Wikipedia:WikiProject Trains/ICC valuations/Grand Trunk Western Railway

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CORPORATE HISTORY

The Grand Trunk Western, a corporation of the States of Indiana and Michigan, was formed November 22, 1900, through consolidation of the Port Huron and Indiana Railway Company with the Indiana and Illinois Railway Company. The Grand Trunk Western, itself, and those corporations, together with their predecessors, total 25 companies and comprise the line of corporate succession culminating in the Grand Trunk Western 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.

No. Name Incorporation Succession
1. Grand Trunk Western Railway Company. Under general laws of Michigan and Indiana through articles of consolidation, dated Nov. 20, 1900, filed in Michigan and Indiana Nov. 22, 1900.
2. Port Huron and Indiana Railway Company. Under general laws of Michigan Nov. 20, 1900. Consolidated Nov. 22, 1900, with 3 to form 1.
3. Indiana and Illinois Railway Company. Under general laws of Indiana Nov. 20. 1900. Consolidated Nov. 22, 1900, with 2 to form 1.
4. Chicago Lake County Railway Company. Under general laws of Illinois, Nov. 20, 1900. Sold to 1, Nov. 22, 1900.
5. Grand Trunk Junction Railway Company. Under general laws of Illinois through articles of consolidation, dated June 20, 1889, filed in Illinois June 21, 1889. Sold to 1, Jan. 15, 1901.
6. The Grand Trunk Junction Railway Company. Under general laws of Illinois, June 11, 1880. Consolidated June 21, 1889, with 7 to form 5.
7. Polk and Forty-ninth Streets Junction Railway Company. Under general laws of Illinois, Mar. 27, 1889. Consolidated June 21, 1889, with 6 to form 5.
8. The Chicago and Grand Trunk Railway Company. Under general laws of Michigan, Indiana, and Illinois through articles of consolidation, dated Jan. 7, 1880, filed in Michigan, Indiana, and Illinois Apr. 6, 1880. Sold at foreclosure Oct. 31, 1900, after receivership begun Jan. 3, 1900, and terminated Nov. 30, 1900; road then partitioned and lines in Michigan acquired by 2, in Indiana by 3, and in Illinois by 4.
9. Chicago and North Eastern Railroad Company. Under general laws of Michigan Aug. 12, 1874. Consolidated Apr. 6, 1880, with 10, 11, 12, and 22, to form 8.
10. Michigan Railway Company. Under general laws of Michigan Jan. 7, 1880. Consolidated Apr. 6, 1880, with 9, 11, 12, and 22, to form 8.
11. The North Western Grand Trunk Railway Company. Under general laws of Michigan Aug. 26, 1879. Consolidated Apr. 6, 1880, with 9, 10, 12, and 22, to form 8.
12. The Indiana Railway Company. Under general laws of Indiana Jan. 7, 1880. Consolidated Apr. 6, 1880, with 9, 10, 11, and 22, to form 8.
13. Chicago and Lake Huron Railroad Company. Under general laws of Michigan, Indiana, and Illinois by articles of consolidation, dated Apr. 5, 1873, filed in Michigan, Aug. 15, 1873, dates filed in Indiana and Illinois not determined. Sold in two parts at foreclosure sales June 21, 1879, and Aug. 25, 1879, and part acquired Aug. 23, 1879, by 11 and part acquired Mar. 13, 1880, by 10 and 12.
14. Port Huron and Lake Michigan Railroad Company. Under special act of Michigan Jan. 30, 1847. Consolidated Aug. 15, 1873, with 16, to form 13.
15. Port Huron and Milwaukee Railway Company. Under special act of Michigan Feb. 12, 1855. Sold at foreclosure June 26, 1863, to agent of holders of defaulted obligations and acquired July 25, 1873, by 14.
16. Peninsular Railway Company (of 1870). Under general laws of Michigan, Indiana, and Illinois by articles of consolidation, date undetermined, filed in Michigan Apr. 30, 1870, and in Indiana and Illinois May 9, 1870. Consolidated Aug. 15, 1873, with 14, to form 13.
17. The Peninsular Railway Company (of Illinois). Under special act of Illinois Mar. 15, 1869. Consolidated May 9, 1870, with 18 and 21 to form 16.
18. The Peninsular Railway Company (of Michigan). Under general laws of Michigan through articles of consolidation, dated Jan. 3, 1868, filed in Michigan Feb. 17, 1868. Consolidated May 9, 1870, with 17 and 21 to form 16.
19. Peninsular Railway Company (of 1865). Under general laws of Michigan Oct. 3, 1865. Consolidated Feb. 17, 1868, with 20 to form 18.
20. Peninsular Railway Extension Company. Under general laws of Michigan Jan. 3, 1868. Consolidated Feb. 17, 1868, with 19, to form 18.
21. Peninsular Railroad Company. Under general laws of Indiana Oct. 14, 1869. Consolidated May 9, 1870, with 17 and 18 to form 16.
22. North Western Grand Trunk Railway Company. Under general laws of Indiana and Illinois through articles of consolidation, dated Sept. 3, 1879, filed in Indiana Sept. 4, 1879, and in Illinois Sept. 8, 1879. Consolidated Apr. 6, 1880, with 9, 10, 11, and 12, to form 8.
23. Chicago and State Line Railway Company. Under general laws of Illinois June 20, 1878. Consolidated Sept. 8, 1879, with 25 to form 22.
24. Chicago and Southern Railroad Company. Under general laws of Illinois Apr. 7, 1874. Sold at foreclosure July 31, 1878, to agent of defaulted obligations and acquired Aug. 5, 1878, by 23.
25. The Chicago and State Line Extension Railway Company. Under general laws of Indiana Apr. 17, 1879. Consolidated Sept. 8, 1879, with 23 to form 22.
DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The wholly owned and operated mileage of the Grand Trunk Western, amounting to 329.455 miles, was all acquired by consolidation and purchase. Of the 24 corporations that comprise the line of succession culminating in the Grand Trunk Western as at present constituted, six corporations did not construct any road or other common-carrier property. [...]

Acquired from the Port Huron and Indiana Railway Company in the consolidation of Nov. 22, 1900:
Constructed by the Chicago and Northeastern Railroad Company, Flint to Lansing, Mich., 1877 49
Constructed partly by Peninsular Railway Company (of Illinois) and completed by the Peninsular Railway Company (of 1870), Lansing to Battle Creek, Mich., 1872 45
Constructed by the Peninsular Railway Company (of 1870), Battle Creek, Mich., to Indiana-Michigan State line, 1872 64
Constructed partly by the Port Huron and Milwaukee Railway Company and completed by the Port Huron and Lake Michigan Railroad Company, Port Huron to Flint, Mich., 1871 66
224
Acquired from the Indiana and Illinois Railway Company in the consolidation of Nov. 22, 1900:
Constructed partly by the Chicago State Line Extension Railway Company and completed by the Northwestern Grand Trunk Railway Company, Valparaiso, Ind., to Indiana-Illinois State line, 1880 24
Constructed partly by the Peninsular Railroad Company (of 1870) and completed by the Chicago and Lake Huron Railroad Company, Kingsbury to Valparaiso, Ind., 1873 22
Constructed by the Peninsular Railway Company (of 1870), South Bend to Kingsbury, Ind., 1873 23
Constructed partly by the Indiana Peninsular Railroad Company and completed by the Peninsular Railway Company (of 1870), Indiana-Michigan State line to South Bend, Ind., 1872 12
81
Acquired by purchase from the [sic] Lake County Railway Company, Nov. 22, 1900:
Constructed partly by the Chicago and State Line Railway Company and completed by the Northwestern Grand Trunk Railway Company, Indiana-Illinois State line to near Dolton, Ill., 1880 6
Constructed by the Chicago and Southern Railroad Company, from near Dolton, Ill., to Chicago, Ill., Twenty-sixth Street, 1876 20
26
Less, sold to Atchison, Topeka and Santa Fe Railway Company, July, 1887, by The Chicago and Grand Trunk Railway Company, Twenty-sixth Street to Forty-ninth Street (Elsdon), Chicago, Ill. 3
23
Acquired by purchase from the Grand Trunk Junction Railway Company, Jan. 15, 1901, constructed by that company, Forty-ninth Street (Elsdon), Chicago, to C. & W. I. Junction, near Union Stock Yards, Chicago, Ill. 4
Total recorded mileage 332.000
Difference between total recorded mileage and mileage inventoried as of date of valuation 2.546
Mileage inventoried as of date of valuation 329.455
HISTORY OF CORPORATE FINANCING


GRAND TRUNK JUNCTION RAILWAY COMPANY AND THE GRAND TRUNK JUNCTION RAILWAY COMPANY
INTRODUCTORY

The first-named company was incorporated June 11, 1880, in the State of Illinois, and the second-named company was formed by articles of consolidation dated June 20, 1889, filed in Illinois June 21, 1889. Separate accounting records for the two companies were not maintained and from those obtained full data can not be given regarding the financial dealings, corporate operations, or investments. The two companies will, therefore, be treated as one.

The common-carrier property of the company was sold to the Grand Trunk Western, January 15, 1901, but the corporation is maintained, and at date of valuation it owns certain investments which are more fully described in the chapters of this report devoted to miscellaneous physical property and investments. The company is controlled by the carrier, through ownership of the capital stock. It controls, jointly with other companies, through ownership of capital stock to the extent indicated, the following-named companies, whose properties were separately operated on date of valuation: The Belt Railway Company of Chicago, 8.33 per cent; and Chicago and Western Indiana Railroad Company, 20 per cent.

The property of the Grand Trunk Junction Railway was operated under lease by the Chicago and Grand Trunk Railway Company from the date it was completed until the receivership of the latter, January 3, 1900. From that date until December 1, 1900, when the receivership terminated, it was operated by the receiver of that company. From December 1, 1900, to date of sale of its common-carrier property on January 15, 1901, it was operated by the Grand Trunk Western. The owned mileage, on date of sale, amounted to approximately 4 miles and consisted of a double track along Forty-ninth Street in Chicago, extending from the Elsdon yards near Kedzie Avenue to a connection with the railroad of the Chicago and Western Indiana Railroad Company near the Union Stock Yards. The road was acquired by construction in 1881.

HISTORY OF CORPORATE FINANCING

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POLK AND FORTY-NINTH STREETS JUNCTION RAILWAY COMPANY

The Polk and Forty-ninth Streets Junction Railway Company was incorporated March 27, 1889, in the State of Illinois. No accounting records of the company were obtained. Therefore no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. However, certain data were obtained from records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 21, 1889, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate that the company issued any securities or owned any property on date of consolidation.

THE CHICAGO AND GRAND TRUNK RAILWAY COMPANY
INTRODUCTORY

The Chicago and Grand Trunk Railway Company was formed through articles of consolidation dated January 7, 1880, filed in the States of Michigan, Indiana, and Illinois, April 6, 1880. It was controlled on October 31, 1900, the date of its foreclosure sale, by the carrier through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that the company itself then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of its formation, April 7, 1880, until the receivership, January 3, 1900. From that date until December 1, 1900, when the receivership terminated, it was operated by the receiver.

The railroad operated by the company was a single-track, standard-gauge, steam railroad, located in Michigan, Indiana, and Illinois and aggregated 332 miles. The owned mileage amounted to 328 miles and consisted of one main line, extending from Port Huron, Mich., in a southwesterly direction to Elsdon Station, Chicago, Ill. The mileage operated under lease amounted to 4 miles and consisted of a line from Elsdon Station to Chicago & Western Indiana Junction. Trackage rights over 5 miles of the road of the Chicago and Western Indiana Railroad Company afforded access to the Polk Street Station, Chicago, Ill.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Of the 328 miles of road owned (The Chicago and Grand Trunk Railway Company) on the date of foreclosure sale, 331 miles were acquired from the corporations forming this consolidated company on April 6, 1880. A sale subsequently reduced the above mileage by 3 miles, or to 328 miles owned on date of foreclosure sale. The mileage acquired from each company and the mileage sold is indicated in the following table:

Acquired in consolidation of April 6, 1880, from—
Chicago and North Eastern Railroad Company 49
Michigan Railway Company 110
The North Western Grand Trunk Railway Company 66
The Indiana Railway Company 56
North Western Grand Trunk Railway Company 50
Total 331
Sold July 20, 1887, to Atchison, Topeka and Santa Fe Railroad Company in Chicago, Twenty-sixth Street to Elsdon Station, Chicago 3
Net owned mileage at date of foreclosure sale 328

Details with respect to the construction of the purchased lines are given in the chapter on development of fixed physical property in the report on the Grand Trunk Western.

HISTORY OF CORPORATE FINANCING


NORTH WESTERN GRAND TRUNK RAILWAY COMPANY

The North Western Grand Trunk Railway Company was formed by articles of consolidation, dated September 3, 1879, filed in Indiana September 4, 1879, and in Illinois, September 8, 1879. No accounting records of this company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data were obtained from the records of the Grand Trunk Western. The company was controlled on April 6, 1880, the date of its consolidation, by representatives of the carrier, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that the company, itself, then controlled any common-carrier corporation. The company owned on the date of its consolidation approximately 60 miles of railroad extending from Twenty-sixth Street, Chicago, Ill., southeasterly to Valparaiso, Ind. Of this, it acquired 20 miles of completed road and 6 miles of uncompleted road from the line of the Chicago and State Line Railway Company and 24 miles of uncompleted road from the line of The Chicago and State Line Extension Railway Company. It completed the construction of the 30 miles of partially built road so acquired. According to articles of consolidation, dated January 7, 1880, this company had outstanding $850,500 par value of capital stock at date of consolidation, which was convertible into an equal par value of capital stock of The Chicago and Grand Trunk Railway Company, the new consolidated company.

CHICAGO AND STATE LINE RAILWAY COMPANY
INTRODUCTORY

The Chicago and State Line Railway Company was incorporated June 20, 1878, in the State of Illinois. It was controlled on September 8, 1879, the date of its consolidation, by Joseph Hickson, who represented the carrier, through ownership of the entire outstanding capital stock, except directors' shares. On the other hand, the records reviewed do not indicate that the company controlled any common-carrier corporation. It was not determined from the records reviewed how the property of this company was operated, and the accounting records do not record any operating accounts. The railroad owned on date of consolidation consisted of a line extending from Twenty-sixth Street, Chicago, Ill., southeasterly to a point in Thornton township, near Dolton, Ill., about 20 miles.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The 20 miles of completed road owned on date of consolidation had been acquired from the Chicago and Southern Railroad Company. The Chicago and State Line also made some preliminary surveys on an extension to the Indiana-Illinois State line, 6 miles. 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 Grand Trunk Western.

HISTORY OF CORPORATE FINANCING

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CHICAGO AND SOUTHERN RAILROAD COMPANY

The Chicago and Southern Railroad Company was incorporated April 7, 1874, in the State of Illinois. No accounting records of this company were obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from the records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 31, 1878, the date of its foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned on date of its foreclosure sale, about 20 miles of standard-gauge railroad between Twenty-sixth Street, Chicago, and Dolton, Ill., which had been acquired by construction during 1876.

THE CHICAGO AND STATE LINE EXTENSION RAILWAY COMPANY

The Chicago and State Line Extension Railway Company was incorporated April 17, 1879, in the State of Illinois. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from the records of the Grand Trunk Western. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 8, 1879, the date of its consolidation, nor, on the other hand, whether it then controlled any common-carrier corporations. The extent of the property transferred on the date of consolidation can not be determined from the records reviewed. As near as can be determined, the company owned a partially constructed railroad extending from Valparaiso, Ind., westerly to the Indiana-Illinois State line, about 24 miles.