According to the 1891 Poors, the railroad was
still not owned by the CB&Q (at that time). In
addition, the StL,K&NW RR Co. leased the Keokuk and Northwestern.
As for "falling on hard times", there was, still
in 1891 a mortgage on the StL,K&NW of $4.3M, and
on the K&NW (actually, that should be K&N) of
$1.4. The whole concept of leasing and debt
really hasn't changed in the 110 years since, and
there are benefits for having a leased company in
receivership (being the likely guarantor of the
bonds, the CB&Q could then dictate the
receivership) and for having debt associated with
leased & leased of leased companies. The whole
concept of construction companies building
railroads and incurring large "debt" was an old
one at that time. The construction company had
benefits that accrued to the directors (usually
the only stockholders) and there were, again,
real benefits in having a company in red
ink. Nothing that unusual. If you check out
each of those 190 some odd predecessor companies,
you'd likely find a lot of them were basically
the same setup. In this case, the funded debt
was not scheduled to be retired until 1930.
At 08:37 PM 3/28/2011, you wrote:
>
>
>Gary,
>Thanks for tackling that. It confirms both
>dates, leaving open the question about how a Q
>owned compnay fell on hard times only to be purchased by Perkins for the Q.
>Appreciate you taking the look for me.
>Duncan
>
>----- Original Message -----
>From: Gary E. Olszewski
>To: <mailto:CBQ%40yahoogroups.com>CBQ@yahoogroups.com
>Sent: Monday, March 28, 2011 4:05 PM
>Subject: [CBQ] Re: corporate history
>
>According to the CB&Q Documentary History
>(Volume 2 Lines in Iowa and Missouri. I'm not
>going to type the entire entry, but on page 1180
>the company was called St. Louis, Keokuk &
>Northwestern RR Company. It ran from Keokuk to
>St. Louis(completed March 4, 18940 and from
>Keokuk to Mt. Pleasant(Ccompleted January 31, 1881).
>After many line additions and name changes, the
>company was last named St.Louis, Keokuk & Western RR.
>On July 7, 1887, the US Circuit Court for the
>Southern Dist. of Iowa, entered a Decree, under
>which, of date Dec. 22, 1887, P.T. Lomax,
>Master, sold the road to Chales E. Perkins, who
>bought it in for the CB&Q which Company had
>already in 1880 secured control of the property
>by purchase of its securities, and caused a new
>compnay to be organized under the laws of Iowa,
>named StLK&W by articles dated Dec. 3, 1887.
>January 7, 1888, Perkins and wife conveyed the road y deed to the new Company.
>
>I hope this helps. If really, needed I could
>type the entire entry from the book, but it would be a few days.
>
>Gary Olszewski
>--- In
><mailto:CBQ%40yahoogroups.com>CBQ@yahoogroups.com,
>"gary laakso" <vasa0vasa@...> wrote:
> >
> > You might want to review a contemporary
> Moody's Railroad to review its history of the
> involved railroads. My 1946 edition does not mention St.LK&W.
> >
> > gary laakso
> >
> >
> >
> > ----- Original Message -----
> > From: Duncan Cameron
> > To: <mailto:CBQ%40yahoogroups.com>CBQ@yahoogroups.com
> > Sent: 3/27/2011 1:45:34 PM
> > Subject: [CBQ] corporate history
> >
> >
> >
> > Okay, here I go again.
> > I've got Baldwin's corporate history in one hand and Overton in the other.
> > Overton, on page 174, mentions the purchase
> of the St.Louis, Keokuk and Western Railway by the Q in 1881.
> > Baldwin makes no mention of this but shows
> Perkins buying it in 1888 and conveying it to a
> newly created Q subsidiary called the St.LK&W
> Railroad Company. Later it is formally leased and then purchased.
> > Anyone have any insight to offer on this apparent discrepancy?
> > One of the things that makes me suspicious of
> the 1881 date is the financial troubles that allowed the 1888 purchase.
> > It surprised me that a Q owned company would
> find itself in default to its creditors. But who am I to doubt Overton?
> > Duncan Cameron
> >
> > [Non-text portions of this message have been removed]
> >
> >
> >
> >
> > [Non-text portions of this message have been removed]
> >
>
>[Non-text portions of this message have been removed]
>
>
[Non-text portions of this message have been removed]
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