Wikipedia:WikiProject Trains/ICC valuations/St. Louis Southwestern Railway

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In addition to the properties owned or used by the carrier, it controls, through ownership of the entire capital stock, the Southwestern of Texas, Pine Bluff Arkansas River Railway, Eastern Texas Railroad Company, Dallas Terminal and the Shreveport Bridge & Terminal, each of which is operated as a separate entity. The property of the Stephenville North and South Texas, which corporation is controlled by the carrier through ownership of all the stock, is leased to and operated exclusively by the Southwestern of Texas. As hereinbefore stated, the carrier controls through ownership of entire capital stock, and exclusively operates, the properties of the Gray's Point Terminal, the Paragould Southeastern, and the Central Arkansas and Eastern. The railroad of the carrier, therefore, makes but a small part of the railroad system of which it forms the base and which is popularly known as the Cotton Belt. The 10 railroads hereinbefore named, making up this system, are in economic interest, and in operation, one piece of property, operated economically, but not legally as a unit, and in the economic interest of one group of owners.
 * APPENDIX 2
 * THE CARRIER
 * INTRODUCTORY

As hereinbefore stated, the carrier was chartered in Arkansas and Missouri, January 16, 1891, to take over the property of the St. Louis, Arkansas and Texas Railway Company, which it acquired at foreclosure sale through Louis Fitzgerald, purchasing trustee, on February 9, 1891. The purchasing trustee also acquired, on February 5, 1891, the property, rights, and franchises of the St. Louis, Arkansas and Texas Railway Company in Texas, at foreclosure sale. [...]

The purchasing trustee deeded the property of the St Louis, Arkansas and Texas of 1887 to the carrier; the property of the St. Louis, Arkansas and Texas in Texas (except the Lufkin branch) to the Southwestern of Texas; and the Lufkin branch to the Tyler Southeastern. The owned mileage of the carrier was acquired as follows:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * In reorganization of 1891; property of the St. Louis, Arkansas and Texas of 1887:
 * Birds Point, Mo., to Texarkana, Arkansas-Texas State Line 417
 * Branches 166
 * By purchase in 1901; property of the Stuttgart & Arkansas River Railroad Company, Stuttgart, Ark., to Gillett, Ark. 85
 * By construction:
 * Extension to Little Rock branch 8
 * Extension to Shreveport branch 2
 * Total 622


 * HISTORY OF CORPORATE FINANCING

ending on date of valuation are as follows:
 * Solely owned, but not used, leased to—Louisiana [sic] North West Railroad Company; tracks, 6.74 miles, from McNeil to Magnolia, Ark.; tract[sic] from April 27, 1897, to Aug. 1, 1918, at rental of 4 per cent per annum on valuation of $99,000 $3,960.00
 * Solely used, but now[sic] owned, leased from—
 * Gray's Point Terminal; entire property, tracks, 13.25 miles, from Illmo to Delta, Mo.; term 50 years from Aug, 1, 1906; annual rental equal to the interest on outstanding bonds, taxes, and assessments, the lessee guaranteeing payment of principal and interest on all bonds of lessor 66,112.50
 * Paragould Southeastern; entire property, tracks, 37.34 miles, from Paragould. to Blytheville, Ark.; term 30 years from June 1, 1914; annual rental equal to interest on the outstanding bonds, all taxes and assessments. Lessee guarantees the principal and interest on all bonds of lessor $25,550.00
 * Central Arkansas and Eastern; entire property, tracks, 43.41 miles from Stuttgart to England, Ark., and from Rice Junction, Ark., to Hazen, Ark.; term 30 years from July 1, 1910; annual rental equal to interest on outstanding bonds, all taxes and assessments. Lessee guarantees the principal and interest on all bonds of lessor 54,250.00
 * St. Louis, Iron Mountain and Southern Railway Company, (Iron Mountain Railway Company of Memphis), freight house and tracks at Memphis, Tenn.; indefinite period from Apr. 26, 1900; use of station is included in rate of 60 cents per ton paid to St. Louis[sic] Iron Mountain and Southern for handling the carrier's freight traffic between Fair Oaks, Ark., and Memphis, Tenn. --
 * Jointly used, but not owned[sic] by—
 * Terminal Railroad Association of St. Louis; tracks, 3.18 miles, from St. Louis, Mo., to East St. Louis, Ill., indefinitely from Oct. 18, 1903, at rental of $3 per passenger car and $1.50 per baggage car 11,689.87
 * Terminal Railroad Association of St. Louis; passenger station at St. Louis, Mo., compensation on the basis of use 2,249.82
 * Vandalia Railroad Company; tracks, 1.67 miles, from East St. Louis to Willows, Ill., indefinitely from May 10, 1912, at rental of $1.65 per passenger train and cost of any increase in employees 1,936.44
 * Illinois Transfer Railroad Company; tracks, 3.83 miles, from Willows to Valley Junction, Ill., 50 years from Sept. 8, 1904; used by carrier as a tenant of St. Louis, Iron Mountain & Southern Railway Company on car basis 203.78
 * St. Louis, Iron Mountain & Southern Railway Company; tracks, 119.26 miles, from Valley Junction to North Junction, Ill.; 50 years from Sept. 8, 1904; annual rental of 2 per cent on investment and one-half of taxes and assessments. Maintenance and operation are on a wheelage basis 153,889.86
 * St. Louis, Iron Mountain & Southern; yard and terminal at Dupo, Ill., under lease not executed 31,247.25
 * Southern Illinois and Missouri Bridge Company; tracks, 4.64 miles, from Bridge Junction, Ill., to Illmo, Mo.; 50 years from Nov. 1, 1901. The interest on bonds, taxes, maintenance, and operation are divided between tenants on basis of traffic moved across the bridge 80,986.50
 * Chicago & Eastern Illinois Railroad Company; tracks, 9.35 miles, from Bridge Junction to Olive Branch, Ill.; indefinitely from Sept. 2, 1908. Rental is $1 per train-mile with the standard detour contract 3,946.53
 * Illinois Central Railroad Company; tracks, 17.68 miles, from Olive Branch to Cairo, Ill.; indefinitely from January 1, 1911, at rental of $1 per train-mile with standard detour contract $5,553.00
 * Chicago, Rock Island and Pacific Railway Company, lessee; tracks, 64.67 miles, from Brinkley to Bridge Junction, Ark., owned by the Choctaw, Oklahoma and Gulf Railroad Company, indefinitely from Apr. 1, 1912, at rental of 55 cents per train-mile and 2.5 per cent per annum on additions and betterments 25,915.09
 * Kansas City & Memphis Railway & Bridge Company; tracks, 2.54 miles, from Bridge Junction, Ark., to Memphis, Tenn.; indefinitely from May 14, 1912, at rental of $1 per passenger car and 25 cents per passenger 5,779.90
 * St. Louis & San Francisco Railroad Company; tracks, 0.36 mile at Memphis, Tenn.; for five years from Apr. 1, 1912; rental $1,800 per annum 1,350.00
 * Memphis Union Station Company; passenger station and 0.46 mile of tracks at Memphis, Tenn.; for 50 years from Nov. 1, 1909. The rental is a proportion of the interest on bonds, taxes, and operating expenses on the basis of cars handled 11,141.49
 * St. Louis, Iron Mountain & Southern; station and 1.24 miles of tracks at Pine Bluff, Ark.; term 25 years from July 22, 1906. Rental $1 per train with an annual rental of 2 per cent on value of station. Expenses of station are divided on basis of ticket sales 3,742.31
 * Shreveport Bridge & Terminal Company; bridge at Shreveport, La., and 0.36 mile of tracks; term 50 years from Apr. 1, 1905, at rental of 10 cents per ton on freight and 10 cents per passenger 21,302.10
 * Louisiana & Arkansas Railway Company; tracks, 0.85 mile at Shreveport, La.; term of 25 years from Jan. 1, 1910, at an annual rental of 2.5 per cent on the investment. Operating expenses are divided on a wheelage basis 7,223.84
 * Southwestern of Texas; freight station and 0.48 mile of tracks at Texarkana, Arkansas-Texas State line; term 20 years from Sept. 30, 1898, at an annual rental of 2 per cent on the valuation. Operating expenses are divided on basis of use 1,398.48
 * St. Louis, Iron Mountain and Southern (The Texas and Pacific Railway Company); passenger station at Texarkana, Arkansas-Texas State line; under an understanding not witnessed by any signed contract and not formally agreed upon 420.48
 * St. Louis, Iron Mountain & Southern; boat transfer between Cairo, Ill., and Bird's Point, Mo.; indefinitely from Nov. 1, 1913, at an annual rental of 6 per cent interest on valuation of steamer. Operating expenses divided on basis of service 2,600.04
 * Solely owned, but jointly used, used with—

This company was a corporation of the States of Arkansas and Missouri. There were two corporations of this name; the first was incorporated on April 15, 1886. On August 18, 1887, it was consolidated with the Arkansas and Southern Railway Company (to which it had deeded that part of its property in Arkansas a few days previously) to form the second corporation of the same name. While a new corporation was actually formed in this consolidation, no new books were opened, the accounting records of the first company being continued. For the purpose of this report, the two companies are considered as one.
 * Predecessor Companies
 * ST. LOUIS, ARKANSAS AND TEXAS RAILWAY COMPANY IN ARKANSAS AND MISSOURI

The company was incorporated at the instance of a bondholders' committee, which had purchased the property and franchises of the Texas and St. Louis Railway Company in Missouri and Arkansas, at foreclosure sale. The members of the committee also acted as a committee of bondholders of the Texas and St. Louis in Texas, acquiring the property and franchises of that company at foreclosure sale, and conveyed the same to the St. Louis, Arkansas and Texas Railway Company in Texas, which was incorporated on January 29, 1886. The same interests controlled both the company and the St. Louis & Texas Railway Company and the properties were operated as one system.

The company owned and operated a standard-gauge railroad of about 582 miles, which extended from Bird's Point, Mo., to the Arkansas-Texas State line at Texarkana, with the following branches:
 * Lilbourn, Mo., to New Madrid, Mo.
 * Malden, Mo., to Delta, Mo.
 * McNeil, Ark., to Magnolia, Ark.
 * Altheimer, Ark., to Argenta, Ark.
 * Lewisville, Ark., to Shreveport, La.

Traffic was exchanged with the St. Louis, Iron Mountain and Southern Railway Company at Delta, Mo., and with the Illinois Central Railroad Company, at Cairo, Ill., a car ferry being operated between Cairo, Ill., and Bird's Point, Mo. The Gould interests appear to have come into control of the property in 1888. These interests retained control of the carrier, which was incorporated January 16, 1891, to acquire the property and franchises of the company which was sold at foreclosure sale on October 20, 1890.

The first Arkansas company was incorporated on April 15, 1886, under the laws of Missouri, for the purpose of acquiring the property, rights, and franchises of the Texas and St. Louis Railway Company in Missouri, which had been sold at foreclosure sale February 27, 1886, to a bondholders' committee. On August 4, 1887, It sold that part of its property in the State of Arkansas to the Arkansas and Southern Railway Company, subject to existing mortgages, for $1 and other valuable considerations. The Arkansas and Southern Railway Company was incorporated February 17, 1887, in the interest of the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri, and in addition to acquiring the property of the first Arkansas company in Arkansas, as hereinbefore explained, it acquired the rights and franchises of the Shreveport and Arkansas Railway Company and the Little Rock and Eastern Railway Company on August 13, 1887, and August 15, 1887, respectively.
 * CORPORATE HISTORY

The Shreveport and Arkansas Railway Company was organized for the purpose of constructing a railroad from Shreveport, La., to the Arkansas-Louisiana State line in the direction of Lewisville, Ark.; the Little Rock & Eastern Railway Company for the purpose of constructing a railroad between Altheimer, Ark., and Argenta (North Little Rock), Ark. Both of these companies were organized in the interest of the Arkansas and Southern Railway Company, and no construction had been done by either up to the date of sale of their rights and franchises to that company. The proposed lines were constructed by the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri in the following year.

On August 18, 1887, the first Arkansas Company and the Arkansas and Southern Railway Company were consolidated to form the second Arkansas Company. Articles of consolidation were filed in both Missouri and Arkansas. On August 15, 1888, the company acquired the rights and franchises of the St. Louis, Arkansas & Texas Terminal Railway Company, which had been organized in the interest of the company for the purpose of constructing a road from Malden, Mo., to a point on the Mississippi River opposite Grand Tower, Ill. No construction work had been done up to the date of sale. The proposed line was constructed by the company as far as Delta, Mo., and opened for operation early in 1889. On May 14, 1889, S. W. Fordyce was appointed receiver of the property and on June 23, 1889, A. W. Swanson was appointed coreceiver. Under a decree of foreclosure the property was sold on October 20, 1890, to Louis Fitzgerald, purchasing trustee (for a reorganization committee), who deeded the same to the carrier. The receivers operated the property to June 1, 1891, when it was turned over to the carrier.

The owned mileage of the company was acquired as follows:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * Reorganization, May 14, 1886, railroad of the Texas and St. Louis Railway Company in St. Louis[sic]:
 * Bird's Point, Mo., to Texarkana, Ark.-Tex. 417
 * Lilbourn, Mo., to New Madrid, Mo. 5
 * McNeil, Ark., to Magnolia, Ark. 7
 * 429
 * Construction:
 * 1888, Altheimer, Ark., to Argenta, Ark. 41
 * 1888, Lewisville, Ark., to Shreveport, La. 60
 * 1889, Malden, Mo., to Delta, Mo. 52
 * 153
 * Total 582

This company was incorporated under the general laws of Missouri and Arkansas on November 29, 1881, as a consolidation of the Texas & St. Louis Railway Company of Arkansas and the Little River Valley and Arkansas Railroad Company, for the primary purpose of acquiring or constructing a narrow-gauge railroad from Bird's Point, Mo., to Texarkana, Arkansas-Texas State line. The company owned and operated a narrow-gauge railroad about 429 miles long, extending from Bird's Point, Mo., in a southwesterly direction to the Arkansas-Texas State line at Texarkana, with branches from Lilbourn to New Madrid, Mo., and from McNeil, Ark., to Magnolia, Ark. The company was closely affiliated with the Texas and St. Louis Railway Company in Texas, both corporations having been under the same control and their properties operated under a joint system. A receiver of the property was appointed on January 12, 1884, by the United States Circuit Court, under whom the property was operated to May 1, 1886. Foreclosure proceedings were instituted on December 16, 1885, and on February 27, 1886, the property was sold to a bondholders' committee, consisting of Wm. Mertens, Geo. Coppell, L. S. Wolff, M. Gernsheim, and J. W. Paramore. The sale was approved by the court on March 2, 1886, and deed was executed on April 29, 1886, conveying the property to the bondholders' committee. On May 14, 1886, the bondholders' committee conveyed all the property to the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri. The possession of the property was surrendered to that company on May 1, 1886.
 * THE TEXAS AND ST. LOUIS RAILWAY COMPANY IN MISSOURI AND ARKANSAS

The owned mileage of the company was acquired as follows:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * Consolidation, line of the Little River Valley and Arkansas Railroad Company from New Madrid, Mo., via Lilbourn, Mo., to Malden, Mo. 27
 * By construction:
 * 1882—
 * Bird's Point, Mo., to Lilbourn, Mo. 36
 * Malden, Mo., to Clarendon, Ark. 156
 * 1883, Clarendon, Ark., to Pine Bluff, Ark. 53
 * 1882—
 * Pine Bluff, Ark., to Texarkana, Ark.-Tex. 150
 * McNeill, Ark., to Magnolia, Ark. 7
 * 402
 * Total 429

On April 20, 1881, prior to the incorporation of the company, a contract was made in the name of the company with George B. Hibbard of New York to construct and equip the

This company was incorporated May 21, 1881, under the laws of Arkansas, by parties interested in the Texas and St. Louis Railway Company, a Texas corporation (which at that time owned a narrow-gauge railroad extending from Texarkana, Ark.-Tex., to Corsicana, Tex.), for the primary purpose of constructing a narrow-gauge railroad from Texarkana to the Arkansas-Missouri State line. On November 29, 1881, this company was consolidated with the Little River Valley and Arkansas Railroad Company to form the Texas and St. Louis Railway Company in Missouri and Arkansas. That this consolidation had been contemplated prior to the incorporation of the Texas and St. Louis Railway Company of Arkansas is evidenced by a construction contract between George B. Hibbard of New York and the consolidated company, dated April 20, 1881. This contract is acknowledged by the consolidated company by a record in its minute book. With the exception of a cash book and a minute book of the stockholders and directors, no accounting records [...] and had paid in $800,000 up to the date of consolidation. No construction work was done prior to the consolidation, and all transactions relating to this property are discussed in the report, on the Texas and St. Louis Railway in Missouri and Arkansas.
 * TEXAS & ST. LOUIS RAILWAY COMPANY OF ARKANSAS

This company was incorporated September 7, 1876, under the general laws of Missouri, for the purpose of acquiring the property, rights, and franchises of the New Madrid and West Prairie Road Company, consisting of a right of way, wagon road bed, and appurtenances, extending from New Madrid to Malden, Mo., about 27 miles, together with 70,040 acres of swamp timber lands in New Madrid County, Mo. With the exception of a minute book and miscellaneous memoranda now in the possession of the carrier, no books or other records of value are obtainable. According to the minute book referred to above, the company issued $197,000 par value of capital stock, of which $160,000 was given for the property of the New Madrid and West Prairie. The consideration received for the remainder is not of record.
 * LITTLE RIVER VALLEY AND ARKANSAS RAILROAD COMPANY

A narrow-gauge railroad was constructed between New Madrid and Malden, about 27 miles, on the right of way acquired, which was opened for operation in February, 1878. First-mortgage 10 per cent bonds of a total par value of $186,000 were issued in connection with the construction and equipment of the line. On May 13, 1881, J. W. Paramore, who was president of the Texas and St. Louis Railway Company, which at that time owned a narrow-gauge railroad from Texarkana, Ark.-Tex., to Corsicana, Tex., about 203 miles, became president of the company. This was the first step toward the formation of a narrow-gauge railroad system to extend from Bird's Point, Mo., on the Mississippi River, via Texarkana to various points in Texas. In connection with other companies the original scheme contemplated a through narrow-gauge line from Toledo, Ohio, to the city of Mexico.

The minute book of the company records that [...] pay the floating debt of the company. Just whom Marmaduke represented in the acquisition of some 70,000 acres of land can not be determined, but the ownership of the land passed from the company. On November 29, 1881, the company was consolidated with the Texas & St. Louis of Arkansas to form the Texas and St. Louis Railway Company in Missouri and Arkansas.

The outlay in the acquisition and construction [...] bonds and possibly operating deficits.

This company was incorporated under a special act of Missouri approved February 22, 1855, for the purpose of constructing a toll wagon road from New Madrid, Mo., to Malden, Mo., about 27 miles. The act gave the company the same rights, privileges, and restrictions as were previously granted to the New Madrid Plank Road Company under act of February 28, 1851, except as to location. No accounting records of value are obtainable. The following statements are taken from various old records and memoranda now in the possession of the carrier. An amendment to the act of February 22, 1855, dated November 5, 1857, required the county court of New Madrid County, "to appropriate every alternate section of swamp land lying and being within one mile on each side of the line dividing townships 22 and 23, north of range 10, 11, 12, and 13 east, in New Madrid County, and not otherwise appropriated to the New Madrid and West Prairie Road Company, for the purpose of aiding said road company in completing said road." This act authorized the company to sell and dispose of the land so granted.
 * THE NEW MADRID AND WEST PRAIRIE ROAD COMPANY

Apparently the road remained uncompleted for about twenty years, as on October 11, 1875, the county court of New Madrid County, Mo., in an order reciting that certain stockholders of the company had conveyed their stock to George B. Clark and Oscar Kochtitsky, ordered that the stock held by the county be also conveyed to them in order to secure the completion of the road and consequent valuable drainage of lands, and appointed James H. Howard, presiding justice, as commissioner for the county to make a contract turning over the stock and executing the grants of land provided for in the amendment to the articles of incorporation.

On October 12, 1875, the court approved the execution of a contract providing for the construction of the road by the company and the conveyance of the lands without cost to the company. This contract provided that the proceeds of lands disposed of prior to the completion of the road were to be placed in the hands of a trustee and used to pay the cost of construction and draining the land, and no lands were to be sold for any other purpose. James H. Howard, the presiding justice and commissioner for the county, was also treasurer of the company and was appointed trustee of the land.

On the same day the county of New Madrid deeded to the company 75,620 acres of land. Upon completion of the road, and payment of $10,000 to the estate of Luke Byrne and other parties for expenditures, the county was to convey to the company certain other lands. On May 3, 1876, the county of New Madrid conveyed by deed to the company 25,400 acres of land, and on September 8, 1876, an additional 7,040 acres were deeded to the company, making a grand total of 108,060 acres conveyed under the terms of the contract of October 12, 1875, and the articles of incorporation.

The company apparently disposed of 38,020 acres of land, as on September 7, 1876, the remaining 70,040 acres were deeded, together with all other property, including roadbed and right of way, to the Little River Valley and Arkansas Railroad Company, which had been incorporated to take over this property. It is not possible to ascertain how much money was expended in the construction of the road. The authorized capital stock was $30,000, consisting of 1,200 shares of the par value of $25 each.

This company was incorporated February 17, 1887, under the laws of Arkansas, in the interest of the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri. With the exception of a minute book, covering about half of the year 1887, no accounting records of value are obtainable. The authorized capital stock of the company was $910,000, of which $70,000 was subscribed for, principally by S. W. Fordyce and R. C. Kerens, officials of the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri.
 * THE ARKANSAS & SOUTHERN RAILWAY COMPANY

The company was incorporated solely for the purpose of enabling the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri to acquire the rights and franchises which had been granted other companies in Arkansas and Louisiana. In the execution of this plan the first Arkansas company, as hereinbefore explained, on August 4, 1887, sold that part of its railroad located in Arkansas to the company, subject to existing mortgages, for one dollar and other good and valuable considerations. On August 13, 1887, the company acquired the rights and franchises of the Shreveport and Arkansas River Railway Company, and on August 15, 1887, also acquired the rights and franchises of the Little Rock and Eastern Railway Company; the consideration in each case being one dollar and other good and valuable considerations. Finally, on August 18, 1887, the company consolidated with the first Arkansas company to form the second Arkansas company under the laws of Arkansas and Missouri. Although the two Arkansas companies were legally separate and distinct, the accounts of the first were continued as the accounts of the second, so that from an economic and accounting standpoint they may be regarded as one company.

Records of the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri disclose that $70,000 of its capital stock was exchanged for an equal amount of the capital stock of the company.

The proposed construction work of the companies acquired was done by the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri in 1888, as related in the report on that company.

This company was incorporated February 17, 1887, under the laws of Arkansas, in the interest of the Arkansas & Southern Railway Company for the purpose of constructing a line of road from Altheimer to Argenta, Ark., approximately 41 miles. With the exception of a minute book for about half of the year 1887, no accounting records of value are obtainable. The authorized capital stock was $650,000, of which $50,000 was subscribed for, principally by S. W. Fordyce and R. C. Kerens, officials of the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri. On August 15, 1887, before any construction work was done by the Little Rock, its rights and franchises were conveyed to the Arkansas and Southern Railway Company "for one dollar and other good and valuable considerations." The proposed line from Altheimer, Ark., to Argenta, Ark., was constructed in 1888 by the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri (successor to the Arkansas and and Southern Railway Company) as its Little Rock branch.
 * THE LITTLE ROCK AND EASTERN RAILWAY COMPANY

This company was incorporated May 18, 1887, under the laws of Louisiana, in the interest of the Arkansas and Southern Railway Company for the purpose of constructing a line of road from Shreveport, La., to the Arkansas State line, in the direction of Lewisville, Ark. No accounting records of the company were found. A copy of the articles of incorporation disclosed an authorized capital stock of $500,000. Just how much, if any, of this stock was subscribed for, can not be ascertained. On August 13, 1887, before any construction work was done by the company, its rights and franchises were conveyed to the Arkansas and Southern Railway Company for one dollar and other good and valuable considerations. The proposed line from Lewisville, Ark., to Shreveport, La., approximately 60 miles, was constructed in 1888 by the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri, successor to the Arkansas and Southern Railway Company as its Shreveport Branch.
 * THE SHREVEPORT AND ARKANSAS RAILWAY COMPANY

This company was incorporated May 1, 1888, under the laws of Missouri, in the interest of the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri, for the purpose of constructing a line of road from Malden, Mo., in a northerly direction, to a point on the Mississippi River opposite Grand Tower, Ill., about 90 miles. With the exception of a minute book covering the brief period of the company's corporate existence, no accounting records are obtainable. The authorized capital stock was $900,000, of which $90,000 was subscribed for, principally by S. W. Fordyce and R. C. Kerens, officials of the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri. The plans of the promoters involved the construction of a bridge across the Mississippi River at Grand Tower, Ill., and the extension of the line to St. Louis, Mo., through the incorporation of other companies. However, on August 15, 1888, before any actual construction work was performed, the rights and franchises of the company were conveyed to the St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri "for one dollar and other good and valuable considerations." The St. Louis, Arkansas and Texas Railway Company in Arkansas and Missouri then constructed a branch from Malden, Mo., to Delta, Mo., about 52 miles long, under the rights so acquired.
 * THE ST. LOUIS, ARKANSAS AND TEXAS TERMINAL RAILWAY COMPANY

This company was incorporated November 21, 1881, under the laws of Arkansas, for the purpose of constructing a railroad from a point near Stuttgart, in Arkansas County, Ark., to a point at or near Arkansas Post, on the Arkansas River. Its line, which extended from Stuttgart to Gillett, Ark., was constructed as follows:
 * STUTTGART AND ARKANSAS RIVER RAILROAD COMPANY
 * 1888, Stuttgart, Ark., to De Witt, Ark. 22
 * 1892, De Witt, Ark., to Gillett, Ark. 13
 * Total 35

S. W. Fordyce was appointed receiver of the property February 27, 1893, and operated the road to May, 1894, when he was discharged. In August, 1895, he was again appointed receiver, and operated the property to January 3, 1901, when it was sold at foreclosure sale to the carrier for $45,050. No accounting records of the company are obtainable; therefore no facts relative to capitalization or cost of property can be given.

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