Wikipedia:WikiProject Trains/ICC valuations/Wisconsin Central Railway

Interstate Commerce Commission, Valuation Reports, Volume 143

Location and General Description of Properties
The railroad of Wisconsin Central Railway Company, herein called the Wisconsin Central, is a standard-gauge steam railroad, located in Wisconsin, Minnesota, and Illinois. Its owned main lines extend from Chicago, Ill., northwesterly to St. Paul, Minn., from Spencer, Wis., northerly to Ashland, Wis., and from Owen, Wis., northerly to Duluth, Minn. Its branch lines extend between the following points: Neenah and Manitowoc, Wis., Stevens Point and Portage, Wis., Packwaukee and Montello, Wis., Marshfield and Nekoosa, Wis., Marshfield and Greenwood, Wis., Chippewa Falls and Eau Claire, Wis., Carnelian Junction and Withrow, Minn., Owen and Goodrich, Wis., Chelsea and Rib Lake, Wis., and Mellen and Wisconsin-Michigan State line, near Hurley, Wis. The larger terminals owned are located at Duluth and St. Paul, Minn., and Manitowoc, Stevens Point, Fond du Lac, Superior, and Ashland, Wis.

The Wisconsin Central also solely uses, under lease, the railroad of the Central Terminal Railway Company, herein called the Central Terminal, which consists of a freight terminal and appurtenant facilities, including 6.733 miles of yard tracks and sidings, all located in Chicago, Ill.

It also uses under lease the railroad of Gogebic and Montreal River Railroad Company, herein called the Gogebic and Montreal, which is a single-track, standard-gauge, steam railroad, extending from a connection with the line of the Wisconsin Central at the Wisconsin-Michigan State line, near Hurley, Wis., northeasterly to Bessemer, Mich., 6.858 miles. The Gogebic and Montreal owns yard and side tracks as shown in the trackage table in Appendix 1.

The Wisconsin Central wholly owns and uses 1,420.649 miles of tracks and uses but does not own 31.316 miles of tracks, which are classified in the trackage table in Appendix 1.

Introductory
The Wisconsin Central is a corporation of the State of Wisconsin, having its principal office at Minneapolis, Minn. The Wisconsin Central is controlled by the Soo Line, through ownership of a majority of the outstanding capital stock.

On the other hand, the Wisconsin Central controls, through ownership of all of its securities, the Gogebic and Montreal, whose common-carrier property it operates. In the chapter on investments in other companies are detailed holdings of stock and bonds of other companies. The property of the Wisconsin Central has been operated by its own organization, except as set forth below.

On April 1, 1909, an agreement was entered into between the Wisconsin Central and the Soo Line, under the terms of which control of all the property of the Wisconsin Central was transferred to the former company for a period of 99 years from April 1, 1909. This agreement covered the acquisition of the voting rights of the Wisconsin Central through an exchange of $11,176,800 par value of the Soo Line's leased-line stock certificates for $11,176,800 par value of preferred stock of the Wisconsin Central. The agreement recites that the preferred stock of the Wisconsin Central should be deposited with the Agents Bank of Montreal, New York, as trustee, which was to effect the exchange of securities. In this manner the Soo Line acquired control of the Wisconsin Central. In the event of default in the payment of $4 per share per annum on each of Minneapolis, St. Paul & Sault Ste. Marie Railway Company's leased line stock certificates, the trustee is to return the preferred stock to the original holders and cancel the leased line stock certificates.

The so-called lease is more in the nature of an operating agreement than a lease, as the property of the Wisconsin Central is operated as a separate corporation. The Soo Line does not participate in the profits realized or the losses sustained in the operation of the property of the Wisconsin Central, nor does it pay a rental of any description in connection with the lease. All profits or losses accrue to the Wisconsin Central. The salaries of certain officers of the Wisconsin Central who are also officers of the Soo Line are paid proportionately by both companies.

Corporate History
The Wisconsin Central was incorporated under the laws of Wisconsin on December 30, 1897, for an unstated period. The purpose for which it was incorporated was to acquire possession, ownership, and control, and thereafter to maintain and operate the following named railway lines comprising the then so-called Wisconsin Central System:


 * Wisconsin Central Company.
 * Wisconsin Central Railroad Company (of 1871).
 * Chicago and Wisconsin Railroad Company.
 * Chicago, Wisconsin and Minnesota Railroad Company.
 * Milwaukee and Lake Winnebago Railroad Company.
 * Packwaukee and Montello Railroad Company.

Pursuant to the purpose stated, the Wisconsin Central acquired at its organization the properties, rights, and franchises of the six railroad corporations named. The Wisconsin Central, itself, the six corporations above named, and their predecessors, and the corporations since purchased by the Wisconsin Central, total 27 different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the Wisconsin Central as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Development of Fixed Physical Property
The wholly and jointly owned mileage of the Wisconsin Central was acquired by it as follows:

Of the 26 corporations that comprise the line of succession culminating in the Wisconsin Central as at present constituted, 10 corporations did not construct any road or other common-carrier property. These companies were:


 * Wisconsin Central Company.
 * Wisconsin Central Railroad Company (of 1871).
 * Portage, Winnebago and Superior Railroad Company.
 * Winnebago and Superior Railroad Company.
 * Portage and Superior Railroad Company.
 * Portage, Stevens Point and Superior Railroad Company.
 * Manitowoc and Minnesota Railroad Company.
 * Manitowoc and Western Railroad Company.
 * Chicago, Wisconsin and Northern Railroad Company.
 * Lake Superior & Southeastern Railroad Company.

For 2 other corporations in the line of succession the records reviewed did not indicate what property had been constructed to the dates of their demise. These companies were the St. Croix and Chippewa Falls Railroad Company and The St. Paul and St. Croix Railroad Company.

The property constructed by the remaining corporations and the Wisconsin Central, the years when the various portions of the line were constructed, and the manner in which the Wisconsin Central acquired the predecessors' 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:

Leased Railway Property
The Wisconsin Central uses on date of valuation facilities owned by other companies and other companies use facilities owned by the Wisconsin Central to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation, are as follows:

Lessor Companies

 * Central Terminal
 * Gogebic and Montreal

Wisconsin Central Company
Introductory

This company was controlled on the date of its demise, July 13, 1899, by eastern capitalists who also controlled the entire group of railways known as the Wisconsin Central Associated Lines or the Wisconsin Central System. On the other hand, this company owned certain investments in stocks and bonds of other companies, as detailed in the chapter on investments in other companies.

This company operated its road, including the leased lines, from July 1, 1888, to April 1, 1890. On the latter date its property and leasehold interests, jointly with those of Wisconsin Central Railroad Company (of 1871), were leased for a period of 99 years to the Northern Pacific Railroad Company. The roads comprising the entire Wisconsin Central System were thereafter operated by the Northern Pacific Railroad until August 15, 1893, on which date receivers appointed for that company took possession of the properties, which remained under their control until September 27, 1893, when the receivers surrendered the properties to the respective companies. On September 27, 1893, Henry F. Whitcomb and Howard Morris were appointed receivers for The Wisconsin Central Company and the Wisconsin Central (of 1871), and remained in control until the date of the sale of these properties to the Wisconsin Central.

The company owned on the date of demise 201.86 miles of single-track, standard-gauge, steam railroad, in Wisconsin and Minnesota. Its main line extended from Trout Brook Junction, Minn., near St. Paul, to Abbotsford, Wis., and its branch lines from Chippewa Falls to Eau Claire, Wis., and from Mellen, Wis., to the Michigan-Wisconsin State line. Of the total main-track mileage, about 1.62 miles, located in Chippewa Falls, Wis., was owned jointly with the Chicago, Milwaukee and St. Paul Railway Company.

In addition to its owned road, the company held under lease for sole operation the main line of the Chicago, Wisconsin and Minnesota Railroad Company, extending from Schleisingerville, Wis., to the Wisconsin-Illinois State line, about 66 miles, and the main line of the Chicago and Wisconsin Railroad Company, extending from the Illinois-Wisconsin State line to Central Avenue, Chicago, Ill., about 49 miles; also the branch line of the Gogebic and Montreal, extending from the Wisconsin-Michigan State line to Bessemer, Mich., about 7 miles.

Although the date of the foreclosure sale of this company's property to the Wisconsin Central was July 13, 1899, the transfer of the property took place as of June 30, 1899.

Development of Fixed Physical Property

Of the 201.860 miles of road owned by the company on date of its demise, it had acquired 118.050 miles from the Minnesota, Saint Croix and Wisconsin Railroad Company in the merger of May 31, 1888; 57.58 miles, including 1.62 miles of track jointly and equally owned with the Chicago, Milwaukee and St. Paul from the Wisconsin and Minnesota Railroad Company; and 26.23 miles from the Penokee Railroad Company, by purchase from the two last-named companies on the same date. Details, so far as obtainable, with respect to the construction of this property are given in the chapter on development of fixed physical property of the Wisconsin Central.

Minnesota, Saint Croix and Wisconsin Railroad
Introductory

This company was controlled on June 30, 1888, the date of its demise, by the same interests representing eastern capitalists who also controlled the Wisconsin Central Railroad Company (of 1871) and its affiliated companies. On the other hand, this company owned certain investments in stocks and bonds of other companies, as detailed in the chapter on investments in other companies.

The property of this company was operated by its own organization from the time the different parts of the road were acquired for operation to June 30, 1888, the date of its demise, so far as is shown by the records reviewed. On May 31, 1888, this company was merged with the Wisconsin Central Company. The accounts, however, were held open until June 30, 1888, on which date the merger was completed.

On the date of demise this company operated 128.05 miles of standard-gauge, single-track railroad, of which it owned 118.05 miles and leased about 10 miles from the Wisconsin and Minnesota Railroad Company. The railroad extended eastward from St. Paul, Minn., to a point near Chippewa Falls, Wis., with branch lines extending from the latter point to Eau Claire, Wis., and from St. Croix Junction to Chippewa Junction, Wis.

Development of Fixed Physical Property

The railroad of this company was acquired in sections; partly by the consolidation of the St. Paul and St. Croix Railroad Company and the St. Croix and Chippewa Falls Railroad Company, partly by purchase of the properties of The Chippewa Falls and Western Railway Company and The St. Paul and St. Croix Falls Railway Company, the purchase of a branch known as the Chippewa Extension from the Wisconsin and Minnesota, and partly by construction. The railroad actually constructed by the consolidated companies can not be determined. The Minnesota, Saint Croix and Wisconsin assumed the construction contracts between the consolidated companies and Colby and Finney, contractors, and made payments for railroad constructed thereunder in its own securities. Additional details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Wisconsin Central.

St. Croix and Chippewa Falls Railroad
The accounting records of this company were not obtained, and but few records of any kind were found. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate whether the company was controlled by any individual or corporation on June 28, 1884, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation. The railroad of this company was constructed by affiliated contractors, Colby and Finney. The records do not show that any part of the road was completed on the date of its demise.

St. Paul and St. Croix Railroad
The accounting records of this company were not obtained, and but few records of any kind were found. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate whether the company was controlled by any individual or corporation on June 28, 1884, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation. The railroad of this company was constructed by affiliated contractors, Colby and Finney. The records do not show what mileage was constructed at date of demise.

The St. Paul and St. Croix Falls Railway
The accounting records of this company were not obtained and but few records of any kind were found. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. The only information obtainable with reference to the financial transactions of this company indicated that the Minnesota, Saint Croix and Wisconsin Railroad Company, in purchasing this property, assumed its first-mortgage bonds of $90,000 par value and set up liabilities for conversion of its preferred stock of $54,000 par value and common stock of $36,000 par value. The records reviewed did not indicate whether the company was controlled by any individual or corporation on May 28, 1888, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation. The railroad of this company was constructed by affiliated contractors, Colby and Finney. The company owned 3.34 miles of constructed road on the date of its demise. The sale of the property did not include this company's right to be a corporation.

The Chippewa Falls and Western Railway
The accounting records of this company were not obtained and but few records of any kind were located. Therefore no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed did not indicate whether the company was controlled by any individual or corporation on May 31, 1888, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation. About November, 1873, this company placed in operation 9.71 miles of railroad extending from Eau Claire in a northeasterly direction to a point near Chippewa Falls called Omaha Junction, Wis. By July 19, 1884, it had acquired additional property consisting of about 3.67 miles of road extending from Chippewa Junction to Omaha Junction, Wis. On March 5, 1884, a one-half interest in about 1.62 miles of the last-mentioned road, extending from Central Junction to a connection with the line of Chicago, Milwaukee & St. Paul Railway Company, was sold to the latter company. On July 19, 1884, the remaining 2.05 miles solely owned and 1.62 miles jointly owned road between Chippewa Junction and Omaha Junction were sold to the Wisconsin and Minnesota Railroad Company. On the date of demise, the property of this company consisted of 9.71 miles of road, extending from Eau Claire to Omaha Junction, Wis. The sale of the property did not include the right to be a corporation.

Wisconsin and Minnesota Railroad
Introductory

This company was controlled on July 1, 1888, the date of its demise, by the same interests representing eastern capitalists who also controlled the Wisconsin Central Railroad Company (of 1871) and its affiliated companies. On the other hand, the records reviewed did not indicate that this company controlled any common-carrier corporation. The property of the company was operated by its own organization from the date the road was completed, November, 1880, until the date of demise. On September 1, 1885, the company leased the entire owned and leased property of the Chicago, Wisconsin and Minnesota Railroad Company, described in the part of this report devoted to that company. This property was not acquired for operation until some time in the latter part of 1886 or the early part of 1887.

The railroad operated by this company on the date of demise consisted of 57.58 miles of owned road and 114.12 miles leased for sole operation. The railroad extended from Eau Claire, Wis., in a northerly direction to St. Croix Junction, thence easterly to Abbotsford, Wis., and from Schleisingerville, Wis., to a connection with the Chicago Great Western Railroad at Central Avenue, Chicago, Ill. The part of the road extending from Chippewa Falls to Abbotsford, Wis., 53.91 miles, was constructed for the company by Colby and Finney, contractors. The balance of 3.67 miles, including 1.67 miles of jointly owned, was acquired through purchase from The Chippewa Falls and Western Railway Company.

Penokee Railroad
Introductory

This company was controlled on June 30, 1888, the date of its demise, by the same interests representing eastern capitalists who controlled the Wisconsin Central Railroad Company (of 1871) and its affiliated companies. On the other hand, the records reviewed indicated that this company controlled the Gogebic and Montreal through ownership of all the securities issued by the latter.

The property of the company was operated by its own organization from the date its road was completed, about June 25, 1887, until June 30, 1888, the date the sale of its property to Wisconsin Central Company became effective.

The railroad owned and operated by the company consisted of a main line extending from Mellen to Hurley, Wis., 26.23 miles, and 3.49 miles of yard and terminal tracks in and near Ashland, Wis., all of which were constructed by Colby and Finney, contractors, who were closely affiliated with the financial interests exercising control over this company's affairs. This company operated, under lease dated September 1, 1886, the railroad of the Gogebic and Montreal, extending from Hurley, Wis., to Bessemer, Mich., about 7 miles. On the same date trackage rights were acquired over the Wisconsin Central Railroad Company from Mellen to Ashland, Wis., about 24 miles.

Wisconsin Central Railroad (of 1871)
Introductory

On June 30, 1899, the date of its demise, this company was controlled by the Wisconsin Central Company, through ownership of a majority of both the capital stock and consolidated-mortgage bonds. On the other hand, the records reviewed do not indicate that the company controlled any common-carrier corporation.

The company owned on the date of demise 354.45 miles of single-track, stand ard-gauge, steam railroad, all in Wisconsin. Its main line extended from Menasha to Ashland, 250.64 miles, and its branch lines extended westerly from Marshfield to Greenwood, 22.42 miles, southerly from Stevens Point to Portage, 70.75 miles, southerly from Menasha to Neenah, 5.07 miles, and easterly from Chelsea to Rib Lake, 5.57 miles.

In addition to its owned road, the company held under lease from December 18, 1882, for sole operation, the main line of the Milwaukee and Lake Winnebago Railroad Company, extending southerly from Neenah to Schleisingerville, 63.78 miles, and from date of completion in July, 1896, the line from Manitowac to Hilbert Junction, 27.37 miles, also the main line of the Packwaukee and Montello Railroad Company, from November 1, 1889, extending easterly from Packwaukee to Montello, 7.66 miles. In addition to the leased lines, the company held under lease for sole operation from November 30, 1873, until July 31, 1882, the road of the Milwaukee and Northern Railroad Company, extending from Schwartzburg to Green Bay, 104.8 miles, and from Hilbert Junction to Menasha, 15.77 miles.

The road owned by this company, together with the leased lines of the Milwaukee and Northern, was operated from date of completion of the various sections, or date of acquisition, until December 17, 1877, by the Philips and Colby Construction Company. On December 17, 1877, final settlement was made with the construction company and the Wisconsin Central (of 1871) obtained possession of its road. Thereafter the owned and leased road was operated as follows:
 * Wisconsin Central (of 1871), December 17, 1877, to January 4, 1879.
 * Stewart and Abbot, trustees, January 4, 1879, to October 30, 1889.
 * Wisconsin Central (of 1871), October 30, 1889, to April 1, 1890.
 * Northern Pacific Railroad Company, lessee, April 1, 1890, to August 15, 1893.
 * Receivers, Northern Pacific Railroad, August 15, 1893, to September 27, 1893.
 * H. F. Whitcomb and H. Morris, receivers for Wisconsin Central (of 1871), September 27, 1893, to July 13, 1899.

On July 13, 1899, the receivership was terminated and possession of the road again passed to its former owners, and on the same date, but effective June 30, 1899, the Wisconsin Central (of 1871) conveyed its road to the Wisconsin Central. The sale of the property did not include the right to be a corporation. This company is still in existence, but is inactive, no meetings of its stockholders or directors having been held since June 1, 1914.

Development of Fixed Physical Property

The road owned by the company on date of demise was acquired by it entirely through construction, 321.39 miles having been constructed by the Philips and Colby Construction Company, affiliated contractors, and the remainder by the company's own forces. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Wisconsin Central.

Wisconsin Central Railroad (of 1870)
The records reviewed did not indicate whether this company was controlled by any individual or corporation on July 10, 1871, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation. The company constructed no railroad and made no expenditures for railroad property.

Portage, Winnebago and Superior Railroad (of 1869)
The records reviewed did not indicate whether this company was controlled by any individual or corporation on December 5, 1870, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation. The company constructed no railroad and made no expenditures for railroad property.

Winnebago and Superior Railroad
This company was organized by local citizens residing along its proposed route, and as a local enterprise for the development of the immediate adjacent country. The accounting records of the company were not obtained. Therefore no information can be given from its accounts regarding financial dealings, corporate operations, or investments. Its authorized capital stock was $2,000,000, but the amount issued, if any, or the consideration received therefor, could not be ascertained. The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 24, 1869, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation. The company constructed no railroad and made no expenditures for railroad property.

Portage and Superior Railroad
This company was organized by local citizens residing along its proposed route, and as a local enterprise for the development of the immediate adjacent country. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Its authorized capital stock was $2,000,000, but the amount issued, if any, or the consideration received therefor, could not be ascertained. The records received do not indicate whether the company was controlled by any individual or corporation on May 24, 1869, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation. The company constructed no railroad and made no expenditures for railroad property.

Portage, Stevens Point and Superior Railroad
This company was organized by local citizens residing along its proposed route. Several of its incorporators were also promoters of the Portage and Superior Railroad Company. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Its authorized capital stock was $2,000,000, but the amount issued, if any, or the consideration received therefor, could not be ascertained. The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 5, 1870, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation. The company constructed no railroad and made no expenditures for railroad property.

Manitowoc and Minnesota Railroad
This company was incorporated by the same interests that incorporated the Winnebago and Superior Railroad Company. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Its authorized capital stock was $5,000,000, but the amount issued, if any, or the consideration received therefor, could not be ascertained. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 10, 1871, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation. The company constructed no railroad and made no expenditures for railroad property.

Milwaukee and Lake Winnebago Railroad
Introductory

This company was controlled on July 13, 1899, the date of its demise, by the same interests representing eastern capitalists who also controlled the Wisconsin Central Railroad Company (of 1871) and its affiliated companies. On the other hand, the records reviewed do not indicate that the company controlled any common-carrier corporation. The company never operated its property. From the date of completion of the section of the road between Neenah and Schleisingerville, Wis., to the date of demise it was operated by others, as shown hereunder.
 * John A. Stewart and Edwin H. Abbott, as trustees for the Wisconsin Central (of 1871), December 18, 1882, to October 30, 1889.
 * Wisconsin Central (of 1871), October 30, 1889, to April 1, 1890.
 * Northern Pacific Railroad Company, lessee, April 1, 1890, to August 15, 1893.
 * Receivers for the Northern Pacific Railroad, August 15, 1893, to September 27, 1893.
 * H. F. Whitcomb and H. Morris, receivers for the Wisconsin Central (of 1871), September 27, 1893, to July 13, 1899.

The company owned on the date of demise 91.15 miles of single-track, standard gauge railroad, all in Wisconsin, consisting of a main line from Neenah to Schleisingerville, 63.78 miles, and a branch line extending from Manitowoc to Hilbert Junction, 27.37 miles. It also owned jointly and equally with the Chicago, Milwaukee and St. Paul Railway Company 14.41 miles of railroad extending from Hilbert Junction to Menasha, Wis. The sale of the company's property did not include its right to be a corporation, and it has never been formally dissolved.

Development of Fixed Physical Property

The road between Neenah and Schleisingerville, 63.78 miles, was constructed during 1882. It was accepted from the contractors on December 18, 1882, as of which date it was leased for operation to John A. Stewart and Edwin H. Abbott, trustees for Wisconsin Central (of 1871). It was constructed and equipped by Colby & Finney, under contract, and was paid for in securities of the company. Whether the contractors were affiliated with this company or with its officials prior to or during the construction period was not determined. The securities they received included all of the capital stock of this company, as originally authorized, and shortly after the completion of construction both Colby and Finney were elected directors and officers of the company. The branch line between Manitowoc and Hilbert Junction, 27.37 miles, was constructed in 1895 and 1896, and was opened for traffic on July 23, 1896. It was operated by the receivers for the Wisconsin Central (of 1871). The company, in 1899, acquired an undivided one-half interest in the railroad of the Chicago, Milwaukee and St. Paul Railway Company, between Menasha and Hilbert Junction, 14.41 miles, which had theretofore been used under lease.

Manitowoc and Western Railroad
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. There is no indication that this company was controlled by any individual or corporation on July 12, 1895, the date of its demise. Neither is there any indication that this company controlled any common-carrier corporation. The company did not construct or operate any railroad property. The authorized capital stock was $1,000,000, but there is no record of any of it having been issued.

Chicago, Wisconsin and Minnesota Railroad
Introductory

This company was controlled on July 13, 1899, the date of its demise, by the same interests representing eastern capitalists who also controlled the Wisconsin Central Railroad Company (of 1871) and its affiliated companies. On the other hand, the records reviewed did not indicate that the company controlled any common-carrier corporations. On September 1, 1885, the company leased to the Wisconsin and Minnesota Railroad Company all of its owned railroad from a connection with the Milwaukee and Lake Winnebago Railroad Company in Schleisingerville, Wis., to a point on the southern boundary line of the State of Wisconsin, for a period of 99 years. This lease also covered the railroad of the Chicago and Wisconsin Railroad Company, hereinafter described in the part of this appendix devoted to that company. The property was not delivered to the Wisconsin and Minnesota for operation, however, until late in 1886 or early in 1887.

The property was operated during the period from the date of completion of the railroad in 1886, to date of demise, by the following companies:
 * Wisconsin and Minnesota, 1886 or 1887 to June 30, 1888.
 * Wisconsin Central Company, July 1, 1888, to April 1, 1890.
 * Northern Pacific Railroad Company, April 1, 1890, to August 15, 1893.
 * Receivers for the Northern Pacific Railroad Company, August 15, 1893, to September 26, 1893.
 * Receivers for Wisconsin Central Company, September 27, 1893, to July 13, 1899.

On the date of its demise the property of the company consisted of about 65.75 miles of single-track railroad, extending from Schleisingerville, Wis., in a southerly direction to a connection with the road of the Chicago and Wisconsin on the southern boundary line of the State of Wisconsin.

Chicago, Wisconsin and Northern Railroad
The accounting records of this company were not obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed do not indicate that the company was controlled by any individual or corporation on June 30, 1888, the date of its demise. Neither is it indicated that the company controlled any common-carrier corporation. The company did not construct or operate any railroad property.

Chicago and Wisconsin Railroad
Introductory

This company was controlled on July 13, 1899, the date of its demise, by the same interests representing eastern capitalists who also controlled the Wisconsin Central Railroad Company (of 1871), and its affiliated lines. On the other hand, the records reviewed do not indicate that the company controlled any common-carrier corporations. On September 1, 1885, the company leased to the Chicago, Wisconsin and Minnesota Railroad Company, for a period of 999 years, all its property, rights, and franchises, including a railroad constructed or to be constructed, extending from a connection with the railroad of the Chicago and Great Western Railroad Company at Cicero, Ill., to a point on the north boundary line of Illinois. On the same date the Chicago, Wisconsin and Minnesota leased its own railroad property, together with the railroad property of the Chicago and Wisconsin, to the Wisconsin and Minnesota Railroad Company for sole operation for a period of 99 years.

On the date of demise the company owned, but did not operate, 48.37 miles of single-track railroad, extending from a connection with the line of the Chicago, Wisconsin and Minnesota on the north boundary line of Illinois to Cicero, Ill. The railroad of this company and of the Chicago, Wisconsin and Minnesota, forming a continuous line from Schleisingerville, Wis., to Cicero, Ill., about 114.12 miles, was constructed as a single project by affiliated contractors. Construction was commenced shortly after the incorporation of the two companies and the completed road was placed in operation about July 26, 1886.

Packwaukee and Montello Railroad
Introductory

This company was controlled on July 13, 1899, the date of its demise, by the same interests representing eastern capitalists who also controlled the Wisconsin Central Railroad Company (of 1871) and its affiliated companies. On the other hand, the records reviewed do not indicate that the company controlled any common-carrier corporation. On the date construction was completed, January 31, 1882, this property was leased to the trustees of the Wisconsin Central (of 1871) for sole operation. The railroad of the Packwaukee and Montello was operated from the date construction was completed to the date of demise by the following companies:
 * Trustees Wisconsin Central (of 1871), January 31, 1882, to April 1, 1890.
 * Northern Pacific Railroad Company, April 1, 1890, to August 15, 1893.
 * Receivers for Northern Pacific Railroad Company, August 15, 1893, to September 27, 1893.
 * Receivers for Wisconsin Central (of 1871), September 27, 1893, to July 13, 1899.

On the date of demise this company owned 7.68 miles of road, extending from Packwaukee to Montello, Wis., which was constructed by affiliated contractors and placed in operation about January 31, 1882.

Marshfield and Southeastern Railway
No books of account of this company were obtainable. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments, other than that its minute books show that $399,700 par value of capital stock and $450,000 par value of one-year notes, secured by a mortgage on the property, were to be delivered to Walter A. and Thos. B. Scott for transfer of the property formerly owned by the Port Edwards, Centralia and Northern Railway Company, which had been acquired by them through foreclosure sale. The records reviewed do not indicate whether the company was controlled by any individual or corporation, except as indicated by the information given above, on May 1, 1901, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation. The sale of the company's property did not include the franchise to be a corporation. On the date of demise the company owned 32.83 miles of standard-gauge railroad, extending from Marshfield to Nekoosa, Wis. Of the mileage owned on the date of demise, 29.29 miles was acquired from the Port Edwards, Centralia and Northern and 3.54 miles was constructed in 1896. No further information with respect to the cost of the property purchased or constructed could be obtained.

Port Edwards, Centralia and Northern Railway
No books of account of this company were obtainable. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments, other than that its authorized capital stock was $300,000 par value and that it had an authorized issue of funded debt of $300,000 par value. The records reviewed do not indicate whether the company was controlled by any individual or corporation on February 14, 1896, the date of its demise, nor, on the other hand, whether it controlled any common-carrier corporation. On the date of demise the company owned and operated 29.29 miles of single-track, standard-gauge railroad, extending from Marshfield to Port Edwards, Wis. No information with respect to the cost of the property could be obtained.

Lake Superior & Southeastern Railroad
Introductory

This company was controlled on June 11, 1906, the date of its demise, by the Wisconsin Central through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporations. On the date of demise the property consisted of a partly constructed railroad extending from Ladysmith, Wis., to Duluth, Minn., about 112 miles, together with land acquired for terminal purposes in Superior, Wis., and Duluth, Minn. The sale of the property to the Wisconsin Central, on June 11, 1906, did not include the franchise to be a corporation, and on June 30, 1917, the date of valuation of the Wisconsin Central, the company had not been formally dissolved.

Development of Fixed Physical Property

The partly constructed railroad owned by this company on the date of demise was constructed by contract under the supervision of the forces of the Wisconsin Central. The contractor was not affiliated with the Wisconsin Central nor with the company. The exact dates on which construction of the road was begun were not determined.

Owen and Northern Railway
Introductory

The records reviewed do not indicate that the company was controlled by any individual or corporation on June 11, 1906, the date of its demise, nor, on the other hand, that it controlled any common-carrier corporation.

Development of Fixed Physical Property

The proposed line of this company, extending from Owen to Ladysmith, Wis., about 45.42 miles, was in course of construction on the date of its demise. The construction was not completed, however, until after the property was acquired by the Wisconsin Central.

The Abbotsford and Northeastern Railroad
Introductory

No general books of account of this company, and but few records of any kind were located, covering the period from the date construction was completed to August 1, 1899. For that reason very little information can be stated with respect to its affairs during that period. The company was controlled January 29, 1910, on the date of its demise, by the Wisconsin Central through ownership of its capital stock. On the other hand, the records reviewed did not indicate that it controlled any common-carrier corporation. The records reviewed do not indicate by whom the property of this company was operated prior to August 1, 1899. From that date until the date of demise it was operated by its own organization.

On the date of its demise this company owned and operated 15.16 miles of road extending from Abbotsford to Athens, Wis., and constructed for it in 1889. The purpose of constructing this road was to connect certain milling industries with the railroad of the Wisconsin Central.