Wikipedia:WikiProject Trains/ICC valuations/Minneapolis and Rainy River Railway

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The railroad of Minneapolis & Rainy River Railway Company, herein called the carrier, is a single-track, standard-gauge, steam railroad, located in the north-central part of Minnesota. The owned mileage extends northerly from Deer River, Minn., to Craig, Minn., 42.951 miles, with a branch of 19.579 miles extending northwesterly from Alder (formerly Jessie Junction), Minn., to Stanley, Minn. The total length of the main line and branch line is 62.530 miles. The carrier owns and operates two spur tracks over land of the Itasca Lumber Company, one extending from Stanley to Pomroy, Minn., 9.476 miles, and the other from Stanley to Dora Lake, Minn., 5.012 miles. It also owns yard and side tracks totaling 18.284 miles. Its road thus embraces 95.302 miles of all tracks owned. In Appendix 1 will be found a general description of the property of the carrier.

Corporate history.—The carrier was incorporated July 18, 1904, under the general statutes of Minnesota, of 1894, in perpetuity. The purpose of the incorporation was to acquire in part and construct in part, maintain, and operate a railroad to extend in a northerly direction from Minneapolis, Minn., to the Rainy River, in Itasca County, Minn.; to construct a branch railroad to extend in a northerly direction from a point on the main line to Big Fork River, in Itasca County, and to construct, maintain, and operate a telegraph line along the lines of railroad. The carrier is closely associated with the lumber company, which controls the carrier through ownership of all of its outstanding capital stock. Its principal office is located at Minneapolis. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

APPENDIX 2

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property owned by the carrier on date of valuation, was acquired as follows:

Purchase July 27, 1904, of the logging road of the lumber company, Deer River to Turtle Lake, 22 miles, and Alder to Bass Lake, 18 miles, total 40

By construction in 1906 of extension from Marcell to Big Fork 12

By construction during the period 1907-10 northerly to Carter 11

By construction in 1908 of extension from Bass Lake to Stanley 2

65

Less abandonment in 1906 of road from Marcell to Turtle Lake 2

Approximate mileage on date of valuation 63

HISTORY OF CORPORATE FINANCING