Wikipedia:WikiProject Trains/ICC valuations/Detroit, Hillsdale and South Western Railroad

Interstate Commerce Commission, Valuation Reports, Volume 27

The Detroit, Hillsdale and South Western Railroad
The railroad of The Detroit, Hillsdale and South Western Railroad Company, herein called the Detroit, Hillsdale and South Western is a single-track branch line, within the State of Michigan, extending from Bankers to Ypsilanti, a distance of 64.763 miles.

Introductory
The Detroit, Hillsdale and South Western is a corporation of the State of Michigan, having its principal office at Ypsilanti, Mich. Although the Detroit, Hillsdale and South Western acquired title to its original property on January 30, 1875, it did not commence recording the results of the operations of its property in its books until May 1, 1875. The accounting data in this report, therefore, with respect to results of corporate operations, cover the period from May 1, 1875. The records reviewed do not indicate that the Detroit, Hillsdale and South Western is controlled by any individual or corporation, nor, on the other hand, that it controls any common-carrier corporation. The property of the Detroit, Hillsdale and South Western was operated by its own organization from the date of acquirement thereof to September 15, 1881. From that date until December 23, 1914, it was operated under lease by The Lake Shore and Michigan Southern Railway Company and from the latter date to date of valuation it has been operated under lease by the New York Central.

Corporate History
The Detroit, Hillsdale and South Western was incorporated January 30, 1875, under the general laws of the State of Michigan, for the purpose of acquiring the property, rights and franchises of the Detroit, Hillsdale and Indiana Railroad Company, which was done. The latter company was incorporated February 3, 1869, under the general laws of the State of Michigan. Its property, rights and franchises were sold at foreclosure on January 29, 1875, after receivership begun February 1, 1874, and were conveyed to the Detroit, Hillsdale and South Western by deed dated January 30, 1875. The date of organization of the Detroit, Hillsdale and South Western was January 30, 1875.

Development of Fixed Physical Property
The owned mileage of the Detroit, Hillsdale and South Western, 64.763 miles, was acquired from William Endicott, Jr., and George O. Shattuck, who had acquired it at a foreclosure sale on January 29, 1875, from the Detroit, Hillsdale and Indiana Railroad Company. It was constructed by that company during the years 1871 and 1872.

Leased Railway Property
The entire property of the Detroit, Hillsdale and South Western is leased in perpetuity to the New York Central from July 1, 1881, by virtue of its assumption of a lease entered into with The Lake Shore and Michigan Southern Railway Company. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property in the report on the New York Central.