The Lorain, Ashland & Southern is a corporation of the State of Ohio, having its principal office at Akron, Ohio. It is controlled by the Pennsylvania Company and the Erie Railroad Company jointly through ownership of a majority of the capital stock. The records do not indicate that this company controls any carrier corporation. The property has been operated by its own organization during its entire life.

The Lorain, Ashland & Southern was incorporated May 13, 1913, under the general laws of the State of Ohio, for the purpose of acquiring the property, rights and franchises of The Lorain, Ashland & Southern Railroad Company (first corporation) and The Ashland and Western Railway Company. Pursuant to this purpose, the Lorain, Ashland & Southern acquired at its organization the property, rights and franchises of the two railroad corporations named. The Lorain, Ashland & Southern and those corporations, together with their predecessors, total eight different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the Lorain, Ashland & Southern as at present constituted. The following chart shows data as to incorporations and succession.

#	Name	Incorporation	Succession
1	The Lorain, Ashland & Southern Railroad Company (second corporation).	Under general laws of Ohio, May, 13, 1913.
2	The Lorain, Ashland & Southern Railroad Company (first corporation).	Under general laws of Ohio, through articles of consolidation; dated and filed in Ohio, Nov. 4, 1910.	Consolidated May 13, 1913, with 5, to form 1.
3	The Lorain & Ashland Railroad Company.	Under general laws of Ohio, July 3, 1905.	Consolidated Nov. 4, 1910, with 4, to form 2.
4	The Industrial Railroad Company	Under general laws of Ohio, June 19, 1903.	Consolidated Nov. 4, 1910, with 3, to form 2.
5	The Ashland and Western Railway Company.	Under general laws of Ohio, June 20, 1904.	Consolidated May 13, 1913, with 2, to form 1.
6	The Ashland & Western Railroad Company.	Under general laws of Ohio, June 20, 1904.	Sold to 5, Nov. 10, 1906.
7	The Lake and River Railway Company.	Under general laws of Ohio, Mar. 10, 1903.	Road Custaloga to Ashland, Ohio, together with right of way and roadbed between Ashland and New London, Ohio, sold at foreclosure May 25, 1904, after receivership begun Aug. 5, 1903, and acquired June 22, 1904, by 6. Road and land at Akron, Ohio, previously acquired from The Richland and Mahoning Railway Company (second corporation) sold at foreclosure Feb. 27, 1907, and acquired by The Akron, Canton and Youngstown Railway Company, which does not form a part of the system of the Lorain, Ashland & Southern.
8	The Ashland and Wooster Railway Company.	See 9	Consolidated Mar. 10, 1903, with The Richland and Mahoning Railway Company (second corporation) to form 7.
9	The Millersburgh, Jeromeville and Greenwich Railroad Company.	Under general laws of Ohio, Apr. 16, 1894.	Name changed to 8, Mar. 3, 1897.

The owned mileage, 66.483 miles, was acquired partly by consolidation and partly by construction. Of the seven corporations that comprise the line of succession culminating in the Lorain, Ashland & Southern as at present constituted, four corporations did not construct any road or other common-carrier property. These companies were The Lorain, Ashland & Southern Railroad Company (first corporation), The Ashland and Western Railway Company, The Ashland and Western Railroad Company, and The Lake and River Railway Company. The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Lorain, Ashland & Southern acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, the same order of corporations is maintained;

The original construction and the reconstruction work performed for the Lorain, Ashland & Southern, was done under contract by The West Virginia and Ohio Construction Company, which was apparently affiliated with the Lorain, Ashland & Southern.

The Lorain, Ashland & Southern jointly used 0.032 mile of track owned by The Wheeling and Lake Erie Railway Company at Wellington , Ohio, under a trackage agreement for an indefinite period from May 1, 1914, at an annual rental of $1,500 and maintenance of certain switches and frogs. The rental charged to income for the year ending on date of valuation was not ascertained.

Note 1: I suspect the ICC incorrectly expanded NYC&StL. This NYC should be New York, Chicago as in New York, Chicago and St. Louis. Back.

Although published in 1929, the report is "...as of date of valuation" which was 30 June, 1917