Wikipedia:WikiProject Trains/ICC valuations/Wichita Falls Railway

Interstate Commerce Commission, Valuation Reports, Volume 34

The Wichita Falls Railway

Location and General Description of Property

The railroad of The Wichita Falls Railway Company, herein called the Wichita Falls Railway, extending from Henrietta to Wichita Falls, 17.673 miles.

Introductory

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

The accounting records of this company were not located for the period from date of its organization to May, 1909. From that date to April 30, 1914, the accounts of this company, together with those of the Wichita Falls and Northwestern of Texas and the Wichita Falls and Wellington, were kept in the books of The Wichita Falls & Northwestern Railway Company. For that reason, only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments.

The Wichita Falls Railway is controlled by The Wichita Falls & Northwestern Railway Company through ownership of all of its outstanding capital stock except directors' shares. The Wichita Falls & Northwestern Railway Company is controlled by the Missouri, Kansas & Texas Railway Company. Prior to July 1, 1911, the Wichita Falls Railway was controlled by J. A. Kemp, of Wichita Falls, Tex. On the other hand, the records do not indicate that this company controls any common-carrier corporation.

The property of the Wichita Falls Railway was operated under various leases by the Katy of Texas from the date it was placed in operation to December 31, 1917. From December 31, 1917, until date of valuation it has been operated by the United States Railroad Administration as a part of the operating unit of the Katy of Texas.

Corporate History

The Wichita Falls Railway was incorporated July 5, 1894, under the general laws of the State of Texas, for the purpose of constructing and operating a railway from Wichita Falls to Henrietta, Tex., about 18 miles. The date of organization of the Wichita Falls Railway was not determined.

Development of Fixed Physical Property

The owned mileage of the Wichita Falls Railway, 17.673 miles, was all acquired by construction. The railroad was constructed during the period from November, 1894, to May, 1895, under a contract with J. A. Kemp who was the first president of the Wichita Falls Railway. Part or all of the construction work was performed by the Wichita Falls Construction Company which was controlled by J. A. Kemp.

In July, 1911, the Wichita Falls & Northwestern Railway Company acquired control of the property through purchase of the securities which had been issued to the contractor in payment for constructing the road.

Leased Railway Property

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