Wikipedia:WikiProject Trains/ICC valuations/Chicago and Erie Railroad

Interstate Commerce Commission, Valuation Reports, Volume 33

Location and General Description of Property
The railroad of the Chicago and Erie Railroad Company, herein called the Chicago and Erie, is a standard-gage, steam railroad, located in Ohio, Indiana, and Illinois. The railroad is double tracked with the exception of about 8 miles. The main line extends northwesterly from Marion, Ohio, to the Indiana-Illinois State line near Hammond, Ind., about 250 miles, with a branch projecting from the main line at Bass Lake Junction to Bass Lake, Ind., aggregating 251.645 miles of first main track. The company also owns 242.655 miles of second main track and 207.428 miles of yard tracks and sidings. Its road thus embraces 701.728 miles of all tracks wholly owned and used, as classified in the trackage table in Appendix 1. It also jointly owns and uses with other carriers 1.832 undivided miles of yard tracks and sidings.

In addition, the Chicago and Erie owns but does not use 0.109 mile of yard tracks and sidings in the vicinity of Seventy-Eighth Street, Chicago, Ill., which is leased for exclusive use to the Chicago and Western Indiana Railroad Company. On the other hand, it leases from the Chicago and Western Indiana Railroad Company 22.210 miles of yard tracks and sidings and other facilities between Twelfth and Sixteenth Streets and Forty-seventh and Fifty-eighth Streets, Chicago Ill. The Chicago and Erie also uses exclusively under lease 0.453 mile of second main track and 8.718 miles of yard tracks and sidings at Marion, Ohio, owned by the Erie Railroad Company. The Chicago and Erie uses under trackage rights about 28 miles of the road of other carriers, of which 20 miles affords access to Chicago, Ill., and 8 miles forms a reciprocal double-track arrangement between Griffith and Hammond, Ind., the only section of its owned line which is not double tracked.

The Chicago and Erie forms a part of the Erie system, its main line being an important link in that carrier's through route from New York to Chicago.

Economic Conditions Relating to Traffic
Farm development —The country traversed by this road is almost entirely devoted to farming and stock raising. The soil is very fertile, producing grain, hay, fruits, and vegetables.

Industrial development —The manufacturing industry of this region is varied and extensive. The principal industrial centers are the Chicago district, Lima and Marion, Ohio, and Huntington, Ind. The chief manufactures are steel, steel products, locomotives, and rolling stock. There are flour mills and grain elevators at various towns.

Physical Characteristics of Road
Grades —The maximum grades on the main line are 0.80 per cent eastbound and 1.58 per cent westbound, found on the line between Hammond, Ind., and Chicago, Ill. The ruling grades do not exceed 0.30 per cent in either direction.

Curvature —The maximum curvature on the main line between Marion and Huntington is 2°, Huntington to Hammond 3°, and Hammond to Chicago 14°.

Grading —The volume of grading on this line is rather heavy, averaging about 54,000 cubic yards per mile. The grading is practically all common material.

Bridges, trestles, and culverts —Metal bridges are in general of the through and deck-plate girder type. There are a few timber trestles over the smaller streams. The most important structure on the road is a through pin truss swing bridge, 228 feet long, across the Grand Calumet River.

Ties —The crossties are chiefly untreated oak, with some pine. The prevailing size of ties is 7 inches x 9 inches x 8½ feet. The number of ties per mile of main track is approximately 3,000.

Rails —The main line is laid principally with new 90 and 100 pound rail.

Ballast —Stone is principally used for ballast in the main line, with some slag, gravel, and cinders. Cinders is the predominating material used for ballast in yard tracks and sidings.

Stations and office buildings —Freight and passenger stations are chiefly of frame construction and conventional type. The most costly structures are the brick freight houses at Chicago and the coal storage building at Hammond, Ind.

Shops and engine houses —The most important shops are located at Marion, Ohio, and Huntington, Ind. The buildings are generally of frame construction.

Signals and interlockers —There are 20 interlocking plants on the line, 15 of which are mechanically operated and 5 electrically. The entire road is equipped with automatic block signals.

Introductory
The Chicago and Erie is a corporation of the State of Indiana, having its principal office at Huntington, Ind.

It is controlled by the Erie through ownership of the entire outstanding capital stock. The Chicago and Erie controls jointly with other companies, through ownership of capital stock to the extent indicated, the following named common-carrier corporations, which operate their own properties.

The property of the Chicago and Erie was operated by its own organization from the date of acquirement thereof, August 13, 1890, to December 31, 1917. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History
The Chicago and Erie was incorporated August 13, 1890, under the general laws of Indiana, for the purpose of acquiring the property, rights, and franchises of the Chicago and Atlantic Railway Company (third corporation), which was done. On April 11, 1899, the Chicago and Erie was granted a certificate by the State of Illinois authorizing it to operate in that State for a period of 99 years.

The Chicago and Erie and the Chicago and Atlantic Railway Company (third corporation), together with the predecessors of the latter, total six different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the Chicago and Erie as at present constituted.

The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Development of Fixed Physical Property
The owned mileage of the Chicago and Erie, 251.645 miles, was all acquired by purchase after foreclosure proceedings, from the Chicago and Atlantic Railway Company (third corporation). It was all constructed by that company during the period from about 1880 to the latter part of 1882. There is a difference of 0.107 mile between the total recorded mileage of the Chicago and Erie, 251.752 miles, and the mileage, 251.645 miles, inventoried as of date of valuation.

Leased Railway Property
On January 1, 1918, the common-carrier property of the Chicago and Erie was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation. The arrangements of the Chicago and Erie with other carriers, in effect December 31, 1917, covering the use of joint facilities have been continued by the United States Railroad Administration during the period January 1, 1918, to date of valuation. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on December 31, 1917, are as follows:

Solely owned, but jointly used, used with—
 * The Chesapeake and Ohio Railway Company of Indiana—
 * Tracks, 2.40 miles, from Hammond, Ind., to the Indiana Illinois State line; original agreement effective from Apr. 5, 1907; supplemental agreement dated Apr. 5, 1915, for a term of 12 years; annual payment equal to 2.5 per cent on valuation of $228,287.11. Rental 5,707.18
 * Tracks, 8 miles, from Griffith to Hammond, Ind.; for double track operation. For use of these tracks the Chicago and Erie uses, in like manner, the tracks of The Chesapeake and Ohio Railway Company of Indiana between the points named. ---

Solely owned, but not used, leased to—
 * Chicago and Western Indiana Railroad Company—
 * Yard tracks and sidings, 0.109 mile, at Seventy-eighth Street, Chicago, Ill. The period and terms of lease and the amount of rental accrued or credited to income were not obtained. ---

Solely used, but not owned, leased from—
 * Chicago and Western Indiana Railroad Company—
 * Freight terminal on Clark Street, Chicago, Ill., yards between Forty-ninth and Fifty-fifth Streets; transfer and dock facilities between Eighteenth and Twenty-first Streets, aggregating 22.210 miles of yard tracks and sidings; term 999 years from Sept. 1, 1917; stipulated payment an amount equal to the interest on bonds of the lessor applicable to the solely used property, plus $7,010.28 for dock facilities. 90,216.50

Jointly used, but not owned, owned by—
 * Chicago and Western Indiana Railroad Company—
 * Tracks, 19.99 miles, from Hammond, Ind., to Polk Street, Chicago, Ill., and facilities appurtenant thereto, including the Dearborn passenger station at Chicago, Ill.; term 999 years from Sept. 1, 1917; stipulated payment one fifth of interest on bonds issued by the Chicago and Western Indiana Railroad Company on the jointly used property; maintenance, operation, and taxes divided on a car basis. 280,445.60
 * Chicago and Western Indiana Railroad Company, but operated by The Belt Railway Company of Chicago—
 * Switching facilities at Chicago, Ill.; period Nov. 1, 1912, to Sept. 1, 1962; stipulated payment based on valuation of each facility jointly used and a proportion of the expenses of operation of The Belt Railway Company of Chicago, less an allowance of $2.25 per car-mile for cars handled with motive power of Chicago and Erie. 41,587.82
 * The Chesapeake and Ohio Railway Company of Indiana–
 * Tracks, 8 miles, from Griffith to Hammond, Ind.; for double-track operation. For use of these tracks The Chesapeake and Ohio Railway Company of Indiana uses, in like manner, the tracks of the Chicago and Erie between the points named. ---

There are other facilities of minor importance, such as stations, interlockers, yard tracks, and sidings, in which the Chicago and Erie grants or receives joint use, also certain yard tracks not listed in this chapter, that it owns but which are solely used by another carrier.

Chicago and Atlantic Railway Company (Third Corporation)
No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial transactions, corporate operations, or investments. However, certain data indicated below were obtained from other sources. The records reviewed did not indicate whether the company was controlled by any individual or corporation on August 13, 1890, the date of its demise, nor whether it controlled any common-carrier corporation. The property was operated by its own organization from the date of acquirement thereof to the date of demise. The company owned on date of demise 251.752 miles of railroad, that consisted of a main line extending from Marion, Ohio, to the Indiana-Illinois State line near Hammond, Ind., and a branch projecting from Bass Lake Junction to Bass Lake, Ind. The entire 251.752 miles of railroad owned on date of demise was acquired by construction. The history of the Erie System, compiled by Geo. H. Minor, states that approximately 250 miles of this railroad was constructed under contract by Conant and Smith. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Chicago and Erie.

The Baltimore, Pittsburgh and Continental Railroad Company
No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 6, 1873, the date of its demise, nor whether it then controlled any common-carrier corporation. The company was short lived and the records reviewed do not indicate whether it had issued any securities or that it owned any property on the date of its demise.

Chicago and Atlantic Railway Company (Second Corporation)
No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 6, 1873, the date of its demise or whether it then controlled any common-carrier corporation. The company was short lived and the records reviewed do not indicate whether it had issued any securities or that it owned any property on the date of its demise.

Chicago and Atlantic Railway Company (First Corporation), Formerly Named Chicago, Continental and Baltimore Railway Company
No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 12, 1873, the date of its demise, or whether it then controlled any common-carrier corporation. The company was short lived and the records reviewed do not indicate whether it had issued any securities or that it owned any property on the date of its demise.

The Chicago and Atlantic Extension Railway Company
No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 12, 1873, the date of its demise, or whether it then controlled any common-carrier corporation. The company was short lived and the records reviewed do not indicate whether it had issued any securities or that it owned any property on the date of its demise.