Wikipedia:WikiProject Trains/ICC valuations/St. Clair Tunnel Company
Interstate Commerce Commission, Valuation Reports, Volume 143
St. Clair Tunnel Company
[edit]Location and General Description of Property
[edit]The property of St. Clair Tunnel Company consists of a single-track, electrically operated tunnel under the St. Clair River between Port Huron, Mich., and Sarnia, Ontario, with double-track approaches thereto and necessary yard tracks and sidings at each terminus. Only the property situated in the United States is included in this report. At Port Huron the St. Clair Tunnel leases 6.658 miles of yard tracks and sidings to the Grand Trunk Western for sole use.
The company wholly owns and uses, within the United States, 1.724 miles of road and 3.923 miles of all tracks, and owns but does not use 6.658 miles of all tracks which are classified in the trackage table in Appendix 1.
Introductory
[edit]The St. Clair Tunnel Company is a corporation of the State of Michigan and of the Dominion of Canada, having its principal office at Detroit, Mich. It is controlled by the carrier through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation. The property has been operated by the company's own organization during its entire life. The financial dealings, corporate operations, and investments are inseparable as between the property located in the United States and that located in the Dominion of Canada.
Corporate History
[edit]The St. Clair Tunnel Company was incorporated under the general laws of the State of Michigan and Dominion of Canada through articles filed in Canada, November 15, 1886, and in Michigan on November 23, 1886, as a consolidation of the Port Huron Railroad Tunnel Company, a Michigan corporation, and The St. Clair Frontier Tunnel Company, a Canadian corporation. The Port Huron Railroad Tunnel Company was incorporated under general laws of Michigan, October 8, 1886; The St. Clair Frontier Tunnel Company under special act of Dominion of Canada, approved April 19, 1884. The articles of consolidation were dated November 9, 1886.
Development of Fixed Physical Property
[edit]The owned mileage, 3.026 miles, was all acquired by construction during the period November, 1888, to August 30, 1890, but was not opened for operation until September 19, 1891. The construction work was performed principally by the forces of the carrier. On January 4, 1906, contract was made with the Westinghouse Electric and Manufacturing Company for the substitution of electricity for steam as the motive power for handling trains through the tunnel. This work was completed May 17, 1908, and is used in operation of the property on date of valuation.
Leased Railway Property
[edit]The St. Clair Tunnel Company grants to the Grand Trunk Western, without formal lease or agreement, the joint use of certain of its tracks. In addition, the Grand Trunk Western has sole use of 6.658 miles of yard tracks and sidings and certain station and terminal facilities of the St. Clair Tunnel Company at Port Huron, Mich. The rentals accrued or received for the use of the above property, if any, are not indicated in the records reviewed. The St. Clair Tunnel Company jointly owns and jointly uses with The Western Union Railway Company on date of valuation a second cable line and certain fixtures incident thereto, between Port Huron, Mich., and Sarnia, Ontario. The terms governing the joint use of this property and the termination of the agreement were not obtained.
Predecessor Companies
[edit]Port Huron Railroad Tunnel Company
[edit]This company was incorporated October 8, 1886, under the general laws of the State of Michigan. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of the St. Clair Tunnel Company. The records reviewed do not indicate that the company was controlled by any individual or corporation on November 9, 1886, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation. It did not construct any railroad. The authorized capital stock was $1,000,000 par value, divided into shares of $100 par value each, and classified as common stock. The entire authorized amount had been subscribed and 5 per cent, or $50,000 cash, had been paid in.
The St. Clair Frontier Tunnel Company
[edit]This company was incorporated in the Dominion of Canada under an act approved April 19, 1884. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of the St. Clair Tunnel Company. The records reviewed do not indicate that the company was controlled by any individual or corporation on November 9, 1886, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation. It did not construct any railroad. The authorized capital stock was $1,000,000, divided into shares of $100 par value each, and classified as common stock. Of the amount authorized, $200,000 had been subscribed and 10 per cent, or $20,000 cash, had been paid in.