Wikipedia:WikiProject Trains/ICC valuations/Michigan Central Railroad

Interstate Commerce Commission, Valuation Reports, Volume 28

Location and General Description of Property
The railroad of The Michigan Central Railroad Company, herein called the Michigan Central, is a standard-gage, steam railroad, located in the States of Michigan, Indiana, Illinois, and Ohio. The owned mileage of the Michigan Central consists of a double-track main line extending from Detroit, Mich., to Kensington, Ill., near Chicago, a distance of 271.500 miles. Its principal branch lines extend from Jackson to Niles, Jackson to Mackinaw City, Rives Junction to Grand Rapids, and from Detroit to Bay City, all in Michigan; and from Detroit, Mich., to Toledo, Ohio. The company owns important freight terminals at Chicago, Ill., Detroit, Mich., and Grand Rapids and Mackinaw City, Mich. Further data with respect to the ownership and use of the principal freight and passenger terminals used will be found in Appendix 1. The Michigan Central wholly owns 1,180.768 miles of road, all of which it uses. It also owns and uses jointly with other carriers 0.847 mile of main track.

The Michigan Central operates, under lease, certain mileage in Canada, which is not included in this report, as follows:

The Michigan Central also owns certain equipment which is used exclusively on the Canadian lines of the company. This equipment is classified herein as owned but not used.

The Michigan Central wholly uses 189.111 miles of road owned by others, and located in the United States, of which 33.988 miles is owned by the Battle Creek and Sturgis Railway Company, 47.005 miles by the Detroit, Toledo & Milwaukee Railroad Company, 1.622 miles by The New York Central Railroad Company, and 1.697 miles by the Pere Marquette Railway Company.

[...]

In addition, the Michigan Central leases for sole operation that part of the property of the Battle Creek and Sturgis Railway Company, extending from Battle Creek to Findley, Mich., a distance of 33.988 miles, and that part of the property of the Detroit, Toledo & Milwaukee Railroad Company extending from Battle Creek to Moscow, Mich., a distance of 47.005 miles. Also, the Michigan Central and The New York Central Railroad Company lease and use jointly the entire property of the Lansing Manufacturers Railroad Company, including 5.221 miles of first main track, located within the city of Lansing, Mich.

The Michigan Central wholly owns and uses 2,663.537 miles of all track, wholly owns but does not use 1.235 miles of all tracks, and wholly uses but does not own 277.141 miles of all tracks. These tracks are classified in the trackage table in Appendix 1. The Michigan Central also jointly owns and uses 21.053 undivided miles of all tracks and jointly uses but does not own 14.135 undivided miles of all tracks, as shown in the trackage table in Appendix 1.

Introductory
The Michigan Central is a corporation of the State of Michigan, having its principal office at Detroit, Mich. Although the special act under which the Michigan Central Railroad Company was incorporated was repealed October 15, 1900, by the State of Michigan, its charter was not surrendered until December 30, 1901. On the latter date the name of the company was changed by amendment to The Michigan Central Railroad Company, but there was no change in the corporate financing of the company, and the accounting records are continuous to date of valuation.

The Michigan Central is controlled by The New York Central Railroad Company through ownership of a majority of the outstanding capital stock. On the other hand, the Michigan Central jointly controls one and solely controls four railroad companies whose several common-carrier properties it solely operates, under arrangements described in the chapter devoted to leased railway property. The names of these companies, together with a statement showing the extent of the Michigan Central's control, are given below.

The Michigan Central jointly controls, further, seven railroad companies and one steamboat company, all of which are operated independently. The names of these companies together with a statement showing the extent of the Michigan Central's control, are given below.
 * Battle Creek and Sturgis Railway Company, 83.5%.
 * Jointly controlled with The New York Central Railroad Company.
 * Chicago, Kalamazoo and Saginaw Railway Company, 60%.
 * Jointly controlled with The New York Central Railroad Company.
 * Detroit, Toledo & Milwaukee Railroad Company, 50%.
 * Jointly controlled with The New York Central Railroad Company.
 * Detroit Terminal Railroad Company, 25%.
 * Jointly controlled with—
 * The New York Central Railroad Company.
 * The Grand Trunk Railway Company of Canada.
 * Detroit, Grand Haven and Milwaukee Railway Company.
 * Indiana Harbor Belt Railroad Company, 30%.
 * Jointly controlled with—
 * The New York Central Railroad Company.
 * Chicago and North Western Railway Company.
 * Chicago, Milwaukee and St. Paul Railway Company.
 * Mackinac Transportation Company, 33.33%.
 * Jointly controlled with—
 * The Duluth, South Shore & Atlantic Railway Company.
 * Grand Rapids & Indiana Railway Company.
 * Toledo Terminal Railroad Company, 9.68%.
 * Jointly controlled with—
 * The New York Central Railroad Company.
 * The Baltimore and Ohio Railroad Company.
 * Grand Trunk Western Railway Company.
 * The Hocking Valley Railway Company.
 * Pennsylvania Company.
 * Pere Marquette Railway Company.
 * The Toledo and Ohio Central Railway Company.
 * Toledo, St. Louis and Western Railway Company.
 * Toronto, Hamilton and Buffalo Railway Company, 21.81%.
 * Jointly controlled with—
 * The New York Central Railroad Company.
 * Canadian Pacific Railway Company.
 * Canadian Southern Railway Company.

The property of the Michigan Central was operated by its own organization from the date it was put into operation to December 31, 1917. On January 1, 1918, all the common-carrier property of the Michigan Central, together with its leased lines and trackage rights, were taken over for operation by the United States Railroad Administration, which operates them on the date of valuation. The rental is not separable with respect to any of the leased properties, since no separate books are kept by the lessor companies to record Federal operations.

Corporate History
The Michigan Central was incorporated March 28, 1846, under special act of the Legislature of the State of Michigan for the purpose of acquiring by purchase the property, rights, and franchises of the Central Railroad of Michigan. The date of organization of the Michigan Central has not been ascertainable from the records reviewed. Pursuant to the above purpose, the Michigan Central acquired as of September 25, 1846, the property, rights, and franchises of the Central Railroad of Michigan. The Michigan Central, itself, and that corporation, together with their predecessors, total 28 different corporations, five of which underwent a change of name, and comprise the line of corporate succession culminating in the Michigan Central as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation and for each predecessor 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 road owned by the Michigan Central, amounting to 1,180.693 miles, was acquired by purchase and construction.

Of the 27 corporations which comprise the line of succession culminating in the Michigan Central as at present constituted, five corporations did not construct or improve any property. Those corporations were: Of the 22 other corporations, one, namely, the Detroit and St. Joseph Railroad Company, had only acquired certain right of way and done some grading. One other, the Bay City and Battle Creek Railway Company acquired property from predecessors, but the records reviewed do not show that this company improved such property while it owned it.
 * Detroit and State Line Railroad Company.
 * The Grand Trunk Railway of Michigan.
 * The Grand Trunk Rail Way of Northern Indiana.
 * The Junction Railway Company.
 * St. Joseph Valley Railroad Company.

The data with respect to the mileage of road constructed by the 20 remaining corporations, the years in which the various portions of the line were constructed, and the manner in which the Michigan Central acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained.

Mileage inventoried as of date of valuation, 1,180.693 miles.
 * Acquired by construction:
 * Kalamazoo, Mich., to Michigan City, Ind., 1848-1852, 85.00 miles.
 * Acquired by purchase:
 * From the Central Railroad of Michigan, Sept. 25, 1846, 143.00 miles—
 * Construction completed by the Central Railroad of Michigan, that was started by the Detroit and St. Joseph Railroad Company, Detroit to Ypsilanti Mich., 1838, 29.00 miles.
 * Constructed by the Central Railroad of Michigan—
 * Ypsilanti to Ann Arbor, Mich., 1839, 8.00 miles.
 * Ann Arbor to Jackson, Mich., 1841, 39.00 miles.
 * Jackson to Marshall, Mich., 1844, 32.00 miles.
 * Marshall to Kalamazoo, Mich., 1845-1846, 35.00 miles.
 * From the Union Railroad Company, Oct. 1, 1881—
 * Constructed by the Michigan Central, for the Union Railroad Company, Indiana-Illinois State line to Kensington, Ill., 1852, 6.49 miles.
 * From The Buchanan & St. Joseph River Railroad Company, June 19, 1912—
 * Constructed by the Michigan Central for that company, in the city of Buchanan, Mich., 1895, 1.77 miles.
 * From The Grand River Valley Railroad Company, Sept. 15, 1916, 83.82 miles—
 * Constructed by the Michigan Central for that Company—
 * Rives Junction to Charlotte, Mich., 1868, 24.40 miles.
 * Charlotte to Grand Rapids, Mich., 1869-1870, 59.42 miles.
 * From The Jackson, Lansing and Saginaw Railroad Company, Sept. 27, 1916, 369.40 miles—
 * Constructed by the Grayling, Twin Lakes and Northeastern Railroad Company, Grayling to Lewiston, Mich., 1891, 27.80 miles.
 * Constructed by the Saginaw Bay and Northwestern Rail Road Company—
 * Pinconning to Mountforest[sic - Mt. Forest], Mich., 1876, 18.00 miles.
 * Mt. Forrest to Gladwin, Mich., 1879, 13.90 miles.
 * Constructed by The Amboy, Lansing & Traverse Bay Rail Road Company—
 * Owosso to Bath, Mich., 1858-1859, 17.70 miles.
 * Bath to Lansing, Mich., 1861-1863, 9.00 miles.
 * Constructed by The Jackson, Lansing and Saginaw Railroad Company—
 * Jackson to Lansing, Mich., 1866, 37.00 miles.
 * Owosso to Gaylord, Mich., 1867-1873, 170.00 miles.
 * Gaylord to Mackinaw City, Mich., 1882, 63.00 miles.
 * Solling[sic - Salling] to McGraw, Mich., 1888, 7.00 miles.
 * McGraw to Johannesburg, Mich., 1907, 6.00 miles.
 * From The Kalamazoo and South Haven Rail Road Company, Sept. 27, 1916—
 * Constructed by that company—
 * Kalamazoo to South Haven, Mich., 1871, 39.34 miles.
 * From the Michigan Air Line Railroad Company, Sept. 27, 1916, 115.25 miles—
 * Constructed by The Michigan Air Line Railroad Company—
 * Jackson to Three Rivers, Mich. 1868-1870, 70.90 miles.
 * Ridgeway[sic- Richmond] to Romeo, Mich., 1870, 15.00 miles.
 * Constructed by the Michigan Air Line Railroad Company—
 * Three Rivers, Mich, to South Bend, Ind., 1871, 44.36 miles.
 * Less line Ridgeway[sic- Richmond] to Romeo, Mich., sold in 1875, 15.00 miles.
 * From The Detroit and Bay City Railroad Company, Sept. 27, 1916, 167.49 miles—
 * Constructed by the Detroit and Bay City Railway Company, 146.05 miles—
 * Detroit to Bay City, Mich., 1872-73, 107.80 miles.
 * Lapeer to Five Lakes, Mich., 1876, 8.75 miles.
 * Vassar to Caro, Mich., 1878, 12.75 miles.
 * Denmark Junction to East Saginaw, Mich., 1879, 16.75 miles.
 * Constructed by the Caro and Lake Huron Railroad Company—
 * Caro to Owendale, Mich., 1901, 20.18 miles.
 * Constructed by the Bay City Street Railway Company—
 * Water Street spur at Bay City, Mich., 1886, 4.86 miles.
 * Constructed by The Detroit and Bay City Railroad Company—
 * Belt line at Bay City, Mich., 1891, 7.01 miles.
 * Less, 10.61 miles—
 * Sold to the Bay City Belt Line Railroad Company, Water Street spur at Bay City, Mich., November 1893, 1.86 miles.
 * Line abandoned, Lapeer to Five Lakes, Mich., 1888, 8.75 miles.
 * From the Toledo, Canada Southern and Detroit Railway Company, Sept. 27, 1916, 59.09 miles—
 * Constructed by The Toledo and Michigan Belt Railway Company—
 * Belt Line at Toledo, Ohio, 1893, 3.47 miles.
 * Constructed by the Toledo, Canada Southern and Detroit Railway Company—
 * Toledo, Ohio, to Detroit, Mich., 1873, 56.22 miles.
 * From the Bay City and Battle Creek Railway Company, Sept. 27, 1916, 20.83 miles—
 * Constructed by the Battle Creek and Bay City Railway Company—
 * Midland to West Bay City, Mich., 1889, 17.30 miles.
 * Constructed by the Hecla Belt Line Railroad Company—
 * Tracks at Bay City, Mich., 1902, 3.53 miles.
 * From The Detroit and Charlevoix Railroad Company, Sept. 27, 1916, 42.61 miles—
 * Date of construction of line extending from Frederic to East Jordan, Mich., acquired from the estate of David Ward in 1901, was not ascertainable from records reviewed, 39.11 miles.
 * Constructed by The Detroit and Charlevoix Railroad Company—
 * Extension of main line, 1901, 3.50 miles.
 * From The Detroit, Delray & Dearborn Railroad Company, Sept. 29, 1916, 8.99 miles—
 * Constructed by The Detroit, Delray & Dearborn Railroad Company—
 * Oakwood Junction to Dearborn, Mich., 1896, 4.08 miles.
 * Toledo branch to main line, 1915, 4.91 miles.
 * From the Detroit Belt Line Railroad, Dec. 26, 1916, 6.35 miles—
 * Date of construction of belt line in city of Detroit acquired from Henry Russel in 1909, was not ascertainable from records reviewed, 4.35 miles.
 * Constructed by the Detroit Belt Line Railroad in city of Detroit, Mich., 2.00 miles.
 * From The New Albany and Salem Railroad Company (not a predecessor company of the Michigan Central, but forms a part of the Monon), Oct. 4, 1878—
 * Constructed by The New Albany and Salem Railroad Company—
 * Michigan City, Ind., to Illinois-Indiana State line, 1852, 36.35 miles.
 * Less:
 * Lines abandoned or sold:
 * Track in Buchanan, Mich., 1915, 1.77 miles.
 * Difference between total recorded mileage and mileage inventoried as of date of valuation, 3.917 miles.

Leased Railway Property
The Michigan Central uses on date of valuation property owned by other companies and other companies use property owned by the Michigan Central to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation are as follows:


 * Solely owned, but jointly used, used with—
 * The New York Central Railroad Company:
 * Tracks, 0.40 mile, and station facilities at Kalamazoo, Mich.; term indefinite from Sept. 7, 1889, subject to 90 days notice; stipulated payment $1,680 per annum and 30 cents per train-mile. $1,328.64 rental.
 * Tracks, 0.15 mile, and station facilities at Ypsilanti, Mich.; term indefinite from Mar. 1, 1891, subject to one year's notice; stipulated payment $600, of which 60 per cent is rental. $360.00 rental.
 * Track, 0.22 mile at Jackson, Mich.; term indefinite from July 20, 1903, Reciprocal arrangement; no rental paid.
 * Tracks, 3.10 miles, West Detroit to River Rouge, Mich.; term indefinite from May 17, 1915, subject to one year's notice. Reciprocal arrangement for use of double track of The New York Central Railroad Company, Alexis to Wagon Works, Ohio, for passenger trains only. ---
 * Tracks, 49.10 miles (second main); River Rouge to Alexis, Ohio; term indefinite from Feb. 3, 1914, subject to one year's notice. Reciprocal arrangement for use of track of The New York Central Railroad Company, as double track; maintenance and operation on car-mileage basis. ---
 * Tracks, 2.88 miles, used as second main, from Vinewood Avenue to Beaubien Street, Detroit, Mich., for indefinite period from Sept. 22, 1913, subject to 30 days' notice. Reciprocal for use of tracks of The New York Central Railroad Company between same points. ---
 * Tracks, 1.21 miles and terminal facilities at Jackson, Mich.; term indefinite from Nov. 6, 1899, subject to six months' notice. Reciprocal arrangement for use of tracks of The New York Central Railroad Company at same point; stipulated payment for use of terminal facilities, $500 per annum and one-third of maintenance. $500.00 rental.
 * Tracks, 1.31 miles, from West Detroit to Fifteenth Street passenger station, Detroit, Mich.; contract pending; joint use began Apr. 8, 1917. No rental accrued or paid. ---
 * Tracks, 2.56 miles at South Bend, Ind., from S. S. & S. Junction to Vandalia Railroad tracks; term indefinite from Jan. 1, 1914, subject to six months' notice; stipulated payment 50 cents per revenue car. $3,504.30 rental.
 * Grand Rapids & Indiana Railway Company:
 * Tracks, 0.803 mile, and terminal facilities at Mackinaw City, Mich.; term indefinite, no written agreement. Rental basis, one-half of 6 per cent on valuation plus additions and betterments. Maintenance and operation of passenger station divided equally; operation of yards based on cars handled. $4,823.97 rental.
 * Indiana Harbor Belt Railroad Company:
 * Tracks, 2.76 miles at Hammond, Ind.; term 99 years from Sept. 30, 1913; stipulated payment, wheelage proportion of 5 per cent on valuation but not less than one-half the total maintenance and operation on wheelage basis; taxes divided on wheelage but not less than one-half of total. $7,022.24 rental.
 * The Lake Erie and Western Railroad Company:
 * Tracks, 1,425 miles, and terminal facilities at Michigan City, Ind.; term indefinite from Dec. 1, 1900, subject to 60 days' notice; stipulated payment, $2,700 per annum, from May 1, 1918, increased to $5,000 per annum. $1,284.00 rental.
 * Pere Marquette Railroad Company:
 * Tracks, 6.70 miles, Paines to Mershon, Mich.; term perpetual use from Apr. 21, 1878, $40,000 paid as commuted rental, including maintenance and operation. ---
 * Tracks, 3.24 miles, from Lansing to North Lansing, Mich., and terminal facilities at both points; term indefinite from July 14, 1875; reciprocal in part; the Pere Marquette Railway Company pays rental on the excess value of Michigan Central tracks and facilities over the value of its own tracks, of 7 per cent of one-half of such excess value. Maintenance and operation divided equally. $2,467.76 rental.
 * Solely used, but not owned, leased from—
 * The New York Central Railroad Company:
 * Tracks, 1.622 miles, from St. Joseph Junction to Benton Harbor, Mich.; term, 45 years from Feb. 15, 1905, with privilege of renewal for additional 50 years; stipulated payment $5,000 per annum; lessee pays taxes and maintenance, $5,000.00 rental.
 * Battle Creek and Sturgis Railway Company:
 * Tracks, 33.988 miles, from Battle Creek to Findley, Mich.; term perpetual from Feb. 1, 1890; stipulated payment interest on $421,000 of funded debt, taxes, and maintenance. $12,630.00 rental.
 * Canada Southern Railway Company:
 * Entire property, including equipment—
 * Tracks—
 * Suspension Bridge to Windsor, Ontario, 226.18 miles.
 * Branch lines, 154.36 miles.
 * All mileage, in Canada, 380.54 miles.
 * Also, property of others operated through lease to the Canada Southern Railway Company—
 * Canada Southern Bridge Company—
 * Entire property, Slocum Junction to Grosse Isle, Mich., 2.50 miles.
 * St. Clair & Western Railroad Company—
 * Entire property St. Clair to Richmond, Mich., 14.888 miles.
 * The Niagara River Bridge Company—
 * Bridge across Niagara River, below Niagara Falls (0.154 mile in United States), 0.310 miles.
 * Term of lease covering above property is 999 years from Jan. 1, 1904; stipulated payment, interest on $22,500,000 par value of 5 per cent bonds of the Canada Southern Railway Company, interest on $130,000 par value of 4 per cent bonds of the Leamington and St. Clair Railway Company, and dividends of 3 per cent per annum on $15,000,000 capital stock of the Canada Southern Railway Company, also all taxes and maintenance. $1,580,200.00 rental.
 * Detroit Manufacturers Railroad:
 * Entire property, tracks 1.517 miles, at Detroit, Mich.; term 25 years from Jan. 1, 1903, stipulated rental payment, $15,000 per annum, and $150 per annum for organization expenses. Also all taxes and maintenance. $15,150.00 rental.
 * Detroit River Tunnel Company:
 * Entire property, tunnel and tracks, 3.265 miles, (1.812 miles in United States) from Detroit, Mich., to Windsor, Ontario, and terminal facilities at both points; term, 999 years from Jan. 1, 1907, stipulated payment, interest of 4.5 per cent on $18,000,000 bonds and 8 per cent dividends on $3,000,000 of capital stock of the lessor. $1,050,000.00 rental.
 * Detroit, Toledo & Milwaukee Railroad Company:
 * Tracks, 47.005 miles, from Battle Creek to Moscow, Mich.; term, during corporate existence from Jan. 1, 1905. No rental accrued or paid. The lessee maintains and operates this portion of the property and The New York Central Railroad Company maintains and operates the remainder, from Moscow to Dundee, Mich.; 50 per cent of the capital stock is owned by each lessee. ---
 * Joliet & Northern Indiana:
 * Entire wholly owned property, 43.849 miles, from East Gary, Ind., to Joliet, Ill.; term perpetual from Sept. 7, 1854, stipulated payment, 4 per cent on $1,500,000 of bonds and 5 per cent dividends on $300,000 of capital stock. $75,000.00 rental.
 * Lansing Transit Railway:
 * Entire property, track 0.771 mile, at Lansing, Mich.; term 99 years from Sept. 15, 1887. No rental is accrued or paid. The lessee and The New York Central Railroad Company each own 50 per cent of the capital stock of this company; the revenues and maintenance are divided equally. ---
 * Pere Marquette Railroad Company:
 * Tracks, 1.697 miles, South Water Street at Bay City, Mich.; term perpetual from Dec. 18, 1893. No rental paid; lessee maintains and operates and performs switching from the Pere Marquette Railroad Company at 75 cents per car. ---
 * St. Joseph, South Bend & Southern:
 * Entire property, tracks, 39.308 miles, St. Joseph, Mich., to South Bend, Ind.; term, Mar. 15, 1905, to Feb. 23, 1950, with renewal option for 50 years additional stipulated payment $20,000, taxes and maintenance. $20,000.00 rental.
 * Indiana Harbor Belt Railroad Company:
 * Tracks, 5.621 miles of yard tracks, at Argo, Ill.; term indefinite from Feb. 3, 1905, subject to nine months' notice; stipulated payment, 4 per cent on valuation plus additions and betterments, maintenance, and taxes. $3,552.82 rental.
 * Toronto, Hamilton & Buffalo Railroad Company:
 * Tracks, Doyle freight yards at Welland, Ontario; term indefinite from Feb. 1, 1913, subject to 90 days' notice; stipulated payment, 4 per cent on valuation and maintenance. $2,714.96 rental.
 * Solely leased, but jointly used—
 * Owned by the Canada Southern Railway Company:
 * Used with Pere Marquette Railroad Company—
 * Tracks, 132.17 miles, from St. Thomas, to Suspension Bridge, Ontario, and Welland to Bridgeburg, Ontario; term 99 years from Dec. 29, 1903, stipulated payment to Michigan Central 2.5 per cent on valuation and additions and betterments, one-half taxes, maintenance, and operation on car-mileage basis. $178,617.70 rental.
 * Jointly used, but not owned, owned by—
 * Grand Trunk Western Railway Company:
 * Tracks, 0.23 mile, at Battle Creek, Mich.; term 999 years from Feb. 24, 1890. No rental paid, maintenance and operation on wheelage basis; reciprocal arrangement, being owned one-half each by the Battle Creek and Sturgis Railway Company and the Grand Trunk Western Railway Company. ---
 * Grand Trunk Railway Company of Canada:
 * Passenger station and facilities at Black Rock, N.Y.; term indefinite from Dec. 1, 1916, subject to 30 days' notice; stipulated payment $3,300 per annum. $3,300.00 rental.
 * Grand Rapids & Indiana Railroad Company:
 * Passenger station at Grand Rapids, Mich.; term 50 years from Feb. 1, 1900, stipulated payment, one-fourth of 4.5 per cent interest on valuation and additions and betterments, maintenance, operation, and taxes divided on number of trains. $7,619.03 rental.
 * Indiana Harbor Belt Railroad:
 * Tracks, 30.02 miles, Calumet Park to Union Stock Yards, Chicago, term, Feb. 3, 1895, to Dec. 8, 1986; stipulated payment 75 cents per car. $30,896.10 rental.
 * Illinois Central Railroad Company:
 * Tracks, 14.00 miles, from Kensington to Twelfth Street Station, Chicago, Ill.; term, perpetual from June 14, 1871; stipulated payment; on each ticket to or from any railroad or steamboat line, first class, 9 cents, second class, 6 cents, emigrants, 3 cents, other, 15 cents; mail, express, excess baggage, and milk, 50 per cent of such proportion of gross sum received, as the distance between Kensington and Twelfth Street Station bears to the total distance carried. On timber and lumber, 40 per cent, and all other freight, 50 per cent of such gross sum received as the distance between Kensington and Twelfth Street Station bears to the total distance carried. $166,270.78 rental.
 * Passenger station, Twelfth Street, and facilities at Chicago, Ill.; term indefinite from Jan. 5, 1894; stipulated payment $105,000 per annum and a proportion, based on cars in and out of station, of 6 per cent interest on valuation, taxes, insurance, maintenance, and operation, less credits for rental receipts from station privileges. $102,523.62 rental.
 * International Bridge Company:
 * Bridge and 1.19 miles of track, from Bridgeburg, Ont., to Black Rock, N.Y., of which 0.87 mile is in United States; term indefinite from Sept. 21, 1883, under memorandum agreement, stipulated payments various rates per loaded and empty cars over bridge if total charges amount to over $25,000 to $50,000 per annum, a discount of 25 per cent is allowed, if over $50,000, a discount of 33⅓ per cent is allowed. $129,888.69 rental.
 * Lansing Manufacturers Railroad:
 * Tracks, 5.221 miles, belt line at Lansing, Mich.; term 25 years from July 1, 1905, stipulated payment $7,500 per annum, taxes and $50 for organization expenses. Property leased jointly to The New York Central Railroad Company and the Michigan Central. Under agreement of Dec. 29, 1905, each company pays one-half the rental and expenses. $3,775.00 rental.
 * Manistee & North-Eastern Railroad Company:
 * Tracks, 2.96 miles, from Grayling to junction of Portage Lake branch; term, indefinite from Nov. 1, 1913. No rental paid, reciprocal arrangement, by allowing the Manistee & North-Eastern Railroad Company to use tracks of the Michigan Central from junction of Portage Lake branch to Michigan State Military Encampment. ---
 * The New York Central Railroad Company:
 * Track, 2.60 miles, from South Bend, Ind., to junction with track of the St. Joseph, South Bend & Southern Railroad Company, including facilities at South Bend, Ind.; term, indefinite from Jan. 1, 1914, subject to six months' notice, stipulated payment, proportion of maintenance and operation on basis of use, number of cars, engines, and tonnage for facilities at South Bend. No rental specified for use of track. ---
 * Track, 23.84 miles, from Suspension Bridge to Exchange Street Station, Buffalo, N.Y.; term, indefinite from Jan. 1, 1908, subject to one year's notice, stipulated payment 76 cents per train-mile, passenger train only. $12,302.26 rental.
 * Tracks, 3.76 miles, from Alexis to Wagon Works, Ohio; term indefinite from May 17, 1915. No rental, reciprocal for use of Michigan Central track, West Detroit to River Rouge, Mich., passenger trains only. ---
 * For use of 0.96 mile of above track from Alexis, Ohio, to Tower K, for freight trains only, term indefinite from Feb. 3, 1914, subject to one year's notice, stipulated payment 75 cents per train. $987.49 rental.
 * Track, 4.55 miles, from Wagon Works, Ohio, to passenger station, Toledo, Ohio; term indefinite from Nov. 7, 1907; stipulated payment 50 cents per train, passenger trains only. $3,939.34 rental.
 * Tracks, 0.62 mile, at Toledo, Ohio, passenger station, term indefinite from Nov. 7, 1907, stipulated payment, proportion of 6 per cent on valuation, maintenance, operation, and taxes, divided on basis of trains using station. $1,621.67 rental.
 * Tracks, 1.14 miles, to piling yards, Toledo, Ohio, term indefinite from Nov. 7, 1907, stipulated payment, 25 cents per loaded car, freight trains only. $723.10 rental.
 * Freight terminals at Toledo, Ohio; term indefinite from Nov. 7, 1907, proportion of 5 per cent on valuation, taxes, insurance, maintenance, and operation, on basis of use. $4,099.77 rental.
 * Freight station, Erie Street, Buffalo, N.Y.; term indefinite from Jan. 1, 1908, subject to one year's notice, stipulated payment, proportion of 4 per cent on valuation of $489,562, proportion of taxes, insurance, maintenance, and operation, on basis of tonnage. $12,804.85 rental.
 * Passenger station, Exchange Street, Buffalo, N.Y.; term indefinite from Jan. 1, 1908, subject to one year's notice stipulated amount $1 per car arriving or departing. $23,052.00 rental.
 * Tracks, 46.26 miles from River Rouge, near Detroit, Mich., to Alexis, Ohio; term indefinite from Feb. 3, 1914, subject to one year's notice; reciprocal in connection with track of the Michigan Central as a second track. Maintenance and operation on basis of car-mileage. ---
 * Track, from Black Rock to Erie Street, Buffalo, N.Y.; mileage included in above 23.84 miles, term, indefinite from Jan. 1, 1908, subject to one year's notice, stipulated payment $1 per train-mile, for freight trains only. $919.50 rental.
 * Owned jointly by Joliet & Northern Indiana and The Chicago, Rock Island and Pacific Railway Company:
 * Jointly used with The Chicago, Rock Island and Pacific Railway Company—
 * Tracks, 1.330 miles main track at Joliet, Ill.; used by the Michigan Central under its perpetual lease of Sept. 7, 1854, covering entire property. No agreement obtained covering joint use with the Rock Island. ---

There are other facilities of minor importance, such as stations, interlockers, yard tracks, and sidings, in which the Michigan Central grants or receives joint use, that are not listed in this chapter.

Equipment. - In addition, the Michigan Central used on date of valuation, certain units of equipment owned by its several lessor companies, the use being governed by the terms of the lease agreement covering a portion or the entire property of the lessor companies, including equipment, as summarized in the original cost to date chapter of this report.

The Michigan Central also had assigned to it for sole use 377 units of freight train cars, owned by the Mather Humane Stock Car Company. The rental rate paid under agreement dated June 23, 1917, for a term of four years, for use of these cars, is 45 cents per day per car.

Telegraph lines. — The telegraph pole lines located on the property of the Michigan Central are operated under agreement dated June 1, 1907, with the Western Union Telegraph Company. The pole line wholly owned and used by the latter company amounts to 1,115.90 miles. The pole line wholly owned by the Michigan Central amounts to 186.79 miles, of which 121.06 miles are wholly used by the company and 65.73 miles are jointly used with the telegraph company.

Lessor Companies

 * Canada Southern Bridge Company
 * Detroit Manufacturers Railroad
 * Detroit River Tunnel Company
 * Joliet & Northern Indiana
 * Lansing Transit Railway
 * The Niagara River Bridge Company
 * St. Clair & Western
 * St. Joseph, South Bend & Southern

Central Railroad of Michigan (not a corporation) — Property acquired by the Michigan Central Railroad Company
The Central Railroad of Michigan was the unincorporated name given by the State of Michigan to a railroad that it owned under the provisions of an act of the Legislature of Michigan, approved March 20, 1837. No accounting records of the State of Michigan with respect to the Central Railroad of Michigan were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from reports of Boards of Internal Improvements and Railroad Commissioners of the State of Michigan, and minutes of the successor company. The records reviewed indicate that the Central Railroad of Michigan was controlled on September 25, 1846, the date of sale, by a Board of Internal Improvements of the State of Michigan, through various acts of Legislature of Michigan, which authorized expenditures by the board for construction of the property from appropriations by the State of Michigan.

The property was operated by the State of Michigan from date of completion to the date of sale. The railroad owned by the State of Michigan and known as the Central Railroad of Michigan amounted to 143 miles, and consisted of a single-track, standard-gage, steam railroad, extending from Detroit to Kalamazoo, Mich. Of the 143 miles of railroad owned on date of sale, the State of Michigan had acquired 29 miles of uncompleted railroad, extending from Detroit to Ypsilanti, Mich., from the Detroit and St. Joseph Railroad Company, by purchase on April 22, 1837; the remainder of the line, amounting to 114 miles, had been acquired by construction, under the direction of the Board of Internal Improvements of the State of Michigan.

Detroit and St. Joseph Railroad Company
The Detroit and St. Joseph Railroad Company was incorporated under special act of the Michigan Legislature, approved June 29, 1832. No accounting records of the Detroit and St. Joseph Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from reports of Boards of Internal Improvements and Railroad Commissioners of the State of Michigan. The records reviewed do not indicate whether the Detroit and St. Joseph Railroad Company was controlled by any individual or corporation on April 22, 1837, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of this company was not completed for operation at the date of sale. The available data indicates that on date of sale, the property of the Detroit and St. Joseph Railroad Company consisted of right of way extending from Detroit, Mich., to a point about 3 miles beyond Ann Arbor, Mich., a distance of about 45 miles, of which 29 miles from Detroit to Ypsilanti, Mich., had been cleared and grubbed.

Union Railroad Company
The Union Railroad Company was incorporated April 3, 1852, under the general laws of the State of Michigan. No accounting records of the Union Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the files of the Michigan Central. The records reviewed indicate that the Union Railroad Company was controlled on October 1, 1881, the date of sale, 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, controlled any common-carrier corporation.

The property of the company was operated by the Michigan Central, under an implied lease, from the date of completion to date of sale. The railroad owned by the Union Railroad Company consisted of 6.49 miles of single-track, standard-gage, steam railroad, extending from the Indiana-Illinois State line to Kensington, Ill. The entire 6.49 miles of road had been constructed for the company by the Michigan Central as a part of its own property. The cost of construction is included in the investment in road and equipment account of the Michigan Central, and is not separable.

The records reviewed indicate that the authorized capital stock of the Union Railroad Company was $75,000 par value, divided into shares of $100 par value each. The Union Railroad Company was organized in the interest of the Michigan Central, and the entire amount of capital stock was issued to parties affiliated with the Michigan Central. The records do not state the considerations received for the stock when issued.

The Buchanan & St. Joseph River Railroad Company
The Buchanan & St. Joseph River Railroad Company was incorporated October 12, 1894, under the general laws of the State of Michigan. No accounting records of The Buchanan & St. Joseph River Railroad Company were obtained. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the files of the Michigan Central. The records reviewed indicate that The Buchanan & St. Joseph River Railroad Company was controlled on June 19, 1912, the date of sale, 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, controlled any common-carrier corporation.

The property of the company was operated by the Michigan Central, under an implied lease from the date of completion to date of sale. The railroad owned by The Buchanan & St. Joseph River Railroad Company, consisted of 1.77 miles of single-track, standard-gauge, steam railroad, in the city of Buchanan, Mich. The entire 1.77 miles of road owned by the company on the date of sale had been constructed by the Michigan Central. The cost of construction is included in the accounts of the Michigan Central, but the amount of such expenditure is not separately recorded.

The records reviewed indicate that the authorized capital stock of The Buchanan & St. Joseph River Railroad Company was $20,000, divided into shares of $100 par value each. The entire amount was issued to parties affiliated with the Michigan Central. The considerations received therefor were not ascertainable from the records obtained.

The Grand River Valley Railroad Company, Formerly named Grand River Valley Railroad Company
The Grand River Valley Railroad Company was originally incorporated as the Grand River Valley Railroad Company in the State of Michigan, May 4, 1846. The name was changed on May 11, 1894, to The Grand River Valley Railroad Company. No accounting records of The Grand River Valley Railroad Company were obtained. Therefore, no information can be given from the ac counts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the records of the Michigan Central. The Grand River Valley Railroad Company was controlled on September 15, 1916, the date of sale, by the Michigan Central through ownership of its capital stock. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation.

Whether The Grand River Valley Railroad Company operated its own railroad from the date of completion to 1870, was not ascertainable from the records reviewed. From January 20, 1870, to date of sale, it was operated under lease by the Michigan Central. The railroad owned by The Grand River Valley Railroad Company consisted of 83.82 miles of single-track, standard-gage, steam railroad, extending from Rives Junction to Grand Rapids, Mich. The entire 83.82 miles of road owned by the company on the date of sale had been acquired by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

The Jackson, Lansing and Saginaw Railroad Company, Formerly named The Lansing and Jackson Rail Road Company
Introductory

The Jackson, Lansing and Saginaw Railroad Company was originally incorporated as The Lansing and Jackson Rail Road Company in the State of Michigan on February 23, 1864. The name was changed on February 24, 1865. The accounting records of The Jackson, Lansing and Saginaw Railroad Company are incomplete for the period August 31, 1871, to September 27, 1916, the date of sale. For that reason only partial information can be given from its own accounts regarding its financial dealings, corporate operations or investments. However, certain information pertaining to its financial dealings and investments during that period were obtained from the records of the Michigan Central. The Jackson, Lansing and Saginaw Railroad Company was controlled on date of sale by the Michigan Central through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company itself, controlled any common-carrier corporation.

The property of the company was operated by its own organization from 1865, to August 31, 1871. From that date until the date of sale it was operated under lease by the Michigan Central. The railroad owned by The Jackson, Lansing and Saginaw Railroad Company on date of sale amounted to 369.40 miles of single-track, standard-gage railroad, located in Michigan. Its main line extended from Jackson to Mackinaw City, its branch lines extended from Solling to Johannesburg, from Pinconning to Gladwin, from Mountforest to Bentley and from Grayling to Lewiston.

Development of Fixed Physical Property

Of the 369.40 miles of road owned by The Jackson, Lansing and Saginaw Railroad Company on the date of sale, it had acquired 27.80 miles from the Grayling Twin Lakes and Northeastern Railroad Company, 31.90 miles from the Saginaw Bay and Northwestern Rail Road Company, 26.70 miles from The Amboy, Lansing & Traverse Bay Rail Road Company and 283 miles by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

Grayling, Twin Lakes and Northeastern Railroad Company
The Grayling, Twin Lakes and Northeastern Railroad Company was incorporated July 25, 1891, in the State of Michigan. No accounting records of the Grayling, Twin Lakes and Northeastern Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the records of the Michigan Central. The Grayling, Twin Lakes and Northeastern Railroad Company was controlled on July 13, 1901, the date of sale, by the Michigan Central, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company itself controlled any common-carrier corporation.

The property of the company was operated by the Michigan Central from date of completion in 1892 to the date of sale, under a provision of the lease agreement between the Michigan Central and The Jackson, Lansing and Saginaw Railroad Company, dated August 31, 1871, covering branches to be constructed. The railroad owned by the Grayling, Twin Lakes and Northeastern Railroad Company consisted of 27.80 miles of single-track, standard-gage road, extending from Grayling to Lewiston, Mich. The entire 27.80 miles of road owned by the company on the date of sale had been acquired by construction during 1891. Construction work was performed by or under the supervision of the Michigan Central.

Saginaw Bay and Northwestern Rail Road Company, Formerly named The Pinconning Railroad Company, Originally named The Glencoe, Pinconning and Lake Shore Railroad Company
Introductory

The Saginaw Bay and Northwestern Rail Road Company was originally incorporated as The Glencoe, Pinconning and Lake Shore Railroad Company March 22, 1876, in the State of Michigan. The name was changed May 2, 1879, to The Pinconning Railroad Company, and on November 27, 1880, it was changed to the Saginaw Bay and Northwestern Rail Road Company. No accounting records of the company were obtained for the period from the date of its incorporation to May 2, 1879, nor from December 31, 1882, to the date of sale. The records obtained for the periods May 2, 1879, to December 31, 1882, are of such a fragmentary nature that no information of value could be obtained regarding its corporate operations and only partial information regarding its financial dealings and investments. The Saginaw Bay and Northwestern Rail Road Company was controlled on July 13, 1901, the date of sale, by the Michigan Central, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company, itself, controlled any common-carrier corporation.

The property of the company was operated by its own organization from 1876, to January 20, 1878, and from May 2, 1879, to January 19, 1883. From January 21, 1878, to May 2, 1879, it was operated by a receiver, and from January 19, 1883, to date of sale it was operated under lease by the Michigan Central. The railroad owned by the Saginaw Bay and Northwestern Rail Road Company on date of sale consisted of 31.90 miles of single-track, standard-gage, steam railroad, extending from Pinconning to Gladwin, Mich.

Development of Fixed Physical Property

The entire 31.90 miles of road owned by the company on the date of sale had been acquired by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

The Amboy, Lansing & Traverse Bay Rail Road Company
The Amboy, Lansing & Traverse Bay Rail Road Company was incorporated January 29, 1857, in the State of Michigan. No accounting records of The Amboy, Lansing & Traverse Bay Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from court records and from the records of the Michigan Central. The records reviewed do not indicate that The Amboy, Lansing & Traverse Bay Rail Road Company was controlled by any individual or corporation on January 4, 1867, the date of sale, nor, on the other hand, that it controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date it was completed until the receivership, October 24, 1864. From that date until the date of sale, it was operated by the receiver. The railroad owned by The Amboy, Lansing & Traverse Bay Rail Road Company consisted of 26.70 miles of single-track, standard-gage road, extending from Owosso to Lansing, Mich. The entire 26.70 miles of road owned by The Amboy, Lansing & Traverse Bay Rail Road Company on the date of sale had been acquired by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

The Kalamazoo and South Haven Rail Road Company
Introductory

The Kalamazoo and South Haven Rail Road Company was incorporated April 15, 1869, in the State of Michigan. No expenditures for additions and betterments were recorded in the accounts of this company during the period from the date of completion to the date of sale. During that period such expenditures made by the Michigan Central were charged to this company in open account as shown in the chapter of this report pertaining to investment in road and equipment and in the section devoted to nonnegotiable debt to affiliated companies in the chapter pertaining to history of corporate financing.

The Kalamazoo and South Haven Rail Road Company was controlled on September 27, 1916, the date of sale, by the Michigan Central through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporations.

The property of the company was operated under lease, by the Michigan Central from January 2, 1871, the date of completion, to the date of sale. The railroad owned by The Kalamazoo and South Haven Rail Road Company on the date of sale consisted of 39.34 miles of single-track, standard-gage, steam railroad, extending from Kalamazoo to South Haven, Mich.

Development of Fixed Physical Property

The entire 39.34 miles of road owned by this company on the date of sale had been acquired by construction during 1869 to 1871. The construction work was performed in part by contractors, none of whom appears to have been affiliated with the company, and in part by forces of the company and the Michigan Central. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

Michigan Air Line Railroad Company
Introductory

The Michigan Air Line Railroad Company was incorporated October 11, 1870, in the States of Michigan and Indiana. The accounting records of this company that were obtained contained only its construction accounts which were continuous with those of its predecessor, The Michigan Air Line Railroad Company, and are not separable. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments, except its investment in road and equipment as recorded in the construction record obtained. However, certain data given below were obtained from the accounting records of the Michigan Central and from other documents on file.

The Michigan Air Line Railroad Company was controlled on September 27, 1916, the date of sale, by the Michigan Central through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated under lease by the Michigan Central from the date of completion to the date of sale. The railroad owned by the Michigan Air Line Railroad Company on the date of its sale consisted of 115.25 miles of standard-gage, steam railroad, extending from Jackson, Mich., to South Bend, Ind.

Development of Fixed Physical Property

Of the 115.25 miles of railroad owned by the Michigan Air Line Railroad Company on date of its sale, 70.90 miles had been acquired in the consolidation of 1870, and 44.35 miles by construction during 1871. In addition to the railroad owned on date of sale, 15 miles of railroad had been acquired from The Michigan Air Line Railroad Company in the consolidation of 1870 and was sold at foreclosure April 8, 1875. The property owned on date of sale was constructed in part under contract by Young & Company and in part under agreement by the Michigan Central. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

The Michigan Air Line Railroad Company
The Michigan Air Line Railroad Company was incorporated August 25, 1868, in the State of Michigan and August 27, 1868, in the State of Indiana. The accounting records of this company that were obtained contained only its construction accounts which were continued by its successor, the Michigan Air Line Railroad Company. Therefore, the accounting data given in the report on the latter company includes the transactions of both companies and are not separable. The records reviewed do not indicate whether The Michigan Air Line Railroad Company was controlled by any individual or corporation on October 11, 1870, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

This company owned on the date of consolidation approximately 85.90 miles of railroad, all in the State of Michigan, consisting of two main lines, one extending from Jackson to Three Rivers, 70.90 miles, the other from Ridgeway to Romeo, 15 miles. The entire property was acquired by construction. The construction work was performed under contract by Young & Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

Grand Trunk Rail Way of Northern Indiana
The Grand Trunk Rail Way of Northern Indiana was incorporated June 11, 1868, in the State of Indiana. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, the data given below were obtained from its minute books. The records reviewed do not indicate that the Grand Trunk Rail Way of Northern Indiana was controlled by any individual or corporation on August 25, 1868, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The Grand Trunk Rail Way of Northern Indiana consolidated with The Grand Trunk Railway of Michigan to form The Michigan Air Line Railroad Company.

The Grand Trunk Railway of Michigan
The Grand Trunk Railway of Michigan was incorporated January 19, 1867, in the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute books. The records reviewed do not indicate that The Grand Trunk Railway of Michigan was controlled by any individual or corporation on August 25, 1868, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

[...]

On July 5, 1868, Young & Company, contractors, were authorized to commence construction of the proposed railroad, but it could not be determined whether any work had been performed, nor, whether any common-carrier property had been acquired by the company to date of consolidation.

St. Joseph Valley Railroad Company
The St. Joseph Valley Railroad Company was incorporated April 13, 1869, in the State of Indiana. No accounting records of The St. Joseph Valley Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute books. The records reviewed do not indicate whether the St. Joseph Valley Railroad Company was controlled by any individual or corporation on October 11, 1870, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

[...]

A survey of the proposed railroad had been made, but the records reviewed do not indicate that any construction work had been performed, nor, any common-carrier property acquired to date of consolidation.

The Detroit and Bay City Railroad Company
Introductory

The Detroit and Bay City Railroad Company was incorporated February 26, 1881, in the State of Michigan. No accounting records of The Detroit and Bay City Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of the Michigan Central and from other documents on file. The Detroit and Bay City Railroad Company was controlled on September 27, 1916, the date of sale, by the Michigan Central through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated under lease by the Michigan Central from February 27, 1881, the date acquired to date of sale. The railroad owned by The Detroit and Bay City Railroad Company on date of sale amounted to 167.49 miles of standard-gage, steam railroad, located in the State of Michigan. It consisted of a main line extending from Detroit to Bay City 107.80 miles, with a belt line and spur track at Bay City of 10.01 miles, and two branch lines, one extending from Vassar to Owendale, 32.93 miles, the other from Denmark Junction to East Saginaw, 16.75 miles.

Development of Fixed Physical Property

Of the 167.49 miles of road owned by The Detroit and Bay City Railroad Company on the date of sale, it had acquired 137.30 miles from the Detroit and Bay City Railway Company, 20.18 miles from the Caro and Lake Huron Railroad Company, 3.00 miles of spur track from the Bay City Street Railway Company and 7.01 miles by construction. The construction work was performed by the Michigan Central. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

Detroit and Bay City Railway Company
Introductory

The Detroit and Bay City Railway Company was incorporated May 22, 1871, in the State of Michigan. It was controlled on February 12, 1881, the date of foreclosure sale, by the Michigan Central through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the Detroit and Bay City Railway Company was operated by its own organization from November 5, 1872, the date it was completed, to December 11, 1878. From the latter date to date of sale it was operated by J. F. Joy, as agent for the Farmers and Loan and Trust Company. The railroad owned by the Detroit and Bay City Railway Company on date of sale was a single-track, standard-gage, steam railroad, located in the State of Michigan aggregating 146.05 miles. It consisted of a main line extending from Detroit to Bay City, 107.80 miles, with three branch lines, one extending from Lapeer to Five Lakes, 8.75 miles, one from Vassar to Caro, 12.75 miles, and the other from Denmark Junction to East Saginaw, 16.75 miles.

Development of Fixed Physical Property

The entire 146.05 miles of road owned by the Detroit and Bay City Railway Company on date of sale had been acquired by construction. The construction work was performed in part by contractors, none of whom appear to have been affiliated with the company, and in part by forces of the company. Further details with respect to the construction of this property are given in the chapter on development of fixed property in the report on the Michigan Central.

Caro and Lake Huron Railroad Company
Introductory

The Caro and Lake Huron Railroad Company was incorporated March 4, 1901, in the State of Michigan. The accounting records of the Caro and Lake Huron Railroad Company are incomplete. For that reason only partial information can be given from its accounts regarding its financial dealings or investments. Certain information given herein has been taken from sources other than the company's own records. The records reviewed indicate that the company was controlled on May 8, 1908, the date of sale, by the Michigan Central through its lease and construction agreement. On the other hand, this company did not control any common-carrier corporation.

The property of the company was operated by the Michigan Central from the date of its completion to date of sale. The railroad owned by the Caro and Lake Huron Railroad Company on date of sale consisted of 20.18 miles of single-track, standard-gage, steam railroad, extending from a connection with the road of The Detroit and Bay City Railroad Company at Caro to Owendale, Mich.

Development of Fixed Physical Property

The entire 20.18 miles of road owned by the Caro and Lake Huron Railroad Company on date of sale had been acquired by construction in 1901. The records reviewed indicate that the company acquired the right of way and the construction work was performed by the Michigan Central.

Toledo, Canada Southern and Detroit Railway Company
Introductory

The Toledo, Canada Southern and Detroit Railway Company was incorporated under the general laws of Ohio and Michigan through articles of consolidation, filed in Ohio July 10, 1872, and in Michigan August 2, 1872. The Toledo, Canada Southern and Detroit Railway Company was controlled on September 27, 1916, the date of sale, by the Michigan Central through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of the Toledo, Canada Southern and Detroit Railway Company was operated under lease by the Canada Southern Railway Company from the date it was put in operation to January 1, 1883. From that date until the date of sale, it was operated under lease by the Michigan Central. The railroad owned by the Toledo, Canada Southern and Detroit Railway Company on the date of sale consisted of 59.69 miles of single-track, standard-gage, steam railroad, extending from Toledo, Ohio, to Detroit, Mich.

Development of Fixed Physical Property

Of the 59.69 miles of railroad owned by the Toledo, Canada Southern and Detroit Railway Company on the date of sale, it had acquired 56.22 miles by construction and about 3.47 miles from The Toledo and Michigan Belt Railway Company. The records reviewed indicate that the construction work of the Toledo, Canada Southern and Detroit Railway Company was performed under the supervision of a committee, of which, Kenyon Cox was chairman. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

Detroit and State Line Railroad Company
The Detroit and State Line Railroad Company was incorporated March 19, 1872, in the State of Michigan. No accounting records of the Detroit and State Line Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the Detroit and State Line Railroad Company was controlled by any individual or corporation on July 10, 1872, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Detroit and State Line Railroad Company was a short-lived corporation and the records reviewed do not indicate whether it had issued any securities or that it owned any property on the date of consolidation.

The Junction Railway Company
The Junction Railway Company was incorporated March 8, 1872, in the State of Ohio. No accounting records of The Junction Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether The Junction Railway Company was controlled by any individual or corporation on July 10, 1872, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Junction Railway Company was a short-lived company and the records reviewed do not indicate whether it had issued any securities or that it owned any property on the date of consolidation.

The Toledo and Michigan Belt Railway Company
The Toledo and Michigan Belt Railway Company was incorporated October 27, 1887, in the State of Ohio. No accounting records of The Toledo and Michigan Belt Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information stated below was obtained from the accounting records of the Michigan Central and the Canada Southern Railway Company. The records reviewed do not indicate whether The Toledo and Michigan Belt Railway Company was controlled by any individual or corporation on January 29, 1897, the date of sale, nor, on the other hand, whether it then controlled any other common-carrier corporation.

The property of The Toledo and Michigan Belt Railway Company was operated by its own organization from the date it was completed for operation to the date of sale. The property of the company consisted of 3.47 miles of belt-line tracks at Toledo, Ohio. This property was all acquired in 1893 by construction. It is not known whether the construction work was performed by the company's own forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

Bay City and Battle Creek Railway Company
Introductory

The Bay City and Battle Creek Railway Company was incorporated November 12, 1889, in the State of Michigan. Although the Bay City and Battle Creek Railway Company acquired title to its original property on November 12, 1889, it did not commence recording the results of the operations of its property until December 1, 1889. While the property of the company was conveyed to the Michigan Central by deed dated September 27, 1916, the accounts were continued until September 30, 1916. Therefore, the accounting data in this report cover the period from December 1, 1889, to September 30, 1916. The Bay City and Battle Creek Railway Company was controlled on September 27, 1916, the date of sale, by the Michigan Central through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any other common-carrier corporation.

The property of the company was operated under lease by the Michigan Central from the date of acquirement thereof to the date of sale. The Bay City and Battle Creek Railway Company owned on the date of sale 20.83 miles of single-track, standard-gage, steam railroad, extending from Midland to West Bay City, Mich.

Development of Fixed Physical Property

Of the 20.83 miles of road owned by the Bay City and Battle Creek Railway Company on the date of sale it had acquired 17.30 miles from the Battle Creek and Bay City Railway Company and 3.53 miles from the Hecla Belt Line Railroad Company, not a predecessor. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

Battle Creek and Bay City Railway Company
The Battle Creek and Bay City Railway Company was incorporated February 21, 1888, in the State of Michigan. No accounting records of the Battle Creek and Bay City Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the files of the receiver and other sources. The records reviewed do not indicate whether the Battle Creek and Bay City Railway Company was controlled by any individual or corporation on September 11, 1889, the date of foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property of the Battle Creek and Bay City Railway Company was operated by the Canada and St. Louis Railway Company from the date it was placed in operation to March 11, 1889. From that date it was operated by a receiver until it was surrendered to its successor, November 12, 1889. The Battle Creek and Bay City Railway Company owned on the date of sale 17.30 miles of single-track, standard-gage, steam railroad, extending from Midland to West Bay City, Mich. The entire 17.30 miles of road owned by the company on the date of sale had been acquired by construction during 1889. The construction work was performed by J. J. Burns and J. J. Burns Company, Limited, contractors, who do not appear to have been affiliated with the company.

The Detroit and Charlevoix Railroad Company
Introductory

The Detroit and Charlevoix Railroad Company was incorporated January 3, 1901, in the State of Michigan. Although the company disposed of its property by sale September 27, 1916, its accounts were not closed until October 31, 1916. The accounting data in this report, therefore, cover the period January 3, 1901, to October 31, 1916. The Detroit and Charlevoix Railroad Company was controlled on September 27, 1916, the date of sale, by the Michigan Central through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of the company was operated by its own organization from the date of acquirement thereof to date of sale. The railroad owned by The Detroit and Charlevoix Railroad Company consisted of 42.61 miles of single-track, standard-gage, steam railroad, extending from Frederic to East Jordan, Mich.

Development of Fixed Physical Property

Of the 42.61 miles of road owned by The Detroit and Charlevoix Railroad Company on the date of sale, it had acquired 39.11 miles from the estate of David Ward, and 3.50 miles by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

The Detroit, Delray & Dearborn Railroad Company
Introductory

The Detroit, Delray & Dearborn Railroad Company was incorporated September 19, 1895, in the State of Michigan. The company was controlled on September 29, 1916, the date of sale, by the Michigan Central through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated by the Michigan Central under an implied lease from the various dates that construction was completed until the date of sale. The railroad owned by The Detroit, Delray & Dearborn Railroad Company on the date of sale consisted of 8.99 miles of standard-gage, steam railroad, of which approximately 4 miles was double track and the remainder single track. The main line extended from Oakwood Junction to Dearborn, Mich., a distance of 4.08 miles, with a branch line extending to a point of connection with the Toledo branch of the Michigan Central, a distance of 4.91 miles.

Development of Fixed Physical Property

The entire 8.99 miles of road owned by The Detroit, Delray & Dearborn Railroad Company on the date of sale had been acquired by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.

Detroit Belt Line Railroad
Introductory

The Detroit Belt Line Railroad was incorporated May 3, 1909, in the State of Michigan. The company was controlled on December 26, 1916, the date of sale by the Michigan Central through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of the Detroit Belt Line Railroad was operated by the Michigan Central under lease from the date it was placed in operation to the date of sale. The railroad owned by the Detroit Belt Line Railroad on the date of sale amounted to 6.35 miles. It consisted of a belt line of single-track, standard-gage, steam railroad, in the city of Detroit, Mich.

Development of Fixed Physical Property

Of the 6.35 miles of road owned by the Detroit Belt Line Railroad on the date of sale, it had acquired 4.35 miles in 1909 from Henry Russell by purchase and 2 miles by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Michigan Central.