Wikipedia:WikiProject Trains/ICC valuations/Wichita Falls and Southern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 44

The Wichita Falls and Southern Railroad

Location and General Description of Property

The railroad operated by the Wichita Falls & Southern Railroad Company, hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located within the State of Texas, and extending from Wichita Falls, southerly to Dublin, a distance of 164.777 miles.

The owned property consists of that part of the main line, referred to above, extending from Newcastle to Jimkurn, a distance of 37.561 miles. The carrier also owns isolated tracks at Wichita Falls and Call Field.

The remainder of the main line is owned by the following lessor companies, whose entire properties are leased to and operated by the carrier.

The Wichita Falls and Southern Railway Company, herein referred to as the Wichita Falls and Southern, owns that part of the main line extending from Wichita Falls to Newcastle, a distance of 52.426 miles. This company owns jointly with other carriers certain tracks located at Maples and Wichita Falls.

Introductory

The carrier is a Texas corporation, having its principal office at Wichita Falls, Tex.

Although at date of valuation none of the capital stock of the carrier had been issued, the control was vested in 17 subscribers, including 11 directors, having under agreement one vote each in controlling the affairs of the company, until the capital stock is issued.

Under date of February 28, 1921, the Interstate Commerce Commission, 67 I. C. C. 184, authorized the construction of the road, which has been operated by the carrier's own organization from date of completion to December 31, 1927.

It controls, through stock ownership, the Wichita Falls, Ranger & Fort Worth Railroad Company and The Wichita Falls and Southern Railway Company, whose common-carrier properties it operates under lease agreements.

Corporate History

The carrier was incorporated November 1, 1920, under general laws of Texas, to construct, maintain, and operate a railroad from Eastland, Tex., to the Texas-Oklahoma State line. It constructed a railroad extending from Newcastle to Jimkurn, Tex.

Development of Fixed Physical Property

The road owned, 37.561 miles, was acquired by construction under contract, the construction materials being furnished by the carrier. The road was completed in sections between April 22, and August 20, 1921. Authority of the Interstate Commerce Commission was granted February 28, 1921, 67 I. C. C. 184. The road was opened for operation July 1, 1921.

Leased Railway Property

The carrier uses on date of valuation property owned by other companies and other companies used property owned, or leased by the carrier to the extent indicated in the statement below.

The description of the property, the periods and terms of use and the rents accrued and charged or credited to income for the year ended on date of valuation are as follows:

	Rental
Solely owned but jointly used, used with—
The Chicago, Rock Island and Gulf Railway Company, yard tracks and sidings at Graham, Tex., credit to joint-facility rent income.	$17.28
Eastland, Wichita Falls & Gulf Railroad Company, tracks, Ringling Junction to Breckwalter, 1.2 miles, and station facilities at the latter point. No rent accrued in 1927.	......
Solely used, but not owned, leased from—
The Wichita Falls and Southern Railway Company, entire property, term 99 years from July 1, 1927; stipulated payment to equal interest on funded and unfunded debt, dividend of 6 per cent on capital stock, taxes and all other charges upon the property. Rent accrued for year 1927, charged to income as rent for leased roads includes rent, January to June, under former lease, 131 I. C. C. 117.	38,678.63
Wichita Falls, Ranger & Fort Worth Railroad Company, entire property; term 99 years from July 1, 1927. (Lease became effective September 1, 1927). Stipulated payment to equal interest on funded and unfunded debt, dividend of 6 percent on capital stock, taxes and all other charges upon the property. Rent accrued in 1927, charged to income as rent for leased roads, 4 months, September to December, inclusive, 131 I. C. C. 117.	20,000.00
Jointly used, but not owned, owned by—
The Wichita Valley Railway Company, tracks between Southern Junction and Union Station at Wichita Falls, Tex., 3.2 miles; charged to income as joint-facility rents, 124 I. C. C. 304.	3,994.60
The Chicago, Rock Island and Gulf Railway Company, yard tracks and sidings at Graham, Tex., charged to income as joint-facility rents.	294.65