Wikipedia:WikiProject Trains/ICC valuations/St. Francois County Railroad

The railroad of St. Francois County Railroad Company, hereinafter called the carrier, is a single-track standard-gauge electric railroad located entirely within the State of Missouri and extending from De Lassus to Esther. The tracks owned aggregate 9.878 miles of main track, 3.237 miles of sidings and spurs, or a total of 13.116 miles of all tracks.

Corporate history.—The carrier was incorporated on October 21, 1910, under provisions of article 2, chapter 33, of the Revised Statutes of Missouri, of 1909. Its principal office is at Farmington. Since 1912 the carrier has been controlled by the Mississippi River and Bonne Terre Railway, which owns all of its outstanding capital stock.

The mileage now owned by the carrier was originally projected, about 1901, by the St. Francois County Electric Railroad Company, which partially completed 4.26 miles of line between De Lassus and Farmington. The St. Francois County Electric Railroad became financially involved and, on February 17, 1904, disposed of its holdings to the St. Francois County Railway Company, which completed the 4.26 miles of road above referred to, extended the line to Esther, and began doing regular business on December 22, 1904. The St. Francois County Railway Company was placed in the hands of receivers on November 6, 1909, and on August 22, 1910, its property was sold under foreclosure proceedings to W. M. Harlan for $25,000, who in turn sold it to the carrier and made the conveyance by deed dated November 3, 1910. The corporate history of the carrier's predecessors is given in Appendix 2.

The St. Francois County Electric Railroad Company.—The only records of the St. Francois County Electric Railroad Company which are available are a few deeds and miscellaneous documents which are in possession of the carrier. These papers indicate that the St. Francois County Electric Railroad Company was incorporated in Missouri during 1901, by residents of the vicinity of Farmington, Mo., and that it subsequently acquired right of way and contracted for the construction of 4.26 miles of railroad, which was to be electrically operated, extending from a connection with the St. Louis, Iron Mountain & Southern Railway Company at De Lassus, Mo., to Farmington, Mo., in St. Francois County. The amount expended in the acquisition of property is not disclosed. A contract with the W. D. Boyce Engineering Company, dated May 19, 1902, which is recorded in the county records, provided for the construction of the railroad on the basis of cost plud 5 per cent.
 * APPENDIX 2
 * CORPORATE HISTORY

From the fragmentary records available it appears that the St. Francois County Electric Railroad Company issued capital stock of par value $49,100, or which $38,000 was alleged to be fully paid up, and that bonds of par value $75,300 were issued. The considerations received for these securities are not shown.

During December, 1903, a reorganization of the St. Francois County Electric Railroad Company was effected, whereby, in consideration of the deposit of the securities with the Central Trust Company of Illinois, the security holders were to receive: [table]

According to the reorganization agreement, Crandall was to complete the construction and equipment of the railroad and extend it to Flat River, Mo.

A memorandum found, executed by the Central Trust Company of Illinois, acknowledges receipt of the securities of the St. Francois County Electric Railroad Company, of sundry deeds for right of way, and among other things, of a warranty deed dated February 17, 1904, conveying the property of St. Francois County Electric Railroad Company to the St. Francois County Railway Company.

The reorganization agreement provided that the affairs of the St. Francois County Electric Railroad Company were to be liquidated, and the corporation dissolved, but the records available do not show how this was accomplished, if at all.

St. Francois County Railway Company.—The St. Francois County Railway Company is the successor of the St. Francois County Electric Railroad Company and the predecessor of the carrier. It was incorporated as the result of the reorganization of the St. Francois County Railroad Company, by R. A. Crandall, or by interests represented by him. It acquired the property of the St. Francois County Electric Railroad Company by warranty deed dated February 17, 1904.

Its articles of association, which were filed with the clerk of the circuit court in St. Francois County, Mo., on March 7, 1904, stipulated that the corporation should be formed for a term of 50 years, under article 3, chapter 12, of the Revised Statutes of Missouri, 1899, for the purpose of constructing, maintaining, and operating a street railroad for public use within the boundaries of St. Francois County, Mo., beginning at De Lassus and extending, via Farmington, to Flat River.

The St. Francois County Railway Company completed the 4.26 miles of line, projected and partly finished by the St. Francois County Electric Railroad Company, and caused to be built an extension of 5.618 miles from Farmington to Esther during 1904, thus establishing 9.878 miles of main track and about 3.32 miles of sidings, which was placed in operation on December 22, 1904. The line was electrically operated by trolley, the power plant being located at Farmington. At Esther a connection was made with the Illinois Southern Railway Company, and that company's line was used between Esther and Flat River, 1.18 miles, which made the total operated main-track mileage about 11.06 miles.

Through default in the payment of interest on its second-mortgage bonds, the St. Francois County Railway Company was placed in the hands of receivers on November 6, 1909, and on August 22, 1910, its property was sold to W. M. Harlan, representing the bondholders, for the sum of $25,000, the purchaser assuming the outstanding liabilities of the St. Francois County Railway Company, including the $125,000 lien represented by the first-mortgage bonds. On November 3, 1910, Harlan conveyed title to the property to the carrier.

At the time the property was sold it apparently consisted of the tracks described above and three electrically operated units of rolling stock, one of which was contracted for by, and perhaps acquired from, the St. Francois County Electric Railroad Company, and two of which were purchased by the St. Francois County Railway Company.


 * HISTORY OF CORPORATE FINANCING