made in the accounting records subsequent to July 31, 1900, at which time the recorded cost of the property amounted to $47,109.46. This amount represented cash expenditures of $45,860.96 for road and $1,248.50 for equipment. In 1902, the carrier acquired all of the capital stock of the Iaeger and Southern Railway and under authority of the latter's charter began the construction of an extension from Ritter to Canebrake, W.Va., a distance of 24.40 miles. All of the expenditures for the construction of this extension were recorded in the accounts of the carrier and were charged to its investment in road and equipment account. At the demise of the Iaeger and Southern Railway, the carrier charged its investment in road and equipment with $50,100 as the cost of acquiring the 4.90 miles of road from Iaeger to Ritter. This amount represents the cost of acquiring the capital stock of the Iaeger and Southern Railway.

Big Sandy, East Lynn and Guyan Railroad Company

On date of its demise, this company owned about 7.48 miles of single-track, standard-gauge railroad, extending from Wayne to East Lynn, W.Va. The property was opened for operation in 1903. No accounting records of this company were available.

Western Virginia South Western Railway

On date of its demise, the Western Virginia South Western Railway owned about 10.96 miles of single-track, standard-gauge railroad, extending from Gordon to Coalwood, W.Va. Construction was begun in 1904 by the Virginia Pocahontas Coal Company, which performed the grading. The carrier completed the construction, and the road was opened for operation in February, 1905. The West Virginia South Western Railway issued $100,000 of capital stock, which was outstanding at its demise. Of the amount issued, $11,450 was sold for a like amount of cash and $88,550 was charged to construction. The West Virginia South Western Railway incurred nonnegotiable debts to the carrier amounting to $151,655.07, representing funds furnished by that company for construction. This debt was outstanding on date of its demise. The results of corporate operations were not of record. The West Virginia South Western Railway owned no equipment.

Caretta Railway Company

On date of its demise, the Caretta Railway Company owned about 2.52 miles of single-track, standard-gauge railroad, extending from Caretta Branch Junction to the Caretta mine of the Carter Coal Company in West Virginia. The records indicate that construction was begun by the Virginia Pocahontas Coal Company and completed by the carrier, which acquired the property upon completion. The Caretta Railway Company issued $25,000 of capital stock, which was outstanding at its demise. Of the amount issued, $2,860 was sold for a like amount of cash and $22,140 paid for construction of road. The Caretta Railway Company incurred nonnegotiable debt to the carrier amounting to $10,386.59, which represented funds furnished for construction. This debt was outstanding on date of demise of the Caretta Railway Company. The Caretta Railway Company owned no equipment.

Catawba Valley Railway and Mining Company

On date of its demise, this company owned about 9.39 miles of railroad, extending from Salem to Sandburg, Va. The road was built between September, 1906, and October, 1907. The property was operated by the company from October, 1907, until date of its demise. No accounting records of this company were available.

Lynchburg Belt Line and Connecting Railway Company

Introductory

During the life of this company its property was operated under lease by the carrier.

Development of Fixed Physical Property

On date of its demise, The Lynchburg Belt Line and Connecting Railway Company owned about 22.33 miles of single-track, standard-gauge railroad, extending from Phoebe to Forest, Va. Certain land was purchased and construction begun by the carrier in June, 1906, prior to the incorporation of the Lynchburg Belt Line and Connecting Railway Company. When the latter was incorporated, it purchased the land and property from the carrier and the latter completed the road for the Lynchburg Belt Line and Connecting Railway Company. The road was opened for operation on April 6, 1908.

Blackstone and Lunenburg Railroad Company

Development of Fixed Physical Property

On date of its demise, the Blackstone and Lunenburg Railroad Company owned about 5.52 miles of single-track, standard-gauge railroad, extending from Blackstone to Dillard, Va. The property was acquired by construction with funds furnished by the carrier. The road was built during 1905 and 1906 and opened for operation about January 1, 1907.

Pocahontas and Western Railroad Company

Development of Fixed Physical Property

On the date of its demise, the Pocahontas and Western Railroad Company owned about 3.29 miles of single-track, standard-gauge railroad, extending from Pocahontas to Boissevain, Va. The road was built by the carrier between July, 1906, and May, 1907, with funds furnished by that company. It also owned about 3.47 miles of right of way on which the grading was practically completed, but this section was abandoned by the carrier upon acquisition of the property.

Big Stony Railway Company

Development of Fixed Physical Property

On date of its demise, the Big Stony Railway Company owned about 38.33 miles of single-track, standard-gauge railroad, extending from Big Stony Junction to Paint Bank, Va. The property was acquired by purchase and construction, as shown below:

Purchase:
- Interior and West Virginia Railroad Company, June 21, 1910, State line between Giles County, Va., and Monroe County, W.Va., to State line between Craig County, Va., and Monroe County, W.Va., 17.53 miles.
- Virginia and Potts Creek Railroad Company, June 21, 1910, Virginia-West Virginia State line to Paint Bank, Va., 4.15 miles.
Construction:
- Big Stony Junction to Interior, Va., June 1, 1896, 10.68 miles.
- Interior to Virginia-West Virginia State line, 1909, 5.97 miles.

Total, 38.33 miles.

Interior and West Virginia Railroad Company

Available records indicate that the property of the Interior and West Virginia Railroad Company was operated by the Big Stony Railway Company, but the results of such operations were not of record.

On date of its demise, the Interior and West Virginia Railroad Company owned about 17.53 miles of single-track, standard-gauge railroad, extending from the State line between Giles County, Va., and Monroe County, W.Va. The property was acquired by construction which was begun in May, 1907, and the road was completed and opened for operation in the latter part of 1909.

Virginia and Potts Creek Railroad Company

On date of its demise, The Virginia and Potts Creek Railroad Company owned about 4.15 miles of single-track, standard-gauge railroad, extending from the West Virginia-Virginia State line to Paint Bank, Va. The property was acquired by construction begun in July, 1907, and the road was completed and put in operation in the early part of 1910. The capital liabilities of the Virginia and Potts Creek Railroad Company on date of its demise, consisted of $1,000 of capital stock and nonnegotiable debt of $101,639.56 to the Big Stony Railway Company. The capital stock was sold for $1,000 cash and represented the first installment of 10 per cent paid on subscribed capital stock of $10,000. The nonnegotiable debt represented cash advances, which were expended for construction. Available records indicate that the property was operated by the Big Stony Railway Company, but the results of such operations were not of record. The Virginia and Potts Creek Railroad Company owned no equipment. On June 21, 1910, the balance in its investment in road account amounted to $101,839.26, recorded as cash expenditures.

Virginia Anthracite Coal and Railway Company

No records of this company were available. The following information was obtained from the corporate history of the carrier. The Virginia Anthracite Coal and Railway Company was incorporated by an Act of Virginia approved April 2, 1902. It acquired by construction about 8.88 miles of standard-gauge railroad, extending from Christiansburg to Blacksburg, Va. Construction commenced on November 11, 1902, and the road was completed and opened for operation on September 24, 1904. The property was operated by the Virginia Anthracite Coal and Railway Company and its receivers from the latter date to January 31, 1912.

The Columbus Connecting and Terminal Railroad Company

Introductory

The property of The Columbus Connecting and Terminal Railroad Company was leased from date of completion to the Norfolk and Western Railroad Company and its successor, the carrier. Subsequent to June 30, 1909, all of its accounting records were included in those of the lessee and can not be separated.

Development of Fixed Physical Property

On date of its demise, The Columbus Connecting and Terminal Railroad Company owned about 3.45 miles of standard-gauge railroad located in the city of Columbus, Ohio. Its property was acquired by construction and was opened for operation about July 1, 1893.

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