Wikipedia:WikiProject Trains/ICC valuations/Gogebic and Montreal River Railroad

Interstate Commerce Commission, Valuation Reports, Volume 143

Gogebic and Montreal River Railroad

Location and General Description of Property

The railroad of the Gogebic and Montreal is a single-track, standard-gauge, steam railroad, extending from a connection with the line of the Wisconsin Central at the Wisconsin-Michigan State line, near Hurley, Wis., northeasterly to Bessemer, Mich., a distance of 6.858 miles. The Gogebic and Montreal also owns 17.725 miles of yard tracks and sidings, and owns jointly with the Chicago and North Western Railway Company 12.920 miles of yard tracks and sidings at Ramsey, Bessemer, and Ironwood, Mich., and jointly with The Western Union Telegraph Company certain telegraph and telephone lines.

Introductory

The Gogebic and Montreal is a corporation of the State of Michigan, having its principal office at Ironwood, Mich. No accounting records of the Gogebic and Montreal were obtained. The information following was taken from its minute and other records and from the books of the different lessees. Due to lack of records, no balance sheet can be stated as of date of valuation. It is controlled by the Wisconsin Central through the ownership of all the securities. On the other hand, the records do not indicate that this company controls any common-carrier corporation.

The Gogebic and Montreal has never operated its property. On September 1, 1886, the property was leased to the Penokee Railroad Company, and the road has been operated by that company, its lessees and successors, under the above lease, since that time, as follows:

• Penokee Railroad Company, about June 25, 1887, to June 1, 1888.
• Wisconsin Central Company, June 1, 1888, to April 1, 1890.
• Northern Pacific Railroad Company, April 1, 1890, to August 15, 1893.
• Receivers for Northern Pacific Railroad Company, August 15, 1893, to September 26, 1893.
• Receivers for Wisconsin Central Associated Lines, September 26, 1893, to July 13, 1899.
• Wisconsin Central, July 13, 1899, to date of valuation.

Corporate History

The Gogebic and Montreal was incorporated under the general laws of the State of Michigan on December 27, 1883, for a period of 100 years. Its stated purpose, as amended, was to construct, operate, and maintain a railroad, with necessary branch lines or spur tracks, from some convenient point on the east branch of Montreal River, the westerly boundary of the State of Michigan, to some convenient point near the easterly end of Sunday Lake, all within the county of Gogebic, Mich.

Development of Fixed Physical Property

The property of the Gogebic and Montreal was constructed for it by Colby and Finney, affiliated contractors of the Wisconsin Central Associated Lines, and in conjunction with the construction of the road of the Penokee Railroad Company between Mellen and Ashland, Wis. Construction began in the fall of 1886 and the road was completed and placed in operation by the Penokee Railroad Company about June 25, 1887. On date of valuation the road consisted of 6.858 miles, acquired as above stated.

Leased Railway Property

On September 1, 1886, the Gogebic and Montreal leased its entire property to the Penokee Railroad Company for a term of 999 years frond the date of completion. The terms of the lease are not of record. On date of valuation the property of the Gogebic and Montreal was being operated by the Wisconsin Central, as assignee of the lease of September 1, 1886, to the Penokee Railroad Company.