Wikipedia:WikiProject Trains/ICC valuations/Mt. Gilead Short Line Railway
Interstate Commerce Commission, Valuation Reports, Volume 28
The Mt. Gilead Short Line Railway
[edit]Location and General Description of Property
[edit]The railroad of The Mt. Gilead Short Line Railway, herein called the Mt. Gilead Short Line, is a single-track, standard-gage, steam railroad, located in the central part of Ohio. The owned mileage extends easterly from Edison to Mt. Gilead, 2.006 miles. It also owns yard and side tracks totaling 0.581 mile. Its road thus embraces 2.587 miles of all tracks owned. All of the property is leased to and operated by the Big Four.
Introductory
[edit]No accounting records of the Mt. Gilead Short Line were obtainable and nothing can be incorporated in this report pertaining to its financial affairs, corporate operations, or investments, except as stated.
Corporate History
[edit]Pursuant to the provisions of the statute of Ohio enacted April 16, 1878, amended or supplemented April 16, 1879, March 30, 1880, and March 11, 1881, and authorizing the construction of railroads by villages meeting certain requirements as to population, etc., five trustees were appointed by the judge of Common Pleas Court in Morrow County, Ohio, on May 27, 1879, to take charge of the construction and administer the affairs of the Mt. Gilead Short Line. The control of the property is invested in five trustees, who are appointed by the mayor of Mt. Gilead, Ohio, every five years. The construction of the railroad of the Mt. Gilead Short Line was not a corporate undertaking, but was the project of the village of Mt. Gilead. Construction work was completed and the property was put in operation on or about April 13, 1880. The railroad of the Mt. Gilead Short Line has been solely operated by the Big Four from the date of completion and beginning of operation to date of valuation.
Leased Railway Property
[edit]On April 13, 1880, through an agreement of that date, the property of the Mt. Gilead Short Line was solely leased to the Cleveland, Columbus, Cincinnati and Indianapolis Railway Company for a period not to exceed 99 years. Under the terms of this agreement the lessee agreed to furnish all rolling stock, pay all operating, maintenance, and other expenses, taxes, and pay to the trustees in control of said property one-third of the net earnings resulting from the operation thereof. The Cleveland, Columbus, Cincinnati and Indianapolis Railway Company operated the property in that way until its demise, when the Big Four succeeded to that company's rights. The latter continued its operation under the terms of the agreement of April 13, 1880, as stated above, to date of valuation.