Wikipedia:WikiProject Trains/ICC valuations/Wichita and Midland Valley Railroad

Interstate Commerce Commission, Valuation Reports, Volume 141

The Wichita and Midland Valley Railroad

Location and General Description of Property

The railroad of The Wichita and Midland Valley Railroad Company, herein called the Wichita and Midland Valley, which is leased to and operated by the carrier, is a single-track line, located entirely in Kansas. It consists of a main line from Arkansas City to Wichita, 50.040 miles.

Introductory

The Wichita and Midland Valley is a corporation of the State of Kansas, having its principal office at Wichita, Kans. The records reviewed do not indicate that the Wichita and Midland Valley is controlled by any individual or corporation on the date of valuation. Of its outstanding capital stock, about 47 per cent is held by the carrier and about 22 per cent is held by C. E. Ingersoll, who is president of the carrier and also of the Wichita and Midland Valley. On the other hand, the records do not indicate that this company, itself, controls any other common-carrier corporation. The property was operated by the carrier under lease agreement from the date of completion October 1, 1911, to December 31, 1917. From January 1, 1918, to date of valuation it has been operated by the United States Railroad Administration as a part of the operating unit of the carrier.

Corporate History

The Wichita and Midland Valley was incorporated July 29, 1910, under the general laws of the State of Kansas, as The Wichita, McPherson & Gulf Railroad Company, for the purpose of constructing and operating a railroad and telegraph line from Arkansas City to McPherson, Kans., about 100 miles. The name of the corporation was changed by charter amendment February 28, 1911, to The Wichita and Midland Valley Railroad Company, the present designation.

Development of Fixed Physical Property

The owned mileage of the Wichita and Midland Valley, 50.04 miles, was acquired by it through construction between July, 1910, and October, 1911. The construction work was performed under contract by The Midland Construction Company, an affiliated company organized by the interests controlling the carrier.

Leased Railway Property

The entire property of the Wichita and Midland Valley is leased to the carrier for a term expiring July 29, 1960. The terms of the lease and the rental accrued for the year ended December 31, 1917, are given in the chapter on leased railway property in the report on the carrier. The rental accrued for the year ending on date of valuation is $57,874.62.