Wikipedia:WikiProject Trains/ICC valuations/Galesburg and Great Eastern Railroad

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The railroad of the Galesburg & Great Eastern Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad extending in an eastwardly direction from Wataga to the end of track at Victoria, Ill., a distance of 9.509 miles. The carrier wholly owns and uses 10.034 miles of all tracks, which are classified in the trackage table in Appendix 2.

CORPORATE HISTORY

The carrier was incorporated February 8, 1898, under the general laws of the State of Illinois, for the purpose of constructing a railroad from Galesburg to a point at or near Wataga and thence easterly to a point at or near Lacon, all in the State of Illinois. Pursuant to the above purpose, the carrier acquired by purchase the railroad property formerly owned by The Galesburg, Etherly and Eastern Railroad Company. That company was incorporated April 6, 1894, under the general laws of the State of Illinois, for the purpose of constructing a railroad from Wataga to the coal lands at Etherly. The road constructed was sold under foreclosure proceedings on February 8, 1898, to Henry Harms, who contracted to sell and convey the property to the carrier. Harms having died intestate without conveying the property, the court authorized conveyance of the property by deed of April 3, 1916, from the Master in Chancery.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, amounting to 9.509 miles, was acquired partly by purchase and partly by construction. The road from Wataga to Etherly was constructed by The Galesburg, Etherly and Eastern Railroad Company some time between 1894 and February 8, 1898. The road was extended by the carrier in 1899 from a point about 2.5 miles northwest of Etherly to Victoria. Traffic on what was then the Etherly branch was discontinued in 1912, and in 1916-1917 the materials were removed from this branch. Some grading has been done for a distance of about 2 miles beyond Victoria but no track laid.

HISTORY OF CORPORATE FINANCING