Wikipedia:WikiProject Trains/ICC valuations/Central Terminal Railway

Interstate Commerce Commission, Valuation Reports, Volume 143

Central Terminal Railway

Location and General Description of Property

The Wisconsin Central also solely uses, under lease, the railroad of the Central Terminal Railway Company, herein called the Central Terminal, which consists of a freight terminal and appurtenant facilities, including 6.733 miles of yard tracks and sidings, all located in Chicago, Ill.

Introductory

The Central Terminal is a corporation of the State of Illinois, having its principal office at Chicago, Ill. It is controlled by the Soo Line, through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company controls any carrier corporation. The property of the Central Terminal has always been operated by the Wisconsin Central.

Corporate History

The Central Terminal was incorporated May 27, 1911, for a period of 50 years under the general laws of the State of Illinois, for the purpose of constructing a railroad from a point in the village of Forest Park, Cook County, Ill., to a point in the city of Chicago, in said county and state.

Development of Fixed Physical Property

The property owned by the Central Terminal on date of valuation was constructed during 1912, 1913, and 1914, although expenditures for the acquisition of land were recorded in 1911. Construction of its terminal property in the city of Chicago was carried on under the supervision of the forces of the Soo Line. None of the contractors engaged on the work has been identified as being affiliated with the Central Terminal. In connection with the development of its property the Central Terminal constructed 6.733 miles of tracks, which have been classified by us as yard tracks and sidings. The property was placed in operation on April 1, 1914.

Leased Railway Property

The property of the Central Terminal is leased to the Soo Line for 99 years from April 1, 1909, but from April 1, 1914, when the property was placed in service, to date of valuation, the property has been exclusively operated by the Wisconsin Central, as sublessee. The terms of the sublease agreement are not of record.

During the year ended on date of valuation the Central Terminal accrued and recorded in its income account income from lease of road in the amount of $333,275.35, of which $274,000.08 was billed against the Soo Line, and $59,275.27 for rents of buildings, against others.

The terms of the lease agreement with the Soo Line provided for the annual payment by that company of an amount equal to the annual interest on the Central Terminal's bonds, sinking-fund contribution, taxes, and expenses of operation and maintenance of the property. It also provided for payment of the principal of all of the Central Terminal bonds outstanding, at their maturity.