Wikipedia:WikiProject Trains/ICC valuations/Albany Railroad Bridge Company
Interstate Commerce Commission, Valuation Reports, Volume 137
The Albany Rail Road Bridge Company
[edit]The property of The Albany Rail Road Bridge Company, herein called the Albany Rail Road Bridge, consists of certain lands located entirely within the State of Illinois and the right to bridge the Mississippi River in the vicinity of Fulton, Ill.
Introductory
[edit]The Albany Rail Road Bridge is a corporation of the State of Illinois, having its principal office at Chicago, Ill. There were no available accounting records of the Albany Rail Road Bridge for the period from the date of its organization to May 31, 1860. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period first mentioned has been taken from sources other than the accounting records of the company. The Albany Rail Road Bridge is controlled by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that the Albany Rail Road Bridge controls any common-carrier corporation. The property has been operated as follows:
| From— | To— | |
|---|---|---|
| By own organization | 1860 | June 26, 1862. |
| Under lease by— | ||
| Chicago, Iowa & Nebraska Rail Road | June 27, 1862. | July 3, 1862. |
| Galena and Chicago Union Rail Road Company | July 4, 1862. | June 2, 1864. |
| North Western | June 3, 1864. | Date of valuation. |
Corporate History
[edit]The Albany Rail Road Bridge was incorporated February 14, 1857, under special act of the State of Illinois for the purpose of constructing and operating a railroad bridge over the Mississippi River, at or near Fulton, Ill., and to connect such bridge with any railroad either in the State of Illinois or Iowa. The date of organization was December 9, 1858.
Development of Fixed Physical Property
[edit]In 1860, the Albany Rail Road Bridge constructed a bridge from the east bank of the Mississippi River, near Fulton, Ill., to Little Rock Island, 0.88 mile. A ferry was used to transport the traffic to the Iowa side until 1865, when the North Western constructed a bridge from Little Rock Island to Clinton, Iowa, 0.22 mile. In 1909, the North Western replaced the old bridge with a modern structure, under an agreement dated April 26, 1907, which provided for the title to the bridge to be vested in the North Western.
Leased Railway Property
[edit]The property of the Albany Rail Road Bridge is exclusively used by the North Western under the original lease dated June 26, 1862. Under agreement dated April 26, 1907, between the North Western and this company, providing for the ownership and construction of the present bridge by the North Western, provision was made that the terms of the original lease would remain unimpaired, that the North Western continue to pay to the Albany Rail Road Bridge the annual rental of $12,000 for use of the property. The amount payable for the year ending on the date of valuation accounted for in the income account of the Albany Rail Road Bridge as miscellaneous rent income.