Wikipedia:WikiProject Trains/ICC valuations/St. Louis – San Francisco Railway

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Submitted September 20, 1928. Decided July 8, 1932
 * VALUATION DOCKET NO. 4001
 * ST. LOUIS-SAN FRANCISCO RAILWAY COMPANY ET AL.

Total final value for rate-making purposes of the properties of the various carriers embraced in this proceeding used by the respective carriers for common-carrier purposes found to be $209,446,179, including $6,004,758 for working capital, as of the respective valuation dates.


 * E. T. Miller, M. G. Roberts, and J. W. Murphy for protestants.
 * Joseph M. Bryson and W. W. Brown for Missouri-Kansas-Texas Railroad Company, intervener.
 * Ralph H. Kimball, Paul E. Lesh, and Arthur G. Nichols, jr., for Western Union Telegraph Company, intervener.
 * Eugene W. Reed for National Association of Railroad and Utility Commissioners, intervener.


 * REPORT OF THE COMMISSION
 * DIVISION 1, COMMISSIONERS MEYER, AITCHISON, AND LEWIS


 * BY DIVISION 1:

By our several orders of June 6 and November 1, 1924, and February 26, and May 1, 1925, we completed the tentative valuations as of June 30, 1918,2 of the properties of the St. Louis-San Francisco Railway Company, hereinafter called the Frisco or the carrier, and of the lines of the so-called Frisco system, named in the footnote, herein collectively called carriers or protestants, except where referred to individually. Notices thereof were duly served upon the carriers and other interested parties. Protests were filed by the carriers within the statutory period in each instance. The Missouri-Kansas-Texas
 * 1) This report embraces Valuation Dockets No. 400, St. Louis-San Francisco Railway Company, The Kansas City, Fort Scott and Memphis Railway Company, Kansas City, Memphis and Birmingham Railroad Company, Tyronza Central Railroad Company, Bonnerville and Southwestern Railroad Company, Kansas City and Memphis Railway and Bridge Company, Little Rock and Texas Railway Company, Springfield Connecting Railway Company, Pittsburg and Columbus Railway Company, and Fayetteville and Little Rock Railroad Company; No. 358, Fort Worth & Rio Grande Railway Company; No. 360, Kansas City, Clinton and Springfield Railway Company; No. 407, Brownwood North and South Railway Company; No. 408, St. Louis, San Francisco and Texas Railway Company; No. 409, Paris and Great Northern Railroad Company; No. 455, Quanah, Acme & Pacific Railway Company; No. 518, Gulf, Florida & Alabama Railway Company; No. 636, Birmingham Belt Railroad Company and Metropolitan Rapid Transit, Light and Power Company; and No. 637, The West Tulsa Belt Railway Company.
 * 2) For the Kansas City, Clinton and Springfield Railway Company, as of June 30, 1917, and for the Gulf, Florida & Alabama Railway Company, as of June 30, 1919.

Valuation Docket No. 400: St. Louis-San Francisco Railway and Its Leased Lines
Location and general description of properties.—The railroad of the St. Louis-San Francisco Railway Company, herein called the Frisco, is a standard-gage, steam railroad, and is single track except for 31.818 miles, which is double track. The owned road is located in the States of Missouri, Kansas, Oklahoma, and Arkansas and road used by the Frisco under lease is located in the above-named States and also in Tennessee, Mississippi, and Alabama. The Frisco operates a network of lines which serve the major portion of southern Missouri, most of Oklahoma, and small portions of Kansas and Arkansas. A line also crosses a corner of Tennessee and a corner of Mississippi and enters Alabama. The principal cities served by the Frisco are St. Louis and Kansas City, Mo., Memphis, Tenn., and Birmingham, Ala. Other important points reached are Springfield, Mo., Wichita, Kans., and Tulsa and Oklahoma City, Okla.

The Frisco uses jointly under lease terminal property at St. Louis and Kansas City, Mo., Wichita, Kans., Fort Smith, Ark., Memphis, Tenn., and Birmingham, Ala.

The Frisco wholly owns 3,465.932 miles of road, all of which it uses. It also wholly uses 1,264.376 miles of road owned by other carriers. The road owned by the lessors of the Frisco is described in the paragraphs below, all of the properties described being leased to and operated by the Frisco, except where otherwise stated.

The railroad of The Kansas City, Fort Scott and Memphis Railway Company, herein called the Kansas City, Fort Scott and Memphis, is single track except for 26.037 miles, which is double track, and is located in Missouri, Kansas, Oklahoma, Arkansas, and Tennessee. Its main line extends from Kansas City, Mo., through Fort Scott, Kans., and Springfield, Mo., to Memphis, Tenn. The company also owns branches that connect with the main line, the most important one of which extends into Oklahoma. The Kansas City, Fort Scott and Memphis wholly owns but does not use 881.190 miles of road, of which 880.868 miles is leased to the Frisco and 0.322 mile to The Atchison, Topeka and Santa Fe Railway Company.

The railroad of the Kansas City, Memphis and Birmingham Railroad Company, herein called the Kansas City, Memphis and Birmingham, is single track with the exception of less than a mile of double track, and is located in Tennessee, Mississippi, and Alabama. Its main line extends from Memphis, Tenn., to Birmingham, Ala. The company also owns several branches that connect with the main line in Tennessee and Alabama. The company wholly owns but does not use 287.020 miles of road.

In addition to the above wholly owned road mileage of the Kansas City, Fort Scott and Memphis and the Kansas City, Memphis and Birmingham, these two companies jointly own 1.749 miles of road which is leased to and used by the Frisco.

The railroad of the Tyronza Central Railroad Company, herein called the Tyronza Central, is a single-track line extending northeasterly from Tyronza Junction to Le Panto, Ark., a distance of 13.638 miles.

The railroad of the Bonnerville and Southwestern Railroad Company, herein called the Bonnerville and Southwestern, is a single-track line extending southwesterly from Bono to Algoa, Ark., a distance of 35.756 miles.

The railroad of the Kansas City and Memphis Railway and Bridge Company is a single-track line extending easterly from Bridge Junction, Ark., to Memphis, Tenn., a distance of 3.094 miles. The property includes a bridge across the Mississippi River, and approaches thereto.

The railroad of Little Rock and Texas Railway Company, herein called the Little Rock and Texas, is a single-track line extending southeasterly from Jenson, Ark., to Mansfield, Ark., a distance of 18.428 miles. The company also owns certain yard tracks and sidings in Oklahoma.

The railroad of the Springfield Connecting Railway Company, herein called the Springfield Connecting Railway, is a single-track line in Springfield, Mo., having a length of 2.645 miles.

The railroad of Pittsburg and Columbus Railway Company, herein called the Pittsburg and Columbus, is a single-track line extending southerly from Pittsburg and Columbus Junction to Weir City, Kans., a distance of 5.506 miles.

The railroad of Fayetteville and Little Rock Railroad Company, herein called the Fayetteville and Little Rock, is a single-track line, extending easterly from Patrick to Pettigrew, Ark., a distance of 15.672 miles.

The Frisco is a corporation of the State of Missouri, having its principal office at St. Louis, Mo. […] The property of the Frisco was operated by its own organization from November 1, 1916, to December 31, 1917. On January 1, 1918, the common-carrier property of the Frisco was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.
 * INTRODUCTORY

The Frisco was incorporated August 24, 1916, for a period of 900 years, under the general laws of the State of Missouri. The purpose for which the Frisco was incorporated was to purchase the lines of railroad of the St. Louis and San Francisco Railroad Company, and the franchises and property appertaining thereto. Said purchase was made September 15, 1916, pursuant to and for the promotion of the provisions of the plan and agreement dated November 1, 1915, for the reorganization of that company. Formal transfer of the property and accounts of the St. Louis and San Francisco Railroad Company was not effected by the receivers until November 1, 1916. The corporate history of the Frisco involves 82 predecessor companies, of which five underwent a change of name, which, together with the Frisco itself, comprise 88 corporations in the line of succession culminating in the Frisco as at present constituted. […]
 * CORPORATE HISTORY

This company was incorporated September 10, 1876, under the laws of Missouri, for a period of 50 years.
 * ST. LOUIS AND SAN FRANCISCO RAILWAY COMPANY—PREDECESSOR OF THE ST. LOUIS AND SAN FRANCISCO RAILROAD COMPANY
 * INTRODUCTORY

In 1890 control of the company was acquired by the Atchison, Topeka and Santa Fe Railroad Company, and on December 24, 1893, as a result of its failure to pay interest on its consolidated-mortgage bonds, receivers were appointed for the company. A committee of consolidated-mortgage bondholders, exclusive of those held in the interests of the Atchison, Topeka and Santa Fe Railroad Company, was formed, which committee, after a series of negotiations with the latter, which in the meantime had been succeeded by The Atchison, Topeka and Santa Fe Railway Company, approved a plan dated April 21, 1896, for the reorganization of the company, independent of The Atchison, Topeka and Santa Fe Railway Company. Under this plan, the St. Louis and San Francisco Railroad Company was formed, and the franchises and property of the St. Louis and San Francisco Railway Company were sold at public auction under foreclosure of its consolidated mortgage, on June 27, 1896, to a purchasing committee. The purchasing committee conveyed such franchises and property to the St. Louis and San Francisco Railroad Company, on June 30, 1896, and the latter commenced operation of the property on July 1, 1896.

On June 30, 1896, the date the books of the St. Louis and San Francisco Railway Company were closed, it owned and operated about 983.5 miles of standard gage, single-track railroad, composed of the following main and branch lines: [table]

In addition to its owned property, the company, on June 30, 1896, operated about 447 miles of railroad, under leases, written or implied, as follows: [table]

St. Louis and San Francisco Railway Company acquired its property through purchase at foreclosure, by direct purchase and by construction, as shown in the following statements: [table]
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property purchased at foreclosure was the Missouri division of the Atlantic and Pacific Railroad Company, which was acquired under the plan for reorganization of that company on September 8, 1876.

The names of companies owning property purchased direct by the St. Louis and San Francisco Railway Company, the date of purchase, and the mileage of road, are as follows: [table]

Details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Frisco. In that chapter, the property completed at date of purchase is included in the list of property constructed by the St. Louis and San Francisco Railway Company.

The abandoned property was the Hunnewell Branch, extending to Hunnewell, Kans., about 2 miles, which was abandoned during the year 1891.

[…]
 * HISTORY OF CORPORATE FINANCING

This company was incorporated July 27, 1866, by a special act of the Congress of the United States, with authority to build a railroad from Springfield, Mo., to the Pacific Ocean. It was organized and originally controlled by John C. Fremont, of New York, and certain of his associates, but on June 11, 1868, control passed to Andrew Pierce, jr., and Francis B. Hayes, of Boston, Mass., Clinton B. Fisk, of St. Louis, Mo., and their associates. In 1876 the same interests organized the St. Louis and San Francisco Railway Company, to take over a part of the property of the company at a foreclosure sale, and in that year the St. Louis and San Francisco Railway Company commenced the acquisition of the company's outstanding capital stock.
 * ATLANTIC AND PACIFIC RAILROAD COMPANY—MISSOURI DIVISION, PREDECESSOR OF ST. LOUIS AND SAN FRANCISCO RAILWAY COMPANY; CENTRAL DIVISION, PREDECESSOR OF ST. LOUIS AND SAN FRANCISCO RAILROAD COMPANY
 * INTRODUCTORY

On January 31, 1880, control of the company was vested jointly in the St. Louis and San Francisco Railway Company and the Atchison, Topeka and San [sic] Fe Rail Road Company, through an indenture known as the "tripartite agreement". Control continued to be held in that manner until the final disposition of the company's property.

The property of the company, as finally acquired and constructed, consisted of three well-defined divisions of standard-gage, single-track railroad, as follows:
 * Missouri division, extending from Franklin (now Pacific), Mo., to Seneca, Mo., about 292 miles, with a branch from Granby, Mo., to Granby Mines, Mo., about 1.5 miles.
 * Central division, extending from Seneca, Mo., to Sapulpa, Ind. T. (now the State of Oklahoma), about 112 miles.
 * Western division, extending from Isleta, N. Mex., to Needles, Calif., about 563 miles.

From June 29, 1872, to November 3, 1875, the Atlantic and Pacific Railroad Company operated under an exclusive lease, in connection with its Missouri and Central division, the property of the Pacific Railroad (now the Missouri Pacific Railway Company), and that company's leased lines. At that time, the property consisted of about 487 miles of standard-gage, single-track railroad, the main line of which extended from St. Louis, Mo., to Kansas City, Mo., about 284 miles.

On October 23, 1875, a complaint was brought against the Atlantic and Pacific Railroad Company in the Circuit Court for the Eastern Division of Missouri, alleging default in the payment of interest on certain Missouri division bonds, and on November 3, 1875, Thomas T. Buckley and David H. Armstrong were appointed receivers for the Missouri division of the company. A plan of foreclosure and reorganization was drawn up, under which the Missouri division was sold at public auction on September 8, 1876, to one W. F. Buckley. Buckley was acting in the interests of the St. Louis and San Francisco Railway Company, which had been formed under the plan to take over such property. While Buckley did not execute a formal deed to the St. Louis and San Francisco Railway Company until November 2, 1876, the Missouri division of the company, and all franchises thereto pertaining, were actually turned over to the St. Louis and San Francisco Railway Company on September 8, 1876.

The foregoing transactions left the company in possession of its Central division, which at that time extended from Seneca, Mo., to Vinita, Ind. T. but which was later extended to Sapulpa, Ind. T. From September 9, 1876, to the date of its foreclosure sale, as hereinafter explained, the Central division was operated by the St. Louis and San Francisco Railway Company and its successor, the St. Louis and San Francisco Railroad Company.

Early in 1894, proceedings were brought against the company in the United States Court for the Northern District of the Indian Territory, seeking foreclosure sale of its Central division. On July 12, 1894, a bondholders' protective committee was formed, which committee, on June 3, 1897, sold the entire outstanding issues of Central division, first-mortgage bonds and guaranteed trust-mortgage bonds to the St. Louis and San Francisco Railroad Company. The latter, by agreement, then caused the foreclosure sale of the Central division of the company on December 18, 1897, to Edward C. Henderson. Henderson, who was acting for the St. Louis and San Francisco Railroad Company, on the same date, December 18, 1897, conveyed the Central division and all franchises pertaining thereto, to the latter.

The Missouri and Central divisions are now the property of the Frisco and the Western division is now the property of The Atchison, Topeka and Santa Fe Railway Company. This report, therefore, relates only to the transactions pertaining to the Missouri and Central divisions.

Of the 405.5 miles of road included in the Missouri and Central divisions of the Atlantic and Pacific Railroad Company, and owned by that company on dates of sale, it had acquired 253 miles of the Missouri division from the South Pacific Railroad Company and 39 miles of graded roadbed of the Missouri division from the same company. A total of 112.5 miles was acquired entirely by construction and in addition the 39 miles above was completed by the Atlantic and Pacific Railroad Company. Of the total construction, entirely or partly, 40.5 miles was in the Missouri division and 112 miles in the Central division. Details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Frisco, wherein the 39 miles of uncompleted road that was finished by the company is included in the mileage of road constructed by the company.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[…]
 * HISTORY OF CORPORATE FINANCING

This company was incorporated May 12, 1868, under the provisions of an act of the general assembly of Missouri, approved March 17, 1868, entitled, "An act to dispose of the Southwest Pacific Railroad and other property belonging thereto, and to secure the early completion of said road," for a period of 100 years.
 * SOUTH PACIFIC RAILROAD COMPANY—PREDECESSOR OF THE ATLANTIC AND PACIFIC RAILROAD COMPANY

The company was incorporated by Andrew Pierce, jr., and Francis B. Hayes, of Boston, Mass., Clinton B. Fisk, of St. Louis, Mo., and certain of their associates, to take over and complete the property of the Southwest Pacific Railroad, which property had been seized by the State of Missouri on June 21, 1867, and in turn, granted to Pierce, Hayes, Fisk, and associates by the act of March 17, 1868, before referred to.

The act of March 17, 1868, required the grantees to organize a company, which was to (a) complete its railroad to the western boundary of Missouri, by June 10, 1872, (b) deposit not less than $1,500,000 with the treasurer of the State of Missouri, which could be withdrawn in installments and used only for construction, (c) apply the proceeds from sales of granted lands to construction of property, and (d) pay $300,000 to the State interest fund, in three annual installments of $100,000 each, commencing on June 1, 1874.

At the time its property was seized, the Southwest Pacific Railroad was controlled by the Atlantic and Pacific Railroad Company, through ownership of its entire outstanding capital stock, which company in turn was controlled by John C. Fremont, of New York, and associates. At that time, the Atlantic and Pacific Railroad Company did not own any physical property, but it had a Federal charter for the construction of a railroad from Springfield, Mo., to the Pacific Ocean, which granted certain public lands to it along the route as and when its railroad should be constructed; it had approximately $2,000,000 of capital stock outstanding, and had assumed all the liabilities and obligations of the Southwest Pacific Railroad.

On June 11, 1868, the South Pacific Railroad Company and the Atlantic and Pacific Railroad Company executed an agreement, which provided that (a) Pierce, Hayes, Fisk, and associates deposit $1,700,000 with the treasurer of Missouri for the company, in accordance with the act of March 17, 1868; (b) Atlantic and Pacific Railroad Company issue capital stock to the parties making the deposit, equal in amount to its outstanding capital stock; (c) the company name the board of directors of the Atlantic and Pacific Railroad Company; (d) the company settle all outstanding liabilities and obligations of the Southwest Pacific Railroad and the Atlantic and Pacific Railroad Company; and (e) upon settlement of such liabilities and obligations, the two companies merge their properties, by the conveyance of the property of the company to the Atlantic and Pacific Railroad Company.

The fulfillment of this agreement resulted as follows: (a) The parties controlling the company acquired control of the Atlantic and Pacific Railroad Company and its franchise, which was considered to be of great value, due to the Federal land grant; (b) the parties controlling the Atlantic and Pacific Railroad Company retained their stock interest therein; and (c) the liabilities of the Southwest Pacific Railroad and the Atlantic and Pacific Railroad Company, many of which were due to the parties controlling the latter, were liquidated. At that time, neither of these two companies had any assets or property, other than the Federal charter and land grant before referred to.

On October 26, 1870, in accordance with the agreement of June 11, 1868, the company conveyed its franchises and property to the Atlantic and Pacific Railroad Company. At that date it owned about 253 miles of standard-gage, single-track railroad, located entirely in Missouri, extending from Franklin (now Pacific) in a southwesterly direction to Pierce City and about 39 miles of graded roadbed from Pierce City to Seneca, Mo.

The part of the main line of the South Pacific Railroad Company, extending from Franklin to Rolla, Mo., about 89 miles, was acquired by Pierce, Hayes, Fisk, and associates, from the State of Missouri, through the act of March 17, 1868, before referred to. It was turned over to the company on July 1, 1868. The remaining completed road, aggregating 164 miles, was acquired by construction. In addition, the company had graded a roadbed from Pierce City to Seneca, Mo., about 39 miles. Details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Frisco.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[…]
 * HISTORY OF CORPORATE FINANCING

The Southwest Pacific Railroad was incorporated August 24, 1866, under the provisions of an act of the general assembly of Missouri, approved March 20, 1866, entitled "An act authorizing the incorporation of the purchaser or purchasers of any railroad, etc.," for a period of 50 years.
 * SOUTHWEST PACIFIC RAILROAD—PREDECESSOR OF THE SOUTH PACIFIC RAILROAD COMPANY
 * INTRODUCTORY

The company was organized by John C. Fremont, of New York, to take over the franchises and property of the Southwest Branch of Pacific Railroad which had been seized by the State of Missouri and had been purchased from the State by Fremont on June 14, 1886.

On January 4, 1867, the company executed a deed conveying its franchises and property to the Atlantic and Pacific Railroad Company, which also at that time was controlled by Fremont and his associates. Notwithstanding this deed, the company retained possession of its property and continued to operate it under the name of Southwest Pacific Railroad. The only effect of this deed was that the Atlantic and Pacific Railroad Company issued its capital stock in exchange for the capital stock of the company and assumed its liabilities and obligations.

On June 21, 1867, the property of the company was seized by the State of Missouri, because of the failure of Fremont or the company to pay the first installment on the balance of the purchase price of the Southwest Branch. Such property was retained by the State of Missouri until July 1, 1868, on which date it was conveyed to the South Pacific Railroad Company under the provisions of an act approved March 17, 1868, entitled "An act to dispose of the Southwest Pacific Railroad and other property belonging thereto and to secure the early completion thereof."

On June 21, 1867, the date of its seizure by the State of Missouri, the property of the company consisted of about 89 miles of standard-gage, single-track railroad, located in Missouri, extending from Franklin (now Pacific), in a southwesterly direction to Arlington. No changes were made in the property during the period between June 21, 1867, and July 1, 1868, while it was held by the State of Missouri.

Southwest Pacific Railroad owned 89 miles of road when the property was seized by the State of Missouri, no change being made in the mileage by the latter up to date of conveyance to the South Pacific Railroad Company. Southwest Pacific Railroad had originally acquired from John C. Fremont 77 miles of completed road and 12 miles of graded roadbed originally owned by the Pacific Railroad, all of which was known as the Southwest Branch. The 12 miles of uncompleted road was finished by the Southwest Pacific Railroad. Details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Frisco, wherein the 12 miles of uncompleted road that was finished by the company is included in the mileage of road constructed by the company.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[…]
 * HISTORY OF CORPORATE FINANCING

The Pacific Railroad was created by an act of the Legislature of Missouri, approved March 12, 1849, entitled "An act to incorporate the Pacific Railroad." Under the provisions of this act, it was authorized to locate, construct, manage, and use a railroad from St. Louis, Mo., to some point on the western boundary of Van Buren County, Mo., and was authorized to have perpetual existence.
 * PACIFIC RAILROAD—PREDECESSOR OF THE SOUTHWEST PACIFIC RAILROAD
 * INTRODUCTORY

Under the provisions of an act of the Legislature of Missouri, approved December 25, 1852, entitled, "An act to accept a grant of land made to the State of Missouri by the Congress of the United States to aid in the construction of certain railroads in this state, and to apply a portion thereof to the Pacific Railroad," the Pacific Railroad was authorized to construct a branch line in Missouri from any point on its main line east of the Osage River to any point on the western boundary of the State south of the Osage River.

Under the provisions of the last-named act, the Pacific Railroad constructed a standard-gage branch-line railroad in Missouri from Franklin (now Pacific), to Rolla, about 77 miles, and graded a roadbed from Rolla to Arlington, about 12 miles. That property was known as the Southwest Branch of the Pacific Railroad, and is herein called the Southwest Branch.

On March 1, 1866, the State of Missouri seized the Southwest Branch under the provisions of an act approved February 19, 1866, entitled, "An act to provide for the sale of certain railroads and property by the Governor, to foreclose the State's lien thereon, and to secure an early completion of the Southwest Branch Pacific and other railroads." This action was taken because of the failure of the Pacific Railroad to pay interest on certain bonds which had been issued to construct the Southwest Branch, and which had been guaranteed as to principal and interest by the State of Missouri. After advertising such property for sale, the State of Missouri accepted a bid submitted by John C. Fremont, of New York, and conveyed the Southwest Branch and all franchises thereunto appertaining to Fremont on June 14, 1866. Fremont organized the Southwest Pacific Railroad and conveyed such property and franchises to that company on September 12, 1866.

The Pacific Railroad is now the Missouri Pacific Railroad Company and the Southwest Branch is now the property of the Frisco. This report, therefore, relates only to those transactions of the Pacific Railroad that pertain to the Southwest Branch, which were kept separate on the books of the Pacific Railroad.

[…]
 * HISTORY OF CORPORATE FINANCING

[…] On the other hand, the Kansas City, Fort Scott and Memphis controls through ownership of the entire capital stock of each, the following named companies, whose several common-carrier properties are operated by the Frisco:
 * Lessor Companies
 * KANSAS CITY, FORT SCOTT AND MEMPHIS
 * INTRODUCTORY

Kansas City, Memphis and Birmingham Railroad Company. Kansas City and Memphis Railway and Bridge Company. Bonnerville and Southwestern Railroad Company. Tyronza Central Railroad Company.

The Kansas City, Fort Scott and Memphis was incorporated June 14, 1901, for a period of 99 years, under the general laws of the State of Kansas. The purpose for which it was incorporated was to construct, own, maintain, and operate 24 miles of standard-gage, steam railroad, in the State of Kansas and to acquire, by purchase or otherwise, the property of the Kansas City, Fort Scott and Memphis Railroad [sic] Company. The date of organization was June 12, 1901. […]
 * CORPORATE HISTORY

The owned mileage, 882.939 miles, including 1.749 miles jointly owned, was acquired by construction and purchase, as follows:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * Recorded mileage
 * By construction 35.08
 * By purchase 850.01
 * Total 885.09
 * Less remeasurements and reclassifications 2.151
 * Mileage inventoried as of date of valuation 882.939

Of the 26 corporations that comprise the line of succession culminating in the Kansas City, Fort Scott and Memphis as at present constituted, no record has been found to indicate that nine corporations completed the construction of any road or other common-carrier property. These companies were—
 * Kansas City, Fort Scott and Memphis Railway Company (of Oklahoma).
 * Arkansas North Western Railway Company.
 * Gulf, Arkansas and Northwestern Railway Company.
 * Kansas City, Fort Scott and Springfield Railroad Company.
 * Kansas City, Fort Scott and Gulf Railroad Company.
 * Memphis and Ellsworth Narrow Gauge Railroad Company.
 * Cherokee & Memphis Railroad Company.
 * Springfield and Memphis Railroad Company.
 * Kansas City and Memphis Railroad Company.

The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Kansas City, Fort Scott and Memphis acquired the properties, are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of predecessor corporations is maintained:
 * Acquired by construction:
 * Evadale to Turrell, Ark., between 1902 and 1907 16.50
 * Marion to Hulbert, Ark., 1909-1910 5.49
 * Miami to Afton, Okla., completed in 1901 13.09
 * Total 35.08
 * From the Kansas City, Fort Scott and Memphis Railroad Company, Aug. 12, 1901, construction completed by—
 * Kansas City, Fort Scott and Memphis Railroad Company, Baxter Springs, Kans., to Miami, Indian Territory, 1896 13.07
 * The Missouri River, Fort Scott and Gulf Railroad Company-
 * Kansas City, Mo., to Olathe, Kans., 1868 21.00
 * Olathe to Fort Scott, Kans., 1869 79.00
 * Fort Scott to Baxter Springs, Kans., 1870 59.92
 * 159.92
 * Fort Scott, South Eastern and Memphis Railway Company—
 * Edwards to Coalvale, Kans., 1874 6.00
 * Do. 1877 9.10
 * 15.10
 * Fort Scott, South Eastern and Memphis Railroad Company—
 * Arcadia, Kans., to Golden City, Mo., 1880 36.00
 * Golden City to Ash Grove, Mo., 1881 32.00
 * In Springfield, Mo., 1882 1.00
 * 68.75
 * Memphis, Kansas and Colorado Railway Company, Cherryvale to Weir City, Kans., 1881 49.79
 * Short Creek and Joplin Railroad Company—
 * Baxter Springs, Kans., to Joplin, Mo., 1880 15.46
 * Joplin to Webb City, Mo., 1882 6.92
 * 22.38
 * Kansas & Missouri Railroad Company, Alston, Mo., to Weir City, Kans., 1882 17.89
 * Fort Scott and Carthage Railroad Company, Coalvale to Alston, Mo., 1881 8.29
 * Rich Hill Railroad Company, Linton, Kans., to Carbon Center, Mo., 1880 27.54
 * Kansas City, Springfield & Memphis Railroad Company (of 1883), Missouri-Arkansas line to Bridge Junction, Ark., 1881-3 143.18
 * Kansas City, Springfield & Memphis Railroad Company (of 1881), Springfield, Mo., to Missouri-Arkansas line, 1881-3 138.76
 * Springfield and Western Missouri Railroad Company, Springfield to Ash Grove, Mo., 1878 19.00
 * Greenfield and Northern Railroad Company—
 * Greenfield to South Greenfield, Mo., 1886 3.98
 * Greenfield to Mount Vernon, Mo., 1891 22.03
 * Mount Vernon to Aurora, Mo., 1892 11.66
 * 37.67
 * Total 721.34
 * Less sales, abandonments, and remeasurements—
 * Sold by the Kansas City, Fort Scott and Memphis Railroad Company, 1901, Springfield, Mo., to Arcadia, Kans 85.00
 * Net increase by remeasurements 0.96
 * 84.04
 * Total acquired from the Kansas City, Fort Scott and Memphis Railroad Company 637.30
 * From the Deckerville, Osceola and Northern Railroad Company, Oct. 5, 1901, constructed by the same company, Deckerville to Luxora, Ark., 1900 36.30
 * From the Mineral Belt Railroad Company, Oct. 5, 1901, constructed by the same company, Webb City to Joplin, Mo., between 1896 and 1900 9.46
 * From the Current River Railroad Company, Oct. 7, 1901, constructed by the same company, Willow Springs to Grandin, Mo., construction commenced, 1887 81.95
 * From the Kansas City, Clinton and Springfield Railway Company in 1906, to whom it was sold by the Kansas, Fort Scott and Memphis Railroad Company in 1901, constructed by the Fort Scott, Southeastern and Memphis Railroad Company and the Springfield and Western Missouri Railroad Company, as shown above, Springfield, Mo., to Arcadia, Kans. 85.00
 * Total acquired by purchase 850.01
 * Grand total 885.09
 * Difference between recorded mileage and mileage inventoried as of date of valuation 2.151
 * Mileage inventoried as of date of valuation 882.939

Of the 882.939 miles inventoried as of date of valuation, 881.190 miles are wholly owned and 1.749 miles jointly owned. The jointly owned mileage is included in, and not separable from that purchased from the Kansas City, Fort Scott and Memphis Railroad Company. It is jointly owned on date of valuation with the Kansas City, Memphis and Birmingham.

[…]
 * HISTORY OF CORPORATE FINANCING

The Kansas City, Memphis and Birmingham was formed under the general laws of Tennessee, Mississippi, and Alabama, through the filing of an agreement by the Memphis & Birmingham Railroad Company and the Kansas City, Memphis and Birmingham Railroad company, with the secretaries of state of those States on February 1, 1887, providing for the consolidation of the properties of those two companies, according to the articles of consolidation. The company was authorized to have perpetual existence in Mississippi, to exist for 999 years in Tennessee, but no term of existence in Alabama was specified. […]
 * KANSAS CITY, MEMPHIS AND BIRMINGHAM
 * CORPORATE HISTORY

The owned mileage of the Kansas City, Memphis and Birmingham, 288.769 miles, including 1.749 miles of jointly owned, was acquired by construction and consolidation, as detailed in the statement below. Of the 9 predecessor companies, no record has been found to indicate that 7 of them completed the construction of any road or other common-carrier property. These companies were—
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * Memphis & Birmingham Railroad Company.
 * Memphis and Southeastern Railroad Company.
 * Kansas City, Memphis and Birmingham Railroad Company (1).
 * Memphis, Birmingham and Atlantic Railroad Company.
 * Selma, Marion and Memphis Railroad Company (3).
 * Selma, Marion and Memphis Railroad Company (2).
 * Selma, Marion and Memphis Railroad Company (1).

The property constructed by the remaining corporations, the years when the construction of the various portions of the line were completed, and the manner in which the Kansas City, Memphis and Birmingham acquired the property, are indicated in the following table:
 * Acquired by construction:
 * Tupelo, Miss., to Birmingham, Ala., 1887 148.00
 * Aberdeen Junction to Aberdeen, Miss., 1888 12.26
 * Pratt City to Bessemer, Ala., 1888 10.24
 * Bergens to Empire, Ala., 1901 9.00
 * Empire to Sipsey, Ala., 1913 6.00
 * 184.50
 * Acquired by consolidation, from the Kansas City, Memphis and Birmingham Railroad Company (2), Feb. 1, 1887, construction completed by—
 * Kansas City, Memphis and Birmingham Railroad Company (2), Holly Springs to Tupelo, Miss., 1887 60.00
 * The Memphis, Selma and Brunswick Railroad Company, Memphis, Tenn., to Holly Springs, Miss., 1885 43.00
 * 103.00
 * Total 287.50
 * Difference between recorded mileage and mileage inventoried as of date of valuation 1.269
 * Mileage inventoried as of date of valuation 288.769

Of the 288.769 miles inventoried as of date of valuation, 287.020 miles is wholly owned and 1.749 miles jointly owned. The jointly owned mileage is included in, and not separable from, that acquired by consolidation. It is jointly owned on date of valuation with the Kansas City, Fort Scott and Memphis. That part of the road from Memphis to Holly Springs, Miss., about 43 miles, had been placed in operation some time previously by a predecessor company; the remainder, from Holly Springs to Tupelo, about 60 miles, had just been completed at the date of consolidation, and was placed in operation by the Kansas City, Memphis and Birmingham on February 1, 1887. The Kansas City, Memphis and Birmingham acquired an unfinished line of road, which was being constructed by the Kansas City, Memphis and Birmingham Railroad Company (2), from Tupelo, Miss., to the Mississippi-Alabama State line, and by the Memphis & Birmingham Railroad Company, from the Mississippi-Alabama State line to Birmingham, Ala., a total distance of 148 miles. The Kansas City, Memphis and Birmingham completed the construction of the unfinished road and the 148 miles will be found above included in the property acquired by construction. The work on the constructed lines was done partly by the company's own forces and partly by various independent subcontractors.

[…]
 * HISTORY OF CORPORATE FINANCING

The company acquired from J. J. Busby and associates, the foreclosed property of the Selma, Marion and Memphis Railroad Company (3), located in Tennessee and Mississippi. This property consisted of a partially graded roadbed between Memphis and Holly Springs. A decree of the United States Circuit Court for the Western District of Tennessee, dated February 16, 1881, fixed the title to the property in the company to be organized by Busby and associates to take it over. […]
 * THE MEMPHIS, SELMA AND BRUNSWICK RAILROAD COMPANY; THE MEMPHIS, HOLLY SPRINGS AND SELMA RAILROAD COMPANY—PREDECESSOR OF THE MEMPHIS, BIRMINGHAM AND ATLANTIC RAILROAD COMPANY
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The Selma, Marion and Memphis Railroad Company (3) was a corporation of the States of Mississippi, Tennessee, and Alabama. It was formed on March 17, 1871, by the consolidation of two companies having the same name as the company, one a corporation of Mississippi and Tennessee, hereinafter called the Selma, Marion and Memphis Railroad Company (1) and the other a corporation of Alabama, hereinafter called Selma, Marion and Memphis Railroad Company (2), such consolidation being ratified by acts of the legislatures of those States. The company was authorized to have perpetual existence in Mississippi and Tennessee, but its authorized period of existence in Alabama has not been ascertained. The general books of the Selma, Marion and Memphis Railroad Company (3) can not be located; consequently, but little information concerning its affairs has been obtained. Through the consolidation of March 17, 1871, the company came into possession of about 5 miles of partially completed railroad located in Alabama. Between 1871 and 1874 it partially graded a roadbed between Memphis, Tenn., and Holly Springs, Miss. Certain information now in possession of the Frisco shows that on March 18, 1871, the Selma, Marion and Memphis Railroad Company (3) executed a mortgage on all of its corporate franchises and property to secure the payment of $4,250,000 of first-mortgage 30-year 7 per cent bonds, but the amount of bonds actually issued can not be ascertained. In 1874 the company defaulted in the payment of its bond interest, and on December 18, 1874, proceedings were instituted by a bondholder in the United States Circuit Court for the Western District of Tennessee, seeking foreclosure sale of the franchises and property. About the same date, separate foreclosure proceedings were instituted in Alabama. As a result, the franchises and property of the company, located in Mississippi, Tennessee, and Alabama, were sold under a decree of the Tennessee court, on July 1, 1880, to J. J. Busby, of Memphis, Tenn., and certain of his associates, and the franchises and property in Alabama were sold under a decree of the Alabama court to one John W. Crenshaw. This conflict in the title was cleared by the execution, prior to April 13, 1881, of a quitclaim deed on the part of Busby and associates, conveying all their interest in the franchises and property in Alabama to Crenshaw. On April 13, 1881, Busby and associates organized The Memphis, Holly Springs and Selma Railroad Company, which later changed its name to The Memphis, Selma and Brunswick Railroad Company. By virtue of a decree of the Tennessee court, dated February 16, 1881, the franchises and property of the company, then owned by Busby and associates, were vested in that company. No further information concerning the company or its property can be secured.
 * SELMA, MARION AND MEMPHIS RAILROAD COMPANY (3)—PREDECESSOR OF THE MEMPHIS, HOLLY SPRINGS AND SELMA RAILROAD COMPANY

The Selma, Marion and Memphis Railroad Company was incorporated by a special act of Alabama, approved December 31, 1868. Its authorized period of existence has not been ascertained. […]
 * SELMA, MARION AND MEMPHIS RAILROAD COMPANY (2)—PREDECESSOR OF THE SELMA, MARION AND MEMPHIS RAILROAD COMPANY (3)

The Tyronza Central was incorporated February 1, 1902, for a period of 50 years from that date, under the general laws of Arkansas. The purpose for which the Tyronza Central was incorporated was to acquire a line of railroad which was then being operated by the St. Louis and San Francisco Railroad Company as lessee, and for the construction of extensions thereto. The date of organization of the Tyronza Central was April 19, 1905. The articles of association were amended by the Tyronza Central filing a certificate dated June 26, 1905, providing for the increase in the authorized capital stock to $ 228,000 par value.
 * TYRONZA CENTRAL
 * CORPORATE HISTORY

The owned mileage of the Tyronza Central, 13.638 miles, was acquired by purchase and construction. The years when the various portions of the line were constructed are indicated in the following statement:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * By purchase from the Chapman and Dewey Lumber Company, date of construction unknown, Tyronza Junction northeasterly 6.12
 * By construction from a point 6.12 miles northeast of Tyronza Junction, Poinsett County, to the end of track, Mississippi County, constructed:
 * 1901-1902 2.28
 * 1905 3.00
 * 1911-1912 2.23
 * 1917-1918 2.50
 * Total 16.13
 * Difference between total recorded mileage and mileage inventoried as of date of valuation 2.492
 * Mileage inventoried as of date of valuation 13.638

In the construction of 10.01 miles of road built for the Tyronza Central, 7.01 miles were constructed by the St. Louis and San Francisco Railroad Company and the Frisco and the remaining 3 miles by the Frisco Construction Company. The Tyronza Central was at that time controlled by the Frisco Construction Company which received the entire issue of capital stock of the former, the Frisco Construction Company in turn being controlled by the St. Louis and San Francisco Railroad Company through stock ownership.

[…]
 * HISTORY OF CORPORATE FINANCING

The Bonnerville and Southwestern is a corporation of the State of Arkansas, having its principal office at St. Louis, Mo. It is controlled by The Kansas City, Fort Scott and Memphis Railway Company through ownership of its entire outstanding capital stock and is indirectly controlled by the Frisco through its ownership of the capital stock of that company. From the date its property was acquired, the property of the Bonnerville and Southwestern was operated by the Frisco or its direct predecessor, under lease agreement with the Kansas City, Fort Scott and Memphis, until December 31, 1917. On January 1, 1918, the common-carrier property of the Bonnerville and Southwestern was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.
 * BONNERVILLE AND SOUTHWESTERN
 * INTRODUCTORY

The Bonnerville and Southwestern was incorporated May 1, 1905, for a period of 50 years, under the general laws of Arkansas. The purpose for which the company was incorporated was to construct and operate a railroad from a point of connection with the railroad of the Kansas City, Fort Scott and Memphis, in Craighead County, thence southwesterly to a connection with the railroad of the Choctaw, Oklahoma and Gulf Railroad Company, at or near Jelks, all in Arkansas, about 55 miles. The date of organization was May 15, 1905.
 * CORPORATE HISTORY

The owned mileage of the Bonnerville and Southwestern, 35.756 miles, was acquired by purchase and construction. The years when the various portions of the line were constructed are indicated in the following statement.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * By purchase, railroad formerly owned by Sedgewick & Phillips Company; conveyed by Lee M. Sedgewick to B. L. Winchell by deeds dated Oct. 4 and Dec. 13, 1901; acquired by the Bonnerville and Southwestern May 27, 1905; details as to construction unknown, Bonnerville to a point near Amagan 32.582
 * By construction, point near Amagan to Algoa, 1907 3.174
 * Total mileage recorded and inventoried as of date of valuation 35.756

In the construction of 3.174 miles of road built for the Bonnerville and Southwestern, all branches of the work were done by the Frisco Construction Company, which was controlled by the Frisco or its immediate predecessor. The Frisco Construction Company was affiliated with the Bonnerville and Southwestern through the former's ownership of the latter's entire capital stock. The Frisco Construction Company under contract dated May 16, 1905, caused to be conveyed to the Bonnerville and Southwestern 32.58 miles of road already constructed, in addition to which it constructed an extension of that road, receiving therefor capital stock of the Bonnerville and Southwestern at the rate of $20,000 par value per mile of constructed road.

[…]
 * HISTORY OF CORPORATE FINANCING

The Kansas City and Memphis Railway and Bridge Company was incorporated November 21, 1887, for a period of 99 years under the general laws of Arkansas. The purpose for which the company was incorporated was to construct and operate a railroad from some point at or near Marion, Ark., thence to a point on the Mississippi River opposite, thence across Mississippi River to Memphis, Tenn.; and to construct and operate in connection with its railroad such bridges as might be necessary. The total length of its railroad was to be about 10 miles. The date of organization of the company was December 5, 1887. The articles of association were amended by the company by vote of the stockholders, August 16, 1889, to provide for an increase in the authorized capital stock.
 * KANSAS CITY AND MEMPHIS RAILWAY AND BRIDGE COMPANY
 * CORPORATE HISTORY

The 3.094 miles of road owned by the Kansas City and Memphis Railway and Bridge Company on date of valuation, including the steel and iron bridge across the Mississippi River, had been acquired by construction from 1888 to 1892. The property was placed in operation in May, 1892. In the construction of the road built for the company, the principal contracts were let to Lewis M. Loss, Rochester, N. Y., masonry; Union Bridge Company, bridge superstructure; Pennsylvania Steel Company, viaduct; Baird Bros., Pittsburgh, Pa., erection of superstructure. The remainder of the work was done under general supervision of the forces of the company. The contractors were not affiliated with the company or its officials.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[…]
 * HISTORY OF CORPORATE FINANCING

The Little Rock and Texas was incorporated March 28, 1887, for a period of 99 years, under the general laws of Arkansas. The purpose for which the company was incorporated was to construct, own, and maintain a railroad for public use, from a point on the western boundary of the State of Arkansas, near Hackett City, in a general easterly direction to Little Rock, a distance of about 150 miles. The date of organization of the company was March 30, 1887.
 * LITTLE ROCK AND TEXAS
 * CORPORATE HISTORY

The 18.428 miles of road owned by the Little Rock and Texas on date of valuation has been acquired by construction. The work of construction began January 1, 1887, and the property was placed in operation in October, 1887. In the construction of the road built for the company, all branches of the work were done by the forces of the St. Louis and San Francisco Railway Company for the account of the Little Rock and Texas.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[…]
 * HISTORY OF CORPORATE FINANCING

The Springfield Connecting Railway was incorporated December 31, 1886, for a period of 99 years, under the general laws of Missouri. The purpose for which the company was incorporated was to construct, maintain, and operate a line of railroad for public use, commencing at a point on the railroad of the St. Louis and San Francisco Railway Company, formerly owned by the Springfield and Southern Railway Company, to a point on the line of the St. Louis and San Francisco Railway Company near its intersection with the Bolivar Branch Railroad, the entire line lying in Greene County, Mo. The date of organization of the Springfield Connecting Railway is not shown in the records reviewed.
 * SPRINGFIELD CONNECTING RAILWAY
 * CORPORATE HISTORY

The 2.645 miles of road owned by the Springfield Connecting Railway on date of valuation has been acquired by construction. The work of construction was begun January 1, 1887, and the property was placed in operation June 1, 1887. In the construction of the road built for the Springfield Connecting Railway all branches of the work were done by the forces of the St. Louis and San Francisco Railway Company.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[…]
 * HISTORY OF CORPORATE FINANCING

The Pittsburg and Columbus was incorporated September 24, 1886, under the general laws of Kansas. The purpose for which the company was incorporated was to construct, maintain and operate a railway and a line of telegraph, from Pittsburg, Crawford County, in a southwesterly direction through the counties of Crawford and Cherokee, to Columbus, Cherokee County, approximately 30 miles. The date of organization of the company was October 17, 1886.
 * PITTSBURG AND COLUMBUS
 * CORPORATE HISTORY

The owned mileage of the Pittsburg and Columbus, 5.506 miles, was all acquired by construction, as follows:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * By construction:
 * Pittsburg to Weir City, 1886-1887 8.810
 * Weir City to the mines of Keith and Perry Coal Company 1.670
 * Total 10.480
 * Less abandonments, tracks at Pittsburg abandoned, 1918 4.974
 * Total recorded mileage and mileage inventoried as of date of valuation 5.506

In the construction of the road built for the company all branches of the work were done by forces of the St. Louis and San Francisco Railway Company for account of the Pittsburg and Columbus.

[…]
 * HISTORY OF CORPORATE FINANCING

Valuation Docket No. 358: Fort Worth & Rio Grande Railway Company
Location and general description of property.—The railroad of the Fort Worth & Rio Grande Railway Company, herein called the Fort Worth & Rio Grande, is a single-track, standard-gage, steam railroad, located in the north central part of Texas. The wholly owned and used road consists of two parts connected by trackage rights over the railroad of another carrier. One part extends northeasterly from Menard to Whiteland, 27.478 miles, and the other part extends northeasterly from Brady to Fort Worth, 194.177 miles, the total being 221.655 miles of line. The company also owns yard and sidetracks totaling 31.510 miles. Its road thus embraces 253.165 miles of all tracks owned.

The Fort Worth & Rio Grande was incorporated June 1, 1885, for a period of 50 years from that date under the general laws of the State of Texas. The purpose for which the company was incorporated was to build, equip, own, maintain, and operate a railway and telegraph line from Fort Worth, Tarrant County, in a southwesterly direction to Brownwood, Brown County, with a branch line from Logan's Gap, Comanche County, to Coleman, Coleman County, all in the State of Texas. The date of organization was June 22, 1885. The articles of association were amended by the company filing certificates dated and containing provisions as follows:
 * CORPORATE HISTORY

January 31, 1887, reduction in designated number of executive officers. December 3, 1888:
 * Extension of road to Kerrville, Kerr County.
 * Construction of a branch line from Fort Worth, northeasterly to a connection with the Gulf, Colorado and Santa Fe Railway.
 * Increase in capital stock to $3,500,000 par value.

April 11, 1898, reduction in designated number of executive officers. October 15, 1909, construction of a branch line to Brady, McCulloch County, southwesterly to Menardville (now Menard), Menard County.

[…]
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Valuation Docket No. 407: Brownwood North and South Railway Company
Location and general description of property.—The railroad of The Brownwood North and South Railway Company, herein called the Brownwood North and South, is a single-track, standard-gage, steam railroad, located in the central part of Texas. The wholly owned and used road extends northerly from Brownwood to May, a distance of 17.654 miles. The company also owns yard and side tracks totaling 1.224 miles. Its road thus embraces 18.878 miles of all tracks owned.

The Brownwood North and South was incorporated January 29, 1910, under the general laws of the State of Texas, for a period of 50 years. The purpose for which the company was incorporated was to construct, own, maintain, and operate a railway, extending from Brownwood to May, in Brown County, Tex. The date of organization of the company was February 2, 1910. The articles of incorporation were amended by the company filing a certificate dated April 9, 1912, providing for the increase in the authorized par value of capital stock from $30,000 to $225,000.
 * CORPORATE HISTORY

The road owned by the Brownwood North and South on date of valuation had been acquired by it through construction, commenced in 1910. The completed road was placed in operation in November, 1911. In the construction of the road built for the company, the Texas Building Company and later the Western Construction Company, were employed as contractors. The Texas Building Company performed the major portion of the grading and certain other features of the early construction. The Western Construction Company was organized by the president of the St. Louis and San Francisco Railroad Company, predecessor of the St. Louis-San Francisco Railway Company, for the purpose of completing the construction of the road. The stockholders and directors of the Western Construction Company were also officers of the St. Louis and San Francisco Railroad Company.
 * DEVELOPMENT OP FIXED PHYSICAL PROPERTY

[…]
 * HISTORY OF CORPORATE FINANCING

Valuation Docket No. 408: St. Louis, San Francisco and Texas Railway Company
Location and general description of property.—The railroad of the St. Louis, San Francisco and Texas Railway Company, herein called the St. Louis, San Francisco and Texas, is a single-track, standard-gage, steam railroad, located in the northern part of Texas. The road consists of several disconnected parts. The principal main line consists of two sections of road extending southerly from the Red River to Denison, and from Sherman to Carrollton. These two sections are connected by means of a trackage right over the line of the Houston & Texas Central Railroad Company. Between Carrollton and Irving the company operates over the line leased from The Chicago, Rock Island and Gulf Railway Company. The line of the same company between Dallas and Fort Worth is used under trackage rights, connection with the leased portion of the line being made at Irving. The road thus described, including the short trackage right from Red River to the Oklahoma-Texas State line, is operated by the St. Louis, San Francisco and Texas as one continuous line of road extending from the Oklahoma-Texas State line to Fort Worth and Dallas. In addition, the company owns two disconnected portions extending from Vernon and Quanah to the Oklahoma-Texas State Line. The line extending from Quanah to the Oklahoma-Texas State Line is leased to the Quanah, Acme & Pacific Railway for operation. All of the above lines[…]

All of the above were incorporated under the general laws of Texas.
 * CORPORATE HISTORY

Valuation Docket No. 409: Paris and Great Northern Railroad Company
Location and general description of property.—The railroad of the Paris and Great Northern Railroad Company, herein called the Paris and Great Northern, is a single-track, standard-gage, steam railroad, located in the northeastern part of Texas. The wholly owned and used road extends northerly from Paris to a connection with the St. Louis-San Francisco Railway Company on the Red River, 16.210 miles. The company also owns yard and side tracks totaling 8.337 miles. Its road thus embraces 24.547 miles of all tracks owned.

The Paris and Great Northern was incorporated July 28, 1881, for a period of 50 years from that date, under the general laws of the State of Texas. The purpose for which the company was incorporated was to construct and operate a standard-gage railroad, extending from the city of Paris to the point of connection with the St. Louis-San Francisco Railway Company on the Red River. The date of organization of the company was not disclosed by the records reviewed. The articles of association were amended by the company filing a certificate dated April 30, 1886, providing for an increase of the authorized capital stock from $30,000 to $500,000, par value.
 * CORPORATE HISTORY

The road owned and operated by the Paris and Great Northern on date of valuation had been constructed for it and extended from Paris to Red River, Tex., 24.547 miles. Construction work commenced in February, 1886, and the line was placed in operation in January, 1888. In the construction of the road built for the Paris and Great Northern, the St. Louis and San Francisco Railway Company, a predecessor of the St. Louis-San Francisco Railway Company, was employed as contractor.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[…]
 * HISTORY OF CORPORATE FINANCING

Valuation Docket No. 455: Quanah, Acme & Pacific Railway Company
Location and general description of property.—The railroad of the Quanah, Acme & Pacific Railway Company, herein called the Quanah, Acme & Pacific, is a single-track, standard-gage, steam railroad located in the State of Texas. The owned mileage consists of a main line from Acme to McBain and yard tracks and terminal facilities in Quanah. The mileage operated under lease from the St. Louis, San Francisco and Texas Railway Company extends from Quanah to the Texas-Oklahoma State line. The Quanah, Acme & Pacific uses under trackage rights about 4 miles of the road of other carriers, part of which connects its terminals at Acme and Quanah. The Quanah, Acme & Pacific wholly owns and uses 87.621 miles of all tracks and uses but does not own 12.470 miles of all tracks, which are classified in the trackage table in Appendix 1.

The Quanah, Acme & Pacific is a corporation of the State of Texas, having its principal office at Quanah, Tex. While the present name of this company is that given above, it was incorporated originally as the Acme, Red River & Northern Railway Company, the name of which was changed to Quanah, Acme & Pacific Railway Company. No accounting records of the company were obtained for the period from date of incorporation to January 15, 1907. General books opened as of that date do not record the results of corporate operations prior to July 1, 1906, or certain financial dealings prior to the date books were opened. However, certain data given below were obtained from other sources. The Quanah, Acme & Pacific is controlled by the St. Louis-San Francisco Railway Company through ownership of its entire capital stock. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation. The property of the company was operated by its own organization from 1903, to December 31, 1917. As of January 1, 1918, the common-carrier property of the company was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.
 * INTRODUCTORY


 * CORPORATE HISTORY

[…]
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Valuation Docket No. 518: Gulf, Florida & Alabama Railway Company
Location and general description of property.—The railroad of the Gulf, Florida & Alabama Railway Company, herein called the Gulf, Florida & Alabama, is a single track, standard-gage, steam railroad, located in the States of Alabama and Florida. The owned main line extends southwardly from Kimbrough, Ala., to Pensacola, Fla., a distance of 147.294 miles. The Gulf, Florida & Alabama also owns but does not use a branch line extending from Gateswood Junction to Gateswood, Ala., a distance of 11.629 miles, which is leased to Russ and McCaskill for noncarrier purposes. The Gulf, Florida & Alabama owns and uses [?] miles of all tracks, and owns but does not use 12.321 miles of all tracks, which are classified in the trackage table in Appendix 1.

The Gulf, Florida & Alabama was incorporated February 6, 1911, under the general laws of the State of Florida, for the purpose of constructing and operating a railroad from Pensacola, Fla., to some point at or near Jasper, Ala. The date of its organization was April 4, 1911.
 * CORPORATE HISTORY

The owned mileage of the Gulf, Florida & Alabama, amounting to 158.923 miles, was acquired partly by construction and partly by purchase, as indicated in the statement following.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * By construction:
 * Constructed under contract—
 * Pensacola to Cantonment, Fla., 1912 17.850
 * Local to Mexia, Ala., 1913 22.123
 * Mexia to Kimbrough, Ala., 1915 50.741
 * Freight line to docks at Pensacola, Fla., 1913 2.065
 * Goulding branch near Pensacola, Fla., 1913 2.338
 * Constructed by company forces, Davis, Fla., to Freemanville, Ala., 1918 5.810
 * 100.927
 * By purchase, from the Eastern Construction Company, Jan. 8, 1913, constructed by the Southern States Lumber Company:
 * Cantonment, Fla., to Local, Ala 54.303
 * Gateswood Junction to Gateswood, Ala 11.629
 * Total 65.932
 * Less mileage abandoned by the Georgia, Florida & Alabama, previously acquired from the Eastern Construction Company 7.936
 * 57.996
 * Total recorded mileage and mileage inventoried as of date of valuation 158.923


 * Solely owned, but not used, leased to Russ and McCaskill solely for noncarrier operations; Gateswood branch, 11.629 miles of road from Gateswood Junction to Gateswood, Ala.; for indefinite period from May 1, 1919; users maintain property and pay demurrage at tariff rates on cars delivered to them.
 * Solely owned, but jointly used, used with — Southern States Lumber

Valuation Docket No. 636: Birmingham Belt Railroad Company and Its Leased Line
Location and general description of property.—The railroad of the Birmingham Belt Railroad Company, herein called the Birmingham Belt, is a standard-gage steam railroad located in Birmingham, Ala. The company owns no main tracks. Its trackage consists entirely of yard tracks and sidings. The Birmingham Belt uses under lease trackage owned by another carrier as described below. The railroad of the Metropolitan Rapid Transit, Light and Power Company, leased to and operated by the Birmingham Belt, consists of 2.949 miles of yard tracks and sidings. The Birmingham Belt wholly owns and uses 26.694 miles of yard tracks and sidings, wholly owns but does not use 9.136 miles of yard tracks and sidings, and wholly uses but does not own 2.949 miles of yard tracks and sidings. The Birmingham Belt also jointly owns and uses trackage with other carriers. The above mileage, classified as to ownership and use, are shown in the trackage table in Appendix 1.

The Birmingham Belt was incorporated September 7, 1899, under the general laws of the State of Alabama. The purpose for which the company was incorporated was to purchase the franchises, property, and rights of the Highland Avenue and Belt Railroad Company, a corporation of the State of Alabama.
 * CORPORATE HISTORY

The Birmingham Belt acquired all of the road of The Highland Avenue and Belt Railroad Company by deed dated September 7, 1899, from Elmer E. Whittaker, who had purchased it at a sale, held under a decree of the United States Circuit Court for the Northern District of Alabama. On the same date the company conveyed the greater portion of the road it had thus acquired to the Birmingham Traction Company. The mileage of the road acquired or of that disposed of by the company could not be determined from the records obtained. In addition, the company acquired approximately 14.4 miles of road by construction, during the period from 1904 to 1908. During 1910 and 1911 a portion of the road was abandoned and a new line was constructed for the company by the Illinois Central Railroad Company. The mileage of the road abandoned or of that constructed could not be determined.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Syndicating, banking, and other financial arrangements.—The property of The Highland Avenue and Belt Railroad Company, located in and adjacent to the city of Birmingham, Ala., was sold at foreclosure sale on July 31, 1899, to Elmer E. Whittaker, who with his associates incorporated on September 7, 1899, the Birmingham Belt Railroad Company to take title to the property. On September 7, 1899, Whittaker deeded the property (except certain lands retained by him) to the Birmingham Belt and on the same date Whittaker and the Birmingham Belt joined in a deed conveying certain portions of the road, known as the passenger division, together with certain equipment and lands, to the Birmingham Traction Company in accordance with a previous arrangement. For the portion of the property retained by the Birmingham Belt it agreed to issue to Whittaker $50,000 par value of capital stock and $500,000 par value of 5 per cent first-mortgage bonds. […]
 * HISTORY OF CORPORATE FINANCING

[…]
 * Lessor Company
 * METROPOLITAN RAPID TRANSIT, LIGHT AND POWER COMPANY

This company was incorporated by special act approved February 18, 1887, of the Legislature of the State of Alabama, as The Highland Avenue Belt Railroad and Improvement Company. On May 5, 1887, the name was changed to The Highland Avenue and Belt Railroad Company. The only record obtained for the company was the minutes of its stockholders' and directors' meetings. The Elyton Land Company, a corporation of the State of Alabama, constructed a line of railroad in the city of Birmingham and vicinity during 1885 and 1886 and operated it as a horse-car line until June 26, 1886, when the use of dummy engines was begun. In January, 1887, the Elyton Land Company commenced the construction of what was known as the Belt Railroad, which was in course of construction when this company was acquired. On September 14, 1887, the Elyton Land Company deeded all of its franchises, railroads, rights of way, rolling stock, and other property to the company, and received the capital stock of the company in consideration therefor. Neither the mileage of the road acquired by the company nor the par value of its capital stock issued to the Elyton Land Company could be ascertained. The company operated its property from the date of acquisition to some time during 1895, when it was leased to the Columbian Equipment Company. The latter company operated the property to some time in 1896, when a receiver took over the property and operated it until September 6, 1899. The property of the company was sold under a decree of the United States Circuit Court for the Southern Division of the Northern District of Alabama on July 31, 1899, and on September 6, 1899, it was conveyed by deed to Elmer E. Whittaker, who, on September 7, 1899, reconveyed the property to the Birmingham Belt.
 * Predecessor Company
 * THE HIGHLAND AVENUE AND BELT RAILROAD COMPANY—PREDECESSOR OF THE BIRMINGHAM BELT

Valuation Docket No. 637: The West Tulsa Belt Railway Company
Location and general description of property.—The railroad of The West Tulsa Belt Railway Company, herein called the West Tulsa Belt, is a single-track, standard-gage, steam railroad, located at West Tulsa, Okla. The company owns no main tracks. Its trackage consists entirely of 2.142 miles of yard and sidetracks. The railroad is a connection between the railroad of the St. Louis-San Francisco Railway Company and the privately owned tracks of the Texas Oil Company.

The West Tulsa Belt was incorporated June 28, 1909, under the general laws of the State of Oklahoma. The purpose for which the company was incorporated was to construct, maintain, and operate a standard-gage railroad in Tulsa County, Okla. The date of organization of the company was July 1, 1909.
 * CORPORATE HISTORY

[…]
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY