Wikipedia:WikiProject Trains/ICC valuations/St. Joseph, South Bend and Southern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 28

Location and General Description of Property
The railroad of St. Joseph, South Bend & Southern Railroad Company, herein called the St. Joseph, South Bend & Southern, leased to and operated by the Michigan Central, extending from St. Joseph, Mich., to South Bend, Ind., a distance of 39.308 miles.

Introductory
The St. Joseph, South Bend & Southern is a corporation of the States of Indiana and Michigan, having its principal offices at Detroit, Mich. The records reviewed do not indicate that the St. Joseph, South Bend & Southern is controlled by any individual or corporation, nor, on the other hand, that it controls any common-carrier corporation.

The property of the St. Joseph, South Bend & Southern has been operated during its corporate life as indicated below.
 * Own organization, Mar. 1, 1899, to Feb. 22, 1900.
 * The Indiana, Illinois & Iowa Railroad Company, Feb. 23, 1900, to Feb. 14, 1905.
 * Michigan Central, Feb. 15, 1905, to Dec. 31, 1917.

The common-carrier property of the St. Joseph, South Bend & Southern was taken over for operation by the United States Railroad Administration on January 1, 1918, as a part of the system of the Michigan Central, and it is so operated on date of valuation.

Corporate History
The St. Joseph, South Bend & Southern was incorporated under the general laws of the States of Indiana and Michigan, January 25, 1899, and August 12, 1899, respectively, for the purpose of acquiring the property, rights, and franchises of the Indiana and Lake Michigan Railway Company. The date of organization of the St. Joseph, South Bend & Southern has not been ascertainable from the records reviewed. Pursuant to the above purpose, the St. Joseph, South Bend & Southern acquired the property, rights, and franchises of the Indiana and Lake Michigan Railway Company. The St. Joseph, South Bend & Southern, itself, and that corporation, together with its predecessors, total four different corporations and comprise the line of corporate succession culminating in the St. Joseph, South Bend & Southern as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and 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 owned mileage of the St. Joseph, South Bend & Southern, 39.308 miles, was acquired partly by construction and partly by purchase after foreclosure proceedings, from the Indiana and Lake Michigan Railway Company. Of the three corporations which comprise the line of corporate succession culminating in the St. Joseph, South Bend & Southern as at present constituted, two corporations did not construct or improve any property. Those two corporations were: The data with respect to the miles of road constructed by the St. Joseph, South Bend & Southern, itself, and by the Indiana and Lake Michigan Railway Company, the years in which the various portions of the line were constructed, and the manner in which the St. Joseph, South Bend & Southern acquired the property are indicated in the following table:
 * The Indiana and Lake Michigan Railway Company of Michigan.
 * The Indiana and Lake Michigan Railway Company (of Indiana).

Mileage inventoried as of date of valuation, 39.308 miles.
 * Acquired by construction:
 * St. Joseph to Benton Harbor, Mich., 1.620 miles.
 * Acquired by purchase after foreclosure:
 * From the Indiana and Lake Michigan Railway Company, Feb. 27, 1899—
 * Constructed by that company, St. Joseph, Mich., to South Bend, Ind., prior to Aug. 4, 1890, 36.990 miles.
 * Difference between total recorded mileage and mileage inventoried as of date of valuation, 0.698 miles.

The construction work of the St. Joseph, South Bend & Southern was performed by the forces of The Indiana, Illinois & Iowa Railroad Company.

Leased Railway Property
The property of the St. Joseph, South Bend & Southern was operated under lease by The Indiana, Illinois & Iowa Railroad Company from February 23, 1900, to February 14, 1905. From that date to December 31, 1917, it was operated under lease by the Michigan Central. From January 1, 1918, to date of valuation the property of the company has been operated by the United States Railroad Administration as a part of the system of the Michigan Central. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property in the report on the Michigan Central.

Indiana and Lake Michigan Railway Company
Introductory

The Indiana and Lake Michigan Railway Company was incorporated under the general laws of Michigan and Indiana through articles of consolidation, dated August 7, 1887, filed in Michigan and Indiana March 30, 1888. Although the property of the Indiana and Lake Michigan Railway Company was sold at foreclosure on December 8, 1898, the accounts of the company and of the receivers for the results of corporate operations continued to February 28, 1899, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to February 28, 1899. The records reviewed do not indicate whether the Indiana and Lake Michigan Railway Company was controlled by any individual or corporation on the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of this company was operated under lease by the Terre Haute and Indianapolis Railroad Company from the date it was put in operation, August 4, 1890, until the receivership, November 13, 1896. From that date the property was operated by receivers until it was surrendered to the St. Joseph, South Bend & Southern, March 1, 1899, although it was sold at foreclosure on December 8, 1898. The railroad operated by the receivers of and owned by the Indiana and Lake Michigan Railway Company on the date of sale amounted to 36.99 miles. It consisted of a single-track, standard-gage, steam railroad, extending from St. Joseph, Mich., to South Bend, Ind.

Development of Fixed Physical Property

The entire 36.99 miles of road owned by the Indiana and Lake Michigan Railway Company on the date of sale had been acquired by construction. The construction work was performed partly by William Dallin and John C. Smith, contractors, neither of whom appear to have been affiliated with the company, and partly by the forces of the Terre Haute and Indianapolis Railroad Company. 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 St. Joseph, South Bend & Southern.

The Indiana and Lake Michigan Railway Company of Michigan
The Indiana and Lake Michigan Railway Company of Michigan was incorporated June 28, 1887, 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. The records reviewed do not indicate whether The Indiana and Lake Michigan Railway Company of Michigan was controlled by any individual or corporation on March 30, 1888, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Indiana and Lake Michigan Railway Company of Michigan 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 Indiana and Lake Michigan Railway Company (of Indiana)
The Indiana and Lake Michigan Railway Company (of Indiana) was incorporated June 27, 1887, in the State of Indiana. 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. The records reviewed do not indicate whether The Indiana and Lake Michigan Railway Company (of Indiana) was controlled by any individual or corporation on March 30, 1888, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The Indiana and Lake Michigan Railway Company (of Indiana) 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.