Wikipedia:WikiProject Trains/ICC valuations/Wichita Valley Railway

Interstate Commerce Commission, Valuation Reports, Volume 134

The Wichita Valley Railway

Location and General Description of Property

The railroad of The Wichita Valley Railway Company, herein called the Wichita Valley Railway, is a single-track, standard-gauge, steam railroad located in central northern Texas. The owned mileage consists of a main line extending southwesterly from Wichita Falls to Seymour. The lines used under lease extend from Seymour to Stamford, Stamford to Abilene, Stamford to Spur, and Wichita Falls to Byers, all in Texas. The Wichita Valley Railway wholly owns 51.989 miles of road, all of which it uses. It also wholly uses 203.878 miles of road owned by lessors, whose entire properties are leased to and operated by the Wichita Valley Railway, as described in the following paragraphs:

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The Wichita Valley Railway wholly owns and uses 59.919 miles of all tracks, and wholly uses but does not own 227.848 miles of all tracks. These tracks are classified in the trackage table in Appendix 1.

Introductory

The Wichita Valley Railway is a corporation of the State of Texas, having its principal corporate offices at Wichita Falls, Tex., and its principal business office at Fort Worth, Tex. All of the general accounting records and minute books and practically all other corporate records of the Wichita Valley Railway for the period prior to January 1, 1898, were destroyed by fire on February 8, 1898. Therefore, the only information that can be given regarding the company's financial dealings, corporate operations, and investments for the period prior to January 1, 1898, has been taken from annual reports to us and from miscellaneous documents, as pointed out hereinafter.

The Wichita Valley Railway is controlled by the Colorado and Southern, through ownership of the entire outstanding capital stock, except directors' shares. On the other hand, the records reviewed do not indicate that this company, itself, controls any common-carrier corporation. The property of the Wichita Valley Railway was operated by its own organization from the date it was placed in operation, September 1, 1890, to December 31, 1917. On January 1. 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, and it is so operated on date of valuation.

Corporate History

The Wichita Valley Railway was incorporated February 8, 1890, under the general laws of the State of Texas, for the purpose of constructing a railroad southwesterly from Wichita Falls, about 400 miles. The date of organization of this company was not determined from the records reviewed.

Development of Fixed Physical Property

The owned mileage of the Wichita Valley Railway, amounting to 51.989 miles, was all acquired by it through construction, as indicated below.

	Recorded mileage
Wichita Falls to Seymour, April, 1890, to Sept. 1, 1890	51.36
At Seymour, 1904	0.66
	52.02
Less sales, abandonments, and remeasurements	0.67
Net recorded mileage	51.35
Difference between total recorded mileage and mileage inventoried as of date of valuation	0.639
Mileage inventoried as of date of valuation	51.989

The available records for the construction period are so incomplete that it is not known whether the construction was performed in the name of the railway company or by a contractor. However, the construction program was arranged and financed by the promoters of the railway company, as elsewhere explained.

Leased Railway Property

The Wichita Valley Railway used on December 31, 1917, property owned by other companies, and other companies used property owned by this company, to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation, are as follows:

[Description]	Rentals
Solely used, but not owned, leased from—
Wichita Valley Railroad; entire property; for a period of five years from Feb. 1, 1908; lessee pays taxes and maintenance together with rental equal to interest on first-mortgage bonds of lessor plus such proportion of its surplus as lessor's mileage bears to total mileage operated. No part of lessee's surplus has been distributed as rental since July 1, 1910.	$44,640.00
Wichita Falls & Oklahoma; entire property; for a period of five years from Feb. 1, 1908; lessee pays taxes and maintenance, together with rental equal to interest on first-mortgage bonds of lessor plus such proportion of its surplus as lessor's mileage bears to total mileage operated. No part of lessee's surplus has been distributed as rental since July 1, 1910.	15,420.00
Abilene & Northern; entire property; for a period of five years from Feb. 1, 1908; lessee pays taxes and maintenance, together with rental equal to interest on first-mortgage bonds of lessor plus such proportion of its surplus as lessor's mileage bears to total mileage operated. No part of lessee's surplus has been distributed as rental since July 1, 1910.	30,960.00
Stamford and Northwestern; entire property; for period from Sept. 15, 1909, to Jan. 31, 1913; lessee pays taxes and maintenance, together with rental equal to interest on first-mortgage bonds of lessor plus such proportion of its surplus as lessor's mileage bears to total mileage operated. To date of valuation no part of lessee's surplus has been accrued as rental to this company.	112,372.80
Solely leased, but jointly used, used with—
Abilene and Southern Railway Company: Main line, 24.513 miles from Anson to Abilene, Tex.; term 10 years from Oct. 1, 1910; annual rental 65 cents per mile for each train of 20 cars. Additional cars 4 cents per mile.	8,014.32
Other minor facility.	289.38
Solely owned, but jointly used, used with—
The Missouri, Kansas & Texas Railway Company of Texas and Fort Worth and Denver City; yard tracks, 0.457 mile at Wichita Falls, Tex.; term 49 years from Mar. 8, 1910; annual rental 3 per cent on valuation of $6,645.88; maintenance and operation to be divided equally.	199.32
The Missouri, Kansas & Texas Railway Company of Texas; main line, 3.651 miles, at Wichita Falls, Tex.; term 20 years from June 28, 1907; annual rental 3 per cent on valuation of $28,989.46; maintenance and operation to be divided on wheelage basis.	869.64

In addition, the Wichita Valley Railway uses under trackage rights road or facilities of other companies and other companies use under trackage rights road or facilities of the Wichita Valley Railway, for which no rental is paid or received, the exchange of facilities being reciprocal. These arrangements include those with the following named companies: Abilene and Southern Railway Company, Fort Worth and Denver City, The Missouri, Kansas & Texas Railway Company of Texas, The Texas and Pacific Railway Company, and Gulf, Texas & Western Railway Company.