Wikipedia:WikiProject Trains/ICC valuations/White Sulphur Springs and Yellowstone Park Railway

Interstate Commerce Commission, Valuation Reports, Volume 121

White Sulphur Springs and Yellowstone Park Railway
The White Sulphur Springs & Yellowstone Park Railway Company, hereinafter called the carrier, is a corporation of the State of Montana, controlled by the Chicago, Milwaukee and St. Paul Railway Company through stock ownership. It owns and operates a single-track, standard-gauge, steam railroad, extending from Dorsey, Mont., to White Sulphur Springs, Mont., a distance of 19.292 miles. It also owns 1.929 miles of yard tracks and sidings. It operates under lease from the Chicago, Milwaukee and St. Paul Railway Company a line extending from Dorsey to Ringland [sic-Ringling], Mont., a distance of 4.961 miles, together with 1.330 miles of yard tracks and sidings.

Location and General Description of Property
The railroad of the White Sulphur Springs & Yellowstone Park Railway Company, hereinafter called the carrier, is a single-track, standard-gauge, steam railroad, located in Montana. The owned mileage consists of a main line extending from Dorsey to White Sulphur Springs, a distance of 19.292 miles. The carrier also uses under lease a portion of the road of the Chicago, Milwaukee and St. Paul Railway Company, consisting of a single-track, standard-gauge line, extending from Dorsey to Ringland, Mont., a distance of 4.961 miles. The carrier wholly owns and uses 21.221 miles of all tracks, and uses but does not own 6.291 miles of all tracks, which are classified in the trackage table in Appendix 1.

Introductory
The carrier is a corporation of the State of Montana, having its principal office at Chicago, Ill. The carrier is controlled by the Chicago, Milwaukee and St. Paul Railway Company through ownership of 51 per cent of the capital stock. The remaining 49 per cent is held by John Ringling. On the other hand, the records reviewed do not indicate that the carrier, itself, controls any other common-carrier corporation. The property of the carrier was operated by its own organization from January 1, 1911, to January 1, 1918. From this date to June 30, 1918, it was operated by the United States Railroad Administration, but the results of its operation during that time are not separately recorded from those of the carrier.

Corporate History
The carrier was incorporated June 18, 1910, under the general laws of the State of Montana, for the purpose of constructing and operating a railroad from White Sulphur Springs, Mont., to the northern boundary of Yellowstone National Park. Pursuant to the above purpose, the carrier constructed the road between White Sulphur Springs and Dorsey, Mont.

Development of Fixed Physical Property
The owned mileage of the carrier, amounting to 19.292 miles and extending from White Sulphur Springs to Dorsey, Mont., was all acquired by construction during the period from June to November, 1910.

Leased Railway Property
The carrier operates under lease 4.961 miles of road, between Dorsey and Ringling, Mont., owned by the Chicago, Milwaukee and St. Paul Railway Company, which connects the roads of the two companies. The line is used under the terms of an agreement of November 21, 1910, which expires in 25 years from its date. The carrier maintains, renews, and repairs the track but does not pay any rental although it charges to the account Joint Facility Rents an amount equal to 5 per cent of the agreed value of the property. The reason for this accounting procedure was not determined. This carrier jointly uses the station facilities at Ringling, Mont., owned by the Chicago, Milwaukee and St. Paul Railway Company and pays 5 per cent of the cost of its operation and maintenance, but does not pay any rent.