Wikipedia:WikiProject Trains/ICC valuations/Burlington, Muscatine and Northwestern Railway

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The operated railroad of the Burlington, Muscatine & Northwestern Railway Company, hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located in and near the city of Muscatine, Iowa.[sic], and consists of 5.550 miles of main line and 3.218 miles of yard tracks and sidings. Its operated road thus embraces 8.768 miles of all tracks, owned and used. The carrier performs a switching service between the industries along its tracks and The Chicago, Rock Island and Pacific Railway Company. The property of the carrier's predecessor, the Muscatine, Burlington and Southern Railroad Company, was valued as of June 30, 1918, in Muscatine, Burlington & Southern R.R. Co., 97 I.C.C. 53.

APPENDIX 2

INTRODUCTORY

The carrier is an Iowa corporation, having its principal office at Muscatine, Iowa. It is controlled by E. I. Tobie and True, Webber & Company on date of valuation under a partnership agreement, each party owning an undivided one-half interest. The records do not indicate it controls any common-carrier corporation. The property of the carrier's predecessor, the Muscatine, Burlington and Southern Railroad Company, was valued as of June 30, 1918, 97 I.C.C. 53.

The receivers of the Muscatine, Burlington and Southern Railroad Company were authorized May 10, 1924, by us, 90 I.C.C. 31, and June 12, 1924, by the District Court of the Seventh Judicial District of Iowa, to abandon the road. The entire property was sold at foreclosure sale, April 17, 1925, to the incorporators of the carrier, and conveyed by deed direct to the carrier June 22, 1925. The property was not operated by the carrier from date of acquisition to June 21, 1927, but pending authority for the carrier to operate its property within the switching district at and near Muscatine, Iowa, in interstate commerce, the industries along its tracks in Muscatine were served by The Chicago, Rock Island and Pacific Railway Company, by voluntary permission from, and without compensation to, the carrier. From June 21, to December 31, 1927, the date of valuation, that part of the road acquired extending from Muscatine to near Fruitland, Iowa, 5.550 miles has been operated by the carrier under our authority dated February 18, 1927, 117 I.C.C. 731.

CORPORATE HISTORY

The carrier was incorporated June 15, 1925, to acquire the property formerly owned by the Muscatine, Burlington and Southern Railroad Company. The latter was incorporated February 8, 1905, as the Muscatine North and South Railway Company, name changed to the Muscatine, Burlington and Southern Railroad Company on July 29, 1916, and was the successor to the Muscatine North and South Railroad Company, which was incorporated February 15, 1893, 97 I.C.C. 53. The incorporations were all under the general laws of Iowa.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road operated, all owned, amounting to 5.550 miles extending from Muscatine to Fruitland, Iowa, is part of the property of the Muscatine, Burlington and Southern Railroad Company, which has abandoned operations, sold at foreclosure sale April 17, 1925, and conveyed to the carrier by deed dated June 22, 1925. The entire property acquired consisted of two disconnected sections of road, one extending from Muscatine to Elrick Junction, Iowa, about 29 miles, constructed in 1898 and opened for operation in 1899 by the Muscatine North and South Railroad Company, and the other extending from Oakville to Burlington, Iowa, about 19 miles was constructed by the Muscatine, Burlington and Southern Railroad Company in 1911 and opened for operation in 1912. Operation of 5.550 miles by the carrier was authorized February 18, 1927, by 117 I.C.C. 731. The nonoperated portions of the two disconnected sections of owned property are not included in the inventory.

HISTORY OF CORPORATE FINANCING