On June 30, 1916, the date of valuation, the carrier owned a brick passenger station and certain appurtenant facilities, including 0.293 mile of main track and 0.108 mile of yard tracks and sidings, at Akron, Ohio. These facilities were used jointly by The Cleveland, Akron & Cincinnati Railway Company (The Pennsylvania Company system), The Baltimore and Ohio Railroad Company, and Erie Railroad Company, on a maintenance and rental basis.
The carrier was incorporated May 6, 1891, under the general laws of Ohio, for the purpose of constructing and operating a union passenger depot and a union railroad in Akron. It was incorporated by the Cleveland, Akron and Columbus Railway Company, a predecessor of The Cleveland, Akron & Cincinnati Railway Company, and the Akron and Chicago Junction Railroad Company, a predecessor of the Baltimore and Ohio Railroad Company. The date of its organization was August 1, 1891. The property of the carrier has always been operated by its own organization. The principal office is in Akron.
The property of the carrier was constructed by the Cleveland, Akron and Columbus Railway Company under an agreement dated January 1, 1891, with the Akron and Chicago Junction Railroad Company, which provided that each company should pay one-half of the expenses of construction and that each should have one-half interest in the property. The property thus constructed was transferred to the carrier by the carriers just mentioned through a deed dated August 1, 1891, in consideration of which the carrier issued to those companies its capital stock and first-mortgage bonds. The property was opened for operation on Novemeber 1, 1891.
The depot, tracks, and other station facilities of the carrier are used jointly by The Baltimore and Ohio Railroad Company, the Cleveland, Akron & Cincinnati Railway Company, and the Erie Railroad Company, under agreements whereby the users pay the expenses of maintaining and operating the property, including taxes and insurance, which are apportioned on a train basis, and a flat rental of $2,000 each per annum. The first two mentioned companies also pay $500 each as additional rental, which is appropriated to a sinking fund by the carrier to be used in retiring its bonds, and the Erie Railroad Company pays an additional rental equal to one-third of 4 per cent on the outstanding capital stock of the carrier, or $1,333.33 per annum.
The Baltimore and Ohio Railroad Company, The Cleveland, Akron & Cincinnati Railway Company, and their predecessors, have used the carrier's property under these terms since November 1, 1891, through an agreement bearing that date, and the Erie Railroad Company has used the carrier's property under the terms shown since April 23, 1901, through an agreement bearing that date.
The carrier collected $10,336.90 from the users of its property for the year ended on date of valuation, which was classified in its income account as "joint facility rent income" and was made up of the following items:
|Rental of $2,000 each||$6,000.00|
|Railway tax accruals||2,003.57|
|One-third of 4 per cent on $100,000 par value of capital stock of carrier paid by Erie Railroad Company||1,333.33|
|Additional amount by The Baltimore and Ohio Railroad Company and The Cleveland, Akron & Cincinnati Railway Company||1,000.00|
|Original data source:||Decisions of the Interstate Commerce Commission Vol. 106 pp 305, 310 314-315 317|
Interstate Commerce Commission
Although published in 1926, the report is "...as of date of valuation" which was 30 June, 1916