Wikipedia:WikiProject Trains/ICC valuations/Arkansas Central Railroad

Interstate Commerce Commission, Valuation Reports, Volume 40

Location and General Description of Property
The railroad of the Arkansas Central Railroad Company, herein called the Arkansas Central, is a single-track, standard-gage, steam railroad, extending eastwardly from Arkansas Central Junction, near Fort Smith, Ark., to Paris, Ark., 42.879 miles. The Arkansas Central also owns and uses 8.214 miles of yard tracks and sidings. Its road thus embraces 51.093 miles of all tracks owned.

Introductory
The Arkansas Central is a corporation of Arkansas, having its principal office at Fort Smith, Ark. It is controlled by the Missouri Pacific Railroad Company, successor of the St. Louis, Iron Mountain and Southern Railway Company, through ownership of stock. The Arkansas Central has operated the property with its own organization from the date it was opened for operation in 1899 to date of valuation, except that a receiver operated the property during part of the years 1899 and 1900.

The present books of account were opened on June 1, 1900. The only obtainable data concerning transactions occurring prior to that date are contained in minute books and in records of the Missouri Pacific Railroad Company, which acquired control of the Arkansas Central during the year 1899.

Corporate History
The Arkansas Central was incorporated April 29, 1897, for a period of 99 years, under the general laws of Arkansas. The date of organization was not disclosed by the records reviewed. The purpose for which it was incorporated was to build, maintain, own, and operate a line of railway from Fort Smith to Little Rock, and from a point about 50 miles west of Little Rock to Hot Springs, all in Arkansas. The Arkansas Central was incorporated by N. B. Kendall, C. C. Godman, and J. H. Larimer, all of Fort Smith. During 1899, these individuals transferred control to the Missouri Pacific Railroad Company, which in turn transferred such control in 1903 to the St. Louis, Iron Mountain and Southern Railway Company.

Development of Fixed Physical Property
The road owned and used by the company on date of valuation was constructed by it during the years 1897 to 1900, inclusive. The arrangement under which the construction was performed has not been ascertained. About 29 miles of the road had been completed by January 21, 1899. The entire property was completed and placed in operation on or before January 1, 1900.

Leased Railway Property
The Arkansas Central used on date of valuation facilities owned by other companies, and other companies used facilities owned by the Arkansas Central to the extent indicated in the statement below.

The Arkansas Central jointly used the following property owned by the Missouri Pacific Railroad Company:

Main-line track, Arkansas Central Junction to Fort Smith, in Arkansas, about 4.28 miles; main-line track, about 1.21 miles, and about 8.17 miles of sidings and spur tracks, at or near Fort Smith, used by the Arkansas Central for sidings and industrial purposes; freight and passenger station facilities in Fort Smith. The agreement covering the above use is dated September 9, 1912, and may be terminated by either party upon 60 days' written notice. The rental is fixed at $4,147.50 per annum, plus 2.5 per cent on additions and betterments. The Arkansas Central also pays one-half of the taxes and a proportion of the operating expenses. Rental for year ended on date of valuation, $4,862.42.

The Arkansas Central on date of valuation granted to the Fort Smith, Subiaco and Eastern Railroad the joint use of its passenger and freight depot and certain yard tracks at Paris, Ark. The contract covering the use is dated April 1, 1909, and is terminable upon 30 days' written notice. The annual rental was fixed at $360.