Wikipedia:WikiProject Trains/ICC valuations/Cripple Creek and Colorado Springs Railroad

Interstate Commerce Commission, Valuation Reports, Volume 110

Location and General Description of Property
The railroad of The Cripple Creek and Colorado Springs Railroad Company, hereinafter called the Cripple Creek and Colorado Springs Railroad, which is leased to and operated by the carrier [The Midland Terminal Railway Company], consists of 4.857 miles of yard tracks and sidings in or near Cripple Creek, Colo.

Introductory
The Cripple Creek and Colorado Springs Railroad is a corporation of the State of Colorado, having its principal office at Colorado Springs, Colo. While the present name of this company is that given above, it was incorporated originally as The Golden Circle Railroad Company which was later changed to the present name of The Cripple Creek and Colorado Springs Railroad Company. It is controlled by A. E. Carlton through ownership of its entire capital stock except directors' qualifying shares. On the other hand, the records reviewed do not indicate that the company itself controls any common-carrier corporations.

The Cripple Creek and Colorado Springs Railroad operated its property with its own organization from the date it was placed in operation in 1898 to June 30, 1899. From July 1, 1899, to April 30, 1915, it was operated by The Florence and Cripple Creek Railroad Company. On May 1, 1915, the Cripple Creek and Colorado Springs Railroad again took over the operation of the property it originally owned as well as that of The Florence and Cripple Creek Railroad Company, 5.27 miles, which it purchased in April, 1915, and that of The Colorado Springs and Cripple Creek District Railway Company, 74.25 miles, which it leased as of May 1, 1915. As of July 22, 1917, it leased for sole operation the road of the carrier, 29.038 miles, and acquired trackage rights over 27.386 miles of the road owned by the Colorado Midland Railroad. During 1917, 7.49 miles of the road owned was abandoned. The Cripple Creek and Colorado Springs Railroad continued to operate the above 108.198 miles of road, exclusive of the trackage rights, of which 4.91 miles were owned and 103.288 were leased, until December 31, 1918.

As of January 1, 1919, the lease of the property of the carrier and the above-mentioned trackage right were canceled, and the Cripple Creek and Colorado Springs Railroad leased its entire owned mileage to the carrier. The latter company, as lessee, is still operating the owned property of this company on date of valuation. However, the Cripple Creek and Colorado Springs Railroad has not surrendered its lease of the entire property of The Colorado Springs and Cripple Creek District Railway Company. This leased property consists of about 74.25 miles of road extending from Colorado Springs to Cripple Creek, with branches, all in Colorado. On date of valuation, the Cripple Creek and Colorado Springs Railroad is operating about 17.7 miles of the leased property as electric lines. Also, it has given the carrier oral permission to operate steam trains over the leased property, and that company on date of valuation is solely operating 2.2 miles and jointly using 17.7 miles thereof with the Cripple Creek and Colorado Springs Railroad. The remaining 54.35 miles of the leased property are not being operated on date of valuation.

It has been ascertained that The Colorado Springs and Cripple Creek District Railway Company abrogated the above-mentioned lease agreement as of July 15, 1919, shortly after date of valuation, and that it abandoned its railroad property in 1920. Therefore, no part of its property is herein inventoried.

Corporate History
The Cripple Creek and Colorado Springs Railroad was incorporated May 9, 1896, under the general laws of the State of Colorado as The Golden Circle Railroad Company. Its name was changed on April 27, 1915, to The Cripple Creek and Colorado Springs Railroad Company. The date of its organization was August 15, 1896. On April 27, 1915, the company acquired the property, rights, and franchises of The Florence and Cripple Creek Railroad Company which had been incorporated May 10, 1893, under the general laws of Colorado.

Development of Fixed Physical Property
The owned mileage of the Cripple Creek and Colorado Springs Railroad was acquired by construction and purchase. The years when the various portions of the line were constructed and the manner in which the Cripple Creek and Colorado Springs Railroad acquired the property, are indicated in the following statement:

The 12.4 miles of track constructed or purchased were narrow gauge. At the time the 7.49 miles were abandoned in 1917, the remaining mileage was converted to standard gauge.

Leased Railway Property
The mileage owned by the Cripple Creek and Colorado Springs Railroad on date of valuation is operated under lease by the carrier. The terms of the lease and other information regarding it are given in the section on leased railway property in the report on the carrier. On the other hand, the Cripple Creek and Colorado Springs Railroad on date of valuation holds a lease of the entire property of The Colorado Springs and Cripple Creek District Railway Company, consisting of about 74.25 miles of main-line track and branches between Colorado Springs and Cripple Creek, Colo. The lease agreement was dated November 1, 1911, is terminable on May 1, 1935, and provides for an annual rental equal to 17.5 per cent of the gross earnings on the leased line, with a minimum rental equal to the accrued interest and sinking-fund instalments on the lessor's first-mortgage bonds. For the six months' period ending on date of valuation, $44,097.32 has been paid as rent for this property. As pointed out in the introductory section of the report on this company, the above property was abandoned in 1920, and is not herein inventoried.

The Florence and Cripple Creek Railroad Company
Introductory

The Florence and Cripple Creek Railroad Company was incorporated May 10, 1893, under the general laws of Colorado. It was controlled on April 27, 1915, the date of sale, by The Cripple Creek Central Railway Company, a holding corporation, through ownership of its entire capital stock except directors' qualifying shares. On the other hand, the records reviewed do not indicate that this company, itself, then controlled any common-carrier corporations. The property of The Florence and Cripple Creek Railroad Company was operated by its own organization during its entire life.

The railroad operated by this company on date of sale was a single-track railroad located in the State of Colorado and aggregating 86.65 miles, of which 74.25 miles was standard gauge and 12.4 miles was narrow gauge. Of the total mileage 68.95 miles was operated as a steam road and 17.7 miles was operated with electricity. The owned mileage amounted to about 5.27 miles and consisted of a narrow-gauge steam road extending from Cripple Creek to Victor, Colo. The mileage operated under lease amounted to 81.38 miles. It consisted of 7.13 miles of narrow-gauge steam road extending from Victor to Vista Grande, Colo., owned by the Cripple Creek and Colorado Springs Railroad, and 74.25 miles of standard-gauge road, all steam operated except 17.7 miles operated electrically, extending from Colorado Springs to Cripple Creek, Colo., with branches owned by The Colorado Springs and Cripple Creek District Railway Company.

Development of Fixed Physical Property

The approximate 5.27 miles of road owned by The Florence and Cripple Creek Railroad Company on date of sale was a part of 40.46 miles of road which had been constructed for it, under contract, by The Florence Construction Company during 1893 and 1894, of which 35.19 miles was abandoned during 1914 and 1915, leaving approximately 5.27 miles owned on date of sale. Details with respect to the construction of the property sold are given in the section on development of fixed physical property in the report on the Cripple Creek and Colorado Springs Railroad.