Wikipedia:WikiProject Trains/ICC valuations/Minneapolis and St. Louis Railroad

Interstate Commerce Commission, Valuation Reports, Volume 137

The Minneapolis & St. Louis Railroad

Location and General Description of Property

The railroad of The Minneapolis & St. Louis Railroad Company, herein called the carrier, is a standard-gauge, steam railroad, located in Illinois, Iowa, Minnesota, and South Dakota. It is single track, with the exception of 9.228 miles of double-track line extending south from Minneapolis, Minn., and 0.193 mile of double track on another part of the line. The owned mileage consists of four main lines and several branches located in the above-named States, together with terminal properties in Minneapolis, Albert Lea, and New Ulm, Minn.; Aberdeen and Watertown, S. Dak.; Albia, Des Moines, Fort Dodge, Marshalltown, Mason City, and Oskaloosa, Iowa; and Peoria and Monmouth, Ill. The main lines extend as follows: Southerly from Minneapolis, Minn., to Oskaloosa, Iowa, and thence easterly to Peoria, Ill.; from Albert Lea, Minn., southwesterly to Des Moines, Iowa, and from Hopkins, Minn., westerly to Leola and Le Beau, S. Dak. The operated branch lines are all in Iowa and reach Storm Lake, Ruthven, Algona, Story City, State Center, Montezuma, Newton, and Albia. The carrier also owns a short branch between Manitou Junction, and Tonka Bay, Minn. This is leased to the Minneapolis & St. Paul Suburban Railroad Company. Connection between the carrier's owned lines at Spencer and Ruthven, Iowa, and at Northwood, Iowa, and the Minnesota-Iowa State line, is obtained by means of trackage rights over the lines of other carriers.

The carrier wholly owns 1,555.211 miles of road, of which it uses 1,553.812 miles and leases 1.399 miles to the Minneapolis & St. Paul Suburban Railroad Company. It also jointly owns and uses 1.341 undivided miles of road with The Chicago, Rock Island and Pacific Railway Company, each company's interest being one-half. The carrier wholly owns and uses 1,921.612 miles of all tracks, wholly owns but does not use 13.762 miles of all tracks, and wholly uses but does not own 0.774 mile of all tracks. It also jointly owns and uses with other carriers 8.146 miles of all tracks. These tracks are classified in the trackage table in Appendix 1.

Introductory

The carrier was originally incorporated November 12, 1894, under the general laws of Minnesota, as The Minneapolis and St. Louis Railroad Company (of Minnesota). It subsequently underwent two reorganizations: The first as of February 1, 1895, after which it continued under the name of The Minneapolis and St. Louis Railroad Company (of Minnesota and Iowa); the second as of July 1, 1916, after which it has been known as the Minneapolis & St. Louis Railroad Company. The Minneapolis and St. Louis Railroad Company (of Minnesota), conveyed that portion of its property in the State of Iowa to a committee which, on January 19, 1895, caused to be incorporated The Minneapolis & St. Louis Railroad & Telegraph Company of Iowa to take over such property. This company had been in existence only 13 days when the property which had been conveyed to it was transferred to The Minneapolis and St. Louis Railroad Company (of Minnesota and Iowa). Any accounting that may have been recorded in connection with The Minneapolis & St. Louis Railroad & Telegraph Company of Iowa inseparably included in the accounts of the carrier. Whatever may have been the legal status of the incorporations as of February 1, 1895, and July 1, 1916, the accounts are continuous as for one incorporation from November 12, 1894, to date of valuation and the report upon the carrier has therefore been made as for a company operating continuously since that date.

The records reviewed do not indicate that the carrier is controlled by any individual or corporation on date of valuation. On the other hand, the carrier controls The Railway Transfer Company of the City of Minneapolis, through ownership of all the capital stock, except directors' qualifying shares. It also controls the Hocking Coal Company, a noncarrier corporation, through ownership of the entire capital stock. Both of these corporations are separately operated. It also controls jointly with other companies, through ownership of 11 plus per cent of capital stock of each. The Minnesota Transfer Railway Company and The Saint Paul Union Depot Company. The other controlling companies are the Chicago, Burlington & Quincy Railroad Company; Chicago Great Western Railroad Company; Chicago, Milwaukee and St. Paul Railway Company; The Chicago, Rock Island and Pacific Railway Company; Chicago, Saint Paul, Minneapolis and Omaha Railway Company; Great Northern Railway Company; Minneapolis, St. Paul & Sault Ste. Marie Railway Company; and the Northern Pacific Railway Company.

The property of the carrier, except certain tracks leased to others for sole operation, as explained more fully in the chapter on leased railway property, has been operated by its own organization from the date of acquirement thereof to date of valuation. The results of the corporate operations of the carrier as stated herein, include those for the period from November 1 to November 11, 1894, before it was incorporated, but they are not separable.

Corporate History

The carrier was originally incorporated November 12, 1894, under the general laws of Minnesota, as The Minneapolis and St. Louis Railroad Company (of Minnesota). It subsequently underwent two reorganizations, one as of February 1, 1895, after which it continued under the name of The Minneapolis and St. Louis Railroad Company (of Minnesota and Iowa), the other as of July 1, 1916, after which it has been known as the Minneapolis & St. Louis Railroad. As hereinbefore explained, the accounts are continuous as for one company for the entire period since November 12, 1894, therefore, the three companies above mentioned are herein reported upon as one corporation continuing from November 12, 1894, to date of valuation. The carrier, together with its predecessors, total 27 different corporations, of which 7 underwent a change of name, and comprise the line of corporate succession culminating in the carrier 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.

No.	Name	Incorporation	Succession
1.	The Minneapolis & St. Louis Railroad Company.	Under general laws of Iowa, as a reorganization of 2, effective July 1, 1916.
2.	The Minneapolis and St. Louis Railroad Company.	See 3.	Reorganized under name of 1, July 1, 1916.
3.	The Minneapolis and St. Louis Railroad Company.	Under general laws of Minnesota, Nov. 12, 1894.	Reorganized under name of 2, Feb. 1, 1895.
4.	Iowa Central and Western Railway Company.	Under general laws of Iowa, Oct. 29, 1898.	Merged with 1, July 1, 1916.
5.	The Minneapolis & St. Louis Railroad & Telegraph Company of Iowa.	Under general laws of Iowa, Jan. 19, 1895.	Acquired by 1[sic - 2], in reorganization of Feb. 1, 1895.
6.	The Minneapolis and St. Louis Railway Company.	Under special acts of Minnesota approved Mar. 2, 1881, and general laws of Minnesota and Iowa, through articles of consolidation, dated Apr. 20, 1881, filed in Minnesota May 23, 1881, and in Iowa May 26, 1881, effective June 1, 1881.	Sold at foreclosure Oct. 11, 1894, after receivership begun June 28, 1888, and conveyed by deeds dated Oct. 31, 1894, and Nov. 28, 1894, to Frederic P. Olcott and associates, who reorganized as 1, articles of reorganization dated Nov. 2, 1894, and filed in Minnesota Nov. 12, 1894, property conveyed to 1, by deeds dated Nov. 2, 1894, and Jan. 14, 1895.
7.	Minneapolis & St. Louis Railway Company.	See 8.	Consolidated June 1, 1881, with 9, 10, and 11 to form 6.
8.	Minnesota Western Railroad Company.	Under special act of the Territory of Minnesota, Mar. 3, 1853.	Name changed to 7, May 26, 1870.
9.	The Minneapolis and Duluth Railroad Company.	Under special acts and general laws of Minnesota, May 16, 1871, through articles of incorporation, dated Apr. 24, 1871, filed in Minnesota May 16, 1871.	Consolidated June 1, 1881, with 7, 10, and 11 to form 6.
10.	Minnesota and Iowa Southern Railway Company.	Under general laws of Iowa, May 13, 1878.	Consolidated June 1, 1881, with 7, 9, and 11 to form 6.
11.	Fort Dodge & Fort Ridgeley Railroad Company.	See 12.	Consolidated June 1, 1881, with 7, 9, and 10 to form 6.
12.	Fort Dodge & Fort Ridgeley Railroad and Telegraph Company.	Under general laws of Iowa, July 22, 1876.	Name changed to 11, Nov. 30, 1878.
13.	The Minneapolis, New Ulm and Southwestern Railroad Company.	Under general laws of Minnesota, Oct. 5, 1895.	Sold to 1, Feb. 9, 1899.
14.	Iowa Central Railway Company.	Under general laws of Illinois, May 14, 1888.	Sold to 1, Jan. 1, 1912.
15.	Iowa Railway Company.	Under general laws of Iowa, Jan. 9, 1888.	Sold to 14, Aug. 1, 1888.
16.	Central Iowa Railway Company.	Under general laws of Iowa, Jan. 1, 1878.	Sold at foreclosure after receivership begun Dec. 1, 1886, reorganized as 15. Property conveyed to 15 by special master's deed dated July 24, 1888, but the receiver retained possession thereof until May 16, 1889, when he turned it over to 14.
17.	Central Railroad Company of Iowa.	Under general laws of Iowa, July 1, 1869.	Sold at foreclosure and conveyed to the Farmers' Loan & Trust Company July 31, 1877, who conveyed it to 16 by deed dated May 5, 1879. Receiver retained possession to June 18, 1879.
18.	Iowa River Railway Company.	Under general laws of Iowa, Sept. 1, 1868.	Sold to 17, Sept. 30, 1869.
19.	Eldora Railroad and Coal Company.	Under general laws of Iowa, Feb. 7, 1866.	Sold to 18, September, 1868. Conveyed by contract of sale dated Sept. 17, 1868, and quitclaim deed dated Sept. 28, 1868.
20.	Iowa Central and Northwestern Railway Company.	Under general laws of Iowa, Oct. 6, 1880.	Sold to 16, Mar. 1, 1882.
21.	Keithsburg, Grinnell & Dakota Railway Company.	Under general laws of Iowa, Feb. 21, 1882.	Do.
22.	Grinnell and Montezuma Rail Road Company.	Under general laws of Iowa, May 10, 1875.	Sold to 21, Feb. 28, 1882.
23.	Chicago, Burlington and Pacific Railroad Company.	See 24.	Sold to 16, Apr. 1, 1882.
24.	The New Sharon Coal Valley and Eastern Rail Road Company.	Under general laws of Iowa, Jan. 29, 1880.	Name changed to 23, Jan. 7, 1882.
25.	Central Iowa Railway Company.	See 26.	Sold at foreclosure after receivership begun Dec. 1, 1886, and conveyed to 14 Aug. 1, 1888, but the receiver retained possession of the property to May 16, 1889.
26.	Peoria and Farmington Railway Company.	Under the laws of Illinois, Mar. 27, 1869.	Name changed to 25, Dec. 7, 1882.
27.	The Burlington, Monmouth and Illinois River Railway Company.	Under the laws of Illinois, Nov. 30, 1875.	Sold to 25, Sept. 5, 1881.
28.	The Keithsburg and Eastern Railroad Company.	Under the laws of Illinois, Oct. 18, 1873.	Sold at foreclosure Jan. 24, 1880, to interests which on Feb. 22, 1881, contracted to convey the property to 25 and quitclaimed it to that company's successor, 14, Apr. 9, 1890.
29.	The Keithsburg Bridge Company.	See 30.	Sold to 14, July 25, 1901.
30.	The Mercer County Bridge Company.	Under general laws of Illinois, Dec. 19, 1881.	Name changed to 29, Apr. 27, 1885.
31.	Keithsburg Bridge Company.	Under general laws of Iowa, Dec. 17, 1881.	Sold to 29, May 25, 1885.
32.	Minnesota, Dakota & Pacific Railway Company.	Under general laws of South Dakota, Dec. 18, 1905.	Sold to 1, Jan. 1, 1912.
33.	Des Moines & Fort Dodge Railroad Company.	See 34.	Sold to 1, Aug. 9, 1915.
34.	The Des Moines and Ft. Dodge Rail Road Company.	Under general laws of Iowa, Feb. 4, 1874.	Name changed to 33, Apr. 2, 1881.
35.	The Des Moines Valley Rail Road Company.	See 36.	Sold in divisions. The second division, Des Moines to Fort Dodge, Iowa, was sold at foreclosure Oct. 17, 1873, to trustees who conveyed it to 33 Nov. 15, 1875. The first division was sold at foreclosure Oct. 17, 1873 and acquired Nov. 10, 1873, by The Keokuk and Des Moines Railway Company, not in line of corporate succession.
36.	The Keokuk, Fort Des Moines and Minnesota Rail Road Company.	Under general laws of Iowa, Sept. 1, 1853.	Name changed to 35, June 1, 1864.

Development of Fixed Physical Property

The road owned by the carrier, 1,555.211 miles, was acquired partly by purchase in the reorganization of November 12, 1894, partly by merger, and partly by construction. Of the corporations that comprise the line of corporate succession, The Keithsburg and Eastern Railroad Company did not construct or improve any property, and the Iowa Railway Company did not come into possession of the property it acquired, as it was delivered directly from the receiver of its predecessor company to its successor company. The Minneapolis & St. Louis Railroad & Telegraph Company of Iowa and the Keithsburg, Grinnell & Dakota Railway Company acquired property from predecessors, but either those have no records or the records reviewed do not show whether they improved such property while they owned it. The Iowa Central Railway Company and the Central Iowa Railway Company (of Iowa) only improved property completed by others. The data with respect to the miles of road constructed by the carrier and the 20 remaining corporations, the years in which the various portions of the line were constructed, and the manner in which the carrier acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained.

		Mileage
Acquired by construction, New Ulm, Minn., to Storm Lake, Iowa, 1899-1900.		133.28
Acquired by merger in connection with the reorganization as of July 1, 1916, from the Iowa Central and Western Railway Company, constructed by that company, Belmond to Algona, Iowa, 1899.		36.60
Acquired in connection with the reorganization as of Feb. 1, 1895, from The Minneapolis & St. Louis Railroad & Telegraph Company of Iowa:
Constructed by The Minneapolis and St. Louis Railway Company (of Minnesota and Iowa)—
Fort Dodge to Angus, Iowa, 1882.	48.90
Kalo Junction to Kalo, Iowa, 1882.	1.14
Constructed by the Minnesota and Iowa Southern Railway Company, Minnesota-Iowa State line to Livermore, Iowa, 1879-1880.	60.00
Constructed by the Fort Dodge & Fort Ridgeley Railroad Company—
Livermore to Humboldt, Iowa, 1877-1879.	16.38
Humboldt to Fort Dodge, Iowa, 1879.	12.62
		139.04
Acquired by purchase from—
Wisconsin, Minnesota and Pacific Railway Company (not a predecessor), Jan. 20, 1899, constructed by that company, Morton, Minn., to Watertown, S. Dak., 1882.		123.18
The Minneapolis and St. Louis Railway Company (of Minnesota and Iowa), Nov. 2, 1894, and Jan. 14, 1895—
Constructed by that company—
Hopkins to Morton, Minn., 1881-1882.	92.89
Manitou Junction to Tonka Bay, Minn., 1881-1882.	1.45
Constructed by the Minneapolis & St. Louis Railway Company—
Minneapolis to Merriam Junction, Minn., May, 1870, to June, 1871.	28.00
Merriam Junction to Albert Lea, Minn., February, 1877, to June, 1878.	81.00
Albert Lea, Minn., to Minnesota-Iowa State line, toward Fort Dodge, Iowa, June, 1879, to December, 1880.	13.00
Albert Lea, Minn., to Minnesota-Iowa State line, towards Northwood, Iowa, April, 1877, to 1878.	12.57
Constructed by The Minneapolis and Duluth Railroad Company, Minneapolis to White Bear, Minn., about 1871.	13.09
		242.00
The Minneapolis, New Ulm and Southwestern Railroad Company, Feb. 9, 1899, constructed by that company, Winthrop to New Ulm, Minn., 1895-1896.		20.22
Iowa Central Railway Company, Jan. 1, 1912—
Constructed by the Central Railroad Company of Iowa—
Ackley to Northwood, Iowa, 1870-1871.	65.30
Albia to Marshalltown, Iowa, 1871.	80.90
Constructed by the Iowa River Railway Company, Eldora to Marshalltown, Iowa, about 1868.	27.30
Constructed by the Eldora Railroad and Coal Company, Ackley to Eldora, Iowa, 1867-1868.	16.00
Constructed by the Iowa Central and Northwestern Railway Company—
Minerva Junction to Story City, Iowa, undetermined.	34.54
Hampton to Belmond, Iowa, about 1881.	22.35
Acquired by the Keithsburg, Grinnell & Dakota Railway Company from Russell Sage, and others, Feb. 22, 1882, Newburg to State Center, Iowa, no record of date constructed.	26.58
Constructed by the Grinnell and Montezuma Rail Road Company, Grinnell and Montezuma Junction to Montezuma, Iowa, 1875.	13.61
Constructed by the Chicago, Burlington and Pacific Railroad Company—
Newton to New Sharon, Iowa, 1882.	28.43
Lynnville Junction to Lynnville, Iowa, 1882.	2.45
Oskaloosa, Iowa, to near west bank Mississippi River opposite Keithsburg, Ill., 1882.	98.00
Undetermined amount of construction done by The Burlington, Monmouth and Illinois River Railway Company, completed by the Central Iowa Railway Company (of Illinois), Peoria to Keithsburg, Ill., 1882-1883.	85.23
Approach on west bank of Mississippi River constructed by the Keithsburg Bridge Company; bridge and tracks over Mississippi River, Keithsburg, Ill., completed by The Keithsburg Bridge Company.	2.57
		503.26
Minnesota, Dakota & Pacific Railway Company, Jan. 1, 1912, constructed by that company—
Watertown to Le Beau, S. Dak., prior to July 1, 1908.	171.22
Conde to Leola, S. Dak., prior to July 1, 1908.	57.13
		228.35
Des Moines & Fort Dodge Railroad Company Aug. 9, 1915—
Constructed by that company, Tara to Ruthven, Iowa, about 1882—
Originally constructed.	54.97
Mileage subsequently abandoned.	5.35
	49.62
Constructed by The Des Moines Valley Rail Road Company, Des Moines, via Tara, to Fort Dodge, Iowa, prior to 1873.	88.00
		137.62
		1,563.55
Less mileage sold, Minneapolis to White Bear, Minn., Nov. 29, 1901.		13.09
Total recorded mileage.		1,550.46
Difference between total recorded mileage and mileage inventoried as of date of valuation.		4.751
Mileage inventoried as of date of valuation.		1,555.211

In addition to the foregoing, the carrier owns jointly with The Chicago, Rock Island and Pacific Railway Company, 1.341 miles of road at Watertown, S. Dak. This property was acquired in the reorganization of 1916, but the records reviewed do not indicate when or by whom it was constructed. The item representing 13.09 miles of road sold is the mileage originally constructed by The Minneapolis and Duluth Railroad Company, which was one of the companies consolidating June 1, 1881, to form The Minneapolis and St. Louis Railway Company (of Minnesota and Iowa).

Leased Railway Property

The carrier uses on date of valuation property owned by other companies and other companies use property owned by the carrier 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:

	Rentals
Solely owned, but not used, leased to—
The Minneapolis and St. Paul Suburban Railroad Company (electric line), tracks, 1.399 miles, Manitou Junction to Tonka Bay, Minn., including all facilities appertaining thereto; term 45 years from Oct. 1, 1907; stipulated payment of $2,000 per annum; lessee to pay all taxes, maintenance, and pay for all improvements.	$2,000.00
The Railway Transfer Company of the City of Minneapolis—
Yard tracks 11.828 miles and facilities between First Street North, and Twentieth Avenue South, in Minneapolis, Minn.; term 10 years from Nov. 2, 1904, and thereafter until 6 months' notice given; stipulated payment of $60,000 per annum and 5 per cent on cost of additions and betterments; lessee pays all taxes and maintenance.	64,313.88
Steam locomotives, 5, for use in above-described yard at Minneapolis, Minn.; term 10 years from Nov. 2, 1904, and thereafter until 6 months' notice given; stipulated payment of $100 per month for use of each engine; lessee maintains the locomotives at its own expense; rental credited to income account Hire of Equipment.	5,631.31
Peoria and Pekin Union Railway Company, 0.346 mile of yard track in Bartlett Yard, near Peoria, Ill.; term 5 years from Apr. 1, 1911, and thereafter until notice given to terminate; stipulated payment of 25 cents per car for each loaded car handled over track; no rentals accrued or received for year ending on date of valuation account track not used during year by the lessee.	......
Solely used, but not owned, owned by—
Chicago and Northwestern Railway Company, 0.047 mile of second main track in Marshalltown, Iowa; term indefinite, from Jan. 24, 1913, until canceled upon 60 days' notice; stipulated payment of 5 per cent per annum on agreed valuation of property; maintenance and taxes borne by lessee.	24.84
Great Northern Railway Company, passenger depot at Minneapolis, Minn., and 0.727 mile of yard tracks; term from June 14, 1890, until such time as the carrier arranges to run its trains into a union depot; stipulated payment of 2.5 per cent per annum on agreed valuation; maintenance and operation borne by lessee.	1,917.48
Solely owned, but jointly used, used with—
The Railway Transfer Company of the City of Minneapolis, tracks 1.58 miles (of which 1.53 miles is double main track), from First Street North, to Twentieth Avenue South, in Minneapolis, Minn.; term 10 years from Nov. 2, 1904, and thereafter until 6 months' notice given; stipulated rental of $1 per car on certain cars switched; maintenance on wheelage basis; portion of line also used by other common-carriers as noted herein.	6,330.00
Minneapolis, St. Paul & Sault Ste. Marie Railway Company, tracks 0.80 mile (of which 0.70 mile is double main track), from Third Avenue North, to Twentieth Avenue South, in Minneapolis, Minn.; term from Oct. 1, 1912, to Nov. 1, 1934; stipulated payment of $9,960 per annum and 2 per cent per annum on cost of additions and betterments, for passenger trains daily each way, freight trains and light engine; additional passenger trains extra; maintenance on wheelage basis; this line also used by other common-carriers as noted herein.	10,155.00
Northern Pacific Railway Company, tracks, 1.61 miles of double main tracks, from Third Avenue North, to Twentieth Avenue South, in Minneapolis, Minn.; term 90 years from Nov. 1, 1894; stipulated payment of 2 per cent per annum on original cost of construction and cost of additions and betterments; maintenance on wheelage basis; this line also used partly by other common-carriers as noted herein.	8,556.00
Chicago, Great Western Railroad Company, tracks, 0.12 mile (of which 0.08 mile is double main track), from Nineteenth Street South to Twentieth Street South, in Minneapolis, Minn.; term 9 years from Dec. 31, 1912; stipulated payment of $67.57 per month and 2 per cent per annum on cost of additions and betterments; maintenance on wheelage basis.	810.84
Chicago, Saint Paul, Minneapolis and Omaha Railway Company, tracks, 26.91 miles (of which 7.84 miles is double main track), from Merriam Junction to Minneapolis, Minn.; term 99 years from Sept. 25, 1882; stipulated payment of 3 per cent per annum on agreed valuation of $400,000 and 3 per cent per annum on cost of additions and betterments; maintenance and operation on wheelage basis.	34,161.48
Muscatine, Burlington & Southern Railroad Company, tracks, 3.80 miles from Oakville to Elrick Junction, Iowa; term indefinite; expires upon 6 months' written notice; stipulated payment of 2.5 per cent per annum on agreed valuation of $77,205.70 and 2.5 per cent per annum on cost of additions and betterments; maintenance on wheelage basis.	2,082.48
The Chicago, Rock Island and Pacific Railway Company—
Tracks, 66.64 miles from Gowrie to Des Moines, Iowa; term indefinite from Jan. 1, 1905, expiring upon 18 months' written notice; stipulated payment of a sum annually equal to its car mileage proportion of $1,030 per mile with a minimum of 35 per cent of $1,030 per mile per annum; carrier maintains the line, Gowrie to Valley Junction, Iowa, and the Rock Island maintains the line from Valley Junction to Des Moines, Iowa; a like proportion with like minimum of 4 per cent per annum on cost of additions and betterments; taxes and maintenance divided on basis of car mileage.	34,268.78
Tracks, 11.45 miles from Manly Junction to Northwood, Iowa; term 999 years from July 1, 1901; stipulated payment of 2 per cent per annum on agreed valuation of $131,056.95; cost of additions and betterments divided on basis of car mileage; maintenance and operation on basis of car mileage.	4,436.94
Tracks, 11.67 miles from Minnesota-Iowa State line near Northwood, Iowa, to Albert Lea, Minn., originally leased by the Minneapolis & St. Louis Railway Company under agreement dated Jan. 31, 1877, to The Burlington, Cedar Rapids and Northern Railway Company of Iowa for exclusive use by the latter company for a period of 999 years; line was constructed by latter company and placed in operation about Oct. 1, 1877; the first-named company issued first-mortgage 7 per cent bonds aggregating $150,000 in payment for the construction which were guaranteed as to principal and interest by lessee company and used by it in part payment to contractors for constructing the road; as rental the lessee and its successor paid the bond interest direct to the trustee. At date of valuation the Rock Island, as successor lessee, is paying the interest direct to the trustee and no accounting is made in the carrier's accounts. On July 1, 1901, The Burlington, Cedar Rapids and Northern Railway Company of Iowa granted to the Iowa Central Railway Company trackage rights over this line for period of 999 years; the carrier, as successor of the Iowa Central, acquired this leasehold right; the stipulated payment by the carrier is 2 per cent per annum on agreed valuation of $143,070.05; cost of additions and betterments divided on basis of car mileage; maintenance and operation on basis of car mileage; the rental accrued or paid by the carrier is inseparably included in the item of $3,333.14 for use of line of the Rock Island aggregating 3.78 miles, from Northwood, Iowa, to Minnesota-Iowa State line, as detailed elsewhere in this chapter.	......
Illinois Central Railroad Company—
Tracks, 6.75 miles, Glenville to Albert Lea, Minn., which is a part of the 11.67 mile line extending from Minnesota Iowa State line to Albert Lea, Minn., mentioned in preceding item, is used by the Illinois Central under trackage right granted to it by the Rock Island; contract dated Sept. 19, 1900; term indefinite. Under the terms of contract of July 1, 1901, between the Iowa Central Railway Company and The Burlington, Cedar Rapids and Northern Railway Company of Iowa the rentals and revenues resulting from the use of this line were to be divided equally between the two last-mentioned companies; the Illinois Central pays the Rock Island annually a stipulated rental of $2,284.15 and a proportion of the maintenance and operation on basis of car mileage. The rentals accrued or received for the year ending on date of valuation are inseparably included in the item of $5,954.72 for use of facilities at Albert Lea, Minn., as detailed elsewhere in this chapter.	......
Terminal facilities at Albert Lea, Minn.; term 5 years from Dec. 11, 1906, and thereafter until 1 year's notice given; stipulated payment of 2 per cent on valuation of $102,800.83 and 2 per cent per annum on cost of additions and betterments; maintenance and operation divided on basis of use.	5,954.72
Des Moines Union Railway Company, terminal tracks in Des Moines, Iowa.; period and terms of use not ascertained; rentals accrued or received for year ending on date of valuation.	2,948.13
Southern Iowa Traction Company, tracks, 1.98 miles, and terminal facilities at Albia, Iowa (also used by Wabash Railway Company); term indefinite from July 1, 1911, until 30 days' notice given; stipulated payment of $4 per day for rental and maintenance.	292.00
Wabash Railway Company, track, 0.36 mile, and terminal facilities at Albia, Iowa (also used by Southern Iowa Traction Company); term indefinite from Dec. 1, 1899, until 6 months' notice given; stipulated payment of $1,080 per annum and 50 per cent of cost of maintenance and operation.	1,080.00
Jointly owned, used as right of way by others, owned with—
Chicago, Burlington & Quincy Railroad Company; The Chicago, Rock Island and Pacific Railway Company; and Des Moines Union Railway Company; used by the Des Moines City Railway Company (Electric Street Railway); Seventh Street viaduct, Des Moines, Iowa; term indefinite from Mar. 1, 1916; used as right of way for electric line railway; stipulated payment of $1,250 per annum, which rental is divided by the owning companies on basis of joint ownership of viaduct; carriers' proportion 21.1 per cent.	263.76
Jointly used, but not owned, owned by—
Chicago and North Western Railway Company, passenger terminal facilities at Marshalltown, Iowa; term 5 years from Dec. 15, 1894, extended at various times to Dec. 15, 1914, and made subject to cancellation upon due notice; stipulated payment of $300 per annum and one-third the cost of maintenance and operation.	300.00
The Chicago, Rock Island and Pacific Railway Company—
Tracks, 3.78 miles, from Northwood, Iowa, to Iowa-Minnesota State line, term 999 years from July 1, 1901; stipulated payment of 2 per cent per annum on agreed valuation of $44,675.37; cost of additions and betterments divided on basis of per cent of car mileage; maintenance and operation on basis of car mileage.	3,333.14
Tracks, 4 miles of second main track, Valley Junction, Iowa, to Des Moines, Iowa; term indefinite from Jan. 1, 1905, expiring upon 18 months' written notice; no rental, taxes, or maintenance paid by lessor; reciprocal arrangement for use of tracks of both companies between these points.	......
Chicago, Burlington & Quincy Railroad Company, tracks, 60.85 miles, from Oskaloosa, Iowa, to Des Moines, Iowa, for freight trains only; term indefinite from Aug. 31, 1912, until canceled upon 6 months' notice; stipulated payment of 60 cents per train-mile.	14,398.06
Chicago, Milwaukee and St. Paul Railway Company, tracks, 12.45 miles, from Spencer to Ruthven, Iowa; term 35 years from Jan. 1, 1905; stipulated payment of $2,712.68 per annum and 2 per cent on cost of additions and betterments; maintenance divided on basis of car mileage.	4,499.07
Des Moines Union Railway Company, track, 0.44 mile, from Valley Junction to Des Moines, Iowa, and passenger-train facilities at Des Moines, Iowa; term indefinite, from May 1, 1912, until canceled upon 1 year's notice; stipulated payment of $200 per month per scheduled train.	2,403.25
Dubuque and Sioux City Railroad Company, used with Illinois Central Railroad Company, lessee:
Tracks, 6.95 miles, from Tara to Fort Dodge, Iowa; term indefinite, from Sept. 1, 1902, to Dec. 31, 1904; used from year to year since; stipulated payment of $2,500 per annum for 1 daily train each way or $3,375 per annum for 2 daily trains each way; all over 2 daily trains each way, $600 per train per annum.	5,029.55
Passenger-station facilities at Fort Dodge, term 6 years from Nov. 10, 1901, and thereafter until 1 year's notice given; stipulated payment of $417 per annum and 5 per cent per annum on cost of additions and betterments; maintenance divided on basis of use.	417.00
The Saint Paul Union Depot Company—
Track, 0.56 mile of double main track, and Union passenger station facilities; including storage track for cars; terms Aug. 1, 1902, to Feb. 6, 1979; stipulated payment of $4,281.42 per annum.	4,281.42
For union-depot station facilities and proportion of maintenance and operation; storage tracks $2,110.05 per annum and lessor pays all maintenance expenses.	2,110.05
Northern Pacific Railway Company, tracks, 9.81 miles of double main track, from Twentieth Avenue South, Minneapolis, to St. Paul, Minn., and freight terminals in St. Paul, Minn.; term 90 years from Nov. 1, 1894; stipulated payment of 2 per cent per annum on original valuation of double tracks of $2,084,509.13 and 2 per cent on cost of additions and betterments; freight house $10,000 per annum; roundhouse and facilities 25 per cent of 6 per cent on valuation of $93,682.13; maintenance on basis of use.	62,037.78
Peoria and Pekin Union Railway Company, tracks, 2.80 miles from Iowa Junction to Peoria, Ill., and passenger and freight terminal facilities in Peoria, Ill.; term 5 years from April 1, 1911, and until proper notice given; stipulated payment of $22,500 per annum and 25 cents per loaded car entering or leaving the passenger station; maintenance and operation divided on wheelage basis.	22,711.75
The Minnesota Transfer Railway Company, freight terminals at St. Paul, Minn.; no formal lease; carrier joint owner with other common-carriers of all outstanding capital stock of lessor; stipulated payment of proportion of bond interest, taxes, etc.; maintenance and operation on basis of tonnage handled.	11,762.89

There are other facilities of minor importance, such as interlockers, yard tracks and sidings, stations, etc., in which the carrier grants or receives joint use, that are not listed in this chapter.

The telegraph lines constructed on the right of way of the carrier are operated as a part of the Western Union Telegraph system under an agreement dated May 12, 1886, which provide for certain interchanges of service. Of the 1,537.6 miles of pole line, 932.08 is wholly owned by the Western Union and 605.52 miles is owned jointly by the carrier and the Western Union.

Predecessor Companies

Iowa Central and Western Railway Company

This company was incorporated October 29, 1898, in the State of Iowa. It was controlled on July 1, 1916, the date of merger, by the carrier, through ownership of the capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of the company was operated by its own organization from November 1, 1899, date placed in operation, to February 28, 1901. From March 1, 1901, to January 1, 1912, the property was operated, under lease, by the Iowa Central Railway Company and from the latter date until the date of merger by the carrier.

The railroad owned on the date of merger, 36.6 miles, consisted of a single track, standard-gauge, steam railroad, extending from Belmond to Algona, Iowa, and had been acquired by construction, during 1899, performed by the Iowa Central Railway.

The Minneapolis & St. Louis Railroad & Telegraph Company of Iowa

This company was incorporated January 19, 1895, in the State of Iowa. On the date this company was incorporated it acquired from the carrier all the property of that company located in Iowa that was formerly owned by The Minneapolis and St. Louis Railway Company (of Minnesota and Iowa). The property consisted of 139.04 miles of single-track, standard-gauge, steam railroad, extending from the Minnesota-Iowa State line to Angus, Iowa, and from Kalo Junction to Kalo Iowa. After an ownership of less than a month the carrier reacquired the property of this company in connection with its reorganization of February 1, 1895. No separate accounting records were maintained by this company. Whatever accounting may have been recorded in connection with its financial dealings, corporate operations, and investments is inseparably included in the accounts of the carrier. The authorized capital stock, as indicated by the minute book, was $100,000 par value, divided into shares of $100 par value each. How much, if any, was actually issued, or the consideration received therefor, was not recorded in the records obtained.

The Minneapolis and St. Louis Railway Company (of Minnesota and Iowa) and Minneapolis & St. Louis Railway Company, formerly named Minnesota Western Railroad Company

Introductory

This company was incorporated in the States of Minnesota and Iowa under consolidation agreement dated April 20, 1881, effective as of June 1, 1881, filed in Minnesota, May 23, 1881, and in Iowa, May 26, 1881. One of its predecessors, The Minneapolis & St. Louis Railway Company, was incorporated in the Territory of Minnesota, March 3, 1853, as the Minnesota Western Railroad Company. On May 26, 1870, the name was changed to Minneapolis & St. Louis Railway Company. Separate accounting records for these two companies were not maintained and the condition of the records that were maintained is such that separate information can not be given from the accounts regarding their financial dealings, corporate operations, or investments. They are, therefore, treated collectively as one continuous corporation, under the name first given above.

The property of the company was acquired by its successor, November 2, 1894, after foreclosure sale of the property, October 11, 1894, but the accounts of the receiver were closed as of October 31, 1894. The accounting data in this report, therefore, cover the period to November 1, 1894. The records reviewed do not indicate that the company was controlled by any individual or corporation on the date of its foreclosure sale. On the other hand, this company controlled on the date of its foreclosure sale, through ownership of the entire capital stock, except directors' qualifying shares, The Railway Transfer Company of the City of Minneapolis, which operated under lease a portion of the terminal property in Minneapolis, Minn., owned by the former. In addition, it controlled jointly with other common-carrier corporations, the Minnesota Transfer Railway Company, which operated independently.

The property, except certain portions hereinafter mentioned, was operated by the Lake Superior and Mississippi Railroad Company from the date the first section was completed in 1871, until November 30, 1873. It was operated by the company's own organization from December 1, 1873, until the receivership June 28, 1888. From that date until the receivership was terminated, October 31, 1894, it was operated by the receiver. The property of the company, extending from East Minneapolis, Minn., to White Bear, Minn., 13.09 miles, was leased to the Saint Paul and Duluth Railroad Company on August 1, 1882, and the property extending from Albert Lea, Minn., to the Minnesota-Iowa State line towards Northwood, Iowa, 12.57 miles, was leased to The Burlington, Cedar Rapids and Northern Railway Company of Iowa upon completion in 1877. Both lines were under operation by the lessees on the date of foreclosure sale. In addition to the above-mentioned leased property, the company leased an indeterminable amount of yard tracks and sidings in Minneapolis, Minn., to The Railway Transfer Company of the City of Minneapolis for sole operation by the latter.

The railroad operated by the company was a single-track, standard-gauge, steam railroad, located in Minnesota and Iowa, aggregating 355.38 miles. The owned mileage, 381.04 miles, consisted of two main lines, one extending from Minneapolis, Minn., in a southerly direction to Angus, Iowa, the other extending from Hopkins, Minn., in a westerly direction to Morton, Minn., together with three branch lines in Minnesota and one in Iowa. Trackage rights over 10.11 miles of the Saint Paul and Northern Pacific Railway afforded the company access to St. Paul, Minn.

Development of Fixed Physical Property

Of the 381.04 miles of road owned by the company on date of foreclosure sale, it had acquired 60 miles from the Minnesota and Iowa Southern Railway Company, 29 miles from the Fort Dodge & Fort Ridgeley Railroad Company, 13.09 miles from the Minneapolis and Duluth Railroad Company (sold by the successor company to the Northern Pacific Railway Company prior to date of valuation), and 278.95 miles by construction. 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 carrier.

The Minneapolis and Duluth Railroad Company

This company was incorporated May 16, 1871, under the general laws of the State of Minnesota. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of The Minneapolis and St. Louis Railway Company (of Minnesota and Iowa) and from other documents on file. The records reviewed do not indicate whether the company was controlled by any individual or corporation on June 1, 1881, the date of consolidation, nor, on the other hand, whether it then controlled any common-carrier corporation.

This property was operated under lease by the Lake Superior and Mississippi Railroad Company from date placed in operation until November 30, 1873. From that date until the date of consolidation it was operated, under lease, by the Minneapolis & St. Louis Railroad Company. This company owned on the date of consolidation approximately 13.09 miles of single-track, standard-gauge railroad, extending from Minneapolis to White Bear, Minn., all of which it acquired by construction during 1871.

Minnesota and Iowa Southern Railway Company

This company was incorporated May 13, 1878, under the general laws of the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the minute book, the accounting records of the successor company, and other records of the carrier. The records reviewed do not indicate that the company was controlled by any individual or corporation on June 1, 1881, the date of consolidation, nor, on the other hand, that it then controlled any common-carrier corporation.

The property was operated, under lease, by the Minneapolis & St. Louis Railway Company from the date it was placed in operation until the date of consolidation. The company owned on June 1, 1881, the date of consolidation, approximately 60 miles of single-track, standard-gauge, steam railroad, extending from the Minnesota-Iowa State line to Livermore, Iowa. The entire road had been acquired by construction in 1879–1880. The construction work was performed under contract by W. D. Washburn and C. F. Hatch, the first named being at the time president of the Minneapolis & St. Louis Railway Company.

Fort Dodge & Fort Ridgeley Railroad Company, formerly named Fort Dodge & Fort Ridgeley Railroad and Telegraph Company

This company was originally incorporated in the State of Iowa, on July 22, 1876, as the Fort Dodge & Fort Ridgeley Railroad and Telegraph Company. The name was changed on November 30, 1878. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the minute books, the accounting records of the successor company, and other records of the carrier. The records reviewed do not indicate that the company was controlled by any individual or corporation on June 1, 1881, the date of consolidation, nor on the other hand, that it then controlled any common-carrier corporation.

The property of this company was operated, under lease, by the Minneapolis & St. Louis Railway Company, from June 7, 1879, the date the first section was placed in operation, until the date of consolidation. The company owned on date of consolidation approximately 29 miles of single-track, standard-gauge, steam railroad, extending from Fort Dodge to Livermore, Iowa. The entire road had been acquired by construction. The first section, from Fort Dodge to Humboldt, Iowa, 12.62 miles, was constructed by the company's own forces during 1877 to 1879 and placed in operation June 7, 1879. In June, 1879, the Minneapolis & St. Louis Railway acquired the then outstanding stock and bonds, and the extension from Humboldt to Livermore, Iowa, 16.38 miles, was constructed under its supervision and placed in operation in 1880.

The Minneapolis, New Ulm and Southwestern Railroad Company

This company was incorporated October 5, 1895, in the State of Minnesota. It was controlled on February 9, 1899, the date of sale, by the carrier, through ownership of the capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. This property was operated by the carrier for the account of the owning company from the date it was placed in operation to the date of sale. While the property was conveyed to the successor by deed dated February 9, 1899, the results of the operation of the property were recorded in the books of The Minneapolis, New Ulm and Southwestern until February 28, 1899.

The railroad owned on the date of sale, 20.22 miles, was a single-track, standard-gauge, steam railroad, extending from Winthrop to New Ulm, Minn., and had been acquired by construction, which was performed by the carrier for account of the owning company during 1895 and 1896.

Iowa Central Railway Company

This company was incorporated May 14, 1888, in the State of Illinois. The records reviewed do not indicate whether the company was controlled by any individual or corporation on January 1, 1912, the date of sale. On the other hand, this company controlled on the date of its sale, through ownership of 98 per cent of the capital stock, the Iowa Central and Western Railway Company, whose common-carrier property it operated under lease.

The property of the company was operated by its own organization from May 16, 1889, the date acquired, to date of sale, and was a single-track, standard-gauge railroad, located in Iowa and Illinois, aggregating 539.86 miles. The owned mileage, 503.26 miles, consisted of two main lines, one extending from Albia to Northwood, Iowa, and the other from Oskaloosa, Iowa, to Peoria, Ill., with a branch in Iowa extending to Belmond, Story City, State Center, Montezuma, Newton, and Lynnville. The mileage operated under lease, 36.6 miles, consisted of a branch line from Belmond to Algona, Iowa. Of the road owned by the company on date of sale, it had acquired 415.46 miles from the Iowa Railway Company, 85.23 miles from the Central Iowa Railway Company (of Illinois), and 2.57 miles from The Keithsburg Bridge Company, which included a bridge crossing the Mississippi River at Keithsburg, Ill. This bridge was replaced with a new one about March 1, 1910.

Iowa Railway Company

This company was incorporated January 9, 1888, in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 1, 1888, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The company was in existence a little less than seven months. While it acquired its property by deed dated July 24, 1888, the receiver of the predecessor company retained possession of it until May 16, 1889. In the mean time, on August 1, 1888, this company sold the property to the Iowa Central Railway Company, its successor. Therefore, the property owned by this company was operated by the receiver or its predecessor during the entire period of this company's ownership. The company owned on date of sale 415.46 miles of single-track, standard-gauge, steam railroad, which consisted of a main line extending from Northwood, Iowa, to near west bank of Mississippi River, opposite Keithsburg, Ill., with branches to Albia, Newton, Lynnville, Montezuma, State Center, Story City, and Belmond, all in Iowa. The entire road owned on date of sale had been acquired from the Central Iowa Railway Company (of Iowa).

Central Iowa Railway Company (of Iowa)

This company was incorporated January 1, 1878, in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from a report to the Railroad Commissioners of Iowa, rendered as of November 30, 1886, and from the minute book of the company. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 24, 1888, the date of sale. On the other hand, this company controlled on date of its sale, through ownership of 98 per cent of the outstanding capital stock, the Central Iowa Railway Company (of Illinois), whose common-carrier property it operated under lease.

The property of the company was operated by its own organization from May 5, 1879, to December 1, 1886, and by its receivers from the last-mentioned date to date of sale. It consisted of a single-track, standard-gauge, steam railroad, located in Iowa and Illinois, aggregating 503.26 miles The owned mileage, 415.46 miles, consisted of a main line extending from Northwood, Iowa, to near west bank of Mississippi River, opposite Keithsburg, Ill., with branches to Albia, Newton, Lynnville, Montezuma, State Center, Story City, and Belmond, all in Iowa. The mileage operated under lease, 85.23 miles, extended from west bank of Mississippi River, opposite Keithsburg, Ill., to Peoria, Ill. Of the 415.46 miles of road owned by the company on date of sale, it had acquired 189.50 miles from the Central Railroad Company of Iowa, 128.88 miles from the Chicago, Burlington and Pacific Railroad Company, 56.89 miles from the Iowa Central and Northwestern Railway Company, and 40.19 miles from the Keithsburg, Grinnell & Dakota Railway Company.

Central Railroad Company of Iowa

This company was incorporated July 1, 1869, in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from an annual report to the Railroad Commissioners of Iowa for the year ended June 30, 1878. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 31, 1877, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate how the property of this company was operated. The railroad owned on date of sale consisted of 189.50 miles of single-track, standard-gauge, steam railroad, extending from Albia to Northwood, Iowa, of which 43.30 miles had been acquired by purchase from the Iowa River Railway Company and 146.20 miles by construction, during the years 1870 and 1871. The construction work was done by the Iowa Construction Company and the Iowa Valley Construction Company.

Iowa River Railway Company

This company was incorporated September 1, 1868 in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from agreements and other papers on file. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 30, 1869, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned on the date of sale approximately 43.30 miles of railroad, extending from Ackley to Marshalltown, Iowa. Of this it acquired approximately 16 miles from the Eldora Railroad and Coal Company and approximately 27.30 miles by construction, about the year 1868. The records reviewed indicate that the construction work of the company was performed under contract. The records reviewed indicate that, for each mile of completed railroad, the company was authorized to issue $30,000 par value of its capital stock and $16,000 par value of construction bonds.

Eldora Railroad and Coal Company

This company was incorporated February 7, 1866, in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from agreements and other papers on file. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 17, 1868, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate whether the property of this company had been placed in operation at date of sale. The company owned on date of sale approximately 16 miles of single-track, standard-gauge, steam railroad, extending from Ackley to Eldora, Iowa. This property was all acquired by construction in 1867-1868. The construction work was performed under contract by S. L. Dow and Company, contractors. This contract provided that the company should pay S. L. Dow and Company, for constructing the line, with exception of the iron, $30,000 par value of its capital stock and $16,000 par value of its bonds for each mile of road constructed for it. Other papers on file indicate that the entire railroad of the company was constructed on right of way that had been donated to it.

Iowa Central and Northwestern Railway Company

This company was incorporated October 5, 1880, in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 1, 1882, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate whether the property of this company had been placed in operation at date of sale.

The company owned on the date of sale 56.89 miles of railroad located in Iowa. It consisted of two branch lines, one extending from Hampton to Belmond, and the other from Minerva Junction to Story City, all of which had been acquired by construction. About 22 miles of the road between Hampton and Belmond, Iowa, was constructed about 1881, on right of way and a partially graded roadbed acquired through condemnation proceedings from the Dubuque and Dakota Railroad Company. The construction work was performed by the Iowa Construction Company, contractors. The date of construction of the 34.54 miles Minerva Junction to Story City, was not determined.

Keithsburg, Grinnell & Dakota Railway Company

This company was incorporated February 21, 1882, in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the articles of incorporation and other records of the carrier. The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 1, 1882, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company consisted of two disconnected lines, one extending from a junction near Grinnell, Iowa, to Montezuma, Iowa, 13.61 miles, and the other extending from Newburg, Iowa, to State Center, Iowa, 26.58 miles, both of which were acquired by purchase. The 26.58-mile line had been constructed by Russell Sage and others, on the right of way of the Grinnell and Montezuma Rail Road Company and was completed about February 28, 1882, but was deeded by Russell Sage and others, to this company on February 22, 1882. The Grinnell and Montezuma Rail Road Company deeded all its property, rights, and franchises, which included 13.61 miles of completed railroad and the 26.58 miles of additional right of way, to this company on February 28, 1882.

Grinnell and Montezuma Rail Road Company

This company was incorporated May 10, 1875, in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from articles of incorporation and from a report for the year 1880, made by the company to the railroad commission of Iowa. The records reviewed do not indicate whether the company was controlled by any individual or corporation on February 28, 1882, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated, under lease, by the Central Railroad Company from the date it was placed in operation until May 5, 1879. From the latter date to date of sale it was operated under lease by the Central Iowa Railway Company (of Iowa). The property consisted of 13.61 miles of completed railroad extending from a junction near Grinnell, Iowa, southeasterly to Montezuma, Iowa, which was completed in December, 1875, and 26.58 miles of right of way extending from Newburg, Iowa, northwesterly to State Center, Iowa, on which Russell Sage and others, had constructed a railroad but which had not been turned over to this company at the date of sale of its property.

Chicago, Burlington and Pacific Railroad Company, formerly named The New Sharon Coal Valley and Eastern Rail Road Company

This company was incorporated January 29, 1880, in the State of Iowa, originally as The New Sharon Coal Valley and Eastern Rail Road Company. On January 7, 1882, its name was changed to that first above given. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on April 1, 1882, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The records reviewed do not indicate whether the property of the company had been placed in operation at date of sale.

The company owned on the date of sale 128.88 miles of single-track, standard-gauge, steam railroad, located in Iowa. It consisted of two main lines, one extending from Oskaloosa, Iowa, to the west bank of Mississippi River, opposite Keithsburg, Ill., and the other from Newton to New Sharon, Iowa, with a branch to Lynnville, Iowa. This property was all acquired by construction in 1882. The construction work was performed by the Trunk Line Construction Company, which does not appear to have been affiliated with the company.

Central Iowa Railway Company (of Illinois), formerly named the Peoria and Farmington Railway Company

This company was incorporated March 27, 1869, in the State of Illinois, as the Peoria and Farmington Railway Company. On December 7, 1882, the name was changed to that first above given. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from articles of incorporation and other records of the carrier. The records reviewed would indicate that the company was controlled on August 1, 1888, the date of sale, by the Central Iowa Railway Company (of Iowa) through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated by its own organization from December 17, 1881, the date the first section was placed in operation, until the Central Iowa Railway Company (of Iowa) acquired control about September 1, 1882; from about September 1, 1882, until December 1, 1886, it was operated under lease by the latter company; from last-mentioned date to May 15, 1889, it was operated by a receiver. Although the property was sold under foreclosure to the successor company on August 1, 1888, the receiver continued operations until May 15, 1889.

The railroad owned by the company on date of sale consisted of 85.23 miles of single-track, standard-gauge, steam railroad, extending from Iowa Junction, in Peoria, Ill., northwesterly to Keithsburg, Ill., all of which had been acquired by construction in 1882–1883. It also acquired the property rights and franchises of The Burlington, Monmouth and Illinois River Railway Company and The Keithsburg and Eastern Railroad Company, consisting of certain right of way between Iowa Junction and Keithsburg, Ill., on which an undetermined amount of construction work had been done. The construction work done by this company, including the completion of that begun by predecessors, was performed by the Connecticut Construction Company, an affiliated company. The records reviewed would indicate that the majority of the securities issued by this company were delivered to the Connecticut Construction Company under the construction contracts, and were subsequently acquired by the Central Iowa (of Iowa). The details were not obtainable from the records reviewed.

The Burlington, Monmouth and Illinois River Railway Company

This company was incorporated November 30, 1875, in the State of Ilinois. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the articles of incorporation and other records of the carrier. The records reviewed do not indicate whether the company was controlled by any individual or corporation on September 5, 1881, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property consisted of certain right of way, on which an undetermined amount of construction work had been done, located in the counties of Peoria, Fulton, Knox, Warner, Henderson, and Mercer, in Illinois. The authorized capital stock was $1,000,000 par value, divided into shares of $100 par value each. How much was actually issued or the considerations received therefor, is not ascertainable from the records obtained.

The Keithsburg and Eastern Railroad Company

This company was incorporated October 18, 1873, in the State of Illinois. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the articles of incorporation and other records of the carrier. The records reviewed do not indicate whether the company was controlled by any individual or corporation on January 24, 1880, the date of foreclosure sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The property consisted of certain lands for right of way in Warner County, Ill., and considerable real estate in Keithsburg, Ill. The authorized capital stock was $2,000,000 par value, divided into shares of $100 par value each. How much was actually issued or the consideration received therefor, is not ascertainable from the records obtained.

The Keithsburg Bridge Company, formerly named The Mercer County Bridge Company

This company was incorporated December 19, 1881, in the State of Illinois, as The Mercer County Bridge Company. On April 27, 1885, its name was changed to that first above given. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the articles of incorporation, minute book, and other records of the carrier. The company was controlled on July 25, 1901, the date of sale, by the trustee of its first mortgage by reason of an arrangement whereby 99 per cent of its outstanding capital stock had been deposited with him. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of the company was operated under lease by the Central Iowa Railway Company (of Iowa) and its receiver from February 26, 1886, the date it was placed in operation to July 31, 1888. From August 1, 1888, to date of sale it was operated by the Iowa Central Railway Company. The property owned on date of sale consisted of a bridge over the Mississippi River at Keithsburg, Ill., together with 2.57 miles of single track thereon and in the approaches leading thereto, all of which had been acquired by construction, except the approaches on the Iowa side of the Mississippi River, which were acquired by purchase from the Keithsburg Bridge Company, May 25, 1885.

Keithsburg Bridge Company

This company was incorporated December 17, 1881, in the State of Iowa. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from articles of incorporation and the minute book of the successor company and other records of the carrier. The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 25, 1885, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. The company owned on the date of sale, a bridge approach extending from the eastern terminus of the Central Iowa (of Iowa) on the west bank of the Mississippi River, opposite Keithsburg, Ill., to the banks of the Mississippi River, thus affording a temporary crossing of the river by ferry.

Minnesota, Dakota & Pacific Railway Company

This company was incorporated December 18, 1905, in the State of South Dakota. The company was controlled on January 1, 1912, the date of sale, by the Dakota Construction Company, which, in turn, was controlled by the carrier, through ownership of the capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation. The property of this company was operated, under lease, by the carrier from the date it was completed to the date of sale. The railroad owned by the company on the date of sale consisted of 228.35 miles of single-track, standard-gauge, steam railroad. The main line extended from Watertown to Le Beau, S. Dak., 171.22 miles. A branch line extended from Conde to Leola, S. Dak., 57.13 miles. This entire mileage, had been acquired by construction. The construction work was all performed by the Dakota Construction Company, affiliated contractors, who delivered the road for operation on July 1, 1908.

Des Moines & Ft. Dodge Railroad Company, formerly named The Des Moines and Ft. Dodge Rail Road Company

This company was incorporated February 4, 1874, in the State of Iowa, as The Des Moines and Ft. Dodge Rail Road Company. On April 2, 1881, its name was changed to that first above given. No accounting records of the company, with exception of a fragmentary operating ledger, were obtained for the period prior to February 1, 1882. Therefore, only partial information can be given from its accounts regarding financial dealings, corporate operations, or investments. The company was controlled on August 9, 1915, the date of sale by the carrier through ownership of a majority of the capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of the company was operated by its own organization from April 1, 1874, the date possession was taken of the original 88 miles to January 1, 1887. From that date until January 1, 1905, it was operated under lease by The Chicago, Rock Island and Pacific Railway Company, and from the latter date to date of sale it was operated under lease by the carrier. The railroad owned on the date of sale amounted to 137.62 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Des Moines to Ruthven, Iowa, Of this mileage, the company had acquired 88 miles from The Des Moines Valley Rail Road Company and 49.62 miles by construction about the year 1882. The company also acquired by construction 5.35 miles of road that it had abandoned prior to date of sale. It is not known whether the construction work was performed by the company's forces or by contract.

The Des Moines Valley Rail Road Company, formerly named The Keokuk, Fort Des Moines and Minnesota Rail Road Company

This company was incorporated September 1, 1853, in the State of Iowa, as The Keokuk, Fort Des Moines and Minnesota Rail Road Company. On June 1, 1864, its name was changed to the first above given. The property of the company was conveyed to a purchasing committee by deeds dated October 17, 1873, but the accounts of the company and of the receivers for the results of corporate operations continued to November 10, 1873, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to November 10, 1873. The records reviewed do not indicate whether the company was controlled by any individual or corporation on October 17, 1873, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated successively by its own organization and its receiver from the date it was placed in operation to November 10, 1873, the date it was surrendered to its successors. The railroad, consisted of a single-track, standard-gauge, steam railroad, extending from Keokuk to Fort Dodge, Iowa, about 250 miles. The entire road had been acquired by construction. The construction work was all performed by numerous contractors, none of whom appear to have been affiliated with the company. Further 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 carrier. The property of the company was sold on October 17, 1873, after foreclosure proceedings, to a committee which conveyed that portion of the road, known as the Second Division, extending from Des Moines to Fort Dodge, Iowa, approximately 88 miles, to the Des Moines & Fort Dodge Railroad Company. The other portion of the road, known as the Eastern Division, extending from Keokuk to Des Moines, Iowa, approximately 162 miles, was conveyed by the committee to The Keokuk and Des Moines Railway Company, now a part of the Rock Island system.