Wikipedia:WikiProject Trains/ICC valuations/Island Creek Railroad
Interstate Commerce Commission, Valuation Reports, Volume 24
Island Creek Railroad
[edit]Location and General Description of Property
[edit]The railroad of the Island Creek Railroad Company, herein called the Island Creek, likewise leased to and operated by the carrier [Chesapeake and Ohio Railway], is a single-track line extending from Logan to Holden, W. Va., a distance of 6.603 miles. The remainder of this company's property is leased to a noncarrier corporation.
Introductory
[edit]The Island Creek is a corporation of the State of West Virginia, having its principal office at Boston, Mass. It is controlled by the Island Creek Coal Company through ownership of 3,995 of the 4,000 shares of capital stock outstanding.
The property of the Island Creek extending from Holden to Logan, W. Va., is operated by the carrier. Certain sidings and spur tracks are leased to the Island Creek Coal Company. The entire road mileage of the Island Creek, together with 6.470 miles of sidings and spur tracks, is operated by the carrier, under lease dated April 5, 1912. Certain other side and spur tracks, aggregating 5.340 miles, are leased to the Island Creek Coal Company.
Corporate History
[edit]The Island Creek was incorporated April 12, 1902, under the general laws of West Virginia. Its organization was perfected April 15, 1902.
Development of Fixed Physical Property
[edit]The owned mileage of the Island Creek, extending from Holden to Logan, W. Va., a distance of 6.603 miles, was all acquired by construction. The road was constructed for the purpose of developing the property of the United States Coal & Oil Company, a predecessor of the Island Creek Coal Company. Construction was begun in 1903 and the road was completed and placed in operation January 1, 1905.
Leased Railway Property
[edit]On April 3, 1912 the road from Holden to Logan and 6.47 miles of side and spur tracks were leased to the carrier for 20 years from April 19, 1912, at an annual rental of 5 per cent on the cost of the property used, which for the year ending on date of valuation is $15,162.53.
The Island Creek reserves the right to operate certain logging trains over the road, with equipment supplied by others, for which it pays the carrier $500 per annum.
Under a verbal agreement of April 5, 1912, the remainder of the property of the Island Creek, consisting of 5.34 miles of side and spur tracks, is leased for an indeterminate period to the Island Creek Coal Company at an annual rental of 5 per cent on the cost of the property used, which for the year ending on date of valuation is $3,831.39.