Imboden and Odell Railroad Co. - Stock Certificate

Stock printed by Goes. Certificate #'s 2 thru 14. Less than 19 certificates issued.

The railroad of the Kanawha and West Virginia Railroad Company, herein called the Kanawha and West Virginia, is a single-track, standard-gage, steam railroad, located in West Virginia. The main line extends from Charleston to Blakeley, a distance of 33.329 miles, and a detached line extends from Belva to Swiss, 3.929 miles, a total of 37.258 miles. The Kanawha and West Virginia also owns 9.077 miles of yard tracks and sidings. Its road thus embraces 46.335 miles of all tracks owned.

The Kanawha and West Virginia is a corporation of the State of West Virginia, having its principal office at Columbus, Ohio. This company was originally incorporated as the Imboden and Odell Railroad Company.

The Kanawha and West Virginia is controlled, through ownership of a majority of its capital stock by The Kanawha & Michigan Railway Company, which is controlled by The Toledo and Ohio Central Railway Company, the latter company, in turn, being controlled by The New York Central Railroad Company. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation.

The property of the Kanawha and West Virginia has been operated by its own organization from the respective dates that sections of its road were acquired, to December 31, 1917, with exception of the detached line extending from Belva to Swiss, W. Va., which was operated for the company's account under contract by the Flynn Lumber Company from April 15, 1910, to December 31, 1917. On January 1, 1918, the common-carrier property of the Kanawha and West Virginia was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

The Kanawha and West Virginia was incorporated January 12, 1903, under the general laws of West Virginia, as the Imboden and Odell Railroad Company, for the stated purpose of constructing and operating a railroad from Summersville to Blue Creek, W. Va. The Kanawha and West Virginia subsequently acquired the property, rights, and franchises of two other railroad corporations. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession. [...]

Development of Fixed Physical Property

The owned mileage of the Kanawha and West Virginia, 37.258 miles, was all acquired by construction. The years when the various portions of the line were constructed are indicated in the following statement:

Charleston to Blue Creek, W. Va., 1905-1906. 13.000

Blue Creek to Quick, W. Va., 1903-1905. 9.700

Quick to Blakeley, W. Va., 1905-1906. 10.700

Belva to Swiss, W. Va., 1906-1907. 4.000

Total recorded mileage. 37.400

Difference between total recorded mileage and mileage inventoried as of date of valuation. 0.142

Mileage inventoried as of date of valuation. 37.258

The lines from Charleston to Blue Creek, W. Va., and Belva to Swiss, W. Va., were constructed by Rinehart-Wyatt & Company, and the line from Blue Creek to Blakeley, W. Va., by T. J. Carmack, all independent contractors. The right of way from Charleston to Blue Creek, W. Va., was purchased from the Kanawha and Pennsylvania Railway Company. The right of way from the Junction of Meadow and Gauley rivers to Camden-on-Gauley, W. Va., was acquired with the property of the Allegheny & Western Railway Company.

The property of the Kanawha and West Virginia devoted to common-carrier purposes was taken over for operation by the United States Railroad Administration on January 1, 1918, and is so operated on date of valuation.

The arrangement of the Kanawha and West Virginia with another carrier, in effect December 31, 1917, covering the use of joint facilities, has been continued by the United States Railroad Administration. The description of the property, the period and terms of use, and the rental accrued and charged to income for the year ending December 31, 1917, are as follows:

Jointly used, but not owned, owned by The Kanawha & Michigan Railway Company:

Tracks, 0.85 mile, at Charleston, W. Va., used as main track by the Kanawha and West Virginia. Of the foregoing 0.78 mile is used without formal agreement and 0.07 mile is used under agreement dated Aug. 12, 1907. For the use of the latter track, the Kanawha and West Virginia pays a rental of 5 per cent per annum on $750, or one-half of the valuation; also one-half the cost of maintenance, including taxes and assessments. For the year ending Dec. 31, 1917, the Kanawha and West Virginia paid $37.50 for the use of this track.

Read More

Read Less