Wikipedia:WikiProject Trains/ICC valuations/Manchester and Oneida Railway

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The railroad of Manchester & Oneida Railway Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad located in the northeastern part of Iowa. The wholly owned mileage extends in a northeasterly direction from Manchester to Oneida, a distance of 7.81 miles. The carrier also wholly owns yard and side tracks totaling 1.037 miles. Its road thus embraces 8.847 miles of all tracks wholly owned. In addition to the foregoing mileage, the carrier jointly owns and uses with another carrier 0.288 mile of yard tracks and sidings, details for which will be found in the summaries by accounts in Appendix 1.

Corporate history.—The accounting records are incomplete for the period prior to May 1, 1906. For this reason no information other than that taken from the corporate records can be given respecting the issuance of securities and the cost of constructing the road to May 1, 1906. No information at all can be given respecting the results of corporate operations to May 1, 1906. The carrier was incorporated April 16, 1900, under the general laws of Iowa, for a period of 20 years, the purpose being to construct and operate a railroad between the points named above, with any necessary extensions. The carrier has always been operated by its own organization. The principal office is located at Manchester. The detailed facts as to the development of fixed physical property will be found in Appendix 2.

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

APPENDIX 2

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road owned by the carrier was acquired by construction. Work was commenced in September, 1900, and the line was completed and placed in operation on August 8, 1901. The line was constructed under contract by the Manchester Construction Company, whose incorporators and officials were also incorporators and officials of the carrier. The contract dated September 3, 1900, provided that the carrier should survey the proposed road, secure the right of way and superintend the construction, and that the Manchester Construction Company should purchase the necessary material, perform the construction work, and provide the equipment. As consideration for such material and labor, the carrier agreed to reimburse the Manchester Construction Company for the latter's expenditures plus 10 per cent profit and a $5,000 bonus.

HISTORY OF CAPITAL FINANCING