Wikipedia:WikiProject Trains/ICC valuations/Chicago, Detroit and Canada Grand Trunk Junction Railroad

Interstate Commerce Commission, Valuation Reports, Volume 143

Chicago, Detroit and Canada Grand Trunk Junction Railroad

Location and General Description of Property

The Chicago, Detroit and Canada Grand Trunk Junction Railroad Company, herein called the Grand Trunk Junction Railroad, situated entirely within the State of Michigan, extending from Fort Gratiot to West Detroit, 60.835 miles.

Introductory

The Grand Trunk Junction Railroad is a corporation of the State of Michigan, having its principal office at Detroit, Mich. The records reviewed do not indicate that this company is controlled by any individual or corporation. However, reports rendered to this commission by the company indicate that about 48 per cent of its capital stock is owned by the carrier. On the other hand, the records reviewed do not indicate that the company controls any common-carrier corporation. The property has always been operated by the carrier under a 999-year lease dated July 1, 1859.

Corporate History

The company was incorporated March 25, 1858, under the general laws of the State of Michigan, for the purpose of constructing and operating a railroad from Detroit to Port Huron, Mich. The date of organization was July 9, 1858.

Development of Fixed Physical Property

The owned mileage, 60.835 miles was all acquired by construction during the years 1858 and 1859. In the construction of the road the C. S. Gzowski Company, a nonaffiliated company, was employed as contractor.

Leased Railway Property

The entire property is leased to the carrier for a term of 999 years from July 1, 1859. Under a supplemental lease dated April 1, 1863, the carrier pays a rental equal to 6 per cent on $1,095,000 par value of funded debt and 4 per cent on the capital stock in the hands of the public, or $571,164.17 par value. The rental accrued as receivable for the year ending on date of valuation is $88,546.56.

Under agreement dated September 13, 1859, the Western Union Telegraph Company was granted the joint use of the telegraph pole line of 58.64 miles, and one wire erected thereon at its expense. The terms and termination of the agreement not obtained.