Wikipedia:WikiProject Trains/ICC valuations/Cincinnati, Saginaw and Mackinaw Railroad

Interstate Commerce Commission, Valuation Reports, Volume 143

Location and General Description of Property
Cincinnati, Saginaw and Mackinaw Rail Road Company, herein called the Cincinnati, Saginaw and Mackinaw, situated entirely within the State of Michigan, extending from Durand to a crossing with the line of Detroit & Mackinac Railway Company near Bay City, 52.932 miles.

Introductory
The Cincinnati, Saginaw and Mackinaw is a corporation of the State of Michigan, having its principal office at Saginaw, Mich. The accounting records of the company are of such fragmentary nature that nothing of value can be obtained from them regarding its corporate operations. The records reviewed only cover the financial dealings and investments. The records reviewed do not indicate that the company was controlled by any individual or corporation on date of valuation, nor, on the other hand, that the company controlled any common-carrier corporation. The property was operated by the Chicago and Grand Trunk Railway Company, as agent for the owning company, from date of acquirement to December 31, 1900. From the latter date it has been operated by the carrier under a 99-year lease.

Corporate History
The Cincinnati, Saginaw and Mackinaw was incorporated December 28, 1889, under the general laws of the State of Michigan, for the purpose of constructing and operating a railroad from a point on the State line between Michigan and Ohio, in the county of Lenawee, northward via Saginaw to a point on the Straits of Mackinaw near Mackinaw City, Mich. It had one predecessor, the Toledo, Saginaw and Mackinaw Railroad Company, which was incorporated June 29, 1887, under the general laws of the State of Michigan. Its property, rights, and franchises were sold to the Cincinnati, Saginaw and Mackinaw January 1, 1890. The date of the organization of the latter was December 30, 1889.

Development of Fixed Physical Property
The owned road of the company, extending from a connection with the railroad of the Grand Trunk Western at Durand to the crossing of the Detroit & Mackinaw Railway Company near Bay City, Mich., 52.932 miles, including certain equipment, was acquired by purchase from the predecessor company under agreement dated December 30, 1889, and indenture dated January 1, 1890. The property was constructed by that company during the period 1888 to 1890.

Leased Railway Property
The entire property is leased to the carrier for a term of 99 years from January 1, 1901, at an annual rental of $43,225, which is disbursed as a dividend to the stockholders. Under agreement dated August 9, 1899, between the Cincinnati, Saginaw and Mackinaw and the Western Union Telegraph Company, the Cincinnati, Saginaw and Mackinaw disposed of the telegraph pole line of 52.80 miles located on its property to that company for sole use. It further provides that in the construction of new lines the telegraph company is to bear all expense, except that the Cincinnati, Saginaw and Mackinaw agrees to furnish free transportation over its own railroad for men and material required. The terms and date of termination of the agreement were not obtained.