Wikipedia:WikiProject Trains/ICC valuations/Chicago and Kalamazoo Terminal Railroad

Interstate Commerce Commission, Valuation Reports, Volume 143

The Chicago and Kalamazoo Terminal Railroad

Location and General Description of Property

The railroad of The Chicago and Kalamazoo Terminal Railroad Company, herein called the Chicago and Kalamazoo Terminal, which is leased to and operated by the Grand Trunk Western, is a single-track, standard-gauge, steam railroad, 2.924 miles in length, situated entirely within the city of Kalamazoo, Mich.

Introductory

The Chicago and Kalamazoo Terminal is a corporation of the State of Michigan, having its principal office at Detroit, Mich. The accounting records for the period prior to July 1, 1913, were not obtained. For that reason only partial information can be given from its accounts in connection with financial dealings, corporate operations, and investments. The company is controlled by the Grand Trunk Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company controls any common-carrier corporation. The property has always been operated by the Grand Trunk Westem under an implied lease.

Corporate History

The Chicago and Kalamazoo Terminal was incorporated July 1, 1895, under the general laws of the State of Michigan, for the purpose of constructing and operating a railroad within the city of Kalamazoo, Mich. The date of organization was September 4, 1907.

Development of Fixed Physical Property

The owned mileage, 2.924 miles, all within the city of Kalamazoo, Mich., was acquired by construction. In February, 1909, when the Grand Trunk Western acquired control of the Chicago and Kalamazoo Terminal, about 1 mile of track had been laid. Subsequently to that date the construction work was completed, chiefly by the forces of the Grand Trunk Western, and the line was opened for operation August 8, 1910.

Leased Railway Property

The entire property is operated by the Grand Trunk Western, under an implied lease. The latter pays all taxes and maintenance. No rental is accrued or paid. The Grand Trunk Western also jointly uses, under the implied lease 2.280 miles of tracks of the Chicago, Kalamazoo and Saginaw in the city of Kalamazoo, Mich., which are leased to the Chicago and Kalamazoo Terminal for a term of 99 years from August 1, 1910; rental 4 per cent per annum on one-half valuation, one-half of operating expenses, taxes, and maintenance; also a like per cent per annum of the valuation as it may increase by virtue of additions and betterments.