Wikipedia:WikiProject Trains/ICC valuations/Hill City Railway

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The railroad of Hill City Railway Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the northeastern part of Minnesota. The owned mileage extends northeasterly from Hill City to Mississippi Junction, Minn., a distance of 17.594 miles. The carrier also owns yards and sidetracks 3.050 miles. Its road thus embraces 20.644 miles of all tracks owned. In addition, the carrier operates jointly with the Swan River Logging Company, under a trackage agreement with the Great Northern Railway Company, a line from Swan River to Mississippi Junction, a distance of 6.025 miles. It also operates over about 1 mile of track from Swan River Bridge to Mississippi, Minn., owned by the Swan River Logging Company, which is not a common carrier. This latter track is regarded as an industry track. In Appendix 1 will be found a general description of the property of the carrier.

Corporate history.—On October 19, 1915, the carrier was incorporated under the general laws of Minnesota for a period of 99 years from November 1, 1915. Its stated purpose was to acquire, construct, equip, own, lease, maintain, and operate a railroad within the State of Minnesota, particularly the line of railroad extending from Hill City to Mississippi Junction, thence to a connection with the line of the Great Northern Railway Company at Swan River. On November 22, 1915, the carrier purchased the property, rights, and franchises of Mississippi, Hill City and Western Railway Company [organized March 14, 1908] from Thomas J. Keogh and Robert J. Dunham, who had purchased it at public auction under foreclosure proceedings on October 26, 1915. The principal office is at Hill City. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

APPENDIX 2

For information respecting the predecessor of the carrier reference is made to the accounting report hereinbefore mentioned.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road owned and operated on date of valuation was purchased from Thomas J. Keogh and Robert J. Dunham on November 22, 1915. It consisted of the property formerly owned and operated by the Mississippi, Hill City and Western Railway Company. This property was originally acquired by the Mississippi, Hill City and Western Railway Company through construction, done in part by contractors and in part by its own forces. The records indicate that the road was constructed during the period from April 12, 1908, to November 1, 1909, and that it was placed in operation about the latter date.

HISTORY OF CAPITAL FINANCING