Wikipedia:WikiProject Trains/ICC valuations/Chicago, Indiana and Eastern Railway
Interstate Commerce Commission, Volume 24, Valuation Reports
Chicago, Indiana & Eastern Railway
editLocation and General Description of Property
editThe railroad of the Chicago, Indiana & Eastern Railway Company, herein called the Chicago, Indiana & Eastern, is a single-track, standard-gauge railroad, located entirely within the State of Indiana, and extending from Converse to Muncie, 42.99 miles. In addition, the Chicago, Indiana & Eastern owns 9.425 miles of yard and side tracks. Its road thus embraces 52.415 miles of all tracks. All of the property owned by the Chicago, Indiana & Eastern is operated by the Panhandle.
Corporate History
editThe Chicago, Indiana & Eastern was organized and incorporated under the general laws of Indiana on March 8, 1893, for the purpose of constructing a railroad from Chicago, Ill., to Columbus, Ohio. On November 12, 1900, it was authorized to construct an extension from Muncie to Richmond, Ind., and to Cincinnati, Ohio. The principal office of the Chicago, Indiana & Eastern is located at Pittsburgh, Pa. The obtainable accounting records of the Chicago, Indiana & Eastern covered only the period from February, 1899, to date of valuation, and no information relative to the financial affairs, corporate operations or property investments of the Chicago, Indiana & Eastern for the period prior to February, 1899, are obtainable from its accounts.
Introductory
editFrom May 1, 1S95, the date the first section of the property of the Chicago, Indiana & Eastern was opened for operation, to April 30, 1907, the common-carrier property of the Columbus, Chicago and Indiana Central Railway Company was operated either by its own organization or by receivers. The periods during which it was in the hands of receivers are from November 23, 1895, to March 6, 1S97, and from September 14, 1904, to April 30, 1907. From May 1, 1907, to date of valuation, its property has been operated by the Panhandle.
Development of Fixed Physical Property
editThe property of the Chicago, Indiana & Eastern was constructed by Clarence A. Knight, contractor, under agreements dated May 20, 1893, and April 27, 1899. The obtainable data do not indicate that this contractor was in any way affiliated with the Chicago, Indiana & Eastern. Under these agreements about 43.02 miles of railroad were constructed from May 20, 1893, to December 28, 1900, and portions of the property were opened for operation as indicated in the following tabulation:
| Beginning of operation | Approximate mileage | |
|---|---|---|
| Matthews to Fairmont. | May 1, 1895 | 8.51 |
| Fairmont to Swayzee. | Nov. 1, 1898 | 11.95 |
| Swayzee to Converse. | Nov. 1, 1899 | 5.56 |
| Matthews to Muncie. | Dec. 28, 1900 | 17.00 |
| Total. | 43.02 |
The Chicago, Indiana & Eastern abandoned about 0.03 mile of track, leaving 42.99 miles owned on date of valuation.
Leased Railway Property
editOn date of valuation the entire common-carrier property of the Chicago, Indiana & Eastern was solely operated and maintained by the Panhandle under an agreement effective May 1, 1907, terminable on six months' notice. The net revenues accruing from the operation of the property are charged or credited by the Panhandle to the Chicago, Indiana & Eastern. The operation of the property for the year ended with date of valuation resulted in a deficit in the amount of $28,783.94, which amount the Chicago, Indiana & Eastern charged to its Income account Income from Lease of Road.