The Cincinnati and Lake Erie Railroad (C&LE) was a short-lived electric interurban railway that operated in 1930–1939 Depression-era Ohio and ran between the major cities of Cincinnati, Dayton, Springfield, Columbus, and Toledo. It had a substantial freight business and interchanged with other interurbans to serve Detroit and Cleveland. Its twenty high-speed "Red Devil" interurban passenger cars operated daily between Cincinnati and Cleveland via Toledo, the longest same equipment run by an interurban in the United States. The C&LE failed because of the weak economy and the loss of essential freight interchange partners. It ceased operating in 1939. History Background: The Consolidation The Cincinnati and Lake Erie Railroad was legally formed as a corporate entity in January, 1930, by the consolidation of three existing 1929 electric interurban lines: the Cincinnati, Hamilton, and Dayton (CH&D); the Indiana, Columbus and Eastern (IC&E); and the Lima-Toledo Railroad (LT). The combination of these three companies created an interurban system that operated a south-north line from Cincinnati through Dayton and Springfield to Toledo, and an east bound line from Springfield to Columbus. The Cincinnati, Hamilton and Dayton Railway was acquired and reorganized in 1926 by Dr. Thomas Conway, Jr., a professor of business at the University of Pennsylvania's Wharton School. Believing that he could turn the interurban into a very profitable operation, he made substantial investments in infrastructure and rolling stock, including passenger cars and freight locomotives. He spent $500,000 to purchase the CH&D and then spent $1.5 million on improvements. The interurban's business and prospects improved as hoped, particularly in the movement of freight. In 1929, it handled of freight in Cincinnati. Conway then contemplated the advantages of extending his railway north to Toledo, Ohio connecting to Detroit where the C&HD could tap the shipping business of the automotive industry. Thus Conway acquired the Indiana, Columbus and Eastern and the Lima-Toledo as the two teetered at the edge of bankruptcy. These acquisitions gave him the desired access to Toledo. In early January, 1930, the three combined lines were officially incorporated as the Cincinnati and Lake Erie Railroad. Cincinnati and Lake Erie Railroad Financing and rebuilding Conway had his new Cincinnati and Lake Erie enterprise issue $3.7 million in stock and $3.5 million in bonds and began an extensive 1930 round of infrastructure improvements and equipment purchases. The timing proved unfortunate as this extensive borrowing was added to the already large bond debt of the earlier