Wikipedia:WikiProject Trains/ICC valuations/Bloomington Southern Railroad
Interstate Commerce Commission, Valuation Reports, Volume 46
Bloomington Southern Railroad
[edit]Location and General Description of Property
[edit]The railroad of Bloomington Southern Railroad Company, hereinafter called the Bloomington Southern, is a single-track line, from Bloomington, Ind., to stone quarries, 9.159 miles.
Introductory
[edit]The Bloomington Southern is a corporation of the State of Illinois, having its principal office at Chicago, Ill. The company is controlled by the Illinois Central. On the other hand, the records do not indicate that this company itself controls any common-carrier corporation.
The property of the Bloomington Southern has been operated by the Illinois Central or its predecessors since June 20, 1907.
Corporate History
[edit]The Bloomington Southern was incorporated January 12, 1906, under the general laws of Indiana.
Development of Fixed Physical Property
[edit]The railroad of the Bloomington Southern was constructed by the Illinois Central. Work started in February 1906 and the first section of 2.160 miles completed in 1907 and the remaining section of 6.999 miles completed in 1913-14.
Leased Railway Property
[edit]The property of the Bloomington Southern was operated by the Indianapolis Southern Railroad Company, a predecessor of the Illinois Central, from June 20, 1907, to July 1, 1911, under lease agreement dated June 20, 1907, in consideration of an annual rental of $2,929.61. This agreement was canceled and a new one executed on July 1, 1911, with the Illinois Central under the same terms, the Illinois Central having purchased the property of the Indianapolis Southern Railroad Company. The rental has been applied by the Illinois Central in payment of interest on advances.
An agreement dated July 1, 1914, superseded the agreement of July 1, 1911, and provides that the Illinois Central waive all claims for interest on advances, but maintains the property and absorbs all the revenues. Under the terms of this agreement, the Bloomington Southern is to reimburse the Illinois Central for the cost of all additions and betterments or new construction.