On August 28, 1877, the company was sold at foreclosure: the Allegan & Southeastern bought the Allegan Division, while the Pennsylvania Railroad, which had controlled the Ohio properties since 1873 through the Pennsylvania Company, bought the Ohio holdings outright.
In 1889, the Pennsylvania Company organized the Walhonding Valley Railroad that would follow the route of the canal from Coshocton to Loudonville.
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