The Chicago, Saginaw and Canada Railroad was a short-line lumber road that served a small part of Michigan for a decade in the late 19th Century. Mortgage bonds were issued in 1873, and in 1875 twenty miles of track had been laid from Alma to Cedar Lake, Michigan. Four years later, although the road had by then been placed in the hands of a receiver, an additional 15.3 miles of track had been laid, extending the road to Lake View.

When the road was founded, $4,200,000 of capital stock was authorized. However, only $14,500 of that amount was ever sold. The company's bonded debt was $185,000, which was funded by 7 percent first mortgage bonds. Total gross revenue for the struggling company's first year was only $2,163. For the same period of time, operating expenses were $1,130 and fixed retirement charges were $12,950. The combined costs of operating and fixed charges nearly depleted income and funds raised by sale of stock, and before the end of 1876, the company was placed in the hands of a receiver.

D.D. Erwin took control of the company on November 20, 1876. Erwin leased the company to J.A. Elwell who was one of its officers. Under Elwell’s guidance, the road took significant strides toward solvency. In addition to extending the road to Lake View, Elwell increased the road’s business. The 1881 income was over $100,000 with taxes and operating expenses of only $60,000. But other costs continued to threaten the road's existence. Funded and unfunded debts totaled $223,600, and there was an operating deficit of $143,936.

In 1881, the C.S.& C. was sold in a foreclosure sale. The road was purchased by the Detroit, Lansing and Northern Railroad Company, and operated under the name of the Chicago and Western Railroad Company.