Wikipedia:WikiProject Trains/ICC valuations/Ray and Gila Valley Railroad

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The railroad of Ray & Gila Valley Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, situated wholly within the State of Arizona, about 120 miles southeast of Phoenix, Ariz. It consists of two portions, 12 miles apart, connected by the line of the Phoenix and Eastern Railroad Company. The larger portion, 6.669 miles long, extends from the mines of the Ray Consolidated Copper Company at Ray, Ariz., to Ray Junction, Ariz., on the Phoenix and Eastern Railroad. The smaller portion, 2.66 miles long, extends from Hayden Junction, Ariz., on the Phoenix and Eastern Railroad to the copper mill and smelter near Hayden, Ariz. This part of the line is leased to the Ray Consolidated Copper Company and the American Smelting and Refining Company, each paying a monthly rental and its proportion of maintenance. The carrier reserves the right to run its trains, engines, and cars over this portion of the line. In actual operation the ore cars used are the property of the carrier, the Arizona Eastern Railroad Company (operating the Phoenix and Eastern Railroad) furnishing the motive power on a ton-mile basis. We have classed this section of line as "owned but not used," and it is referred to hereafter as the Hayden branch. On the line owned and used by the carrier, in addition to the 6.669 miles of main track, are 1.596 miles of other track, a total of 8.265 miles. On the Hayden branch, owned but not used, are 2.66 miles of main line and 0.082 mile of other track, or 2.742 miles in all.

Corporate history.—The carrier was incorporated June 14, 1910, for a period of 50 years under the territorial laws of Arizona and has its principal office at Hayden, Ariz. Control of the carrier is vested in the Ray Consolidated Copper Company through ownership of all but fifty shares of the carrier's capital stock. With the exception of grading the Hayden branch, which work was performed by an independent contractor, the railroad of the carrier was built by the Ray Consolidated Copper Company with its own forces. Construction was commenced in February, 1909, and the line was completed and placed in operation on October 10, 1910. All rights, title, and interest in the railroad property were conveyed to the carrier on June 25, 1910, but all expenditures for construction to October 31, 1910, were contained in the records of the Ray Consolidated Copper Company. The financial affairs of the carrier are handled by the Ray Consolidated Copper Company.

History of corporate financing, capital stock, and long-term debt.—