Financial Trouble and Sale
Even after completing a link to Lawton, the T&SH was unable to stay fiscally solvent. The cost of litigation may have played a role, as well as the unanticipated expense of building the Paw Paw to Lawton track. In 1893 the company was ordered to pay $306,397 in foreclosure to Farmers Loan and Trust Company. The company was bought a year later by Chicago businessman Fred Steele, who renamed it the South Haven and Eastern. By 1898 the SH&E track had been converted to standard gauge. This company would later play a large role in the forming of the Kalamazoo, Lake Shore and Chicago Railway.
Read more about this topic: Toledo And South Haven Railroad
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