Wikipedia:WikiProject Trains/ICC valuations/Manistee and North-Eastern Railroad
Manistee & North-Eastern June 30, 1919 ICC Valuation Map
http://books.google.com/books?id=Xg8wZgSSApMC
- LOCATION AND GENERAL DESCRIPTION OF PROPERTY
The Manistee & North-Eastern Railroad Company is a single-track standard-gauge steam railroad, located in the northwestern part of Michigan. The owned mileage consists of a main line extending from Manistee northerly to Traverse City, with branch lines extending from Onekama Junction to Onekama, River Branch Junction to Grayling, Platte River to Empire Junction, and Solon to Provement, a total of 178.940 miles of track.
The carrier also operates exclusively under lease-all property owned by the Leelanau Transit Company. This property consists of a single-track standard-gauge steam railroad, extending from Hatch's Crossing to Northport, a distance of 24.043 miles, and certain tracks at Traverse City. In addition, the carrier leases for exclusive use 1.053 miles of road between Claggetts and Glengarry, Mich., owned by The Ann Arbor Railroad Company. The carrier wholly owns and uses 216.609 miles of all tracks and uses, but does not own, 28.212 miles of all tracks, which are classified in the trackage table in Appendix 1.
- CORPORATE HISTORY
The carrier was incorporated January 12, 1887, for a period of 99 years under the general laws of Michigan. The purpose of incorporation was to construct, maintain, and operate a railroad between Manistee and Traverse City, Mich. The date of organization was not disclosed by the records reviewed.
- DEVELOPMENT OF FIXED PHYSICAL PROPERTY
The owned mileage of the carrier was all acquired by construction as shown below:
- CORPORATE HISTORY
The Leelanau Transit Company was incorporated on June 16, 1919, under the general laws of Michigan. It was organized by citizens living along its present right of way for the purpose of acquiring, owning and operating the property of the Traverse City, Leelanau and Manistique Railway Company. The following chart shows its ownership history:
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1. | Leelanau Transit Company. | Under general laws of Michigan, June 16, 1919. | |
| 2. | Traverse City, Leelanau and Manistique Railway Company. | Under general laws of Michigan. Sept. 14, 1908. | Sold to 1 June 16, 1919. |
| 3. | Traverse City, Leelanau and Manistique Railroad Company. | Under general laws of Michigan, date not shown. | Sold at foreclosure Apr. 17, 1907, and conveyed to 2. |
- DEVELOPMENT OF FIXED PHYSICAL PROPERTY
By deed dated June 16, 1919, the Traverse City, Leelanau and Manistique Railway Company transferred to the Leelanau Transit Company all of its property, rights and franchises, except its equipment, the cash in its treasury, and its claims against others. The consideration named was $65,000, payable in cash, Liberty bonds, or approved farmers' notes. The property transferred included the 24 miles of railroad previously described.
- HISTORY OF CORPORATE FINANCING