Wikipedia:WikiProject Trains/ICC valuations/Illinois Northern Railway

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Location and general description of property.—The railroad operated by the Illinois Northern Railway, herein called the carrier, is a single-track, standard-gage, steam switching railroad, located within the city limits of Chicago, Ill. The owned mileage comprises 1.140 miles of main track and numerous yard tracks and sidings at various localities between Oakley Avenue (McCormick) and Forty-ninth Street (Elsdon). A portion of the owned property is located upon lands leased from the International Harvester Company of New Jersey. The property operated exclusively under lease aggregates 4.385 miles of main track, comprising 3.462 miles owned by The Atchison, Topeka and Santa Fe Railway Company and extending from Western Avenue at Twenty-sixth Street to the Illinois and Michigan Canal and from Thirty-eighth Street to Archer Avenue at Forty-seventh Street, 0.290 mile owned by the Chicago, Burlington & Quincy Railroad Company and extending from Oakley Avenue to Hoyne Avenue and from Western Avenue to Leavitt Street, and 0.633 mile owned by the International Harvester Company of New Jersey and extending from Western Avenue through its plant to a connection with the Chicago, Burlington & Quincy Railroad Company's leased track near Hoyne Avenue.

The carrier wholly owns and uses 8.457 miles of all tracks and wholly uses but does not own 7.614 miles of all tracks. These tracks are classified in the trackage table in Appendix 1.

In addition to the foregoing, the carrier has trackage rights over 12.88 miles of road owned by other companies, including 11.27 miles of tracks of the International Harvester Company of New Jersey located within the plant of that industry in the vicinity of Twenty-sixth Street and Western Avenue. Further details with respect to these trackage rights are given in the chapter on leased railway property in Appendix 2.

APPENDIX 2

INTRODUCTORY

The carrier is a corporation of the State of Illinois, having its principal office at Chicago, Ill. It is controlled by the International Harvester Company, the capital stock being held by individuals for the benefit of that company. On the other hand, the records do not indicate that the carrier controls any common-carrier corporation. The property of the carrier has always been operated by its own organization.

CORPORATE HISTORY

The carrier was incorporated May 15, 1901, under the general laws of the State of Illinois for the purpose of operating a railroad to serve various industries located in Chicago, Ill.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road owned by the carrier, amounting to 8.457 miles of main and yard tracks and sidings, was all acquired by construction on various dates, of which 2.828 miles of sidetracks are located on land leased from the International Harvester Company of New Jersey.

HISTORY OF CORPORATE FINANCING

Solely used but not owned, leased from—

The Atchison, Topeka and Santa Fe Railway Company—

Tracks, 3.462 miles of main track and 2.912 miles of yard tracks, extending from Western Avenue at Twenty-sixth Street to north end of Illinois and Michigan Canal and from Thirty-eighth Street to Archer Avenue at Forty-seventh Street, Chicago, Ill.; term 50 years from Aug. 1, 1902; stipulated annual payment under modification of lease effective Aug. 1, 1916, $21,821.66, equal to 5 per cent on valuation, improvements, one-third of gross earnings in excess of a fixed allowance from all traffic over the leased tracks, maintenance, and taxes 79,677.71

Chicago, Burlington & Quincy Railroad Company—

Tracks, 0.290 mile of main track and 0.007 mile of yard tracks and sidings, extending from Oakley Avenue to Hoyne Avenue, Chicago, Ill.; term indefinite from Aug. 1, 1908; stipulated annual payment of 5 per cent on valuation of $36,884, also maintenance 1,844.16

Tracks, 0.250 mile of yard tracks, Western Avenue to Leavitt Street, Chicago, Ill.; agreement dated July 1, 1916, rental paid by the International Harvester Company of New Jersey under agreement dated June 19, 1917. No rental accrued

Land near Western Avenue and Blue Island Avenue, Chicago, Ill.; term indefinite from Aug. 1, 1910; stipulated annual rental of $119.80 119.80

International Harvester Company of New Jersey—

Tracks, 0.633 mile of main track. Western Avenue to Hoyne Avenue, Chicago, Ill., also certain lands in the vicinity of the plant of the International Harvester Company of New Jersey; term 42 years from Mar. 1, 1909; stipulated payment 6 per cent per annum on a valuation of $157,900 to Feb. 28, 1916, thereafter 6 per cent per annum on a reasonable valuation, but not less than $157,900, taxes and maintenance

In addition to the foregoing, the carrier in 1901 acquired from the McCormick Harvesting Machine Company, succeeded by the International Harvester Company of New Jersey, a leasehold of main and side tracks for a period of 30 years, the leasehold being valued at $485,900. This value took into consideration the use and operation, for a long term of years, of valuable property necessary to the railroad, also the revenues that [...]

Jointly used but not owned, owned by—

The Atchison, Topeka and Santa Fe Railway Company—

Tracks, 0.44 mile, from north line of Archer Avenue at Forty-seventh Street to Forty-ninth Avenue, and from north end of Illinois and Michigan Canal to Thirty-eighth Street, Chicago, Ill.; term 50 years from Aug. 1, 1902; stipulated payment for use of part of property is one-half of taxes and maintenance, for the remainder the taxes and maintenance are divided and borne on a user basis. No rental charged to income

Chicago, Burlington & Quincy Railroad Company—

Tracks, 0.27 mile from Hoyne Avenue to Lincoln Street, Chicago, Ill., term indefinite from Aug. 1, 1908; stipulated payment 2.5 per cent on agreed valuation, plus one-half of maintenance $669.60

International Harvester Company of New Jersey—

Tracks, 11.27 miles within plant in vicinity of Twenty-sixth Street and Western Avenue, Chicago, Ill., term 20 years from Mar. 1, 1909; no stipulated rental, maintenance borne by lessor

Chicago & Illinois Western Railroad—

Tracks, 0.60 mile near Thirty-third Street and Central Park Avenue, Chicago, Ill.; term indefinite under agreement dated Feb. 6, 1917; stipulated payment of 40 cents per loaded car and 80 cents per locomotive, maintenance borne by lessor 25.80

Chicago Junction Railway Company—

Tracks, 0.16 mile across Chicago River near Twenty-sixth Street, Chicago, Ill.; term since 1902, under agreement not effective as to rental until subsequently to date of valuation. No rental charged to income