Wikipedia:WikiProject Trains/ICC valuations/Detroit, Toledo and Milwaukee Railroad

Interstate Commerce Commission, Valuation Reports, Volume 28

Location and General Description of Property
The railroad of the Detroit, Toledo & Milwaukee Railroad Company, herein called the Detroit, Toledo & Milwaukee, is a single-track, standard-gage, steam railroad, located in southern Michigan. The main line extends from Battle Creek southeasterly to Dundee, a distance of 93.944 miles. The company also owns 18.791 miles of yard tracks and sidings. Its wholly owned road thus embraces 112.735 miles of all tracks. In addition, the Detroit, Toledo & Milwaukee jointly owns with the Grand Trunk Western Railway Company 0.058 undivided mile of yard tracks and sidings.

The entire railroad property of the Detroit, Toledo & Milwaukee is leased to other carriers for exclusive operation. That part of the main line extending from Battle Creek to Moscow, 47.005 miles, together with the company's portion of jointly owned mileage mentioned above, is leased to and operated by The Michigan Central Railroad Company. The remaining part of the main line extending from Moscow to Dundee, 46.939 miles, is leased to and operated by The New York Central Railroad Company.

Introductory
The Detroit, Toledo & Milwaukee is a corporation of the State of Michigan, having its principal office at Detroit, Mich. This company was incorporated originally as The Toledo and Milwaukee Railroad Company. No accounting records of the Detroit, Toledo & Milwaukee were obtained for the period from January 1, 1902, to date of valuation. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated hereinafter pertaining to the period mentioned were obtained from reports filed by the company with this commission and from other sources. The Detroit, Toledo & Milwaukee is controlled by The Michigan Central Railroad Company and The New York Central Railroad Company jointly through ownership of its entire outstanding capital stock.

The property of the Detroit, Toledo & Milwaukee has been operated during its corporate life as indicated below.
 * Entire line:
 * Own organization, August 1, 1897, to January 1, 1905.
 * Dundee to Homer, Mich.:
 * The Lake Shore and Michigan Southern Railway Company, January 1, 1905, to September, 1913.
 * Homer to Allegan, Mich.:
 * The Michigan Central Railroad Company, January 1, 1905, to September, 1913.
 * Battle Creek to Moscow, Mich.:
 * The Michigan Central Railroad Company, September, 1913, to date of valuation.
 * Moscow to Dundee, Mich.:
 * The Lake Shore and Michigan Southern Railway Company, September, 1913, to December 23, 1914.
 * The New York Central Railroad Company, December 23, 1914, to date of valuation.

Corporate History
The Detroit, Toledo & Milwaukee was incorporated June 21, 1897, under the general laws of the State of Michigan, originally as The Toledo and Milwaukee Railroad Company, for the purpose of constructing and operating a railroad from a point on the Ohio-Michigan State line to a point at or near Holland, Mich., a distance of about 170 miles. On September 7, 1897, the name of the company was changed to the Detroit, Toledo & Milwaukee Railroad Company. The date of organization of the Detroit, Toledo & Milwaukee was July 1, 1897. The Detroit, Toledo & Milwaukee acquired by purchase a portion of the road of the Cincinnati, Jackson and Mackinaw Railway Company (not in line of corporate succession) and which had been acquired by the latter company from the Michigan and Mackinaw Railroad Company. The Detroit, Toledo & Milwaukee, itself, and the Michigan and Mackinaw Railroad Company, together with its predecessors, total seven different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the Detroit, Toledo & Milwaukee 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 Detroit, Toledo & Milwaukee, 93.944 miles, was all acquired from F. P. Olcott, trustee, who had acquired it at foreclosure sale on January 5, 1897, from the Cincinnati, Jackson and Mackinaw Railway Company. Of the six corporations which comprise the line of succession culminating in the Detroit, Toledo & Milwaukee as at present constituted, three corporations did not construct or improve any property. Those three corporations were: The data with respect to the miles of road constructed by the three remaining corporations, the years in which the various portions of the line were constructed, and the manner in which the Detroit, Toledo & Milwaukee acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained.
 * Michigan and Mackinaw Railroad Company.
 * The Toledo and Michigan Railway Company.
 * Allegan & South Eastern Railroad Company.

Mileage inventoried as of date of valuation, 93.944 miles.
 * Acquired by purchase from a reorganization committee, who had acquired it on Jan. 5, 1897, after foreclosure proceedings from the Cincinnati, Jackson and Mackinaw Railway Company, not in line of corporate succession, 133.000 miles:
 * Constructed partly by The Toledo and Milwaukee Railway Company, and completed by The Michigan and Ohio Railroad Company, Monteith to Dundee, Mich., 1879-1883, 121.5 miles.
 * Constructed by the Mansfield, Coldwater & Lake Michigan Railroad Company, Allegan to Monteith, Mich., 1871, 11.5 miles.
 * Less mileage sold, Sept. 1, 1913:
 * Allegan to Battle Creek, Mich., 39.000 miles.
 * Difference between total recorded mileage and mileage inventoried as of date of valuation, 0.056 miles.

Leased Railway Property
The entire common-carrier property of the Detroit, Toledo & Milwaukee is leased to The Michigan Central Railroad Company and The New York Central Railroad Company as indicated in the statement below:


 * Solely leased to—
 * The Michigan Central Railroad Company—
 * Battle Creek to Moscow, Mich. 47.005
 * The New York Central Railroad Company—
 * Moscow to Dundee, Mich. 46.939

The two sections of road indicated are, respectively, leased in perpetuity from January 1, 1905, to the companies named. The lessees pay the costs of all additions and betterments to the portion of the road operated by each, maintenance, operation, and taxes and retain all revenues.