Wikipedia:WikiProject Trains/ICC valuations/Chicago, St. Paul, Minneapolis and Omaha Railway

Interstate Commerce Commission, Valuation Reports, Volume 137

Location and General Description of Property
The railroad of the Chicago, Saint Paul, Minneapolis and Omaha Railway Company, hereinafter called the Omaha, is a standard-gauge, steam railroad, located in Wisconsin, Minnesota, Iowa, Nebraska, and South Dakota. The main lines extend from St. Paul, Minn., to Elroy, Wis.; Eau Claire, Wis., to Duluth, Minn.; Northline to Bayfield, Wis.; Merriam, Minn., to Le Mars, Iowa; and South Sioux City to Omaha, Nebr. The principal branch lines extend from Tuscobia to Park Falls, Wis.; Lake Crystal to Elmore, Minn.; Fairchild to Mondovia, Wis.; Chippewa Falls to Hughey, Wis.; and Wakefield to Crofton, Nebr. Minneapolis, Minn., and Sioux City, Iowa., are reached by means of trackage rights. Of the entire road, 183.610 miles is double track. The principal stretch of double-track road extends from St. Paul, Minn., to Wyeville, Wis. The Omaha owns freight terminals at Superior, Ashland, and Eau Claire, Wis.; Duluth, St. Paul, and Minneapolis, Minn.; Sioux City, Iowa; and Omaha, Nebr.; and passenger terminals at Superior, Ashland, and Eau Claire, Wis.; Duluth, Minn.; and Omaha, Nebr. The Omaha wholly owns 1,665.680 miles of road, all of which it uses. It owns, in addition, jointly with other carriers, 6.581 undivided miles of road. The Omaha wholly owns and uses 2,516.315 miles of all tracks. It owns, in addition, jointly with other carriers 43.976 undivided miles of all tracks. These tracks are classified in the trackage table in Appendix 1.

Introductory
The Omaha is a corporation of the State of Wisconsin, having its principal office at Hudson, Wis., and its general administrative office at St. Paul, Minn. It is controlled by the North Western on date of valuation, through ownership of a majority of the outstanding capital stock. On the other hand, the Omaha controls jointly with other railroad companies three railway and terminal companies, one union depot company, and one bridge company, all of which are operated independently. The names of these companies together with a statement showing the extent of the Omaha's control are given below: The property of the Omaha has been operated by its own organization during its entire life. While the consolidation forming the Omaha was effective May 28, 1880, the recording of the operations of the property were continued in the books of the consolidating companies to May 31, 1880.

Corporate History
The Omaha was incorporated May 26, 1880, under the general laws of the State of Wisconsin, through filing with secretary of State of Wisconsin an agreement, dated May 25, 1880, for the purpose of consolidating the property, rights and franchises of the Chicago, Saint Paul and Minneapolis Railway Company and the North Wisconsin Railway Company. The date of organization of the Omaha was May 26, 1880. Pursuant to the above purpose, the Omaha acquired at its organization the property, rights, and franchises of the two companies named. It subsequently acquired, by merger or purchase, the property, rights, and franchises of 18 other railroad corporations. The Omaha, itself, and those corporations, together with their predecessors, total 38 different corporations, of which 5 underwent a change in name, and comprise the line of corporate succession culminating in the Omaha as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Development of Fixed Physical Property
The road wholly owned by the Omaha, 1,665.680 miles, and the jointly owned, 6.581 miles, were acquired by it as indicated hereunder:

Of the 37 corporations which comprise the line of succession culminating in the Omaha as at present constituted, 5 did not construct or improve any property. Those 5 corporations were The Black River Railroad Company, Minnesota and Black Hills Railroad Company, The Neillsville & North Eastern Railway Company, Southern Minnesota Railroad Company, and The Worthington and Sioux Falls Rail Road Company of Iowa. Of the 32 other corporations, 2 only improved property completed by others. These corporations were the Chicago, Saint Paul and Minneapolis Railway Company and the Superior Short Line Railway Company (second corporation). The data with respect to the miles of road constructed by the Omaha and the remaining 30 corporations, the years in which the various portions of the line were constructed, and the manner in which the Omaha acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained.

Leased Railway Property
The Omaha uses on date of valuation property owned by other companies and other companies use property owned by the Omaha 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:

There are other facilities of minor importance, such as interlockers, stations, and yard tracks and sidings in which the Omaha grants or receives joint use as well as certain jointly-owned yard tracks and sidings, that are not listed in this chapter. The telegraph pole lines amounting to 1,679.84 miles constructed on the right of way of the lines of the Omaha are wholly owned and used by The Western Union Telegraph Company, under an agreement dated December 16, 1891, which grants to the Omaha only incidental use of certain telegraph property.

Chicago, Saint Paul and Minneapolis Railway Company
This company was incorporated April 30, 1878, in the State of Wisconsin. The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 26, 1880, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The property was operated by its own organization from May 2, 1878, the date it acquired the property, to the date of consolidation.

The railroad operated by the company was a single-track, standard-gauge, steam railroad, located in Wisconsin and Minnesota, aggregating 201.20 miles. The owned mileage, 177.90 miles, consisted of a main line extending from Hudson to Elroy, Wis. The mileage operated under lease, 23.30 miles, consisted of a line extending from Hudson, Wis., to St. Paul, Minn. The entire mileage had been acquired from the West Wisconsin Railway Company, through foreclosure sale and reorganization, by deed dated May 2, 1878.

West Wisconsin Railway Company, Formerly Named Tomas and Lake St. Croix Railroad Company
This company was incorporated April 1, 1863, in the State of Wisconsin, as the Tomah and Lake St. Croix Railroad Company. The name was changed August 23, 1867. While the accounting records of the company were obtained for the period from the date of its incorporation to December 31, 1875, they are incomplete. For that reason only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 1, 1878, the date of foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by the Milwaukee and St. Paul Railway Company from 1868 to May 7, 1871. From May 8, 1871, to October 19, 1876, it was operated by W. H. Perry, trustee, and from the latter date until May 31, 1877, by the company's own organization. From June 1, 1877, to March 1, 1878, the date of foreclosure sale, it was operated by a receiver.

The railroad owned on date of sale consisted of 177.90 miles of single-track, standard-gauge, steam railroad, extending from Hudson to Elroy, Wis., which had been acquired by construction. The construction work was all performed by contractors, none of whom appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

North Wisconsin Railway Company
This company was incorporated November 17, 1871, under the general laws of the State of Wisconsin. The accounting records of this company are incomplete for the period from the date of its organization to July 1, 1876. For that reason only partial information can be given from the accounts in connection with financial dealings, corporate operations, or investments. The records reviewed do not indicate that the company was controlled by any individual or corporation on May 26, 1880, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation. The property was operated by its own organization from the date of completion to the date of consolidation.

The railroad owned on the date of consolidation, 92.50 miles, was a single-track, standard-gauge, steam railroad, and consisted of a main line extending from North Wisconsin Junction, Wis., to a point north of Chandler, Wis., and a branch line extending from Hudson to River Falls, Wis. Of the road owned by the company on the date of consolidation, it had acquired 11.70 miles from the Hudson and River Falls Railway Company and 80.80 miles by construction. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Hudson and River Falls Railway Company
This company was incorporated February 11, 1878, under the general laws of the State of Wisconsin. The records reviewed indicate that this company was controlled on May 17, 1880, the date of sale, by John C. Spooner and others, who were affiliated with the North Wisconsin Railway Company through ownership of its capital stock. On the other hand, the records do not indicate that this company, itself, controlled any other common-carrier corporation. The property was operated under lease by The Saint Paul, Stillwater and Taylors Falls Railroad Company from the date of completion to the date of sale.

The railroad owned by the company consisted of 11.70 miles of single-track, standard-gauge, steam railroad, extending from Hudson to River Falls, Wis., including, however, a section of 4,800 feet in Hudson, Wis., jointly owned. The entire mileage had been acquired by construction. Of the section of joint track referred to, one-half was deeded immediately upon completion to the Omaha and charged to the account of that company. The records indicate that the grading was done by contractors not affiliated with the company, and the remainder of the work by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

The Black River Railroad Company
This company was incorporated March 2, 1878, in the State of Wisconsin. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings or investments. However, certain data given below were obtained from its minute book and records of the Omaha. The records reviewed do not indicate whether the company was controlled by any individual or corporation on November 27, 1880, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. While this company was authorized to build a standard-gauge, steam railroad from Merrillan towards Neillsville, Wis., it did not construct that line, or own any railroad property, other than certain franchise rights, on date of sale. The authorized capital stock was $150,000 par value, divided into shares of $100 par value each. How much was actually issued and the considerations received therefor were not ascertained from the records obtained.

Saint Paul and Sioux City Railroad Company, Formerly Named Minnesota Valley Railroad Company
This company was incorporated March 4, 1864, in the State of Minnesota, as the Minnesota Valley Railroad Company. The name was changed June 7, 1870. The records reviewed do not indicate that the company was controlled by any individual or corporation on May 9, 1881, the date of sale, nor, on the other hand, that it then controlled any common-carrier corporation. The property was operated by its own organization from the dates portions of its line were completed or purchased to May 9, 1881, the date of sale. Although the property of this company was conveyed to the Omaha by deed dated May 9, 1881, the results of corporate operations to May 31, 1881, are recorded in the books of account of the company.

The railroad operated by this company was a single-track, standard-gauge, steam railroad, located in Minnesota, Iowa, Nebraska, and South Dakota, aggregating 619.463 miles. The wholly owned railroad, 614.200 miles, consisted of a main line extending from Mendota, Minn., to Le Mars, Iowa, and several branch lines. In addition, 5.203 miles of main track, extending from Mendota to St. Paul, Minn., were owned jointly. The company used under trackage rights about 25 miles of the road of the Illinois Central Railroad Company, extending from Le Mars to Sioux City, Iowa.

Of the road wholly owned by the company on the date of sale, it had acquired 58.40 miles from the Worthington and Sioux Falls Railroad Company, 122.59 miles from the Sioux City and St. Paul Railroad Company, 23.30 miles from The Saint Paul, Stillwater and Taylors Falls Rail Road Company, 138.45 miles from the Sioux City and Nebraska Railroad Company, and 271.52 miles by construction. The jointly owned road, 5.203 miles, was constructed jointly with the Chicago, Milwaukee and St. Paul Railway Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Southern Minnesota Railroad Company, Formerly Named The Root River Valley and Southern Minnesota Rail Road Company
This company was incorporated March 2, 1855, in the Territory of Minnesota, as The Root River Valley and Southern Minnesota Rail Road Company. The name was changed May 23, 1857. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings or investments. However, certain data given below were obtained from other sources and records of the successor company. The records reviewed do not indicate whether the company was controlled by any individual or corporation on October 16, 1860, the date the State of Minnesota enforced its lien and became owner of the road, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned approximately 57.50 miles of graded right of way, located on lands granted to it by the State of Minnesota, and after grading the right of way had received $575,000 par value of aid bonds from the State. The company failed to complete the construction of its road and the property, land grants, and franchises were taken over and held by the State of Minnesota until March 4, 1864, when by special act of the legislature the entire property and land grants were acquired by the Saint Paul and Sioux City Railroad Company.

Worthington and Sioux Falls Railroad Company, Formerly Named The Saint Paul and Dakota Rail Road Company
This company was incorporated April 20, 1876, in the State of Minnesota, as The Saint Paul and Dakota Rail Road Company. The name was changed June 23, 1876. The company was controlled on July 18, 1879, the date of sale, by the Saint Paul and Sioux City Railroad Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of the company was operated by its own organization from the dates of completion to the date of sale.

The completed railroad owned by the company consisted of 58.40 miles of single-track, standard-gauge, steam railroad, extending from Sioux Falls Junction (Trent), Minn., to Sioux Falls, S. Dak., which had been acquired by construction during the period 1876 to 1878. The construction work was performed in part by the Saint Paul and Sioux City and in part by contractors, none of whom appears to have been affiliated with the company.

In addition to the completed road owned on date of sale, a branch line was under construction between Luverne, Minn., and the Minnesota-Iowa State line, about 10.56 miles. The construction work was being performed by the Saint Paul and Sioux City and that company completed the branch as a part of its own road.

Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Worthington and Sioux Falls Rail Road Company of Iowa
This company was incorporated June 2, 1879, in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings or investments. However, certain data given below were obtained from its minute book and the records of its successor. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 18, 1879, the date of sale, nor that it then controlled any common-carrier corporation. The authorized capital stock was $1,500,000 par value, divided into shares of $100 par value each, all of which was classified as common stock. The records reviewed do not indicate that any stock had been issued to date of sale. The records reviewed do not indicate that the company had acquired any property, nor that any construction work had been performed to the date of sale. Its proposed railroad of about 17 miles from the Minnesota-Iowa State line to Doon, Iowa, was constructed by the Saint Paul and Sioux City Railroad Company as an extension of its own line.

Minnesota and Black Hills Railroad Company
This company was incorporated June 7, 1879, in the State of Minnesota. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings or investments. However, certain data indicated below were obtained from its minute book and the records of its successor. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 18, 1879, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed indicate that the authorized capital stock of this company was $1,200,000 par value, divided into shares of $100 par value each. The amount of capital stock issued, if any, was not ascertainable from the records obtained. The company had a short life, and did not own any railroad on July 18, 1879, the date it conveyed its rights and franchises to the Saint Paul and Sioux City Railroad Company. Only certain expenditures for organization and engineering had been made as of that date by the Saint Paul and Sioux City for account of the company.

Sioux City and St. Paul Railroad Company
This company was incorporated January 31, 1866, in the State of Iowa. All of the accounting records of the company were not obtained. Therefore, full information can not be given from the accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 1, 1879, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from the date of completion to the date of sale.

The railroad owned by the company consisted of 122.59 miles of single-track, standard-gauge, steam railroad, extending from St. James, Minn., to Le Mars, Iowa, which had been acquired by construction during the period April, 1871, to October, 1872. The construction work was performed under contract by Merriam and Brown, contractors, who resigned as directors of the company on March 2, 1871, for the purpose of constructing the line. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

The Saint Paul, Stillwater and Taylors Falls Rail Road Company
This company was incorporated December 4, 1869, in the State of Minnesota. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and other documents on file. The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 1, 1880, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. Of the 23.30 miles of railroad owned by the company, 3.50 miles were operated by the West Wisconsin Railway Company and its successor, the Chicago, Saint Paul and Minneapolis Railway Company, and 19.80 miles by its own organization from the date of completion to the date of sale.

The railroad owned by the company on date of sale consisted of a main line of 19.80 miles, extending from St. Paul to Stillwater, with a branch line of 3.50 miles, extending from Stillwater Junction to St. Croix Drawbridge, all in Minnesota. Of the road owned by the company, it had acquired 2.10 miles by purchase from The St. Croix Railway and Improvement Company and 21.20 miles by construction during 1871. The records reviewed do not indicate by whom the construction work was performed. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

The St. Croix Railway and Improvement Company
This company was incorporated August 14, 1872, in the State of Minnesota. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on October 1, 1873, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned on the date of sale 2.10 miles of single-track, standard-gauge, steam railroad, between South Stillwater Switch and South Stillwater, Minn., which had been acquired by construction in 1872.

Sioux City and Nebraska Railroad Company
This company was incorporated December 18, 1879, in the State of Nebraska. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the accounting records of the Saint Paul and Sioux City Railroad Company and the Omaha. The records reviewed indicate that the company was controlled on December 18, 1883, the date of sale, by the Omaha, through ownership of its capital stock or by virtue of advances for construction and other corporate purposes. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property was operated by the Saint Paul and Sioux City and its successor, the Omaha, under an implied lease, from the various dates its property was acquired until the date of sale.

While the railroad owned by the company on December 18, 1883, the date of sale, consisted of 33.76 miles of single-track, standard-gauge, steam railroad, extending from Wakefield to Hartington, Nebr., it previously had acquired by purchase and construction 184.95 miles of road, of which 25.86 miles was narrow gauge, subsequently changed to standard gauge, all of which the company disposed of at prior sales. However, the line from Emerson Junction to Norfolk, Nebr., 46.50 miles, was only graded by this company and completed by the Omaha. The data with respect to the acquisition and disposal of the properties are given below:

Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Covington, Columbus and Black Hills Railroad Company
This company was incorporated November 12, 1875, in the State of Nebraska. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from the returns of the Omaha to Valuation Order No. 20 and from the files of that company. The records reviewed do not indicate whether the company was controlled by any individual or corporation on October 22, 1879, the date of foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from the date it was placed in operation until the date of sale.

The railroad owned by the company on date of sale consisted of 25.86 miles of single-track, narrow-gauge, steam railroad, extending from Covington to Ponca, Nebr., which had been acquired by construction during 1877.

Omaha and Northern Nebraska Railway Company
This company was incorporated October 5, 1878, in the State of Nebraska. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Omaha. The records reviewed do not indicate whether the company was controlled by any individual or corporation on February 11, 1880, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from the dates of acquirement thereof to the date of sale.

The railroad owned by the company on date of sale consisted of 57.77 miles of single-track, standard-gauge, steam railroad, extending from Omaha to Oakland, Nebr., of which 42.01 miles was acquired August 8, 1879, from the Union Trust Company of New York, trustee, which had acquired it December 2, 1878, following a foreclosure sale on October 24, 1878, of the property of the Omaha and Northwestern Railroad Company. The remainder of the railroad owned, 15.76 miles, was acquired by construction during 1879.

Omaha and Northwestern Railroad Company
This company was incorporated November 30, 1869, in the State of Nebraska. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Omaha and from the files of that company. The records reviewed do not indicate whether the company was controlled by any individual or corporation on October 24, 1878, the date of foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from the various dates construction was completed until the date of sale.

The railroad owned by the company on date of sale consisted of 42.01 miles of single-track, standard-gauge, steam railroad, extending from Omaha to Tekamah, Nebr., all of which had been acquired by construction in the years 1870, 1871, and 1876.

Chippewa Falls and Northern Railway Company
This company was incorporated June 15, 1881, in the State of Wisconsin. The records reviewed do not indicate that the company was controlled by any individual or corporation on June 11, 1883, the date of sale, nor, on the other hand, that it then controlled any common-carrier corporation. The property of this company was operated by its own organization from the dates the various sections of road were completed to the respective dates of sale.

The company owned on June 11, 1883, the date of sale, 54.78 miles of single-track, standard-gauge, steam railroad, extending from Bloomer to Chicago Junction, Wis., which had been acquired by construction during the years 1882 and 1883. In addition, the company had previously constructed in 1881 the railroad extending from Chippewa Falls to Bloomer, Wis., 14.50 miles, which it sold to the Omaha on February 13, 1882. The records reviewed indicate the construction work was performed partly by various contractors and partly by forces of the company.

The Eau Claire & Chippewa Falls Railway Company
This company was incorporated June 2, 1881, in the State of Wisconsin. The records reviewed do not indicate that the company was controlled by any individual or corporation on December 17, 1883, the date of sale, nor, on the other hand, that it then controlled any common-carrier corporation.

The railroad owned by the company on the date of sale, 10.57 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Eau Claire to Chippewa Falls, Wis. The property was not operated while owned by this company. When construction had been completed it was conveyed to the Omaha. The entire road had been acquired by construction during 1883. The records reviewed indicate that the construction work was performed partly by Langdon & Company, contractors, and partly by the railroad company's own forces.

The Neillsville & North Eastern Railway Company
This company was incorporated August 22, 1881, in the State of Wisconsin. No accounting records of this company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information given below was obtained from the records of the Omaha. The records reviewed do not indicate whether the company was controlled by any individual or corporation on April 22, 1884, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The authorized capital stock was $1,300,000 par value, divided into shares of $100 par value each and classified as common stock. The records reviewed indicate that $500 par value of capital stock was issued to the directors of the company, but the consideration received or the disposition of the stock could not be determined. The company had acquired some right of way, the extent of which could not be ascertained, but no construction work had been performed to date of sale. Its minute records indicate that its property was conveyed to the Omaha for a consideration of $1.

Ashland Railway Company
This company was incorporated June 28, 1882, in the State of Wisconsin. The accounting records of the company are incomplete. Therefore, no information of value can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the records of the Omaha. The company was indirectly controlled by the Omaha on December 5, 1885, the date of sale, through certain of its officials who composed the board of directors of this company and who held the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was operated by the Omaha from the date of completion to the date of sale.

The railroad owned by the company amounted to 4.38 miles of main line and 1.31 miles of branch line. It is a single-track, standard-gauge, steam railroad, the main line extending from Ashland Junction to Ashland, Wis. The branch line was known as the Ashland Shore Line. All of the property had been acquired by construction during 1883 and 1884. The records reviewed do not indicate by whom the construction work was performed. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

North-Eastern Nebraska Railroad Company
This company was incorporated June 3, 1886, in the State of Nebraska. The company was indirectly controlled by the Omaha on June 8, 1888, the date of sale, through certain of its officials who composed the board of directors of this company and who held the outstanding capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was operated by the Omaha from date of completion to date of sale.

The railroad owned by the company on date of sale consisted of 21.68 miles of single-track, standard-gauge, steam railroad, extending from Wayne to a point 1 mile north of Randolph, Nebr., which had been acquired by construction in 1886. The records reviewed do not indicate by whom the construction work was performed. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Randolph and Northeastern Nebraska Railroad Company
This company was incorporated August 8, 1890, in the State of Nebraska. The company was indirectly controlled by the Omaha on December 13, 1890, the date of sale, through certain of its officials who composed the board of directors of this company and who held the outstanding capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was operated by the Omaha from date of completion to date of sale.

The railroad owned by the company on date of sale, 21.08 miles, consisted of a single-track, standard-gauge, steam railroad, extending from a point 1 mile north of Randolph to Bloomfield, Nebr., which had been acquired by construction in 1890. While the records reviewed do not indicate by whom the construction work was performed, the entire construction was under the supervision of the Omaha. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Sault Ste. Marie and Southwestern Railway Company, Formerly Named the Fairchild and Mississippi River Railway Company
This company was incorporated March 29, 1886, in the State of Wisconsin, as the Fairchild and Mississippi River Railway Company. The name was changed July 16, 1887. No accounting records of the company for the period from the date of its incorporation to April 1, 1891, the date it was taken over for operation by the Omaha, were obtained. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information given below was obtained from other sources. The company was controlled on June 3, 1893, the date of sale, by the Omaha, through ownership of the capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of the company was operated by its own organization from the date of completion to April 1, 1891. From that date to date of sale it was separately operated by the Omaha.

The property owned by the company on date of sale consisted of 36.75 miles of single-track, standard-gauge, steam railroad, extending from Fairchild to Mondovi, Wis., which had been acquired by construction during the years 1887, 1889, and 1890. The records reviewed indicate that the construction work was performed by several contractors, none of whom appears to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Eau Claire Railway Company
This company was incorporated June 23, 1879, in the State of Wisconsin. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information given below was obtained from records of the Omaha and other sources. The company was controlled on June 3, 1893, the date of sale, by the Omaha, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of the company was operated by the Omaha from the date of completion to date of sale.

The railroad owned by the company on date of sale consisted of 2.74 miles of single-track, standard-gauge, steam railroad, extending from Eau Claire to Shaw's Mills, Wis., which had been acquired by construction in 1880. The construction work was performed by the Chicago, Saint Paul and Minneapolis Railway Company and its successor, the Omaha.

The Menomonie Railway Company
This company was incorporated April 8, 1879, in the State of Wisconsin. The company was controlled on June 3, 1893, the date of sale, by the Omaha, through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of this company was separately operated by the Omaha from date of completion to date of sale.

The railroad owned by the company on date of sale consisted of 5.51 miles of single-track, standard-gauge, steam railroad, extending from a connection with the Omaha in Dunn County to Menomonie, Wis., of which it had acquired 2.50 miles by purchase from the Cedar Falls & Northern Railway Company and 3.01 miles by construction in 1880. The records reviewed indicate that the construction work was performed by the Omaha. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Cedar Falls & Northern Railway Company
This company was incorporated September 22, 1881, in the State of Wisconsin. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain information given below was obtained from its minute book and from the records of the Omaha. The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 17, 1883, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. This company owned on the date of sale 2.50 miles of single-track railroad, extending from a connection with the Omaha, in Dunn County, to Cedar Falls, Wis., which had been acquired by construction in 1882. The records reviewed indicate that the construction work was performed by the Omaha. The authorized capital stock was $50,000 par value, divided into shares of $100 par value each. It could not be determined from the records obtained whether or not any stock had been issued to date of sale. The accounts of the Omaha record expenditures by it aggregating $19,265.80 in the construction of the property of this company.

Superior Short Line Railway Company (Second Corporation)
This company was incorporated May 14, 1895, in the States of Wisconsin and Minnesota. The company was controlled on August 1, 1895, by the Omaha, through ownership of the capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of the company was operated by the Omaha as part of its own system from the date acquired to date of sale.

The property owned by the company on date of sale consisted of 11.07 miles of single-track, standard-gauge, steam railroad. It extended from Superior Short Line Junction to West Superior, Wis., 6.30 miles, with two branch lines, one known as the Superior Street line, 0.58 mile, the other known as Connors Point line, 1.59 miles; and from Rice's Point, Duluth, Minn., to a connection with the St. Paul and Duluth Railroad, 2.60 miles. Of the railroad owned by the company on date of sale, it had acquired 8.47 miles from the Superior Short Line Railway Company (first corporation) and 2.60 miles from the Superior Short Line Railway Company of Minnesota in the consolidation. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Superior Short Line Railway Company (First Corporation)
This company was incorporated February 6, 1884, in the State of Wisconsin. The company was controlled on May 14, 1895, the date of consolidation, by the Omaha, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of the company was operated by the Omaha, as a part of its own system, from the date of completion to date of consolidation.

The property owned by the company on date of consolidation, 8.47 miles of single-track, standard-gauge, steam railroad, consisting of 6.30 miles of main line extending from Superior Short Line Junction to West Superior, Wis., and two branch lines, aggregating 2.17 miles, at West Superior, Wis., had been acquired by construction in 1884. The records reviewed indicate that the construction work was performed by the Omaha. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Superior Short Line Railway Company of Minnesota
This company was incorporated September 19, 1885, in the State of Minnesota. The company was controlled on May 14, 1895, the date of consolidation, by the Omaha, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of the company was operated by the Omaha as a part of its own system from the date of completion to date of consolidation.

The property owned by the company on date of consolidation consisted of 2.60 miles of single-track, standard-gauge, steam railroad, extending from Rice's Point to a connection with the St. Paul and Duluth Railroad Company, at Duluth, Minn., which had been acquired by construction in 1886. The records reviewed indicate that the construction work was performed in part by the Omaha and in part by contractors who were not affiliated with the company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Watonwan Valley Railway Company
This company was incorporated January 16, 1899, in the State of Minnesota. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings or investments.

However, certain data were obtained from its minute book and from the records of the Omaha. The company was controlled on December 14, 1899, the date of sale, by the Omaha, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of the company was not operated prior to the date it was conveyed to the Omaha.

The railroad owned by the company on the date of sale consisted of 29.38 miles of single-track, standard-gauge, steam railroad, extending from Madelia to Fairmont, Minn., which had been acquired by construction during 1899.

Des Moines Valley Railway Company of Minnesota
This company was incorporated June 5, 1899, in the State of Minnesota. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute book and the records of the Omaha. The company was controlled by the Omaha on June 4, 1900, the date of sale, through ownership of the capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property of the company was operated by the Omaha from date of completion to date of sale.

The railroad owned by the company of Minnesota on date of sale consisted of 38.63 miles of single-track, standard-gauge, steam railroad, extending from Bingham Lake to Currie, Minn., which had been acquired by construction during 1899 and 1900. The construction work was performed under an agreement with the Omaha. However, the records reviewed do not indicate whether the work was actually performed by forces of the Omaha or by others.

Minnesota & Wisconsin Railroad Company
This company was incorporated November 27, 1896, in the State of Wisconsin. The accounting records of this company are incomplete. They were discontinued in April, 1901. Therefore, only partial information can be given from its accounts regarding financial transactions and investments. No information of value can be given regarding its corporate operations. However, certain additional data were obtained from the accounting records of the Omaha and other documents on file.

The company was controlled on June 7, 1902, the date of sale, by the Omaha, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of the company was operated by its own organization from December 1, 1896, the date acquired, to April, 1901, and from the latter date to the date of sale it was operated by the Omaha as part of its own system.

The property owned by this company on date of sale consisted of 36.37 miles of single-track, standard-gauge, steam railroad, extending from Emerald to Weston, Wis., of which it had acquired 20.08 miles from the Minnesota & Wisconsin Railway Company and 16.29 miles by construction in 1902. The records reviewed indicate that the construction work was performed in part by forces of the Omaha and in part by contractors, none of whom appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Minnesota & Wisconsin Railway Company
This company was incorporated April 25, 1892, in the State of Wisconsin. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the Omaha. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 15, 1896, the date of foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property of the company was operated by its own organization from date of its completion to December 11, 1893. From that date to December 1, 1896, the date it was conveyed to the Minnesota & Wisconsin Railroad Company, it was operated by a receiver.

The property owned by this company on date of foreclosure sale consisted of 20.08 miles of single-track, standard-gauge, steam railroad, extending from Emerald to Spring Valley, Wis., of which it had acquired 8 miles by purchase from the Woodville and Southern Railway Company and 12.08 miles by construction in 1892. It could not be determined by whom the construction work was performed.

Woodville and Southern Railway Company
This company was incorporated October 11, 1889, in the State of Wisconsin. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from other sources.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 11, 1892, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. This company owned on the date of sale 8 miles of single-track, standard-gauge, steam railroad, extending from Woodville to a point about 3 miles south of Wildwood, Wis., which had been acquired by construction during the period from 1889 to 1891. The records reviewed do not indicate by whom the construction work was performed. The outlay for construction can not be stated.

Chippewa Valley & North Western Railway Company
This company was incorporated April 29, 1901, in the State of Wisconsin. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain information given below was obtained from the accounting records of the Omaha and documents on file. The company was controlled on October 14, 1904, by the Omaha, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. This property was operated by the Omaha as a part of its own system from date of completion to date of sale.

The railroad owned by the company on date of sale consisted of 46 miles of single-track, standard-gauge, steam railroad, extending from Tuscobia to Winter, Wis., all of which had been acquired by construction in 1901, 1902, and 1904.

The records reviewed indicate that the construction work was performed in part by the Omaha and in part by contractors who were not affiliated with the company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.

Eau Claire, Chippewa Falls & Northeastern Railway Company
This company was incorporated January 15, 1902, in the State of Wisconsin. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information given below was obtained from accounting records of the Omaha and documents on file. The company was controlled on October 14, 1904, the date of sale, by the Omaha, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property was operated by the Omaha as a part of its own system from date of its completion to date of sale.

The railroad owned by the company on date of sale consisted of 49.28 miles of single-track, standard-gauge, steam railroad, extending from Chippewa Falls to Hughey, Wis., all of which had been acquired by construction in 1902 and 1903. The records reviewed indicate that the construction work was performed in part by the Omaha and in part by contractors who were not affiliated with the company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Omaha.