Wikipedia:WikiProject Trains/ICC valuations/Toledo, Saginaw and Muskegon Railway

Interstate Commerce Commission, Valuation Reports, Volume 143

Location and General Description of Property
The railroad of the Toledo, Saginaw and Muskegon Railway Company, herein called the Toledo, Saginaw and Muskegon, is a single-track, standard-gauge, steam railroad, situated entirely within the State of Michigan, extending from Muskegon to Ashley, 95.951 miles. The company also owns 12.726 miles of yard tracks and sidings, or a total of 108.677 miles of all tracks.

Introductory
The Toledo, Saginaw and Muskegon is a corporation of the State of Michigan, having its principal office at Detroit, Mich. It 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 has been operated by the company's own organization since the date it was turned over by the contractors.

Corporate History
This company was incorporated January 25, 1886, under the general laws of the State of Michigan, for the purpose of constructing and operating a railroad from Muskegon to Bay City, Mich.

Development of Fixed Physical Property
The owned mileage of 95.951 miles was acquired by construction during the period 1886 to 1888. The construction work was performed by William V. McCracken and Company, called herein the contractor, an affiliated company, until August 1, 1888, when the road was turned over to the owner. Subsequently to that date control has been vested in the carrier.

Leased Railway Property
The Toledo, Saginaw and Muskegon uses on date of valuation the tracks of The Ann Arbor Railroad Company between Ashley and Owosso, Mich., 20.33 miles, under trackage agreement dated June 1, 1897, modified May 1, 1914, and terminable on one year's notice in writing by either party. The former pays 36 cents per train mile for every engine with one or more cars, with a minimum payment of $13,697.42 per annum. It also uses on date of valuation 10 locomotives owned by the Grand Trunk Western and 1 steam-motor coach owned by the carrier. The terms and termination of agreement governing such use were not obtained.