Wikipedia:WikiProject Trains/ICC valuations/Minnesota and Manitoba Railroad

Interstate Commerce Commission, Valuation Reports, Volume 141

Location and General Description of Property
The railroad of The Minnesota and Manitoba Railroad Company herein called the Minnesota and Manitoba, is located entirely within the State of Minnesota and extends from Baudette northwesterly to the international boundary line at Longworth, Minn., 43.68 miles. The entire common-carrier property of this company is leased to and operated by the carrier, except one unit of work equipment which is leased to another carrier.

Introductory
The Minnesota and Manitoba is a corporation of the State of Minnesota, having its corporate office at Minneapolis, Minn., and its general administrative office at Toronto, Ontario, Canada. No accounting records of the Minnesota and Manitoba were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from its annual reports to us and from other sources. The Minnesota and Manitoba is controlled by the carrier through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the Minnesota and Manitoba controls any common-carrier corporation. This property has always been operated by the carrier.

Corporate History
The Minnesota and Manitoba was incorporated April 12, 1899, under the general laws of Minnesota. The date of organization was May 30, 1899.

Development of Fixed Physical Property
The owned mileage, extending from Baudette to Longworth, Minn., 43.680 miles, was acquired by construction during the years 1900 and 1901. The construction work was performed by MacKenzie, Mann & Company, Limited, of Toronto, Ontario, Canada, affiliated contractor.

Leased Railway Property
Excepting one unit of work equipment, which is leased to the Duluth, Winnipeg and Pacific Railway Company, the entire property of the Minnesota and Manitoba is leased for sole operation to the carrier for the term of 99 years from October 1, 1901, under a lease agreement dated December 31, 1901. The stipulated payment was originally $26,190 per annum, but from July 1, 1903, it has been $26,460 per annum.