Wikipedia:WikiProject Trains/ICC valuations/Chicago and Alton Railroad

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CORPORATE HISTORY

The Alton was incorporated under the general laws of the State of Illinois, for the purpose of consolidating the property, rights, [...] total 19 different corporations, of which four underwent a change of name, [...]

No. Name Incorporation Succession
1 The Chicago and Alton Railroad Company. Under general laws of Illinois through articles of consolidation, dated Mar. 8, 1906; filed in Illinois Mar. 14, 1906.
2 The Atlanta and Lawndale Railroad Company. Under general laws of Illinois, Sept. 14, 1905. Sold to 1, Jan. 14, 1915.
3 The Chicago and Alton Railway Company. Under general laws of Illinois, Apr. 2, 1900. Consolidated Mar. 14, 1906, with 5 to form 1.
4 St. Louis, Peoria and Northern Railway Company. Under general laws of Illinois, Feb. 18, 1898. Sold at foreclosure Mar. 21, 1900, and conveyed to agents of holders of defaulted obligation in two parcels, viz: (a) Completed road from Springfield to Grove, Ill., and uncompleted road from Grove, Ill., to near Clinton, Iowa, to Louis L. Stanton. (b) Springfield to East St. Louis to Frederick P. Voorhees. The portion of parcel (a) between East Springfield and Grove, Ill., acquired by 3, Apr. 3, 1900, and parcel (b) by the Illinois Central Railroad Company, Sept. 29, 1900.
5 The Chicago and Alton Railroad Company (of 1861). Under special act of Illinois, Feb. 18, 1861. Consolidated Mar. 14, 1906, with 3 to form 1.
6 The Litchfield, Carrollton & Western Railway Company. Under general laws of Illinois, May 2, 1889. Sold at foreclosure Feb. 13, 1899, after receivership begun May 23, 1894. Title held by agents of purchaser and successor until acquired by 5, Sept. 30, 1904.
7 The Litchfield, Carrollton and Western Railroad Company. Under general laws of Illinois, Mar. 20, 1882. Sold to 6, July 18, 1892.
8 The Alton and St. Louis Railroad Company. Under special act of Illinois, Feb. 4, 1859. Sold to 5, Sept. 7, 1899.
9 The Sangamon and North West Rail Road Company. See 10. Sold to 8, Feb. 4, 1859.
10 The Petersburg and Springfield Rail Road Company. Under special act of Illinois, Feb. 8, 1853. Name changed to 9 on Mar. 1, 1854.
11 St. Louis, Jacksonville and Chicago Railroad Company. Under general laws of Illinois through articles of consolidation effective Dec. 10, 1862, filed Dec. 30, 1862. Sold to 5, Sept. 7, 1899.
12 The Tonica and Petersburg Railroad Company. Under special act of Illinois, Jan. 15, 1857. Consolidated Dec. 10, 1862, with 13 to form 11.
13 Jacksonville, Alton and St. Louis Railroad Company. See 14. Consolidated Dec. 10, 1862, with 12 to form 11.
14 Jacksonville and Carrollton Railroad Company. Under special act of Illinois, Feb. 15, 1851. Name changed to 13 on Feb. 7, 1857.
15 The Mississippi River Bridge Company (of May, 1873). Under general laws of Illinois and Missouri through articles of consolidation, dated Apr. 25, 1873, filed in Illinois May 12, 1873; Missouri May 13, 1873. Property in Illinois sold to 5 and property in Missouri to Louisiana and Missouri River Railroad, Apr. 29, 1895.
16 The Mississippi River Bridge Company (of April, 1873). Under general laws of Illinois, Apr.,[sic] 4, 1873. Consolidated May 12, 1873, with 17 to form 15.
17 The Louisiana Bridge Company. Under general laws of Missouri, Apr. 9, 1873. Consolidated May 12, 1873, with 16 to form 15.
18 The Chicago and Illinois River Railroad Company. Under special act of Illinois, Feb. 28, 1867. Sold at foreclosure Sept. 4, 1879, after receivership begun Apr. 15, 1879, and acquired Sept. 5, 1879, by 5.
19 The Hamilton, Lacon and Eastern Railroad Company. Under special act of Illinois, Mar. 7, 1867. Sold to 5, Apr. 5, 1870.
20 St. Louis, Alton and Chicago Railroad Company. Under special act of Illinois, Jan. 21, 1857. Sold at foreclosure Sept. 27, 1862, after receivership begun Dec. 3, 1859, and acquired Nov. 1, 1862, by 5.
21 The Chicago, Alton and St. Louis Railroad Company. See 22. Sold at public auction Dec. 15, 1856, to incorporators of 20, by trustees of fourth mortgage of Jan. 29, 1856.
22 The Chicago and Mississippi Railroad Company. See 23. Name changed to 21 on Feb. 14, 1855.
23 The Alton and Sangamon Railroad Company. Under special act of Illinois, Feb. 27, 1847. Name changed to 22 on June 19, 1852.

The foregoing chart does not include 10 additional corporations whose properties, aggregating 84.15 miles, were at one time a part of the St. Louis, Peoria and Northern Railway Company, but which now form a part of the Illinois Central Railroad Company except certain right of way which was acquired by the Alton. A chart of these corporations follows.

No. Name Incorporation Succession
1 The St. Louis and Eastern Railway Company. Under general laws of Illinois, Dec. 16, 1889. Sold to St. Louis, Peoria and Northern Railway Company, June 25, 1896.
2 The Saint Louis and Peoria Railroad Company. Under general laws of Illinois, Jan. 28, 1889. Do.
3 The North and South Railroad Company of Illinois. Under general laws of Illinois, Jan. 23, 1890. Do.
4 Saint Louis and Chicago Railway Company. Under general laws of Illinois through articles of consolidation filed Dec. 22, 1886. Sold at foreclosure Oct. 4. 1889, after receivership begun January, 1889, and reorganized Jan. 23, 1890, as 3.
5 The St. Louis and Chicago Railway Company. Under general laws of Illinois, May 9, 1885. Consolidated Dec. 22, 1886, with 6 to form 4.
6 The St. Louis, Chicago and Peoria Railway Company. Under general laws of Illinois, June 25, 1886. Consolidated Dec. 22, 1886, with 5 to form 4.
7 The Saint Louis and Chicago Railroad Company. Under general laws of Illinois, Sept. 11, 1888. Sold to 4, Apr. 26, 1889.
8 Mount Olive Coal Railroad Company. Under general laws of Illinois, Aug. 18, 1888. Sold to 7, Oct. 4, 1888.
9 The Litchfield and St. Louis Railway Company. Under general laws of Illinois, May 29, 1886. Sold to 4, June 3, 1887.
10 The Chicago, Springfield and St. Louis Railroad Company. Under general laws of Illinois, Jan. 17, 1883. Sold to 9, June 12, 1886.
DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Of the owned mileage of the Alton amounting to 690.908 miles, 644.510 miles were acquired in the consolidation of 1906 and 46.398 miles were constructed by the Alton. Of the 18 corporations that comprise the line of succession culminating in the Alton as at present constituted, two, The Mississippi River Bridge Company (of April, 1873) and The Louisiana Bridge Company, did not construct any road or other common-carrier property. One other, the St. Louis, Alton and Chicago Railroad Company acquired property from predecessors but the records reviewed do not indicate whether it improved such property while owned by it. Of the 15 other corporations, two only improved property completed by others. Those corporations were The Chicago and Alton Railway Company and The Litchfield, Carrollton & Western Railway Company.

The data with respect to the miles of road constructed by the Alton and the 13 remaining corporations, together with certain mileage constructed by other than predecessors, the years in which the various portions of the line were constructed, and the manner in which the Alton acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained:

Constructed by the Alton:
Eldred to Titus, Ill., 1912-1914 7.70
Bierd to Schoper, Ill., 1918 3.37
Main line through Joliet, Ill., 1910 .79
Iles to Murrayville, Ill., 1906-1907 34.36
Sections between Joliet and Chicago, Ill., various dates 2.25
Main track at Cedar City, Mo. .56
49.03
Purchased from predecessor corporations, The Atlanta and Lawndale Railroad Company, Jan. 14, 1915; partially constructed line, Atlanta to Lawndale, Ill., 1905-1914 --
The Chicago and Alton Railway Company, Mar. 14, 1906—
Constructed by that company, partially constructed line, Iles to Murrayville, Ill., 1905-1906 --
Constructed by the St. Louis, Peoria and Northern Railway Company—
Springfield to Grove, Ill., 1896-8 57.65
Less portion of line between Springfield and Ridgely, Ill., now used as double track 3.91
53.74
The Chicago and Alton Railroad Company (of 1861), Mar. 14, 1906—
Constructed by that company—
From a point south of Joliet, Ill., near Hickory Creek to connection with road of The Chicago and Illinois River Railroad Company, 1876 .50
Coal City to Mazonia, Ill., 1881 4.80
Varna to Washington, Ill., 1870-1871 25.40
Partially constructed by The Hamilton, Lacon and Eastern Railroad Company and completed by this company, Wenona to Lacon, Ill., 1870-1871 19.40
Constructed by The Litchfield, Carrollton and Western Railroad Company—
Barnett Junction to Columbiana, Ill., 1883-1886 51.65
Abandoned by The Litchfield, Carrollton & Western Railway Company, Eldred to Columbiana, Ill., 3.35
48.30
Partially constructed by The Sangamon and North West Rail Road Company and completed by The Alton and St. Louis Railroad Company, Alton to East St. Louis, Ill., 1857-1865 22.41
Constructed by the St. Louis, Jacksonville and Chicago Railroad Company—
Dwight to Streator, Ill., 1869-1870 22.60
Roodhouse to Quincy Junction, Ill., 1870-1871 36.75
Godfrey to Wann, Ill., 1881 7.53
Partially constructed by The Tonica and Petersburg Railroad Company and completed by the St. Louis, Jacksonville and Chicago Railroad Company, Bloomington to Petersburg, Ill., 1857-1868 61.10
Partially constructed by the Jacksonville, Alton and St. Louis Railroad Company and completed by the St. Louis, Jacksonville and Chicago Railroad Company, Whitehall to Godfrey, Ill., 1857-1866 36.70
Constructed by The Tonica and Petersburg Railroad Company, Petersburg to Jacksonville, Ill., 1857-1862 28.10
Constructed by the Jacksonville, Alton and St. Louis Railroad Company, Jacksonville to Whitehall, Ill., 1857-1861 24.70
Constructed by Ottawa, Oswego and Fox River Valley Railroad Company (not a predecessor), Streator to Wenona, Ill., 1867 12.31
Constructed by The Mississippi River Bridge Company (of May, 1873), Quincy Junction to Illinois-Missouri State line and bridge over Mississippi River, 1873 .72
Constructed by The Chicago and Illinois River Railroad Company, point south of Joliet, Ill., near Hickory Creek to Coal City, Ill., 1874-1875 19.05
Constructed by The Chicago, Alton and St. Louis Railroad Company, Alton to Joliet, Ill., 1850-1855 220.40
590.77
Total 693.54
Difference between total recorded mileage and mileage inventoried as of date of valuation 2.632
Mileage inventoried as of date of valuation 690.908

In addition, the Alton owns jointly with another company 0.62 mile of main track located at Joliet, Ill., but the records reviewed do not indicate how this property had been acquired.

HISTORY OF CORPORATE FINANCING


Solely leased, but not used:
Leased from the Kansas City, St. Louis and Chicago; leased to Kansas City Terminal Railway Company; subfreight depot and tracks at Grant Avenue, Kansas City, Mo., for an indefinite term from Nov. 1, 1914; annual rental equal to 5.5 per cent on agreed valuation plus cost of additions and betterments; maintenance and taxes paid by lessor 7,231.80
Solely used, but not owned leased from—
Joliet and Chicago, entire property; in perpetuity from Jan. 1, 1864, annual rental, payable quarterly in cash, equal to 7 per cent per annum net on $1,500,000 par value of common stock outstanding plus cost of additions and betterments to the property; Alton pays also all taxes, maintenance, and expense of maintaining corporate organization $105,000,00
Kansas City, St. Louis and Chicago, entire property, in perpetuity from Mar. 15, 1878; annual rental equal to 7 per cent net on $114,200 par value of common and 6 per cent net per annum on $1,750,000 par value of guaranteed preferred stock plus cost of additions and betterments to the property; Alton pays also all taxes, maintenance, and expense of maintaining corporate organization 112,994.00
Louisiana and Missouri River Railroad, entire property; for 1,000 years from Aug. 1, 1870; annual rental equal to 7 per cent per annum on $239,000 par value of guaranteed preferred stock plus cost of additions and betterments to the property; Alton pays also all taxes, maintenance, and expense of maintaining corporate organization 23,030.00
Rutland, Toluca and Northern, entire property including 21 units of equipment, for 999 years from Oct. 1, 1910; annual rental equal to 4 per cent per annum on $225,000 par value of first-mortgage bonds of the lessor; Alton also pays all taxes, maintenance, and expense of maintaining corporate organization 9,000.00
Union Pacific Equipment Association, equipment, 2626 units; lease dated Dec. 23, 1913, for an indefinite period, terminable on 90 days' notice from either lessor or lessee; annual rental, [...] 396,639.84
Jointly used, but not owned, owned by—
Chicago Union Station Company—
Track, 0.93 mile, Twelfth Street to Union Depot, and 0.35 mile, Madison to Van Buren Streets, at Chicago, and passenger station and facilities; for the term of the corporate existence of the owner; filed annual rental of $16,644.67 for use of old station and facilities pending construction of new depot and terminals, and thereafter a minimum rental of not less than 7 per cent of [...] $17,357.15
The Atchison, Topeka and Santa Fe Railway Company—
Track, 3.80 miles, Joliet to Plaines, Ill., for an indefinite term from Oct. 1, 1914; annual rental 2 per cent on agreed valuation plus cost of additions and betterments; 50 per cent of all taxes, maintenance, and operation divided on a car basis 1,620.00
Track. 15.55 miles, Plaines to Pequot, Ill., for an indefinite term from Sept. 19, 1905; no rental paid—reciprocal double-track arrangement, the lessor using similar facilities of the Alton; maintenance, operation, and taxes divided equally --
The Cleveland, Cincinnati, Chicago, and St. Louis Railway Company track, 17.86 miles, and facilities between Wann and Bridge Junction, Ill.; for an indefinite term from Aug, 1, 1906; no rental paid by Alton, as similar facilities owned by it are used by the lessor as part of a double-track arrangement --
St. Louis Merchants Bridge Terminal Railway Company track, 8.91 miles, Granite City, Ill., to Union Depot at St. Louis, Mo., including use of Merchants Bridge; for an indefinite term from Oct. 1, 1889; payment for use including rental based on flat rate per car, amount assigned as rental 44,608.29
Terminal Railroad Association of St. Louis track, 3.95 miles, Bridge Junction, Ill., to Union Depot at St. Louis, Mo., including use of Eads Bridge; for an indefinite term from Oct. 1, 1889; payment for use of bridge and facilities including rental based on flat rate per car, of which $16,789.45 was assigned as rental; annual rental for Union Depot and facilities equal to 5 per cent on agreed valuation plus cost of additions and betterments, divided on a car basis, or $10,930.52; taxes, maintenance, and operation, less station revenues, also divided on a car basis 27,719.97
Toledo, Peoria & Western Railway Company track, 11.40 miles, Washington to Peoria, Ill.; for an indefinite term from Sept. 2, 1895; payment for use including rental $20,000 per annum plus two-thirds of all local passenger revenues, amount assigned as rental $16,740.12
Peoria and Pekin Union Railway Company track, 5.36 miles, Grove to Peoria, Ill., and passenger station, roundhouse, and freight terminals at Peoria; for an indefinite term from Jan. 1, 1910; annual rental $22,500 and agreed proportion of local revenues between termini; maintenance divided on wheelage basis and operation on basis of cars, engines, and tonnage handled, respectively 22,655.82
The Cincinnati, Indianapolis & Western Railroad Company track, 0.91 mile, C. H. & D. wye to Wabash Crossing at Springfield, Ill.; for an indefinite term from Jan. 1, 1916; fixed annual rental, including taxes, $575; track maintained by Alton 349.60
Joliet Union Depot Company passenger station and facilities at Joliet, Ill.; for a term of 30 years from June 1, 1914; annual rental equal to one-third of interest on first-mortgage bonds of lessor plus one-third of reacquisition cost of all such bonds reacquired at or before maturity; taxes divided on basis of tenant users, one-third, maintenance and operation divided on a car basis 9,083.24
Chicago, Burlington & Quincy Railroad Company—
Freight terminal facilities and roundhouse at Francis, Mo.; for a term of 20 years from Aug. 1, 1906; annual rental equal to 2 per cent on cost of facilities plus cost of additions and betterments; taxes, maintenance, and operation divided on basis of cars handled 3,529.22
Track, 0.54 mile, Bridge Junction to Old Union Depot at Kansas City, Mo., for an indefinite term from Feb. 24, 1881; annual rental of $9,500 includes maintenance, operation, and taxes, amount assigned as rental 6,091.15
Kansas City Terminal Railway Company track 6.69 miles, Rock Creek Junction to New Union Depot (passenger line) and passenger station and facilities, also freight line Rock Creek Junction to Bridge Junction, 5.80 miles, and from Old Union Depot to Twelfth Street, 0.34 mile, all at Kansas City, Mo.; for a term of 200 years from June 12, 1909; annual rental equal to one-twelfth of interest on funded debt or other obligations issued or assumed by the lessor; taxes divided on same basis as rental, maintenance and operation of passenger line, station, and facilities divided on car basis of cars handled and freight line on basis of car mileage 174,551.47
The Alton also used jointly with the owners, and in some instances with others, various facilities of minor importance, for the use of which it paid as rental 27,339.94



QUINCY, CARROLLTON & ST. LOUIS RAILWAY COMPANY—PREDECESSOR OF THE CHICAGO AND ALTON RAILROAD COMPANY (OF 1861)
INTRODUCTORY

The Quincy, Carrollton & St. Louis Railway Company was a corporation of the State of Illinois, having its principal office at Carlinville, Ill. It was controlled by the agent of E. H. Harriman. The Quincy, Carrollton & St. Louis Railway Company was incorporated February 7, 1899, to purchase the property of The Litchfield, Carrollton & Western Railway Company which was sold under foreclosure November 26, 1898. [?] It operated the property until September 30, 1904, when it was turned over to an agent of E. H. Harriman, who had acquired title to it from the purchaser at the foreclosure sale. The Quincy, Carrollton & St. Louis Railway Company operated, but did not own, from February 8, 1899, to September 30, 1904, a standard-gage, steam railroad, aggregating 51.65 miles, extending from Columbiana to Barnett Junction, Ill.

HISTORY OF CORPORATE FINANCING


ST. LOUIS, JACKSONVILLE AND CHICAGO RAILROAD COMPANY—PREDECESSOR OF THE CHICAGO AND ALTON RAILROAD COMPANY (OF 1861)
INTRODUCTORY

The St. Louis, Jacksonville and Chicago Railroad Company was controlled on September 7, 1899, the date of sale, by The Chicago and Alton Railroad Company (of 1861), through ownership of its capital stock. On the other hand, the records do not indicate that it controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of consolidation, December 10, 1862, until it was leased to The Chicago and Alton Railroad Company (of 1861) for sole operation June 1, 1868, and by that company from that date to the date of sale. The railroad owned by the St. Louis, Jacksonville and Chicago Railroad Company on the date of sale amounted to 194.88 miles. It consisted of a single-track, standard-gage, steam railroad, extending from Bloomington to Wann, via Jacksonville, with a branch extending from Roodhouse to the east bank of the Mississippi River at Quincy Junction, all within the State of Illinois.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road owned by the St. Louis, Jacksonville and Chicago Railroad Company originally amounted to 230.64 miles of which it had acquired 28.10 miles from The Tonica and Petersburg Railroad Company, 24.70 miles from the Jacksonville, Alton and St. Louis Railroad Company, 12.31 miles from the Ottawa, Oswego and Fox River Valley Railroad Company (which is not a part of the Alton system), and 165.53 miles by construction. Of the original road owned, 34.91 miles between Dwight and Wenona was sold to The Chicago and Alton Railroad Company (of 1861) on March 16, 1870, and 0.85 mile between Quincy Junction and Pike was converted to side track in 1873. In the construction of the road built for the St. Louis, Jacksonville and Chicago Railroad Company, its main line, extending from Bloomington to Petersburg and from Whitehall to Godfrey, was constructed under contract by T. B. Blackstone and the branch from Dwight to Streator by Wm. Shephard. The extensions from Roodhouse to Pike and from Godfrey to Wann were constructed under contract by The Chicago and Alton Railroad Company (of 1861). Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Alton.

HISTORY OF CORPORATE FINANCING

[...]

THE TONICA AND PETERSBURG RAILROAD COMPANY—PREDECESSOR OF THE ST. LOUIS, JACKSONVILLE AND CHICAGO RAILROAD COMPANY

The accounting records of The Tonica and Petersburg Railroad Company were not 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 its minute book and from the records of the St. Louis, Jacksonville and Chicago Railroad Company. The records reviewed did not indicate that The Tonica and Petersburg Railroad Company was controlled by any individual or corporation on December 10, 1862, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The Tonica and Petersburg Railroad Company owned, on the date of consolidation, 28.10 miles of single-track, standard-gage, steam railroad, extending northerly from Jacksonville to Petersburg, Ill. All of the owned property had been acquired by construction. Part of the work was done by this company and part by various contractors. Available records do not indicate that any part of the owned road had been placed in operation prior to the date of consolidation.

The minute book and records of the St. Louis, Jacksonville and Chicago Railroad Company indicate that, of an authorized capital stock of $2000000 par value, [...]

JACKSONVILLE, ALTON AND ST. LOUIS RAILROAD COMPANY—PREDECESSOR OF THE ST. LOUIS, JACKSONVILLE AND CHICAGO RAILROAD COMPANY, FORMERLY NAMED JACKSONVILLE AND CARROLLTON RAILROAD COMPANY
INTRODUCTORY

The records do not indicate that the Jacksonville, Alton and St. Louis Railroad Company was controlled by any individual or corporation at the date of consolidation, December 10, 1862, nor, on the other hand, that it controlled any common-carrier corporation. The property of this company was operated by its own organization from the date of completion to the date of consolidation. The railroad operated by the Jacksonville, Alton and St. Louis Railroad Company on the date of consolidation amounted to 24.70 miles, all owned. It consisted of a single-track, standard-gage, steam railroad, wholly within the State of Illinois and extending from Jacksonville to Whitehall.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property owned by the Jacksonville, Alton and St. Louis Railroad Company had all been acquired by construction. On the date of consolidation, 24.70 miles had been completed and 36.70 miles between Whitehall and Godfrey, Ill., was under construction. The construction work was performed by various contractors, none of whom appears to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Alton.

HISTORY OF CORPORATE FINANCING


THE CHICAGO AND ILLINOIS RIVER RAILROAD COMPANY—PREDECESSOR OF THE CHICAGO AND ALTON RAILROAD COMPANY (OF 1861)
INTRODUCTORY

The accounting records of The Chicago and Illinois River Railroad Company were not 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 Chicago and Alton Railroad Company (of 1861), its lessee, and from court records relating to the foreclosure and sale of its property. The Chicago and Illinois River Railroad Company was controlled on September 4, 1879, the date of sale, by certain individuals, who were acting for The Chicago and Alton Railroad Company (of 1861) through ownership of a majority of the capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of The Chicago and Illinois River Railroad Company was operated by The Chicago and Alton Railroad Company (of 1861) as lessee, under lease agreement, from date of completion, July 1, 1875, to April 15, 1879, and for account of the receivers, from the latter date to date of sale. The road owned by The Chicago and Illinois River Railroad Company amounted to 19.05 miles of main line, extending from a point south of Joliet, Ill., near Hickory Creek, to Coal City, Ill.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

All of the owned road of The Chicago and Illinois River Railroad Company was acquired by construction. The work was first undertaken by the Chicago Railway Construction Company which later surrendered the project to The Chicago and Alton Railroad Company (of 1861). In addition to the road owned at date of sale, this company had previously acquired some right of way and had graded part of a proposed road south of the Mazon River, but this section of its property was sold to the Chicago, Pekin and Southwestern Railway Company in 1875.

HISTORY OF CORPORATE FINANCING

On August 1, 1873, a contract was entered into with the Chicago Railway Construction Company, a corporation controlled by the incorporators of The Chicago and Illinois River Railroad Company, for the construction of the road. All of the authorized capital stock of the railroad company, amounting to $1,000,000 par value, was issued to the construction company as part payment for the work to be done. Upon its failure to finance the project the construction company, in 1875, surrendered the contract to The Chicago and Alton Railroad Company (of 1861) and at the same time leased the proposed road to that company. The construction company also transferred a majority of the capital stock of The Chicago and Illinois River Railroad Company to representatives of The Chicago and Alton Railroad Company (of 1861).

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