Wikipedia:WikiProject Trains/ICC valuations/Chicago, Indianapolis and Louisville Railway

Interstate Commerce Commission, Valuation Reports, Volume 25

Chicago, Indianapolis and Louisville Railway

Location and General Description of Property

The railroad of Chicago, Indianapolis and Louisville Railway Company, herein called the carrier, is a single-track, standard-gauge, steam railroad, located in the States of Indiana, Kentucky, and Illinois. The owned mileage consists of two main lines and two branches in Indiana and terminal property in Chicago, Ill., and in Louisville, Ky. One main line in Indiana extends northerly from the southern border of the State at New Albany to the northern border at Michigan City, and the other main line extends southeasterly from the Illinois Indiana State line, near Hammond, across the first-mentioned line at Monon, to Indianapolis. Branches extend from Bedford to Switz City and from Orleans to French Lick. The lines used under lease extend from Wallace Junction on the main line to Andromeda, with branches from Clear Creek to Harrodsburg, all in the State of Indiana. The carrier also solely uses under lease terminal property in Chicago, Ill., and in Louisville, Ky.

The most important trackage rights enjoyed by the carrier are over the Chicago and Western Indiana Railroad Company from Hammond, Ind., to Chicago, Ill.; over Kentucky and Indiana Terminal Railroad Company and the Louisville and Nashville from New Albany, Ind., to Louisville, Ky.; over the Illinois Central from Switz City, Ind., to west of Victoria, Ind.; and over the Cleveland, Cincinnati, Chicago and St. Louis Railroad Company and the Lake Erie and Western Railroad Company in Indianapolis, Ind., from Massachusetts Avenue into the depot of Indianapolis Union Railway.

The carrier wholly owns and uses 749.027 miles of all tracks and uses but does not own 105.267 miles of all tracks. These tracks are classified in the track mileage table in Appendix 1, in which appendix will also be found further description of the properties operated by the carrier.

Corporate History

The carrier was incorporated on March 31, 1897, under the general laws of the State of Indiana, for the purpose of acquiring the properties of the Louisville, New Albany and Chicago Railway Company, the Bedford & Bloomfield Railroad Company, the Orleans, West Baden and French Lick Springs Railway Company, the La Fayette and Monon Railway Company, and the Chicago and Indianapolis Terminal Company. These properties were acquired by deeds dated March 31 and April 1, 1897, from a reorganization committee which had purchased the same at foreclosure sale, with the exception of the Chicago and Indianapolis Terminal Company, which the committee purchased from the owners thereof. The books of the carrier, however, were not opened until July 1, 1897. The principal office of the carrier is at Indianapolis, Ind. Since 1902, the Louisville and Nashville Railroad Company and the Southern Railway Company have controlled the carrier, through joint ownership of a majority of its capital stock. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

The following statement shows facts concerning the incorporation and demise of corporations which were involved in the corporate line of succession culminating in the carrier. Reference to each of these corporations is made in the last column by its respective number in the first column. For data relating to predecessor companies, reference is made to the accounting report:

No.	Name	Incorporation	Succession
1.	Chicago, Indianapolis and Louisville Railway Company.	Mar. 31, 1897
2.	Louisville, New Albany & Chicago Railway Company.	Aug. 10, 1881	Conveyed to 1, Mar. 31, 1897.
3.	The Louisville, New Albany & Chicago Railway Company.	Jan. 7, 1873	Consolidated with 7 to form 2, Aug. 10, 1881.
4.	The Louisville, New Albany & Chicago Rail Road Company.	See 5	Acquired by 3, Jan. 7, 1873.
5.	The New Albany and Salem Rail Road Company.	July 8, 1847	Name changed to 4, Oct. 24, 1859.
6.	Crawfordsville and Wabash Railroad Company.	Jan. 19, 1846	Sold to 5, June 17, 1852.
7.	Chicago and Indianapolis Air Line Railway Company.	Jan. 29, 1880	Consolidated with 3 to form 2, Aug. 10, 1881.
8.	Chicago and Indianapolis Air Line Railway Company.	Jan. 27, 1880	Consolidated with 9 to form 7, Jan. 29, 1880.
9.	Chicago & Dyer Railroad Company.	Jan. 28, 1880	Consolidated with 8 to form 7, Jan. 29, 1880.
10.	Indianapolis, Delphi and Chicago Rail Road Company.	Sept. 11, 1872	Acquired by 7, Mar. 3, 1881.
11.	Bedford & Bloomfield Railroad Company.	Apr. 24, 1883	Acquired by 1, Mar. 31, 1897.
12.	Bedford, Springville, Owensburg and Bloomfield Rail Road Company.	Nov. 9, 1874	Sold to 11, Mar. 12, 1883.
13.	The Bloomfield Rail Road Company.	Oct. 10, 1874	Sold to 11, Mar. 29, 1884.
14.	Orleans, West Baden and French Lick Springs Railway Company.	See 15	Acquired by 1, Mar. 31, 1897.
15.	The Orleans, Paoli and Jasper Railway Company.	July 13, 1885	Name changed to 14, Mar. 9, 1887.
16.	The La Fayette and Monon Railway Company.	June 16, 1892	Sold to 1, Mar. 31, 1897.
17.	Chicago and Indianapolis Terminal Company.	Jan. 10, 1896	Sold to 1, Apr. 1, 1897.

Development of Fixed Physical Property

The railroad owned by the carrier on date of valuation, all in the State of Indiana, was acquired on March 31, 1897, from the reorganization committee which had previously purchased the same. Information concerning the location of the road purchased, dates of construction, and mileage is shown in the following tabulation:

		Mileage
Acquired from the Louisville, New Albany and Chicago (of 1881) construction completed by—
Indianapolis, Delphi and Chicago, in 1878, Delphi to Rensselaer.	40
Crawfordsville and Wabash, between 1846 and 1852, Crawfordsville to La Fayette.	28
The New Albany and Salem—
New Albany to Salem, in 1850.	35
Salem to Crawfordsville and La Fayette to Michigan City, in 1854.	225
The Louisville, New Albany and Chicago (of 1881)—
Rensselaer to Dyer, in 1881.	43
Dyer toward Hammond and Delphi to Indianapolis, in 1882.	79
At Hammond, in 1884.	1
		451
Acquired from the Bedford & Bloomfield, construction completed by—
Bedford, Springville, Owensburg and Bloomfield, in 1877, Bedford to Bloomfield.	34
The Bloomfield Rail Road, in 1878, Bloomfield to Switz City.	6
		40
Acquired from the Orleans, West Baden and French Lick Springs, construction completed by that company, in 1887, Orleans to French Lick.		18
Total.		509

When the property of the La Fayette and Monon was acquired, it consisted of machine and car shops and about 13.5 miles of yard tracks located at La Fayette, Ind. The property of the Chicago and Indianapolis Terminal Company, when acquired, consisted of warehouses and storage facilities and sidetracks at Indianapolis. Neither of these two properties had any main-line mileage.

Leased Railway Property

The carrier solely or jointly uses railroad property of other carriers and other carriers jointly use property of the carrier as follows:

Facility, owner, user, and terms of use	Rental accrued for year ended on date of valuation
Leased from others, used by the carrier
Entire property owned by the Indianapolis & Louisville, including 64.808 miles of road. Lease dated Jan. 1, 1906, and supplemental lease dated May 10, 1907. Lease runs for 99 years. Contract provides for payment by carrier of interest on first-mortgage bonds of the lessor. Carrier also pays taxes on the property and maintains same.	$64,763.89
Entire property owned by the Indiana Stone Railroad, including 9.4 miles of road. Lease dated Sept. 1, 1899, and runs for 99 years. Contract provides for payment by carrier of interest on first-mortgage bonds of the lessor. Carrier also pays taxes on the property and maintains same.	12,650.00
Property owned by the Terminal & Warehouse Company of Louisville, at Louisville, Ky. Lease runs for indefinite period from Mar. 2, 1906, at fixed rental of $3,000 per annum. Carrier subleases second floor of freight house to lessor for $600 per annum.	------
Freight depot and tracks appurtenant thereto owned by the Chicago and Western Indiana Railroad Company at Chicago, Ill. Carrier also uses jointly other facilities of the Chicago and Western Indiana Railroad Company and the rental accrued for year ended on date of valuation is shown for both classes of property in statement below.
Owned by others and jointly used by the carrier
Tracks and facilities between Hammond, Ind., and Dearborn Street station, Chicago, Ill., including 19.86 miles of road and Dearborn Street station. Owned by the Chicago and Western Indiana Railroad Company. Lease dated July 1, 1902, runs for 99 years. Contract covers both solely used and jointly used property and provides for payment of $5 per annum plus interest on bonds of the Chicago and Western Indiana Railroad Company covering property exclusively used, plus one-fifth of interest on bonds issued by that company on jointly owned property. Proportion of maintenance, operating expenses, and taxes payable on basis of cars handled.	357,968.41
Depot and facilities at Indianapolis, Ind., including 1.09 miles of road owned jointly by The Cleveland, Cincinnati, Chicago and St. Louis Railway Company and the Lake Erie and Western Railroad Company. Leased for 99 years from Oct. 3, 1899. Contract provides for fixed rental of $5,466.66 per annum plus one-third of flagmen and switchmen salaries and station expenses.	5,600.08
Union Depot at Indianapolis, Ind., including 0.67 mile of track owned by The Indianapolis Union Railway Company. Lease runs for indefinite period from Sept. 20, 1883. Contract provides for payment of proportion of 7 per cent on appraised value of property, based on number of tenants using property plus proportion of maintenance, taxes, and rentals on basis of wheelage handled.	18,787.30
Facilities and bridge over Ohio River, including 6.17 miles of track owned by Kentucky & Indiana Terminal Railroad Company. Lease runs for 50 years from Jan. 1, 1911. Contract provides for payment of proportion of maintenance, operating expenses, taxes, and interest on bonds on basis of cars handled.	98,157.20
Facilities and passenger station at Louisville, Ky., including 1.10 miles of track, owned by the Louisville and Nashville Railroad Company. Lease for tracks runs for indefinite period from Jan. 1, 1911, and provides for rental payment of one-fifth of 5 per cent on valuation of property plus proportion of maintenance, operating expenses, and taxes on basis of cars handled. Lease for station runs for 10 years from June 30, 1891, and provides for payment of proportion of 6 per cent on valuation of land and station on basis of passenger cars handled. Maximum rental for station fixed at $5,000 per annum.	5,356.50
Facilities from Switz City, Ind., westward, including about 10 miles of track, owned by the Illinois Central Railroad Company. Lease runs for 25 years from Sept. 30, 1902. Contract provides for annual rental of $2,250 plus 2.5 per cent of additions and betterments, plus proportion of maintenance, operating expenses, and taxes, on basis of cars handled.	8,612.14
Facilities at Gilmour, Ind., including 1.34 miles of track, owned by Chicago, Terre Haute and Southeastern Railway Company. Lease runs for indefinite period from July 20, 1912, and can be terminated on 60 days' notice by the lessee. Contract provides for rental of $441.20 per annum and $480 per annum for repairs.	441.20
Solely owned by the carrier and jointly used
Facilities from Dyer, Ind., to connection with the Chicago and Western Indiana Railroad Company at Indiana-Illinois State line, including 9.25 miles of road. Jointly used with Elgin, Joliet and Eastern Railway Company. Lease runs for 99 years from May 1, 1894, at minimum rental of $6,000 per annum.	6,000.00
Facilities from West Baden to French Lick Springs, including 1.47 miles of road, jointly used with the Southern Railway Company. Leased for indefinite period from Dec. 1, 1907. Contract provides for annual payment of 2.5 per cent on valuation of $76,353.17 and on additions and betterments and payment of one-half of taxes and insurance. Proportion of maintenance and operating expenses payable on basis of cars handled.	2,636.38