The I&B was incorporated in the
U.S. state of
Indiana on February 17, 1848. Though the I&B once used the
Ohio gauge, it was quickly converted to
standard gauge (). Its counterpart, the B&I was chartered on February 25, 1848, in the U.S. state of Ohio. A construction firm owned by
Amasa Stone, Frederick Harbach, and
Stillman Witt contracted to build the Ohio line. Construction began in 1849 in Indiana, and the portion of the line from
Indianapolis to the Indiana-Ohio border (the I&B) was largely complete by 1851. Construction from the border east to Cleveland (the B&I) began in 1852, and the line was complete in July 1853. The Indianapolis & Bellefontaine changed its name to the Indianapolis, Pittsburgh and Cleveland Railroad on December 19, 1854. On March 14, 1856, the B&I entered into a joint operating agreement with the IP&C.
John Brough, a newspaper publisher and president of the
Madison and Indianapolis Railroad, was elected the B&I's president in 1862. Stillman Witt, one of the directors of the B&I, urged Brough to run for
Governor of Ohio in 1864. Knowing that Brough could not afford the large reduction in pay, Witt agreed to become president of the B&I and forward his salary to Brough. Brough agreed, and Brough continued to receive the income from Witt until Brough's death on August 29, 1865. On September 27, 1864, the B&I and the IP&C agreed to merge and form the
Bellefontaine Railway. That agreement was filed with the
Indiana Secretary of State on December 20 and with the
Ohio Secretary of State on December 26. On May 16, 1868, the Bellefontaine Railway was merged with the Cleveland, Columbus, and Cincinnati Railroad to form the Cleveland, Columbus, Cincinnati and Indianapolis Railway. ==Involvement in the Union Track Railway==