Wikipedia:WikiProject Trains/ICC valuations/Cincinnati, Indianapolis and Western Railroad

Interstate Commerce Commission, Valuation Reports, Volume 135

The Cincinnati, Indianapolis & Western Railroad

Location and General Description of the Property

The railroad of The Cincinnati, Indianapolis & Western Railroad Company, herein called the carrier, is a single-track, standard-gauge, steam railroad, located in Illinois, Indiana, and Ohio. It consists of two sections of main line, one extending easterly from Springfield to Boody, Ill., and the other from Decatur, Ill., easterly through Indianapolis, Ind., to Hamilton, Ohio, aggregating 283.480 miles of road. There are no branch lines. The company also owns 82.410 miles of yard tracks and sidings. Its road thus embraces 365.890 miles of all tracks wholly owned and used. These tracks are classified by States in the trackage table in Appendix 1.

In addition, the carrier jointly owns and uses with another carrier 1.209 undivided miles of yard tracks and sidings at Speedway, Ind., and it jointly uses with another carrier 1.639 undivided miles of yard tracks and sidings at East Springfield, Ill., which are wholly owned by The Chicago and Alton Railroad Company. These tracks are also shown in the trackage table in Appendix 1.

The carrier has trackage rights over 43.90 miles of road of other carriers, of which 8.49 miles between Boody and Decatur, Ill., forms a connecting link in its two sections of owned main line and 25.37 miles between Hamilton and Cincinnati, Ohio, is used for passenger service only. The principal cities served by this road, in addition to Cincinnati, which is reached for passenger service only, are Decatur, Hume, Metcalf, Springfield, and Tuscola, Ill.; Connersville, Cottage Grove, Hillsdale, Indianapolis, Roachdale, and Rushville, Ind.; and Hamilton, Ohio.

Introductory

The carrier is a corporation of the State of Indiana, having its principal office at Indianapolis, Ind. It is controlled by voting trustees acting under authority of an agreement dated December 1, 1915, which expires December 1, 1920, unless extended by vote of a majority of holders of stock trust certificates. On the other hand, the carrier controls, through ownership of the entire capital stock, the Sidell & Olney Railroad Company, the property of which is separately operated. The property of the carrier was operated by its own organization from December 1, 1915, to December 31, 1917. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which still operates it at date of valuation.

Corporate History

The carrier was incorporated October 30, 1915, under the general laws of the State of Indiana, for the purpose of acquiring a part of the property, rights, and franchises of the Cincinnati, Indianapolis & Western Railway Company, and the capital stock of a company to be formed to acquire the remainder of that company's property. Pursuant to this purpose, the carrier acquired at its organization a part of the property, rights, and franchises of the railroad corporation named, and all of the outstanding capital stock of the Sidell & Olney Railroad Company. The carrier itself, together with its predecessors, totals 19 different corporations and comprises the line of corporate succession culminating in the carrier as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and, for each predecessor, the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

No.	Name	Incorporation	Succession
1.	The Cincinnati, Indianapolis & Western Railroad Company.	Under general laws of Indiana, Oct. 30, 1915.
2.	Cincinnati, Indianapolis & Western Railway Company.	Under general laws of Indiana and Illinois through articles of consolidation dated Aug. 1, 1902, filed in Indiana Sept. 26, 1902, and in Illinois, Sept. 27, 1902.	Sold under foreclosure proceedings Sept. 9, 1915, and acquired Dec. 1, 1915, by 1.
3.	Cincinnati, Hamilton and Indianapolis Railroad Company.	Under laws of Indiana, Dec. 13, 1872, and of Ohio, Dec. 24, 1872.	Consolidated Sept. 20, 1902, with 6 to form 2.
4.	The Junction Railroad Company.	Under special law of Indiana, Feb. 15, 1848, granted rights in Ohio, Mar. 8, 1849.	Sold at foreclosure Jan. 2, 1878, direct to 3.
5.	Ohio and Indianapolis Railroad Company.	Under general laws of Indiana, Feb. 4, 1853.	Merged with 4 under agreement dated and filed Apr. 20, 1853.
6.	The Indiana, Decatur and Western Railway Company.	Under general laws of Indiana and Illinois through articles of consolidation dated Apr. 30, 1895, filed in Illinois, July 16, and in Indiana, July 18, 1895.	Consolidated Sept. 26, 1902, with 3 to form 2.
7.	Danville, Olney and Ohio River Railroad Company.	Under general laws of Illinois, Mar. 10, 1869.	Sold under foreclosure proceedings Sept. 13, 1886, and acquired by 6, Dec. 16, 1898.
8.	The Indiana, Decatur and Western Railway Company.	Under general laws of Indiana, May 16, 1894.	Consolidated July 18, 1895, with 9 to form 6.
9.	The Decatur and Eastern Railway Company.	Under general laws of Illinois, May 16, 1894.	Consolidated July 18, 1895, with 8 to form 6.
10.	Indianapolis, Decatur and Western Railway Company.	Under general laws of Indiana and Illinois through articles of consolidation dated Dec. 21, 1887; filed in Illinois, Dec. 26, 1887, and in Indiana Jan. 12, 1888.	Sold at foreclosure May 10, 1894; property in Indiana acquired May 19, 1894, by 8; that in Illinois May 19, 1894, by 9.
11.	The Indianapolis and Wabash Railway Company.	Under laws of Indiana, Aug. 17, 1887.	Consolidated Jan. 12, 1888, with 12 to form 10.
12.	The Indianapolis, Quincy & Missouri River Railway Company.	Under laws of Illinois, Mar. 19, 1887.	Consolidated Jan. 12, 1888, with 11 to form 10.
13.	The Indianapolis, Decatur and Springfield Railway Company.	Under laws of Indiana and Illinois, through articles of consolidation dated Oct. 19, 1875; filed in Indiana, Nov. 4, 1875, and in Illinois, Nov. 12, 1887.	Sold at foreclosure Aug. 6, 1887, and acquired Dec. 21, 1887 by 10.
14.	The Indianapolis, Decatur and Springfield Railway Company.	Under laws of Indiana, Sept. 15, 1875.	Consolidated Nov. 12, 1875, with 15 to form 13.
15.	Springfield, Decatur and Indianapolis Railway Company.	Under laws of Illinois, May 27, 1875.	Consolidated Nov. 12, 1875, with 14 to form 13.
16.	The Indiana and Illinois Central Railway Company.	Under laws of Indiana, through articles of consolidation dated Dec. 13, 1854, filed Jan. 9, 1859.	Sold at foreclosure Aug. 14, 1875; property in Indiana acquired Oct. 6, 1875, by 14; that in Illinois acquired Oct. 6, 1875, by 15.
17.	The Indiana and Illinois Central Railway Company.	Under laws of Indiana, Jan. 1, 1853.	Consolidated Jan. 9, 1855, with 18 to form 16.
18.	Decatur and Indianapolis Rail Road Company.	Under laws of Indiana, Jan. 9, 1855.	Consolidated Jan. 9, 1855, with 17 to form 16.
19.	The Springfield & Decatur Railway Company.	Under laws of Illinois, May 13, 1901.	Sold Nov. 1, 1901, to 6.

Development of Fixed Physical Property

The owned mileage of the carrier, 283.48 miles, was all acquired by purchase from a committee which had bought the property at foreclosure sale. Of the 18 corporations that comprise the line of succession culminating in the carrier as at present constituted, five corporations did not construct any road or other common-carrier property. These companies were:

• Ohio and Indianapolis Railroad Company.
• The Indianapolis and Wabash Railway Company.
• The Indianapolis, Quincy and Missouri River Railway Company.
• The Indiana and Illinois Central Railway Company (1853).
• Decatur and Indianapolis Rail Road Company.

The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the carrier acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.

		Mileage
Acquired from the purchasing committee (from the Cincinnati, Indianapolis & Western Railway Company):
Constructed by The Junction Railroad Company—
College Corner, Ohio, to Rushville, Ind., 1852.	40.10
Hamilton to College Corner, Ohio, 1867.	19.50
Rushville to Indianapolis, Ind., 1867.	38.60
Constructed by The Indiana, Decatur and Western Railway Company (1895), Derry Farm to Springfield, Ill., 1902.	7.52
Constructed by The Indiana and Illinois Central Railway Company (1855), Wabash River, Ind., to Decatur, Ill., 1873.	85.00
Constructed partly by The Indiana and Illinois Central Railway Company (1855), completed by The Indianapolis, Decatur and Springfield Railway Company (November, 1875), Indianapolis to Wabash River, Ind., 1880.	67.67
Constructed by The Springfield & Decatur Railway Company, Boody to Derry Farm, Ill., 1901.	26.00
		284.39
Net reductions:
Minor retirements.	1.77
Minor additions.	.89
		0.88
Total recorded mileage.		283.51
Difference between total recorded mileage and mileage inventoried as of date of valuation.		.03
Mileage inventoried as of date of valuation.		283.48

Leased Railway Property

The carrier used on December 31, 1917, property owned by other companies to the extent indicated in the statement below. The description of the property, period and terms of use, and the rentals accrued and charged to income for the year ended December 31, 1917, are as follows:

	Rentals
Jointly used, but not owned, owned by—
Wabash Railway Company—
Tracks and facilities between Boody and Decatur, Ill., about 8.49 miles; agreement of Feb. 1, 1906, terminable on notice of one year; rental based on rate per car.	$20,706.80
Passenger station at Decatur, Ill.; agreement of Feb. 1, 1911, specifies a rental of $125 per month.	1,500.00
Indianapolis Union Railway Company, tracks and station of the Indianapolis Union Railway Company and its leased property, about 7.50 miles; agreement of Sept. 20, 1883, specifies a rental, based on cost of properties, apportioned between the using companies, plus usage, proportion of operating expenses, maintenance, taxes, etc.	69,724.81
The Toledo and Cincinnati Railroad Company, tracks, 25.37 miles, from Hamilton to Cincinnati, Ohio, for passenger trains only.	......
The Chicago and Alton Railway Company, tracks, 2.54 miles, at Springfield, Ill. Agreement of Sept. 25, 1902.	......

There are other facilities of minor importance in which the carrier grants or receives joint use, which are not listed in this chapter.

The carrier reports that it leases 83 freight-train cars from the Mather Stock Car Company and 21 freight-train cars from The Streets Company.

Predecessor Companies

Cincinnati, Indianapolis & Western Railway Company

This company was formed by articles of consolidation filed September 26, 1902, in the State of Indiana and September 27, 1902, in the State of Illinois. It was controlled on September 9, 1915, the date of foreclosure sale, by the Cincinnati, Hamilton & Dayton Railway Company, through ownership of the capital stock. On the other hand, the records reviewed do not indicate that it then controlled any common-carrier corporation.

The property of this company was operated during its entire life by the Cincinnati, Hamilton & Dayton or receivers of that company. During the periods from September 1, 1902, to June 30, 1905, and from July 1, 1914, to November 30, 1915, the results of its operations are recorded in the accounts of this company. The records reviewed indicate that during the period from July 1, 1905, to June 30, 1914, the property was operated, under lease, by the Cincinnati, Hamilton & Dayton.

This property was sold under foreclosure proceedings in two parts. The main line of about 283 miles was acquired by the carrier; the branch line of 78 miles was acquired by the Sidell & Olney Railroad Company, whose stock was acquired by the carrier. The property consisted of a single-track, standard-gauge, steam railroad, located in Indiana and Illinois, and aggregated about 361 miles. The main line extended from Hamilton, Ohio, to Springfield, Ill., about 283 miles, and a branch line extended from Sidell to West Liberty, Ill., about 78 miles. This entire mileage had been acquired in the consolidation of 1902. Details with respect to the construction of the 283 miles of this property acquired by the carrier are given in the chapter on development of fixed physical property in the report of that company.

Cincinnati, Hamilton and Indianapolis Railroad Company

This company was incorporated December 13, 1872, in the State of Indiana and December 24, 1872, in the State of Ohio. It was controlled by the Cincinnati, Hamilton & Dayton Railroad Company, through capital stock ownership, on September 26, 1902, the date of consolidation. On the other hand, the records reviewed do not indicate that it then controlled any common-carrier corporation. The property of this company was operated during its entire life by the Cincinnati, Hamilton & Dayton, as agent. The property owned consisted of a single-track, standard-gauge, steam railroad, extending from Hamilton, Ohio, to Indianapolis, Ind., and aggregated 98.20 miles. This mileage had been acquired after foreclosure sale of The Junction Railroad Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier.

The Junction Railroad Company

This company was incorporated February 15, 1848, in the State of Indiana. Its accounting records were not obtained. Therefore, no information can be given regarding financial dealings, corporate operations, or investments.

The company owned on January 2, 1873, the date of sale, about 98.20 miles of railroad extending from Hamilton, Ohio, to Indianapolis, Ind., which it had constructed during the period from 1852 to 1867. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier.

Ohio and Indianapolis Railroad Company

This company was incorporated February 4, 1853, in the State of Indiana. Its accounting or other records were not obtained. Therefore, no information can be given regarding financial dealings, corporate operations, or investments. The company constructed no road, neither did it own any common-carrier property on April 20, 1853, the date of merger.

The Indiana, Decatur and Western Railway Company (of 1895)

Introductory

This company was formed through the filing of articles of consolidation in Illinois, July 16, 1895, and in Indiana, July 18, 1895. It was controlled by the Cincinnati, Hamilton & Dayton Railway Company, through stock ownership on September 26, 1902, the date of consolidation. On the other hand, the records reviewed do not indicate whether this company then controlled any common-carrier corporation.

The property of this company was always operated by the Cincinnati, Hamilton & Dayton, as agent.

The railroad owned on date of consolidation was a single-track, standard-gauge, steam railroad, located in Indiana and Illinois and aggregated 263.52 miles. The main line extended from Indianapolis, Ind., to Springfield, Ill., 185.52 miles, and a branch line extended from Sidell to West Liberty, Ill., 78 miles.

Development of Fixed Physical Property

Of the 263.52 miles of road owned by the company on date of consolidation, it had acquired about 152 miles in the consolidation of The Indiana, Decatur and Western Railway Company (of 1894) and The Decatur and Eastern Railway Company, 26 miles were purchased from The Springfield & Decatur Railway Company, 78 miles (physical property only) were purchased from the Peoria, Decatur and Evansville Railway Company, and 7.52 miles were constructed. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier.

The Indiana, Decatur and Western Railway Company (1894)

This company was incorporated May 16, 1894, in the State of Indiana. Its accounting or other records were not obtained. Therefore no information can be given in regard to financial dealings, corporate operations, or investments. This company owned on July 18, 1895, the date of consolidation, 74 miles of railroad extending from Indianapolis to the Indiana-Illinois State line. This property was all acquired through foreclosure sale from the Indianapolis, Decatur and Western Railway Company.

The Decatur and Eastern Railway Company

This company was incorporated May 16, 1894, in the State of Illinois. Its accounting or other records were not obtained. Therefore, no information can be given in regard to financial dealings, corporate operations, or investments. This company owned on July 18, 1895, the date of consolidation, 78 miles of railroad extending from the Indiana-Illinois State line to Decatur, Ill. This property was all acquired through foreclosure sale from the Indianapolis, Decatur and Western Railway Company.

Indianapolis, Decatur and Western Railway Company

This company was formed through articles of consolidation filed in the State of Illinois, December 26, 1887, and in the State of Indiana, January 12, 1888. Its accounting or other records were not obtained. Therefore, no information can be given regarding financial dealings, corporate operations, or investments. This company owned on the date of foreclosure sale 152 miles of railroad extending from Decatur, Ill., to Indianapolis, Ind. This property was all acquired through foreclosure sale from The Indianapolis, Decatur and Springfield Railway Company (of November, 1875).

The Indianapolis and Wabash Railway Company

This company was incorporated August 17, 1887, in the State of Indiana. Its accounting or other records were not obtained. Therefore, no information can be given regarding financial dealings, corporate operations, or investments. This company constructed no road, neither did it own any common-carrier property on January 12, 1888, the date it consolidated with The Indianapolis, Quincy & Missouri River Railway Company, to form the Indianapolis, Decatur and Western Railway Company.

The Indianapolis, Quincy & Missouri River Railway Company

This company was incorporated March 19, 1887, in the State of Illinois. Its accounting or other records were not obtained. Therefore, no information can be given in regard to financial dealings, corporate operations, or investments. This company constructed no road, neither did it own any common-carrier property on January 12, 1888, the date it consolidated with The Indianapolis and Wabash Railway Company to form the Indianapolis, Decatur and Western Railway Company.

The Indianapolis, Decatur and Springfield Railway Company (of November, 1875)

This company was incorporated November 4, 1875, in the State of Indiana, and November 12, 1875, in the State of Illinois, through the filing of articles of consolidation. Its accounting or other records were not obtained. Therefore, no information can be given in regard to financial dealings, corporate operations, or investments. Of the 152 miles of road owned by this company on December 21, 1887, the date of sale, 85 miles, extending from Wabash River, Ind., to Decatur, Ill., was acquired as completed road, and 67 miles between Montezuma and Indianapolis, Ind., was acquired as partially constructed road from The Indianapolis, Decatur and Springfield Railway Company (of September, 1875) in the consolidation of November 12, 1875. The 67 miles was completed by this company in 1880.

The Indianapolis, Decatur and Springfield Railway Company (of September, 1875)

This company was incorporated September 15, 1875, in the State of Indiana. Its accounting or other records were not obtained. Therefore, no information can be given regarding financial dealings, corporate operations, or investments. This company owned on the date of consolidation 7 miles of completed road extending from Wabash River, Ind., to the Indiana-Illinois State line, and an extension of about 67 miles between Montezuma and Indianapolis, Ind., on which construction had been begun by a predecessor. This property had all been acquired by purchase under foreclosure proceedings from The Indiana and Illinois Central Railway Company (1885).

Springfield, Decatur and Indianapolis Railway Company

This company was incorporated May 27, 1875, in the State of Illinois. Its accounting or other records were not obtained. Therefore, no information can be given regarding its financial dealings, corporate operations, or investments. This company owned on date of consolidation 78 miles of road in Illinois, extending from the Indiana-Illinois State line to Decatur. This property had all been acquired by purchase under foreclosure proceedings from The Indiana and Illinois Central Railroad Company (of 1885).

The Indiana and Illinois Central Railway Company (of 1855)

This company was incorporated January 9, 1855, in the State of Indiana as a consolidation of the Decatur and Indianapolis Rail Road Company and The Indiana and Illinois Central Railway Company (of 1853). Its accounting or other records were not obtained. Therefore, no information can be given regarding financial dealings, corporate operations, or investments. This company owned on date of sale approximately 85 miles of completed road, extending from Wabash River, Ind., to Decatur, Ill., and a partially constructed extension from Montezuma to Indianapolis, Ind., about 67 miles. This property had all been acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. The property described was sold under foreclosure proceedings August 14, 1875. That part of the road within the State of Indiana passed to The Indianapolis, Decatur and Springfield Railway Company (of September, 1875), and that part in the State of Illinois was acquired by the Springfield, Decatur and Indianapolis Railway Company, October 6, 1975.

The Indiana and Illinois Central Railway Company (of 1853)

This company was incorporated January 1, 1853, in the State of Indiana. Its accounting or other records were not obtained. Therefore, no information can be given regarding financial dealings, corporate operations, or investments. The company constructed no road, neither did it own any common-carrier property on January 9, 1855, the date of consolidation.

Decatur and Indianapolis Rail Road Company

This company was incorporated January 9, 1855, in the State of Indiana. Its accounting or other records were not obtained. Therefore, no information can be given regarding financial dealings, corporate operations, or investments. The company constructed no road, neither did it own any common-carrier property on January 9, 1855, the date of consolidation.

The Springfield & Decatur Railway Company

This company was incorporated May 13, 1901, in the State of Illinois. Its accounting or other records were not obtained. Therefore, no information can be given in regard to financial dealings, corporate operations, or investments. This company owned on the date of sale approximately 26 miles of railroad extending from Boody to Derry Farm, Ill., which it had acquired by construction In 1901. It is not known whether the construction work was performed by the company's forces or by contract.