Wikipedia:WikiProject Trains/ICC valuations/Great Southern Railroad

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Corporate history.—The carrier was incorporated on February 11, 1908, under the general laws of the State of Oregon, for an unlimited period, to purchase the property of a company of the same name incorporated under the laws of the State of Washington, and hereinafter called the Washington corporation, which had constructed and was operating a line from Seuferts, Oreg., to Dufur, Oreg. The Washington corporation was incorporated for a period of 50 years, under articles of incorporation filed with the secretary of state on February 29, 1904, and perfected on March 3, 1904, for the purpose of constructing and operating a railroad from some point near The Dalles, Oreg., southerly through that State to San Francisco, Calif., and northerly from The Dalles into and through the State of Washington to such point as the company might desire.

On June 2, 1908, the stockholders of the Washington corporation authorized a sale of the railroad and all its right of way, extensions, franchises, privileges, and property to the carrier. Under that sale the stockholders of the Washington corporation were to receive shares of stock of the carrier par for par; the carrier was to deliver to the Washington corporation 413 20-year 5 per cent debenture bonds of the par value of $1,000 each and to assume all liabilities of the Washington corporation. The bonds were also to be exchanged par for par. As of June 24, 1908, when the properties of the Washington corporation were transferred by deed to the carrier, the outstanding capital stock of the former was $100,000 and the outstanding bonds were $338,000. These were exchanged for the same amounts of stocks and bonds of the carrier, but no formal entries were made in the books of account, and there is no record of a delivery of 413 bonds to the Washington corporation. On August 23, 1909, the Washington corporation ceased to have a legal corporate existence in the State of Washington through failure to pay the annual license fees. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

History of corporate financing, capital stock, and long-term debt.—

APPENDIX 2

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road acquired from the Washington corporation extended from The Dalles to Dufur, Oreg., 29.67 miles. Preliminary surveys were commenced In 1903 and completed the same year. Construction was commenced March 9, 1904, and completed November 30, 1905, the road being turned over for operation the following day. Preliminary surveys of the extension from Dufur to Friend were commenced June 26, 1910, and completed January 31, 1911. Construction was commenced in May, 1911, and completed December 31, 1912. The additional mileage constructed was 11.12 miles, which was released for operation on July 1, 1913, making a total of 40.79 miles.