Wikipedia:WikiProject Trains/ICC valuations/Fort Wayne and Jackson Railroad
Interstate Commerce Commission, Valuation Reports, Volume 27
Fort Wayne & Jackson Railroad
[edit]Location and General Description of Property
[edit]The railroad of the Fort Wayne & Jackson Railroad Company, herein called the Fort Wayne & Jackson, is a single-track branch line, extending from Jackson, Mich., to Fort Wayne, Ind., a distance of 97.472 miles. This company also owns jointly with The Lake Erie and Western Railroad Company an undivided one-third interest in the 1.660 miles of main track, between Hugo and Fort Wayne, Ind.
Introductory
[edit]The Fort Wayne & Jackson is a corporation of the State of Michigan, having its principal office at Jackson, Mich. Although the Fort Wayne & Jackson did not acquire title to its property until January 10, 1880, it commenced recording the results of the operations of its property in its books on January 1, 1880. The accounting data in this report, therefore, cover the period from January 1, 1880.
When this company leased its property to The Lake Shore and Michigan Southern Railway Company on September 1, 1882, it discontinued keeping its accounts from that date until December 31, 1912. At the latter date a new set of accounts were opened without bringing forward the balances then contained in the old accounts, except the balance in the investment in road and equipment account and outstanding capital stock account. The information contained in this report covering the results of corporate operations for the period for which no accounts were kept has been obtained partly from reports of the company filed with this commission and partly from reports filed with the commissioner of railroads of the State of Michigan.
The records reviewed do not indicate that the Fort Wayne & Jackson is controlled by any individual or corporation, nor, on the other hand, that this company, itself, controls any common-carrier corporation.
The property of the Fort Wayne & Jackson was operated by its own organization from date of acquirement thereof to August 31, 1882. From that date to December 23, 1914, it was operated by The Lake Shore and Michigan Southern Railway Company, and from the latter date to date of valuation it has been operated by the New York Central.
Corporate History
[edit]The Fort Wayne & Jackson was incorporated January 5, 1880, under the general laws of the State of Michigan, for the purpose of acquiring the property, rights, and franchises of the Fort Wayne, Jackson and Saginaw Railroad Company (second corporation). The date of organization of the Fort Wayne & Jackson has not been ascertainable from the records reviewed.
Pursuant to the above purpose the Fort Wayne & Jackson, on January 10, 1880, acquired the property, rights, and franchises of the Fort Wayne, Jackson and Saginaw Railroad Company (second corporation). The Fort Wayne & Jackson, itself, and that corporation, together with its predecessors, total four different corporations and comprise the line of corporate succession culminating in the Fort Wayne & Jackson 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 | Fort Wayne & Jackson Railroad Company. | Under general laws of Michigan, Jan. 5, 1880. | |
| 2 | Fort Wayne, Jackson and Saginaw Railroad Company (second corporation). | Under general laws of Michigan and Indiana, through articles of consolidation; dated Jan. 26, 1869; filed in Michigan Apr. 6, 1869; Indiana Apr. 8, 1869. | Sold at foreclosure Dec. 3, 1879, and acquired Jan. 10, 1880, by 1. |
| 3 | Fort Wayne, Jackson and Saginaw Railroad Company (first corporation). | Under general laws of Indiana, Oct. 21, 1868. | Consolidated Apr. 6, 1869, with 4 to form 2. |
| 4 | Jackson, Fort Wayne and Cincinnati Railroad Company. | Under general laws of Michigan, Sept. 26, 1868. | Consolidated Apr. 6, 1869, with 3 to form 2. |
Development of Fixed Physical Property
[edit]The owned mileage of the Fort Wayne & Jackson, 97.472 miles, was acquired by purchase after foreclosure proceedings, from the Fort Wayne, Jackson and Saginaw Railroad Company (second corporation). It was constructed by that company during the years 1869 and 1870. The details of acquisition and construction of the 1.660 miles of road between Hugo and Fort Wayne, Ind., owned jointly with The Lake Erie and Western Railway Company, have not been determined.
Leased Railway Property
[edit]The entire property of the Fort Wayne & Jackson is leased to the New York Central in perpetuity from September 1, 1882. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property in the report on the New York Central.