Wikipedia:WikiProject Trains/ICC valuations/Manufacturers Railway (Toledo, Ohio)

Interstate Commerce Commission, Volume 23, Valuation Reports

Location and General Description of Property
The railroad of The Manufacturers Railway Company, herein called the Manufacturers Railway, is a single-track, standard-gauge, steam railroad, located in the city of Toledo, Ohio, and is used as a switching road to connect The Toledo, Columbus and Ohio River Railroad Company and other railroads for the interchange of freight and to reach local industries. The Manufacturers Railway owns and uses 3.012 miles of first main track, 0.526 mile of second main track, and 2.497 miles of yard tracks and sidings. Its road thus embraces 6.035 miles of all tracks.

Introductory
The Manufacturers Railway is a corporation of the State of Ohio, having its principal office at Toledo, Ohio. It is controlled by The Toledo, Columbus and Ohio River Railroad Company through ownership of the entire outstanding capital stock. The company controls no common-carrier corporation. The Toledo, Columbus and Ohio River Railroad Company is in turn controlled by the Pennsylvania Company. The Manufacturers Railway has been operated by its own organization during its entire life. The Pennsylvania Company performs certain operating services for the company in accordance with contract arrangements.

Corporate History
The Manufacturers Railway was incorporated March 23,1894, under the general laws of Ohio. The purpose of incorporation was to construct, maintain, and operate a railroad in the city of Toledo commencing at the intersection of Olive and Water Streets and extending upon and along Water Street to Monroe Street, thence to and terminating at the right of way of the Lake Shore and Michigan Southern Railway Company. The date of organization was April 24, 1894. The articles of incorporation were amended by the Manufacturers Railway filing certificates dated April 5, 1899, and April 22, 1899, providing for the extension, change of terminus, and change in route of the line of railroad.

The Manufacturers Railway acquired by purchase the property, rights, and franchises of two companies as follows: The Toledo and Michigan Terminal Railroad Company, which owned about 0.69 mile of railroad, and The Toledo Dock and Water Company, which owned real estate in Toledo. The following chart shows data as to incorporation and succession.

Development of Fixed Physical Property
The railroad of the Manufacturers Railway, on date of valuation, has been acquired by purchase and construction, as follows:

In the construction of the road built for the Manufacturers Railway, all branches of the work were done by the forces of the Pennsylvania Company fat account of the Manufacturers Railway. The 0.69 mile of road purchased from The Toledo and Michigan Terminal Railway Company was constructed in 1901 by that company. In addition to its road mileage as stated, the Manufacturers Railway, on January 22, 1903, acquired by purchase from the Toledo Dock and Warehouse Company, certain real estate in the city of Toledo. The latter owned no road.

Leased Railway Property
The Manufacturers Railway uses on date of valuation facilities owned by other companies, and other companies use facilities owned by the Manufacturers Railway, to the extent indicated in the statement following.

Any rentals accrued and charged or credited to income for the year ended on date of valuation were not identified in the accounts. The description of the property and terms of use follow:

Solely owned but jointly used, used with The Wheeling and Lake Erie Railway Company: Crossing and interlocking plant at Manhattan Junction, Ohio; agreement date August 23, 1902, under which expenses of operating and maintenance were to be equally divided. For the year ending on date of valuation the Manufacturers Railway's portion of such expenses was one-third and amounted to $1,109.98. The ownership of the Manufacturers Railway in this property for valuation is agreed to by the Manufacturers Railway, The Ann Arbor Railroad Company, and The Wheeling and Lake Erie Railway Company.

Jointly used but not owned, owned by The Toledo, Columbus and Ohio River Railroad Company: Trackage rights, about 1.11 miles, from Olive Street to Old City Line near Galena Street, Toledo, Ohio. Agreement dated August 16, 1901, with Pennsylvania Company for 99 years from September 1, 1901, unless terminated by 12 months' written notice from either party. Manufacturers Railway to pay its proportion, based on car and engine mileage, of the expenses of operating and maintaining the property, taxes, and assessments and the same proportion of the sum of $500, being 5 per cent per annum on the agreed valuation of $10,000.

The White Star Steamship Company uses exclusively certain lands of this company and this company uses certain lands of The Michigan Central Railroad Company, but the terms of use were not determinable from the records reviewed.

The Toledo and Michigan Terminal Railway Company
The records reviewed do not indicate that on date of sale, July 8, 1903, this company was controlled by any individual or corporation, nor that it controlled any common-carrier corporation. There are no obtainable accounting records of the company but from the minute books of the Manufacturers Railway and its return covering corporate history, the following data have been obtained.

The railroad owned at the time of its sale to the Manufacturers Railway extended from Ohio Street, Toledo, to the Michigan Central Belt Line, about 0.69 mile, having been constructed with funds advanced by the Pennsylvania Company, amounting to $64,239.67. The line was opened for operation September 24, 1901, and from that date to July 8, 1903, the date of sale, the road was operated by the Pennsylvania Company, as agent, without written agreement.

The property of the company, its rights, and privileges were sold and conveyed to the Manufacturers Railway by deeds dated July 8, 1903, and August 8, 1903. The latter company assumed the liability of $64,239.67 due the Pennsylvania Company, as consideration for the property. The charter of the company was surrendered to the State of Michigan and a decree of dissolution was rendered November 30, 1903, by the Circuit Court of Wayne County, Mich.

The Toledo Dock and Warehouse Company
The records reviewed do not indicate that on date of sale this company was controlled by any individual or corporation, nor that it controlled any common-carrier corporation. There are no available accounting records of the company but the following data have been obtained from the records of the Manufacturers Railway and the Pennsylvania Company.

The company on date of sale owned certain real estate in Toledo, Ohio, which had been acquired for it by the Pennsylvania Company at a recorded cash cost of $730,743.31, with the agreement on the part of the former company that it would convey title to all of its property to the Manufacturers Railway on request. Request was made January 21, 1903, on the company, and by deed dated January 22, 1903, it conveyed its property to the Manufacturers Railway. The latter recorded the assumption of an open account liability of $730,743.31 to the Pennsylvania Company as consideration for the property.

The authorized capital stock was $200,000 par value, shares $100 par value each.

After the sale of its property to the Manufacturers Railway, the company filed a certificate of dissolution in the office of the Secretary of State of Ohio, April 1, 1904.