Wikipedia:WikiProject Trains/ICC valuations/Great Northern Railway

Interstate Commerce Commission, Valuation Reports, Volume 133

Location and General Description of Property
The railroad of Great Northern Railway Company, herein called the Great Northern, is a standard-gauge steam railroad located in the States of Minnesota, Wisconsin, Iowa, South Dakota, North Dakota, Montana, Idaho, and Washington. It extends westerly from Duluth, Minn., and from St. Paul and Minneapolis, Minn., by means of two main lines which converge and join near Minot, N. Dak., from which point a single main line passes westwardly through Spokane, Wash., to Seattle, Everett, and Bellingham, Wash. Other main lines extend from Duluth to St. Paul and from St. Paul to Larimore, N. Dak., and main and branch lines reach Great Falls, Helena, Butte, and Billings, Mont., Tacoma, Wash., and Portland, Oreg., are served from Seattle over the tracks of Northern Pacific Railway Company and the Spokane, Portland & Seattle Railway. The main line and branches serve large portions of the States of Minnesota, North Dakota, Montana, and Washington, the northwestern parts of Wisconsin and Iowa, the eastern part of South Dakota, and the northern part of Idaho. The Great Northern wholly owns 7,089.084 miles of line. The only trackage used solely by the Great Northern under agreement (formal lease executed July 1, 1915) is the railroad of Montana Eastern Railway Company, herein called the Montana Eastern, which is solely operated by the Great Northern. This is a single track line extending southerly from Snowden to Fairview, Mont., with two branches. One branch extends from Fairview, Mont., easterly to Watford, N. Dak., and the other extends southwesterly from Fairview to Sidney, Mont., and from Newlon to Lambert, Mont. The portion between Sidney and Newlon is not owned, but the tracks of Northern Pacific Railway Company are used between these points by trackage rights, making one continuously operated branch between Fairview and Lambert. The total length of line owned by the Montana Eastern is 83.067 miles. The Montana Eastern also owns yard and side tracks shown in the trackage table in Appendix 1.

The Great Northern wholly owns and uses 9,396.822 miles of tracks, owns but does not use 13.120 miles of tracks, and uses but does not own 96.949 miles of tracks, which are classified in the trackage table in Appendix 1.

Introductory
The Great Northern is a Minnesota corporation. Its principal office is in St. Paul, Minn. From September 18, 1889, the date the Great Northern came into existence as such, until July 1, 1907, it owned no mileage except certain sections that were under construction. From February 1, 1890, to July 1, 1907, it operated the property of other companies which it later acquired outright. The principal one of these was the property of The Saint Paul, Minneapolis and Manitoba Railway Company, which it operated from February 1, 1890, to November 1, 1907, when it was purchased. From time to time, the property of other companies was taken over for operation and later purchased. After the incorporation of the Great Northern as such, its stockholders and directors and those of The Saint Paul, Minneapolis and Manitoba Railway Company and other of the subsidiary companies were practically the same, the policy of all being directed by the Great Northern. The general plan of purchase by the Great Northern was to surrender the capital stock of the subsidiary lines and assume all their liabilities, taking over their property and other assets. The corporate existence of many of the subsidiary companies so purchased was still being maintained at date of valuation, a few shares of their stock being held by their nominees, as directors' qualifying shares. Under the terms of an agreement dated October 20, 1899, the Great Northern transferred many of its security holdings to the Lake Superior Company, Limited, which had been organized as a holding company. The Great Northern continued to transfer securities to it from time to time until February 3, 1913. The holding company received securities and returned them as directed by the Great Northern. It also dealt in other securities with the income from the securities it held. The profits from the securities held by it have an important bearing on the corporate operations of the Great Northern. As of December 6, 1906, the holding company transferred the various iron mining stocks it held to trustees for the benefit of the Great Northern's stockholders as of that date. The interest of such stockholders in the trust consisted of 1,500,000 shares of no par value. Each Great Northern stockholder, or assign, received trust shares equal in number to the shares of Great Northern stock held on that date.

On February 1, 1890, the Great Northern leased the property then owned by The Saint Paul, Minneapolis and Manitoba Railway Company or thereafter to be constructed by it. Under the terms of the lease, the Great Northern acquired from The Saint Paul, Minneapolis and Manitoba Railway Company certain securities aggregating $20,260,700 par value, together with other property of $1,578,823.90 book value, a total of $21,839,523.90. The securities and property were carried on the books of the last-named company at a book value of $11,630,878.17. In consideration of the lease and the transfer of the securities and property, the Great Northern assumed a liability for $8,000,000 of collateral trust bonds outstanding of The Saint Paul, Minneapolis and Manitoba Railway Company, paid the last-named company $1,250,000 in cash, and permitted the stockholders of this company to purchase $20,000,000 of Great Northern stock at par by paying 50 per cent, $10,000,000, in cash, and applying the securities and property transferred in payment of the other $10,000,000. The Saint Paul, Minneapolis and Manitoba Railway Company charged the book value of the securities and property, $11,630,878.17, to its profit and loss account, as shown in the report on that company. The Great Northern purchased the leased property on November 1, 1907. On May 1, 1902, the Great Northern leased the property of Eastern Railway Company of Minnesota for a period of 99 years. Under the terms of the lease, the Great Northern paid as rental, interest on the bonded indebtedness, dividends of 6 per cent per annum on the capital stock in addition to assuming and discharging the current liabilities of Eastern Railway Company of Minnesota. The last-named company delivered to the Great Northern its current assets and certain securities aggregating $2,639,000 par value, the book value of which was $2,636,960. This property was purchased July 1, 1907.

On July 1, 1901, Northern Pacific Railway Company and the Great Northern jointly authorized the issuance of $222,400,000 par value of Northern Pacific Great Northern 4 per cent joint Chicago, Burlington and Quincy collateral-trust bonds maturing July 1, 1921, for the purpose of acquiring the capital stock of the Chicago, Burlington & Quincy Railroad Company. The stock of that company so acquired was deposited with the Standard Trust Company, of New York, trustee, as collateral security for the payment of the bonds. The agreement under which these bonds were issued provided that each company was liable for one-half of the principal and interest of the joint bonds. In the event of default by either company, the proportion of the purchased stock of the defaulting company would become the property of the other, which would then become liable for the full amount of the bonds and interest. The basis of payment for the stock to be purchased was two for one; $222,400,000 par value of the bonds for $111,200,000 par value of the stock, one-half of which was to become the property of each company. To date of valuation, $215,227,000 par value of these bonds were issued for the purchase of this stock, the Great Northern's proportion of the liability for such bonds being $107,613,500.

On September 24, 1915, the date on which the stock books were closed for the annual meeting of 1915, the Great Northern's stockholders numbered 24,415. Of that number, 22 held 10,000 shares or more, 312 held from 1,000 to 9,000 shares, and 24,081 of them held less than 1,000 shares each. The largest holder was the Curtiss Securities Company, which held 56,150 shares. The Great Northern controls various other companies, solely or jointly. The names of companies controlled solely and the percentage of stock control is as indicated below: The names of companies controlled jointly by the Great Northern with other carriers and the percentage of stock ownership are as indicated below:

Corporate History
The Great Northern was originally incorporated under an act of the Territorial legislature of Minnesota on March 1, 1856, as Minneapolis and St. Cloud Railroad Company. The act does not specify the period of the corporation's existence. Under an act of February 28, 1865, the name of the corporation was changed from Minneapolis and St. Cloud Railroad Company to Minneapolis & St. Cloud Railroad Company. This act, and subsequent ones, authorized and empowered Minneapolis & St. Cloud Railroad Company to consolidate any portion of its road and property and to consolidate the whole or any portion of each organized branch or main or branch line railroad, also the property, rights, powers, franchises, grants, and effects pertaining to such roads, with the rights, powers, franchises, grants, and effects of any other railroad, either within or without the then Territory or future State of Minnesota, that was then chartered or which might thereafter be organized, and, with the consent of any such State, or divisions. The Minneapolis & St. Cloud Railroad Company constructed a railroad between St. Cloud and Hinckley, Minn., about 66.5 miles. This road, together with the lands granted to it in aid of construction, was sold to The Saint Paul, Minneapolis and Manitoba Railway Company on April 23, 1883. Certain other of its rights were transferred to Eastern Railway Company of Minnesota and to St. Cloud, Mankato & Austin Railroad Company. On September 18, 1889, when it owned no physical property, its name was again changed to Great Northern Railway Company.

This report deals with the Great Northern as such only from September 18, 1889, the date the name was changed from Minneapolis & St. Cloud Railroad Company. The corporate activities while under the name of Minneapolis & St. Cloud Railroad Company are treated separately in a subsequent part of this report. The corporate history of the Great Northern involves 59 predecessor companies, which are reported upon herein in their order. The following chart shows the names of the predecessors of the Great Northern, the respective dates of incorporation, dates of succession, and the manner of succession. Reference to each of these companies is made in the last column by its respective number shown in the first column:

Development of Fixed Physical Property
All of the railroad owned by the Great Northern on date of valuation was either purchased or constructed. The Great Northern acquired its mileage by construction or purchase as follows: By purchase

The location of properties acquired by purchase, the names of predecessor companies involved in their construction when completed and of predecessor companies which sold them to the Great Northern, the dates of construction and mileage of road are shown in the following tabulation: By construction

The Great Northern constructed, and completed partially constructed lines purchased, principally through A. Guthrie & Company, Foley Brothers & Guthrie, and C. W. Kerrick & Company, contractors, none of whom was apparently affiliated with the Great Northern or its officers. The location of properties acquired by construction, the date placed in operation, and the mileage of road are shown in the following tabulation:

Leased Railway Property
The Great Northern uses on date of valuation facilities owned by other companies and other companies use facilities owned by the Great Northern 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 and credited to income for the year ending on date of valuation, are as follows:

Lessor Company

 * Montana Eastern

Minneapolis & St. Cloud Railroad Company
The Minneapolis & St. Cloud Railroad Company was incorporated under an act of the Territorial legislature of Minnesota, as the Minneapolis and St. Cloud Railroad Company, on March 1, 1856. By a special act, approved by the same body February 28, 1865, its name was modified to that first above shown and its rights to construct a branch line from St. Cloud to a point on the Minnesota River were transferred to St. Cloud, Mankato & Austin Railroad Company. The special act, and others subsequent thereto, conferred upon this company other rights, which are detailed in the part of this report relating to the Great Northern. By authority of those acts, certain of this company's rights were transferred to others, as follows:

Constructed road and part of charter rights sold to The Saint Paul, Minneapolis and Manitoba Railway Company, April 23, 1883.

Right to construct and operate a railroad from Hinckley, Minn., to a point at or near the mouth of the St. Louis River, about 47 miles, was transferred to Eastern Railway Company of Minnesota, August 13, 1887.

Name changed to Great Northern Railway Company September 18, 1889.

This company's capital stock was acquired by The Saint Paul, Minneapolis and Manitoba Railway Company in March, 1881, for $30,300, in connection with repayment of expenditures already made on the property. While no road had been constructed up to that time, an act of March 5, 1869, of the legislature, provided that there was to inure to this company, in aid of construction, 10 sections of swamp land per mile of constructed road. The Saint Paul, Minneapolis and Manitoba Railway Company thus acquired 425,577.77 acres of land in Minnesota for the construction of 66.43 miles of road from St. Cloud to Hinckley. The road constructed by this company was sold on April 23, 1883, to The Saint Paul, Minneapolis and Manitoba Railway Company, which had financed the construction thereof. In taking over the property, the last-named company charged the amount it had advanced to this company to its investment in road and equipment account.

The Saint Paul, Minneapolis and Manitoba Railway Company
Introductory

The Saint Paul, Minneapolis and Manitoba Railway Company is a Minnesota corporation. On November 1, 1907, it owned but did not operate about 3,875 miles of railway, extending from St. Paul, Minn., northerly to St. Vincent, Minn., and the International boundary, Kittson County, Minn., from St. Paul, northeasterly to Hinckley, Pine County, Minn., and from St. Paul, in a general westerly direction, through the States of Minnesota, North Dakota, Montana, Idaho, and Washington, to Everett, Snohomish County, Wash. It also had various branch lines in each of the foregoing States and in South Dakota. On February 1, 1890, an agreement was entered into with the Great Northern, under the terms of which that company was to operate all of The Saint Paul, Minneapolis and Manitoba Railway Company's road then constructed and that subsequently to be constructed or otherwise acquired. On November 1, 1907, the company sold all its property, rights, and franchises to the Great Northern.

On February 1, 1890, the date of the lease of the property to the Great Northern, on November 1, 1907, the date of the sale of the property to the Great Northern, and on June 30, 1915, the date of valuation of the Great Northern, the directors and officers of the company were, in the main, identical with those of the Great Northern, the control and domination of its policy being exercised by the Great Northern.

Corporate History

This company was organized under the general laws of Minnesota on May 23, 1879, notice having been published on May 12, 1879, by John S. Barnes, on behalf of himself and associates, James J. Hill, George Stephen, Donald A. Smith, and Norman W. Kittson, that a meeting would be held on May 23, 1879, to take necessary steps toward organizing a new company to take over the lines purchased by them at foreclosure sale on May 10, 1879. These lines consisted of the railroad of The St. Paul and Pacific Railroad Company and the First Division of The St. Paul and Pacific Railroad Company. On June 11, 1879, the officials of the newly organized company filed a signed statement in the office of the secretary of state of Minnesota relating to the incorporation of the company as of May 23, 1879, the amount of the capital stock authorized and issued, and the names of the incorporators. The latter were the foregoing named persons, who made the purchase under the foreclosure sale. Under the special laws of Minnesota, of 1881, chapter 412, there was vested in the company all the land grants, rights, privileges, franchises, lands, and other property pertaining to the lines purchased, together with those of the Red River Valley Railroad Company and The Red River and Manitoba Railroad Company. On June 30, 1915, the date of valuation of the Great Northern, The Saint Paul, Minneapolis and Manitoba Railway Company still maintained a corporate existence, although all of its property was sold to the Great Northern on November 1, 1907. Including certain of the charter rights of the Minneapolis & St. Cloud Railroad Company, the corporate constituency of The Saint Paul, Minneapolis and Manitoba Railway Company involves 19 predecessor companies, as shown in the chapter on corporate history of the Great Northern.

Development of Fixed Physical Property

Part of the property owned by the company on November 1, 1907, the date of its sale to the Great Northern, was acquired through purchase from James J. Hill and associates, but most of it was acquired through the purchase of small companies to which advances had been made for construction, and by construction on its own behalf. On the date the property was sold, the company owned 3,877.06 miles of main and branch line track, all operated by the Great Northern. Of the total acquired by the company during its life, 1,246.92 miles of completed road and 153.29 miles of uncompleted road was acquired by direct purchase and 2,582.52 miles by construction. Of this mileage, 105.67 miles was abandoned or removed, leaving 3,877.06 miles that was sold to the Great Northern. The purchased mileage was acquired from other companies as follows: Details with respect to the construction of property owned by the company, and of mileage abandoned or removed, are given in the chapter on development of fixed physical property of the Great Northern, wherein the uncompleted road purchased is shown as having been completed by The Saint Paul, Minneapolis and Manitoba Railway Company, making a total of about 2,736 miles completed by the last-named company.

The St. Paul and Pacific Railroad Company and First Division of the St. Paul and Pacific Railroad Company
Introductory

No general books of account for the above two companies could be found. The information shown herein was secured principally from Federal and circuit court records at St. Paul, Minn. The affairs of the two companies are very closely interwoven throughout and for that reason no attempt is here made to report upon them separately. The St. Paul and Pacific Railroad Company was created under the general laws of Minnesota on March 10, 1862, by action of the Minnesota legislature in transferring to it the property and rights (excepting the rights from Stillwater to St. Paul) of the Minnesota and Pacific Railroad Company, which had been incorporated through an act of the Territorial legislature of Minnesota on May 22, 1857. The First Division of The St. Paul and Pacific Railroad Company was incorporated on February 6, 1864, The St. Paul and Pacific Railroad Company having transferred to it part of its charter rights from St. Paul, via St. Anthony, to Watab, Minn., and from St. Anthony to Breckenridge, Minn. Control of these properties seems to have rested with E. B. Litchfield and brother, E. Darwin Litchfield, until about 1878. On August 1, 1873, Jesse P. Farley was appointed receiver for the property of The St. Paul and Pacific Railroad Company and remained in control thereof until its sale to James J. Hill and associates in 1879. During March, 1878, Hill and associates, realizing the financial difficulties into which the two companies had been placed and further recognizing the necessity of completing the company's St. Vincent extension in order that it might become possessed of valuable land grants, entered into an agreement with the Dutch bondholders, under the terms of which Hill and associates were to acquire the outstanding bonds in their hands, to be paid for either in cash or securities. Through this agreement Hill and associates came into the control of both companies which were later purchased by them under foreclosure and, in turn, transferred by them together with all property, rights, franchises, and land grants to The Saint Paul, Minneapolis and Manitoba Railway Company on June 14, 1879.

The property owned by the two companies at the time it was acquired by The Saint Paul, Minneapolis and Manitoba Railway Company consisted of a standard-gauge railroad in Minnesota extending from St. Paul, in a northwesterly direction, via East St. Cloud, to Sauk Rapids and from East St. Cloud, in a general northwesterly direction, to St. Vincent and the International Boundary; also, a line from St. Anthony, northwesterly, to Breckenridge, in all about 594.35 miles.

Development of Fixed Physical Property

On March 11, 1862, The St. Paul and Pacific Railroad Company entered into a contract with Winters, Harshman and Drake for the construction and equipment of the first section of the road from St. Paul to St. Anthony, Minn., a distance of approximately 9.60 miles. On May 3, 1862, The St. Paul and Pacific Railroad Company entered into a contract with Litchfield & Company for constructing and equipping the second section of the road from St. Anthony to Anoka, thence to Watab, Minn., about 70 miles. Under this contract, the road from St. Anthony to Anoka was constructed and certain equipment provided. About this time, on account of financial difficulties, the First Division of The St. Paul and Pacific Railroad Company was incorporated, succeeding to all the rights of The St. Paul and Pacific Railroad Company, so far as they pertained to the line from St. Paul to Watab, called the branch line, and the proposed line from Minneapolis to what is now Breckenridge, called the main line.

Of the 594.35 miles of road owned by the two companies on date of demise, 312.49 miles had been constructed by The St. Paul and Pacific Railroad Company and 281.86 miles is herein considered as constructed by the First Division of The St. Paul and Pacific Railroad Company, although the construction of certain mileage included in this 281.86 miles was begun by the first-named company and completed by the last-named company. Details with respect to the construction of the above property are given in the chapter on development of fixed physical property of the Great Northern.

Minnesota and Pacific Railroad Company
The Minnesota and Pacific Railroad Company was incorporated on May 22, 1857, by an act of the legislature of the Territory of Minnesota, for an unknown period of years. Its declared purpose was to construct, operate, and maintain a line of railway from Stillwater, Minn., by way of St. Paul and St. Anthony, to Breckenridge, Minn.; also a branch from St. Anthony, by way of St. Cloud, to St. Vincent, Minn. The Act of May 22, 1857, granted to this company every alternate section of land, designated by odd numbers, six sections in width, on each side of each road and branch built; title to 120 sections to invest in the company whenever 20 or more continuous miles of road had been located; and title to an additional 120 sections, to invest in the company when 20 continuous miles of road had been completed so as to permit of running regular trains. Further details with respect to the lands here mentioned will be found in the chapter of the Great Northern report, relating to aids, gifts, grants, and donations.

An act of the legislature, dated March 9, 1858, provided for the delivery of State bonds to the company as a loan of public credit. On November 27, 1858, the State of Minnesota delivered $600,000 par value of these bonds in exchange for $625,000 of the company's first-mortgage 7 per cent bonds, dated January 31, 1858, and maturing August 1, 1883, secured by a deed of trust covering the property and land grants. The company defaulted in the interest payments and, through foreclosure proceedings, its property was sold June 23, 1860, to the State of Minnesota for $1,000, by deed dated October 16, 1860. The property was held by the State until March 8, 1861, when, by an act of the legislature, it was restored to the company, subject to certain conditions. The conditions were not complied with, and the property was again forfeited to the State. On March 10, 1862, an act of the legislature conferred the property, franchises, and land grants, except those pertaining to that part of the road between Stillwater and St. Paul, upon The St. Paul and Pacific Railroad Company, which was incorporated under that act. At the time the property was acquired by The St. Paul and Pacific Railroad Company, the roadbed and bridges had been constructed, but no rail laid, on some 62 miles of line from St. Anthony toward Watab and St. Cloud. No information was obtained as to the cost of constructing that property, other than that Minnesota and Pacific Railroad Company delivered $465,000 par value of the State bonds to the contractor who had partially constructed it. The company had up to this time issued $1,058,000 of its first-mortgage bonds, $625,000 to the State for $600,000 of State aid bonds, and the remainder, according to court records, to sundry persons for construction purposes. The authorized capital stock was $5,000,000. No records were obtained indicating whether or not any was issued.

Red River Valley Railroad Company
The Red River Valley Railroad Company was incorporated under the laws of the State of Minnesota on June 12, 1875, for a period of 50 years. The purpose of the organization was to construct and operate a line of railway from Breckenridge to Glyndon, Minn., and other lines in the valley of the Red River. No books of account were obtained and but little is known pertaining to the development and financing of the property. In 1879, James J. Hill and his associates acquired control of the property of this company, which then consisted of about 12 miles of road between Crookston and Fisher's Landing, Minn., which had been placed in operation the latter part of 1875. On June 21, 1879, The Saint Paul, Minneapolis and Manitoba Railway Company issued $200,000 par value of its capital stock for the road then constructed and its extension to East Grand Forks, about 11.75 miles, a total of about 23.75 miles. The extension was completed by Hill and associates at their expense. This property formed part of what was known as "properties purchased in 1879," referred to in the report on The Saint Paul, Minneapolis and Manitoba Railway Company. The authorized capital stock was $500,000. The minute book shows that on the date of sale of the property $404,000 was outstanding in the hands of Hill and associates. No records or information can be located reflecting the actual cost of constructing the property.

The Red River and Manitoba Railroad Company
The Red River and Manitoba Railroad Company was incorporated under the laws of the State of Minnesota, on August 13, 1877, for a period of 500 years from August 1, 1877. The incorporators were John S. Barnes, John S. Kennedy, and associates, who were later associated with the interests that in 1879 incorporated The Saint Paul, Minneapolis and Manitoba Railway Company. No books of account or construction details were obtained. Minutes of directors' meetings and reports to the Minnesota Railroad Commission disclose the following:

On August 16, 1877, a contract for the construction of the road was let to John Knuppe, who was to furnish all material, excepting the rail, and was to receive therefor $128,000 par value of bonds and $250,000 par value of capital stock. The directors authorized the purchase of 1,000 tons of rail at $32 per ton and 2,700 tons at $37 per ton.

On 33.5 miles of road between Breckenridge and a point near Barnesville, Minn., first-mortgage 30-year 7 per cent bonds of $268,000 par value were authorized on September 1, 1877. Capital stock was authorized to the par value of $500,000, of which $12,500 was issued to the original subscribers, who paid in $625. There was issued in connection with the construction contract $250000 par value.

The property of this company, consisting of about 33.5 miles of road, extending from Breckenridge to a connection with the line of The St. Paul and Pacific Railroad Company, 3.5 miles north of Barnesville, was completed and placed in operation on October 21, 1877. It was acquired by The Saint Paul, Minneapolis and Manitoba Railway Company on June 21, 1879, for $250,000 of its capital stock. This property formed part of what was known as "Properties purchased in 1879," referred to in report on the last-named company. No records of the actual cost of the property of this company can be found. As shown in the report on The Saint Paul, Minneapolis and Manitoba Railway Company, 28.49 miles of this road were abandoned in 1890.

Barnesville & Moorhead Railway Company
The Barnesville & Moorhead Railway Company was incorporated under the general laws of the State of Minnesota, on August 10, 1880, for a period of 50 years from July 30, 1880. It was incorporated in the interests of The Saint Paul, Minneapolis and Manitoba Railway Company. The company kept no books of account, its transactions being recorded in the books of the last-named company, which financed the construction of the property. The road, Barnesville to Moorhead, 22.79 miles, was sold to that company on October 29, 1880, and was placed in operation on October 30, 1880, a consideration of $250,000 being named in the deed. The actual consideration was the cancellation by the last named company of the advances for construction due from the owning company. In taking over the property, the latter charged the amount of these advances, $250,865.27, to its investment in road and equipment account.

St. Cloud and Lake Traverse Railway Company
The St. Cloud and Lake Traverse Railway Company was incorporated under the laws of the State of Minnesota, on May 1, 1880, for a term of 50 years. It was incorporated in the interests of The Saint Paul, Minneapolis and Manitoba Railway Company.

The company kept no books of account, its transactions being recorded in the books of the last-named company, which financed the construction. On October 29, 1880, it sold its property to the latter, the deed naming a consideration of $550,000. The actual consideration was the cancellation by the last-named company of the construction advances due from the owner company. At the time of sale, the property consisted of 46.68 miles of line between Morris Junction and Brown's Valley, which was practically completed but not in operation; also a partially completed line from Morris to within three miles of Lake Whipple. In taking over the property, The Saint Paul, Minneapolis and Manitoba Railway Company transferred to its investment in road and equipment account the amount of the construction advances for the road between Morris Junction and Brown's Valley. It also carried the expenditures for the partially completed line between Morris and Lake Whipple as advances against the owner company until October 1, 1882, when that line was sold to the Little Falls and Dakota Railway Company (now part of Northern Pacific Railway Company) for the actual cost thereof, $71,151.64.

Minnesota and Dakota Northern Railroad Company
The Minnesota and Dakota Northern Railroad Company was incorporated under the laws of the State of Minnesota on March 4, 1879, for a term of 99 years.

No books of account, other than the construction ledgers, can be located. The financial requirements of the company were provided by The Saint Paul, Minneapolis and Manitoba Railway Company, which advanced all the funds for construction. The property consisted of 34.09 miles of road between Moorhead and Halstad, grading for which was begun November, 1882. On November 24, 1883, and before the line was completed and placed in operation, it was sold to the last-named company, the deed naming a consideration of $510,000. The actual consideration was the cancellation by the last-named company of the construction advances due from this company. In taking over the property, The Saint Paul, Minneapolis and Manitoba Railway Company charged the amount of the advances referred to above, to its investment in road and equipment account.

Minneapolis and Northwestern Railway Company
Minneapolis and Northwestern Railway Company was a suborganization of The Minneapolis and Saint Louis Railway Company, which was originally incorporated as the Minnesota Western Railroad Company under a special act (chapter 66) of the Territorial legislature of Minnesota on March 3, 1853. Its name was changed to The Minneapolis and Saint Louis Railway Company by a special act of May 26, 1870. The Minneapolis and Northwestern Railroad Company was reincorporated on February 5, 1878, under the general laws of Minnesota, for a period of 300 years. No books of account of this company can be found, and but little is known pertaining to its affairs.

The construction of the road was financed by The Saint Paul, Minneapolis and Manitoba Railroad Company, through advances. The property consisted of 63.07 miles of road between Minneapolis and St. Cloud, Minn, That part of the road between Minneapolis and Clearwater, 50.57 miles, was placed in operation on January 15, 1882, and the remainder, 12.50 miles, on December 17, 1882. Both sections were operated by the last-named company. The property was sold to that company on April 23, 1883. The consideration named in the deed was $1,332,790.23. The actual consideration was the cancellation by the last-named company of the construction advances due from this company.

Sauk Center Northern Railway Company
The Sauk Center Northern Railway Company was incorporated under the general laws of the State of Minnesota, on February 23, 1881, for a period of 50 years beginning March 1, 1881. It was incorporated in the interests of The Saint Paul, Minneapolis and Manitoba Railway Company. No books of account can be found. The advances for construction of this company's property are recorded in the books of the last-named company, which financed the construction. Its property, consisting of 31.30 miles between Sauk Center and Clarissa, and 4.68 miles between Clarissa and Eagle Bend, was sold to the last-named company; deed for the former being dated April 23, 1883, and for the latter November 24, 1883. Grading for the entire property was begun in June, 1882, and it was placed in operation Sauk Center to Browerville, 25.5 miles, November 27, 1882, and Browerville to Eagle Bend, 10.5 miles, November 25, 1883. The property was operated by the last-named company.

Deed to The Saint Paul, Minneapolis and Manitoba Railway Company for the line, Sauk Center to Clarissa, named a consideration of $483,697.25, and for the line, Clarissa to Eagle Bend, $75,000. The actual consideration was the cancellation by the last-named company of the construction advances due from this company. In taking over the property, the latter company charged these advances to its investment in road and equipment account.

Casselton Branch Railroad Company
The Casselton Branch Railroad Company was incorporated under the laws of the Territory of Dakota, on August 26, 1880, for an unknown period. This company was organized in the interests of Northern Pacific Railroad Company, which financed the project and received the company's authorized capital stock of $600,000 in liquidation of advances for construction. On October 1, 1882, control of the company passed to The Saint Paul, Minneapolis and Manitoba Railway Company, in accordance with the provisions of an agreement of that state between that company and the Northern Pacific, covering the exchange of certain railway properties. The consideration for the stock, $407,421.34, was intended to cover the actual expenditures on the property up to that time. After acquiring control, The Saint Paul, Minneapolis and Manitoba Railway Company furnished the necessary funds for construction. On August 25, 1883, the property, consisting of 43.33 miles of completed line between Casselton and Mayville, and about 116 miles of partially constructed line between Mayville and International boundary, was sold to the last-named company, the consideration being the cancellation of the Casselton Branch Railroad Company's capital stock, and the advances for construction due the former.

This company kept no books of account. Its transactions were recorded in the books of the Northern Pacific, and later in the books of the Saint Paul, Minneapolis and Manitoba. In taking over the property, the last-named company charged to its investment in road and equipment account the amount expended in acquiring the stock from the Northern Pacific, plus the amount of advances made to Casselton Branch Railroad Company by the Saint Paul, Minneapolis and Manitoba, after acquiring control. The 43.33 miles between Casselton and Mayville were placed in operation December 11, 1882, and were operated by last-named company.

Red River and Lake of the Woods Railway
The Red River and Lake of the Woods Railway was incorporated under the laws of the State of Minnesota, on April 3, 1882, for a period of 50 years. No books of account can be found. The advances for construction of this company's property are recorded in the books of The Saint Paul, Minneapolis and Manitoba Railway Company, which financed the construction. On July 11, 1883, the property, consisting of 21.61 miles between Shirley and St. Hilaire, was sold to the last-named company. Construction work was started in July, 1882, and the road was placed in operation July 1, 1883, by the last-named company.

St. Cloud, Mankato & Austin Railroad Company
The St. Cloud, Mankato & Austin Railroad Company was incorporated under a special act of the legislature of Minnesota of February 28, 1865. The rights of Minneapolis and St. Cloud Railroad Company to construct a branch line from St. Cloud to connect with the Winona and St. Peter Railroad as provided under "an act to amend an act to incorporate Minneapolis & St. Cloud Railroad Company," approved by the Minnesota legislature of March 1, 1856, were transferred to and taken over by St. Cloud, Mankato & Austin Railroad Company. In 1881, this company was consolidated with Austin and Mankato Railroad Company, the consolidated company retaining this company's name. On date of valuation the company owned no property and no records are obtainable to indicate whether or not it has a corporate existence. No records are obtainable to show whether any capital stock was issued.

The construction of the road owned by this company, which extended from St. Cloud to Willmar, Minn., 55.20 miles, was financed through advances made by the Saint Paul, Minneapolis and Manitoba Railway Company. The property, which was only partially completed, and the rights and franchises, were sold to the last-named company on May 24, 1886, the consideration named in the deed being $295,030.97. The actual consideration was the cancellation by that company of the construction advances due from St. Cloud, Mankato & Austin. In taking over the property, the former charged the amount of the advances to its investment in road and equipment account. While the company had no investment in road and equipment account, the money outlay, so far as obtained, for creating the partially completed road was recorded in the books of the Saint Paul, Minneapolis and Manitoba at $212,527.16.

Austin and Mankato Railroad Company
The Austin and Mankato Railroad Company was incorporated on January 28, 1880, under the general laws of the State of Minnesota for a period of 50 years from June 15, 1879. Under a special act of the laws of Minnesota, chapter 220, approved November 22, 1881, this company was consolidated in 1881 with St. Cloud, Mankato & Austin Railroad Company, which latter corporate name was retained. The company owned no property and there is no record of its having issued any capital stock.

Aberdeen, Fergus Falls and Pierre Railroad Company
Aberdeen, Fergus Falls and Pierre Railroad Company was incorporated under the laws of the Territory of Dakota, on April 19, 1886, for an unstated period. No books of account were found. The Saint Paul, Minneapolis and Manitoba Railway Company acquired control shortly after the company's organization, assumed a small amount of obligations which it had incurred, and then financed the construction of the property.

On December 30, 1886, the property, consisting of about 64 miles of partially completed line between Aberdeen, S. Dak., and Rutland, N. Dak., was sold to the Saint Paul, Minneapolis and Manitoba, the deed naming a consideration of $303,000. The actual consideration was the cancellation by the last-named company of the construction advances due from the owner company. In taking over the property, the Saint Paul, Minneapolis and Manitoba charged the amount of these advances to its investment in road and equipment.

Moorhead and South Eastern Railway Company
The Moorhead and South Eastern Railway Company was incorporated under the general laws of the State of Minnesota on September 15, 1884, for a period of 50 years. No books of account were located. Its transactions subsequent to April 15, 1887, were recorded in the books of the Saint Paul, Minneapolis and Manitoba Railway Company, which acquired control of the company and financed the construction through an agreement of that date. On January 28, 1891, the property, consisting of 42.91 miles of road between Moorhead and Wahpeton, was sold to the Saint Paul, Minneapolis and Manitoba. Grading was begun in May, 1887, and line placed in operation September 23, 1888. The line was operated by the last-named company.

Wadena and Park Rapids Railroad Company
The Wadena and Park Rapids Railroad Company was incorporated under the general laws of the State of Minnesota on June 4, 1883, for a period of 50 years. On August 1, 1891, the property, consisting of 54.52 miles of road between Eagle Bend and Park Rapids, Minn., was sold to the Saint Paul, Minneapolis and Manitoba Railway Company for $817,860 in bonds of the latter company. The road had not then been placed in operation.

Red River Valley and Western Railroad Company
The Red River Valley and Western Railroad Company was incorporated under the general laws of the State of North Dakota on July 18, 1893, for a period of 100 years from June 5, 1893. On October 28, 1893, the company's property, consisting of 11.78 miles of line between Addison and Rita, now Chaffee, N. Dak., was sold to the Saint Paul, Minneapolis and Manitoba Railway Company for $176,700 par value of bonds of the latter company. On September 12, 1893, the Great Northern began operating the line as part of its system.

Eastern Railway Company of Minnesota
Introductory

The Eastern Railway Company of Minnesota is a Minnesota corporation. Its principal office is in St. Paul, Minn. On July 1, 1907, all of its property, then operated under lease by the Great Northern, was sold to that company. The property consisted of a railroad from Coon Creek to Duluth, Minn., and from Boylston, Wis., to Fosston, Minn., together with connecting branches and spur tracks, aggregating in all approximately 503 miles. On date of valuation the company owned no property, but still maintained a corporate existence.

Corporate History

The Eastern Railway Company of Minnesota was incorporated under the general laws of Minnesota on August 13, 1887, through transfer of certain charter rights of the Minneapolis & St. Cloud Railroad Company to it by that company, under authority granted by the Minnesota legislature. The rights so transferred empowered the company to construct and operate a railroad from Hinckley, Minn., to the mouth of the St. Louis River, a distance of about 47 miles. On January 12, 1888, The Lake Superior & South Western Railway Company (of Wisconsin) was consolidated with the Eastern Railway Company of Minnesota, the corporate name of the latter being retained by the consolidated company. The company is controlled by the Great Northern.

Development of Fixed Physical Property

The property of the Eastern Railway Company of Minnesota was acquired through consolidation, by direct purchase, and by construction. On the date the property was sold to the Great Northern, the company owned 503.13 miles of line. Of the total acquired, 176.51 miles was acquired by direct purchase and 349.72 miles by construction. Some property, but no road mileage, was acquired by consolidation. Of the above amount, 23.10 miles was removed or eliminated through revisions, leaving 503.13 miles that was sold to the Great Northern. The purchased mileage was acquired from other companies as follows: Details with respect to the construction of property owned are given in the chapter on "Development of fixed physical property" of the Great Northern.

The Lake Superior & South Western Railway Company (of Wisconsin)
The Lake Superior & South Western Railway Company (of Wisconsin) was incorporated August 6, 1885, under the general laws of Wisconsin. It was controlled by the Saint Paul, Minneapolis and Manitoba Railway Company. On January 12, 1888, its property was consolidated with Eastern Railway Company of Minnesota, the latter name being retained by the consolidated company. No general books of this company can be found. The information contained herein was taken from the records of the Saint Paul, Minneapolis and Manitoba and from other records in possession of the Great Northern.

Part of the property of this company, consisting of 64 acres of land, an elevator, docks, wharves, and tracks at West Superior, Wis., was purchased for $1,000,000 par value of capital stock. The remainder of the property was acquired through advances by the Saint Paul, Minneapolis and Manitoba. At the date of consolidation the property owned consisted of some 250 acres of land, about 1,500 feet of established dock line on the Bay of St. Louis, two elevators, certain docks, tracks, and other facilities, all at West Superior, Wis.

The Kettle River Railroad Company
The Kettle River Railroad Company was incorporated on August 26, 1886, under the general laws of the State of Minnesota for a period of 99 years from August 21, 1886. Control of the Kettle River Railroad Company was exercised by the St. Paul and Duluth Railroad Company from November 14, 1887, to September, 1891, when it passed to Eastern Railway Company of Minnesota.

No books and but few other records of this company can be found. Among such as were found there was no deed to show that the property was actually sold to Eastern Railway Company of Minnesota, although that company owned all the outstanding capital stock, having come into possession of it in September, 1891. On June 30, 1893, Eastern Railway Company of Minnesota transferred its investment in the capital stock of the Kettle River Railroad to its investment in road and equipment. The property owned on that date consisted of 2.61 miles of railroad, extending from Sandstone to Kettle River, Minn., which was leased to Eastern Railway Company of Minnesota from March 1, 1890, to October 31, 1891, at an annual rental of $2,000. No record of the construction of the road can be found.

Duluth, Superior and Western Railway Company
Introductory

The Duluth, Superior and Western Railway Company was incorporated on September 24, 1896, under the general laws of the State of Minnesota for a period of 1,000 years from September 15, 1896. One purpose of incorporation was to take over the property, rights, and franchises of Duluth and Winnipeg Railroad Company, which had defaulted in the payment of interest on its bonds. On date of valuation the Duluth, Superior and Western Railway Company had a corporate existence, but owned no property. On June 22, 1898, the date of sale of the property to Eastern Railway Company of Minnesota, the Duluth, Superior and Western owned and operated the line of railway formerly owned by Duluth and Winnipeg, which extended from St. Louis River to Deer River, Minn., 99.78 miles.

Development of Fixed Physical Property

The property owned by this company was the same property formerly owned by Duluth and Winnipeg. It was purchased December 1, 1896, from a committee which acquired it at foreclosure sale on November 27, 1896. The consideration named in the deed transferring the property to Eastern Railway Company of Minnesota was $3,385,400, the same as the par value of the stock and bonds outstanding.

Duluth and Winnipeg Railroad Company
Introductory On February 11, 1878, Duluth and Winnipeg Railroad Company was incorporated under the general laws of the State of Minnesota for a period of 100 years from February 1, 1878. The property owned by the company on November 27, 1896, the date it was sold to the committee which, in turn, transferred it to Duluth, Superior and Western Railway Company on December 1, 1896, consisted of a railroad extending from St. Louis River to Deer River, Minn., 99.78 miles, together with certain yard and side tracks and equipment. Due to default in payment of interest on the first-mortgage bonds of July 1, 1889, the company was in the hands of a receiver from October 12, 1894, to November 27, 1896, the date it was sold at foreclosure.

Development of Fixed Physical Property

On April 11, 1881, the Union Improvement and Construction Company was incorporated under the laws of the State of Maine. On May 25, 1881, it was assigned a contract for the construction of the Duluth and Winnipeg Railroad, which had been entered into between that company and Jacob Bilheimer. This contract was forfeited on September 11, 1888, for noncompliance with its terms. In September, 1888, the Duluth and Winnipeg Syndicate was organized to build and equip the railroad of the Duluth and Winnipeg, and a contract dated September 11, 1888, was entered into with the syndicate, which was to receive for such construction $45,000 per mile of road, payable: $20,000 of first-mortgage bonds of July 1, 1889; $10,000 of preferred stock, and $15,000 of common stock. On February 16, 1889, the Duluth and Winnipeg Syndicate was reorganized as the North Star Construction Company, of Minnesota, and on January 30, 1890, as the North Star Construction Company, of New Jersey, the latter succeeding to all rights, assets, and liabilities of the predecessor companies. The exact date of the beginning of the construction of the Duluth and Winnipeg Railroad is not known, but it was during the latter part of 1888. All of the 99.78 miles of road owned by the company was acquired by construction, the dates of completion being from 1890 to 1892.

Duluth, Mississippi River and Northern Railroad Company
The Duluth, Mississippi River and Northern Railroad Company was incorporated under the general laws of the State of Minnesota on March 21, 1892, for a period of 50 years. No general books of this company can be found. The information herein is taken from miscellaneous records in possession of the Great Northern.

On May 1, 1899, the date of sale of the property to Eastern Railway Company of Minnesota, the company owned and operated a line of road from Mississippi to Hibbing, Minn., 49.47 miles. The consideration named in the deed conveying the property to Eastern Railway was $1 and the cancellation of the outstanding first-mortgage bonds amounting to $987,000 held by Eastern Railway. The road was constructed by Swan River Logging Company, Limited, which also furnished five locomotives, and for which it received bonds of this company amounting to $18,000 per mile. The road was constructed during the period between 1892 and 1897.

Superior Belt Line and Terminal Railway Company
The Superior Belt Line and Terminal Railway Company was incorporated on August 29, 1890, under the general laws of the State of Wisconsin as the Superior Terminal and Belt Line Railway Company. On November 9, 1891, on account of a clerical error made in preparing an act of Congress for authority to build a bridge over the St. Louis River, its name was changed to that first above written. Its principal office was at Superior, Wis. No general books of this company can be found. The information in regard to it contained herein was obtained from the books and other records of Eastern Railway Company of Minnesota, The Saint Paul, Minneapolis and Manitoba Railway Company, the Great Northern, and from court records.

On October 7, 1891, the Superior Consolidated Land Company entered into a contract with Duluth and Winnipeg Railroad Company, which provided that the land company would construct a railroad from a point on the St. Louis River to Superior, about 11 miles, at a cost not to exceed $250,000. As the land company was unable to comply with the contract, it entered into a contract with Superior Belt Line and Terminal Railway Company to complete the line, in consideration for which the land company conveyed to Superior Belt Line title to all right of way then acquired, the grading that had been done, $250,000 par value of capital stock of the land company, and 40 acres of land at Saunders and 1,825 acres at Allouez Bay. On February 23, 1894, the land was deeded to William H. Hollis, of Philadelphia, for $1, and for other valuable considerations. No further details in regard to that particular transaction were obtained. On May 24, 1892, Superior Belt Line entered into a contract with Hollis for the construction of the line. Hollis was to receive in consideration therefor $250,000 par value of the stock of the land company, and $250,000 par value of first mortgage bonds of May 24, 1892, and $240,000 par value of the capital stock of Superior Belt Line. No records of the construction can be found.

[...]

All the property of the company, which included the road from New Duluth to Belt Line Junction, Superior, was sold on September 8, 1894, to the Northwestern Coal Railway Company for $175,000. On May 27, 1899, all of the property originally sold to that company was reconveyed to the Superior Belt Line for $125 000. A dividend of $175,000 was declared out of the funds received from the sale of the property to the Coal Railway.

On March 27, 1900, the company sold a part of its property, consisting of 5.87 miles of road, extending from New Duluth, Minn., to Saunders, Wis., to the Eastern Railway Company of Minnesota for $125,000. On April 18, 1900, the remainder of the property, consisting of the road between Belt Line Junction and Saunders, about 5.28 miles, was sold to the Duluth, Superior and Western Terminal Company, for $125,000. The property included in this sale had been operated by the purchasing company since July 18, 1899.

Montana and Great Northern Railway Company
Introductory

The Montana and Great Northern Railway Company was incorporated under the laws of the State of Montana, on June 6, 1901, for a period of 20 years. It was incorporated in the interests of the Great Northern. On May 17, 1905, its line from Columbia Falls, via Rexford, to Jennings, 111.44 miles, was sold to The Saint Paul, Minneapolis and Manitoba Railway Company for $6,910,867.90. On July 1, 1907, its rights and franchises and the remainder of its property, 142.99 miles, extending from Great Falls to Sweet Grass and from Gateway to Rexford, was sold to the Great Northern for a consideration of $7,000,000, the latter company assuming the liabilities and acquiring the assets of this company.

Development of Fixed Physical Property

The company acquired its property by purchase and through construction. On August 1, 1901, it purchased from The Great Falls and Canada Railway Company about 134 miles of narrow-gauge line between Great Falls and Sweet Grass, Mont., which it converted to standard gauge, completing the work January 4, 1903. The line was then taken over for operation by the Great Northern. Through contract with A. Guthrie & Company, it constructed 120.43 miles of road, which was placed in operation from 1902 to 1904. Upon completion, the several sections were taken over for operation by the Great Northern.

The Great Falls and Canada Railway Company
The Great Falls and Canada Railway Company was incorporated under the laws of the Territory of Montana on October 3, 1889, for an unstated period. On August 1, 1901, it sold its property, rights, and franchises to the Montana and Great Northern Railway Company, for a consideration of $750,000. At the time of sale, it owned and operated about 134 miles of narrow-gauge line, extending from Great Falls to the International boundary at Sweet Grass, and connecting with the Alberta Railway & Coal Company property at the latter point. It also owned some 14 miles of sidings. Construction of the line was begun April 1, 1890, and was completed October 1, 1890.

The Seattle and Montana Railroad Company
Introductory

The Seattle and Montana Railroad Company was incorporated under the laws of the State of Washington on March 29, 1898, for a period of 50 years from March 1, 1898. On June 30, 1915, it had a corporate existence, but owned no property. On July 1, 1907, the date of sale of its property to the Great Northern, the company owned a railroad, extending from Blaine to Seattle, Anacortes to Rockport, and from Fairhaven to Sedro-Woolley, aggregating approximately 192 miles, all in Washington.

Development of Fixed Physical Property

Of the 218.61 miles of road acquired by the company during its life, 190.34 miles was acquired by purchase and 28.27 miles by construction, the latter being through advances made by the Great Northern. Of the mileage purchased, 56.80 miles was acquired from Fairhaven and Southern Railroad Company, 78.20 miles from Seattle and Montana Railroad Company and 55.34 miles, including certain lands at Anacortes, from Seattle and Northern Railway Company. Through abandonment of 26.72 miles, revisions and changes of line, the total mileage purchased was reduced to 191.89, that being the mileage sold to the Great Northern July 1, 1907. The entire property was operated by the Great Northern under lease at the date of sale. Details with respect to the construction of the above property are given in the chapter on "Development of fixed physical property" of the Great Northern. The Northern Pacific Railway Company was a joint owner with this company of the King Street passenger station in Seattle and the tunnel located northerly from the passenger station. The consideration named in deed passing title to the property was $14,002,770.31, in addition to which the Great Northern acquired all the assets and assumed all the liabilities of the company.

Fairhaven and Southern Railroad Company
The Fairhaven and Southern Railroad Company was incorporated under the laws of the Territory of Washington on November 27, 1888, for a period of 50 years. On August 28, 1905, the stockholders adopted a resolution providing for the dissolution of the company. It was controlled by Chas. X. Larabee, et al., until October 12, 1891, when the control passed to James J. Hill. On March 30, 1898, the date the property, rights, and franchises were sold to Seattle and Montana Railroad Company (latter having acquired all this company's capital stock), the property owned consisted of a railroad extending from Sedro-Woolley to Blaine, 40.80 miles, and from Fairhaven and Southern Junction at Sedro Woolley to Cokedale, 16 miles, an aggregate of about 56.80 miles. The construction of the railroad was completed in 1891. It was commenced by Larabee, et al., and the funds necessary therefor were supplied by the Great Northern.

Seattle and Montana Railway Company
Introductory

The Seattle and Montana Railway Company was incorporated under the laws of the State of Washington on March 7, 1890, for a term of 50 years. The entire issue of capital stock was held in the name of W. P. Clough and associates. The property owned by the company on March 30, 1898, the date it was sold to Seattle and Montana Railroad Company, consisted of a railroad extending from Seattle to a connection with the Fairhaven and Southern Railroad near Burlingeton, Wash., 78.20 miles. On May 22, 1905, at a special meeting of the stockholders, a resolution was adopted providing for immediate steps towards the dissolution of the corporation.

Development of Fixed Physical Property

The actual construction of the property was performed by the Great Northern, the expenditures therefor being charged to the Seattle and Montana Railway Company as advances. The advances charged cover the period from 1890 to 1898, although the Great Northern's track chart shows that the track was laid in 1891. The property was sold to Seattle and Montana Railroad Company on March 30, 1898.

Seattle and Northern Railway Company
Introductory

The Seattle and Northern Railway Company was incorporated under the laws of the Territory of Washington on August 9, 1888, for a term of 50 years. Control of the company was acquired by the Great Northern interests in 1900. The property owned by the company at the time of its sale to Seattle and Montana Railroad Company, February 1, 1902, consisted of a railroad extending from Anacortes to Rockport, Wash., 55.34 miles.

Development of Fixed Physical Property

The books obtained indicate that the Oregon Improvement Company advanced the funds necessary for the construction of the initial line extending from Anacortes to Hamilton, about 34.14 miles, which, according to the Great Northern's track chart, was placed in operation in 1890 and 1891. On March 23, 1900, a contract was entered into between the Great Northern and Horace C. Henry, under the terms of which Henry was to construct the line from Hamilton to Sauk, Wash., about 18.84 miles. According to the Great Northern's track chart, the construction of this line was completed in 1900. The line from Sauk to Rockport, about 2.36 miles, completed in 1901, was also constructed through advances made by the Great Northern.

The Union Wharf Company of Anacortes
The Union Wharf Company of Anacortes was incorporated under the laws of the State of Washington on January 22, 1892. Nothing further with respect to the corporate history is known, as no books of account or other records of this company can be found. From the best information obtainable, this company authorized an issue of capital stock to the par value of $12,000. Certificates for $7,200 of this stock are held by the treasurer of the Great Northern.

Certain records in possession of the Great Northern show that this company constructed a wharf and warehouse at Q street, Anacortes, Wash. During a gale on March 10, 1903, the wharf building collapsed and was demolished.

From November 26, 1894, to October 4, 1895, the company was controlled by the Oregon Improvement Company, which also assisted it financially. On October 4, 1895, the company was placed in the hands of a receiver and control some time later passed to an outside concern known as the Pacific Coast Company. During the period between March 1, 1899, and March 31, 1900, Seattle and Northern Railroad Company advanced $2,727.23 for the repair and preservation of the property, thereby acquiring $7,200 par value of the capital stock of the wharf company. On account of failure to pay taxes, the wharf company became delinquent in 1906 and the property was sold to the Seattle and Montana Railroad Company at foreclosure sale on May 26, 1906, for $6,800, that amount being paid by a Great Northern voucher and charged to additions and betterments of the Seattle and Montana Railroad Company. The property included in the sale consisted of certain real estate in Anacortes, Wash., together with a leasehold interest from the State of Washington in the harbor area in front of the owned real estate. The lease runs for 30 years from June 12, 1899.

No information was obtainable with respect to the cost of the property trans ferred to the Seattle and Montana Railroad Company.

The Willmar and Sioux Falls Railway Company
Introductory

The Willmar and Sioux Falls Railway Company was incorporated under the laws of the State of Minnesota on March 11, 1886, for a period of 50 years from March 5, 1886. From July, 1888, this company was controlled by The Saint Paul, Minneapolis and Manitoba Railway Company. On date of valuation, it had a corporate existence, but owned no property. On July 1, 1907, the date of sale of this company's property to the Great Northern, it owned and operated 304.25 miles of railroad, extending from Willmar, Minn., to Yankton, S. Dak., and from Garretson, S. Dak., to Sioux City, Iowa, including terminal property at Sioux Falls, S. Dak. It also operated under lease about 132 miles of railroad, extending from Sioux City, Ia., to O'Neill, Nebr., including terminal property at Sioux City, Ia., and bridge connection at South Sioux City, Nebr. The consideration named in the deed transferring the railroad and other assets was the payment of $7,327,904.23 and the assumption of all the liabilities of this company.

Development of Fixed Physical Property

Of the 304.25 miles of road owned by the company on date of sale to the Great Northern, it had acquired about 157 miles by purchase and 147.25 miles by construction. Of the road acquired by purchase, about 58 miles was acquired from the Sioux Falls, Yankton and South Western Railway Company, 96 miles from The Sioux City and Northern Railroad Company, and 3 miles of road and terminal property from the Sioux Falls Terminal Railroad Company. Details with respect to the construction of this property are given in the chapter on "Development of fixed physical property" of the Great Northern.

Sioux Falls, Yankton and South Western Railway Company
The Sioux Falls, Yankton and South Western Railway Company was incorporated under the laws of the Territory of Dakota on July 23, 1889, for an unstated period. The construction of this company's road from Sioux Falls, S. Dak., to Yankton, S. Dak., about 58 miles, was financed with advances made by the Great Northern. Immediately upon its completion July 27, 1893, it was sold to the Willmar and Sioux Falls Railway Company. The consideration named in the deed was $1,050,000, but the actual consideration was $1,021,000 paid in bonds of the Wilmar and Sioux Falls. The bonds were, in turn, delivered to the Great Northern in payment of advances made for construction, at the rate of $17,500 per mile of road.

The Sioux City and Northern Railroad Company
Introductory

The Sioux City and Northern Railroad Company was incorporated under the general laws of the State of Iowa on October 3, 1887, for a period of 50 years from September 21, 1887. Owing to the default of interest on the first-mortgage bonds, the property was placed in the hands of a receiver on September 28, 1893, and sold to representatives of the bondholders on December 12, 1899, for a consideration of $1,500,000. The representatives of the bondholders surrendered and deposited with the court Sioux City and Northern first-mortgage bonds of par value $1,920,000, and unpaid coupons with interest thereon amounting to $408,533.33, a total of $2,328,533.33. On January 15, 1900, the property was conveyed by them to The Willmar and Sioux Falls Railway Company for a consideration of $2,500,000, paid in capital stock of that company. At the time of sale the property consisted of a railway extending from Garretson, S. Dak., to Sioux City, Iowa, about 96 miles.

Development of Fixed Physical Property

The company's railroad was constructed under the terms of a contract dated July 6, 1889, by the Sioux City and Northern Contracting Company which was controlled by A. S. Garretson, et al., the original incorporators of the company. The contracting company received this company's stock and bonds at the rate of $15,000 and $20,000 respectively, per mile of road, an aggregate of $3,360,000. These figures included certain equipment to be provided. According to the best information obtainable, the road was placed in operation on July 1, 1890.

Sioux Falls Terminal Railroad Company
Introductory

The Sioux Falls Terminal Railroad Company was incorporated under the general laws of the Territory of Dakota on December 17, 1888, as South Sioux Falls Railroad and Rapid Transit Company, for a perpetual period. On March 28, 1890, its name was changed to that first above shown. The Great Northern came into control of the Sioux Falls Terminal about June 30, 1899. On the date of valuation, the company owns no property. The date of the minutes recording the actions of the last official meeting was May 18, 1900. On April 1, 1900, the date of sale of the property to The Willmar and Sioux Falls Railway Company, it owned, but did not operate, about 3 miles of road in Minnehaha County, South Dakota. The consideration for the sale of the property was the surrender by the Willmar and Sioux Falls of $300,000 par value each of outstanding bonds and capital stock.

Development of Fixed Physical Property

No information can be found as to the date the construction of the road was commenced or completed, or the date it was opened for operation. Certain records found show that 3.02 miles of road were leased to the Burlington, Cedar Rapids and Northern Railway Company in 1892. In September, 1893, the property was being operated by the Willmar and Sioux Falls.

Duluth, Watertown and Pacific Railway Company
Introductory

The Duluth, Watertown and Pacific Railway Company was incorporated under the laws of the Territory of Dakota on August 21, 1885, for an unstated period. Its principal office was at Watertown, S. Dak. On July 1, 1907, its property, rights, and franchises were sold to the Great Northern for a consideration of $893,913.48 and the assumption of all liabilities. On date of sale, this company owned 69.84 miles of standard gauge railroad between Watertown and Huron, S. Dak. Construction was begun in July, 1887, and the road completed September 11, 1888. The road was constructed by contractors who were not affiliated with the company. The company was controlled by The Saint Paul, Minneapolis and Manitoba Railway Company to January 31, 1890, and by the Great Northern from the latter date to date of sale. On date of valuation, this company was a live corporation, but owned no property. Five shares of its capital stock were held by nominees of the company as directors' qualifying shares.

Minneapolis Union Railway Company
Introductory

The Minneapolis Union Railway Company was incorporated under the laws of the State of Minnesota on December 1, 1881, for a period of 100 years. From its incorporation, this company was controlled by the Great Northern interests. On date of valuation it has a corporate existence, but owns no property. On July 1, 1907, the date of sale of its property, rights, and franchises to the Great Northern, this company owned 2.63 miles of tracks, a passenger station and a stone-arch bridge over the Mississippi River, all in Minneapolis, Minn. The consideration named in the deed for the transfer of the property was $808,607.16, and the assumption by the Great Northern of its outstanding bonds and other liabilities.

Development of Fixed Physical Property

The construction of this company's property was, in the main, financed by The Saint Paul, Minneapolis and Manitoba Railway Company, which was repaid through the issuance of bonds. Grading was commenced in April, 1881, and part of the property placed in service October 1, 1884. All of the property was completed and in operation on April 27, 1885. The tracks were used by other companies and rent was charged therefor.

Park Rapids and Leech Lake Railway Company
The Park Rapids and Leech Lake Railway Company was incorporated under the laws of the State of Minnesota on October 6, 1897, for a period of 500 years. It was incorporated in the interests of the Great Northern. On July 1, 1907, all of its property, rights and franchises were sold to the Great Northern for a consideration of $512,817.20 and the assumption of all its liabilities. At the date of sale, the company owned, but did not operate, 49.04 miles of standard gauge railroad between Park Rapids and Cass Lake, Minn. Construction of the road was commenced in 1897 and completed May 1, 1899. The work was done under contract with A. Guthrie & Company. Upon completion, the road was leased to the Great Northern for operation. On date of valuation the company has a corporate existence, but owns no property. Five shares of its capital stock are outstanding in the names of nominees of Park Rapids and Leech Lake Railway Company, as directors' qualifying shares.

Minnesota and Great Northern Railway Company
Introductory

The Minnesota and Great Northern Railway Company was incorporated under the general laws of the State of Minnesota on March 31, 1904, for a period of 500 years. It was incorporated in the interests of the Great Northern. On July 1, 1907, all of its property, right and franchises were sold to the Great Northern for a consideration of $1,000 and the assumption of all its liabilities. At the date of sale it owned, but did not operate, 41.09 miles of completed railroad between Thief River Falls and Greenbush, Minn., and 43.15 miles of partially completed road between Greenbush and Warroad, Minn. On date of valuation this company has a corporate existence, but owns no property. Five shares of its capital stock are outstanding in the names of nominees of the company as directors' shares.

Development of Fixed Physical Property

All of the property of this company was constructed under contract by A. Guthrie & Company. Construction of the line between Thief River Falls and Greenbush was begun in May, 1904, and completed November 28, 1904. Upon completion, the line was taken over for operation by the Great Northern. Construction of the line between Greenbush and Warroad was begun in October, 1905, and was in course of construction when sold.

Dakota and Great Northern Railway Company
Introductory

The Dakota and Great Northern Railway Company was incorporated under the general laws of the State of North Dakota on June 21, 1900, for an unstated period. It was incorporated in the interests of the Great Northern. On July 1, 1907, all the property, rights and franchises of this company were sold to the Great Northern for a consideration of $2,000,000 and the assumption of all the liabilities. At date of sale, the property consisted of 282.35 miles of completed road and 152.22 miles of partially completed lines. These lines were located in various parts of the State of North Dakota, and connected with either the main line or with branch lines of the road of The Saint Paul, Minneapolis and Manitoba Railway Company. On date of valuation the company has a corporate existence but it owns no property. Five shares of its capital stock are outstanding in the names of nominees of the company as directors' qualifying shares.

Development of Fixed Physical Property

The company's road was constructed under contract by A. Guthrie & Company. Upon completion of the various sections they were taken over for operation by the Great Northern. The lines entirely completed by this company aggregated 283 miles in length and the lines partially constructed by this company and later completed by the Great Northern aggregated 152.22 miles in length. Details with respect to construction of this property are given in the chapter on "Development of fixed physical property" of the Great Northern, wherein the partially constructed lines are shown among the lines constructed by the Great Northern. The lines partially constructed, all in North Dakota, extended from Aneta to Devils Lake, 57.72 miles; Berthold to Crosby, 89.16 miles; and from Walhalla to the international boundary, 5.34 miles.

The Montana Central Railway Company
Introductory

The Montana Central Railway Company was incorporated under the laws of the State of Montana on January 26, 1886, for an unstated period. The company was organized by parties interested in securing transportation facilities for handling the output of the mines. Control passed to The Saint Paul, Minneapolis and Manitoba Railway Company on August 19, 1887. On date of valuation, it has a corporate existence, but owns no property. On July 1, 1907, the company sold its property, rights and franchises to the Great Northern. The consideration named in the deed was $6,135,454.11, and the assumption of the outstanding bonds and other liabilities. The road conveyed to the Great Northern extended from Great Falls to Butte and Sand Coulee, Mont., with certain branch lines, an aggregate of 249.26 miles, all in Montana.

Development of Fixed Physical Property

For the earlier period of the company's existence, the construction details are too meager to permit of determining the dates of the beginning of construction, but records show that the first advances for preliminary surveys were made by James J. Hill in September, 1885, prior to the incorporation of the company. On date of sale of the property to the Great Northern, the Montana Central owned and operated 249.26 miles of road. Details with respect to the construction of this property are given in the chapter on "Development of fixed physical property" of the Great Northern.

Billings & Northern Railroad Company
The Billings & Northern Railroad Company was incorporated under the laws of the State of Montana on April 10, 1902, for a period of 20 years. The company was originally controlled by Chicago, Burlington & Quincy Railroad Company, but the control passed to the Great Northern in March, 1906. On date of valuation, the company has a corporate existence, but owns no property. On July 1, 1907, the company sold its property, rights and franchises to the Great Northern, the latter assuming the liabilities of the company. The property on that date consisted of a partially completed railroad between Laurel and Armington, Mont., 194.53 miles.

During 1901 and 1902, the Chicago, Burlington & Quincy advanced $17,174.15 for organization expenses and preliminary surveys. This amount was refunded to the above-named company when the Great Northern acquired control of Billings & Northern Railroad Company in 1906. Subsequent expenditures for construction were advanced by the Great Northern. Capital stock was authorized to the par value of $6,000,000, none of which was ever actually issued. Some 3,000 shares were subscribed for, but nothing was paid thereon. The total amount advanced for construction by the Great Northern, including the $17,174.15 advanced by Chicago, Burlington and Quincy and assumed by the Great Northern, was $3,154,553.98. This amount was liquidated through the sale of the property, the Great Northern having assumed all the liabilities.

The property having been sold before completion, there were no corporate operations by the company.

Columbia and Red Mountain Railway Company
Introductory

The Columbia and Red Mountain Railway Company was incorporated under the laws of the State of Washington on January 25, 1895, for a period of 50 years. From August 8, 1898, to July 1, 1907, this company was controlled by the Great Northern. On date of valuation, the company has a corporate existence, but owns no property. On July 1, 1907, this company sold its property, rights and franchises to the Great Northern. On that date, it owned and operated a railroad extending from Northport to near Velvet, Wash., 7.51 miles. The consideration named in the deed transferring the property was $264,400, approximately the amount of its outstanding capital stock, the assumption of its outstanding bonds of $291,000 par value, as well as all other liabilities.

Development of Fixed Physical Property

The construction of the road was performed by D. C. Corbin, one of the incorporators, under the terms of a contract dated July 20, 1896. The road was completed and placed in operation, as nearly as can be determined, about December 19, 1896.

Washington and Great Northern Railway Company
Introductory

The Washington and Great Northern Railway Company was incorporated under the laws of the State of Washington on June 21, 1901, for a period of 50 years. This company was controlled by the Great Northern. On date of valuation the company has a corporate existence, but owns no property. On July 1, 1907, the company sold its property, rights, and franchises to the Great Northern. On that date it owned, but did not operate, lines of railroad in Washington, extending from Marcus to Laurier, Danville to Republic, Republic to Eureka Gulch, and from Curlew to Ferry, in all 83.68 miles. In addition, it owned several uncompleted sections of road. The consideration named in the deed transferring the property to the Great Northern was $2,346,718.30 and the assumption of all liabilities.

Development of Fixed Physical Property

All the property of this company was constructed through advances made by the Great Northern. As the lines were completed they were taken over by the Great Northern for operation. Details with respect to the construction of the property are given in the chapter on development of fixed physical property in the report of the Great Northern.

The Spokane Falls and Northern Railway Company
Introductory

The Spokane Falls and Northern Railway Company was incorporated under the laws of the Territory of Washington on April 14, 1888, for a period of 50 years. The company was incorporated in the interest of D. C. Corbin, of New York, and his associates. Some time prior to July 1, 1898, the Northern Pacific Railway Company acquired practically all the company's outstanding capital stock, and all of its outstanding bonds. Under the terms of an agreement dated July 1, 1898, the Northern Pacific sold all of the stock and bonds to the Great Northern, which thereafter controlled the company. On July 1, 1907, all of the property, rights, and franchises were sold to the Great Northern. On date of sale, the company owned and operated 130.51 miles of standard-gauge railroad, extending from Spokane to Hillyard, and from Colbert, northerly, to the international boundary. On date of valuation the company had a corporate existence, but owns no property.

Development of Fixed Physical Property

The company's road was constructed during the period between 1889 and 1893, by Corbin, under the terms of a contract dated February 16, 1889. This contract also stipulated that Corbin was to provide the rolling stock for the road. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Great Northern.

Duluth, Superior and Western Terminal Company
Introductory

The Duluth, Superior and Western Terminal Company was incorporated under the laws of the State of West Virginia on July 22, 1897, term to expire January 10, 1947. On date of valuation this company has a corporate existence, but owns no property. On July 18, 1898, the Great Northern obtained control of the company through stock ownership. Prior to the sale of its property on August 1, 1908, to The Allouez Bay Dock Company and the Great Northern, this company owned, but did not operate, about 6.20 miles of railway extending from the ore docks to Saunders, Wis., and three ore docks at Superior, over which was handled ore from the Missabe Range of Minnesota.

The company was organized for the purpose of taking over the property and franchises of the Duluth and Winnipeg Terminal Company, which, through default in the payment of interest on its bonds, had been sold at foreclosure sale, on May 15, 1897, to the holders of the bonds and was by them conveyed to this company by deed dated August 13, 1897, effective May 15, 1897. The property included in this transfer consisted of real estate fronting on Allouez Bay, Superior, Wis., on which was located one ore dock and 0.92 mile of track connecting the dock with the railway of Superior Belt Line and Terminal Railway Company. The Duluth, Superior and Western constructed two additional ore docks and purchased two switch engines. This property was leased to The Allouez Bay Dock Company from June 1, 1903, to August 1, 1908, on which date it was sold to the lessee. In addition to the property sold to The Allouez Bay Dock Company, the Duluth, Superior and Western, on April 18, 1900, purchased from Superior Belt Line and Terminal Railway Company 5.28 miles of tracks extending from Belt Junction to Saunders, Wis. This property was leased to the Great Northern from June 1, 1903, to August 1, 1908, when it was sold to that company.

Duluth and Winnipeg Terminal Company
Introductory

The Duluth and Winnipeg Terminal Company was incorporated under the laws of the State of West Virginia on June 13, 1892, term to expire December 31, 1941. Due to default in the payment of interest on its bonds, foreclosure proceedings resulted and the property was sold on May 15, 1897, to the creditors for the purpose of reorganization as the Duluth, Superior and Western Terminal Company. The property passing to the reorganized company consisted of real estate fronting on Allouez Bay, Superior, Wis., with an ore dock thereon and about 0.92 mile of track which connected the dock with the railway of Superior Belt Line and Terminal Railway Company. The real estate, which was part of the property passing to the reorganized company, had, in the main, been donated to Duluth and Winnipeg Railroad Company by the Superior Consolidated Land Company under the terms of an agreement dated October 7, 1891, in consideration of Duluth and Winnipeg Railroad Company constructing a dock thereon and tracks leading therefrom. On June 25, 1892, the real estate was transferred to the Duluth and Winnipeg Terminal Company in consideration for $250,000 of its capital stock, the entire issue excepting five shares retained as directors' qualifying shares.

Development of Fixed Physical Property

Records of the North Star Construction Company show that the tracks and an ore dock of 100 pockets were constructed by that company during 1892 and 1893. On December 14, 1895, a contract was entered into with M. J. Peppard for constructing an addition of 150 pockets to the ore dock, which was completed May 12, 1896.

Iowa and Great Northern Railway Company
Introductory

The Iowa and Great Northern Railway Company was incorporated under the laws of the State of Iowa on January 23, 1905, for a period of 50 years. The company was controlled by the Great Northern. On date of valuation, the company has a corporate existence, but owns no property. On June 30, 1910, the company sold all its property, rights and franchises to the Great Northern. On that date the company owned extensive terminals and real estate in Woodbury County, Ia. In addition, it operated under lease from the Great Northern 76.58 miles of railroad. The consideration named in the deed transferring the property to the Great Northern was the assumption of all liabilities and the surrender of the capital stock.

Development of Fixed Physical Property

The real estate and terminals owned by the company were constructed through advances made by the Great Northern. No mainline tracks were constructed.

The Union Terminal Railway Company
Introductory

The Union Terminal Railway Company was incorporated under the laws of the State of Iowa on June 22, 1900, the period for which was not obtained. This company is a reorganization of Sioux City Terminal Railroad and Warehouse Company. From March, 1906, to July 1, 1910, the company was controlled by the Great Northern. On date of valuation the company has a corporate existence, but owns no property. On June 30, 1910, the company sold its property, rights, and franchises to the Great Northern. On that date it owned, but did not operate, 1.28 miles of railroad in Sioux City, Iowa, together with a union depot and extensive terminal facilities. The consideration named in the deed transferring the property to the Great Northern was the payment of $1, assumption of all liabilities and the surrender of its outstanding capital stock.

Development of Fixed Physical Property

The foregoing property was the property formerly owned by Sioux City Terminal. It was purchased by the Trust Company of North America on October 5, 1899, at foreclosure sale and, in turn, transferred to this company on July 16, 1900. No construction details of this property were obtained. After November 1, 1907, this property was operated under lease by Iowa and Great Northern Railway Company, to July 1, 1910, date of sale to the Great Northern.

Sioux City Terminal Railroad and Warehouse Company
The Sioux City Terminal Railroad and Warehouse Company was incorporated under the laws of the State of Iowa on October 23, 1889, for an unstated period. There are no general books of this company in possession of the Great Northern, and, therefore, but little can be learned of its affairs. The information herein was compiled from court records at Sioux City and from other sources.

The court records show that The Sioux City and Northern Railroad Company was, through ordinances of May 29, 1889, granted right of way across certain streets, and that through an ordinance of December 5, 1889, other similar rights were granted Chicago, Milwaukee & St. Paul Railway Company in Central Sioux City and Sioux City, East Addition, Iowa. On December 26, 1889, the city council approved the transfer of these rights to Sioux City Terminal, which had constructed a union passenger depot, warehouse, 1.28 miles of main track, and had purchased various blocks of land in Central Sioux City, Middle Sioux City, and Sioux City, East Addition.

Everett & Cherry Valley Traction Company
The Everett & Cherry Valley Traction Company was incorporated under the general laws of the State of Washington on August 31, 1907, for a period of 50 years. On June 21, 1912, all of the company's property, rights, and franchises were sold to the Great Northern. The consideration named in the deed transferring the property was the surrender to the company of its capital stock and the assumption by the Great Northern of all its liabilities. At the date of sale the company owned, but did not operate, 17.84 miles of standard-gauge railroad between Monroe and Tolt, Wash. The construction of the road, performed by contractors not affiliated with the company or its officers, was commenced in the fall of 1909 and was completed May 14, 1911. Upon completion, the line was taken over for operation by the Great Northern. On date of valuation, the company has a corporate existence, but owns no property.

The Allouez Bay Dock Company
The Allouez Bay Dock Company was incorporated under the laws of the State of Wisconsin on April 7, 1903, for an unstated period. On date of valuation, it has a corporate existence, but owns no property. On April 22, 1913, the date of sale of its property to the Great Northern, the company owned real estate in Douglas County, Wis., together with one steel and concrete ore dock and three timber ore docks at Superior, with a total capacity of 378,630 tons. Over these docks are handled immense quantities of ore, thus producing a revenue from which enormous dividends were declared; it also owned the railway tracks upon the docks and extending therefrom to an intersection with the Chicago, Saint Paul, Minneapolis and Omaha Railway Company and a track connecting the tracks of that company with those of Northern Pacific Railway Company, a total of 0.92 mile. Practically the entire property, excepting ore dock No. 4, was acquired from Duluth, Superior and Western Terminal Company on August 1, 1908.

Kootenai Valley Railway Company
Introductory

The Kootenai Valley Railway Company was incorporated under the general laws of the State of Washington on October 19, 1898, for a period of 50 years. On October 6, 1915, after the surrender of its franchise, the company was dissolved. Control of the company was acquired by the Great Northern in March, 1911. On August 8, 1913, the company sold its property, rights, and franchises to the Great Northern. On that date, the company owned, but did not operate, a line of railroad extending from Bonner's Ferry to Port Hill, Idaho, a distance of 25.79 miles. The consideration named in the deed transferring the property to the Great Northern was the surrender of the company's capital stock and assumption of its liabilities.

Development of Fixed Physical Property

The company's railroad was constructed in conjunction with that of the Bedlington and Nelson Railway Company, of British Columbia. Grading was begun in January, 1899, and the line was placed in operation in July, 1900. The road was leased to the Great Northern for operation from July 1, 1911, until sold to that company.

Great Falls & Teton County Railway Company
The Great Falls & Teton County Railway Company was incorporated under the general laws of the State of Montana on September 12, 1912, for a period of 40 years. On November 16, 1914, all the company's property, with rights and franchises pertaining thereto, were sold to the Great Northern. At the date of sale, the company owned, but did not operate, 42.97 miles of standard gauge railroad between Power and Bynum, Mont. The consideration named in the deed transferring the property to the Great Northern was the surrender to the company of its capital stock and the assumption by the Great Northern of all its liabilities. On date of valuation, the company has a corporate existence, but owns no property.

The construction of the property was financed through advances made by the Great Northern. Construction of the road was commenced in October, 1912, and the road was placed in operation December 15, 1913. The work was done by contractors not affiliated with the company or its officers. Upon completion, the road was taken over for operation by the Great Northern.