Wikipedia:WikiProject Trains/ICC valuations/Evansville and Indianapolis Railroad

Interstate Commerce Commission, Valuation Reports, Volume 75

Location and General Description of Property
The railroad of Evansville and Indianapolis Railroad Company, the third company of that name, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in southwestern Indiana and extending in a southerly direction from Terre Haute to Straight Line Junction, roughly paralleling the Wabash River at a distance of about 25 miles. The mileage owned comprises 133.77 miles of main line, 1.03 miles of branch line, and 30.42 miles of sidings, a total of 165.22 miles of all tracks. Entrance into Evansville is secured by trackage rights over about 4 miles of track of the Chicago and Eastern Illinois Railroad Company. At date of valuation, the Chicago and Eastern Illinois Railroad Company operated the carrier's railroad as agent, the former providing all equipment.

Corporate History
The carrier has its principal office in Terre Haute, and was incorporated on November 7, 1885, in the interest of the Evansville and Terre Haute Railroad Company, hereinafter called the Terre Haute, with the purpose of effecting a consolidation of a company incorporated in 1884, under the same name as that of the carrier, with the Terre Haute & Southeastern Railroad Company and the Evansville, Washington & Brazil Railroad Company. These immediate predecessors of the carrier are hereinafter called, respectively, the second Indianapolis, the Southeastern, and the Brazil. The second Indianapolis was the successor to another company named Evansville and Indianapolis Railroad Company, incorporated in 1869, hereinafter called the first Indianapolis, to the Indianapolis and Evansville Railway Company and to the Evansville, Indianapolis & Cleveland Straight Line Railroad Company. The Indianapolis and Evansville Railroad Company was in turn the successor to the Evansville, Washington & Worthington Railroad Company. The Southeastern was successor to the Cincinnati & Terre Haute Railway Company and the Terre Haute, Worthington & Bloomfield Railway Company.

Through authorized conveyances, part of the right of way of the Wabash & Erie Canal was acquired by certain of the predecessor companies of the carrier. The corporate history of all of these predecessor companies, in so far as it could be ascertained, is related in Appendix 2. Control of the carrier is vested in the Chicago and Eastern Illinois Railroad Company, successor to the Terre Haute, through ownership of its entire capital stock, which is pledged under the first general mortgage of the Terre Haute of April 1, 1892, the board of directors of the Chicago and Eastern Illinois Railroad, as successors to the Terre Haute, retaining the exclusive right to vote all of the stock.

By terms of an agreement, dated June 26, 1911, the property of the carrier is operated by the Chicago and Eastern Illinois Railroad Company as agent; separate accounts being kept for the carrier. With the exception of expenditures for additions and betterments made during the fiscal years 1914 and 1915, all expenditures for additions and betterments made since the date of this agreement and all deficits in operation of the carrier have been assumed by the Chicago and Eastern Illinois Railroad Company, with the proviso that if the carrier is ever able to pay the amounts so assumed it shall do so. The Terre Haute assumed the deficit from operations from July 1, 1895, to July 21, 1911, in a like manner.

All the owned main track of the carrier was acquired in the consolidation of November 7, 1885, as follows: The corporate history of the carrier has been related in the body of this report. The history of its predecessors, in so far as it is ascertainable, is given below:

The second Indianapolis
This company was incorporated on June 16, 1884, in the interest of the Terre Haute, for the purpose of acquiring the property and franchises of the Indianapolis and Evansville Railroad Company and of the first Indianapolis, which had been purchased at foreclosure sales on behalf of a syndicate composed of the stockholders and directors of the Terre Haute. Its line of railroad extended from Straight Line Junction to Maysville, Ind., about 51 miles. On November 7, 1885, the second Indianapolis was consolidated with the Southeastern and the Brazil to form the carrier.

The Southeastern
The Southeastern was an Indiana corporation whose line of railroad extended from Terre Haute to Worthington, Ind., a distance of about 40 miles. It was incorporated on June 6, 1878, under the laws of Indiana. On June 7, 1878, and June 7, 1879, respectively, it acquired the property and franchises of the Cincinnati & Terre Haute Railway Company and the Terre Haute, Worthington & Bloomfield Railway Company. On November 7, 1885, the Southeastern consolidated with the second Indianapolis and the Brazil to form the carrier.

Of the 40 miles of railroad owned by the Southeastern, 26 miles, from Terre Haute to Clay City, Ind., was acquired by purchase from the Cincinnati & Terre Haute Railway Company, and 14 miles from Clay City to Worthington, Ind., was constructed by the Southeastern. The latter was completed sometime in 1882. The property acquired from the Terre Haute, Worthington & Bloomfield Railway Company consisted of a right of way of the abandoned Wabash & Erie Canal.

The Brazil
The Brazil was incorporated on June 23, 1883, under the laws of Indiana, in the interest of the Terre Haute, by a syndicate composed of certain stockholders of that company. That part of the right of way of the abandoned Wabash & Erie Canal in Daviess County north of Maysville was acquired and a line of railroad built from Maysville to Worthington, Ind., a distance of about 43 miles. On November 7, 1885, the Brazil, together with the second Indianapolis and the Southeastern, consolidated to form the carrier.

The first Indianapolis
The first Indianapolis was incorporated on August 5, 1869, under the laws of Indiana, for the purpose of building a line of railroad from Evansville to Washington, Ind. It was the intention to use, in the construction of the proposed line, a part of the abandoned grade of the Evansville, Indianapolis & Cleveland Straight Line Railroad Company, which it was intended to acquire. The proposed line was not constructed, and a decree of foreclosure and an order for sale of the property, consisting of an equity in a partially graded right of way and franchises, was entered on September 11, 1880. The sale was not consummated, however, until August 21, 1884, when the property was sold to D. J. Mackey, who in turn conveyed it to the second Indianapolis. There are no books of record of this company available.

Indianapolis and Evansville Railroad Company
This company was incorporated on March 6, 1880, under the laws of Indiana to acquire the partly constructed railroad of the Evansville, Washington & Worthington Railroad Company. No books of record were located except those of the receiver, dating from April, 1883, but available information indicates that construction work was continued between Straight Line Junction and Maysville, Ind.

Owing to financial difficulties a receiver was appointed early in 1882. In the meantime a syndicate composed of certain directors and stockholders of the Terre Haute was formed to acquire the outstanding securities and to complete the construction of the line. During the receivership period the line was completed from Straight Line Junction to Maysville, a distance of about 51 miles.

The property was sold at foreclosure sale on June 7, 1884, to D. J. Mackey, representing the syndicate, and conveyed by him to the second Indianapolis which had been incorporated in the interest of the Terre Haute.

Evansville, Indianapolis & Cleveland Straight Line Railroad Company
This company was incorporated on April 16, 1853, under the laws of Indiana, for the purpose of constructing a line of railroad in a northeasterly direction from Evansville, Ind. Certain right of way was acquired and the line graded from Straight Line Junction to Petersburg, Ind. The line was not completed and the property and franchises were sold at foreclosure sale, some time prior to August 1, 1869, to J. J. Merritt. It was his intention to convey the property and franchises so acquired to the first Indianapolis, but he died before making the conveyance. This property, and the equity in it of the first Indianapolis, was sold at a subsequent foreclosure sale, on August 21, 1884, to D. J. Mackey, who conveyed the same to the second Indianapolis. There are no books of record of this company available.

Evansville, Washington & Worthington Railroad Company
This company was incorporated on April 29, 1878, under the laws of Indiana, for the purpose of constructing a line of railroad from Evansville to Worthington, Ind., along the old abandoned roadbed of the Evansville, Indianapolis & Cleveland Straight Line Railroad Company. Considerable construction work was done but before completion the property was conveyed to the Indianapolis and Evansville Railroad Company, on March 6, 1880. No books of record of this company are available.

Cincinnati and Terre Haute Railway Company
This company was incorporated on June 27, 1871, under the laws of Indiana, for the purpose of constructing a line of railroad from Terre Haute, Ind., to Cincinnati, Ohio. No books of record were located but available information indicates that it constructed and operated a line of railroad from Terre Haute to Clay City, Ind., a distance of about 26 miles. On January 31, 1877, its property and franchises were sold at foreclosure sale to W. B. Tuell, W. B. McKeen, and Josephus Collett, who in turn conveyed them on June 7, 1878, to the Southeastern.

Terre Haute, Worthington & Bloomfield Railway Company
This company was incorporated on May 11, 1871, under the laws of Indiana, for the purpose of constructing a line of railroad from Terre Haute to Bloomfield, Ind. While no books of record were located, available information indicates that is[sic] secured, for right-of-way purposes, a part of the abandoned Wabash & Erie Canal. No construction work was done by this company and, on June 7, 1879, its property was sold to W. B. Tuell, who in turn conveyed it to the Southeastern.

Wabash & Erie Canal
As the tracks of the carrier occupy the right of way of the old Wabash & Erie Canal for some 60 miles, between Terre Haute and Straight Line Junction, Ind., the succession of title to that part is briefly outlined below:

Acts of Congress, approved May 26, 1824, and March 2, 1827, authorized the State of Indiana to "open a canal through the public lands to connect the navigation of the river Wabash and the Miami of Lake Erie" and provided for a grant of public land to the State equal to one-half of five sections in width on each side of the canal from one end to the other. Subsequent acts authorized the extension of the canal to Evansville, Ind., on the Ohio River, with additional land grants. The State of Indiana secured the funds for the construction of the canal through an issue of bonds. It was completed from the Ohio-Indiana boundary to La Fayette, Ind., on July 4, 1843. The extension to Evansville was not completed at the time the canal was deeded to the trustees of the bondholders by the governor of the State, July 31, 1847. It was completed under the management of these trustees in 1853.

Operation of the canal between Evansville and Terre Haute, Ind., was abandoned in 1861, and north of Terre Haute in 1874. Under orders of the United States Circuit Court the entire canal property was sold at foreclosure sale on February 24, 1876. That part between Evansville and Terre Haute was conveyed as follows: Through various conveyances, that part of the canal in the above counties, now forming the right of way of the Evansville & Indianapolis Railroad Company, was acquired by the following of its predecessor companies: Terre Haute, Worthington & Bloomfield Railway Company, the Southeastern, Indianapolis & Evansville Railroad Company, and Evansville, Washington & Brazil Railroad Company.

Leased Railway Property
The carrier has trackage rights over lines of other carriers as follows: In addition to the above the carrier has the joint use of the Chicago & Eastern Illinois freight and passenger terminals at Evansville and freight terminals at Terre Haute.