Wikipedia:WikiProject Trains/ICC valuations/Toledo–Detroit Railroad

Interstate Commerce Commission, Valuation Reports, Volume 141

Location and General Description of Property
The railroad of the Toledo-Detroit Railroad Company, herein called the Toledo-Detroit Railroad, which is leased to and operated by the carrier [Detroit, Toledo & Ironton], is a single-track line located in Michigan and Ohio, extending from Dundee, Mich., to Toledo, Ohio, 22.260 miles. The property of the Toledo-Detroit Railroad is operated for freight service only.

Introductory
The Toledo–Detroit Railroad is a corporation of the State of Michigan, having its principal office at Detroit, Mich. It was incorporated originally as The Toledo, Ann Arbor and Jackson Railroad Company. The name was later changed to Toledo–Detroit Railroad Company. Although the company acquired title to its property on September 27, 1911, and August 21, 1912, and began the operation thereof on July 1, 1913, no accounting records were obtained for the period from the date of incorporation to September 1, 1915. For that reason only partial information can be given from its accounts in connection with financial dealings, corporate operations, or investments. The accounting data in this report, therefore, cover the period from September 1, 1915.

The Toledo–Detroit Railroad is controlled by the carrier through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company controls any common-carrier corporation. The property of the Toledo–Detroit Railroad was operated by its own organization as an electric or steam railroad, from July 1, 1913, to May 25, 1915, and as a steam railroad from May 26, 1915, to May 1, 1916. From that date to December 31, 1917, the property was operated under lease by the carrier. The common-carrier property of the company was taken over for operation by the United States Railroad Administration on January 1, 1918, as part of the operating system of the carrier, and it is so operated on date of valuation.

Corporate History
The Toledo–Detroit Railroad was incorporated September 21, 1911, under the general laws of the State of Michigan, as The Toledo, Ann Arbor and Jackson Railroad Company for the purpose of constructing and operating a railroad from Toledo, Ohio to Ann Arbor, Mich. On May 26, 1915, the name of the company was changed to the Toledo–Detroit Railroad Company. The date of organization was September 21, 1911.

The Toledo–Detroit Railroad acquired by purchase from various interests the property, rights, and franchises formerly owned by The Toledo, Ann Arbor and Detroit Railroad Company. The Toledo–Detroit Railroad, itself, and the corporation named, together with its predecessors, total five different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the Toledo–Detroit Railroad 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 Toledo–Detroit Railroad, 22.26 miles, was acquired partly by purchase and partly by construction. Of the four corporations that comprise the line of succession culminating in the Toledo–Detroit Railroad as at present constituted, three corporations did not construct any road or other common-carrier property. These companies were The Toledo and Northwestern Railroad Company, Ohio & Michigan Traction Company, and Michigan, Ohio & Indiana Railroad Company. The property constructed by the remaining corporation and by the Toledo–Detroit Railroad itself, the years when the various portions of the line were constructed, and the manner in which the Toledo–Detroit Railroad acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained. The records reviewed do not indicate whether the construction work of the Toledo–Detroit Railroad was performed by company forces or by contract. The road was originally equipped for electric or steam motive power, but about May, 1915, the trolley equipment was removed and the powerhouse at Petersburg, Mich., was abandoned.

Leased Railway Property
The common-carrier property of the Toledo-Detroit Railroad is operated on date of valuation by the United States Railroad Administration as part of the operating system of the carrier. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the carrier.

The Toledo, Ann Arbor and Detroit Railroad Company
No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of stock and bonds were obtained from the articles of consolidation. The records reviewed do not indicate whether the company was controlled by any individual or corporation on November 16, 1908, the date its property in Michigan was sold, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned on the date of sale approximately 16.06 miles of electric railroad, extending from Toledo, Ohio, to Petersburg, Mich., which had not been opened for operation prior to date of sale. It also owned a graded roadbed between Petersburg, Mich., to a point about 3 miles south of Ann Arbor, Mich. All of this property was acquired by construction. It is not known whether the construction work was performed by company 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 Toledo-Detroit Railroad.

The Toledo and Northwestern Railroad Company
No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of stock were obtained from the articles of incorporation. The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 5, 1904, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned no common-carrier property on date of consolidation.

Ohio & Michigan Traction Company
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 indicated below with respect to the issuance of capital stock were obtained from the articles of association. The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 5, 1904, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned no common-carrier property on date of consolidation.

Michigan, Ohio & Indiana Railroad Company
No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below with respect to the issuance of its capital stock were obtained from articles of association. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 15, 1906, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property owned on the date of sale consisted of certain lands in Monroe County, Mich.