Wikipedia:WikiProject Trains/ICC valuations/Piney River and Paint Creek Railroad

Interstate Commerce Commission, Valuation Reports, Volume 149

Piney River and Paint Creek Railroad

Location and General Description of Property

The railroad of Piney River and Paint Creek Railroad Company, herein called the carrier, is a single-track, standard-gauge, steam railroad, located in south-central West Virginia. The owned mileage extends from Beckley Junction to Prosperity, W. Va., 6.348 miles. The carrier also owns yard and side tracks totaling 3.770 miles. Its road thus embraces 10.118 miles of all tracks owned. The property is operated jointly by The Virginian Railway Company and The Chesapeake and Ohio Railway Company, under terms set forth in Appendix 2.

Introductory

The carrier is a corporation of the State of West Virginia, having its principal office at MacDonald, W. Va. It is controlled by the New River Company, a coal-industry holding company, through ownership of a majority of the outstanding capital stock. The records do not indicate that the carrier controls any common-carrier corporation. The property of the carrier was operated by its own organization from March 1, 1906, to December 1, 1912, and from the latter date to date of valuation jointly by The Virginian Railway Company, and The Chesapeake and Ohio Railway Company.

Corporate History

The carrier was incorporated May 26, 1905, under the general laws of the State of West Virginia for the purpose of constructing and operating a railroad from Beckley Junction to Prosperity, W. Va. The date of organization was May 25, 1905.

Development of Fixed Physical Property

The owned mileage, extending from Beckley Junction to Prosperity, W. Va., 6.348 miles, was constructed by the Cranberry Fuel Company, an allied corporation, during the period from May, 1905, to February 28, 1906.

Leased Railway Property

The entire property of the carrier is leased to the Virginian for a period of five years from December 1, 1912, at an annual rental of $16,200, plus the cost of maintenance of the property and the payment of all taxes. The carrier states that an undivided one-half interest in the property has been subleased by the Virginian to the Chesapeake and Ohio.