A court ruled that the Eel River Railroad's charter was forfeited by its lease to a competing company (the Wabash), leading to the bondholders regaining control of the railroad [REF].
With local shareholders back in control, the line was reorganized as the Logansport and Toledo Railway (L&T) and bought by the Pennsylvania Railroad in 1901,[REF] when operations were transferred to the PRR's Terre Haute and Indianapolis Railroad.