Wikipedia:WikiProject Trains/ICC valuations/Baltimore and Ohio Chicago Terminal Railroad

Interstate Commerce Commission, Valuation Reports, Volume 42

The Baltimore and Ohio Chicago Terminal Railroad

Location and General Description of Property

The railroad operated by The Baltimore and Ohio Chicago Terminal Railroad Company, herein called the Baltimore and Ohio Chicago Terminal, is a standard-gage, steam railroad, located in Indiana and Illinois. The property comprises passenger and freight terminals and a belt line in and around the city of Chicago. The Grand Central Station and tracks leading thereto are used for its own railroad business and for the passenger traffic of several other carriers entering Chicago.

The owned property aggregates 73.614 miles of road and consists of two main lines and three important branches. One main line extends from Pine Junction, Ind., in a northwesterly direction through Blue Island, Ill., to Western Avenue Junction, Chicago, Ill.; the other extends from the passenger terminal at Harrison and Wells Streets in a westerly direction to a connection with the Wisconsin Central Railway Company's tracks at Central Avenue, within the city of Chicago, Ill. The principal branch lines project from Whiting Junction to Whiting, Ind., Blue Island to McCook, Ill., and Harvey Junction to Chicago Heights, Ill. In addition, this company wholly owns 41.959 miles of second main track and 146.490 miles of yard tracks and sidings, all of which it uses, except 18.928 miles of yard tracks and sidings which are leased to other carriers, as shown in the trackage table in appendix 1. This company also jointly owns and uses with another carrier 0.142 mile of sidetracks at Blue Island, Ill., and wholly uses 0.291 mile of yard tracks and sidings owned by a lessor, as described in the following paragraph.

The property of the Lyons & Chicago Railroad Company, hereinafter called the Lyons & Chicago Railroad, which is leased in its entirety to the Baltimore and Ohio Chicago Terminal, consists of certain right-of-way, grading, and ballast upon which the Baltimore and Ohio Chicago Terminal has constructed sidings to serve the stone quarries at McCook, Ill. The ties, rails, and fastenings along such tracks are owned by the latter carrier.

The Baltimore and Ohio Chicago Terminal has trackage rights over about 41 miles of the road of other carriers, the most important of which extends from McCook to Franklin Park, Ill. Further details with respect to these joint facilities are given in the chapter on leased railway property in appendix 2.

The Baltimore and Ohio Chicago Terminal is controlled by the Baltimore and Ohio, and its property forms an important part of the latter carrier's system in reaching the city of Chicago.

Introductory

The Baltimore and Ohio Chicago Terminal is a corporation of Illinois, having its principal office at Chicago, Ill. It is controlled by the Baltimore and Ohio through ownership of its capital stock. It controls, through ownership of the capital stock, the Lyons & Chicago Railroad Company whose common-carrier property it operates under lease.

The property of the Baltimore and Ohio Chicago Terminal was operated by its own organization from April 1, 1910, the date it took possession, to December 31, 1917. Since January 1, 1918, it has been operated by the United States Railroad Administration.

Although the Baltimore and Ohio Chicago Terminal acquired title to its property by deed dated February 8, 1910, the receiver of the Chicago Terminal Transfer Railroad Company did not surrender possession of the property until April 1, 1910.

Corporate History

The Baltimore and Ohio Chicago Terminal was incorporated January 8, 1910, under the general laws of Illinois, for the purpose of acquiring the property of the Chicago Terminal Transfer Railroad Company, which had been sold at foreclosure sale. The Baltimore and Ohio Chicago Terminal acquired at its organization the property, rights, and franchises of the corporation named. The Baltimore and Ohio Chicago Terminal, itself, and that corporation, together with the latter's predecessors, total 14 different corporations, of which one underwent a change of name, and constitute the line of corporate succession culminating in the Baltimore and Ohio Chicago Terminal as at present constituted. The respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession, follow.

No.	Name	Incorporation	Succession
1.	The Baltimore and Ohio Chicago Terminal Railroad Company.	Incorporated under general laws of Illinois, January 8, 1910.
2.	Chicago Terminal Transfer Railroad Company.	General laws of Illinois, June 4, 1897.	Sold at foreclosure January 6, 1910, after receivership begun April 16, 1906, and acquired February 8, 1910, by 1.
3.	Chicago & Calumet Terminal Railway Company (of 1887).	General laws of Illinois and Indiana, through articles of consolidation dated August 11, 1887, filed in Illinois August 15, 1887; Indiana September 13, 1887.	Sold to 2, June 7, 1898.
4.	Hammond & Lake Michigan Railway Company.	General laws of Indiana, February 25, 1887.	Consolidated with 5 and 6 to form 3, effective August 11, 1887.
5.	Chicago & Calumet Terminal Railway Company (of 1886).	General laws of Illinois, July 1, 1886.	Consolidated with 4 and 6 to form 3, effective August 11, 1887.
6.	The Calumet River Railway Company.	General laws of Indiana, September 1, 1886.	Consolidated with 4 and 5 to form 3, effective August 11, 1887.
7.	Chicago and Northern Pacific Railroad Company.	General laws of Illinois, November 23, 1889.	Sold at foreclosure November 17, 1896, after receivership begun October 10, 1893, and acquired June 9, 1897, by 2.
8.	The Chicago and Southwestern Railroad Company.	General laws of Illinois, July 18, 1890.	Sold to 7, October 1, 1891.
9.	The Chicago Central Railway Company.	General laws of Illinois, October 18, 1889.	Sold to 7, October 1, 1891.
10.	The Bridgeport and South Chicago Railroad Company.	General laws of Illinois, March 23, 1887.	Sold to 7, March 11, 1890.
11.	Chicago South Branch Dock Company.	Special act of Illinois February 19, 1859.	Sold to 10, January 3, 1888.
12.	The Chicago, Harlem and Batavia Railway Company.	General laws of Illinois, December 21, 1885.	Sold to 7, March 11, 1890.
13.	Chicago and Western Dummy Railway Company.	General laws of Illinois, May 24, 1879.	Sold at foreclosure November 9, 1885, after receivership begun April 6, 1885, and acquired February 10, 1886, by 12.
14.	The Chicago and Great Western Railroad Company.	See 15.	Sold to 7, March 11, 1890.
15.	La Salle and Chicago Rail Road Company.	Special act of Illinois, February 28, 1867.	Name changed to 14 on January 21, 1873.

Development of Fixed Physical Property

The recorded mileage of the Baltimore and Ohio Chicago Terminal amounts to 80.61 miles, all of which was acquired by purchase from the Chicago Terminal Transfer Railroad Company. The inventoried mileage is 73.614. Of the 13 corporations comprising the line of corporate succession the Hammond & Lake Michigan Railway Company, Chicago & Calumet Terminal Railroad Company (of 1886), and The Calumet River Railway Company did not construct or improve any property.

One other, The Bridgeport and South Chicago Railroad Company, acquired property from a predecessor, but as no accounting records were obtained it is not known whether it improved such property while it owned it.

The data with respect to the road constructed by the nine remaining corporations, together with that constructed by the Blue Island Stone Company, not a corporate predecessor, and the years in which the various portions of the line were constructed are given in the accounting report.

Leased Railway Property

The Baltimore and Ohio Chicago Terminal on December 31, 1917, used property owned by other companies, and other companies used property owned by the Baltimore and Ohio Chicago Terminal to the extent indicated in the statement below. The property of the Baltimore and Ohio Chicago Terminal 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, period and terms of use and rentals accrued and charged or credited to income for the year ending on date of valuation are as follows:

	Rentals
Solely owned, but jointly used, used with—
The Baltimore and Ohio—
Tracks, 10.94 miles, from Baltimore and Ohio Junction at Seventy-fifth Street to and including the Grand Central Station, Chicago, Ill.; term 99 years from July 1, 1913; stipulated annual payment of $460,000, plus expenses on wheel-mile basis and taxes on wheel-mile proportion of amount assignable to territory used, also wheelage proportion of interest rental at 5 percent on improvements made since July 1, 1913.
Joint yards and terminals at Grand Central Station, Chicago, Ill.; term and stipulated annual rental included in above; expenses on wheel-mile basis and taxes on wheel-mile proportion of amount assignable to zone.
Coach yard, coaling station, turntable and roundhouse facilities, Chicago, Ill.; term same as above; expenses divided on basis of cars and engines involved.
Land south of Chicago River in yards converted into additional right-of-way on account of abandonment of Empire Slip coach yard and engine facilities, details not obtained.
Transfer shed at Seventy-seventh Street, Chicago, Ill.; term from Nov. 1, 1912, to Oct. 2, 1933; stipulated annual payment of $761.16.
Total amount credited for above facilities.	$534,526.88
Chicago Great Western Railroad Company—
Tracks, 10.30 miles, from Grand Central Station, Chicago, Ill., to C.G.W. connection, Forest Park, Ill., of which the tracks from Central Avenue, Chicago, to C.G.W. connection, Forest Park, Ill., 2.51 miles, are leased to the Baltimore and Ohio Chicago Terminal by the Wisconsin Central Railway Company for a term of 999 years, term 99 years from Apr. 1, 1892; stipulated annual payment of $180,000, plus expenses on wheel-mile basis and taxes on wheel-mile proportion of amount assignable to territory used, also wheelage proportion of interest rental at 5.5 and 6 percent on improvements made since Apr. 1, 1892.
Joint yards and terminals at Grand Central Station, Chicago, Ill.; term and stipulated annual payment included in above; expenses on wheel-mile basis and taxes on wheel-mile proportion of amount assignable to zone.
Coach yard, coaling station, turntable and roundhouse facilities, Chicago, Ill.; term same as above; expenses divided on basis of cars and engines handled.
Total amount credited for above facilities.	242,099.01
Chicago, Terre Haute and Southeastern Railway Company, tracks, 12.48 miles, from Harvey Junction to South Chicago Heights, Ill.; term 99 years from Aug. 1, 1913; stipulated annual payment $21,000, plus expenses on wheelage basis and taxes on wheelage proportion of amount assignable to territory used, also wheelage proportion of interest at 5 percent on improvements made since Aug. 1, 1913.	25,040.11
Indiana Harbor Belt Railroad Company, tracks, 13.63 miles, from Blue Island to McCook, Ill.; term 99 years from Oct. 5, 1896; stipulated payment 5 percent on $457,674.97 per annum, value at date of agreement, and 5 percent per annum on all subsequent additions; expenses on wheelage basis and taxes on wheelage proportion of amounts assignable to territory used.	66,640.69
The Pennsylvania Railroad Company, tracks, 6.31 miles, from Pine Junction, Ind., to the Indiana-Illinois State line; term indefinite from June 30, 1892; stipulated payment 3 percent on $2,128.65, being difference in valuation of properties of both companies used under this agreement; expenses and taxes on wheelage basis.	70.24
Pere Marquette Railroad Company—
Tracks, 10.94 miles, from Grand Central Station to B. & O. Junction, at Seventy-fifth Street, Chicago, Ill.; term 50 years from June 21, 1915; stipulated annual payment of $106,889.10; expenses on basis of wheelage in territory from Grand Central Station to coach yard at Throop Street; taxes on wheel-mile proportion of amount assignable to territory used. In addition to fixed rental, $1.25 per train moved between Seventy-fifth Street and South Polk Street, Chicago, Ill., wheelage proportion of interest at 6 percent for improvements subsequent to date of agreement.
Joint yards and terminals at Grand Central Station, Chicago, Ill.; term and stipulated payment same as above; expenses on wheelage basis and taxes on wheel-mile proportion of amount assignable to zone.
Coach yard, coaling station, turntable and roundhouse facilities, Chicago, Ill.; term same as above; expenses on basis of cars and engines handled.
Total amount credited for above facilities.	154,867.01
Wabash Railway Company, tracks, 5.68 miles, from Illinois-Indiana State line at Hammond, to Clark Junction, Ind.; term 99 years from Oct. 1, 1892, stipulated annual payment $6,000; expenses on wheelage basis; wheelage proportion of cost of improvements made subsequent to date of contract, July 15, 1892.	6,000.00
Wisconsin Central Railway Company (Minneapolis, St. Paul and Sault Ste. Marie Railway Company, lessee), tracks 10.85 miles, from Grand Central Station, Chicago, to Madison Street, Forest Park, Ill., of which the tracks from Central Avenue, Chicago, to Madison Street, Forest Park, Ill., 3.06 miles, are leased to the Baltimore and Ohio Chicago Terminal by the Wisconsin Central Railway Company for a term of 999 years; term from Dec. 9, 1914, to Apr. 1, 2008, stipulated annual payment $235,000, plus expenses on wheel-mile basis and taxes on wheel-mile proportion of amount assignable to territory used, also wheelage proportion of interest rental at 5 percent on improvements made subsequent to June 30, 1911.	283,105.97
Solely owned, but not used, leased to—
The Baltimore and Ohio, yard tracks and sidings, 4.989 miles, at Polk, Twelfth, Morgan, and Lincoln Streets, Chicago, Ill., including freight depot; term 99 years from July 1, 1913; stipulated annual payment included in $460,000 covering all property jointly and solely leased; maintenance borne by lessee.	13,059.84
Chicago Great Western Railroad Company, yard tracks and sidings, 11.336 miles, in Chicago, Ill., including freight depot, five stalls in roundhouse and lands used in connection with the operation of such facilities; term 99 years from Apr. 1, 1892; stipulated annual payment included in $180,000, covering all property jointly and solely leased; maintenance borne by lessee. Rental credited not obtained.	---
Pere Marquette Railway Company, yard tracks and sidings, 1.641 miles, in Chicago, Ill.; term 50 years from June 21, 1915; stipulated annual payment included in $106,889.10 covering all property jointly and solely leased; maintenance borne by lessee. Rental credited not obtained.	---
Wabash Railway Company, yard tracks, 0.273 mile and structures at Hammond, Ind.; term 99 years from June 1, 1895; stipulated monthly payment of $19.80, of which the Pennsylvania Company pays $4.16 per month.	187.68
Minneapolis, St. Paul and Sault Ste. Marie Railway Company—
Land at Independence Boulevard, Chicago, Ill., for milk platform; stipulated payment $50.00 per month under agreement dated May 17, 1914.	600.00
Coach-yard and engine-house facilities. Chicago, Ill.; stipulated payment $41,967 per annum under agreement June 3, 1914.	41,967.72
Land near Racine Avenue, Chicago, Ill.; stipulated payment $20.00 per month under agreement dated June 11, 1914.	240.00
Chicago, Milwaukee and St. Paul Railway Company, yard tracks, 0.368 mile, and freight house at Jefferson Street, Chicago, Ill.; term indefinite from Sept. 1, 1900; stipulated payment $500 per month, plus 6 percent interest rental on cost of improvements.	7,148.28
Solely used, but not owned, owned by—

Lyons & Chicago Railroad, entire property; term 990 years from Nov. 10, 1897; as rental lessee assumes all contracts, obligations, and indebtedness of lessor.
Baltimore and Ohio, 16 steam locomotives and 1 passenger-train car. Terms of use and rental not ascertained.	---
Jointly used, but not owned, owned by—

Chicago and Western Indiana Railroad Company, tracks, 3.89 miles, from Sixteenth Place to Grand Avenue, Chicago, Ill.; term indefinite from Mar. 1, 1912, subject to 30 days' notice; stipulated payment 90 cents for car and $1 for locomotive. Rental charged not obtained.	---
Chicago Heights Terminal Transfer Railroad Company, tracks, 3.57 miles, together with 9.05 miles of sidetracks, in vicinity of Chicago Heights, Ill.; terms 99 years from Mar. 1, 1900, subject to 6 months' notice after 5 years; stipulated payment, a proportion on basis of cars handled, of maintenance, and operation and taxes and after Aug. 1, 1911, a charge of $1 for each load car, including the charge for moving empties, except on interchange of empties between roads, on which a charge of 25 cents is assessed; one half cost of maintenance of subways and a proportion of costs of improvements made subsequent to date of agreement. Rental charged not obtained.	---
Indiana Harbor Belt Railroad Company:
Tracks, 10.52 miles, from McCook to Franklin Park, Ill.; agreement dated Oct. 5, 1896. Details and rental not obtained.	---
Tracks. 0.09 mile, at Calumet Park, Ill.; agreement as amended dated March 20, 1896; term indefinite, rent under reciprocal arrangements.	---
Tracks, 0.13 mile, at Whiting, Ind.; term indefinite from March 16, 1897; stipulated payment 2.5 percent per annum on valuation, plus one half of maintenance and operation. Rental not obtained.	---
Tracks, 1.10 miles, from West Hammond, Ill., and Illinois-Indiana State line and 0.42 at Calumet Park, Ill.; term June 30, 1900 to Nov. 30, 1966; stipulated payment $97.51 month. Rental not obtained.	---
Tracks, 0.57 and 0.40 mile of sidetracks at East Chicago, Ind.; contract dated July 26, 1916. Details and rental not obtained.	---
South Chicago & Southern Railroad Company (leased to The Pennsylvania Railroad Company):
Tracks, 5.97 miles, from Pine Junction, Ind., to West Hammond, Ill.	---
Tracks, 1.87 miles, between Hammond Junction, Ind., and Indiana-Illinois State line.	---
Tracks, 0.82 mile and certain right-of-way between Railroad Avenue Spur, at East Chicago, and Lake George, Ind.	---
Tracks, 1.10 miles and certain right-of-way between McCook Spur, at East Chicago and Indiana Harbor, Ind.	---
Term indefinite from June 30, 1892; expenses and taxes apportioned on wheelage basis. Rental for above facilities not obtained.	---
The Pittsburgh, Cincinnati, Chicago and St. Louis Railroad Company:
Tracks, 1.87 miles, from Twelfth and Rockwell Streets, to Kinzie Street, Chicago, Ill.; term indefinite from July 22, 1910, subject to 30 days' notice; stipulated payment 30 cents per car loaded or empty.	---
Tracks, 0.92 mile and certain yard tracks at Thirty-fifth Street, Chicago, Ill.; contract dated Sept. 10, 1901; term and stipulated payment not obtained. Rental for above facilities not obtained.	---
Wisconsin Central Railway Company:
Tracks, 3.06 miles, from Central Avenue to Madison Street, Forest Park, Ill.; term 999 years from Aug. 16, 1886; stipulated payment, a lump sum of $67,100; maintenance borne by lessee.	---
Tracks, 4.96 miles, from Madison Street, Forest Park to Franklin Park, Ill.; term indefinite from Aug. 1, 1899; stipulated payment 37.5 cents per car and 87.5 cents per engine, when number of cars attached to engine are 1 less than 5. Rental for above facilities not obtained.	---
Jointly owned, but not used, used by—
Chicago Heights Terminal Transfer Railroad Company, electric coaling station, at Chicago Heights, Ill., owned jointly with The Michigan Central Railroad Company, Chicago and Eastern Illinois Railroad Company, Elgin, Joliet and Eastern Railway Company, and the Chicago, Terre Haute and Southeastern Railway Company. No rental charged.	---

The telegraph pole line located along the railroad of the company is owned and used by the Western Union Telegraph Company. The company had incidental use of the property under an agreement dated October 15, 1887, between the Western Union Telegraph Company and the Baltimore and Ohio.

There are other facilities of minor importance, such as interlockers, yard tracks, and sidings, in which the company grants or receives joint use, that are not detailed herein.

Predecessor Companies

Chicago Terminal Transfer Railroad

Introductory

This company was incorporated June 4, 1897, under the general laws of Illinois. The records reviewed indicate that the company was controlled on January 6, 1910, date of foreclosure sale, by the Chicago, Burlington & Quincy Railroad Company, through ownership of a majority of its capital stock. John N. Faithorn had been appointed receiver on April 16, 1906. and controlled the management and operation of the property on date of foreclosure sale and thereafter until April 1, 1910.

The purchasers at foreclosure sale assigned their rights to the successor company on January 10, 1910, and the sale and assignment were confirmed by the court on January 20, 1910, and the property excepting certain lands, was conveyed to the successor by deed dated February 8, 1910. However, results of corporate operation are recorded until March 31, 1910, in the books of the receiver of the Chicago Terminal Transfer Railroad Company, by whom the property was operated under order of the court after date of sale.

The records reviewed indicate that the company did not dispose of its right to be a corporation in conveying its property to the successor.

The property of the company, with exception of that acquired from the Chicago and Northern Pacific Railroad Company, was operated by its own organization from June 9, 1897, until the receivership, April 16, 1906. Although the company acquired title to the property of the Chicago and Northern Pacific Railroad Company on June 9, 1897, it did not commence recording the results of operations of that part of its property until July 1, 1897, operations between the dates stated being conducted by the receiver of the Chicago and Northern Pacific Railroad Company and recorded in that company's accounts.

From April 16, 1906, until March 31, 1910, the property of the company was operated by its receiver. The railroad operated by the receiver of the company was a standard-gage, steam railroad in Illinois and Indiana, aggregating 81.901 miles.

The owned railroad, 81.04 miles, consisted of a main line from the Grand Central Station, Wells and Harrison Streets, Chicago to Central Avenue, Cicero, Ill., 7.80 miles (recorded as double track), with branches from West Forty-sixth Avenue, Chicago to South Oak Park station, Ill., 5.36 miles; Western Junction Avenue, Chicago to Blue Island, Ill., 15.19 miles; Blue Island to Harvey, Ill., 3.88 miles; Harvey to Chicago Heights, Ill., 9.24 miles; Pine Junction, Ind., to McCook, Ill., 28.73 miles; East Chicago to Whiting, Ind., 3.89 miles, and Franklin Park to Mayfair, Ill., 6.95 miles.

The property operated exclusively under lease comprised 0.291 mile of railroad located in the vicinity of McCook, Ill., owned by the Lyons & Chicago Railroad.

In addition, the company owned 0.42 mile of standard-gage railroad in the vicinity of the South branch of the Chicago River, near Ashland and Blue Island Avenues, Chicago, Ill., which was not in operation on date of sale.

Development of Fixed Physical Property

Of the 81.04 miles of road owned on date of foreclosure sale, 40.15 miles had been acquired from the Chicago and Northern Pacific Railroad Company and 33.41 miles from the Chicago & Calumet Terminal Railway Company (of 1887), reduced to 32.23 miles and 32 miles, respectively, by subsequent abandonments, revisions, and reclassifications, and 16.81 miles by construction. Details are given in the accounting report on the Baltimore and Ohio Chicago Terminal.

Chicago & Calumet Terminal Railway (of 1887)

This company was incorporated in Illinois and Indiana, through articles of consolidated and merger dated August 11, 1887, filed in those States on August 15, 1887, and September 13, 1887, respectively. It was a consolidation and merger of the corporate rights and franchises of the Hammond & Lake Michigan Railway Company, The Calumet River Railway Company and the Chicago & Calumet Terminal Railway Company (of 1886). None of the consolidating companies had constructed or operated any mileage on date of consolidation and merger.

The records reviewed indicate that in this consolidation and merger the Chicago & Calumet Terminal Railway Company (of 1886) continued its corporate existence, with the same board of directors and the same corporate seal. Subsequently, on January 5, 1892, in addition to the terms and provisions in the articles of consolidation the other companies included in the consolidation conveyed by separate deeds their respective corporate rights and franchises to this company. However, this company is shown as a separate organization in the corporate history record compiled by the Baltimore and Ohio Chicago Terminal and is therefore designated herein as the Chicago & Calumet Terminal Railway Company (of 1887).

This company was controlled on June 7, 1898, date of sale, by a bondholder's committee, comprised of J. Edmond, Simmons, and others. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of this company was operated by its own organization from completion until June 8, 1897. From the latter date to date of sale it was operated by the Chicago Terminal Transfer Railway Company, under lease. The railroad owned on date of sale, consisted of 33.41 miles of standard-gage, steam railroad, from Clarke Junction, Ind., to McCook, Ill., 29.52 miles, and from East Chicago to Whiting, Ind., 3.89 miles, of which 0.80 mile had been acquired by purchase from the East Chicago Stone and Brick Company, and 35.28 miles by construction during the period from 1887 to 1894, a total of 36.08 miles, reduced to 33.41 miles by abandonment and reclassification. The records reviewed indicate that the construction work was performed partly by the Interstate Contracting Company, affiliated contractors, and partly by the Chicago and Northern Pacific Railroad Company, acting as agent for the Northern Pacific Railroad Company. Details are given in the accounting report on the Baltimore and Ohio Chicago Terminal.

Hammond & Lake Michigan Railway

This company was incorporated February 25, 1887, in Indiana. No accounting records were obtained. Certain of the data indicated below were obtained from records of the Baltimore and Ohio Chicago Terminal. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 11, 1887, date of consolidation and merger, nor, whether it then controlled any common-carrier corporation. This company did not construct or operate any railroad property. The authorized capital stock was $500,000 par value, shares $100 each, classified as common. How much was actually issued and the considerations received therefor were not ascertainable from the records obtained. In the articles of consolidation and merger of the successor company it is stated that $52,000 par value of this stock was outstanding on date of consolidation, and provision was made for exchange for an equal par value of stock of the consolidated company. The records of the Baltimore and Ohio Chicago Terminal indicate that $500,000 par value of such stock is held by or for it on date of valuation.

Chicago & Calumet Terminal Railway (of 1886)

This company was incorporated July 1, 1886, in Illinois. No accounting records were obtained. Certain of the data indicated below were obtained from records of the Baltimore and Ohio Chicago Terminal. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 11, 1887, date of consolidation and merger, nor, whether it then controlled any common-carrier corporation. This company did not construct or operate any railroad property. The authorized capital stock was $5,000,000 par value, shares $100 each, classified as common. How much was actually issued, and the considerations received therefor were not ascertainable from the records obtained. In the articles of consolidation and merger of the successor company it is stated that $5,000 par value of this stock was outstanding on date of consolidation and provision was made for exchange for an equal par value of stock of the consolidated company.

The Calumet River Railway—Predecessor of Chicago & Calumet Terminal Railway (of 1887)

This company was incorporated September 1, 1886, in Indiana. No accounting records were obtained. Certain of the data indicated below were obtained from records of the Baltimore and Ohio Chicago Terminal. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 11, 1887, date of consolidation and merger, nor, whether it then controlled any common-carrier corporation. This company did not construct or operate any railroad. The authorized capital stock was $500,000 par value, shares $100 each, classified as common. How much was actually issued and the considerations received therefor were not ascertainable from the records obtained. In the articles of consolidation and merger of the successor company it is stated that $52,200 par value of this stock was outstanding on the date of consolidation and provision was made for exchange for an equal par value of stock of the consolidated company. The records of the Baltimore and Ohio Chicago Terminal indicate that $500,000 par value of such stock is held by or for it on date of valuation.

Chicago and Northern Pacific Railroad

Introductory

This company was incorporated November 23, 1889, in Illinois. The records reviewed do not indicate that the company was controlled by any individual or corporation on November 17, 1896, date of foreclosure sale, nor, that it then controlled any common-carrier corporations. It had been controlled by the Northern Pacific Railroad Company, through ownership of a majority of its capital stock, until the sale of the property of that company under foreclosure proceedings in July, 1896.

The property of this company was operated by its own organization from March 7, 1890, to March 31, 1890; by the Northern Pacific Railroad Company, under lease from April 1, 1890, to August 15, 1893; by receivers of the latter company from August 15, 1893, to September 26, 1893; by the Wisconsin Central Railroad Company from September 27, 1893, to June 30, 1895; and by receivers from the latter date to date of sale. The accounts of the company include the results of corporate operations for the period April 1, 1890, to June 30, 1897.

The railroad owned on date of sale, 40.15 miles in Illinois, consisted of a main line from the Grand Central Station, Chicago, to Central Avenue, Cicero, 7.84 miles; with branches from Fortieth Avenue, Chicago, to Randolph Street, to Park Avenue, Oak Park, thence to Waldheim Cemetery and a connection at Oak Park, 7.09 miles; from Forty-sixth Avenue, Chicago, to Sixteenth Street, to Harlem Avenue, to South Oak Park station, 5.36 miles; race track branch from Harlem Junction to Harlem race track, Forest Park, 0.62 mile; and from Western Avenue Junction, Chicago, to Harvey, 19.24 miles.

Development of Fixed Physical Property

Of the 40.15 miles of road owned on date of sale, 7.84 miles had been acquired from The Chicago and Great Western Railroad Company, 7.36 miles from The Chicago, Harlem and Batavia Railway Company, reduced to 7.09 miles by correction of mileage in 1893, 11.43 miles from The Chicago Central Railway Company, 5.36 miles from The Chicago and Southwestern Railroad Company, 0.62 mile by construction, and 7.81 miles by completion of construction begun by the Chicago Central Railway Company. It had also acquired from The Bridgeport and South Chicago Railroad Company 0.42 mile, which was not in operation on date of sale. Details are given in the accounting report on the Baltimore and Ohio Chicago Terminal.

The Chicago and Southwestern Railroad

This company was incorporated July 18, 1890, in Illinois. No accounting records were obtained. However, certain data indicated below were obtained from the records of the Chicago and Northern Pacific Railroad Company and those of the Baltimore and Ohio Chicago Terminal.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on October 1, 1891, the date of sale, nor, whether it then controlled any common-carrier corporation. The records reviewed do not indicate that the property of this company was operated prior to date of sale.

The railroad owned on date of sale, 5.36 miles, in Illinois, consisted of a standard-gage, steam railroad from South Oak Park to Sixteenth Street, Chicago, thence east to Fifty-second Avenue. From the latter point it was a double-track line extending east to Forty-sixth Avenue and thence to Harrison Street, Chicago. The road had been constructed during the period August, 1890, to September, 1891.

The Chicago Central Railway

This company was incorporated October 18, 1889, in Illinois. No accounting records were obtained. However, certain data indicated below were obtained from the records of the Chicago and Northern Pacific Railroad Company and those of the Baltimore and Ohio Chicago Terminal.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on October 1, 1891, the date of sale, nor, whether it then controlled any common-carrier corporation.

The railroad owned on date of sale, 11.43 miles, in Illinois, consisted of a standard-gage, steam railroad, from Seventy-fifth Street, near Western Avenue, Chicago, to Blue Island, 7.56 miles; and from Blue Island to Harvey, 3.87 miles. In addition, it owned a partly constructed double-track extension from Seventy-fifth Street to Western Avenue Junction. The entire 11.43 miles of road owned had been acquired by construction during 1890 and 1891. The records reviewed do not indicate that the property of this company was operated prior to date of sale.

The records indicate that in the construction of the 7.56 miles of road above referred to, certain right-of-way was acquired from the Chicago & Blue Island Railway Company, but no further information in regard to this company was obtainable.

The Bridgeport and South Chicago Railroad

This company was incorporated March 23, 1887, in Illinois. No accounting records were obtained. However, certain data indicated below were obtained from the records of the Chicago and Northern Pacific Railroad Company and those of the Baltimore and Ohio Chicago Terminal. The company was controlled by the Oregon and Transcontinental Company on March 11, 1890, date of sale, through ownership of its entire capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The available records do not afford any information regarding the operation of the property. It was leased to the Chicago and Northern Pacific Railroad Company from March 7, 1890, to date of sale. The railroad owned on date of sale, 0.42 mile of track along the Chicago River, South Branch, near Ashland and Blue Island Avenues, Chicago, Ill., had been acquired from the South Branch Dock Company.

Chicago South Branch Dock Company—Predecessor of The Bridgeport and South Chicago Railroad

This company was incorporated February 19, 1859, in Illinois. The date of organization was March 23, 1859. No accounting records were obtained. However, certain of the data indicated below were obtained from the records of the Baltimore and Ohio Chicago Terminal.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on January 3, 1888, date of sale, nor, whether it then controlled any common-carrier corporation. No information was obtained as to the property owned by this company on date of sale or the operation of it.

A statement of property by the secretary of the company dated April 1, 1859, indicates that it purchased a waterfrontage of 17,368 feet in city lots having an average depth of 244 feet, in "Greene's South Branch Addition to Chicago", issuing in consideration therefor $650,000 of its capital stock. The records of the Baltimore and Ohio Chicago Terminal indicate that the Chicago South Branch Dock Company began and continued for a number of years excavation of a series of ship canals or slips and the construction of 0.42 mile of railroad in connection therewith along the Chicago River South Branch in what is now the vicinity of Ashland and Blue Island Avenues, Chicago, Ill.

The Chicago, Harlem and Batavia Railway

This company was incorporated December 21, 1885, in Illinois. No accounting records were obtained, However, certain data indicated below were obtained from the minute book of the company and from the records of the Chicago and Northern Pacific Railroad Company.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 11, 1890, date of sale, nor, whether it then controlled any common-carrier corporation. The property of this company was operated by its own organization from date of acquirement until March 7, 1890. From that date to date of sale it was operated under lease by the Chicago and Northern Pacific Railroad Company.

The company owned on date of sale 7.36 miles of single-track, steam railway from Crawford Avenue and Madison Street, Cicero, north to Randolph Street, west to Park Avenue, River Forest, south to Waldheim cemetery, Waldheim, Ill., and south in Crawford Avenue from Madison Street to a connection with the railroad of The Chicago and Great Western Railroad Company between Fillmore and Taylor Streets, Chicago, Ill. Of the 7.36 miles of road owned on date of sale, 7.00 miles of steam street railway was acquired from Frederick W. Belz, who had acquired it at a foreclosure sale on November 9, 1885, from the Chicago and Western Dummy Railway Company. This mileage was reduced to 6.28 miles by subsequent correction. The remainder, 1.08 miles, was acquired by construction during 1888.

Chicago and Western Dummy Railroad—Predecessor of The Chicago, Harlem and Batavia Railway

This company was incorporated May 24, 1879, in Illinois. No accounting records were obtained. However, certain data indicated below with respect to the issuance of stock and bonds were obtained from the records of the Baltimore and Ohio Chicago Terminal.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on November 9, 1885, date of foreclosure sale, nor, whether it then controlled any common-carrier corporation. The property of this company was operated by its own organization from date of completion until April 20, 1885, and from that date until date of sale by a receiver.

The company owned on date of sale 7.00 miles of single-track, steam street railway from Crawford Avenue and Madison Street, Cicero, Ill., north to Randolph Street, thence west to Park Avenue, River Forest, thence south to Waldheim cemetery, Waldheim, Ill., all acquired by construction prior to April, 1885, except that portion between River Forest and Waldheim which was constructed during the period of receivership.

The Chicago and Great Western Railroad—Formerly Named La Salle and Chicago Rail Road

This company was incorporated February 28, 1867, in Illinois as the La Salle and Chicago Rail Road Company. The name was changed January 21, 1873, to The Chicago and Great Western Railroad Company. There were no available accounting records of the company for the period from the date of its organization to January 31, 1889. Certain information indicated hereinafter pertaining to the period above mentioned has been taken from other sources.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 11, 1890, the date of sale, nor, whether it then controlled any common-carrier corporation. The property of this company was operated by its own organization from February 1, 1889, to March 7, 1890. From that date to date of sale it was operated under lease by the Chicago and Northern Pacific Railroad Company. The railroad owned on date of sale, 7.84 miles, consisted of a double-track, standard gage, steam railroad, from Wells and Harrison Streets, Chicago, to Central Avenue, Cicero, Ill., all of which together with terminal facilities in Chicago, had been acquired by construction during the period from 1886 to 1889. On May 1, 1886, the company entered into a contract for the construction of the property with John P. Neal, which contract was assigned on June 21, 1886, to Charles L. Colby, Edwin H. Abbott and Colgate Hoyt, who were affiliated with the Wisconsin Central Associated Lines, and for whom they were endeavoring to acquire terminal facilities in Chicago.