Wikipedia:WikiProject Trains/ICC valuations/Fort Smith, Subiaco and Rock Island Railroad

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The railroad of the Fort Smith, Subiaco & Rock Island Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in western Arkansas. The main line extends from Paris easterly to a point beyond Scranton, a distance of 14.800 miles. The carrier also owns 1.681 miles of yard tracks and sidings. Its road thus embraces 16.481 miles of all tracks owned and used. An extension of the present operated line to Dardanelle, Ark., is under construction on date of valuation.

CORPORATE HISTORY

The carrier was incorporated February 1, 1919, under the general laws of the State of Arkansas, for the purpose of constructing and operating a railroad from Paris to Dardanelle, Ark. Pursuant to the above purpose it acquired by purchase, through the Commonwealth Trust Company, of St. Louis, Mo., as of February 1, 1919, the property of the Fort Smith, Subiaco & Eastern Railroad Company, which was sold at foreclosure sale January 25, 1919. The Fort Smith, Subiaco & Eastern Railroad Company was incorporated February 3, 1908, under the general laws of the State of Arkansas.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire road owned on date of valuation was acquired by purchase at foreclosure sale from the Fort Smith, Subiaco & Eastern Railroad Company. The portion of completed road consists of 13.520 miles of main line extending from Paris to Scranton, and 1.280 miles of branch or spur line extending from Scranton to mines of the Arkansas Anthracite Mining Company. All of this properly was constructed by the Fort Smith, Subiaco & Eastern Railroad Company, the main line in 1909 and 1910, and the branch or spur line in 1917. The uncompleted portion of the road acquired through the foreclosure sale consists of about 26 miles extending from Scranton to Dardanelle on which the Fort Smith, Subiaco & Eastern Railroad Company began construction about May, 1916. This line was still in the course of construction on date of valuation.

HISTORY OF CORPORATE FINANCING

Predecessor Company

FORT SMITH, SUBIACO & EASTERN RAILROAD COMPANY, PREDECESSOR OF THE CARRIER, FORMERLY NAMED PARIS-SUBIACO TRACTION COMPANY

INTRODUCTORY

The Fort Smith, Subiaco & Eastern Railroad Company was incorporated February 3, 1908, under the general laws of the State of Arkansas, as the Paris–Subiaco Traction Company. On July 5, 1909, the name was changed to that first above written. There were no available accounting records for the period prior to September, 1910. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. The records reviewed do not indicate that the Fort Smith, Subiaco & Eastern Railroad Company was controlled by any individual or corporation on January 25, 1919, the date its property was sold at foreclosure, nor, on the other hand, that it controlled any common-carrier corporations. The property of this company was operated by its own organization from the date of its completion to February 11, 1918, and by receivers from February 12, 1918, to the date of foreclosure sale. The railroad owned by the Fort Smith, Subiaco & Eastern Railroad Company and operated by the receiver on the date of sale consisted of about 14 miles of single-track standard-gauge steam railroad extending from Paris to Scranton, Ark., and a standard-gauge spur track of about 3 miles extending from Scranton to mines of the Arkansas Anthracite Mining Company.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire road owned by this company on date of foreclosure sale was acquired by construction. The records reviewed Indicate that the work was done under contract by the Paris-Subiaco Construction Company but do not indicate that the latter company was affiliated with the Fort Smith, Subiaco & Eastern Railroad Company. The road was completed as shown in the following table:

Paris Subiaco June, 1909 6

Subiaco Scranton August, 1910 8

Scranton Mines of Arkansas Anthracite Mining Co. September, 1917 3

On the date of sale this company had under construction an extension of its road from Scranton to Dardenelle[sic], Ark., about 26 miles, none of which had been completed.

HISTORY OF CORPORATE FINANCING