Wikipedia:WikiProject Trains/ICC valuations/Wichita Falls and Wellington Railway of Texas

Interstate Commerce Commision, Valuation Reports, Volume 34

Location and General Description of Property
The railroad of the Wichita Falls and Wellington Railway Company of Texas, herein called the Wichita Falls and Wellington, extending from the Texas-Oklahoma State line (near Otex) to Wellington, 15.521 miles.

Introductory
The Wichita Falls and Wellington is a corporation of the State of Texas, having its principal office at Wichita Falls, Tex.

There were no separate accounting records of this company for the period from the date of its organization to April 30, 1914. During that period its accounts, together with those of the Wichita Falls and Northwestern and the Wichita Falls Railway, were kept on the books of The Wichita Falls & Northwestern Railway Company. For that reason only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments.

The Wichita Falls and Wellington is controlled by The Wichita Falls & Northwestern Railway Company through ownership of all of its outstanding capital stock except directors' shares. The Wichita Falls & Northwestern Railway Company is controlled by the Missouri, Kansas & Texas Railway Company. On the other hand, the records do not indicate that this company controls any common-carrier corporation.

The property of the Wichita Falls and Wellington was operated by the Katy of Texas from the earliest date for which its records have been found to December 31, 1917. From that date until date of valuation it has been operated by the United States Railroad Administration as a part of the operating unit of the Katy of Texas.

Corporate History
The Wichita Falls and Wellington was incorporated March 3, 1910, under the general laws of the State of Texas, for the purpose of constructing and operating a railroad from the Texas-Oklahoma State line near the southeast corner of Collingsworth County, northwesterly to Wellington, Tex. The date of organization of the Wichita Falls and Wellington was not determined.

Development of Fixed Physical Property
The owned mileage of the Wichita Falls and Wellington, 15.521 miles, was all acquired by construction, completed during the year 1910. The construction work was performed under contract by the Texas & Oklahoma Construction Company, which was controlled by Kemp and Kell who were officers of the Wichita Falls and Wellington.

Leased Railway Property
The entire property of the Wichita Falls and Wellington is leased to the Katy of Texas for a term of 99 years from May 1, 1914. The terms of the lease and the rental accrued for the year ended December 31, 1917, are given in the chapter on leased railway property of the report on the Katy of Texas.