Wikipedia:WikiProject Trains/ICC valuations/Michigan Air Line Railway

Interstate Commerce Commission, Valuation Reports, Volume 143

Location and General Description of Property
The Michigan Air Line Railway, herein called the Michigan Air Line, situated entirely within the State of Michigan, extending from Richmond to Jackson, 105.920 miles.

Introductory
The Michigan Air Line is a corporation of the State of Michigan, having its principal office at Detroit, Mich. No accounting records of the company for the period November 23, 1875, to October 10, 1877, were obtained. Therefore, no information can be given from the accounts in connection with its operations or investments for that period. However, certain information appertaining to that period has been taken from other sources. The company is controlled by the carrier through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation. The property of the company was operated by its own organization from October 11, 1877, to December 31, 1883. Since that date it has been operated by the carrier under lease and implied lease.

Corporate History
The Michigan Air Line was incorporated November 23, 1875, under the general laws of the State of Michigan for the purpose of acquiring, using, and managing that portion of the property of the Michigan Air Line Railroad Company, known as the eastern division, which had been sold at foreclosure sale April 8, 1875, to William Young, and for operating and maintaining said purchased railroad as constructed, and for constructing, maintaining, and operating an extension thereto, in a southwesterly direction to Jackson, Mich. The remainder of the property of the Michigan Air Line Railroad Company, together with its rights and franchises, was later acquired by The Michigan Central Railroad Company.

Development of Fixed Physical Property
The owned mileage of the Michigan Air Line, 105.920 miles, was acquired partly by construction and partly by purchase. The years when the various portions of the line were constructed and the manner in which the company acquired the property are indicated in the following table. In the construction of the road from South Lyon to Jackson, Amos Root and Thaddeus C. Brook were employed as nonaffiliated contractors. The remainder of the work was done by the forces of the company.

Leased Railway Property
The entire property is operated on date of valuation by the carrier, under an implied lease, although the property is operated under the terms of a lease dated January 1, 1881, and supplement thereto dated December 10, 1881, both of which expired December 31, 1901. The rental consideration covers the payment of all taxes, maintenance, and interest on bonds. However, no rental has been recorded as accrued or received during the period 1912 to date of valuation.

According to the terms of the agreement dated May 8, 1884, the Western Union Telegraph Company wholly owns and uses 35.10 miles of the telegraph line located on the right of way of this railroad, and jointly owns and jointly uses, with the railroad 70.50 miles of pole line located along this railroad.