Wikipedia:WikiProject Trains/ICC valuations/Spirit Lake Transfer Railway

Interstate Commerce Commission, Valuation Reports, Volume 26

Location and General Description of Property
The railroad of Spirit Lake Transfer Railway Company, herein called the Spirit Lake, which is leased to and operated by the Missabe, is a single-track line in Minnesota, extending southerly from Adolph, near Duluth, Minn., to the St. Louis River Bridge, a distance of 14.675 miles.

The property of the Spirit Lake has been operated by the Missabe, under lease, since August 1, 1915, when it was placed in operation.

Introductory
The Spirit Lake is a corporation of the State of Minnesota, having its principal office at Duluth, Minn. It is controlled through ownership of its entire capital stock by the Federal Steel Company, a subsidiary of the United States Steel Corporation. On the other hand, the records do not indicate that the Spirit Lake controls any common-carrier corporation. The property of the Spirit Lake has been operated by the Missabe, under lease, since August 1, 1915, when it was placed in operation.

Corporate History
The Spirit Lake was incorporated October 11, 1907, under the general laws of the State of Minnesota, for the purpose of acquiring and operating a railroad in St. Louis County, Minnesota, and in Douglas County, Wisconsin, with branches.

Development of Fixed Physical Property
The owned mileage of the Spirit Lake, amounting to 14.675 miles, was acquired by construction. The construction work began in 1907, but was discontinued in 1913. The work was resumed in 1915, and the road was completed in August, 1916. Operations over part of the road were begun August 1, 1915.

Leased Railway Property
The Spirit Lake has leased its entire property to the Missabe for a term of 99 years from August 1, 1915. The annual rental is equal to 5 per cent on the property valuation reduced by $500,000, plus 7 per cent on the lessor's outstanding capital stock of $500,000 par value, plus $1,000 for maintenance of the lessor's investment organization. The lessee also pays the taxes on the property leased. The Spirit Lake accrued $102,704.88 in its accounts as income from lease of its road for the year ending on the date of valuation.