Wikipedia:WikiProject Trains/ICC valuations/Condon, Kinzua and Southern Railroad

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CORPORATE HISTORY

The carrier was incorporated May 8, 1928, under the general laws of Delaware to acquire, complete, and operate a line of railroad constructed in part by the Kinzua Pine Mills Company, extending from Condon to Kinzua, Oreg. The date of its organization was May 21, 1928.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road, all owned, of 23.932 miles, was acquired partly by purchase and partly by completion of construction. By deed dated May 21, 1928, the carrier acquired from the Kinzua Pine Mills Company and the Kinzua Lumber Company, both noncarrier, a partly constructed road between Condon and Kinzua, Oreg., which had been constructed In part by various contractors and in part by the forces of the Kinzua Pine Mills Company. Construction began April 1, 1927, and was near completion when the property was acquired by the carrier. Construction was completed by the carrier with its own forces. The road was opened for operation on April 1, 1929. For the purpose of this report it is considered the property was completed, as of December 31, 1928.

The railroad described in the foregoing was constructed without our authority; however, the operation of the road was authorized September 21, 1928, 145 I.C.C. 427, conditioned upon the tender by the carrier to the Oregon-Washington Railroad & Navigation Company, within 90 days, of a 10-year option to acquire control of the carrier upon fair and reasonable terms, subject to approval by us.

HISTORY OF CORPORATE FINANCING