Wikipedia:WikiProject Trains/ICC valuations/Jacksonville and Havana Railroad

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INTRODUCTORY

The carrier is an Illinois corporation, having its principal office at Springfield, Ill. No individual or company holds a controlling interest in its stock. The records do not indicate that it controls any common-carrier corporation. The property has been operated by the carrier's own organization, except for the period from July 1, to August 2, 1926, it was operated for the account of the carrier by receiver of Chicago, Peoria and St. Louis Railroad Company. The road acquired, under our authority, dated December 21, 1925, (105 I.C.C. 243), was formerly a part of the property of the Chicago, Peoria and St. Louis Railroad Company, which was sold at foreclosure sale, November 20, 1924.

CORPORATE HISTORY

The carrier was incorporated April 13, 1925, under the general laws of Illinois to acquire that part of the railroad, formerly owned by the Chicago, Peoria and St. Louis Railroad Company, extending from Jacksonville to Havana, Ill., which was authorized under Finance Docket No. 4872, 105 I.C.C. 243. The date of its organization was October 14, 1925.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road, all owned, amounting to 41.780 miles, was all acquired June 26, 1926, from individual purchasers who had previously acquired it at foreclosure sale of November 20, 1924, under our authority December 21, 1925 (105 I.C.C. 243), from the Chicago, Peoria and St. Louis Railroad Company. Two predecessors of this company constructed the property as follows: From Virginia to Havana, 26.258 miles, was built in 1853 by the Illinois River Railroad Company as a part of a line from Virginia to Pekin; from Virginia to Jacksonville, 15.492 miles, was completed about 1869 by the Peoria, Pekin and Jacksonville Railroad Company. The total recorded road mileage is 41.750; the inventoried mileage 41.780. The carrier took possession July 1, 1926, and began operation by its own organization, August 2, 1926.

HISTORY OF CORPORATE FINANCING

LEASED RAILWAY PROPERTY

Under a reciprocal agreement dated May 3, 1927, for a term of 50 years, the carrier grants to the Chicago, Burlington and Quincy the joint use of 0.98 miles of track within the city of Jacksonville, Ill., in return for the joint use of that company's tracks between Jacksonville and Waverly, Ill., about 18 miles. Each company maintains its own property. No rental is accrued or paid. The carrier grants to the Chicago, Burlington and Quincy Railroad Company the joint use of an interlocker, wye, and 0.98 mile of track at Jacksonville, Ill., the rental of which is paid for upon a basis of 5 percent of valuation plus additions and betterments and on cars handled basis. The amount of rental received for year ending on date of valuation was $1,359.72. Under a reciprocal agreement dated June 24, 1910 (assumed from a predecessor) the carrier grants to the Illinois Central Railroad Company the joint use of about 455 feet of track and stock pens at Havana, Ill., in return for the right to jointly use about 540 feet of track and stock pens at the same point owned by the Illinois Central Railroad Company; term 5 years, and thereafter subject to 6 months' notice. No rental is accrued or paid. The carrier uses jointly with the Chicago, Springfield and St. Louis Railroad Company the third floor space for general offices of the building owned by the

corporate surplus, profit and loss debit balance, $57,920.41.

Predecessor Companies

The carrier is the successor in ownership to property originally built by the Peoria, Pekin and Jacksonville Railroad Company in 1869 and property acquired by that company from the Illinois River Railroad Company built by the latter in 1853.

Between 1881 and the date the segment of property was acquired by the carrier, the road was successively owned by the following companies: The Chicago, Peoria and St. Louis Railway Company, Chicago, Peoria & St. Louis Railway Company (1889), Chicago, Peoria & St. Louis Railway Company (1891), The Chicago, Peoria and St. Louis Railroad Company of Illinois, Chicago, Peoria and St. Louis Railroad Company of Illinois, and Chicago, Peoria and St. Louis Railroad Company.

These intermediate companies built no extensions to that part of the road subsequently conveyed to the carrier, formerly owned by the Peoria, Pekin and Jacksonville Railroad Company in 1881. The records of these several companies were not so kept that the corporate financing, results of corporate operations, or investment in road and equipment can be divided between the road subsequently conveyed to the carrier and other railroad property owned by them.

PEORIA, PEKIN AND JACKSONVILLE RAILROAD COMPANY—PREDECESSOR OF THE CHICAGO, PEORIA AND ST. LOUIS RAILWAY COMPANY

The Peoria, Pekin and Jacksonville Railroad Company was incorporated under a special act in Illinois June 11, 1863, to acquire the property of the Illinois River Railroad Company. There are no available accounting records of this company.

A total of 80 miles of road owned was acquired as follows: 57 miles from Virginia to Pekin, Ill., conveyed May 21, 1864, by reorganization of the Illinois River Railroad Company; 16 miles from Virginia to Jacksonville, Ill., by construction; and 7 miles from Pekin to Peoria, Ill., conveyed May 22, 1868, by purchase from Peoria and Hannibal Railroad. The road from Pekin to Peoria, Ill., a distance of 7 miles, was sold to the Peoria and Pekin Union Railway Company on November 1, 1880.

The road from Havana to Pekin, Ill., about 31 miles, was acquired by the Springfield, Havana and Peoria Railroad Company, leaving about 42 miles conveyed to the carrier. The property of the Peoria, Pekin and Jacksonville Railroad Company was sold at foreclosure and conveyed July 25, 1881, to the Wabash, St. Louis and Pacific Railway Company. That company's property was in turn sold at foreclosure and the property here described conveyed, July 28, 1888, to The Chicago, Peoria and St. Louis Railway Company.

ILLINOIS RIVER RAILROAD COMPANY—PREDECESSOR OF PEORIA, PEKIN AND JACKSONVILLE RAILROAD COMPANY

The Illinois River Railroad Company was incorporated under a special act in Illinois, February 11, 1853, to build a railroad from Jacksonville to La Salle, Ill. There are no available accounting records of this company. It built a single track railroad from Virginia to Pekin, Ill., about 57 miles. The road was sold at foreclosure and conveyed May 21, 1864, to the Peoria, Pekin and Jacksonville Railroad Company.

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