Wikipedia:WikiProject Trains/ICC valuations/Missouri Southern Railroad

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[...] operates a single-track standard-gauge steam railroad located entirely within the State of Missouri. Its main track extends from Leeper to Bunker, a distance of 54.216 miles. The carrier also has side and spur tracks aggregating 16.109 miles, making a total of 70.325 miles of all tracks. This includes two short spurs, one from Corridon to Lyons, 4.94 miles, and the other from Dairyville to Meador, 5.53 miles, of which the carrier claims ownership only to the extent of the ties, rails, and fastenings. These the carrier has sought permission to remove, which on date of valuation is being withheld by the Missouri Public Service Commission.

Corporate history.—The carrier was incorporated on February 23, 1884, for a term of 50 years, under chapter 21, articles 1 and 2 of the Revised Statutes of Missouri. The corporation was formed by representatives of the Pennsylvania Lumber Company, with the purpose of constructing and operating a narrow-gauge railroad about 30 miles long, from Mill Springs to Barnesville.

The original name of the carrier was Mill Springs, Current River & Barnesville Railroad Company, which was changed to Missouri Southern Railroad Company by a charter amendment filed February 26, 1886. The charter was further amended on January 18, 1907, to change the gauge from narrow to standard, and to increase the authorized capital stock from the original figure of $150,000 to $550,000; on January 23, 1907, to extend the line from Ellington, formerly Barnesville, to Bunker; and finally on December 30, 1913, to increase the capital stock from $550,000 to $1,250,000.

From its inception to 1907, the carrier was controlled by lumber interests. The initial 14 miles of railroad, extending from Leeper to Carter, was constructed by the Pennsylvania Lumber Company, during the years 1884 to 1886. From that time until 1907, extensions of the line were made or portions abandoned as the lumber operations required. Since 1907 the carrier has been operated independently of the lumber operations under the control of Frank D. Stout, but with forest products still the bulk of its tonnage.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The initial 14 miles of the carrier's railroad, extending from Leeper to Carter, was constructed by the Pennsylvania Lumber Company during the years 1884 to 1886. Thereafter, until 1897, extensions were built from Garwood to Lone Star, 5.41 miles, and from Cottonville to Ellington, formerly Barnesville, 15.9 miles, as the lumbering operations required, making a total mileage of 35.31 miles. During 1892 and 1899, respectively, the lines from Garwood to Carter, 4 miles, and from Cottonville to Lone Star, 2.41 miles, were removed, leaving a continuous line from Leeper to Ellington, 28.90 miles in length. The charter did not then provide the right to extend the line farther. Nevertheless, during 1900 and 1901, a 15.1-mile extension was built to Reynolds, and also a spur 2.25 miles long extending easterly from Red Oak. This spur was later taken up. The charter amendment of January 23, 1907, provided the right to extend the line from Ellington to Bunker, whereupon, during October, 1908, the remaining 10.216 miles were completed into Bunker, the present terminus.

The carrier built the Reynolds-Bunker extension. The remainder of the line was built by the lumber interests.

During the period 1902 to 1905, two branch lines were built by the Clarkson Sawmill Company, one from Corridon to Lyons, 5.53 miles, and the other from Dairyville to Phelpa, 10.53 miles. The charter makes no provision for this construction. About 6 miles of the Dairyville branch was removed during 1912, leaving 4.94 miles now in place. The carrier claims ownership of these branches to the extent only of the ties, rails, and fastenings. It has sought permission to remove them, which on date of valuation was being withheld by the Missouri Public Service Commission.

In the development of the property a total of 85.315 miles of track was constructed, of which 14.99 miles has been removed. The remaining 70.325 miles constitutes the property in existence on valuation date.

GROSS AND NET EARNINGS OF THE CARRIER