Wikipedia:WikiProject Trains/ICC valuations/Peoria Terminal Company

Interstate Commerce Commission, Valuation Reports, Volume 47

Peoria Terminal Company

Location and General Description of Properties

The railroad operated by the Peoria Terminal Company, hereinafter called the Peoria Terminal, is a single-track, standard-gage, steam railroad, located in the north central part of the State of Illinois and extends from Iowa Junction, Peoria, to Pekin and La Marsh, aggregating 10.172 miles of road. The owned railroad consists of that part of the line, referred to above, extending from Iowa Junction, Peoria, to Pekin, comprising 5.701 miles of road. The remainder of the line extending from Hollis to La Marsh, consisting of 4.369 miles of road, is owned by the Peoria, Hanna City and Western Railway Company, hereinafter called the Peoria, Hanna City and Western, whose entire property is leased to and operated by the Peoria Terminal, and 0.102 mile of road located at Hollis leased from the Toledo, Peoria & Western Railroad.

The Peoria Terminal has trackage rights over about 1.39 miles of road owned by other carriers at Pekin and Peoria, Ill.

The Peoria Terminal owns and uses 20.905 miles of all tracks and uses but does not own 8.725 miles of all tracks. It also owns jointly with the Peoria and Pekin Union Railway Company, 0.243 undivided mile of yard tracks and sidings at Bartonville, Ill. These tracks, consisting of first main track and yard tracks and sidings, are classified in the trackage table in appendix 1.

The Peoria Terminal is a switching and terminal railroad. It is controlled by the Rock Island, through ownership of practically the entire outstanding capital stock.

Introductory

The Peoria Terminal is an Illinois corporation, having its principal office at Peoria, Ill. Its executive and accounting offices are located at Chicago, Ill.

The Peoria Terminal is controlled by the Rock Island through ownership of its entire outstanding capital stock, except qualifying shares held by directors. On the other hand, the Peoria Terminal controls, through ownership of its entire outstanding capital stock the Peoria, Hanna City and Western, whose property it operates. Acquisition of control and lease was authorized under Finance Docket No. 8495, 166 I. C. C. 731.

A valuation under section 19a of the Interstate Commerce Act of the property owned and used by the Peoria Railway Terminal Company, the immediate predecessor of the Peoria Terminal, as of June 30, 1916, is reported in Peoria Ry. Terminal Co., 130 I. C. C. 475.

The property of the Peoria Terminal has been operated by its own organization from the date it was acquired.

Corporate History

The Peoria Terminal was incorporated January 18, 1926, under the general laws of Illinois, to acquire the property of the Peoria Terminal Railway Company which was authorized under Finance Docket No. 5342, 117 I. C. C. 377.

The date of organization was not determined.

The names of the corporations, the respective dates of incorporation, and for each predecessor the date and manner of succession, follow.

1. Peoria Terminal Company. Incorporated under the general laws of Illinois, January 18, 1926.
2. Peoria Railway Terminal Company. General laws of Illinois, November 17, 1906. Sold under foreclosure January 6, 1926; conveyed to 1, which began operating the property May 1, 1927.
3. Peoria and Pekin Terminal Railway Company. See 4. Sold under foreclosure February 9, 1907, conveyed to 2, May 1, 1907.
4. Peoria and Pekin Traction Company. Under general laws of Illinois August 26, 1897. Name changed to 3, April 29, 1899.

Development of Fixed Physical Property

The owned mileage of the carrier, 5.701 miles, was all acquired by purchase from the Peoria Railway Terminal Company. The owned mileage of the Peoria Railway Terminal Company at June 30, 1916, was 9.767 miles. Details with respect to its construction are given in the 1916 valuation report, page 487. During the period July 1, 1916, to the date the property was taken over by the Peoria Terminal, the mileage had been reduced to 5.701 miles, mainly by retirements in the year 1925.

Leased Railway Property

The entire property of the Peoria, Hanna City and Western is leased to the Peoria Terminal for sole use for a term of 99 years from January 1, 1931, 166 I. C. C. 731, stipulated payment, a sum equal to the corporate expense of the lessor but not exceeding $1,000, all taxes and assessments.

The Peoria Terminal also uses 0.54 acre of land and 0.325 mile of tracks at Hollis, Ill., owned by the Toledo, Peoria & Western Railroad, 0.01 acre of land owned by the Peoria and Eastern Railway Company, and 0.90 acre of land owned by private parties.