Wikipedia:WikiProject Trains/ICC valuations/Chicago and North Western Railway

Interstate Commerce Commission, Valuation Reports, Volume 137

Location and General Description of Properties
The railroad operated by the Chicago and North Western Railway Company, herein called the North Western, is a steam railroad located in Illinois, Wisconsin, Michigan, Minnesota, Iowa, Nebraska, South Dakota, and Wyoming. With the exception of the lines between Fennimore and Woodman, Wis., 16.201 miles, and Deadwood and Ruby Basin S. Dak., 12.901 miles, which are narrow-gauge lines, the railroad is standard gauge. The wholly owned and used railroad amounts to 8,013.780 miles and consists of three main lines radiating from Chicago, Ill.; one extending in a westerly direction, through Omaha, Nebr., to Casper, Wyo.; one extending in a northwesterly direction, through Madison and Elroy, Wis., to Pierre, S. Dak.; and one extending in a northerly direction, through Milwaukee, Wis., to Michigamme, Mich., and Ashland, Wis. Of the above mileage, about 1,040 miles is double-track railroad, comprising the lines between Chicago, Ill., and Omaha, Nebr.; Chicago, Ill., and Milwaukee, Wis.; Chicago and Harvard, Ill.; Evansville, Ill., and Elroy, Wis.; and other points. There are numerous branch lines extending from connections with the main lines to various points in most of the States above named. Details with respect to the ownership and use of the principal freight and passenger terminals used by the North Western will be found in Appendix 1.

The North Western wholly owns 8,015.049 miles of road, of which it uses 8,013.780 miles and leases 1.269 miles of The Atchison, Topeka and Santa Fe Railway Company. It also wholly uses 144.835 miles of road owned by its lessors. There is given below a short description of the properties of the lessor companies, which are included in this report, all of which are standard-gauge railroads operated by steam, and, except when otherwise noted, are used in their entirety by the North Western. In addition, other mileage shown in Appendix 1 is jointly owned by the North Western with other carriers.

Introductory
The North Western is a corporation of the States of Wisconsin and Illinois, having its principal office at Chicago, Ill. The records reviewed do not indicate that the North Western is controlled by any individual or corporation. The company reports as of December 31, 1916, that it had 10,517 stockholders, the largest individual holders being H. C. Frick, 61,000 shares; the Vanderbilt interests, 60,963 shares; the estate of Frank Work, 30,273 shares; and the Oregon Short Line Railroad Company, 30,400 shares. On the other hand, the North Western controls, through ownership of the entire outstanding capital stock, the following-named companies whose common-carrier properties it operates: Belle Fourche Valley; De Pue, Ladd and Eastern; Escanaba, Iron Mountain and Western; Iowa Southern; James River Valley and North Western; Macoupin County Extension; Missouri Valley and Blair Railway; and Wolf River Valley Railway.

The North Western controls further, solely, four railroad companies, two coal companies, and three town-site companies which operate their own properties, as follows:

The North Western controls, further, jointly, two railroad companies which operate their own property. The names of these companies, together with a statement showing the extent of the North Western's control, are given below:

The North Western also owns the entire outstanding capital stock of the Albany Rail Road Bridge, whose property has been operated by the North Western, under lease, originally executed with a predecessor. On April 26, 1907, the North Western entered into an agreement with that company, providing for the construction of the present bridge across the Mississippi River below Fulton, Ill., and Clinton, Iowa. This agreement vested title to the bridge so constructed in the North Western, without impairment of the terms of the original lease executed in 1862. In addition, it owns equally with the Omaha the capital stock of the Sioux City Bridge, whose property is separately operated. Furthermore, the North Western solely controls the Florence County Railway Company and the Doland and South Eastern Railway Company, although neither owns any completed property on date of valuation. It also owns all of the capital stock, representing land grants, of the Winona and Saint Peter Railroad Company, whose common-carrier property was acquired by purchase June 7, 1900. The property of the North Western has been operated by its own organization during its entire life.

Corporate History
The North Western was incorporated under the general laws of the States of Wisconsin and Illinois, through filing with the secretaries of state of those States, on June 20, 1864, and June 23, 1864, respectively, an agreement dated June 2, 1864, for the purpose of consolidating the property, rights, and franchises of the Chicago and North Western Railway Company (of 1859) and the Galena and Chicago Union Rail Road Company (second corporation). Pursuant to this purpose, the North Western acquired at its organization the property, rights, and franchises of the two companies named. It subsequently entered into several so-called consolidation agreements on various dates from 1865 to 1883, for the purpose of acquiring the property of other common-carrier corporations, and in each of these so-called consolidations the corporate name of the consolidated company was designated as the Chicago and North Western Railway Company. However, the accounting records and the corporate operations have been continuous from June 2, 1864, to date of valuation, no additional securities were issued in any such so-called consolidation, and the properties so acquired were taken over by the North Western as though by merger or purchase. Therefore, the several so-called consolidations are herein considered as mergers or purchases. The names of the companies whose property was so acquired are: Peninsula Rail Road Company of Michigan; Beloit and Madison Rail Road Company (second corporation); Baraboo Air Line Railroad Company; La Crosse, Trempealeau and Prescott Railroad Company; Escanaba and Lake Superior Railway Company; Menominee River Railroad Company (second corporation); Chicago, Milwaukee and North Western Railway Company; and The Elgin and State Line Railroad Company (of 1881).

In addition to the above, the North Western acquired by merger or purchase the property, rights, and franchises of 48 other railroad corporations. The North Western, itself, and those corporations, together with their predecessors, total 135 different corporations, of which 9 underwent a change of name, and comprise the line of corporate succession culminating in the North Western 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 number shown in the first column.

1 Articles of incorporation not filed.

Development of Fixed Physical Property
The road wholly owned by the North Western, 8,015.049 miles, was acquired by it as indicated hereunder. Of the 135 corporations which comprise the line of succession culminating in the North Western as at present constituted, 11 did not construct or improve any property. Those 11 corporations were:
 * Chicago, Iowa & Minnesota Railway Company (project abandoned).
 * Dixon, Rockford and Kenosha Railway Company.
 * Dixon, Rockford and State Line Railroad Company.
 * Kenosha and Rockford Railroad Company.
 * Kenosha and State Line Railroad Company.
 * Marquette and State Line Rail Road Company.
 * Northern Nebraska Air Line Rail Road Company.
 * Ontonagon and State Line Rail Road Company.
 * The Rockford Central Railroad Company.
 * The Rockford and Mississippi Railroad Company.
 * Wisconsin and Superior Rail Road Company.

Ten others acquired property from predecessors, but these either have no records or the records reviewed do not show whether they improved such property while they owned it. These corporations were:
 * Chicago and Milwaukee Railway Company (of 1881).
 * The Chicago, St. Paul and Fond du Lac Rail Road Company (second corporation).
 * The Chicago, St. Paul and Fond du Lac Rail Road Company (third corporation).
 * The Chicago, St. Paul and Fond du Lac Rail Road Company (fourth corporation).
 * The Elgin and State Line Railroad Company (of 1859).
 * The Elgin and State Line Railroad Company (of 1880).
 * The Elgin and State Line Railroad Company (of 1881).
 * Galena and Wisconsin Railroad Company (of Illinois).
 * Galena and Wisconsin Railroad Company (of Wisconsin).
 * Mississippi, Maquoketa & Northern Railroad Company.

Of the 114 other corporations, 3 only improved property completed by others. Those corporations were: Chicago and Milwaukee Railway Company (of 1863); The Galena and Wisconsin Railroad Company; and Sheboygan and Western Railway Company.

The data with respect to the miles of road constructed by the 111 remaining corporations, the years in which the various portions of the line were constructed, and the manner in which the North Western 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 North Western uses on date of valuation property owned by other companies and other companies use property owned by the North Western 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:

In addition, the North Western uses jointly with the Omaha extensive terminal facilities and yard tracks at Elroy, Wis., some of which are owned by the one company, some by the other, and some jointly. The North Western has accrued for the use of these facilities, during the year ending on date of valuation, rents payable $9,246.34 and rents receivable $5,108.06. There are other facilities of minor importance, such as interlockers, stations, yard tracks and sidings, in which the North Western grants or receives joint use, as well as certain jointly owned yard tracks and sidings not listed herein.

Lessor Companies

 * Albany Rail Road Bridge
 * Belle Fourche Valley
 * De Pue, Lad and Eastern
 * Escanaba, Iron Mountain and Western
 * Iowa Southern
 * James River Valley and North Western
 * Macoupin County Extension
 * Missouri Valley and Blair
 * Oshkosh Transportation Company
 * Wolf River Valley

Chicago and North Western Railway Company (of 1859)
This company was incorporated in the States of Illinois and Wisconsin on February 19, 1859, and March 14, 1859, respectively. With the exception of an incomplete journal, no accounting records of the company were obtained. Therefore, only meager information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from the files of the North Western and other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 2, 1864, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization during its entire life, and consisted on date of consolidation of 314.30 miles of single-track, standard-gauge, steam railroad, extending from Chicago, Ill., to Fort Howard, north of Appleton, Wis., 242.20 miles, and from Kenosha, Wis., to Rockford, Ill., 72.10 miles. Of this mileage, 191.90 miles had been acquired by merger or purchase and 122.40 miles by construction. 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 North Western.

The Chicago, St. Paul and Fond du Lac Rail Road Company (First, Second, Third, and Fourth Corporations)
Introductory

The Chicago, St. Paul and Fond du Lac Rail Road Company was incorporated July 5, 1855, under special acts of the States of Wisconsin and Illinois. Through successive reincorporation under the same name, under consolidation agreements, it acquired certain small properties, the last consolidation agreement being dated March 27, 1857, through which the property of the Ontonagon and State Line Rail Road Company was acquired. The accounting records of the four companies were not obtained. Therefore, no information can be given from their accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated hereinafter were obtained from memorandum records designated as blotters, minute books, and a balance sheet dated June 1, 1860, and continues, without separation, during the corporate existences of the four companies. Therefore, these companies are herein treated as one, and such property acquired is herein treated as acquired by The Chicago, St. Paul and Fond du Lac Rail Road Company.

The records reviewed indicate that the company was controlled by W. B. Ogden and others on June 2, 1859, the date of sale. On the other hand, this company did not then control any common-carrier corporation. The property of this company was operated by its own organization from the date of acquirement to date of sale.

The railroad owned on the date of sale, 119.80 miles, consisted of a single-track, standard-gauge railroad, extending from Chicago, Ill., to Janesville, Wis., 90.80 miles, and from Minnesota Junction to Fond du Lac, Wis., 29 miles.

Development of Fixed Physical Property

Of the road owned on date of sale 18 miles was acquired from the Rock River Valley Union Railroad Company and 38.50 miles from the Illinois and Wisconsin Rail Road Company by consolidation, 52.30 miles by construction, and 11 miles by completion of construction begun by the Rock River Valley Union. Subsequent to the acquisition of the 38.50 miles of road from the Illinois and Wisconsin, it was changed from wide to standard gauge. 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 North Western.

Ontonagon and State Line Rail Road Company
This company was incorporated August 20, 1856, in the State of Michigan. 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. The records reviewed do not indicate whether it was controlled by any individual or corporation on May 18, 1857, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. It did not own any railroad on date of consolidation. The minute book referred to indicated that capital stock in the par value of $2,000,000, divided into shares of $100 each, was authorized. How much of this stock, if any, was issued and the considerations received therefor were not ascertainable from the records reviewed.

Marquette and State Line Rail Road Company
This company was incorporated January 16, 1857, in the State of Michigan. 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. The records reviewed do not indicate whether this company was controlled by any individual or corporation on May 19, 1857, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. It did not own any railroad on date of consolidation. The minute book referred to indicated that capital stock in the par value of $2,000,000, divided into shares of $100 par value each, was authorized. How much of this stock, if any, was issued and the considerations received therefor have not been ascertainable from the records reviewed.

Wisconsin and Superior Rail Road Company
This company was incorporated October 11, 1856, 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 indicated below were obtained from its minute book. The records reviewed do not indicate whether the company was controlled by any individual or corporation on April 13, 1857, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. It did not own any railroad on date of consolidation. The minute book referred to indicated that capital stock in the par value of $1,500,000, divided into shares of $100 par value each, was authorized. How much of this stock was issued and the considerations received therefor have not been ascertainable from the records reviewed. The memorandum records of the successor company indicate that it incurred a liability for the conversion of installment receipts of this company in the par value amount of $1,325.

Illinois and Wisconsin Rail Road Company
This company was incorporated January 7, 1852, in the State of Illinois. 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, capital stock records, and a balance sheet statement dated March 1, 1855, certified by the secretary of the company as being taken from its books.

The minute book indicates that this company was controlled by W. B. Ogden and others on July 5, 1855, the date of consolidation. 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 placed in operation to date of consolidation. The railroad owned on the date of consolidation consisted of 38.50 miles of single-track, six-foot-gauge, steam railroad, extending from Chicago to Gary, Ill., and had been acquired by construction during 1854. The records reviewed indicate that the construction work was performed, under contract, by Strong, Page and Company, contractors.

Rock River Valley Union Railroad Company, Formerly Named Madison and Beloit Railroad Company
This company was originally incorporated as the Madison and Beloit Railroad Company in the State of Wisconsin on August 19, 1848. The name was changed on February 9, 1850. The date of organization was July 3, 1849.

The accounting records of the company obtained were of such a fragmentary nature that only partial information could be obtained from them regarding financial dealings and investments and nothing of value as to corporate operations. However, certain data given below were obtained in part from its accounting records and in part from other documents on file. The records reviewed indicate that the company was controlled by W. B. Ogden and others on July 5, 1855, the date of consolidation. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation.

The property was operated by Bradley & Company, contractors, from the date of completion to date of consolidation. The railroad owned, 18 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Fond du Lac to Chester, Wis., which had been acquired by construction. In addition, the company had partly constructed 11 miles of road between Chester and Minneapolis Junction, Wis. 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 North Western.

Dixon, Rockford and Kenosha Railway Company
This company was incorporated in the State of Illinois, January 19, 1864, and in the State of Wisconsin, January 23, 1864. Its accounting records were not obtained. Therefore, nothing can be given from them regarding financial dealings, corporate operations, or investments. However, certain data were obtained from other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on January 23, 1864, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. The company did not own any railroad on the date of consolidation.

Dixon, Rockford and State Line Railroad Company
This company was incorporated January 8, 1864, in the State of Illinois. 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 were obtained from other sources. The records reviewed indicate that on January 19, 1864, the date of consolidation, the company was controlled by W. B. Ogden and others through ownership of the capital stock. On the other hand, the records do not indicate that the company then controlled any common-carrier corporation. The company did not own any railroad on the date of consolidation.

Kenosha and State Line Railroad Company
This company was organized January 15, 1864, in the State of Wisconsin. A search of the records of the State by the secretary of the State of Wisconsin, made in 1918, failed to disclose a record of its incorporation. 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 were obtained from other sources. The records reviewed indicate that on January 19, 1864, the date of consolidation, the company was controlled by W. B. Ogden and others through ownership of the capital stock. On the other hand, the records do not indicate that the company then controlled any common-carrier corporation. The company did not own any railroad on the date of consolidation. The articles of association indicate that the authorized capital stock was $200,000 par value, divided into shares of $100 par value each. How much of this stock was issued, if any, and the considerations received therefor, were not indicated by the records reviewed.

Kenosha, Rockford and Rock Island Rail Road Company (First and Second Corporations); The Rockford and Mississippi Railroad Company
The Kenosha, Rockford and Rock Island (first corporation) was incorporated in the States of Illinois and Wisconsin through articles of consolidation dated March 5, 1857, filed in Illinois September 8, 1857, and in Wisconsin June 24, 1858. On October 25, 1857, the Kenosha, Rockford and Rock Island (first corporation) consolidated with the Rockford and Mississippi, which had been incorporated January 28, 1857, in the State of Illinois, and formed a new company under the name of Kenosha, Rockford and Rock Island Rail Road Company (second corporation). No accounting records of these corporations were obtained. Therefore, no information can be given from the accounts regarding their financial dealings, corporate operations, or investments. However, certain data were obtained from other sources. The records reviewed do not indicate whether the Kenosha, Rockford and Rock Island (second corporation) was controlled by any individual or corporation on January 7, 1864, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The Rockford and Mississippi and the Kenosha, Rockford and Rock Island (first corporation) were short-lived companies that consolidated to form the Kenosha, Rockford and Rock Island (second corporation). This latter company owned on the date of sale, January 7, 1864, 72.10 miles of single-track, standard-gauge, steam railroad between Kenosha, Wis., and Rockford, Ill., which had been acquired by the Kenosha, Rockford and Rock Island (second corporation) by completion of construction begun by predecessors of the Kenosha, Rockford and Rock Island (first corporation) and continued by the latter 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 North Western.

The Kenosha and Rockford Railroad Company (of Wisconsin), Formerly Named Kenosha and Beloit Railroad Company
This company was incorporated March 4, 1853, in the State of Wisconsin as the Kenosha and Beloit Railroad Company. The name was changed February 14, 1857. The date of organization was April 29, 1853. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from other sources. The records reviewed do not indicate that the company was controlled by any individual or corporation on September 8, 1857, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation. The property of the company on date of consolidation consisted of 28.07 miles of uncompleted single-track, standard-gauge, steam railroad between the Wisconsin-Illinois State line and Kenosha, Wis., which had been acquired by construction.

The Kenosha and Rockford Railroad Company (of Illinois)
This company was incorporated January 20, 1857, in the State of Illinois. The date of organization was January 27, 1857. 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 were obtained from articles of incorporation and minute books. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 8, 1857, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

This company owned on the date of consolidation 44.03 miles of uncompleted single-track, standard-gauge, steam railroad, extending from the Illinois-Wisconsin State line to Rockford, Ill., which had been acquired by construction.

Kenosha and Rockford Railroad Company
This company was incorporated November 6, 1856, in the State of Illinois. 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 were obtained from articles of incorporation and minute book. The records reviewed do not indicate whether the company was controlled by any individual or corporation on February 6, 1857, the date of transfer of subscription lists, franchises, etc., to the successor company, nor, on the other hand, whether it then controlled any common-carrier corporation. The company did not construct any railroad. It acquired by transfer the rights and franchises of The Rockford Central Railroad Company in consideration of the assumption of the liabilities of the latter. The assets acquired and liabilities assumed were not indicated by the records reviewed. The authorized capital stock was $800,000 par value, divided into shares of $100 par value each. How much was actually issued and the considerations received therefor was not ascertainable from the records obtained.

The Rockford Central Railroad Company
This company was incorporated February 15, 1855, in the State of Illinois. No accounting records were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from articles of incorporation and other documents on file. The records reviewed do not indicate whether the company was controlled by any individual or corporation on November 26, 1856, the date of transfer of subscription lists, franchises, etc., to the successor company, nor, on the other hand, whether it then controlled any common-carrier corporation. It did not construct any railroad.

Galena and Chicago Union Rail Road Company (First and Second Corporations)
This company was incorporated January 16, 1836, in the State of Illinois. On February 15, 1856, through a so-called consolidation agreement, the company consolidated with The Mississippi and Rock River Junction Railroad Company to form the Galena and Chicago Union (second corporation). Separate information can not be given concerning these companies. They are therefore treated herein as one corporation. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data were obtained from other sources. The company was controlled on June 2, 1864, the date of consolidation, by W. B. Ogden and associates. On the other hand, the records reviewed indicate that the company then controlled, through ownership of a majority of the capital stocks, the Elgin and State Line Railroad Company (of 1859) and the Beloit and Madison Railroad Company (second corporation).

The property of the company was operated by its own organization from January 1, 1849, to date of consolidation.

The railroad owned and operated on date of consolidation, 280.85 miles, consisted of two main lines of single-track, standard-gauge, steam railroad, one extending from Chicago to Fulton, Ill., 137 miles, and one from Chicago to Freeport, Ill., 121 miles, with two branch lines aggregating 22.85 miles. Of this road, it had acquired 2.75 miles from the Chicago, St. Charles and Mississippi Air Line Railroad Company, 39 miles by completion of construction begun by The Mississippi and Rock River Junction Railroad Company, and 239.10 miles by construction of new lines. 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 North Western.

Chicago, St. Charles and Mississippi Air Line Railroad Company, Formerly Named St. Charles Branch Railroad Company
This company was incorporated January 31, 1849, in the State of Illinois, as the St. Charles Branch Railroad Company. The name was changed February 3, 1853. The date of organization was March 15, 1849. 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 were obtained from other sources. The records reviewed do not indicate that the company was controlled by any individual or corporation on June 20, 1855, the date of union, nor, on the other hand, that it controlled any common-carrier corporation.

The records reviewed do not indicate that any portion of this property was operated during the life of the company. The railroad owned on June 20, 1855, the date of union, consisted of 2.75 miles of single-track, standard-gauge, steam railroad, extending from Ogden Avenue to the Chicago River, Chicago, Ill., including extensive depot grounds on the south branch of the Chicago River. The road had been acquired by construction during 1855.

The Mississippi and Rock River Junction Railroad Company
This company was incorporated February 15, 1851, in the State of Illinois. The date of organization was April 11, 1852.

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 were obtained from its minute book and other sources. The records reviewed do not indicate that the company was controlled by any individual or corporation on February 15, 1855, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The company did not own any completed railroad on date of consolidation. Some construction work had been performed on a single-track, standard-gauge, steam railroad from Dixon, Ill., to Fulton, Ill., 39 miles, which was completed by the successor company.

Peninsula Rail Road Company of Michigan
This company was incorporated April 22, 1862, in the State of Michigan. The accounting records of the company were of such a fragmentary nature that only partial information could be obtained from them regarding financial dealings, corporate operations, or investments. However, certain data were obtained in part from its accounting records and in part from other documents on file.

The company was controlled on January 6, 1865, the date of consolidation, by W. B. Ogden and other interests favorable to the North Western, through ownership of a majority of its capital stock and funded debt, the latter having voting rights. On the other hand, the records reviewed do not indicate that the company 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 consolidation. The railroad owned on date of consolidation consisted of 62 miles of single-track, standard-gauge, steam railroad, extending from Escanaba to Negaunee, Mich., and had been acquired by construction. The records reviewed indicate that part of the construction work of the company was performed by contractors, who do not appear to have been affiliated with it. 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 North Western.

Beloit and Madison Rail Road Company (Second Corporation)
This company was formed September 18, 1862, in the State of Wisconsin as a reorganization of the Beloit and Madison Rail Road Company (first corporation).

There were no available accounting records of the company for the period from October 8, 1868, to January 10, 1871. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period mentioned has been taken from sources other than the accounting records of the company.

The company was controlled on January 10, 1871, the date of consolidation by the North Western, through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation.

The property was operated under lease by the Galena and Chicago Union Rail Road Company from the date of organization to June 2, 1864. From this date to the date of consolidation it was operated by the North Western, under lease. The railroad owned on date of consolidation, 48.80 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Beloit to Madison, Wis., of which 17 miles was acquired from the Beloit and Madison (first corporation) and 31.80 miles by construction. 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 North Western.

====Beloit and Madison Rail Road Company (First Corporation) This company was incorporated February 18, 1852, in the State of Wisconsin. The date of organization was July 1, 1852. There were no available accounting records of the company for the period from June 27, 1861, to September 18, 1862, the date of sale. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period mentioned has been taken from sources other than the accounting records of the company. The company was controlled on September 18, 1862, the date of sale, by the Galena and Chicago Union Rail Road Company, through ownership of a majority of 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 under lease by the Galena and Chicago Union Rail Road Company from the date it was completed to date of sale. The railroad owned on date of sale, 17 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Beloit to Magnolia, Wis., and had been acquired by construction. 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 North Western.

Baraboo Air Line Railroad Company
This company was incorporated March 8, 1870, 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 were obtained from other sources. The company was controlled on March 10, 1871, the date of consolidation, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation.

The company did not operate any railroad, its property being under construction on date of consolidation.

The property owned on date of consolidation consisted of 129.10 miles of uncompleted single-track, standard-gauge, steam railroad, extending from Madison to Winona Junction, Wis. The property had been acquired partly by purchase and partly by construction. The work of construction was performed by the forces of the North Western. 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 North Western. On July 1, 1870, the company entered into a contract with the North Western, whereby the latter agreed to construct the road from Madison to Reedsburg, Wis., about 52 miles. The company agreed to procure all of the right of way and depot grounds and fence the road; also, to issue its capital stock to the North Western in an amount equal to the amount expended for construction, upon the completion of the road to Reedsburg. On October 8, 1870, the board of directors authorized the issuance of its capital stock to the North Western in amount equal to the estimated cost of the road, including right of way, less amount contributed by municipalities, the stock to be held in escrow until the road was completed to Reedsburg. Before the construction work was completed the property was acquired by the North Western.

Madison, Lodi and Baraboo Railroad Company
This company was incorporated March 29, 1864, in the State of Wisconsin. The date of organization was September 27, 1865. No accounting records of the company were obtained. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. Certain information was obtained from other sources. The records reviewed do not indicate that the company was controlled by any individual or corporation on September 9, 1870, the date of sale, nor, on the other hand, that it then controlled any common-carrier corporation. The property owned on date of sale consisted of a partly graded right of way for a line of single-track, standard-gauge, steam railroad, extending from Columbus to Baraboo, Wis., via Merrimack, Wis. It is not known whether the construction work was performed by the company's forces or by contract.

La Crosse, Trempealeau and Prescott Railroad Company
This company was incorporated March 6, 1857, in the State of Wisconsin. The date of organization was May 10, 1860. The company was controlled on September 6, 1877, the date of consolidation, by the North Western, through ownership of its 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 North Western for the account of the owner from date of completion to date of consolidation. While the articles of consolidation under which the property was acquired by the successor company were not filed until September 6, 1877, the books of the company were closed as of June 7, 1877.

The railroad owned on date of consolidation consisted of 29 miles of single-track, standard-gauge, steam railroad, extending from Winona Junction, Wis., to Winona, Minn., and had been acquired by construction. The construction work was performed principally by the North Western. 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 North Western.

Menominee River Railroad Company (Second Corporation)
This company was incorporated November 15, 1880, in the States of Wisconsin and Michigan. The company was controlled on September 19, 1882, the date of consolidation, by the North Western through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The property was operated by the North Western, under an implied lease, from the date of completion to the date of consolidation.

The railroad owned on date of consolidation consisted of 114.40 miles of single-track, standard-gauge, steam railroad, located in the States of Michigan and Wisconsin. The main lines extended from Powers, Mich., to Florence, Wis., 42.08 miles, and Iron River Junction, Mich., to Stambaugh, Mich., 19.50 miles. The principal branch line extended from Florence, Wis., to Crystal Falls, Mich., 16.69 miles, and various other branches extended to mines and aggregated 36.13 miles. Of this mileage, 11 miles was acquired from the Menominee Railway Company, 31.08 miles from the Menominee River Railroad Company (first corporation ), and 72.32 miles by construction. The construction work of this company was performed by the North Western. 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 North Western.

Menominee Railway Company
This company was incorporated November 21, 1879, in the State of Wisconsin. It was controlled on November 15, 1880, the date of consolidation, by the North Western through its subscription to the 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 North Western from date of completion to date of consolidation.

The railroad owned on date of consolidation consisted of 11 miles of single-track, standard-gauge, steam railroad, extending from the Wisconsin-Michigan State line to Florence, Wis., and had been acquired by construction. 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 North Western.

Menominee River Railroad Company (First Corporation)
This company was incorporated February 16, 1875, in the State of Michigan. It was controlled on November 15, 1880, the date of consolidation, by the North Western, through its subscription to 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 North Western, under implied lease, from date of completion to date of consolidation.

The railroad owned on date of consolidation consisted of 31.08 miles of single-track, standard-gauge, steam railroad, extending from Powers, Mich., to the Michigan-Wisconsin State line, and had been acquired by construction. 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 North Western.

Escanaba and Lake Superior Railway Company
This company was incorporated November 26, 1880, in the State of Michigan. The date of organization was March 18, 1881. The company was controlled on September 19, 1882, the date of consolidation, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation.

The property was operated by the North Western from the date of completion to the date of consolidation. The railroad owned on date of consolidation, 43.30 miles, consisted of a single-track, standard-gauge, steam railroad. The main line extended from Narenta to Metropolitan, Mich., 34.86 miles. Various branches to mines aggregated 8.44 miles. This mileage had been acquired by construction. The construction work was performed by the North Western. 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 North Western.

Galesville and Mississippi River Railroad Company
This company was incorporated April 6, 1882, in the State of Wisconsin. It was controlled on March 16, 1883, the date of sale, by the North Western, through ownership of 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 North Western from date of completion to date of sale.

The railroad owned on date of sale, 6.71 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Galesville to Trempealeau, Wis., and had been acquired by construction. 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 North Western.

Rock River Railway Company
This company was incorporated March 19, 1880, in the State of Wisconsin. It was controlled on March 16, 1883, the date of sale, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The property was operated by the North Western from date of completion to date of sale.

The railroad owned on date of sale, 6.10 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Janesville to Afton, Wis., and had been acquired by construction. The construction work was performed by the North Western. 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 North Western.

Chicago, Milwaukee and North Western Railway Company
Introductory

This company was incorporated April 12, 1881, in the State of Wisconsin and April 13, 1881, in the State of Illinois. It was controlled on June 13, 1883, the date of consolidation, by the North Western, through ownership of a majority of 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 North Western during the entire period of its corporate life.

The railroad owned by the company consisted of 459.79 miles of single-track, steam railroad, extending between Galena, Ill., via Montfort, Wis., and Woodman, Wis.; Ipswich and Platteville, Wis.; Lancaster Junction and Lancaster, Wis.; Montfort Junction and Milwaukee, Wis.; Chicago, Ill., and Fond du Lac, Wis.; and Sheboygan and Princeton, Wis. All of the line was of standard-gauge, except a small portion of narrow-gauge line near Woodman, Wis.

Development of Fixed Physical Property Of the road owned on date of consolidation, a part had been acquired as narrow-gauge and part in a partly constructed state. The mileage of each class of road acquired from each of the several predecessors in ownership is given below. The company converted the narrow-gauge road to standard-gauge, excepting about 17 miles between Fennimore and Woodman, Wis., and completed the 80.04 miles of partly constructed road. The construction work of this company was performed by the forces of the North Western. 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 North Western.

Milwaukee and Madison Railway Company (Second Corporation)
Introductory

This company was incorporated December 3, 1880, in the States of Illinois and Wisconsin. It was controlled on April 12, 1881, the date of consolidation, by the North Western, through ownership of 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 North Western, under an implied lease, from date of completion to date of consolidation.

The company owned on date of consolidation 153.72 miles of constructed road and 80.04 miles of partly constructed road between Milwaukee and Madison, Wis., the former consisting of 60.84 miles of standard-gauge and 92.88 miles of narrow-gauge track, as follows: Development of Fixed Physical Property

Of the road owned by the company, it had acquired 92.88 miles from The Chicago and Tomah Railroad Company (of 1880) and 60.84 miles by completion of construction begun by that company. It also acquired from the Milwaukee and Madison Railway Company (first corporation) 80.04 miles of partly constructed, standard-gauge road between Milwaukee and Madison, Wis., which was not completed during the life of this company. The construction work of this company was performed by the forces of the North Western. 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 North Western.

Milwaukee and Madison Railway Company (First Corporation)
This company was incorporated May 18, 1880, in the State of Wisconsin. It was controlled on December 3, 1880, the date of consolidation, by the North Western, through ownership of 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 of this company was not completed on the date of consolidation. The railroad property owned consisted of a partly constructed single-track, standard-gauge line between Milwaukee and Madison, Wis., 80.04 miles, which was under construction by the North Western. 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 North Western.

The Chicago and Tomah Railroad Company (of 1880)
Introductory

This company was incorporated August 31, 1880, in the States of Illinois and Wisconsin. It was controlled on December 3, 1880, the date of consolidation, by the North Western, through ownership of 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, under lease, by the North Western from date of completion to date of consolidation.

The completed railroad owned by the company, 92.88 miles, consisted of a single-track, narrow-gauge, steam railroad, extending from Galena, Ill., via Montfort, Wis., to Woodman, Wis., and from Lancaster Junction, Wis., to Lancaster, Wis. It also owned 60.84 miles of partly constructed road between Madison and Montfort, Wis.

Development of Fixed Physical Property

Of the completed road owned by the company on the date of consolidation it had acquired 40 miles from The Galena and Wisconsin Railroad Company, 44.88 miles from The Chicago and Tomah Railroad Company (of 1872), and 8 miles by construction. It had under construction 60.84 miles of road between Madison and Montfort, Wis. The construction work of this company was performed by the forces of the North Western. 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 North Western.

The Chicago and Tomah Railroad Company (of 1872)
This company was incorporated October 21, 1872, in the State of Wisconsin. No accounting records of this company were obtained for the period prior to May 1, 1880. Therefore, only partial information can be given from its accounts regarding financial dealings, corporate operations, or investments. The company was controlled on August 31, 1880, the date of consolidation, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation.

The property was operated by the company's own organization from the date of completion to May 1, 1880. From that date to date of consolidation it was operated by the North Western, under an implied lease. The railroad owned on date of consolidation, 44.88 miles, all in the State of Wisconsin, extended from Woodman to Lancaster, 31.38 miles, and from Dancliff Junction to Conley, 13.50 miles. This mileage had been acquired by construction. The construction work of this company was performed by the forces of the North Western. 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 North Western.

The Galena and Wisconsin Railroad Company
This company was incorporated August 16, 1879, in the State of Wisconsin, and August 26, 1879, in the State of Illinois. It was controlled on August 31, 1880, the date of consolidation, by the North Western, through ownership by Albert Keep, trustee, and others of 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 company's own organization from date of acquirement to May 1, 1880. From that date to date of consolidation it was operated, under lease, by the North Western. The railroad owned on date of consolidation, 40 miles, consisted of 36 miles of single-track, narrow-gauge, main line extending from Galena, Ill., to Conley, Wis., with a branch line of 4 miles, extending from Phillips Corners to Platteville, Wis. This mileage had been acquired by 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 North Western.

Galena and Wisconsin Railroad Company (of Wisconsin)
This company was incorporated May 16, 1879, in the State of Wisconsin. Its accounting records were not 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. The company was controlled on August 16, 1879, the date of consolidation, by the bondholders of its predecessor, the Galena and Southern Wisconsin. On the other hand, the records reviewed do not indicate that it then controlled any common-carrier corporation. Its incorporation was part of a plan of reorganization of the Galena and Southern Wisconsin. The bondholders' committee purchased the property of that company at foreclosure sale, incorporated the Galena and Wisconsin (of Wisconsin) and the Galena and Wisconsin (of Illinois), and deeded the property in Wisconsin and Illinois, respectively, to them. These two companies were then consolidated to form the Galena and Wisconsin.

The railroad owned by this company on the date of consolidation, 30 miles, was acquired by purchase. It consisted of a single-track, standard-gauge, steam railroad, wholly within the State of Wisconsin, extending from the Illinois-Wisconsin State line to Conley, Wis., 26 miles, and from Phillips Corners to Platteville, Wis., 4 miles.

Galena and Wisconsin Railroad Company (of Illinois)
This company was incorporated May 15, 1879, in the State of Illinois. Its accounting records were not obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data concerning its corporate history given below were obtained from its minute book. The company was controlled on August 16, 1879, the date of consolidation, by the bondholders of its predecessor, the Galena and Southern Wisconsin Railroad Company. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. Its incorporation was part of a plan of reorganization of the Galena and Southern Wisconsin. The bondholders' committee purchased the property of that company at foreclosure sale, incorporated the Galena and Wisconsin Railroad Company (of Illinois) and the Galena and Wisconsin Railroad Company (of Wisconsin), and deeded the property in Illinois and Wisconsin, respectively, to them. These two companies were then consolidated to form the Galena and Wisconsin.

The railroad owned by this company on the date of consolidation, 10 miles, was acquired by purchase. It consisted of a single-track, standard-gauge, steam railroad, wholly within the State of Illinois, extending from Galena to the Illinois-Wisconsin State line.

Galena and Southern Wisconsin Railroad Company
This company was incorporated January 26, 1853, in the State of Illinois, and March 2, 1857, in the State of Wisconsin. The records reviewed do not indicate that the company was controlled by any individual or corporation on May 3, 1879, the date of sale, nor, on the other hand, that it then controlled any common-carrier corporation.

The property was operated by the company's own organization from the opening of the line to June 30, 1878, when operation was discontinued. The railroad owned on the date of sale, 40 miles, consisted of a single-track, narrow-gauge, steam railroad, extending from Galena, Ill., to Conley, Wis., 36 miles, with a branch from Phillips Corners to Platteville, Wis., 4 miles. This mileage had been acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. 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 North Western.

Sheboygan and Western Railway Company
This company was incorporated April 6, 1880, in the State of Wisconsin. It was controlled on April 12, 1881, the date of consolidation, by Albert Keep and others, affiliated with the North Western, through ownership of 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 North Western, under lease, from the date it was acquired to the date of consolidation.

The railroad owned on the date of consolidation, 78.40 miles, consisted of a single-track, standard-gauge, steam railroad extending from Sheboygan to Princeton, Wis., and had been acquired by purchase from the Sheboygan and Fond du Lac Rail Road Company. Details obtained with respect to the construction of a portion of this property are given in the chapter on development of fixed physical property in the report on the North Western.

Sheboygan and Fond du Lac Rail Road Company
This company was incorporated March 19, 1861, in the State of Wisconsin. Its accounting records cover only the period from January 1, 1871, to September 30, 1879. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the periods from the date of organization to January 1, 1871, and from September 30, 1879, to date of sale has been taken from sources other than the accounting records of the company. The company was controlled on April 3, 1880, the date of sale, by Albert Keep and others, affiliated with the North Western, through ownership of 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 of the company was operated by its own organization during the period for which records were obtained. The railroad owned on date of sale, 78.40 miles, consisted of a single-track, standard-gauge, steam railroad extending from Sheboygan to Princeton, Wis. Of this road, 19.60 miles, from Sheboygan, Wis., to Glenbeulah, Wis., had been acquired from the Sheboygan and Mississippi Rail Road Company, through foreclosure and reorganization, and 58.80 miles, from Glenbeulah, Wis., to Princeton, Wis., had been acquired by construction. 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 North Western.

Sheboygan and Mississippi Rail Road Company
This company was incorporated March 8, 1852, in the State of Wisconsin. Its accounting records were not obtained. Therefore, nothing can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its minute books. The records reviewed indicate that the company was controlled by S. P. Benson, trustee of the first-mortgage on its property, on March 2, 1861, the date of sale. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The company owned on the date of sale 19.60 miles of single-track, standard-gauge, steam railroad, extending from Sheboygan to Glenbeulah, Wis., which had been acquired by construction during 1859 and 1860.

Chicago and Milwaukee Railway Company (of 1881)
This company was incorporated January 11, 1881, in the State of Illinois, and January 15, 1881, in the State of Wisconsin. The company was controlled by the North Western on April 12, 1881, the date of consolidation, through ownership of 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, under lease, by the North Western from the date it was acquired to date of consolidation. The railroad owned on date of consolidation consisted of 147.63 miles of single-track, standard-gauge, steam railroad, located in Illinois and Wisconsin, extending from Chicago, Ill., to Milwaukee, Wis., 85 miles, and from Milwaukee, Wis., to Fond du Lac, Wis., 62.63 miles. Of this mileage, 85 miles was acquired from the Chicago and Milwaukee Railway Company (of 1863) and 62.63 miles from the Northwestern Union Railway 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 North Western.

Northwestern Union Railway Company, Formerly Named Milwaukee and Northwestern Railway Company
This company was incorporated February 25, 1871, in the State of Wisconsin, as the Milwaukee and Northwestern Railway Company. The name was changed May 3, 1872. Its accounting records prior to April, 1872, were not obtained. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Although the property of this company was not conveyed to the Chicago and Milwaukee Railway Company (of 1881) until January 11, 1881, the results of corporate operations are not recorded in its accounts subsequently to December 31, 1880. The company was controlled by the North Western on January 11, 1881, the date of consolidation, through ownership of 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 North Western, under lease, from the date it was completed to date of consolidation.

The railroad owned on date of consolidation consisted of 62.63 miles of single-track, standard-gauge railroad, extending from Milwaukee to Fond du Lac, Wis., and had been acquired by construction, performed by the North Western or under its supervision. 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 North Western.

Chicago and Milwaukee Railway Company (of 1863)
This company was incorporated June 22, 1863, in the States of Illinois and Wisconsin. Its accounting records cover only the period from June 1, 1865, to May 8, 1866. For that reason only partial information can be given from the accounts in connection with financial dealings, corporate operations, or investments. Certain information concerning the retirement of funded debt of this company subsequently to May 8, 1866, has been taken from the records of the North Western. The company was controlled on January 11, 1881, the date of consolidation, by the North Western through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that it then controlled any common-carrier corporations. The property of this company was operated by its own organization from June 22, 1863, the date it was acquired, to May 8, 1866. From that date to date of consolidation it was operated by the North Western under lease. The railroad owned on the date of consolidation consisted of 85 miles of single-track, standard-gauge, steam railroad, extending from Chicago, Ill., to Milwaukee, Wis. Of this mileage, 40.40 miles was acquired from The Milwaukee and Chicago Railroad Company and 44.60 miles from the Chicago and Milwaukee Railroad 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 North Western.

The Milwaukee and Chicago Railroad Company, Formerly Named Green Bay, Milwaukee and Chicago Rail Road Company
This company was incorporated March 13, 1851, in the State of Wisconsin, as the Green Bay, Milwaukee and Chicago Rail Road Company. The name was changed March 6, 1857. The date of organization was January 5, 1852. 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 books and from the records of the Chicago and Milwaukee Railway Company (of 1863). The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 22, 1863, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The records reviewed indicate that the property of this company was operated by its own organization from date of completion to date of consolidation, except for the period June 22, 1858, to October 1, 1862, during which time the operation was by Bishop and Company, under the terms of a third mortgage. The railroad owned on the date of consolidation, 40.40 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Milwaukee, Wis., to the Illinois-Wisconsin State line, and had been acquired by construction completed in 1855.

Chicago and Milwaukee Railroad Company, Formerly Named Illinois Parallel Railroad Company
This company was incorporated February 17, 1851, in the State of Illinois, as the Illinois Parallel Railroad Company. The name was changed February 5, 1853. The date of organization was February 17, 1851. 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 indicate that the company was controlled on June 22, 1863, the date of consolidation, by Walter S. Gurnee and others. On the other hand, the records do not indicate that this company then controlled any common-carrier corporation. The records reviewed indicate that the property of this company was operated by its own organization from the date of completion in July, 1855, to December 4, 1862. From December 4, 1862, to date of consolidation, it was operated under lease by W. S. Gurnee and others.

The railroad owned on the date of consolidation, 44.60 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Chicago, Ill., to a connection with The Chicago and Milwaukee Railroad Company, at the Illinois-Wisconsin State line, and had been acquired by construction completed in July, 1855. The records reviewed indicate that the construction work was performed by Messrs. Stone and Witt, under a contract dated December 17, 1853.

The Elgin and State Line Railroad Company (of 1881)
This company was incorporated January 10, 1881, in the State of Wisconsin, and January 11, 1881, in the State of Illinois. 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 were obtained from the records of the North Western and other sources. The company was controlled on June 13, 1883, the date of so-called consolidation, by the North Western, through ownership of 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 of this company was operated by the North Western, under lease, from date of acquirement to date of so-called consolidation.

The railroad owned by the company on date of so-called consolidation, 47.44 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Elgin, Ill., to Lake Geneva, Wis., 45.04 miles, and from Geneva to St. Charles, Ill., 2.40 miles. The 45.04 miles was acquired by consolidation from The Elgin and State Line Railroad Company (of 1880); the 2.40 miles was similarly acquired from The St. Charles Railroad 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 North Western.

The properties of the Elgin and State Line (of 1880) and the St. Charles Railroad were acquired under an "Agreement of consolidation" dated January 8, 1881, which provided for the organization of the Elgin and State Line (of 1881) and the issuance of capital stock in the acquisition of the properties of the above named companies. The plan of so-called consolidation contemplated the issuance of capital stock by the new company of a par value equal to the aggregate amount of authorized capital stock of the consolidating companies. The exchange basis was two shares of capital stock of the Elgin and State Line (of 1880) for one share of the capital stock of the new company and an equal exchange for the capital stock of the St. Charles Railroad. The plan contemplated also the assumption by the Elgin and State Line (of 1881) of all of the liabilities of the consolidating companies. The records reviewed indicate that the plan as outlined was consummated. However, the details can not be given, as the accounting records were not obtained.

The St. Charles Railroad Company
The St. Charles Railroad Company was incorporated February 18, 1859, in the State of Illinois. It was controlled on January 10, 1881, the date of consolidation, by the North Western, through ownership of 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 of this company was operated by the North Western, under an implied lease, from date of completion to date of consolidation. The railroad owned on date of consolidation amounted to 2.40 miles and consisted of a single-track, standard-gauge, steam railroad, extending from St. Charles to Geneva, Ill., which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

The Elgin and State Line Railroad Company (of 1880)
This company was incorporated October 27, 1880, in the States of Illinois and Wisconsin. No accounting records of the company were obtained. Therefore, nothing can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the North Western and other sources. It was controlled on January 10, 1881, the date of consolidation, by the North Western, through ownership of 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 North Western from the date of acquirement to date of consolidation.

The railroad owned on the date of consolidation, 45.04 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Elgin, Ill., to Lake Geneva, Wis., which had been acquired by consolidation as follows: 36.34 miles from The Elgin and State Line Railroad Company (of 1859), and 8.70 miles from The State Line and Union Railroad 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 North Western.

The properties of the Elgin and State Line (of 1859) and the State Line and Union were acquired under an "Agreement of consolidation" dated October 8, 1880, which provided for the organization of the Elgin and State Line (of 1880) and the issuance of capital stock in the acquisition of the properties of the above-named companies. The plan of consolidation contemplated the issuance of capital stock by the successor company of a par value equal to the aggregate amount of authorized capital stock of the consolidating companies, to be exchanged at par. The plan contemplated also the assumption by the successor company of all of the liabilities of the consolidating companies. The records reviewed indicate that the plan as outlined was consummated. However, the details can not be given, as the accounting records were not obtained. The authorized capital stock was $3,500,000 par value, divided into shares of $100 par value each and classified as common stock, equal to the aggregate authorized capital stock of the consolidating companies. The records reviewed indicate that of the amount authorized, $490,450 was issued; $485,450 in exchange for the outstanding capital stock of the Elgin and State Line (of 1859) and $5,000 in exchange for the outstanding capital stock of the State Line and Union. The entire amount of $490,450 was actually outstanding on the date of consolidation and was exchanged for capital stock of the successor company.

The State Line and Union Railroad Company
This company was incorporated March 2, 1871, in the State of Wisconsin. The date of organization was March 18, 1871. The company was controlled on October 27, 1880, the date of consolidation, by the North Western, through ownership of a majority of 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 North Western from the date it was completed and put in operation to date of consolidation. The railroad owned on date of consolidation, 8.70 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Genoa to Lake Geneva, Wis., and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

The Elgin and State Line Railroad Company (of 1859)
This company was incorporated February 12, 1859, in the State of Illinois. The date of organization was February 26, 1859. No accounting records of the company were obtained. Therefore, no information can be given from its records regarding financial dealings, corporate operations, or investments. However, certain data given below were obtained from the records of the North Western and other sources. The company was controlled on October 27, 1880, the date of consolidation, by the North Western, through ownership of the entire outstanding capital stock. However, the North Western did not record the ownership of the stock in its books. 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 operated by the North Western, under lease, from date of acquirement to date of consolidation.

The railroad owned on date of consolidation, 36.34 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Elgin, Ill., to Genoa, Wis., which had been acquired by purchase from the Fox River Valley Railroad 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 North Western.

The property of the Fox River Valley was acquired from P. W. Raymond, trustee, for bondholders and purchaser at foreclosure sale. The plan of reorganization of the Fox River Valley included the following provisions: Capital stock to be issued to first-mortgage bondholders of the Fox River Valley equal to amount of bonds held, provided they purchased an additional 5 per cent of stock for cash; capital stock to be issued to second-mortgage bondholders of the Fox River Valley equal to one-third of amount of bonds held, provided they purchased an additional 10 per cent of stock for cash; the other and unsecured creditors of the Fox River Valley to be allowed to take in full payment of their claims capital stock equal to one-third of their claims, provided they purchased an additional 10 per cent of stock for cash. Whether or not the above-described plan of reorganization was consummated is not ascertainable from the records obtained.

Fox River Valley Railroad Company
This company was incorporated June 18, 1852, in the State of Illinois. No accounting records of the company were obtained. Therefore no information can be given from its records 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 November 10, 1858, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate by whom the property was operated from date of completion to November 10, 1858, the date of foreclosure sale. From that date to date of sale, it was operated by B. W. Raymond, as trustee for the bondholders. The railroad owned on date of sale consisted of 36.34 miles of single-track, standard-gauge, steam railroad extending from Elgin, Ill., to Genoa, Wis., which had been acquired by construction in 1854. The authorized capital stock was $1,000,000 par value, divided into shares of $100 par value each and classified as common stock. How much of this stock was actually issued, the considerations received therefor when issued, and the disposition on date of sale have not been ascertained from the records reviewed. An annual report of the successor company for the year ending October 31, 1859, states that the indebtedness of this company on date of sale was as follows:
 * First-mortgage bonds, par value $383,000
 * Second-mortgage bonds, par value 54,800
 * Notes and other indebtedness 36,455

The disposition of the indebtedness of this company in the reorganization following the sale of the property is stated in the report on the successor company.

Chicago, Iowa & Nebraska Rail Road
This company was incorporated January 26, 1856, in the State of Iowa. It was controlled on July 1, 1884, the date of sale, by the North Western, through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The property was operated, under lease, by the Galena and Chicago Union Rail Road Company from the date it was placed in operation until June 2, 1864. On that date the North Western assumed the lease and operated the property to date of sale.

The railroad owned on the date of sale consisted of 81.30 miles of single-track, standard-gauge, steam railroad, extending from Clinton to Cedar Rapids, Iowa, which had been acquired by construction. 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 North Western.

Cedar Rapids and Missouri River Railroad
This company was incorporated January 16, 1860, in the State of Iowa. It was controlled on July 2, 1884, the date of sale, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. Although the property of this company was conveyed to the North Western by deed dated July 2, 1884, the results of corporate operations and other accounts were continued to June 30, 1885. The data in this report, therefore, cover the period to June 30, 1885. The property of this company was operated by the Galena and Chicago Union Rail Road Company from the date of completion to June 2, 1864, and by the North Western from the latter date to the date of sale.

The railroad owned on the date of sale, 274.20 miles, consisted of a single-track, standard-gauge, steam railroad, located in Iowa. The main line extended from Cedar Rapids to Missouri River, Iowa, 271.60 miles, and its branch line extended from Clinton to Lyons, Iowa, 2.60 miles. The mileage owned on the date of sale had been acquired by construction, in which the Iowa Rail Road Contracting Company and the Iowa Railway Contracting Company were employed as contractors. These companies were affiliated with the Cedar Rapids and Missouri River, both having been incorporated by John I. Blair, Oakes Ames, and others, stockholders of the Cedar Rapids and Missouri River. In addition, the Iowa Railway Contracting Company in 1867 constructed for the Cedar Rapids and Missouri River 5.84 miles of railroad extending from Missouri Valley to California Junction, Iowa. This section of road was sold on July 31, 1871, to the Sioux City and Pacific 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 North Western.

The Maple River Rail Road Company
This company was incorporated August 10, 1870, in the State of Iowa. The records reviewed do not indicate that the company was controlled by any individual or corporation on July 3, 1884, the date of sale, nor that it then controlled any other common-carrier corporation. The property of this company was operated, under lease, by the North Western from the date of completion to the date of sale. The railroad owned on the date of sale, 131.02 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Maple River Junction to Mapleton, Iowa, 60.15 miles, and from Wall Lake to Kingsley, Iowa, 70.87 miles. Of the mileage owned on date of sale, 118.26 miles had been acquired by construction and 12.76 miles by completion of construction begun by the Sac City and Wall Lake Railroad 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 North Western.

Sac City and Wall Lake Railroad Company
This company was incorporated October 13, 1877, 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, corporate operations, or investments. However, certain data indicated below were obtained from its minute book. It was controlled on June 17, 1879, the date of sale, by E. R. Duffie and others, 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 this company was not completed for operation on date of sale.

The railroad owned by the company consisted of 12.76 miles of uncompleted single-track, standard-gauge, steam railroad, extending from Sac City to Wall Lake, Iowa. The construction of the railroad was completed by the successor company, The Maple River Rail Road Company.

[...]

The records reviewed indicate that on December 3, 1878, the company entered into an agreement with the Maple River Railroad under which the former company agreed to procure the right of way, do the grading and bridge work, and turn over the property, rights, and franchises, including depot grounds at Sac City, Iowa, together with the outstanding capital stock, to the Maple River Railroad, in consideration for completion of the line by that company and securing its operation under lease by the North Western.

Stanwood & Tipton Railway Company
This company was incorporated September 19, 1872, in the State of Iowa. It was controlled on October 24, 1884, the date of sale, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The property was operated by the North Western, under lease, from the date of completion to date of sale.

The railroad owned on the date of sale, 8.50 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Stanwood to Tipton, Iowa, which had been acquired by construction. 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 North Western.

Iowa Midland Railway Company
This company was incorporated May 21, 1870, in the State of Iowa. It was controlled on October 24, 1884, the date of sale, by the North Western, through the ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The property of this company was operated by the North Western from date of completion to date of sale.

The railroad owned on the date of sale, 70.97 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Lyons to Anamosa, Iowa, which had been acquired by completion of construction begun by the Iowa Central Air Line Rail Road Company. The records reviewed indicate that the completion of construction was principally by the forces of the North Western. 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 North Western.

Mississippi, Maquoketa & Northwestern Railroad Company
This company was incorporated July 17, 1868, in the State of Iowa. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts regarding financial dealings or investments. Certain information indicated hereafter has been taken from sources other than the accounting records. The records reviewed did not indicate that this company was controlled by any individual or corporation on February 8, 1871, the date of sale, nor, on the other hand, that it then controlled any common-carrier corporation.

[...]

The company owned on date of sale 70.97 miles of uncompleted road the construction of which was begun by the Iowa Central Air Line Rail Road Company. The records reviewed do not indicate that the work of construction was continued by this company. The construction was completed by the successor company.

Iowa Central Air Line Rail Road Company
This company was incorporated June 15, 1853, in the State of Iowa. The accounting records of the company were not 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 other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 20, 1864, 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 70.97 miles of uncompleted railroad between Lyons and Anamosa, Iowa. The minute book indicated the capital stock in the par value of $10,000,000, divided into shares of $100 par value each, was authorized. How much of this stock was issued, if any, and the considerations received therefor when issued were not ascertainable from the records obtained.

Ottumwa, Cedar Falls and St. Paul Railway Company
This company was incorporated July 4, 1883, in the State of Iowa. It was controlled on October 24, 1884, the date of sale, by the North Western, through ownership of 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 of the company was operated by the North Western, under lease, from date of completion to date of sale.

The railroad owned on the date of sale, 60.36 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Belle Plains to Muchikinock, Iowa, which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Iowa South Western Railway Company
This company was incorporated July 19, 1880, in the State of Iowa. It was controlled on October 24, 1884, the date of sale, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The property was operated by the North Western, under lease, from date of completion to date of sale.

The railroad owned, 51.81 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Carroll to Kirkman, Iowa, and from Manning to Audubon, Iowa, all of which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

The Des Moines and Minneapolis Rail Road Company, Formerly Named The Des Moines and Minnesota Rail-Road Company
This company was incorporated November 16, 1870, in the State of Iowa, as The Des Moines and Minnesota Rail-Road Company. The name was changed July 31, 1877. The date of organization was August 1, 1870. The company was controlled on October 24, 1884, the date of sale, by the North Western, through ownership of 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 company's own organization from date of completion to July 25, 1879. From that date it was operated by the North Western, under lease, to date of sale.

The railroad owned on date of sale, 57.34 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Des Moines to Callanan, Iowa, of which 20.34 miles had been acquired by construction and 37 miles by completion of construction begun by the Iowa and Minnesota 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 North Western.

Iowa and Minnesota Railway Company
This company was incorporated April 12, 1866, in the State of Iowa. No accounting records of this company were obtained. Therefore, nothing 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 November 13, 1869, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned on date of sale a partly constructed single-track, narrow-gauge, steam railroad between Des Moines and Ames, Iowa.

Maple Valley Railway Company
This company was incorporated April 26, 1886, in the State of Iowa. It was controlled on May 4, 1887, the date of sale, by the North Western, through ownership of 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, under lease, by the North Western from the date it was completed to date of sale.

The railroad owned on the date of sale, 20.70 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Mapleton to Onawa, Iowa, which had been acquired by construction. The work of construction was performed by the North Western. 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 North Western.

Janesville and Evansville Railway Company
This company was incorporated April 16, 1886, in the State of Wisconsin. It was controlled on May 6, 1887, the date of sale, by the North Western, through ownership of 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 North Western, under lease, from date of completion to date of sale.

The railroad owned on date of sale, 15.68 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Janesville to Evansville, Wis., which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Sioux Valley Railway Company
This company was incorporated January 21, 1887, in the State of Iowa. The records reviewed indicate that it was organized in the interest of the North Western and controlled by that company on November 2, 1887, the date of sale, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that it then controlled any other common-carrier corporation.

The property owned consisted of 9 miles of single-track, standard-gauge, steam railroad, extending from Kingsley to Moville, Iowa. It was operated by the North Western, under lease, from date of completion to date of sale. The entire road owned had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Iowa Railway, Coal and Manufacturing Company
This company was incorporated December 12, 1873, in the State of Iowa. There are no available accounting records of the company for the period from the date of organization to November 1, 1880. For that reason only partial information can be given from the accounts in connection with financial dealings, corporate operations, or investments. The company was controlled on November 2, 1887, the date of sale, by the North Western, through ownership of 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 corporate operations of this company prior to November 1, 1880, were not ascertained. From that date to date of sale the property was operated, under an implied lease, by the North Western.

The railroad owned on date of sale, 3.25 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Boone to Coal Banks, Iowa, which had been acquired by construction. 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 North Western.

Linn County Railway Company
This company was incorporated November 11, 1886, in the State of Iowa. It was controlled on November 2, 1887, the date of sale, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The property of this company was operated, under lease, by the North Western from date of completion to date of sale. The railroad owned on the date of sale, 5.96 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Otis to Beverly, Iowa, which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

The Sycamore and Cortland Rail Road Company
This company was incorporated June 28, 1858, in the State of Illinois. There are no available accounting records of this company for the period from the date of organization to June 16, 1883. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period first mentioned has been taken from sources other than the accounting records of the company. The company was controlled on June 7, 1888, the date of sale, by the North Western, through ownership of 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 minute book of this company indicates that the property was operated by its own organization during the period from 1864 to 1869. However, the information prior to June 16, 1883, concerning operation is incomplete. From June 16, 1883, to the date of Bale the property was operated, under lease, by the North Western.

The railroad owned on the date of sale, 4.64 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Sycamore to Cortland, Ill., which had been acquired by construction, performed by Brown & Ames, contractors, who 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 North Western.

Northern Illinois Railway Company
This company was incorporated March 6, 1884, in the State of Illinois. It was controlled on June 7, 1888, the date of sale, by the North Western, 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 was operated, under lease, by the North Western from date of completion to date of sale.

The railroad owned on the date of sale consisted of 75.78 miles of single-track, standard-gauge, steam railroad, extending from Belvidere to Spring Valley, Ill., and had been acquired by construction. Construction began in 1884, while the property was held by the Northwestern Fuel Company, original owners of the capital stock of the company. The records reviewed indicate that the construction work was performed partly by Langdon & Company, grading and bridge contractors, and partly by the forces of the North Western. 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 North Western.

Iron River Railway Company
This company was incorporated October 11, 1886, in the State of Michigan. It was controlled on June 10, 1889, the date of sale, by the North Western, through ownership of 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 of the company was operated by the North Western, under lease, from the date of completion to date of sale.

The railroad owned on date of sale consisted of 35.16 miles of single-track, standard-gauge, steam railroad, located wholly within the State of Michigan and extending from Iron River to Watersmeet, Mich., which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Iron Range Railway Company
This company was incorporated August 15, 1887, in the State of Michigan. It was controlled by the North Western on June 10, 1889, the date of sale, through ownership of 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 North Western, under lease, from date of completion to date of sale.

The railroad owned on date of sale consisted of 33.63 miles of single-track, standard-gauge, steam railroad, extending from Ishpeming to Republic, Mich., 21.96 miles, Clewry to Michigamme, Mich., 10.44 miles, and from Wabic to Champion, Mich., 1.23 miles. All of this mileage had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Lake Geneva and State Line Railway Company
The Lake Geneva and State Line Railway Company was incorporated August 9, 1887, in the State of Wisconsin. It was controlled on June 10, 1889, date of sale, by the North Western, through ownership of 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 North Western, under lease, from date of completion to date of sale.

The railroad owned on date of sale consisted of 6 miles of single-track, standard-gauge, steam railroad, located in Wisconsin, and extending from Lake Geneva to Williams Bay, Wis., which was acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

The Toledo and North Western Railway
Introductory

This company was incorporated September 13, 1869, in the State of Iowa. No accounting records of the company were obtained for the period prior to October 1, 1879. Therefore, no information for that period can be given from the accounts in connection with its financial dealings, corporate operations, and investments. However, certain information pertaining to the period has been taken from other sources.

The company was controlled on June 6, 1890, the date of sale, by the North Western, through ownership of 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 of this company was operated by its own organization prior to October 1, 1879. From that date to date of sale it was operated by the North Western, under lease.

The railroad owned on date of sale was a single-track, standard-gauge, steam railroad, located in the States of Iowa and Minnesota and aggregating 385.19 miles. Its main lines extended from Tama, Iowa, to Elmora, Minn., 164.56 miles; from Eagle Grove to Hawarden, Iowa, 145.20 miles; and from Jewell Junction to Wall Lake Junction, Iowa, 73.68 miles. Its branch line extended from Jewell Junction, Iowa, to Des Moines & Minneapolis connection, 1.75 miles.

Development of Fixed Physical Property

The entire 385.19 miles of road owned by the company on date of sale had been acquired by construction. Three miles were constructed prior to October 1, 1879, and 382.19 miles during the period covered by the accounting records that have been obtained. The construction work during that period was performed by the forces of the North Western. 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 North Western.

Junction Railway Company
The Junction Railway Company was incorporated February 25, 1889, in the State of Illinois. It was controlled on June 4, 1891, the date of sale, by the North Western, through ownership of 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 of this company was operated by the North Western, under lease, from date of completion to date of sale. The railroad owned on date of sale consisted of 7.69 miles of double-track, standard-gauge, steam railroad, extending from Montrose to North Evanston, Ill., which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Paint River Railway Company
The Paint River Railway Company was incorporated June 14, 1890, in the State of Michigan. It was controlled on June 4, 1891, the date of sale, by the North Western, through ownership of 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 of this company was operated by the North Western, under lease, from the date of completion to the date of sale.

The railroad owned on the date of sale, 15 miles, consisted of a single-track, standard-gauge, steam railroad, located wholly within Michigan, extending from Crystal Falls to Hemlock Mine, Mich., which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Milwaukee, Lake Shore and Western Railway Company (of 1883)
Introductory

This company was incorporated December 11, 1875, in Wisconsin. On May 4, 1883, through reincorporating under the same name, through a so-called consolidation agreement, it acquired the property of the Vieux Desert and Lake Superior Railroad Company. Although it entered into the so-called consolidation agreement for the purpose of acquiring the property of another common-carrier, the accounting records covering the financial dealings, corporate operations, or investments were continuous from 1875 to August 19, 1893, the date of sale. No new capital stock or bonds were issued in the so-called merger or consolidation and the property so acquired was taken over by the Milwaukee, Lake Shore and Western (of 1875) as though by purchase or merger. Therefore, this combination is so considered hereinafter in this report, and property so acquired is stated herein as acquired by, and both companies are hereinafter referred to as, the Milwaukee, Lake Shore and Western Railway Company.

This company was controlled on August 19, 1893, the date of sale, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, this company then controlled the St. Paul Eastern Grand Trunk Railway Company, through ownership of practically all of the capital stock.

The property of this company was operated by its own organization from the date of acquirement to date of sale. The railroad operated by the company on date of sale was a single-track, standard-gauge, steam railroad, located in Wisconsin and Michigan, aggregating 762.12 miles. The owned mileage amounted to 702.10 miles and consisted of two main lines; one extending from Lake Shore Junction in a northwesterly direction to Marshfield, Wis.; the other extending from the Wisconsin-Michigan State line in a northwesterly direction to Montreal River, Mich. It also owned various branch lines extending to mines and lumber mills. The property operated exclusively under lease consisted of the railroad of the St. Paul Eastern Grand Trunk Railway Company, extending from Oconto to Clintonville, Wis., 60.02 miles.

Development of Fixed Physical Property

Of the 702.10 miles owned by the company on date of sale, 135.43 miles were acquired through reorganization and purchase as follows:

The remaining 566.67 miles were acquired by construction. 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 North Western.

Vieux Desert and Lake Superior Railroad Company
This company was incorporated September 28, 1881, in the State of Michigan, The accounting records of the company were not 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 the records of the Milwaukee, Lake Shore and Western Railway Company (of 1875) and from other sources. The company was controlled on May 4, 1883, the date of consolidation, by the Milwaukee, Lake Shore and Western (of 1875) 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 company did not own any completed railroad on date of consolidation.

The Appleton and New London Railway Company
This company was incorporated April 9, 1866, in the State of Wisconsin. The date of organization was January 6, 1871. 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 other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 10, 1875, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

This company owned on June 1, 1872, 42.30 miles of single-track, standard-gauge, steam railroad, extending from Manitowoc to Appleton, Wis., which had been acquired by construction during the period from 1871 to 1874. On that date this property was sold to the Milwaukee, Lake Shore and Western Railroad Company. On December 10, 1875, the remainder of the property of this company, not described in the records reviewed, was sold at foreclosure. The minute book states that the authorized capital stock of the company was $300,000 par value, not to be increased to exceed $1,000,000 par value, divided into shares of $25 par value each. How much was actually issued and the considerations received therefor was not ascertainable from the records obtained.

Milwaukee, Lake Shore and Western Railroad Company, Formerly Named Milwaukee, Manitowoc and Green Bay Railroad Company
This company was originally incorporated as the Milwaukee, Manitowoc and Green Bay Railroad Company in the State of New York, on March 10, 1870. The name was changed on June 1, 1872. With the exception of the books of the receiver, the accounting records of the company were not obtained. 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 whether the company was controlled by any individual or corporation on December 10, 1875, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property of this company was operated by its own organization from the date it purchased its original 42.30 miles of railroad, June 1, 1872, until the receivership, January 1, 1875. From the latter date until date of sale its property was operated by receivers. The company owned on date of sale 122.35 miles of single-track, standard-gauge, steam railroad. Its main line extended from Lake Shore Junction to a point 1 mile east of Appleton, Wis., 116 miles. A branch line extended from Manitowoc to Two Rivers, Wis., 6.35 miles. Of this mileage, it had acquired 42.30 miles from The Appleton and New London Railway Company and 80.05 miles by construction. 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 North Western.

The Wolf and Wisconsin Rivers Railroad Company
This company was incorporated September 7, 1886, in the State of Wisconsin. The accounting records of the company were not obtained. Therefore, no information can be given from the accounts in connection with the financial dealings, corporate operations, or investments. Certain data indicated below were obtained from the accounting records of the Milwaukee, Lake Shore and Western Railway Company (of 1883). The company was controlled on January 15, 1889, the date of sale, by the Milwaukee, Lake Shore and Western (of 1883), through ownership of 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 of this company was operated by its own organization from date of acquirement to June 26, 1888. From that date to date of sale it was operated by the Milwaukee, Lake Shore and Western (of 1883), under lease. The railroad owned on date of sale consisted of 13.08 miles of single-track, standard-gauge, steam railroad, extending from Pratt Junction to Westerly, Wis., and had been acquired by construction in 1888, during which year the Milwaukee, Lake Shore and Western (of 1883) acquired a majority of the capital stock of this company and constructed the road with its own forces.

Wisconsin Northern Railway Company
This company was incorporated February 12, 1896, in the State of Wisconsin. It was controlled on September 10, 1897, the date of sale, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that it then controlled any common-carrier corporation. The property of this company was not placed in operation during its corporate life. The railroad owned, 46.11 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Northern Junction to Wabena, Wis., and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Winona and Saint Peter Railroad Company
Introductory

This company is a corporation of the State of Minnesota, having been incorporated March 10, 1862, under special act. The company is controlled by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation. Although the common-carrier property of this company was conveyed to the North Western on June 7, 1900, the accounts of the company pertaining to its corporate operations and investment with respect to property other than that of a common-carrier have been continued to date of valuation. However, for the purpose of this report the accounting data cover the period only to the date of sale of the common-carrier property.

The property of the company was operated under lease by the North Western from date of acquirement to date of sale. The railroad owned on date of sale was a single-track, standard-gauge, steam railroad, located in the States of Minnesota, North Dakota, and South Dakota, aggregating 1,229.96 miles. The main lines extended from Winona, Minn., to Pierre, S. Dak., and from Tracy, Minn., to Gettysburg, S. Dak. The principal branch lines extended from James Valley Junction, S. Dak., to Oakes, N. Dak.; Iroquois, S. Dak., to South Dakota-Iowa State line; Doland to Groton, S. Dak.; and Tyler, Minn., to Astoria, S. Dak.

Development of Fixed Physical Property

Of the 1,229.96 miles owned by the company on date of sale of its railroad property, 874.78 miles were acquired through purchase from the following companies:

Of the remaining 355.18 miles, 105 miles from Winona westward were constructed and equipped for the company by D. N. Barney and others, contractors, who do not appear to have been affiliated with the company, and 217.98 miles were constructed by the North Western. In addition, the company acquired 32.20 miles by completion of construction begun by the Minnesota and South Dakota Railway Company. This construction was performed by the forces of the North Western. The records reviewed do not indicate whether the North Western employed contractors or its own forces in 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 North Western.

Minnesota and South Dakota Railway Company
This company was incorporated August 14, 1899, in the State of Minnesota. The date of organization was August 28, 1899. The company was controlled on February 12, 1900, the date of sale, by the North Western, 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 was not operated prior to date of sale.

The railroad owned by the company on date of sale consisted of 32.20 miles of partly constructed, single-track, standard-gauge, steam railroad, extending from Tyler, Minn., to Astoria, S. Dak., and had been acquired by construction, details with respect to which are given in the chapter on development of fixed physical property in the report on the North Western.

Mankato and New Ulm Railway Company
The company was incorporated January 16, 1899, in the State of Minnesota. The date of organization was January 25, 1899. The company was controlled on February 12, 1900, the date of sale, by the North Western through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporations. The property of the company was operated by the Winona and Saint Peter Railroad Company as part of its own property from date of completion to date of sale.

The property owned by the company on date of sale consisted of 25.58 miles of single-track, standard-gauge, steam railroad, extending from Mankato to New Ulm, Minn., and had been acquired by construction. The construction work was performed by the Winona and Saint Peter. 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 North Western.

Dakota Central Railway Company
This company was incorporated May 15, 1879, in the Territory of Dakota. The date of organization was May 21, 1879. The company was controlled on February 12, 1900, the date of sale, by the North Western, 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 North Western, under various lease agreements, from the completion of the line by sections to date of sale.

The railroad owned by the company on date of sale consisted of 723.70 miles of single-track, standard-gauge, steam railroad, located in the States of North Dakota, South Dakota, and Iowa. Its main lines extended from the South Dakota State line to Pierre, S. Dak., 209.26 miles; Watertown to Gettysburg, S. Dak., 145.87 miles; Ordway Junction to Oakes, N. Dak., 131.95 miles; and Iroquois, S. Dak., to Hawarden, Iowa, 125.49 miles. The branch lines extended from Castlewood Junction to Watertown, S. Dak., 43.83 miles; Centerville to Yankton, S. Dak., 28.46 miles; Doland to Verdon, S. Dak., 24.38 miles; and Verdon to Groton, S. Dak., 14.46 miles. The entire road owned had been acquired by construction. The records reviewed indicate that the construction work was performed principally by the forces of the North Western. 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 North Western.

Chicago and Dakota Railway Company
This company was incorporated May 8, 1879, in the State of Minnesota. The company was controlled on May 11, 1881, the date of sale, by the North Western, 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 was operated by the North Western under agreement from date of completion to date of sale.

The property owned by the company on date of sale consisted of 46.40 miles of single-track, standard-gauge, steam railroad, extending from Tracy, Minn., westward to the South Dakota State line, and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Chatfield Rail Road Company
This company was incorporated May 1, 1878, in the State of Minnesota. The date of organization was May 1, 1878. The company was controlled on May 11, 1881, the date of sale, by the North Western through ownership of its capital stock. The property was operated by the North Western under agreement from the date of completion to the date of sale.

The property owned by the company on date of sale consisted of 11.46 miles of single-track, standard-gauge, steam railroad, extending from Eyota to Chatfield, Minn., which had been acquired by construction. The records reviewed indicate that grading and other work was performed by George W. Flower, contractor for the North Western, and the remainder by forces of the North Western. 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 North Western.

Plainview Rail Road Company
This company was incorporated December 18, 1877, in the State of Minnesota. The date of organization was December 18, 1877. The company was controlled on May 11, 1881, the date of sale, by the North Western, through ownership of the capital stock. The property was operated by the North Western, under agreement, from date of completion to date of sale.

The property owned by the company on date of sale consisted of 15.01 miles of single-track, standard-gauge, steam railroad extending from Eyota to Plainview, Minn., and had been acquired by construction. The records reviewed indicate that most of the construction work was performed by George W. Flower, contractor for the North Western, and the remainder by forces of the North Western. 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 North Western.

The Rochester and Northern Minnesota Railway Company
This company was incorporated October 29, 1877, in the State of Minnesota. The date of organization was March 22, 1878. The company was controlled on May 11, 1881, the date of sale, by the North Western, 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 was operated by the North Western as a part of its own system from the date of completion to date of sale.

The property owned by the company on date of sale consisted of 24.48 miles of single-track, standard-gauge, steam railroad, extending from Rochester to Zumbrota, Minn., and had been acquired by construction. The records reviewed indicate that the work of grading, bridging, and other work was done by George W. Flower, contractor, employed by the North Western, and the remainder of the work was performed by forces of the North Western. 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 North Western.

The Minnesota Valley Railway Company
This company was incorporated July 17, 1876, in the State of Minnesota. The date of organization was July 17, 1876. The company was controlled on May 11, 1881, the date of sale, by the North Western, through ownership of the capital stock. The property was operated by the North Western, under agreement, from date of completion to date of sale.

The property owned on date of sale consisted of 24.40 miles of single-track, standard-gauge, steam railroad, extending from Sleepy Eye to Redwood Falls, Minn., and had been acquired by construction. The records reviewed indicate that grading and other work was performed by C. A. DeGraff, contractor for the North Western, and the remainder of the work was performed by forces of the North Western. 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 North Western.

Winona, Mankato & New Ulm Railway Company
This company was incorporated July 15, 1870, in the State of Minnesota. The date of organization was October 28, 1870. The company was controlled on October 11, 1880, the date of sale, by the North Western, 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 was operated by the North Western as a part of its own system from the date of completion to date of sale. The property consisted of 3.75 miles of single-track, standard-gauge, steam railroad, extending from Mankato Junction to Mankato, Minn., and had been acquired by construction. The records reviewed indicate that the work of grading, bridging, and other work was done by C. A. DeGraff & Company, contractors, employed by the North Western, and that the remainder of the work was performed by the forces of the North Western. 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 North Western.

The Transit Railroad Company
This company was incorporated January 25, 1856, in the State of Minnesota. The accounting records of the company were not 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 from other sources. The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 23, 1860, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate that the company owned any constructed railroad on date of sale. The minute book referred to states that the authorized capital stock of the company was $5,000,000 par value, divided into shares of $100 par value each. How much was actually issued and the considerations received therefor is not ascertainable from the records obtained. The company issued to the State of Minnesota $500,000 par value of first-mortgage 7 per cent bonds, dated October 1, 1853, due October 1, 1883. However, the conditions under which these bonds were issued have not been indicated in the records reviewed.

Minnesota and Iowa Railway Company
This company was incorporated November 14, 1898, in the State of Minnesota. It was controlled on June 8, 1900, the date of sale, by the North Western, through ownership of 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 North Western, under implied lease, from date of completion to date of sale.

The railroad owned by the company on the date of sale, 118.26 miles, consisted of a single-track, standard-gauge, steam railroad, located in the States of Minnesota and Iowa and extending from Vesta, Minn., to Burt, Iowa, and had been acquired by construction. The construction work was performed by the forces of the North Western. Further details with respect to the construction of the property are given in the chapter on development of fixed physical property in the report on the North Western.

Boyer Valley Railway Company
This company was incorporated October 5, 1898, in the State of Iowa. The company was controlled on June 8, 1900, the date of sale, through ownership of 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 North Western, under lease, from date of completion to date of sale.

The railroad owned by the company on date of sale, 86.10 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Wall Lake to Denison, Iowa, 24.80 miles, and from Boyer to Mondamin, Iowa, 61.30 miles, and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Harlan and Kirkman Railway Company
This company was incorporated May 10, 1899, in the State of Iowa. The company was controlled on June 8, 1900, the date of sale, by the North Western, through ownership of 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 North Western under lease, from date of completion to date of sale.

The railroad owned on date of sale, 6.30 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Kirkman to Harlan, Iowa, and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Iowa, Minnesota and Northwestern Railway Company
This company was incorporated August 17, 1898, in the State of Iowa. It was controlled on June 8, 1900, the date of sale, by the North Western, through ownership of 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 not placed in operation during its corporate life.

The railroad owned on date of sale, 195 miles, consisted of a single-track, standard-gauge, steam railroad, located in the States of Iowa and Minnesota, extending from Belle Plaine, Iowa, northerly to Blue Earth, Minn., and thence to Fox Lake, Minn., and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Boone County Railway Company
This company was incorporated January 17, 1899, in the State of Iowa. It was controlled June 8, 1900, the date of sale, by the North Western, through ownership of 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 North Western, under lease, from the date of completion to date of sale.

The railroad owned by the company on date of sale, 7.25 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Boone, Iowa, across the Des Moines River to Ogden, Iowa, and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Southern Iowa Railway Company
This company was incorporated March 28, 1900, in the State of Iowa. It was controlled on June 8, 1901, the date of sale, by the North Western, through ownership of 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 North Western, under lease, from the date of completion to date of sale.

The railroad owned by the company, 21.55 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Stark to Buxton, Iowa, and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Princeton and North Western Railway Company
This company was incorporated June 12, 1900, in the State of Wisconsin. It was controlled on June 8, 1901, the date of sale, by the North Western, through ownership of 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 not placed in operation prior to the date of sale.

The railroad owned on date of sale, 100.42 miles, consisted of a single-track, standard-gauge, steam railroad, wholly within the State of Wisconsin. Its main line extended from Princeton to Marshfield, Wis., 85.69 miles, and its branch lines from Red Granite Junction to Red Granite, Wis., 7.85 miles, and Nekoosa Junction to Nekoosa, Wis., 6.88 miles. This mileage had been acquired by construction performed by the forces of the North Western. 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 North Western.

Peoria and North-Western Railway Company
This company was incorporated November 7, 1900, in the State of Illinois. It was controlled on June 8, 1901, the date of sale, by the North Western, through ownership of 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 North Western, under lease, from the date of completion to date of sale.

The railroad owned on the date of sale, 82.98 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Peoria to Nelson, Ill., and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Sioux City and Pacific Rail Road Company (of 1868) and Sioux City and Pacific Rail Road Company (of 1864)
The Sioux City and Pacific Rail Road Company (of 1864) was incorporated August 18, 1864, in the State of Iowa. On September 15, 1868, by reincorporating under the same name, through a so-called consolidation agreement, it acquired the property of the Northern Nebraska Air Line Rail Road Company. Although it entered into the so-called consolidation agreement for the purpose of acquiring the property of another common carrier, the accounting records, with the exception of corporate operations, were continuous from 1870 to August 28, 1901, the date of sale. The results of corporate operations were continuous from March, 1873, to date of sale. No new capital stock or bonds were issued in the so-called merger or consolidation, and the property was taken over by the Sioux City and Pacific (of 1868) as though by purchase or merger. Therefore, this combination is so considered hereinafter in this report, and such property, so acquired, is stated herein as acquired by the Sioux City and Pacific. The company was controlled on August 28, 1901, the date of sale, by the North Western, through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation. The property was operated by the contractors from the date of completion to March, 1873. From that date until August 9, 1901, it was operated by its own organization. From the latter date to date of sale it was operated by the North Western, under lease.

The railroad owned on date of sale was a single-track, standard-gauge, steam railroad, located in the States of Iowa and Nebraska, aggregating 107.42 miles. The main lines extended from California Junction to Sioux City, Iowa, 69.81 miles; from California Junction, Iowa, to Fremont, Nebr., 31.77 miles. The branch line extended from Missouri Valley Junction to California Junction, Iowa, 5.84 miles. It also owned an uncompleted line from Moville to Sargent's Bluff, Iowa, about 20 miles. Of the 107.42 miles of completed road owned on date of sale, 5.84 miles was acquired by purchase from the Cedar Rapids and Missouri River Railroad and 101.58 miles was acquired by construction. Of the uncompleted road, 20 miles was acquired by purchase from the Moville Extension Railway Company. The construction of this road was continued by the Sioux City and Pacific and was completed by its successor.

The records reviewed indicate that the greater part of the construction was performed by the Iowa Railway Contracting Company, whose president was also the president of the Sioux City and Pacific. 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 North Western.

Moville Extension Railway Company
This company was incorporated June 12, 1901, in the State of Iowa. It was controlled on July 10, 1901, the date of sale, by the North Western, through ownership of 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 company owned no completed road. On date of sale it had under construction a single-track, standard-gauge, steam railroad, from Moville to Sargent's Bluff, Iowa, 20 miles. This was completed by the successor companies. 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 North Western.

Northern Nebraska Air Line Rail Road Company
This company was incorporated June 8, 1867, 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 indicated below were obtained from its minute book and from the records of the Sioux City and Pacific Rail Road Company. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 15, 1868, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation. This company had not begun the construction of any railroad on the date of consolidation. The minute book indicates that the authorized capital stock was $2,000,000 par value, divided into shares of $50 par value each. Of the amount authorized, $200,000 was issued, but the considerations received therefor were not ascertainable from the records reviewed.

Minnesota Western Railway Company
This company was incorporated July 11, 1901, in the State of Minnesota. The company was controlled on July 16, 1902, the date of sale, by the North Western, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company then controlled any common-carrier corporation.

The property was not operated prior to the date of sale. It consisted of 45.82 miles of single-track, standard-gauge, steam railroad, extending from Evan to Marshall, Minn., which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Fremont, Elkhorn and Missouri Valley Railroad Company
This company was incorporated under the general laws of Nebraska and Wyoming through articles of consolidation dated June 4, 1891, filed in Nebraska June 10, 1891, and in Wyoming June 15, 1891. The company was controlled on February 28, 1903, the date of sale, by the North Western, through ownership of 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 company's own organization from the date of acquirement to February 16, 1903. From that date to date of sale it was operated, under lease, by the North Western.

The railroad owned on the date of sale amounted to 1,371.38 miles, of which about 11.78 miles was narrow-gauge and 1,359.60 standard-gauge, and consisted of a single-track, steam railroad, located in the States of Nebraska, South Dakota, and Wyoming. Its main line extended from Omaha, Nebr., to Casper, Wyo. Its principal branch lines extended from Chadron, Nebr., to Belle Fourche, S. Dak., Fremont to Lincoln, Nebr., Scribner to Oakdale, Nebr., Platte River Junction to Hastings, Nebr., Linwood, Nebr., to Nebraska-Kansas State line, and Norfolk Junction, Nebr., to Bonesteel, S. Dak. Of the road owned on the date of sale, 1,280.71 miles had been acquired by consolidation, 78.89 miles by construction, and 11.78 miles of narrow-gauge road by completion of construction begun by a predecessor. The construction work of this company was performed principally by the forces of the North Western. 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 North Western.

South Dakota Western Railway Company
This company was incorporated February 20, 1890, in the State of South Dakota. It was controlled by the North Western on June 4, 1891, the date of sale, through ownership of 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 company did not own any completed railroad on the date of sale. Its projected road was to extend from the western boundary line of the State of South Dakota to Whitewood, S. Dak. Construction work was confined to preliminary survey, which was done by the North Western.

Eastern Wyoming Railway Company
This company was incorporated August 15, 1890, in the State of Wyoming. It was controlled by the North Western on June 4, 1891, the date of sale, through ownership of 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 company did not own any completed railroad on date of sale. Its projected road was to extend from the eastern boundary line of the State of Wyoming to Sun Dance, Wyo. Construction work was confined to preliminary survey, which was done by the North Western.

Fremont, Elkhorn and Missouri Valley Rail Road Company
This company was incorporated March 26, 1869, in the State of Nebraska. It was controlled on June 10, 1891, the date of consolidation, by the North Western, through ownership of capital stock issued under various construction agreements. On the other hand, the records reviewed do not indicate that it then controlled any common-carrier corporation.

The property of this company was operated by the Sioux City and Pacific Railroad Company, under lease, from date of completion to July 1, 1884, and by its own organization from that date to date of consolidation. The railroad consisted of 1,150.25 miles of single-track, standard-gauge, steam railroad, located in the States of Nebraska and South Dakota. The main line extended from Omaha, Nebr., to the Nebraska-Wyoming State line. The principal branch lines extended from Chadron, Nebr., to Belle Fourche, S. Dak., Fremont to Lincoln, Nebr., Scribner to Oakdale, Nebr., Platte River Junction to Hastings, Nebr., Linwood, Nebr., to the Kansas-Nebraska State line, and Norfolk Junction to Verdigre, Nebr. The company also had under construction on date of consolidation 11.78 miles of uncompleted narrow-gauge branch line between Deadwood and Ruby Falls, S. Dak. The entire road owned by the company on date of consolidation had been acquired by construction. The construction work was performed in part by the company's own forces, partly by the Western Railway Construction Company, and partly by the North Western. The 11.78 miles of uncompleted narrow-gauge road between Deadwood and Ruby Basin, S. Dak., was under construction on date of consolidation and was completed by the successor 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 North Western.

Wyoming Central Railway Company
This company was incorporated October 23, 1885, in the Territory of Wyoming. It was controlled on June 10, 1891, the date of consolidation, by the North Western, through stock issued to it under various construction agreements. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was operated, under lease, by the Fremont, Elkhorn and Missouri Valley Rail Road Company from date of completion to date of consolidation.

The railroad owned on date of consolidation consisted of 130.46 miles of single-track, standard-gauge, steam railroad, extending from the Nebraska-Wyoming State line to Casper, Wyo., which had been acquired by construction. The construction work was performed by the North Western under contract. 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 North Western.

Chicago, Iowa and Dakota Railway Company, Formerly Named Forest City Southern Railway Company
This company was originally incorporated May 26, 1881 , in the State of Iowa , as the Forest City Southern Railway Company. The name was changed on April 28, 1882. There were no available accounting records of the company for the period prior to January 1, 1902. For that reason only partial information can be given from the accounts in connection with the financial dealings, corporate operations, or investments.

The company was controlled on October 1, 1903, the date of sale, by the North Western, through ownership of 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 company's own organization from date of completion to July 31, 1903. From that date to date of sale it was operated by the North Western, under lease.

The railroad owned on the date of sale, 26.40 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Eldora Junction to Alden Junction, Iowa, which had been acquired by construction. The records reviewed indicate that the construction work was performed by the Iowa Railway & Construction 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 North Western.

Chicago Northern Railway Company
This company was incorporated August 26, 1902, in the State of Illinois. It was controlled on December 31, 1903, the date of sale, by the North Western, through ownership of 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 North Western, under lease, from the date of completion to the date of sale.

The railroad owned by the company on the date of sale, 22.22 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Mayfair to Lake Bluff, Ill., and had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Chicago, Iowa & Minnesota Railway Company
This company was incorporated January 14, 1895, in the State of Iowa. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts in connection with financial dealings, corporate operations, or investments. However, certain data given below were obtained from its minute book and from the records of the North Western. The company was controlled on November 30, 1904, the date of sale, by the North Western, through ownership of 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 company did not own any completed railroad on the date of sale. However, certain grading, bridging, and fencing had been done on its proposed line north from Alden, Iowa, which was abandoned. The authorized capital stock was $1,000,000 par value, divided into shares of $100 each and classified as common stock. Of the authorized amount, $21,000 was stated in the minute book to have been issued in payment for construction work. The entire amount issued was outstanding on date of sale and was canceled on sale of the property.

Milwaukee, Sparta and North Western Railway Company
This company was incorporated August 6, 1909, in the State of Wisconsin. It was controlled on April 1, 1912, the date of sale, by the North Western, through ownership of 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 North Western, under lease, from date of completion to date of sale.

The railroad owned on the date of sale, 178.48 miles, consisted of single-track, standard-gauge, steam railroad, extending from Lindwerm to Sparta, Wis., and from West Allis to Butler Junction, Wis. Of this mileage, 16.06 miles had been acquired by purchase from the Princeton and Western Railway Company and 162.42 miles by construction. The construction work of this company was performed by the forces of the North Western. 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 North Western.

Princeton and Western Railway Company
This company was incorporated August 4, 1883, in the State of Wisconsin. It was controlled on January 15, 1912, the date of sale, by the North Western, through ownership of 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 North Western, under lease, from date of completion to date of sale.

The railroad owned on the date of sale consisted of 16.06 miles of single-track, standard-gauge, steam railroad, extending from Necedah to Wyeville, Wis., which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Des Plaines Valley Railway Company
This company was incorporated June 23, 1909, in the State of Illinois. It was controlled on March 1, 1913, the date of sale, by the North Western, through ownership of 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 North Western, under lease, from date of completion to date of sale.

The railroad owned on date of sale consisted of 20.51 miles of single-track, standard-gauge, steam railroad, extending from Proviso Yard to Wisconsin Division Junction, Ill., 10.50 miles, and from Norma to Valley, Ill., 10.01 miles. This mileage had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.

St. Paul Eastern Grand Trunk Railway Company
This company was incorporated September 5, 1879, in the State of Wisconsin. It was controlled on March 1, 1913, the date of sale, by the North Western, through ownership of 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 its own organization from the date of completion to May 5, 1884; from that date to October 31, 1884, by C. W. Leavitt, under contract for the completion of the road to Clintonville; from November 1, 1884, to August 19, 1893, by the Milwaukee, Lake Shore and Western Railway Company, under lease, and from August 19, 1893, to date of sale by the North Western, under lease acquired from the Milwaukee, Lake Shore and Western.

The railroad owned by the company on date of sale, 60.02 miles, consisted of a single-track, standard-gauge, steam railroad, located in Wisconsin. Its main line extended from Oconto to Clintonville, Wis., 56 miles, with branch lines to sundry industries, 4.02 miles. This mileage had been acquired by construction. The construction work was performed by C. W. Leavitt, contractor, who does not 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 North Western.

St. Louis, Peoria and North Western Railway Company
This company was incorporated February 23, 1911, in the State of Illinois. It was controlled on December 15, 1913, the date of sale, by the North Western, through ownership of 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 its own organization from the date of completion to July 31, 1913. From that date to date of sale it was operated by the North Western under lease.

The railroad owned by the company on the date of sale, 114.64 miles, consisted of a single-track, standard-gauge, steam railroad, wholly within Illinois, extending from Peoria to Benld, Ill., of which, it had acquired 23.90 miles by purchase from the Macoupin County Railway Company, and 90.74 miles by construction. The construction work was performed by the forces of the North Western. 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 North Western.

Macoupin County Railway Company
This company was incorporated June 24, 1903, in the State of Illinois. It was controlled on June 18, 1913, the date of sale, by the North Western, through ownership of 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 its own organization from the date of completion to April 1, 1913. From that date to date of sale it was operated by the St. Louis, Peoria and North Western Railway Company.

The railroad owned on the date of sale, 23.90 miles, consisted of a single-track, standard-gauge, steam railroad, extending from Girard to Benld, Ill., which had been acquired by construction. The construction work was performed by the forces of the North Western. 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 North Western.