This abandoned railway was once the Central Indiana Railroad, or "The Midland Route" — basically a stepchild of the Pennsylvania Railroad (Panhandle) and New York Central (Big Four) for much of its life. It once ran from Brazil to Muncie, Indiana with plans to extend to Paris, Illinois in order to connect with St. Louis that never materialized. The line saw much financial hardship and was deemed unwanted by its parent companies who jointly owned the property. While intended as a bypass around Indianapolis, studies deemed the track unsatisfactory and it wasn't long before abandonment was started. After struggles, the line was finally left intact from Lebanon to Anderson. After the inception of Penn Central Railroad, and then Conrail later, the line was absorbed into the parent companies and abandoned except for the Anderson-to-Lapel segment which is still used today by shortline Central Indiana and Western Railroad.
Thanks to James Norwood for contributing information about this route.