Corporate Genealogy
Terre Haute and Peoria

INTRODUCTORY

CORPORATE HISTORY

[The report had no chapters under these headings.]

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire maileage of the Terre Haute and Peoria was formerly owned by the Illinois Midland Railway and was acquired by the Terre Haute and Peoria from the various parties who purchased it when the property of the Illinois Midland Railway was sold under foreclosure proceedings, as indicated in the following tabulation:

By deed of Mar. 1, 1887, from Robert K. Dow and wife, of property constructed by the Illinois Midland Railway and opened for operation on Nov. 30, 1874:
     Farrington to Paris 12
Maroa to Farmdale 61
By deed of Mar. 1, 1887, from Simon Borg, Paris to Harvey City, originally constructed by the Paris and Decatur Railroad Company, opened for operation on Dec. 27, 1872, conveyed to the Illinois Midland Railway on Sept. 19, 1874   65
Wholly owned mileage 138
By deed of June, 9, 1890, from Louis Genia and wife, their undivided one-half interest in a line from Hervey City to Decatur Junction, originally constructed jointly by the Paris and Decatur Railroad Company and the Decatur, Sullivan and Mattoon Railway Company, opened for operation on Dec. 27, 1872, the Paris and Decatur Railroad Company's undivided half interest was conveyed to the Illinois Midland Railway on Sept. 19, 1874, prior to the conveyance of which to the Vandalia, the other undivided half interest had come into the possession of the Decatur, Mattoon and Southern Railroad Company.    7
Total 145

LEASED RAILWAY PROPERTY

At the date of valuation, the Terre Haute and Peoria leased to the Vandalia its owned property for sole operation and also certain rights to the use of the property of other carriers. Under the terms of a 99-year agreement, dated and effective October 1, 1892, the Terre Haute and Peoria leased to the Terre Haute and Indianapolis, a predecessor of the Vandalia, the right to the exclusive operation of the Terre Haute and Peoria's owned line of railroad, with all appurtenances thereon. The Terre Haute and Peoria also leased its right to the joint use of about 15.44 miles of railroad extending from Dectaur Junction to Maroa belonging to the Illinois Central Railroad Company, and its right to the joint use of about 5.05 miles of track extending from Farmdale to Peoria, belonging to the Toledo, Peoria and Western Railway Company. On January 1, 1905, the Vandalia, as the successor of the Terre Haute and Indianapolis, began the operation of the property formerly operated by the Terre Haute and Indianapolis, and the Vandalia has continued the operation of that property to date of valuation. Under terms of the lease the Vandalia maintains and operates the owned property of the Terre Haute and Peoria and pays to the Terre Haute and Peoria 30 per cent of the gross earnings of the property leased. The payment for the year ended with the date of valuation amounted to $298,980.30. Out of the amount of rental received the Terre Haute and Peoria pays, among other things, taxes, interest on funded debt, and joint-facility rents. The payment for the use of the tracks of the Illinois Central Railroad Company between Decatur Junction and Maroa was based on one-half of 6 per cent per annum on a valuation of $783,719.36, for certain tracks used jointly with the owner[1], and 8 per cent per annum on a valuation of $17,492.10 for facilities used exclusively by the Vandalia, making a total rental of $24,561.11 for the year ended with the date of valuation. The rental for use of the tracks of the Peoria, Toledo and Western Railway Company between Farmdale and Peoria amounted to $7,800 for the year ended with the date of valuation.

The Illinois Central Railroad Company maintains the 7.499 miles of track owned jointly by it and the Terre Haute and Peoria and renders bills against the Vandalia for the Terre Haute and Peoria's proportion calculated on a wheelage basis. All additions and betterments and taxes are divided equally between the owners.


Note 1: The original report read "...jointly with the owned, and...". Back.
Original data source: Valuation Reports Vol. 24 pp 444-445, 450
Interstate Commerce Commission
Washington, DC
January 1929

Although published in 1929, the report is "...as of date of valuation" which was 30 June, 1918


HTML by Robert T. Netzlof 29 April 2002
Typographical error corrected 21 January 2008
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