Wikipedia:WikiProject Trains/ICC valuations/Chicago River and Indiana Railroad

http://books.google.com/books?id=aOxDAAAAIAAJ

The Chicago River and Indiana Railroad

The Chicago River and Indiana Railroad Company, herein called the Chicago River and Indiana, owns and operates a standard-gage, steam, switching railroad within the city limits of Chicago, Ill., extending from a point near Thirty-ninth Street and Western Avenue to Forty-ninth Street and Central Park Avenue. The Company owns 3.150 miles of first main track, 1.632 miles of second main track and 12.535 miles of yard tracks and sidings. Its road thus embraces 17.317 miles of all tracks owned and used.

In addition to the foregoing, the Chicago River and Indiana leases certain dock property and freight facilities from The Sanitary District of Chicago and The Atchison, Topeka and Santa Fe Railway Company. It also has trackage rights over about 13 miles of the road of other carriers, the details of which are given in Appendix 2 under leased railway property.

The Chicago River and Indiana performs switching service between the connecting carriers and the numerous industries located along its road.

Introductory

The Chicago River and Indiana is a corporation of the State of Illinois, having its principal office in Chicago, Ill. The accounting records of the Chicago River and Indiana for the period from date of incorporation to January 1, 1908, are incomplete, and for that reason only partial information can be given from its accounts in connection with the results of its corporate operations. The Chicago River and Indiana is controlled by the Guaranty Trust Company of New York, holders of a majority of its outstanding capital stock as trustees for R. Fitzgerald and John A. Spoor. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation.

The Chicago River and Indiana is a switching road for freight transportation only. The property of the Chicago River and Indiana was operated by its own organization from the date the first section of its road was placed in operation to December 31, 1917. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History

The Chicago River and Indiana was incorporated February 11, 1904, under the general laws of the State of Illinois. The date of its organization has not been ascertainable from the records reviewed.

Development of Fixed Physical Property

The road owned by the Chicago River and Indiana, amounting to 3.150 miles, was all acquired by construction. The years when the various portions of the line were constructed are indicated in the following statement:

Forty-second and Robey Streets to Forty-ninth street and Oakley Avenue, Chicago, Ill., 1904-1906. 1.15

Forty-third and Leavitt Streets to Thirty-ninth street and Western Avenue, Chicago, Ill., Aug., 1910, to Jan., 1911. 0.60

Forty-ninth St. Line, Western Avenue, to Central Park Avenue, Chicago, Ill., June, 1910, to Jan., 1911. 1.40

Total 3.15

The records reviewed indicate that R. Fitzgerald, at one time president of the company, and one of its largest stockholders, was interested in the construction of the property as contractor.

Leased Railway Property

The Chicago River and Indiana used on December 31, 1917, property owned by other companies, and other companies used property owned by the Chicago River and Indiana, to the extent indicated in the statement below.

The property of the Chicago River and Indiana was taken over for operation by the United States Railroad Administration on January 1, 1918, and is so operated on date of valuation.

The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ended December 31, 1917, are as follows:

Solely owned but jointly used, used with—

Indiana Harbor Belt Railroad Company—

Tracks and facilities at Elsdon Junction, Chicago, Ill.; term 99 years from Nov. 18, 1908; stipulated payment 4 per cent on cost of property and expenses of maintenance and operation on wheelage basis. $23,883.51

The Atchison, Topeka and Santa Fe Railway Company—

Tracks and facilities, Twenty-seventh and Roby Streets, Chicago, Ill.; term 99 years from Jan. 1, 1909; stipulated payment of $3,600 per annum and proportion of taxes. 4,875.00

Pere Marquette Railroad Company—

Oakley Avenue Yard, Chicago, Ill.; period of use not determined; stipulated payment of interest at 4 per cent on cost based on number of cars handled. 2,416.22

Solely used but not owned, leased from—

The Sanitary District of Chicago—

The Atchison, Topeka and Santa Fe Railway Company—

The Chicago River and Indiana uses solely under lease certain warehouse and dock property owned by The Sanitary District of Chicago and dredging in slip owned by the Santa Fe, all in Chicago. Term of use with the Santa Fe is 99 years from Jan. 1, 1909—

Annual payments to Santa Fe. 3,595.68

Annual payments to Sanitary District. 3,972.48

Jointly used but not owned, owned by—

The Pittsburgh, Cincinnati, Chicago and St. Louis Railroad Company—

Tracks, 3.76 miles, from Thirty-first and Campbell Avenue to Fifty-fifth and Leavitt Streets, Chicago, Ill.; term from Dec. 30, 1911, until canceled by either party after giving 30 days' notice; rental on basis of use at rate of 37.5 cents per car. 5,604.12

Indiana Harbor Belt Railroad Company—

Tracks, 1.56 miles, from Elsdon Junction to Leavitt Street, on Forty-ninth Street, Chicago, Ill.; term from Nov. 16, 1914, to Aug. 20, 1986; stipulated payment of 4 per cent of cost on wheelage basis, taxes, maintenance, and operation on wheelage basis. 485.26

Chicago Junction Railway Company—

Tracks, 7.41 miles, between Fourteenth and Campbell Avenue and Forty-third and Lake Front, Chicago, Ill. Term 99 years from Jan. 1, 1909; rental on basis of use at rate of 37.5 cents per car. 130,576.69

Indiana Harbor Belt Railroad Company—

Tracks, 1.59 miles at Chicago, Ill., agreement dated Nov. 1, 1916; stipulated payment, 75 cents per car, plus a proportion on a wheelage basis of maintenance and operation. ---

The Atchison, Topeka and Santa Fe Railway Company—

Dock facilities and tracks from Twenty-seventh and Robey Streets, Chicago, Ill., to Elsdon, Ill., under agreement dated Jan. 1, 1909, for a term of 99 years; stipulated payments, $7,500 per annum. 4,875.00