Wikipedia:WikiProject Trains/ICC valuations/Sault Ste. Marie Bridge Company

Interstate Commerce Commission, Valuation Reports, Volume 108

Location and General Description of Property
The Sault Ste. Marie Bridge Company, hereinafter called the carrier, is the owner of a railroad bridge across the St. Mary's River at Sault Ste. Marie, Mich., together with about 1.2 miles of track. The bridge spans the international border, 0.569 mile being located in the United States. The property covered by this report is that part located within the United States. The carrier is used jointly by Canadian Pacific Railway Company, Minneapolis, St. Paul & Sault Ste. Marie Railway Company, and The Duluth, South Shore & Atlantic Railway Company, hereinafter referred to collectively as the tenant companies.

Corporate History
The carrier was formed as a consolidation of the Sault Ste. Marie Bridge Company of Canada and the Sault Ste. Marie Bridge Company of Michigan. Articles of consolidation, dated February 28, 1887, were filed in Michigan March 16, 1887, and in the Dominion of Canada March 8, 1887. The carrier is controlled through stock ownership by the New Jersey Bridge Construction Company, a corporation created for the purpose of constructing the bridge of the carrier in the interests of the tenant companies. The New Jersey Bridge Construction Company is in turn controlled by the tenant companies through stock ownership. The Canadian Pacific Railway Company owns 50 per cent of the New Jersey [sic-Bridge] Construction Company's capital stock and the Minneapolis, St. Paul & Sault Ste. Marie Railway Company and the Duluth, South Shore & Atlantic Railway Company 25 per cent each. The carrier's principal office is located at Montreal, Province of Quebec. The detailed facts as to the development of the fixed physical property will be found in Appendix 2.

Development of Fixed Physical Property
The bridge and approaches were constructed in 1887 and 1888 by the New Jersey Bridge Construction Company under contract dated May 26, 1887. In 1915 a portion of the bridge was replaced with a new bascule bridge on the American side.

Leased Railway Property
The property of the carrier is operated under an agreement covering a period of 50 years from July 1, 1887, which permits the joint use of it by the tenant companies. The agreement provides that the carrier shall receive from the tenant companies a sufficient sum from tolls to pay interest on its outstanding bonds and sinking-fund requirements in connection with retirement of bonds, and also expenses of maintenance and operation. The expenses of maintenance and operation are divided among the tenant companies on the basis of freight and passenger traffic.