The railroad property of Union Depot Company (Columbus, Ohio), hereinafter called the carrier, consists of a passenger station with certain tracks and other terminal facilities at Columbus, Ohio. The railroad of the carrier is of standard gauge, operated by steam, and consists of 0.392 mile of main line, 0.264 of second main track, and yard and side tracks aggregating 2.216 miles. Its road thus embraces 2.842 miles of all tracks owned.
The carrier was incorporated under the general laws of Ohio on August 20, 1872, by filing with the Secretary of State articles of association entered into on July 17, 1872, by the Cleveland, Columbus, Cincinnati and Indianapolis Railway Company, a predecessor of The Cleveland, Cincinnati, Chicago and St. Louis Railway Company, and The Pittsburgh, Cincinnati and St. Louis Railway Company, a predecessor of The Pittsburgh, Cincinnati, Chicago and St. Louis Railroad Company. The carrier was incorporated for the purpose, among other things, of purchasing depot grounds and constructing a passenger depot and union railroad in Columbus for the common use of the incorporators and other carriers. The organization of the company was perfected on December 12, 1872. The principal office is in Columbus. The property has always been operated by its own officers.
On date of valuation the property was used by the Pittsburgh, Cincinnati, Chicago and St. Louis Railroad Company, the Cleveland, Cincinnati, Chicago and St. Louis Railway Company, the Pennsylvania Company, the Hocking Valley Railway Company, the Baltimore and Ohio Railorad Company, and the Norfolk and Western Railway Company, hereinafter collectively referred to as the tenant companies.
The following information regarding the development of the property of the carrier was taken from page 743 of Volume IV of the corporate history of the Pennsylvania Railroad Company lines west of Pittsburgh, of which the carrier is one:
Prior to the incorporation of the Union Depot Company, the Cleveland, Columbus and Cincinnati Railroad Company and the Columbus and Xenia Railroad Company, under an agreement entered into in February, 1852, had constructed a passenger station at Columbus, Ohio, for the use of the two companies, the premises and property being held by them jointly. On February 15, 1873, a deed of partition was executed by the two companies conveying to each their separate interest in this property. By deed of February 15, 1873, the Cleveland, Columbus, Cincinnati and Indianapolis Railway Company, the Pittsburgh, Cincinnati and St. Louis Railway Company, and the Little Miami Railroad Company, and the Columbus and Xenia Railroad Company conveyed to the Union Depot Company the premises upon which the depot and tracks were constructed, the undivided one-half of which was owned by The Columbus and Xenia Railroad Company and leased with its railroad to the Little Miami Railroad Company, who assigned the lease to the Pittsburgh, Cincinnati and St. Louis Railway Company.
By deed of conveyance dated February 15, 1873, the carrier acquired 7.929 acres of land together with certain improvements thereon.
The construction of the carrier's union depot facilities was commenced on the property acquired through the above-mentioned deed of conveyance in June 1873, by Hershiser, Adams & Company, contractors, under the terms of an agreement dated February 15, 1873. The depot was completed and opened for operation on February 15, 1875. During the period from July 1896, to June, 1898, the carrier constructed a new passenger depot and rearranged its depot sheds and tracks. There was also constructed, during the period mentioned, a viaduct over High Street in the city of Columbus, the cost of which was paid by the carrier, The Pittsburgh, Cincinnati, Chicago and St. Louis Railroad Company, The Cleveland, Cincinnati, Chicago and St. Louis Railway Company, The Columbus and Xenia Railroad Company, and the city of Columbus.
From February 15, 1875, to date of valuation the carrier applied $277,537.15 of its income to sinking and other reserve funds for reacquiring bonds of its own issue and for investment in bonds of other companies. Of that amount $241,743.25 was expended in cash in the reacquirement of bonds of the carrier's own issue, in the par value of $210,000; and $29,860.90 was expended in cash in acquiring bonds of other companies, leaving an unexpended cash balance on hand at date of valuation of $5,933, of which $3,814.99 was held for the reacquirement of the carrier's general-mortgage 4.5 per cent gold bonds, and $2,118.01 for the reacquirement of the carrier's first-mortgage 7 per cent bonds. The investments in other companies acquired by the carrier in the total par value of $29,000, were recorded at a book value of $29,860.90, as follows:
|Description||Par value||Book value|
|The Pittsburgh, Cincinnati, Chicago and St. Louis Railorad Company:|
|First-mortgage 4 per cent bonds||8,000||8,254.67|
|First-mortgage 4.5 per cent bonds||8,000||8,629.50|
|The Cleveland, Cincinnati, Chicago and St. Louis Railway Company, collateral-trust 4 per cent bonds||13,000||12,976.73|
At date of valuation the property of the carrier was used jointly by the following companies as tenants under agreements of various dates, this arrangement having been in effect with two or more of the tenants, or their predecessors, from the date the carrier's property was opened for operation on February 15, 1875:
The carrier received as annual rental for its property an amount equivalent to a dividend of 8 per cent on the agreed valuation of $74,597.50 placed on its capital stock, the amount of interest accruing on its outstanding funded debt, and $675 for sinking-fund purposes. The tenant companies also pay the net cost of operation and maintenance of the property. The entire rental and expense charges are apportioned to the tenant companies on a revenue-train basis. The rental recorded as received for the year ended on date of valuation amounted to $75,777.93.
|Original data source:||Decisions of the Interstate Commerce Commission Vol. 110 pp 140-141, 146-147, 152|
Interstate Commerce Commission
Although published in 1926, the report is "...as of date of valuation" which was 30 June, 1916