Wikipedia:WikiProject Trains/ICC valuations/Peoria and Bureau Valley Railroad

Interstate Commerce Commission, Valuation Reports, Volume 24

The Peoria and Bureau Valley Railroad

Location and General Description of Property

The railroad of the Peoria and Bureau Valley is a single-track, standard-gauge, steam railroad, located entirely in Illinois, and extending from Bureau to Peoria, 46.946 miles. The Peoria and Bureau Valley also owns 21.571 miles of other tracks, making 68.517 miles of all tracks.

Corporate History

The Peoria and Bureau Valley was incorporated in Illinois under special act of the General Assembly approved February 12, 1853, granting it a perpetual charter and authority to "construct a railway from the City of Peoria, Ill., to a point in Illinois below Indiantown in the valley of Bureau River." The charter was amended on February 27, 1854, to allow the terminus in the Bureau River Valley to be fixed at any place most advantageous. The line of the Peoria and Bureau Valley was constructed under contract dated May 27, 1853, by Sheffield, Farman and Company, and opened for operation on February 1, 1855, on which date it was turned over to the Chicago and Rock Island Rail Road Company, predecessor of the carrier, for operation. It has since been operated by the carrier or predecessors of the carrier, being leased to the carrier in perpetuity under an agreement entered into with the Chicago and Rock Island Rail Road Company on April 14, 1854.

Leased Railway Property

All of the property of the Peoria and Bureau Valley is leased to the carrier for sole operation, in perpetuity, under an agreement dated April 14, 1854, with the Chicago and Rock Island Rail Road Company. Under this lease the carrier pays an annual cash rental of $125,000 and all taxes and assessments. The lease also provides that the lessee may make any additions and betterments to the property necessary, at its own expense.