Wikipedia:WikiProject Trains/ICC valuations/Indiana Harbor Belt Railroad

Interstate Commerce Commission, Valuation Reports, Volume 28

Location and General Description of Property
The railroad of the Indiana Harbor Belt Railroad Company, herein called the Indiana Harbor Belt Railroad, is a standard-gage, steam switching road, located in Indiana and Illinois. The owned mileage amounts to 44.818 miles of road, comprising four main lines and various branches. The main lines extend from Whiting, Ind., to Blue Island, Ill.; from McCook to Franklin Park, Ill.; from Argo to Union Stock Yards, Ill.; and from the Illinois-Indiana State line to Grasselli, Ind. Two of the main lines are disconnected, except by trackage rights. The principal branch lines project from Wolf Lake, Ind., to Sheddfield, Ill.; from Grasselli to Cudahy, Ind.; and from Franklin Park to Mannheim, Ill. The right of way, grading, bridges, and subways on the main line between Elsdon, Ill., and Morgan Street, in Chicago, Ill., are leased from the Grand Trunk Western Railway Company.

The Indiana Harbor Belt Railroad also wholly owns 28.856 miles of second main track and 138.287 miles of yard tracks and sidings, all of which it uses, with the exception of 5.621 miles of yard tracks at Argo, Ill., which are leased to The Michigan Central Railroad Company. It also jointly owns and uses with The New York Central Railroad Company 0.165 mile of main track and 0.159 mile of yard tracks and sidings at Grasselli, Ind. On the other hand, it solely uses 1.107 miles of yard tracks and sidings at Sohl Street, West Hammond, Ind., owned by The Michigan Central Railroad Company. The owned or used mileage is further classified in the trackage table in Appendix 1.

The Indiana Harbor Belt Railroad has trackage rights over about 80 miles of the road of other companies, part of which connects its disconnected main lines, and part affords access to Gibson Yards and various important connections and industrial centers in Chicago, Ill., and vicinity. Further details are given in the chapter on leased railway property in Appendix 2.

The Indiana Harbor Belt Railroad is controlled jointly by The New York Central Railroad Company, The Michigan Central Railroad Company, the Chicago and North Western Railway Company, and the Chicago, Milwaukee and St. Paul Railway Company. Its principal business is interchanging freight with all lines entering the city of Chicago.

Introductory
The Indiana Harbor Belt Railroad Company is a corporation of the State of Indiana, having its principal office at Gibson, Ind. It was incorporated originally as the East Chicago Belt Railroad Company. No accounting records of the Indiana Harbor Belt Railroad were obtained for the period from the date of its organization to June 30, 1907. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments.

The Indiana Harbor Belt Railroad is controlled by The New York Central Railroad Company, The Michigan Central Railroad Company, the Chicago and North Western Railway Company, and the Chicago, Milwaukee and St. Paul Railway Company, hereinafter referred to as the controlling companies, jointly through ownership of its entire outstanding capital stock. On the other hand, the Indiana Harbor Belt Railroad controls jointly with other companies, through ownership of capital stock to the extent indicated, the following-named common-carrier corporation, whose property it operates as agent.

The property of the Indiana Harbor Belt Railroad has been operated by its own organization from the date its original 5.52 miles of railroad was put in operation, during 1897, to date of valuation.

Corporate History
The Indiana Harbor Belt Railroad was incorporated May 16, 1896, under the general laws of the State of Indiana, as the East Chicago Belt Railroad Company, for the purpose of constructing a railroad in the vicinity of Hammond, Ind. On June 29, 1907, the name was changed to Indiana Harbor Belt Railroad Company. The date of organization has not been determined.

The Indiana Harbor Belt Railroad acquired by purchase on October 31, 1907, the property, rights, and franchises of the Indiana Harbor Railroad Company. That company was incorporated April 17, 1896, under the general laws of the State of Illinois as the Terminal Railroad Company. On January 25, 1905, the name was changed to Indiana Harbor Railroad Company.

Development of Fixed Physical Property
The owned mileage of the Indiana Harbor Belt Railroad, amounting to 44.818 miles, was acquired partly by construction and partly by purchase. Part of the property acquired was by purchase from the Chicago Junction Railway Company (not a predecessor) without acquiring the corporate rights and franchises of that company. The years when the various portions of the line were constructed and the manner in which the Indiana Harbor Belt Railroad acquired the property are indicated in the following table:

Mileage inventoried as of date of valuation, 44.818 miles.
 * Acquired by construction, 9.230 miles:
 * Illinois-Indiana State line to Grasselli, Ind., 1897, 5.520 miles.
 * Wolf Lake, Ind., to Sheddfield, Ill., 1908, 2.140 miles.
 * Grasselli to Cudahy, Ind., 1909, 1.570 miles.
 * Acquired by purchase, 25.620 miles:
 * From the Indiana Harbor Railroad Company, Oct. 31, 1907—
 * Argo, Ill., to Morgan Street, Chicago, Ill., 1897, 10.620 miles.
 * From the Chicago Junction Railway Company (not a predecessor), Oct. 31, 1907—
 * Constructed by the Hammond and Blue Island Railroad Company of Indiana—
 * Whiting, Ind., to Indiana-Illinois State line, 1896, 3.470 miles.
 * Constructed by the Hammond and Blue Island Railroad Company—
 * Blue Island, Ill., to Indiana-Illinois State line, 1896, 10.590 miles.
 * Constructed by the Chicago, Hammond and Western Railroad Company—
 * Franklin Park to McCook, Ill., completed June 30, 1897, 10.520 miles.
 * Mannheim to Franklin Park, Ill., 1898, 1.040 mile.
 * Difference between total recorded mileage and mileage inventoried as of date of valuation, 0.652 mile.

In addition to the mileage shown above, the Indiana Harbor Belt Railroad owns an undivided one-half interest with The New York Central Railroad Company in 0.165 mile of main track at Grasselli, Ind. The records reviewed do not indicate by whom it was constructed or the manner in which the Indiana Harbor Belt Railroad acquired its interest therein.

Of the 10.620 miles of road acquired from the Indiana Harbor Railroad Company, that company owned the rails, ties, signals, and all movable property and the Grand Trunk Western Railway Company owns the right of way, grading, bridges, and subways on 3.282 miles of the double-track road between Elsdon and Morgan Streets, Chicago, Ill.

The records reviewed do not indicate whether the construction work of the Indiana Harbor Belt Railroad was performed by the company's forces or by contract.

Leased Railway Property
The Indiana Harbor Belt Railroad uses on date of valuation property owned by other companies and other companies use property owned by the Indiana Harbor Belt Railroad 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:
 * Partly owned and partly not owned, but jointly used—
 * Owned with Grand Trunk Western Railway Company, but used with The Atchison, Topeka and Santa Fe Railway Company—
 * The Grand Trunk Western Railway Company owns the right of way, grading, bridges, and subways on which the Indiana Harbor Belt owns the rail, ties, and all moveable property and operates 3.282 miles of double-track line between Elsdon, Ill., and Morgan Street, Chicago, Ill. This property is not used by the Grand Trunk Western Railway Company. It was leased by the Grand Trunk Railway Company to The Atchison, Topeka and Santa Fe Railway Company for 99 years from Aug. 20, 1887. Lease was assigned by The Atchison, Topeka and Santa Fe Railway Company to the Indiana Harbor Railroad June 26, 1907, The Atchison, Topeka and Sanra Fe Railway Company reserving to itself the free joint use of the property with the assignee. Terms of use, $18,000 per annum rental which the Indiana Harbor Belt Railroad pays direct to the Grand Trunk Western Railway Company and charges its miscellaneous rent account, $18,000.00.
 * Solely owned but jointly used, used with—
 * The Baltimore and Ohio Chicago Terminal Railroad Company—
 * Tracks, 0.13 mile, at Whiting, Ind.; for indefinite period from Mar. 16, 1897; stipulated payment 2.5 per cent per annum on valuation of property, plus one-half of maintenance and operation, $293.16.
 * Tracks, 0.03 mile, at East Chicago, Ind.; for indefinite period from Dec. 10, 1912, subject to 60 days' notice; stipulated payment 2.5 per cent per annum on valuation of property, plus one-half of maintenance and operation, $16.20.
 * Tracks, 0.02 mile, at East Chicago, Ind.; for indefinite period from Mar. 17, 1913, subject to 60 days' notice; stipulated payment 2.5 per cent per annum on valuation of property, plus one-half of maintenance and operation, $14.16.
 * Tracks, 0.26 mile, at East Chicago, Ind.; agreement dated Aug. 1, 1916; stipulated payment 50 cents per loaded car, $9.30.
 * Tracks, 0.99 mile, at Calumet, Ind.; agreement dated Aug. 4, 1915; stipulated payment 50 cents per car, $4.80.
 * Tracks, 11.56 miles, from McCook, Ill., to Franklin Park, Ill. No details obtained.
 * Tracks, 2.07 miles from Calumet Park, Ill., to State Line, Ill. No details obtained.
 * Chicago, Milwaukee and St. Paul Railway Company—
 * Tracks, 21.26 miles, from Franklin Park to Chicago, Ill.; for indefinite period from Sept. 1, 1912, subject to 60 days' notice; stipulated payment 50 cents per car passing over tracks, $22,424.34.
 * The Chicago River and Indiana Railroad Company—
 * Tracks, 1.56 miles, from Elsdon, Ill., to Oakley Avenue, Chicago, Ill.; term Nov. 16, 1914, to Aug. 20, 1986; stipulated payment 4 per cent per annum on valuation of property, plus a proportion, on a wheelage basis, of maintenance and operation, $136.50.
 * Tracks, 1.59 miles, at Chicago, Ill.; agreement dated Nov. 1, 1916; stipulated payment 75 cents per car, plus a proportion, on a wheelage basis, of maintenance and operation. Amount of rental credited to income not obtained.
 * Elgin, Joliet and Eastern Railway Company—
 * Tracks, 39.71 miles, from Whiting, Ind., to Franklin Park, Ill.; for indefinite period from Oct. 1, 1903, subject to one year's notice; stipulated payment $1 per train-mile, $5,742.00.
 * Erie Railroad Company—
 * Tracks, 3.14 miles from Elsdon, Ill., to Morgan Street, Chicago, Ill.; stipulated payment 75 cents per car, $660.15.
 * The Michigan Central Railroad Company—
 * Tracks, 2.26 miles, from Gibson to Ivanhoe, Ind.; agreement dated Jan. 12, 1914, stipulated payment 75 cents per loaded and 50 cents per empty train-mile, $769.04.
 * Tracks, 30.04 miles, from Calumet Park to Union Stock Yards, Morgan Street, Chicago, Ill.; term Feb. 3, 1905, to Dec. 8, 1986; stipulated payment 75 cents per car passing over tracks, $31,585.65
 * Tracks, 2.39 miles, at stock yards, Calumet Park, Ill., for indefinite period from May 17, 1915, subject to 30 days' notice; stipulated payment $2 for each carload of livestock either inbound or outbound, except that when the Indiana Harbor Belt Railroad handles the inbound haul it receives $1 per car, $4,980.13
 * Tracks, 9.01 miles of yard tracks, at Gibson Transfer Yard, Ind.; stipulated payment 5 per cent per annum on valuation of property, plus a proportion, on a tonnage basis, of maintenance and operation, $33,743.07
 * The New York Central Railroad Company—
 * All tracks, with the exception of certain transfer tracks at Gibson Transfer Yard, Ind.; term 99 years from Oct. 31, 1907; stipulated payment 5 per cent per annum on valuation of property, plus a proportion, on car-mileage basis, of maintenance and operation. Amount of rental credited to income not obtained.
 * Tracks, 9.01 miles of yard tracks, at Gibson Transfer Yard, Ind.; stipulated payment 5 per cent per annum on valuation of property, plus a proportion, on a tonnage basis, of maintenance and operation, $7,678.37.
 * Pennsylvania Company—
 * Tracks, 10.16 miles, from Argo, Ill., to Morgan Street, Chicago, Ill. No details obtained.
 * Tracks, 23.77 miles, from Wolf Lake, Ind., to Argo, Ill. No details obtained.
 * Tracks, 7.09 miles, in the vicinity of Grasselli, Ind., term 50 years from June 6, 1901, subject to one years' notice thereafter; stipulated payment 5 per cent per annum on valuation of property, plus a proportion, on a mileage basis, of maintenance and operation, $1,187.33.
 * The Atchison, Topeka and Santa Fe Railway Company—
 * Tracks, 0.50 mile from Morgan Street to Wallace Street in Chicago, Ill. No details obtained.
 * Solely owned but not used, leased to—
 * The Michigan Central Railroad Company—
 * Yard tracks, 5.621 miles, at Argo, Ill.; term 9 months' notice after Feb. 3, 1905; stipulated payment 4 per cent per annum on valuation of property and on additions and betterments, plus all maintenance, operation, taxes, and assessments. Amount of rental credited to income not obtained.
 * Solely used, but not owned, owned by—
 * The Michigan Central Railroad Company—
 * Tracks, 1.107 miles of side tracks, at Sohl Street, West Hammond, Ind.; term one year's notice from Nov. 23, 1907; lease dated Dec. 11, 1914, retroactive to Nov. 23, 1907; stipulated payment $10 per annum. Amount of rental charged to income not obtained.
 * Jointly owned and jointly used:
 * Tracks, 0.165 mile of main line and 0.159 mile of sidings, at Grasselli, Ind., jointly owned and used with The New York Central Railroad Company. No further details obtained.
 * Jointly used but not owned, owned by—
 * The Atchison, Topeka and Santa Fe Railway Company—
 * Tracks, 0.830 mile from Elsdon, Ill., to Forty-third Street, Chicago, Ill.; for indefinite period from Sept. 1, 1913; stipulated payment 40 cents per car passing over tracks, $925.40.
 * The Baltimore and Ohio Chicago Terminal Railroad Company—
 * Tracks, 13.59 miles, from Blue Island to McCook, Ill.; term 99 years from Oct. 9, 1896; stipulated payment 5 per cent per annum on valuation of $457,674.97, plus interest on additions and betterments, plus a proportion, on a wheelage basis, of operation and taxes, $56,604.00.
 * Tracks, 0.430 mile, at Whiting, Ind.; for indefinite period from Mar. 16, 1897; stipulated payment 2.5 per cent per annum on valuation of property, plus one-half of maintenance and operation, $799.26.
 * Calumet River Railway Company—
 * Tracks, 4.39 miles, from Hegewisch to South Chicago, Ill.; for indefinite period from June 6, 1901, subject to 12 months' notice; stipulated payment 5 per cent per annum on valuation of property, plus a proportion, on a wheelage basis, of operation and taxes, $56,604.00
 * The payment stated above covers both this jointly used property and the jointly used property of the South Chicago & Southern Railroad Company, noted as follows:
 * South Chicago & Southern Railroad Company—
 * Tracks, 1.78 miles, from Calumet Park to Hegewisch, Ill.; for indefinite period from June 6, 1901, subject to 12 months' notice; stipulated payment 5 per cent per annum on valuation of property, plus a proportion, on a wheelage basis, of maintenance and operation. The rental accrued is included with the rental accrued for the use of the property of the Calumet River Railway Company, detailed above, and is not separable.
 * The Chicago River and Indiana Railroad Company—
 * Tracks, 1.14 miles, from Forty-ninth and Oakley Streets to Forty-second and Robey Streets, Chicago, Ill.; term 99 years from Nov. 18, 1908; stipulated payment 4 per cent per annum on valuation of property, plus a proportion, on a car basis, of maintenance and operation, $3,402.61.
 * Tracks, 0.57 mile, Forty-fourth to Fortieth Streets, Chicago, Ill.; term Nov. 16, 1914 to Nov. 18, 2007; stipulated payment 4 per cent per annum on valuation of property, plus a proportion, on a car basis, of maintenance and operation, $1,710.30.
 * Tracks, 1.37 miles, from Elsdon, Ill., to Western Avenue, Chicago, Ill.; term Nov. 16, 1914 to Aug. 20, 1986; stipulated payment 4 per cent per annum on valuation of property, plus a proportion, on a wheelage basis, of maintenance and operation, $19,830.84.
 * Calumet Western Railway Company—
 * Tracks, 3.41 miles, from Calumet River Junction to One hundred and sixth Street, Chicago, Ill.; term 50 years from June 29, 1901; stipulated payment 50 cents for each loaded car moved over tracks, $3,428.00.
 * Chicago Junction Railway Company—
 * Tracks, 2.94 miles, from Thirty-ninth to Fourteenth Streets, Chicago, Ill.; term Nov. 16, 1914, to Jan. 1, 2008; stipulated payment 37.5 cents per car passing over tracks, $828.04.
 * Grand Trunk Western Railway Company—
 * Tracks, 0.50 mile, from Morgan to Wallace Streets, Chicago, Ill.; term June 23, 1897, to Aug. 20, 1986; stipulated payment $450, plus a proportion, on a wheelage basis, of maintenance and operation, $450.10.
 * Elgin, Joliet and Eastern Railway Company—
 * Tracks, 1.45 miles, from Indiana Harbor to Whiting, Ind.; terms Nov. 23, 1914, to Apr. 9, 2005; stipulated payment 2.5 per cent per annum on valuation of property. The Indiana Harbor Belt Railroad also pays one-half of maintenance and operation, $3,594.75.
 * Tracks, 7.30 miles from Indiana Harbor and Whiting, Ind., to South Chicago, Ill., and tracks, 0.870 mile, from Michigan Avenue Yard to Calumet, Ind.; term 99 years from Jan. 1, 1907; stipulated payment $1 per train-mile for use of the 7.30 miles, and for use of the 0.870 mile, stipulated payment 2.5 per cent per annum on valuation of property, plus one-half maintenance and operation. Amount of rental charged to income not obtained.
 * The Michigan Central Railroad Company—
 * Tracks, 2.76 miles, from west end of Gibson Yards at Hammond, Ind., to Calumet Park, Ill.; term 99 years from Sept. 30, 1913; stipulated payment, a proportion, on a wheelage basis, of 5 per cent per annum on valuation of property, but not less than one-half of the total, plus a proportion, on a wheelage basis, of maintenance, operation and taxes, but not less than one-half of the total taxes, $9,639.00.
 * Tracks, 3.14 miles, from Calumet Park to Kensington, Ill., and tracks, 1.68 miles at Hammond, Ind., term 99 years from Sept. 30, 1913; stipulated payment 5 per cent per annum on valuation of property, plus one-half of maintenance and operation. Amount of rental charged to income not obtained.
 * The New York Central Railroad Company—
 * Tracks, 19.18 miles, for reaching industries in the vicinity of Indiana Harbor, Hammond, Gibson, Ivanhoe, Dune Park, Ind., and the Little Calumet River, together with all facilities appurtenant thereto; term 99 years from Apr. 9, 1906; stipulated payment 5 per cent per annum on valuation of property, plus a proportion of maintenance, operation, and taxes, $233,323.98.
 * The terms of use and the payment stated above covers both this jointly used property and the jointly used property, noted below, of the Gary & Western Railway Company.
 * Gary & Western Railway Company—
 * Tracks, 8.08 miles, from Ivanhoe to Gary & Western Junction, Ind. The terms of use and the rental accrued are included with those for the use of the property, noted above, of The New York Central Railroad Company and are not separable.
 * Shedd Estate—
 * Tracks, 1.49 miles, Sheddfield to Roby, Ind.; term 99 years from Nov. 14, 1906; stipulated payment 5 per cent per annum on valuation of property, plus a proportion, on a wheelage basis, of maintenance and operation. The amount of rental charged to income not obtained.
 * Kensington and Eastern Railroad Company—
 * Tracks, 1.25 miles from State Line to South Chicago & Southern Junction, Ill.; for indefinite period from Oct. 29, 1908; terms of use and amount of rental charged to income not obtained.
 * Chicago Great Western Railroad Company—
 * Tracks, 0.71 mile at Bellewood, Ill.; for indefinite period from Apr. 12, 1900. Terms of use and amount charged to income not obtained.
 * Chicago, Indianapolis and Louisville Railway Company—
 * Tracks, 0.92 mile at North Hammond, Ind. Terms of use and amount charged to income not obtained.

Indiana Harbor Railroad Company, formerly named Terminal Railroad Company
Introductory

The Indiana Harbor Railroad Company was incorporated April 17, 1896, in the State of Illinois. No accounting records of the Indiana Harbor Railroad Company were obtained for the period from the date of its organization to April 9, 1906, and no entries were recorded, subsequently to June 30, 1907, in its records that were obtained, although its property was not sold and conveyed to its successor until October 31, 1907. For these reasons only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information indicated hereinafter was obtained from sources other than the accounting records of the company.

The Indiana Harbor Railroad Company was controlled on October 31, 1907, the date of sale, by The Michigan Central Railroad Company and The Lake Shore and Michigan Southern Railway Company, jointly through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporation.

The property of the Indiana Harbor Railroad Company was operated from the date it was put in operation to the date of sale as indicated below:
 * The Michigan Central Railroad Company, January 24, 1897, to February 3, 1905.
 * Indiana Harbor Railroad Company (of Indiana), now a predecessor of The New York Central Railroad Company, February 4, 1905, to April 9, 1906.
 * Own organization, April 10, 1906, to June 30, 1907.
 * Indiana Harbor Belt Railroad July 1, 1907, to date of sale.

The railroad owned by the Indiana Harbor Railroad Company on the date of sale consisted of 10.62 miles of double track, standard-gage, steam railroad, extending from Argo, Ill., to Morgan Street, Chicago, Ill.

Development of Fixed Physical Property

The entire 1062 miles of road owned by the Indiana Harbor Railroad Company on the date of sale had been acquired by construction. The construction work was performed by The Michigan Central Railroad Company, an affiliated corporation. Further 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 Indiana Harbor Belt Railroad.

Of the 10.62 miles of owned road, the Indiana Harbor Railroad Company owned the rails, ties, signals, and all movable property and the Grand Trunk Western Railway Company owned the right of way, grading, and permanent structures on 3.282 miles between Elsdon, Ill., and Morgan Street, Chicago, Ill.