Wikipedia:WikiProject Trains/ICC valuations/Wichita Falls, Ranger and Fort Worth Railroad

Interstate Commerce Commission, Valuation Reports, Volume 44

Location and General Description of Property
The Wichita Falls, Ranger & Fort Worth Railroad Company, herein referred to as the Wichita Falls, Ranger & Fort Worth, owns that part of the main line extending from Jimkurn to Dublin, a distance of 74.790 miles. This company owns jointly with other companies certain tracks located at Wentzel, Tex.

Introductory
The Wichita Falls, Ranger & Fort Worth is a Texas corporation, having its principal office at Wichita Falls, Tex. It is controlled by the Wichita Falls & Southern Railroad Company, hereinafter called the carrier, through ownership of its outstanding capital stock, authorized by the Interstate Commerce Commission August 10, 1927, 131 I. C. C. 117. The records do not indicate that it controls any common-carrier corporation.

The property of the Wichita Falls, Ranger & Fort Worth was operated by its own organization from date the first section was placed in operation, April 7, 1920, to December 25, 1921; from December 26, 1921, to March 31, 1926, by a receiver; from April 1, 1926, to August 31, 1927, by its own organization, and from September 1, 1927, to date of valuation by the carrier.

During the period from June 1, 1921, to March 19, 1922, it operated under lease the property of the Eastland, Wichita Falls & Gulf Railroad Company, consisting of 26.70 miles from Mangum to Ringling, Tex.

Corporate History
The Wichita Falls, Ranger & Fort Worth was incorporated September 26, 1919, under general laws of Texas, to construct and operate a railroad extending from Alexander, Tex., to a point on the Texas-Oklahoma State line. The date of organization has not been obtained.

Development of Fixed Physical Property
The road owned, 74.790 miles, extending from Jimkurn to Dublin, Tex., was constructed by contractors. The work commenced in June and was completed in sections, the first section of 30.60 miles being completed April 7, 1920, and the last section March 1, 1921.

Leased Railway Property
The entire property of the Wichita Falls, Ranger & Fort Worth is leased to the carrier for a term of 99 years from July 1, 1927, but operations did not commence until September 1, 1927.

The lessee is obligated to maintain the property, pay the interest on funded debt, 6 percent on capital stock, taxes, and all other charges.

The carrier has recorded income from lease of road of $20,000 for 4 months ending on date of valuation, comprising 6 percent per annum on $1,000,000 par value of capital stock for that period.