Wikipedia:WikiProject Trains/ICC valuations/St. Clair and Western Railroad
Interstate Commerce Commission, Valuation Reports, Volume 28
St. Clair & Western Railroad
editLocation and General Description of Property
editThe railroad of the St. Clair & Western Railroad Company, herein called the St. Clair & Western, leased to and operated by the Michigan Central, extending from St. Clair to Richmond, Mich., a distance of 14.888 miles.
Introductory
editThe St. Clair & Western is a corporation of the State of Michigan, having its principal office at Detroit, Mich. It is controlled by the Canada Southern Railway Company through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation. The property of the St. Clair & Western was operated by the Michigan Central, under lease, in connection with the property of the Canada Southern Railway Company, from the date of its organization until December 31, 1917. On January 1, 1918, all the common-carrier property of the St. Clair & Western, under contract with the Michigan Central, was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.
Corporate History
editThe St. Clair & Western was incorporated September 25, 1906, under the general laws of the State of Michigan for the purpose of acquiring the property, rights, and franchises of the Michigan Midland and Canada Railroad Company. The date of organization of the St. Clair & Western has not been ascertained from the records reviewed. Pursuant to the above purpose, the St. Clair & Western acquired at its organization the property, rights, and franchises of the company named. The St. Clair & Western, itself, and that corporation, together with its predecessor, total three different corporations and comprise the line of corporate succession culminating in the St. Clair & Western 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 | St. Clair & Western Railroad Company. | Under general laws of Michigan, Sept. 25, 1906. | |
| 2 | Michigan Midland and Canada Railroad Company. | Under general laws of Michigan, Sept. 21, 1872. | Sold at foreclosure Feb. 23, 1906, and reorganized Sept. 25, 1906, as 1. |
| 3 | Michigan Midland Rail Road Company. | Under general laws of Michigan, July 4, 1870. | Sold to 2, Nov. 12, 1873. |
Development of Fixed Physical Property
editThe owned mileage of the St. Clair & Western, extending from St. Clair River to Lenox (Richmond), Mich., a distance of 14.888 miles, was acquired from the Michigan Midland and Canada Railroad Company through reorganization, September 25, 1906. It was constructed by that company prior to December 4, 1874.
Leased Railway Property
editThe entire property of the St. Clair & Western, together with the property of other companies, is included with that of the Canada Southern Railway Company in a lease to the Michigan Central for a term of 999 years from January 1, 1904, in consideration of an annual rental of $1,580,200, as more fully stated in the report on the Michigan Central.
Predecessor Companies
editMichigan Midland and Canada Railroad Company
editIntroductory
The Michigan Midland and Canada Railroad Company was incorporated September 21, 1872, in the State of Michigan. The company was controlled on February 23, 1906, the date of sale, by the Canada Southern Railway Company through ownership of a majority of its outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.
The property of this company was operated under lease by the Canada Southern Railway Company from the date it was placed in operation until December 31, 1882. From that date until the date of sale it was operated by the Michigan Central under lease in connection with the property of the Canada Southern Railway Company. The railroad owned by the Michigan Midland and Canada Railroad Company on the date of sale amounted to 14.888 miles. It consisted of a single-track, standard-gage, steam railroad, extending from St. Clair River to Lenox (Richmond), Mich.
Development of Fixed Physical Property
The entire 14.888 miles of road owned by the Michigan Midland and Canada Railroad Company on the date of sale had been acquired by construction during 1873 and 1874. The construction work was performed by Cossage and Clark, contractors, who do not appear to have been affiliated with the company.
Michigan Midland Rail Road Company
editThe Michigan Midland Rail Road Company was incorporated July 4, 1870, in the State of Michigan. No accounting records of the Michigan Midland Rail Road Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources. The records reviewed do not indicate whether the Michigan Midland Rail Road Company was controlled by any individual or corporation on November 12, 1873, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The report of the Commission of Railroads of the State of Michigan for 1872 states that the authorized capital stock of this company was $6,000,000. What part of this stock, if any, was issued has not been ascertainable from the records reviewed. The records reviewed do not indicate that this company owned any property on date of sale.