Wikipedia:WikiProject Trains/ICC valuations/Lake Erie and Western Railroad

Interstate Commerce Commission, Valuation Reports, Volume 38

Location and General Description of Property
The railroad of The Lake Erie and Western Railroad Company, herein called the Lake Erie and Western, is a single-track, standard-gage, steam railroad, situated in the States of Ohio, Indiana, and Illinois. The owned mileage consists of three main lines, one extending from Sandusky, Ohio, to Peoria, Ill., 412.770 miles, one from Indianapolis to Michigan City, Ind., 158.612 miles, and one from Hugo (Fort Wayne) to Connersville, Ind., 102.827 miles, and of branch lines extending from St. Mary's to Minster, Ohio, 10.001 miles, and from New Castle to Rushville, Ind., 24.040 miles.

The railroad of The Northern Ohio Railway Company, herein called the Northern Ohio, which is leased to and operated by the Lake Erie and Western, is a single-track, standard-gage, steam railroad, situated entirely within the State of Ohio, extending from Delphos northeasterly to Akron, 161.744 miles.

The Lake Erie and Western wholly owns and uses 968.876 miles of all tracks, jointly owns and uses 8.535 miles of all tracks, and uses but does not own 183.679 miles of all tracks, which are classified in the trackage table in Appendix 1.

Introductory
The Lake Erie and Western is a corporation of the State of Illinois, having its principal corporate office at Peoria, Ill., and its principal accounting office at Indianapolis, Ind.

It is controlled by The New York Central Railroad Company through ownership of a majority of the outstanding capital stock.

On the other hand, the Lake Erie and Western controls the Northern Ohio through ownership of about 85 per cent of that company's outstanding capital stock. The Northern Ohio, in turn, exercises joint control of The Akron & Barberton Belt Railroad Company through ownership of 25 per cent of the latter's capital stock.

The Lake Erie and Western also jointly controls the Peoria and Pekin Union Railway Company through ownership of 10 per cent of its capital stock.

From the date it acquired the properties of its predecessors to December 31, 1917, the Lake Erie and Western operated its property with its own organization. On January 1, 1918, its common-carrier property and that of its lessor were taken over for operation by the United States Railroad Administration and were so operated on date of valuation.

Corporate History
The Lake Erie and Western was incorporated on February 10, 1887, under the general laws of the State of Illinois, to purchase, own, and operate a railroad extending from Bloomington, Ill., to Sandusky, Ohio, and to construct an extension from Bloomington to Peoria, Ill.

The following chart shows the names of the corporations comprised in the corporate history of the Lake Erie and Western, their respective dates of incorporation, and manner and date of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

All of these companies were incorporated under the general laws of the States mentioned with the exception of companies Nos. 18, 22, and 32, which were incorporated by special acts of the legislatures of their respective States.

Development of Fixed Physical Property
Of the road owned by the Lake Erie and Western on date of valuation, approximately 672 miles were acquired by purchase and 38 miles by construction. In the following table are shown the years in which and the companies by which the several parts of the property were constructed and the manner in which they were acquired by the Lake Erie and Western.

Mileage inventoried as of date of valuation, 709.91 miles.
 * Acquired by purchase after foreclosure, 543.28 miles:
 * From The Lake Erie and Western Railway Company, Feb. 16, and Feb. 21, 1887, 384.66 miles, constructed by—
 * Lake Erie and Western Railway Company, Sandusky to Fremont, Ohio, 1880, (partly constructed by city of Sandusky, Ohio, under name of Sandusky and Fremont Railway), 22.48 miles.
 * The Lake Erie and Western Railway Company (1879), Celina, Ohio, to Muncie, Ind., 1879 (partly constructed by Indianapolis and Sandusky Rail Road Company), 53.78 miles.
 * Lake Erie and Louisville Railroad Company, 19.85 miles—
 * St. Mary's to Minster, Ohio, 1878, 10.00 miles.
 * St. Mary's to Celina, Ohio, 1878, 9.85 miles.
 * Lake Erie and Louisville Rail Way Company, Findlay to St. Mary's, Ohio, 1873, 52.42 miles.
 * The Fremont and Indiana Rail Road Company, Fremont to Findlay, Ohio, 1859, 34.87 miles.
 * The LaFayette, Muncie and Bloomington Rail Road Company, 120.79 miles—
 * Indiana-Illinois State line to LaFayette, Ind., 1872, 35.78 miles.
 * LaFayette to Muncie, Ind., 1876, 85.01 miles.
 * LaFayette, Bloomington and Mississippi Railway Company, Indiana-Illinois State line to Bloomington, Ill., 1872, 80.47 miles.
 * From The Michigan City and Indianapolis Rail Road Company, Apr. 8, 1887, constructed by that company, Michigan City to La Porte, Ind., 1871, 12.54 miles.
 * From the Indianapolis, Peru and Chicago Railway Company, Apr. 8, 1887, constructed by the President and Directors of the Peru and Indianapolis Railroad Company, 73.08 miles—
 * Indianapolis to Noblesville, Ind., 1854, 21.42 miles.
 * Noblesville to Peru, Ind., 1851, 51.66 miles.
 * From The Chicago, Cincinnati and Louisville Railroad Company, 73.00 miles, constructed by—
 * The Chicago, Cincinnati and Louisville Railroad Company, Plymouth to Peru, Ind., 1869 (partly constructed by The Indianapolis, Rochester and Chicago Rail Road Company), 44.43 miles.
 * The Cincinnati, Peru & Chicago Rail Way Company, Plymouth to La Porte, Ind., 1855, 28.57 miles.
 * Acquired by direct purchase from Fort Wayne, Cincinnati and Louisville Railroad Company, May 28, 1890, 128.63 miles, constructed by—
 * The New Castle and Rushville Rail Road Company, New Castle to Rushville, Ind., 1881, 24.04 miles.
 * Fort Wayne, Muncie and Cincinnati Rail Road Company, Muncie to Fort Wayne, Ind., 1870 (partly constructed by The Fort Wayne, Muncie and Cincinnati Railway Company and The Fort Wayne and Southern Rail Road Company), 63.51 miles.
 * Cincinnati, Connersville and Muncie Rail Road Company, New Castle to Muncie, Ind., 1868, 16.03 miles.
 * The Connersville and New Castle Junction Rail Road Company, Connersville to New Castle, Ind., 1865 (partly constructed by predecessors), 25.05 miles.
 * Acquired by construction, extension, Bloomington to Peoria, Ill., 1888, 38.11 miles.
 * Less, difference between total recorded mileage and mileage inventoried as of date of valuation, 0.11 miles.

Included in the 128.63 miles of road acquired from the Fort Wayne, Cincinnati and Louisville Railroad Company are 1.66 miles of road owned jointly with The New York Central Railroad Company. The extension from Bloomington to Peoria, Ill., was constructed for the Lake Erie and Western by J. B. Wright and Company. No evidence of affiliation between the Lake Erie and Western and this company was found in the records reviewed.

Leased Railway Property
The property of the Lake Erie and Western, including its leased property, devoted to common-carrier purposes, was taken over for operation by the United States Railroad Administration on January 1, 1918, and was operated on date of valuation. To date of valuation no rentals had been accrued in the accounts of either the Lake Erie and Western or the United States Railroad Administration covering the use by the latter of the Lake Erie and Western's property for the six months ended on date of valuation.

The arrangements of the Lake Erie and Western with other companies, in effect on December 31, 1917, covering the use of joint facilities, were continued to date of valuation by the United States Railroad Administration, except as hereinafter stated. A statement of the rentals payable and receivable by the Lake Erie and Western for the use of joint facilities for the year ended on December 31, 1917, was not obtained. The facilities used on December 31, 1917, and the rentals payable or receivable for the year ended on date of valuation, follow.


 * Solely owned, but jointly used, used with—
 * Chicago, Indianapolis and Louisville Railway Company, 1.08 miles of main line between Massachusetts Avenue and Washington Street, Indianapolis, Ind., under 99-year agreement dated Oct. 4, 1889; rental, $4,000 per annum. $4,000.00 rental.
 * The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
 * Terminal facilities at La Fayette, Ind., under 10-year, renewable agreement dated Apr. 1, 1904; rental, 2.5 per cent upon a progressive valuation of the property ($71,164.80 on date of valuation). $1,766.92 rental.
 * 18.72 miles of first main track and 9.02 miles of second main track, La Fayette to Templeton, Ind., under 100-year agreement dated May 15, 1891; rental, taxes, and 3 per cent per annum on certain property valued at $668,709.12 and 4.5 per cent per annum on certain other property valued at $62,870.36. $22,806.81 rental.
 * 0.286 mile of main track at Rushville, Ind., under 99-year agreement dated Aug. 1, 1894; rental, $62.50 per month. $750.00 rental.
 * The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company, 51.72 miles of track, Indianapolis to Kokomo, Ind., under agreement dated Mar. 1, 1909, for 10 years, terminable upon notice thereafter. This trackage agreement was terminable a few days prior to date of valuation but rent was accounted for to date of valuation. $46,677.30 rental.
 * Peoria and Pekin Union Railway Company; 0.53 mile of track at Peoria, Ill., under agreement dated Oct. 17, 1912, terminable upon demand; rental, $3 per car for each car moved over the track. $1,167.00 rental.
 * Toledo, St. Louis and Western Railroad Company; 0.111 mile of track at Frankfort, Ind., under agreement dated Jan. 28, 1914, for one year but automatically renewable; rental, 2.5 per cent on a valuation of $1,350. $67.50 rental.
 * The New York Central Railroad Company; 8-stall extension to the Lake Erie and Western's roundhouse at Sandusky, Ohio, under agreement dated Jan. 1, 1912; rental, $2,000 per annum. $2,000.00 rental.
 * Solely used, but not owned, leased from-
 * The Northern Ohio–
 * Entire property, under terms of a 999–year lease dated Oct. 1, 1895; rental, $125,000 per annum, equivalent to 5 per cent upon the Northern Ohio's bonds, the Northern Ohio agreeing, in turn, to make good such losses as might accrue to the Lake Erie and Western from such payments in conjunction with the direct operating loss, if there should be such. For the period from Oct. 1, 1895, to date of valuation, the Lake Erie and Western paid rent for this property as follows—
 * Amount charged as rent for lease of road, $2,789,426.15—
 * To cover interest on bonds. $2,767,500.00
 * To cover improvements. $21,926.15
 * Amount charged to profit and loss;
 * loss to cover interest on bonds. $76,250.00
 * The interest on bonds for the use of road amounted therefore to $2,843,750 for the 22.75 years ended on date of valuation.
 * The Lake Erie and Western did not charge the Northern Ohio with the deficit accrued to it by the operation of this property, but absorbed it, along with its general revenues and expenses, in its own profit and loss account; but the Northern Ohio did charge its profit and loss account and credited the Lake Erie and Western for the period from Oct. 1, 1895, to date of valuation, with $3,380,495.15, as representing the deficit which accrued to the Lake Erie and Western from the payment of the interest on the Northern Ohio's bonds in conjunction with the operating loss.
 * The United States Railroad Administration used this property from Jan. 1, 1918, to date of valuation, under the terms of its general contract with the Lake Erie and Western wherein earnings in the “test period” controlled the rent to be paid for the use of the property of the Lake Erie and Western and its leased line.
 * Mather Humane Stock Transportation Company; 119 freight train cars; rental, $10 per month per car. Amount of rental paid for year ended on date of valuation not separately determined.
 * The New York Central Railroad Company; 2,077 freight train cars; monthly rental, one-twelfth of 5 per cent upon the total value of the cars at the date of the lease plus the cost of any additions and betterments placed on the cars by the owner from time to time. Amount of rental paid for year ended on date of valuation not separately determined.
 * Jointly used, but not owned, owned by—
 * The Cleveland, Cincinnati, Chicago and St. Louis Railway Company—
 * Passenger station at Muncie, Ind., under 10-year agreement dated July 1, 1901, at a rental of 2.5 per cent per annum on a progressive valuation ($49,894 on date of valuation). $1,420.90 rental.
 * Terminal facilities at La Fayette, Ind., under 10-year agreement dated Apr. 1, 1904, at a rental based on a progressive valuation ($73,581.44 on date of valuation). $1,867.06 rental.
 * The New York Central Railroad Company—
 * Station and 1.76 miles of main line at Fort Wayne, Ind., under agreement dated Mar. 1, 1881, terminable on six months' notice; rental, $132.65 per annum for land, and 3 per cent per annum on a progressive valuation of other property ($15,631.34 on date of valuation). $1,373.84 rental.
 * Passenger station and 0.31 mile of main line at Sandusky, Ohio, under agreement dated May 1, 1903, terminable in one year; rental, $300 per annum. $325.00 rental.
 * Passenger and freight station at Fremont, Ohio, under agreement dated Apr. 1, 1903, for one year; rental, $30 per month.
 * Passenger and freight station and 0.63 mile of main line at LaPorte, Ind., under a six months' agreement dated Dec. 1, 1906; rental, $368.65 per annum.
 * 19.53 miles of main-line track between Walkerton and South Bend, Ind., under agreement dated Nov. 9, 1912, terminable upon six months' notice; rental, 30 cents per train-mile. $801.60 rental.
 * The Peoria and Eastern Railway Company; passenger station at Bloomington, Ill., under agreement dated Nov. 3, 1905, terminable in 10 years; rental, 2.5 per cent per annum on the excess of the value of the property of the owner over the value of the property of the Lake Erie and Western. $540.78 rental.
 * The Chicago and Alton Railroad Company; passenger station at Bloomington, Ill., under 1-year agreement dated Nov. 15, 1911; rental, $25 per month.
 * The Indianapolis Union Railway Company; 0.79 mile of main line and terminal facilities at Indianapolis, Ind., under a perpetual agreement dated Sept. 23, 1883; rental, an equal assignment to each of tenants of $45,000 of interest on $1,000,000 of The Indianapolis Union Railway Company's bonds, of a varying annual sinking fund for these bonds, of 7 per cent per annum upon a progressive valuation of the property ($5,809,773.56 on date of valuation) after deducting the $1,000,000 covered by bonds, and of taxes upon the property. Before assignment of the bulk rental to the tenants the sum of $2,200 per annum is deducted and credited to the Lake Erie and Western in respect of certain tracks deeded in fee to The Indianapolis Union Railway Company by a predecessor of the Lake Erie and Western. $33,957.76 rental.
 * The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company; 2.23 miles of main-line tracks between New Castle and Payne, Ind., under agreement dated Sept. 23, 1912, terminable upon one year's notice; rental, 55 cents per train-mile, but not less than $5,000 per annum. $2,706.42 rental.
 * The Michigan Central Railroad Company; terminal facilities at Michigan City, Ind., embracing 0.63 mile of main-line tracks, under agreement dated Dec. 1, 1900, terminable in one year; rental, $225 per month. $1,300.00 rental.
 * Peoria and Pekin Union Railway Company; terminal facilities and 2.42 miles of main track at Peoria, Ill., under 10-year agreement dated Sept. 15, 1911; rental, $22,500 per annum, plus taxes. $22,806.81 rental.
 * The Cincinnati, Hamilton and Dayton Railway Company; passenger station at Lima, Ohio, under agreement dated June 1, 1908, terminable Feb. 1, 1922; rental, $35 per month. $490.00 rental.

Lessor Company

 * Northern Ohio

The Lake Erie and Western Railway Company
The Lake Erie and Western Railway Company represented a consolidation, effected May 19, 1885, of the Lake Erie and Western Railway Company and the Lake Erie and Mississippi Railway Company. On December 14, 1886, the date of the sale of its property at foreclosure, it owned and operated about 384.66 miles of railroad, extending from Sandusky, Ohio, to Bloomington, Ill., 374.66 miles, and from St. Mary's to Minster, Ohio, 10 miles, all of which had been acquired from the Lake Erie and Western Railway Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Lake Erie and Western. No accounting records of this company are obtainable.

Lake Erie and Western Railway Company
Introductory

Lake Erie and Western Railway Company owned and operated on May 19, 1885, the date of its consolidation with the Lake Erie and Mississippi Railway Company to form the Lake Erie and Western Railway Company, about 384.66 miles of single-track, standard-gage, steam railroad, situated in the States of Ohio, Indiana, and Illinois. Its main line extended from Sandusky, Ohio to Bloomington, Ill., about 374.66 miles, and a branch line extended from St. Mary's to Minster, Ohio, about 10 miles. The accounting records that are obtainable cover the period only from January 1, 1880, to June 30, 1883.

Development of Fixed Physical Property

Of the total of 384.66 miles of railroad owned on the date of demise, 362.18 miles were acquired on January 1, 1880, in the consolidation of the properties of The Lake Erie and Western Railway Company (1879) and the LaFayette, Bloomington and Muncie Railway Company, and 22.48 miles by completion of road partially constructed by the city of Sandusky, Ohio, under the name of Sandusky and Fremont Railway. Details with respect to the construction of the property owned on the date of demise are given in the chapter on development of fixed physical property of the Lake Erie and Western.

Sandusky and Fremont Railway
Sandusky and Fremont Railway was not an incorporated company, but was the designation given a project of the city of Sandusky, Ohio. Under authority of Ohio statutes, providing for the construction, operation, and sale of railroads by cities of the third class, the citizens of Sandusky, by a vote taken on April 23, 1880, accepted a proposition for the construction of about 22.48 miles of railroad, extending from Sandusky to Fremont, Ohio, to connect at the latter point with the railroad of the Lake Erie and Western Railway Company. Construction was begun during the same year, but no part of the property had been completed or opened for operation when, on December 23, 1880, it was conveyed by trustees to the Lake Erie and Western Railway Company. No accounting records for the Sandusky and Fremont Railway are obtainable and no information could be obtained from the accounts regarding the expenditures made by the city of Sandusky in the partial construction of the above-described railroad. Certain further information relative to this property is included in the report on the Lake Erie and Western Railway Company.

The Lake Erie and Western Railway Company (1879)
The property owned by this company on December 11, 1879, the date of its consolidation with the LaFayette, Bloomington and Muncie Railway Company to form the Lake Erie and Western Railway Company, comprised about 160.92 miles of railroad, of which 107.14 miles had been acquired from the Lake Erie and Louisville Railroad Company, in the consolidation, on August 4, 1879, of the property of that company with that of the Indianapolis and Sandusky Rail Road Company, and 53.78 miles in 1879 by completion of construction of road begun by the latter company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Lake Erie and Western.

The property of The Lake Erie and Western Railway Company was operated by its own organization from the dates of acquirement to the date of demise.

Indianapolis and Sandusky Rail Road Company — Predecessor of The Lake Erie and Western Railway Company (1879)
No accounting records of this company are obtainable. Upon its consolidation on August 4, 1879, with the Lake Erie and Louisville Railroad Company to form The Lake Erie and Western Railway Company (1879), the Indianapolis and Sandusky Rail Road Company owned a partially constructed railroad, extending from Celina, Ohio, to Muncie, Ind., about 53.78 miles, no portion of which had been completed or opened for operation.

Lake Erie and Louisville Railroad Company — Predecessor of The Lake Erie and Western Railway Company (1879)
Lake Erie and Louisville Railroad Company owned and operated on August 4, 1879, the date of consolidation, about 107.14 miles of railroad, extending from Fremont to St. Mary's, Ohio, 87.29 miles, and from St. Mary's to Minster and Celina, Ohio, 19.85 miles. Of this road about 87.29 miles had been acquired on March 14, 1877, by purchase, after foreclosure, of the property of the Lake Erie and Louisville Rail Way Company. The remaining 19.85 miles had been acquired by construction, completed in 1878. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Lake Erie and Western. No accounting records of this company are obtainable. The minute book of the company states that on December 31, 1878, there was $1,500,000 par value of capital stock outstanding, all of which had been issued incident to the acquirement of the property formerly owned by the Lake Erie and Louisville Rail Way Company. The property of the Lake Erie and Louisville Railroad Company was operated by that company's own organization from date of acquirement to the date of demise.

Lake Erie and Louisville Rail Way Company — Predecessor of Lake Erie and Louisville Railroad Company
The property owned by this company on February 17, 1877, the date of sale at foreclosure, comprised about 87.29 miles of railroad extending from Fremont, Ohio, southwestwardly to St. Mary's, Ohio, of which 34.87 miles had been acquired on April 12, 1872, from the Lake Erie and Louisville Railway Company, and 52.42 miles in 1873 by construction, as shown in detail in the chapter on development of fixed physical property of the Lake Erie and Western. The property of this company was operated by its own organization from the dates of acquirement to the date of demise. No accounting records of this company are obtain able. The minute book of the company states that on December 31, 1873, there were outstanding $590,000 par value of capital stock and $590,000 par value of funded debt, all of which had been issued incident to the acquirement of the property formerly owned by the Lake Erie and Louisville Railway Company (1871).

Lake Erie and Louisville Railway Company — Predecessor of Lake Erie and Louisville Rail Way Company
Upon the consolidation, on April 12, 1872, of its property, rights, and franchises with the corporate rights of The Fremont, Lima and Union Railway Company (the latter's physical property having previously been acquired by the Lake Erie and Louisville Railway Company), to form the Lake Erie and Louisville Rail Way Company, the Lake Erie and Louisville Railway Company owned about 34.87 miles of railroad, extending from Fremont to Findlay, Ohio. This property represented that acquired on January 16, 1872, from The Fremont, Lima and Union Railway Company, which latter had acquired it in 1871 by purchase after foreclosure from the Lake Erie and Louisville Rail Road Company. Lake Erie and Louisville Railway Company operated its property from the date of its acquirement to the date of demise.

The Fremont, Lima and Union Railway Company — Predecessor of Lake Erie and Louisville Railway Company and Lake Erie and Louisville Rail Way Company
On January 16, 1872, the date of the sale of its property, rights, and franchises, except its corporate rights, to the Lake Erie and Louisville Railway Company, The Fremont, Lima and Union Railway Company owned and operated about 34.87 miles of railroad, extending from Fremont to Findlay, Ohio, which it had acquired on December 26, 1871, by purchase, after foreclosure, of the property of the Lake Erie and Louisville Railroad Company. The Fremont, Lima and Union Railway Company operated its property from the date of its acquirement to the date of sale. No accounting records of this company are obtainable.

=
Lake Erie and Louisville Rail Road Company — Predecessor of the Fremont, Lima and Union Railway Company; The Fremont, Lima and Union Rail Road Company — Predecessor of Lake Erie and Louisville Rail Road Company; and The Fremont and Indiana Rail Road Company —Predecessor of The Fremont, Lima and Union Rail Road Company ====== No accounting records of these companies are obtainable. The Fremont and Indiana Rail Road Company owned on December 31, 1861, the date of sale of its property at foreclosure, about 34.87 miles of railroad, extending from Fremont, Ohio, southwestwardly to Findlay, Ohio, all of which had been acquired by construction. Construction work was begun in 1854, and the property was opened for operation on or about February 1, 1859. It was operated by the company's own organization from the date of completion to the date of demise.

The Fremont, Lima and Union Rail Road Company operated the above property from the date of its acquirement, on March 5, 1862, to February 4, 1865, the date of its consolidation with The Lake Erie and Pacific Rail Road Company to form the Lake Erie and Louisville Rail Road Company.

The property owned by the Lake Erie and Louisville Rail Road Company consisted of the above 34.87 miles of road. Lake Erie and Louisville Rail Road Company also acquired certain partially completed mileage from The Lake Erie and Pacific Railroad Company, but from statements made by the Lake Erie and Western, the latter property did not form a part of that owned on date of valuation. The manner in which this property was disposed of at the demise of the Lake Erie and Louisville Rail Road Company is not shown in any records. The above 34.87 miles of road were operated by the Lake Erie and Louisville Rail Road Company from the date of acquirement until the date of demise. The property of this company was sold at foreclosure on July 27, 1871, and conveyed to the successor company by deed of December 26, 1871.

LaFayette, Bloomington and Muncie Railway Company
On December 11, 1879, the date of its consolidation with The Lake Erie and Western Railway Company to form the Lake Erie and Western Railway Company, this company owned about 201.26 miles of railroad, extending from Muncie, Ind., westwardly to Bloomington, Ill., all of which had been acquired by consolidation from its predecessors. Details as to the construction of this property are given in the chapter on development of fixed physical property of the Lake Erie and Western. This property was operated by the LaFayette, Bloomington and Muncie Railway Company's own organization from the date of acquirement, April 30, 1879, to the date of demise. No accounting records of this company are obtainable.

Muncie and State Line Railroad Company — Predecessor of LaFayette, Bloomington and Muncie Railway Company
On April 30, 1879, the date of its consolidation with the LaFayette, Bloomington and Mississippi Rail Road Company to form the LaFayette, Bloomington and Muncie Railway Company, the Muncie and State Line Railroad Company owned about 120.79 miles of railroad, extending eastwardly from a point on the Illinois-Indiana State line to Muncie, Ind. This property had been acquired on April 27, 1879, by purchase, after foreclosure, of the property of The LaFayette, Muncie and Bloomington Rail Road Company. Muncie and State Line Railroad Company operated its property from date of acquirement to date of demise. No accounting records of this company are obtainable.

The LaFayette, Muncie and Bloomington Rail Road Company — Predecessor of Muncie and State Line Railroad Company
The LaFayette, Muncie and Bloomington Rail Road Company owned on April 3, 1879, the date of sale of its property at foreclosure, about 120.79 miles of railroad, extending eastwardly from a point on the Illinois-Indiana State line to Muncie, Ind. This property had been acquired by construction, completed in 1872 and 1876.

The property of The LaFayette, Muncie and Bloomington Rail Road Company was operated under lease from the dates of completion to October 2, 1876, by the Toledo, Wabash and Western Railway Company, and by The LaFayette, Muncie and Bloomington Rail Road Company's own organization from October 2, 1876, to the date of demise. The LaFayette, Muncie and Bloomington Rail Road Company also operated during the latter period about 80.47 miles of railroad extending from the Indiana-Illinois State line to Bloomington, Ill., owned by others, under terms of a lease entered into on October 2, 1876, with the LaFayette, Bloomington and Mississippi Railway Company. That company's property was conveyed on December 21, 1876, to the LaFayette, Bloomington and Mississippi Rail Road Company, operation being continued by The LaFayette, Muncie and Bloomington Rail Road Company under the provisions of the lease of October 2, 1876. No accounting records of this company are obtainable.

LaFayette, Bloomington and Mississippi Rail Road Company — Predecessor of LaFayette, Bloomington and Muncie Railway Company
LaFayette, Bloomington and Mississippi Rail Road Company owned on April 30, 1879, the date of consolidation with the Muncie and State Line Railroad Company to form the LaFayette, Bloomington and Muncie Railway Company, about 80.47 miles of railroad, extending westwardly from the Indiana-Illinois State line to Bloomington, Ill. This property had been acquired on December 21, 1876, by purchase, after foreclosure, of the property of the LaFayette, Bloomington and Mississippi Railway Company. The property of the company was operated from the date of acquirement to April 30, 1879, by The LaFayette, Muncie and Bloomington Rail Road Company, under terms of a lease entered into on October 2, 1876, by the latter company and the LaFayette, Bloomington and Mississippi Railway Company. No accounting records of this company are obtainable.

LaFayette, Bloomington and Mississippi Railway Company — Predecessor of LaFayette, Bloomington and Mississippi Rail Road Company
LaFayette, Bloomington and Mississippi Railway Company owned on May 16, 1876, the date of sale of its property at foreclosure, about 80.47 miles of railroad, extending westwardly from the Indiana-Illinois State line to Bloomington, Ill., all of which had been acquired by construction, completed during April and May, 1872. This property was operated under lease by the Toledo, Wabash and Western Railway Company from the dates of completion to October 2, 1876, when it was leased to The LaFayette, Muncie and Bloomington Rail Road Company, which operated it on the date of demise. No accounting records of this company are obtainable.

Lake Erie and Mississippi Railway Company
This company did not perform any construction work and on May 19, 1885, the date of its consolidation with the Lake Erie and Western Railway Company to form The Lake Erie and Western Railway Company, did not own any railroad mileage. No accounting records of this company are obtainable.

The Michigan City and Indianapolis Rail Road Company
The Michigan City and Indianapolis Rail Road Company owned on November 13, 1886, the date of the sale of its property at foreclosure, about 12.54 miles of railroad, extending from Michigan City to La Porte, Ind., the construction of which was completed by it on April 9, 1871. All of this property was operated by The Indianapolis, Peru and Chicago Rail Way Company without lease, from the date construction was completed to June 24, 1881; by the Wabash, St. Louis and Pacific Railway Company from June 24, 1881, to October 23, 1885, under a lease agreement dated June 24, 1881; and by a receiver for The Michigan City and Indianapolis Rail Road Company from October 23, 1885, to the date of demise. No accounting records of this company are obtainable.

The Indianapolis, Peru and Chicago Rail Way Company
Introductory

The Indianapolis, Peru and Chicago Rail Way Company owned on November 13, 1886, the date of the sale of its property at foreclosure, about 73.08 miles of single-track railroad, extending from Indianapolis to Peru, Ind., which it had acquired after foreclosure from the President and Directors of the Peru and Indianapolis Railroad Company.

From March 11, 1864, the date of its incorporation, to September 1, 1881, the property of the company was operated by its own organization, and from September 1, 1881, to the date of demise, it was operated by The Wabash, St. Louis and Pacific Railway Company under a lease agreement dated June 24, 1881. During the period from May 12, 1871, to June 24, 1881, the company operated in addition to its own mileage about 73 miles of road of The Chicago, Cincinnati and Louisville Railroad Company under lease agreement, and about 12.54 miles of road of The Michigan City and Indianapolis Rail Road Company, without written agreement, from April 9, 1871, to June 24, 1881.

President and Directors of the Peru and Indianapolis Railroad Company
On January 15, 1864, the date of sale of its property at foreclosure, this company owned about 73.08 miles of railroad, extending from Indianapolis to Peru, Ind., which it had constructed. About 21.42 miles of this road, extending from Indianapolis to Noblesville, Ind., were completed and opened for operation on March 10, 1851, and about 51.66 miles, from Noblesville to Peru, Ind., were completed about January 1, 1854. From the dates on which the construction work was completed until the date of demise, the property was operated by the Madison and Indianapolis Railway Company under a lease agreement dated April 23, 1850. No accounting records of this company are obtainable.

The Chicago, Cincinnati and Louisville Railroad Company
The Chicago, Cincinnati and Louisville Railroad Company owned on November 13, 1886, the date of the sale of its property at foreclosure, about 73 miles of railroad, extending from La Porte to Peru, Ind., of which about 44.43 miles, extending from Plymouth to Peru, were constructed by this company and placed in operation on September 4, 1869. About 28.57 miles of railroad, extending from La Porte to Plymouth, formerly owned by The Cincinnati, Peru & Chicago Rail Way Company, were acquired on September 6, 1867, after foreclosure sale.

The property of the company was operated by its own organization from the dates of acquisition to May 12, 1871. It was operated by The Indianapolis, Peru and Chicago Rail Way Company from May 12, 1871, to June 24, 1881, under a lease agreement dated May 12, 1871. From June 24, 1881, to October 23, 1885, it was operated by The Wabash, St. Louis and Pacific Railway Company under lease agreement dated June 24, 1881, and from October 23, 1885, to the date of its demise, it was operated by George T. M. Davis, trustee. No accounting records of this company are obtainable.

The Indianapolis, Rochester and Chicago Rail Road Company
No accounting records of this company are obtainable. On October 9, 1867, the date of sale of its property, it had done some construction work on its railroad projected to extend from Plymouth to Peru, Ind.

The Cincinnati, Peru and Chicago Rail Way Company
No accounting records of this company are obtainable. On August 2, 1865, the date of sale of its property at foreclosure, it owned about 28.57 miles of railroad, extending from Plymouth to La Porte, Ind., which was placed in operation during the year 1855. This property was operated to the date of demise by the Cincinnati, Peru & Chicago Rail Way Company's own organization.

Fort Wayne, Cincinnati and Louisville Railroad Company; and The Fort Wayne, Cincinnati and Louisville Railroad Company — Predecessor of Fort Wayne, Cincinnati and Louisville Railroad Company
Introductory

Fort Wayne, Cincinnati and Louisville Railroad Company, a corporation of the State of Indiana, is controlled by the Lake Erie and Western through ownership of the entire outstanding capital stock.

Fort Wayne, Cincinnati and Louisville Railroad Company owned on May 28, 1890, the date of sale of its property, rights, and franchises, except the right to be a corporation, about 128.63 miles of single-track, standard-gage, steam railroad, all in the State of Indiana. Its main line extended from Connersville to Fort Wayne, about 104.59 miles, and a branch line extended from New Castle to Rushville, about 24.04 miles.

From the date of its organization to May 28, 1890, the property of this company was operated by its own organization, and that organization continued the operation of the property from the date of sale to June 30, 1890.

The accounting records of the Fort Wayne, Cincinnati and Louisville Railroad Company were continued without separation or distinction in the records of its predecessor, The Fort Wayne, Cincinnati and Louisville Railroad Company. For this reason it is necessary to present the financial affairs, corporate operations, and investments of The Fort Wayne, Cincinnati and Louisville Railroad Company and the Fort Wayne, Cincinnati and Louisville Railroad Company in inseparable amounts, the details of which, as prepared from the records that are obtainable, are shown in the appropriate chapters of this report.

The property of The Fort Wayne, Cincinnati and Louisville Railroad Company was operated by that company's own organization to the date of demise. In addition, The Fort Wayne, Cincinnati and Louisville Railroad Company solely operated about 24.04 miles of road of The New Castle and Rushville Rail Road Company, extending from New Castle to Rushville, Ind., through ownership of the entire capital stock.

Development of Fixed Physical Property

The road owned by the Fort Wayne, Cincinnati and Louisville Railroad Company had all been acquired in the consolidation of November 11, 1886, 104.59 miles from The Fort Wayne, Cincinnati and Louisville Railroad Company and 24.04 miles from The New Castle and Rushville Rail Road Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Lake Erie and Western.

The New Castle and Rushville Rail Road Company
The New Castle and Rushville Rail Road Company owned on November 11, 1886, the date of its consolidation with The Fort Wayne, Cincinnati and Louisville Railroad Company to form the Fort Wayne, Cincinnati and Louisville Railroad Company, about 24.04 miles of single-track railroad, extending from New Castle to Rushville, Ind., which it had constructed and placed in operation in the latter part of 1881. This property was operated by the Fort Wayne, Muncie and Cincinnati Railroad Company, without lease from the date of its completion until December 31, 1881, and from January 1, 1882, to the date of demise, it was operated without lease by The Fort Wayne, Cincinnati and Louisville Railroad Company. No accounting records of this company are obtainable.

Indiana Southern Railway Company
This company owned no completed mileage on the date of sale of its property at foreclosure, and its accounting records are not obtainable.

Fort Wayne, Muncie and Cincinnati Rail Road Company — Predecessor of The Fort Wayne, Cincinnati and Louisville Railroad Company
Introductory

Fort Wayne, Muncie and Cincinnati Rail Road Company was controlled by Elijah Smith on July 27, 1881, the date of sale of its property at foreclosure, through ownership of a majority of the outstanding capital stock. On that date it owned about 104.59 miles of single-track railroad, all in the State of Indiana, extending from Connersville northwardly to Fort Wayne. This property had been operated from the dates of its acquisition to January 4, 1871, by the Cincinnati and Indianapolis Junction Railway Company under lease agreement. From January 4, 1871, to the date of demise, it was operated by the Fort Wayne, Muncie and Cincinnati Rail Road Company's own organization. The records of this company are incomplete for the period June 9, 1869, to January 3, 1871, and from July 2, 1874, to the date of demise. Certain information has been taken from sources other than the company's own records, as is pointed out hereinafter.

Development of Fixed Physical Property

Of the road owned on the date of demise about 41.08 miles had been acquired in the consolidation of June 9, 1869, from the Cincinnati, Connersville and Muncie Rail Road Company, and about 63.51 miles by completion on September 12, 1870, of the partially constructed railroad of The Fort Wayne, Muncie and Cincinnati Railway Company, acquired in the consolidation. Details with respect

The Fort Wayne, Muncie and Cincinnati Railway Company
On June 9, 1869, the date of its consolidation with The Cincinnati, Connersville and Muncie Rail Road Company to form the Fort Wayne, Muncie and Cincinnati Rail Road Company, The Fort Wayne, Muncie and Cincinnati Railway Company owned about 63.51 miles of unfinished railroad, extending from Muncie to Fort Wayne, Ind., which it had acquired on November 7, 1868, after foreclosure, from The Fort Wayne and Southern Rail Road Company. The Fort Wayne, Muncie and Cincinnati Railway Company did not complete the construction of this unfinished railroad. No accounting records of this company are obtainable. However, the minute books of its directors record that expenditures for construction were made from the date of its incorporation to March 15, 1869, in the amount of $26,627.91.

The Fort Wayne and Southern Rail Road Company — Predecessor of The Fort Wayne, Muncie and Cincinnati Railway Company
The company owned no completed mileage on November 7, 1868, the date of conveyance of its property to The Fort Wayne, Muncie and Cincinnati Railway Company, but had performed some grading between Fort Wayne and Muncie, Ind. No accounting records of this company are obtainable.

Cincinnati, Connersville and Muncie Rail Road Company
This company owned on June 9, 1869, the date of its consolidation with The Fort Wayne, Muncie and Cincinnati about 41.08 miles of single-track railroad, extending from Connersville to Muncie, Ind. Of this railroad about 25.05 miles, extending from Connersville to New Castle, had been acquired from predecessors in the consolidation of January 2, 1868, and about 16.03 miles, extending from New Castle to Muncie, had been acquired by construction, The latter mileage was placed in operation in the year 1868. From date of acquisition to the date of demise, the entire property of the Cincinnati, Connersville and Muncie Rail Road Company was operated solely by the Cincinnati and Indianapolis Junction Railway Company under a lease agreement dated January 6, 1868. No accounting records of the Cincinnati, Connersville and Muncie Rail Road Company are obtainable.

The New Castle and Muncie Rail Road Company and The Connersville and New Castle Junction Railroad Company — Predecessors of Cincinnati, Connersville and Muncie Rail Road Company
No accounting records of these companies are obtainable. The New Castle and Muncie Rail Road Company did not own any completed mileage at its demise. The Connersville and New Castle Junction Railroad Company on the date of its demise owned about 25.05 miles of single-track railroad extending from Connersville to New Castle, Ind., all of which had been acquired by construction. Construction was completed and the road placed in operation during April, 1865. This property was operated by the Cincinnati and Indianapolis Junction Railway Company under a lease agreement from the date construction was completed until the date of demise. The property, rights, and franchises of the New Castle and Muncie Rail Road Company and The Connersville and New Castle Junction Railroad Company were consolidated under an agreement filed in the State of Indiana on January 2, 1868, to form the Cincinnati, Connersville and Muncie Railroad Company.

Cincinnati and Chicago Rail Road Company — Predecessor of the Cincinnati, Connersville and Muncie Rail Road Company and The Connersville and New Castle Junction Railroad Company
No accounting records of this company are obtainable. On the date of its demise it owned no completed mileage, but it had performed some grading work.

Cincinnati, Cambridge and Chicago Short Line Railway Company and Cincinnati, New Castle and Michigan Rail Road Company — Predecessors of Cincinnati and Chicago Rail Road Company
No accounting records of these companies are obtainable. On May 1, 1854 the date of their consolidation to form the Cincinnati and Chicago Railroad Company, neither company had constructed any completed mileage.