Wikipedia:WikiProject Trains/ICC valuations/Colorado Midland Railroad

Interstate Commerce Commission, Valuation Reports, Volume 110

Introductory
The Colorado Midland Railroad is a corporation of the State of Colorado, having its principal office at Colorado Springs, Colo. It is controlled by A. E. Carlton through ownership of the entire outstanding capital stock, except directors' qualifying shares. On the other hand, the records reviewed do not indicate that this company itself controls any common-carrier corporations.

The property of the Colorado Midland Railroad was operated by its own organization from the date it was acquired by it to June 30, 1918, and by A. E. Carlton, as receiver, from July 1, 1918, to August 5, 1918, when its operation was discontinued. The property solely operated by the company and its receiver to August 5, 1918, consisted of 261.1 miles of owned railroad, extending from Colorado Springs to Newcastle, with branches to Leadville, Aspen, and Gulch. In addition, the company operated under lease, jointly with The Denver and Rio Grande Railroad Company, 62.091 miles of road extending from Rifle to Grand Junction, Colo., owned by The Rio Grande Junction Railway Company. It also had trackage rights over 14.46 miles of road of other carriers from Newcastle to Rifle, at Colorado Springs, and at Grand Junction, all in Colorado.

From August 5, 1918, to date of valuation only a small part of the property owned by the Colorado Midland Railroad has been operated. Such part consists of 27.386 miles of road extending from Colorado Springs to Divide, Colo., which was used under a trackage right by the Cripple Creek and Colorado Springs Railroad from August 5 to December 31, 1918, and under lease by the carrier from January 1, 1919, to date of valuation. Only the portions of the Colorado Midland Railroad's property that are being used on date of valuation have been herein inventoried. It has been ascertained that, after the date of valuation, the Colorado Midland Railroad sold the 27.386 miles of road, extending from Colorado Springs to Divide, Colo., to the carrier and that it abandoned the remainder of its wholly owned mileage.

Corporate History
The Colorado Midland Railroad was incorporated May 31, 1917, under the general laws of the State of Colorado, as a reorganization of The Colorado Midland Railway Company (of 1897). The Colorado Midland Railroad, itself, and The Colorado Midland Railway Company ( of 1897 ) together with the latter company's predecessors, total six different corporations and comprise the line of corporate succession culminating in the Colorado Midland Railroad as at present constituted. The following table shows the name of the corporations, the respective dates of incorporation and for each predecessor, the date of succession, the immediately succeeding corporation and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Development of Fixed Physical Property
The Colorado Midland Railroad's owned mileage, amounting to 261.1 miles, was all acquired by it in the reorganization of May 31, 1917, from The Colorado Midland Railway Company (of 1897). The mileage constructed by each corporation and the years when the various portions of the line were constructed, are indicated in the following table:

As has been hereinbefore stated, only 27.386 miles of the above road is in operation on date of valuation.

Leased Railway Property
Of the Colorado Midland Railroad's owned mileage, 27.386 miles extending from Colorado Springs to Divide, Colo., is operated under lease by the carrier on date of valuation. The terms of the lease and the rental accrued for the six months ending on date of valuation are given in the section on leased railway property in the report on the carrier. In addition to the above, certain yard tracks and sidings owned jointly with the Denver and Rio Grande Railroad Company are solely used by that company. These consist of 0.123 mile at Wild Horse and 2.183 miles at Grand Junction. The records reviewed do not indicate the terms of use or the rental received therefor.

The Colorado Midland Railway Company (of 1897), Predecessor of the Colorado Midland Railroad
Introductory

The Colorado Midland Railway Company (of 1897) was incorporated in the State of Colorado on October 11, 1897, as a reorganization of The Colorado Midland Railroad Company (of 1893). Its property was sold at foreclosure sale on April 21, 1917, but its accounts were not closed until May 31, 1917, when the successor company, a reorganized company, took over the property. Therefore, the accounting data in this report cover the period to May 31, 1917. The Colorado Midland Railway Company (of 1897) was jointly controlled on the date of sale, through ownership of its entire capital stock except director's qualifying shares, by The Denver and Rio Grande Railroad Company and The Colorado Southern Railway Company. On the other hand, the records reviewed do not indicate that The Colorado Midland Railway Company (of 1897), itself, then controlled any common-carrier corporations.

The property of this company was operated by its own organization from the dates of acquisition thereof, until December 13, 1912, and by a receiver from the latter date to the date of the reorganization of 1917. The railroad solely owned and operated on the date of the reorganization of 1917 was a single-track, standard-gauge, steam railroad located in Colorado, and aggregating about 261.1 miles. It consisted of a main line extending from Colorado Springs to Newcastle, with branches to Leadville, to Aspen, and to Gulch. In addition to the above, this company operated jointly the The Denver and Rio Grande Railroad Company 62.091 miles of road extending from Rifle to Grand Junction, Colo., which was owned by The Rio Grande Junction Railway Company. It also had trackage rights over about 14.46 miles of the road of other carriers, from Newcastle to Rifle, at Colorado Springs, and at Grand Junction, all in Colorado.

Development of Fixed Physical Property

This company acquired the approximately 261.1 miles of road owned by it on the date of the reorganization of 1917, as follows:

The 9.83 miles of track from near Busk to near Ivanhoe, via Hagerman, Colo., set out above, had not been operated since 1893. The Colorado Midland Railway Company (of 1897) reconstructed the road and operated it from November 1, 1897, to June 25, 1899. Thereafter the track was abandoned. The use of this track was necessary because of the cancellation of a lease of the property of The Busk Tunnel Railway Company which owned a road from near Busk to near Ivanhoe, via the Busk Tunnel. The lease was resumed after June 25, 1899.

The Busk Tunnel Railway Company, Predecessor of The Colorado Midland Railway Company (of 1897)
The Busk Tunnel Railway Company was incorporated June 16, 1890, in the State of Colorado. No accounting records of The Busk Tunnel Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information shown below was obtained from the report of the Colorado Midland on its corporate history and from the accounting records of that company's predecessors. The Busk Tunnel Railway Company was controlled on January 2, 1900, the date of sale, by The Colorado Midland Railway Company (of 1897) through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the company, itself, then controlled any common-carrier corporations.

The property of this company was operated by The Colorado Midland Railway Company (of 1883) and its successors, from the date it was placed in operation in October, 1893, to date of sale, except from November 1, 1897, to June 25, 1899, when it was not operated. The property of this company consisted of about 2.9 miles of single-track, standard-gauge, steam railroad extending from near Busk to near Ivanhoe, Colo. About 2 miles of the track was laid in the Busk tunnel. This property was all acquired by construction from 1890 to 1893, inclusive, but the records reviewed do not indicate whether it was constructed under contract or by the company's own forces.

The Colorado Midland Railroad Company (of 1893), Predecessor of The Colorado Midland Railway Company (of 1897)
Introductory

The Colorado Midland Railroad Company (of 1893) was incorporated December 1, 1893, under the general laws of Colorado, through articles of consolidation filed by The Aspen Short Line Railway Company and The Colorado Midland Railway Company (of 1883). Its property was sold at foreclosure sale on September 8, 1897, and acquired by its successor, a reorganized company, on October 30, 1897. However, the accounts of The Colorado Midland Railroad Company (of 1893) were opened as of August 1, 1893, and were closed as of October 31, 1897. Therefore, the accounting data in this report cover the period between these two dates. The records reviewed do not indicate whether this company was controlled by any individual or corporation on the date of sale. On the other hand, this company, itself, then controlled, through ownership of its entire capital stock, The Busk Tunnel Railway Company, whose property it operated under lease.

The property of this company was operated by its own organization from the date it was acquired until February 2, 1894. From that date until the date of its reorganization, it was operated by a receiver. The railroad solely operated by The Colorado Midland Railroad Company (of 1893) was a single-track, standard-gauge, steam railroad located in the State of Colorado and aggregating about 260.87 miles. The owned mileage amounted to about 257.97 miles and comprised the sections of main line extending from Colorado Springs to near Busk and from near Ivanhoe to Newcastle, with branches to Leadville, to Aspen, and to Gulch. This company also owned 9.83 miles of road which was not being operated. The mileage operated under lease amounted to about 2.9 miles, was owned by The Busk Tunnel Railway Company, and comprised that section of the main line extending from near Busk to near Ivanhoe, via the Busk tunnel. In addition to the above, The Colorado Midland Railroad Company (of 1893) operated, jointly with the Denver and Rio Grande Railroad Company, 62.091 miles of road extending from Rifle to Grand Junction, Colo., which was owned by The Rio Grande Junction Railway Company. It also had trackage rights over about 14.43 miles of road of other carriers, consisting of road from Newcastle to Rifle, at Colorado Springs, and at Grand Junction, all in Colorado.

Development of Fixed Physical Property

The approximate 267.80 miles of road, of which 9.83 miles was not operated, owned by The Colorado Midland Railroad Company (of 1893) on the date of reorganization had all been acquired by it in the consolidation of 1893. 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 Colorado Midland Railroad.

The Colorado Midland Railway Company (of 1883), Predecessor of The Colorado Midland Railroad Company (of 1893)
Introductory

The Colorado Midland Railway Company (of 1883) was incorporated in the State of Colorado, November 23, 1883. Its accounts were closed as of August 1, 1893, although the articles of consolidation, forming its successor were not entered into until December 1, 1893. Therefore, the accounting data given in this report, cover only the period to August 1, 1893. The Colorado Midland Railway Company (of 1883) was controlled on the date of consolidation by The Atchison, Topeka and Santa Fe Railway Company, through ownership of a majority of its outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporations.

The property of this company was operated by its own organization during its entire life. The railroad operated by The Colorado Midland Railway Company (of 1883) was a single-track, standard-gauge, steam railroad, located in Colorado, and aggregating about 260.87 miles. The owned mileage operated amounted to about 251.37 miles, and comprised the sections of the main line extending from Colorado Springs to Snowden, from Arkansas Junction to near Busk, and from near Ivanhoe to Newcastle, with branches to Leadville, to Aspen, and to Gulch. The mileage operated under lease amounted to about 9.5 miles, and comprised sections of the main line extending from Snowden to Arkansas Junction, and from near Busk to near Ivanhoe, via the Busk tunnel. The owners of these two sections were The Aspen Short Line Railway Company and The Busk Tunnel Railway Company, respectively. In addition to the above, The Colorado Midland Railway Company (of 1883) operated, jointly with the Denver and Rio Grande Railroad Company, 62.091 miles of road extending from Rifle to Grand Junction, Colo., which was owned by The Rio Grande Junction Railway Company. It also had trackage rights over about 14.43 miles of road of other carriers, consisting of road from Newcastle to Rifle, at Colorado Springs, and at Grand Junction, all in Colorado.

Development of Fixed Physical Property

The Colorado Midland Railway Company (of 1883) acquired about 267.31 miles of road by construction during the years 1886, 1887, and 1888. All or the greater part of the construction work was performed under contract by the Colorado Midland Construction Company. The affiliation, if any, that existed between the railroad company and the construction company has not been ascertained. The Colorado Midland Railway Company (of 1883) ceased operating about 15.94 miles of road, leaving 251.37 miles of owned mileage in operation on the date of consolidation. The 15.94 miles of road was eventually abandoned, 6.11 miles by this company in 1888 and 9.83 miles by the Colorado Midland Railway Company (of 1897) in 1900. Further details with respect to the construction of this property are given in the section on development of fixed physical property in the report on the Colorado Midland Railroad.

The Aspen Short Line Railway Company, Predecessor of The Colorado Midland Railroad Company (of 1893)
Introductory

The Aspen Short Line Railway Company was incorporated in the State of Colorado, November 15, 1888. Its accounts were closed as of August 1, 1893, although the articles of consolidation forming its successor were not entered into until December 1, 1893. Therefore, the accounting data given in this report cover only the period to August 1, 1893. The records reviewed do not indicate whether The Aspen Short Line Railway Company was controlled on date of consolidation by any individual or corporation, nor, on the other hand, whether it then controlled any common-carrier corporations. The property of The Aspen Short Line Railway Company was operated under lease by The Colorado Midland Railway Company (of 1883) from the date it was placed in service to the date of consolidation. The railroad of this company consisted of about 6.6 miles of single-track, standard-gauge, steam railroad extending from Snowden to Arkansas Junction, Colo.

Development of Fixed Physical Property

The approximate 6.6 miles of railroad owned by The Aspen Short Line Railway Company on date of consolidation had been constructed by it during 1888.