Wikipedia:WikiProject Trains/ICC valuations/Midland Continental Railroad

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The railroad of the Midland Continental Railroad, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the southeastern part of North Dakota. The owned mileage extends in a southerly direction from a connection with the line of the Minneapolis, St. Paul & Sault Ste. Marie Railway Company near Wimbledon to Edgeley, N. Dak., a distance of 67.777 miles. The carrier also owns 7.261 miles of yard tracks and sidings. Its road thus embraces 75.038 miles of all tracks owned.

CORPORATE HISTORY

The carrier was incorporated August 29, 1912, under the general laws of the State of North Dakota for the stated purpose of constructing and operating a line of railroad from a point near Forbes to a point near Pembina, all in the State of North Dakota. It was organized August 30, 1912. Under an agreement dated October 10, 1912, the carrier succeeded to all of the property, rights, and franchises of the Midland Continental Railroad of South Dakota that were located in the State of North Dakota. The Midland Continental Railroad of South Dakota was incorporated March 23, 1903, under the general laws of South Dakota as the Midland Continental Railroad, the name of which was changed to the Midland Continental Railroad of South Dakota on November 29, 1912.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, amounting to 67.777 miles, was acquired partly by purchase and partly by construction, as indicated in the statement following:

Acquired partly by purchase and partly by construction, partly constructed railroad of the Midland Continental Railroad of South Dakota purchased October 10, 1912, and completed by carrier November, 1912, Edgeley to Jamestown, N. Dak. 39.820

Acquired by construction:

Jamestown to a point about 0.4 mile beyond Wimbledon, N. Dak., December, 1913 27.440

Extension in Jamestown, N. Dak., 1916 .440

27.880

Total 67.700

Difference between total recorded mileage and mileage inventoried as of date of valuation .077

Mileage inventoried as of date of valuation 67.777

In the construction of the road built for the carrier and its predecessor in ownership, the Midland Continental Railroad of South Dakota, the main line, extending from Edgeley to a point about 0.40 mile beyond Wimbledon, was constructed under contract by the Midland Construction Company, which controlled the Midland Continental Railroad of South Dakota, and the carrier during the construction period. The extension in the city of Jamestown, N. Dak., was constructed by the forces of the carrier, except for the grading, which was done under contract by William Noel.

HISTORY OF CORPORATE FINANCING