Wikipedia:WikiProject Trains/ICC valuations/Joliet and Northern Indiana Railroad

Interstate Commerce Commission, Valuation Reports, Volume 28

Location and General Description of Property
The railroad of the Joliet & Northern Indiana Railroad Company, herein called the Joliet & Northern Indiana, likewise leased to and operated by the Michigan Central, extending from East Gary, Ind., to Joliet, Ill., a distance of 43.849 miles.

Introductory
The Joliet & Northern Indiana is a corporation of the States of Indiana and Illinois, having its principal office at Detroit, Mich. No accounting records of the Joliet & Northern Indiana were obtained for the period from the date of its organization to January 10, 1893. For that reason only partial information can be given from its accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period first mentioned has been taken from sources other than the accounting records of the company. It is controlled by the Michigan Central through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation.

The property of the Joliet & Northern Indiana was operated under lease by the Michigan Central from the date it was placed in operation until December 31, 1917. On January 1, 1918, all the property of the Joliet & Northern Indiana, under contract with the Michgian[sic] Central was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History
The Joliet & Northern Indiana was incorporated under the general laws of the States of Indiana and Illinois through filing in the State of Indiana, on August 23, 1854, and in the State of Illinois, on August 24, 1854, an agreement dated July 1, 1854, for the purpose of consolidating the property, rights, and franchises of the Joilet and Northern Indiana Rail Road Company and the Oswego and Indiana Plank Road Company. Pursuant to the above purpose the Joliet & Northern Indiana acquired at its organization the property, rights, and franchises of the two companies named. The Joliet & Northern Indiana, itself, and those corporations total three different corporations and comprise the line of corporate succession culminating in the Joliet & Northern Indiana 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 Joliet & Northern Indiana, extending from East Gary, Ind., to Joliet, Ill., a distance of 45.179 miles was acquired partly by consolidation, partly by purchase and partly by construction. The wholly owned mileage, 43.849 miles, was acquired by completion of construction begun by the Joliet and Northern Indiana Rail Road Company, a predecessor, and was placed in operation in June, 1855. The jointly owned mileage in Joliet, Ill., 1.330 miles, was constructed by The Chicago, Rock Island and Pacific Railway Company during the period 1908 to 1910 and was acquired from that company, under agreement dated February 1, 1906. The records reviewed do not indicate whether the early construction work was performed by the company's forces or by contract. The construction work was completed by the forces of the Michigan Central.

Leased Railway Property
The entire property of the Joliet & Northern Indiana is leased to the Michigan Central in perpetuity under agreement dated September 7, 1854, and supplements thereto. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property in the report on the Michigan Central.