Wikipedia:WikiProject Trains/ICC valuations/North and South Railway

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The North and South Railway Company, hereinafter called the carrier, owns no physical property. Its receiver operates a single-track, standard-gage, steam railroad, located in the central part of the State of Wyoming, which it leases from the Wyoming North and South Railroad Company, hereinafter referred to as the Wyoming North and South Railroad. The main line extends northerly from Illco, about 15 miles west of Casper, to Midwest, a distance of 41.305 miles. The carrier also leases from the Wyoming North and South Railroad 4.152 miles of yard tracks and sidings, making a total of 45.457 miles of all tracks used but not owned.

INTRODUCTORY

The carrier is a Wyoming corporation, with its principal office at Salt Creek, Wyo.

Although it owns no common-carrier property, it took over on May 8, 1924, the common-carrier properties and other assets, and assumed the liabilities of the Wyoming North and South Railroad Company, and The Montana Railway Company, under the terms of a certificate of public convenience and necessity issued by this Commission as Finance Docket No. 3287, under date of April 7, 1924 (86 I.C.C. 663).

On the date first referred to, May 8, 1924, the Wyoming North and South Railroad Company was operating the completed portion of its property as an intrastate carrier and all the property of The Montana Railway Company was still under construction. These two companies closed their books and their activities ceased as of that date. For the purposes of this report, the financial dealings, corporate operations, and investments of the carrier will include similar transactions of the other two companies.

The carrier having issued no capital stock, it is not controlled by any individual or company through stock ownership. At date of valuation. it was indebted to certain parties in the amount of $4,559,062.37 for advances made in aid of construction, and otherwise, of which $4,330.617 was due Roberts Brothers, Peterson, Shirley and Gunther.

The property was operated from May 8 to August 1, 1924, by the carrier and from the latter date to date of valuation by receivers, as an interstate line.

CORPORATE HISTORY

The carrier was incorporated April 20, 1923, under general laws of Wyoming, for the purpose of constructing a line of railroad from Miles City, Mont., to Casper, Wyo., a distance of approximately 332 miles, and the acquisition and operation as a part of said railroad of any line or lines of railroad wholly or partly constructed over the proposed route. It was organized October 15, 1923.

Prior to its organization, its promoters, incorporated December 31, 1922, under the laws of Montana, The Montana Railway Company, for the purpose of constructing a railroad from Miles City, Mont., to the Montana-Wyoming State line, about 138 miles, and on January 29, 1923, incorporated in Wyoming the Wyoming North and South Railroad Company to build from the Montana-Wyoming State line to Casper, Wyo., about 197 miles, each road to be operated as an intrastate line. (86 I.C.C. 663.)

Prior to the legal acquisition of the properties of the Wyoming North and South Railroad Company and The Montana Railway Company, these two roads were, on August 1 and August 27, 1924, respectively, placed in the hands of receivers.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

At date of valuation, there had been constructed and was being operated by receivers 41.305 miles of single-track, standard-gage, steam railroad, extending from Illco, about 15 miles west of Casper, to Midwest, all in the State of Wyoming. This line was constructed under the charter of the Wyoming North and South Railroad Company, begun in May and opened for operation September 26, 1923, as an intrastate line.

Up to November 1, 1923, about 38.41 percent of the grading on the uncompleted portion of the line in Montana and about 33.4 percent of the grading between the Montana-Wyoming State line and Salt Creek, Wyo., had been completed. When the properties were placed under receivership, construction work was suspended and had not been resumed on date of valuation.

HISTORY OF CORPORATE FINANCING