Wikipedia:WikiProject Trains/ICC valuations/Fort Smith and Western Railroad

Interstate Commerce Commission, Valuation Reports, Volume 134

Location and General Description of Property
The railroad of the Fort Smith and Western Railroad Company, herein called the carrier, is a single-track, standard-gauge, steam railroad, extending in a general westerly direction from Coal Creek to Guthrie, Okla In addition to its owned mileage, the carrier operates under trackage rights over the line of The Kansas City Southern Railway Company from Coal Creek, Okla., to Fort Smith, Ark., and over the line of The Missouri, Kansas & Texas Railway Company from Fallis to Oklahoma City, Okla. The carrier wholly owns and uses 230.251 miles of all tracks, which are classified in the trackage table in Appendix 1.

Introductory
The carrier is a corporation of the State of Arkansas, having its principal office at Fort Smith, Ark.

The records reviewed do not indicate that the carrier was controlled by any individual or corporation on the date of valuation. On the other hand, the carrier controls through ownership of 51 per cent of the capital stock, the St. Louis, El Reno & Western Railway Company, which operates its own property.

The property of the carrier was operated by its own organization from February 1, 1902, the date the first section of the road was received from the contractors, until October 15, 1915, the date it was placed in the hands of a receiver. From that date it was operated by the receiver, who still operated it on the date of valuation.

Corporate History
The carrier was incorporated January 25, 1899, under the general laws of Arkansas, for the purpose of constructing a railroad westerly from Fort Smith, Ark., to a point east of Guthrie, Okla., in what is now Lincoln County, Okla. On July 3, 1903, it purchased certain of the road of the Fort Smith & Western Railroad Company of Oklahoma, and on July 10, 1907, the remainder of the road of that company, together with its rights and franchises, were purchased.

The predecessor company was incorporated under the general laws of Oklahoma February 14, 1902.

Development of Fixed Physical Property
The road owned by the carrier, 196.995 miles, was acquired by purchase and construction. The years when the various portions of the road were constructed and the manner in which the property was acquired are indicated in the following statement: The Fort Smith terminals and the line from Coal Creek to McCurtain were constructed, under contracts, by George Hayden, of Ishpeming, Mich. The remainder of the road was constructed, under contract, by The Johnson Company, of Cleveland, Ohio.

Leased Railway Property
The carrier uses on date of valuation facilities owned by other companies and other companies use facilities owned by the carrier 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 ended December 31, 1918, are as follows:

Fort Smith & Western Railroad Company of Oklahoma
The records reviewed indicate that no separate accounting records were maintained for this company. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. The company was controlled on July 10, 1907, the date of demise, by the carrier, but the manner of control was not disclosed by the records reviewed. There is no record indicating that the Fort Smith & Western of Oklahoma had any active participation in the construction of its property. The expenditures made in connection therewith were included in the accounts of the carrier, but are not separately identifiable therein. The predecessor company deeded 50 miles of its road to the carrier on July 3, 1903; and about 2 miles additional, including all property, rights, and franchises, on July 10, 1907.