Corporate Genealogy
Peoria and Pekin Union Railway

INTRODUCTORY

The carrier is a corporation of the State of Illinois, having its principal office at Peoria, Ill.

It is controlled jointly by the following named companies through ownership if its entire capital stock.

Company Extent of
control
Mississippi Valley Corporation, a holding company, solely controlled by the Illinois Central Railroad Company 25
Chicago, Peoria and St. Louis Railroad Company 25
Toledo, Peoria and Western Railway Company 15
Chicago and North Western Railway Company 12.5
The Peoria and Eastern Railway Company
(Controlled by The Cleveland, Chicago and St. Louis Railway Company)
12.5
The Lake Erie and Western Railroad Company 10

On the other hand, the records reviewed do not indicate that the carrier controls any common-carrier corporation.

Although the carrier acquired title to its original property by deed dated November 1, 1880, it did not begin operation thereof until February 1, 1881. From that date to December 31, 1917, the property was operated by the company's own organization.

On January 1, 1918, its common-carrier property, together with certain property covered by lease arrangements, was taken over for operation by the United States Railroad Administration, which still operates them on the date of valuation.

CORPORATE HISTORY

The carrier was incorporated September 28, 1880, under the general laws of the State of Illinois, for the purpose of acquiring and operating railroad property between Peoria and Pekin, Ill.

This company acquired by purchase on January 1, 1883, the property, rights, and franchises of the Peoria and Springfield Railroad Company. The latter company had been incorporated February 12, 1853, by special act of the Legislature of Illinois, as the Springfield and Pekin Railroad Company. Its name was changed February 24, 1859, to Peoria and Springfield Railroad Company. The property of that company was sold at foreclosure sale on July 28, 1882, to Columbus R. Cummings, who acquired title to the property by deed dated December 29, 1882, and conveyed it to the carrier by deed dated January 1, 1883.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, amounting to 14.724 miles, was acquired partly by purchase and partly by construction. The property constructed by the carrier itself, and by its predecessors in ownership, the years when the various portions of the line were constructed, and the manner in which the carrier acquired the property are indicated in the following table:

Mileage
Acquired by construction (details not ascertainable from records reviewed) 0.47
Acquired by purchase:
     From the Peoria and Springfield Railroad Company, Jan. 1, 1883, constructed by that company, from Peoria to Pekin, Ill., on the east side of the Illinois River, 1872 9.06
From the Peoria, Pekin and Jacksonville Railroad Company, a predecessor of the Chicago, Peoria and St. Louis Railroad Company, Nov. 1, 1880, constructed by the Peoria and Hannibal Railroad Company, predecessor of the Peoria, Pekin and Jacksonville Railroad Company, Peoria to Pekin, Ill., on the west side of the Illinois River, about 1864.   8.71
18.24
Less--
     Part of line between Hollis and Pekin, Ill., abandoned in 1884 0.38
Remainder of line between Hollis and Pekin, Ill., abandoned as main track in 1884   1.75   2.13
Total 16.11
Difference between total recorded mileage and mileage inventoried as of date of valuation   1.386
Mileage inventoried as of date of valuation 14.724

Practically all the second main track, the yard tracks and sidings, and the terminal facilities were constructed by the carrier.

LEASED RAILWAY PROPERTY

The carrier, on December 31, 1917, used property owned by other companies, and other companies used property owned by the carrier to the extent indicated in the statement below. These arramgements have been continued by the United States Railroad Administration to date of valuation. The description of the property, the period and terms of use, an dthe rentals accrued and charged or credited to income for the year ended on December 31, 1917, are as follows:

Solely owned, but jontly used, used with--
     Chicago, Peoria and St. Louis Railroad Company $22,625.50
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company 23,456.14
The Chicago and Alton Railroad Company 22,733.34
Chicago and North Western Railway Company 22,450.98
Illinois Central Railroad Company 22,723.03
The Lake Erie and Western Railroad Company 22,491.03
The Minneapolis and St. Louis Railroad Company 22,474.57
Toledo, Peoria and Western Railway Company 22,690.43
The Pittsburgh, Cincinnati, Chicago and St. Louis Railroad Company 22,489.87
(Various portions of the property are used jointly by the carrier and each of the above-named companies; various agreements; stipulated annual rental of $22,000 from each of the nine companies, plus a proportion, based on use, of the expenses and maintenance.)
Chicago, Burlngton & Quincy Railroad Company, 0.258 mile of tracks leading to Union Depot, Peoria, Ill.; agreement running from Jan. 1, 1910, until cancelled 4,727.40
The Chicago, Rock Island and Pacific Railway Company, 0.225 mile of tracs leading to Union Depot, Peoria, Ill.; agreement running from Feb. 23, 1914, until cancelled; stipulated payment of a proportion, based on use, of expenses and maintenance 256.90
Solely used, but not owned, leased from Toledo, Peoria & Western Railway Company, 1.705 miles of main tracks and 4.613 miles of yard tracks and sidings at Peoria, Ill.; agreement running 99 years from Mar. 1, 1898, renewable in perpetuity. For this use the carrier has agreed to pay $150,000 par value of its capital stock, but under the agreement it has depositied such stock with its treasurer, as trustee, to be delivered whenever the lessor frees the leased property from all incumbrances. In the meantime, the lessor is to have all rights of ownership in the stock. If the lessee's use of the leased property is interfered with, the stock reverts to the lessee. In addition, the lessee has agreed to pay an annual rental of $7,000, less whatever amount of dividends accrues on the $150,000 par value of stock. Dividends paid in any year, in excess of the annual rental, are creditable on rentals for future years -------
Jointly used, but not owned, owned by--
Chicago, Burlington & Quincy Railroad Company, 0.220 mile of tracks at Peoria, Ill.; agreement running 25 years from Jan. 1, 1899; stipulated monthly rental of $83.33 999.96
Chicago and North Western Railway Company, 0.920 mile of main track and 5.650 miles of other tracks in or near Peoria, Ill.; agreement running 10 years from Mar. 1, 1914, stipulated payment equal to one-half expenses of engine crew -------
Chicago, Peoria and St. Louis Railroad Company, 1.800 mile of main track and 0.14 mile of other tracks in or near Pekin, Ill.; agreement running from Apr. 1, 1909, until cancelled; stipulated monthly rental of $50 624.00
The Lake Erie and Western Railroad Company, 0.530 mile of main track and 0.3 mile of other tracks in or near East Peoria, Ill.; agreement running from June 1, 1912, until cancelled; stipulated monthly rental equal to $3 per car -------
Various railroad companies and industrial concerns, about 10 miles of yard tracks, various agreements -------

The telegraph pole line located along the railroad of the carrier is owned and used by The Western Union Telegraph Company. The carrier has incidental use of the property under an agreement dated April 8, 1912.


Original data source: Valuation Reports Vol. 34 pp 693-694 709-710,
Interstate Commerce Commission
Washington, DC
1931

Although published in 1931, the report is "...as of date of valuation" which was 30 June, 1919


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