The carrier is an Indiana corporation, having its principal office at Indianapolis, Ind. While the present name of the company is that given above, it was originally organized as the Union Track Railway Company.
It is controlled by The Pittsburgh, Cincinnati, Chicago and St. Louis Railroad Company and the Cleveland, Cincinnati, Chicago and St. Louis Railway Company, through ownership of 60 and 40 per cent, respectively, of the capital stock, designated by the carrier as certificates of ownership. Records do not indicate that the carrier controls any other common-carrier corporation.
The carrier was organized May 31, 1850, as the Union Track Railway Company at a meeting of the presidents of Madison and Indianapolis Railroad Company, The Terre Haute and Richmond Railroad Company, and Indianapolis and Bellefontaine Railroad Company. On November 25,1852, the directors adopted a resolution prescribing the terms under whch other railroad companies might be admitted to the union arrangement by paying their equal proportion of the cost of the station grounds, buildings, tracks, and right-of-way. Under these terms, The Indiana Central Railway Company and Lawrenceburg and Upper Mississippi Railroad Company were admitted to membership.
On August 12, 1853, the name of the company was changed to its present title by resolution of the directors. On November 19, 1872, the owning companies entered into articles of agreement under the act of the Indiana Legislature, adopted in 1852, entitled "General provisions in relation to railroad companies." On March 2, 1885, the Indiana Legislature approved an act for the incorporation of union railway companies, which provided that any such company previously organized, under the act of 1852, might adopt the provisions of the new act by filing a written acceptance. The Indianapolis Union Railway Company accepted the act on March 25, 1885.
The owned property, consisting of the union station, together with appurtenances and 1.769 miles of main line, located at Indianapolis, Ind., was acquired by purchase and construction. In the year 1850, there was turned over to the predecessor of this company for operation 1.60 miles of main line, of which 0.64 mile had been constructed by the Peru and Indianapolis Railroad Company as a part of its road, and 0.96 mile of road had been constructed through the cooperation of the Terre Haute and Richmond Railroad Company, Madison and Indianapolis Railroad Company, and Indianapolis and Bellefontaine Railroad Company. As of March 14, 1884, there was deeded to the Indianapolis Union by the proprietary companies a union station and 1.11 miles of main line, of which 0.87 mile was constructed through cooperation of the Terre Haute and Richmond Railroad Company, Madison and Indianapolis Railroad Company, and Indianapolis and Bellefontaine Railroad Company, and 0.24 mile was constructed by the Peru and Indianapolis Railroad Company.
By joint deed of March 14, 1884, Jeffersonville, Madison and Indianapolis Railroad Company, The Terre Haute and Indianapolis Rail Road Company, Chicago, St. Louis Railway Company, and Cincinnati, Indianapolis, St. Louis and Chicago Railway Company, the proprietary companies at that date, conveyed to the carrier certain portions of their respective properties in Indianapolis, which, in accordance with an agreement of November 19, 1872, had been known and used as the latter's property, but not before conveyed to it by deed.
Beginning in November 1886, additional station facilities were provided consisting of a rearranged and enlarged track system, renewed and additional retaining walls, new bridges, head house and office building, train shed, under grade crossings for street railway and pedestrians at Illinois Street, and other features.
During the period 1915 to 1922 the entire track layout was elevated approximately 18 feet by the construction of earth embankments, retaining walls, and bridges carrying tracks over the streets. The old train shed and baggage, mail, and express buildings were replaced with elevated structures having tracks and train shed on the upper deck, station facilities at street level, and a baggage tunnel under one street. Undergrade bridges were constructed to replace 11 grade and 1 overhead crossing. The head house and office buildings were retained but were extensively remodeled. Thus the principal items of property existing prior to July 1915, and remaining unchanged on December 31, 1922, the date of completion of the general track-elevation project, were certain parcels of land, embankment for the old tracks, and the remodeled head house and office buildings.
The carrier has connections through its owned or leased line with all railroads diverging from the city of Indianapolis, Ind.
On date of valuation the carrier uses the entire common-carrier property owned by the Belt Railroad, a portion for a term of 999 years from October 1, 1882, and the remainder for a term of 997 years from May 1, 1884. The stipulated annual rental is $49,576.68, which is the amount of rental accrued for the year ending on date of valuation.
The entire property owned and leased as of date of valuation, is used as a joint facility under an agreement dated September 20, 1883, together with amendments thereto, by the following companies:
Under terms of the agreement of September 20, 1883, and amendments thereto, the using companies agree to pay the carrier as fixed annual rental interest at the rate of 7 percent on the appraised value of the common-carrier property owned and leased by the carrier, and that fixed rental shall be divided into as many shares as there are using companies, each company so using to pay one of said shares. The rental received for the year ending on date of valuation is recorded as $735,117.85, which together with taxes of $287,748.84 paid by the using companies, was credited to income account, joint-facility rent income. The net cost of operating the common-carrier property of the carrier is prorated between the using companies on a wheelage basis.
|Original data source:||Valuation Reports Vol. 46 pp 732, 734-736, 738|
Interstate Commerce Commission
Although published in 1935, the report is "...as of date of valuation" which was 31 December, 1927