In 1899, the FW&DC was acquired by the Colorado and Southern Railway, successor to the D&NO. The C&S itself was bought by the Chicago, Burlington and Quincy Railroad in 1908, but the three companies continued to operate as separate legal entities. In part, this separation was due to Texas law, which required all railroads operating in the state to have their headquarters in Texas. This had the effect of requiring all operating railroads in Texas to be wholly owned, but independent companies of the regional or national roads.