Wikipedia:WikiProject Trains/ICC valuations/Indianapolis and Louisville Railway

Interstate Commerce Commission, Valuation Reports, Volume 23

Location and General Description of Property
The railroad of the Indianapolis & Louisville is a single-track, standard-gauge, steam railroad, located in the west-central part of Indiana. The owned mileage extends southwesterly from Wallace Junction, Ind., to Andromeda, Ind., 50.866 miles, with branches from Vicksburg to Cass and from Midland to Lattas Creek, totaling 13.942 miles. The total length of the main line and branches is 64.808 miles. The Indianapolis & Louisville also owns yard and side tracks totaling 23.681 miles. Its road thus embraces 88.489 miles of all tracks owned. All of its property is leased to and operated by the carrier. The railroad of the Indianapolis & Louisville connects at Wallace Junction, Ind., with the railroad of the carrier.

Corporate History
The Indianapolis & Louisville was incorporated on March 20, 1899, under the general laws of the State of Indiana to construct and operate a line of railroad to extend from Indianapolis Ind., to Evansville, Ind., approximately 100 miles. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

Development of Fixed Physical Property
During January, 1903, the carrier commenced the construction of two coal mine tracks, extending from Andromeda and Little Giant, Ind., to a connection with the Illinois Central Railroad Company at Victoria, Ind., completing these tracks in October, 1904.

On January 1, 1906, the Indianapolis & Louisville entered into a contract with the Dickason Construction Company, for the construction of a railroad from Andromeda to a point of intersection with the main line of the carrier at or near Wallace Junction, Ind., about 55 miles. The construction company completed this line on October 1, 1907, when it was opened to traffic. Upon the consummation of this contract the carrier billed the cost of the mine tracks mentioned above to the construction company.

On May 1, 1907, the Indianapolis & Louisville entered into a supplementary contract with the construction company for the construction of a branch line extending from Vicksburg to Cass, about 5 miles. This line was completed and opened for traffic on December 1, 1907.

During the year 1911, the carrier commenced the construction of a branch line for the Indianapolis & Louisville extending from Midland to Lattas Creek, about 4 miles, and completed same during June, 1912. No formal contract was made between the carrier and the Indianapolis & Louisville for this work.

Leased Railway Property
The carrier leases the entire property of the Indianapolis & Louisville for sole operation, under a lease dated January 1, 1906, and supplemental lease thereto dated May 10, 1907, for a period of 99 years. Under the terms of the lease the carrier guarantees the principal of the outstanding mortgage bonds of the Indianapolis & Louisville and pays as rental the interest on these bonds. It also pays all taxes on the property and maintains the same. The rental accrued for the year ended on date of valuation amounts to $64,763.89.