Wikipedia:WikiProject Trains/ICC valuations/Grand Trunk Western Railway

Interstate Commerce Commission, Valuation Reports, Volume 143

Location and General Description of Property
The railroad of Grand Trunk Western Railway Company, herein called the Grand Trunk Western, is a standard-gauge steam railroad, situated in the States of Michigan, Indiana, and Illinois. Its main line extends from Port Huron, Mich., to Chicago, Ill., 329.455 miles, of which 321.191 miles are double track.

The Grand Trunk Western wholly owns and uses 806.238 miles of all tracks, wholly owns but does not use 3.916 miles of all tracks, and wholly uses but does not own 23.357 miles of all tracks. It also jointly owns and uses with other carriers 1.336 miles of all tracks, jointly owns but wholly uses 0.305 mile of all tracks, and jointly uses but does not own 0.094 mile of all tracks. These tracks are classified in the trackage table in Appendix 1. In addition, the Grand Trunk Western owns the right of way, grading, and permanent improvements on 3.282 miles of double-track railroad between Elsdon, Ill., and Morgan Street, Chicago, which is leased to the Indiana Harbor Belt Railroad Company.

Introductory
The Grand Trunk Western is a corporation of the States of Indiana and Michigan, having its principal office at Detroit, Mich. It is controlled by the carrier, through ownership of the entire outstanding capital stock.

On the other hand, the Grand Trunk Western controls, through ownership of the entire outstanding capital stock, the Chicago and Kalamazoo Terminal, whose common-carrier property it operates. It controls, further, through ownership of their entire capital stocks, the Detroit and Huron and the Pontiac, Oxford and Northern, which operate their own properties.

The Grand Trunk Western controls, jointly with other companies, through ownership of capital stock to the extent indicated, the following named companies, which operate their own properties.

Corporate History
The Grand Trunk Western, a corporation of the States of Indiana and Michigan, was formed November 22, 1900, through consolidation of the Port Huron and Indiana Railway Company with the Indiana and Illinois Railway Company. The Grand Trunk Western, itself, and those corporations, together with their predecessors, total 25 companies and comprise the line of corporate succession culminating in the Grand Trunk Western 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 wholly owned and operated mileage of the Grand Trunk Western, amounting to 329.455 miles, was all acquired by consolidation and purchase. Of the 24 corporations that comprise the line of succession culminating in the Grand Trunk Western as at present constituted, six corporations did not construct any road or other common-carrier property. These companies were: The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Grand Trunk Western 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.
 * Peninsular Railway Extension Company.
 * Peninsular Railway Company (of 1865).
 * Polk and Forty-Ninth Streets Junction Railway Company.
 * Port Huron and Indiana Railway Company.
 * Indiana and Illinois Railway Company.
 * Chicago Lake County Railway Company.

Leased Railway Property
The Grand Trunk Western uses on date of valuation property owned by other companies and other companies use property owned by the Grand Trunk Western to the extent indicated in the statement below. 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 date of valuation are as follows:

In addition to the above, the Grand Trunk Western had assigned to it on date of valuation for sole use equipment owned by other companies as follows:
 * The carrier, 84 steam locomotives, 668 freight-train cars, 3 passenger train cars, 52 units of work equipment.
 * Detroit, Grand Haven and Milwaukee, 1 steam locomotive.
 * Cincinnati, Saginaw and Mackinaw, 1 steam locomotive.
 * Chicago, Kalamazoo and Saginaw, 3 roadway machines.

Equipment owned but not used by the Grand Trunk Western was assigned by it to other companies as follows:
 * The carrier, 38 steam locomotives.
 * Detroit, Grand Haven and Milwaukee, 51 steam locomotives.
 * Toledo, Saginaw and Muskegon, 10 steam locomotives.
 * Pontiac, Oxford and Northern, 11 steam locomotives.
 * Detroit and Huron, 1 steam locomotive.

The terms governing the use of the equipment described above were not obtained.

Under agreement dated August 6, 1881, the Grand Trunk Western uses jointly with The Western Union Telegraph Company 341.74 miles of telegraph line between Port Huron, Mich., and Chicago, Ill. The agreement states that the Grand Trunk Western owns a pole line from Valparaiso, Ind., to Thornton, Ill., and the telegraph company owns the remainder of the pole line and one wire between Port Huron, Mich., and Chicago, Ill. The period and terms of the agreement were not obtained.

Lessor Company
Chicago and Kalamazoo Terminal

Port Huron and Indiana Railway Company
This company was incorporated November 20, 1900, in the State of Michigan. The date of organization was November 20, 1900. Its accounting records were not obtained. Therefore, no information can be given therefrom regarding financial dealings or investments. However, certain data indicated below were obtained from records of the Grand Trunk Western. The Port Huron and Indiana was organized and acquired its property November 20, 1900, and consolidated it November 22, 1900. It was organized and controlled in the interest of the carrier, as part of the plan for the reorganization of The Chicago and Grand Trunk Railway Company.

The company owned on the date of consolidation, November 22, 1900, approximately 224 miles of standard-gauge railroad between Port Huron, Mich., and the Michigan-Indiana State line, which it had acquired from the representatives of the carrier, the purchasers at the foreclosure sale of the property of The Chicago and Grand Trunk Railway Company, October 31, 1900.

Indiana and Illinois Railway Company
This company was incorporated November 20, 1900, in the State of Indiana. The date of organization was November 20, 1900. Its accounting records were not obtained. Therefore, no information can be given from the accounts regarding financial dealings or investments. However, certain data indicated below were obtained from records of the Grand Trunk Western.

The company was organized and acquired its property November 20, 1900, and consolidated it November 22, 1900. It was organized and controlled in the interest of the carrier, as part of the plan for the reorganization of The Chicago and Grand Trunk Railway Company.

The company owned on the date of consolidation, November 22, 1900, approximately 81 miles of standard-gauge railroad between the Indiana-Illinois State line and the Indiana-Michigan State line, which it had acquired from the representatives of the carrier, the purchasers at the foreclosure sale of the property of The Chicago and Grand Trunk Railway Company, October 31, 1900.

Chicago Lake County Railway Company
This company was incorporated November 20, 1900, in the State of Illinois. The date of organization was November 22, 1900. Its accounting records were not obtained. Therefore, no information can be given from the accounts regarding financial dealings or investments. However, certain data indicated below were obtained from records of the Grand Trunk Western. The Lake County was organized and acquired and consolidated its property on the same date, namely, November 22, 1900. It was organized and controlled in the interest of the carrier as part of the plan for the reorganization of The Chicago and Grand Trunk Railway Company.

The Lake County owned on the date of its consolidation, November 22, 1900, approximately 23 miles of standard-gauge railroad between Chicago and the Illinois Indiana State line, which it had acquired from the representatives of the carrier, the purchasers at the foreclosure sale of the property of The Chicago and Grand Trunk Railway Company, October 31, 1900.

Grand Trunk Junction Railway Company and The Grand Trunk Junction Railway Company
Introductory

The first-named company was incorporated June 11, 1880, in the State of Illinois, and the second-named company was formed by articles of consolidation dated June 20, 1889, filed in Illinois June 21, 1889. Separate accounting records for the two companies were not maintained and from those obtained full data can not be given regarding the financial dealings, corporate operations, or investments. The two companies will, therefore, be treated as one.

The common-carrier property of the company was sold to the Grand Trunk Western, January 15, 1901, but the corporation is maintained, and at date of valuation it owns certain investments which are more fully described in the chapters of this report devoted to miscellaneous physical property and investments. The company is controlled by the carrier, through ownership of the capital stock. It controls, jointly with other companies, through ownership of capital stock to the extent indicated, the following-named companies, whose properties were separately operated on date of valuation: The Belt Railway Company of Chicago, 8.33 per cent; and Chicago and Western Indiana Railroad Company, 20 per cent.

The property of the Grand Trunk Junction Railway was operated under lease by the Chicago and Grand Trunk Railway Company from the date it was completed until the receivership of the latter, January 3, 1900. From that date until December 1, 1900, when the receivership terminated, it was operated by the receiver of that company. From December 1, 1900, to date of sale of its common-carrier property on January 15, 1901, it was operated by the Grand Trunk Western. The owned mileage, on date of sale, amounted to approximately 4 miles and consisted of a double track along Forty-ninth Street in Chicago, extending from the Elsdon yards near Kedzie Avenue to a connection with the railroad of the Chicago and Western Indiana Railroad Company near the Union Stock Yards. The road was acquired by construction in 1881.

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Polk and Forty-ninth Streets Junction Railway Company
The Polk and Forty-ninth Streets Junction Railway Company was incorporated March 27, 1889, in the State of Illinois. No accounting records of the company were obtained. Therefore no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 21, 1889, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate that the company issued any securities or owned any property on date of consolidation.

The Chicago and Grand Trunk Railway Company
Introductory

The Chicago and Grand Trunk Railway Company was formed through articles of consolidation dated January 7, 1880, filed in the States of Michigan, Indiana, and Illinois, April 6, 1880. It was controlled on October 31, 1900, the date of its foreclosure sale, by the carrier through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that the company itself then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of its formation, April 7, 1880, until the receivership, January 3, 1900. From that date until December 1, 1900, when the receivership terminated, it was operated by the receiver.

The railroad operated by the company was a single-track, standard-gauge, steam railroad, located in Michigan, Indiana, and Illinois and aggregated 332 miles. The owned mileage amounted to 328 miles and consisted of one main line, extending from Port Huron, Mich., in a southwesterly direction to Elsdon Station, Chicago, Ill. The mileage operated under lease amounted to 4 miles and consisted of a line from Elsdon Station to Chicago & Western Indiana Junction. Trackage rights over 5 miles of the road of the Chicago and Western Indiana Railroad Company afforded access to the Polk Street Station, Chicago, Ill.

Development of Fixed Physical Property Of the 328 miles of road owned (The Chicago and Grand Trunk Railway Company) on the date of foreclosure sale, 331 miles were acquired from the corporations forming this consolidated company on April 6, 1880. A sale subsequently reduced the above mileage by 3 miles, or to 328 miles owned on date of foreclosure sale. The mileage acquired from each company and the mileage sold is indicated in the following table: Details with respect to the construction of the purchased lines are given in the chapter on development of fixed physical property in the report on the Grand Trunk Western.

Chicago and North Eastern Railroad Company
This company was incorporated August 12, 1874, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The company was controlled on April 6, 1880, the date of its consolidation, by representatives of the carrier, through ownership of a majority of the capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The property was operated by the company's own organization from the date of completion of the road until the date of consolidation.

The railroad consisted of approximately 49 miles of road, extending from Lansing to Flint, Mich., and had been acquired by construction. The road was completed and placed in operation in January, 1877.

Michigan Railway Company
This company was incorporated January 7, 1880, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The company was controlled on April 6, 1880, the date of its consolidation by representatives of the carrier, through ownership of capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation.

The Michigan Railway Company owned on the date of its consolidation approximately 110 miles of railroad, extending from Lansing, Mich., to the Michigan-Indiana State line, which it acquired from Joseph Hickson, a representative of the carrier The Michigan Railway Company had been organized by Hickson for the purpose of taking title to this mileage of the Chicago and Lake Huron Railroad Company acquired by him from the purchasing committee.

The North Western Grand Trunk Railway Company
This company was incorporated August 26, 1879, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The company was controlled on April 6, 1880, the date of its consolidation, by representatives of the carrier, through ownership of the capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The company owned on the date of its consolidation approximately 66 miles of railroad, extending from Port Huron to Flint, Mich., which it acquired from Joseph Hickson, a representative of the carrier. The company had been organized by Hickson for the purpose of taking title to this mileage of the Chicago and Lake Huron Railroad Company, acquired by him from the purchasing committee.

The Indiana Railway Company
This company was incorporated January 7, 1880, in the State of Indiana. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The company was controlled on April 6, 1880, the date of its consolidation by representatives of the cartier, through ownership of the capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The company owned on the date of its consolidation approximately 56 miles of railroad, extending from the Michigan-Indiana State line to Valparaiso, Ind., which it acquired from Joseph Hickson, a representative of the carrier. It had been organized by Hickson for the purpose of taking title to this mileage of the Chicago and Lake Huron Railroad Company, acquired by him from the purchasing committee.

Chicago and Lake Huron Railroad Company
This company was formed by articles of consolidation dated April 5, 1873, filed in State of Michigan, August 15, 1873, and in the States of Indiana and Illinois on dates undetermined. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 23, 1879, and March 13, 1880, the dates of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The railroad owned by the company consisted of approximately 232 miles of railroad in two separate sections. One section, extending from Port Huron to Flint, Mich., 66 miles, and the other section, extending from Lansing, Mich., to Valparaiso, Ind., 166 miles. Of this, it acquired the 66-mile section from the Port Huron and Lake Michigan Railroad Company and the 166-mile section from The Peninsular Railway Company (of 1870). Of the section acquired from the latter company, 144 miles, from Lansing, Mich., to Kingsbury, Ind., was completed road, and 22 miles, from Kingsbury to Valparaiso, was partially constructed. The Chicago and Lake Huron Railroad Company completed the construction and placed this line in operation in October, 1873.

Port Huron and Lake Michigan Railroad Company, Predecessor of the Chicago and Lake Huron Railroad Company
The Port Huron and Lake Michigan Railroad Company was incorporated January 30, 1847, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 15, 1873, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The property was operated by the company's own organization from date the road was completed to date of consolidation. The railroad owned consisted of approximately 66 miles of railroad, extending from Port Huron, Mich., southwesterly to Flint, Mich. The company acquired a partially constructed road from the Port Huron and Milwaukee Railway Company and completed the line Port Huron to Lapeer in June, 1871, and to Flint, December, 1871.

The Port Huron and Milwaukee Railway Company was incorporated February 12, 1855, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 25, 1873, the date of its sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The company did not complete any mileage. All its property, rights, and franchises were sold at foreclosure sale in 1862. It did some work on the road between Port Huron and Flint, Mich., which was carried to completion by its successor.

Peninsular Railway Company (of 1870)
The Peninsular Railway Company (of 1870) was formed by articles of consolidation of an undetermined date, filed in the State of Michigan, April 30, 1870, in Indiana and Illinois May 9, 1870. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 15, 1873, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed indicate that the property of this company was operated by its own organization from the date it was completed in 1872 to date of its consolidation in 1873. It owned on date of consolidation approximately 144 miles of completed road and 22 miles of partially completed road, extending from Lansing, Mich., to Valparaiso, Ind. Of this, it acquired 57 miles of partially completed road from the Peninsular Railroad Company, and completed same, constructed and completed 87 miles, and partially constructed 22 miles. The completed mileage extended from Lansing, Mich., to Kingsbury, Ind., and the partially constructed from Kingsbury to Valparaiso, Ind.

The Peninsular Railway Company (of Illinois)
The Peninsular Railway Company (of Illinois) was incorporated March 15, 1869, in the State of Illinois. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 9, 1870, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The extent of the property transferred at the date of consolidation can not be determined from the records reviewed.

The Peninsular Railway Company (of Michigan)
The Peninsular Railway Company (of Michigan) was formed by articles of consolidation dated January 3, 1868, filed in State of Michigan February 17, 1868. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 9, 1870, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed indicate that this company owned on date of its consolidation a partially constructed railroad of about 45 miles between Lansing and Battle Creek, Mich.

Peninsular Railway Company (of 1865)
The Peninsular Railway Company (of 1865) was incorporated October 3, 1865, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on February 17, 1868, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate that this company owned any common-carrier property.

Peninsular Railway Extension Company
The Peninsular Railway Extension Company was incorporated January 3, 1868, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given, from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on February 17, 1868, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate that this company owned any common-carrier property.

Peninsular Railroad Company
The Peninsular Railroad Company was incorporated October 14, 1869, in the State of Indiana. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 9, 1870, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned on the date of consolidation an uncompleted road extending from the Michigan-Indiana State line southwesterly to South Bend, Ind., about 12 miles.

North Western Grand Trunk Railway Company
The North Western Grand Trunk Railway Company was formed by articles of consolidation, dated September 3, 1879, filed in Indiana September 4, 1879, and in Illinois, September 8, 1879. No accounting records of this company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data were obtained from the records of the Grand Trunk Western. The company was controlled on April 6, 1880, the date of its consolidation, by representatives of the carrier, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that the company, itself, then controlled any common-carrier corporation. The company owned on the date of its consolidation approximately 60 miles of railroad extending from Twenty-sixth Street, Chicago, Ill., southeasterly to Valparaiso, Ind. Of this, it acquired 20 miles of completed road and 6 miles of uncompleted road from the line of the Chicago and State Line Railway Company and 24 miles of uncompleted road from the line of The Chicago and State Line Extension Railway Company. It completed the construction of the 30 miles of partially built road so acquired. According to articles of consolidation, dated January 7, 1880, this company had outstanding $850,500 par value of capital stock at date of consolidation, which was convertible into an equal par value of capital stock of The Chicago and Grand Trunk Railway Company, the new consolidated company.

Chicago and State Line Railway Company
Introductory

The Chicago and State Line Railway Company was incorporated June 20, 1878, in the State of Illinois. It was controlled on September 8, 1879, the date of its consolidation, by Joseph Hickson, who represented the carrier, through ownership of the entire outstanding capital stock, except directors' shares. On the other hand, the records reviewed do not indicate that the company controlled any common-carrier corporation. It was not determined from the records reviewed how the property of this company was operated, and the accounting records do not record any operating accounts. The railroad owned on date of consolidation consisted of a line extending from Twenty-sixth Street, Chicago, Ill., southeasterly to a point in Thornton township, near Dolton, Ill., about 20 miles.

Development of Fixed Physical Property The 20 miles of completed road owned on date of consolidation had been acquired from the Chicago and Southern Railroad Company. The Chicago and State Line also made some preliminary surveys on an extension to the Indiana-Illinois State line, 6 miles. 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 Grand Trunk Western.

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Chicago and Southern Railroad Company
The Chicago and Southern Railroad Company was incorporated April 7, 1874, in the State of Illinois. No accounting records of this company were obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from the records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 31, 1878, the date of its foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned on date of its foreclosure sale, about 20 miles of standard-gauge railroad between Twenty-sixth Street, Chicago, and Dolton, Ill., which had been acquired by construction during 1876.

The Chicago and State Line Extension Railway Company
The Chicago and State Line Extension Railway Company was incorporated April 17, 1879, in the State of Illinois. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from the records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 8, 1879, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporations. The extent of the property transferred on the date of consolidation can not be determined from the records reviewed. As near as can be determined, the company owned a partially constructed railroad extending from Valparaiso, Ind., westerly to the Indiana-Illinois State line, about 24 miles.