The railway never reached St. Louis (despite its name) but its North Star Limited passenger train ran to that city via the Wabash Railroad.

Most of the railway's routes saw only relatively light traffic, and consequently the company's financial position was frequently precarious; the railroad operated under bankruptcy protection between 1923 and 1943.

As the wheat growing regions moved north and west, the company acquired and built lines to South Dakota.

Ultimately the railroad's primary line was extended south from the Twin Cities into Iowa and then east to Peoria.

In the 1890s the road built its Southwestern branch from Winthrop, through New Ulm, St James, and Sherburn in Minnesota, continuing to Estherville, Terril, Spencer and reaching Storm Lake in Iowa.

The railroads sold land to prospective farmers at very low rates, expecting to make their profits by shipping farm products out and home goods in.

They also set up small towns that would serve as shipping points and commercial centers, and attract businessmen and more farmers.

The M&StL in 1905, under the innovative leadership of its vice president and general manager L. F. Day, added lines from Watertown to Le Beau and from Conde through Aberdeen to Leola.

Livestock valued at one million dollars were shipped out in 1908, and the rail company planned a bridge across the Missouri River.

The court overseeing the receivership would not allow expenditures that would have contributed to improved physical plant and greater efficiency, such as new locomotives, modern rolling stock and heavier rail.

Still, the case was brought before the Interstate Commerce Commission (ICC) which approved the merger, except that GN and NP would have to divest themselves of the Chicago, Burlington and Quincy Railroad (CB&Q).

Despite the fight for the railroad to be sold to a larger operation, broken up piecemeal, or shut down entirely, Lucian Sprague took over as receiver in 1935 after Bremner unexpectedly died in November 1934.

Sprague streamlined the company and its assets by selling off scrap, increasing efficiency and ordering significant abandonments, mostly in Iowa.

Despite the curious route structure of the road, it prospered as a bridge line between western and eastern markets in the year following World War II.

Most shareholders were people from the east and Heineman played masterfully to their investment that a new management team would increase their value in the company.

Not long after his arrival, however, Heineman saw great potential in the M&StL as a stand-alone company seeing the road had modern rolling stock, no bonded debts, was making money and had paid over $6M in dividends since receivership had ended back in 1943.

The presidents of both the PRR and the Santa Fe held warm relations with Lucian Sprague, but held disdain for Heineman and eventually the PRR and Santa Fe were able to jointly acquire the TP&W at the price of $140 per share, much to the ire of Heineman who felt betrayed by TP&W shareholders after having bid up the price thinking his bids would win out.

The plan backfired and Heineman eventually left for C&NW in 1956 after his group had gained controlling interest in that road.

The company was in good financial condition even as competition for freight from trucks, barges and other roads was eating away at M&StL's traffic base.

In April, however, a company meeting was called at the M&StL office building in Minneapolis where Chairman Max Swiren and President Albert Schroeder got right to the point – the M&StL would become part of C&NW (returning control to Ben Heineman), pending approval by regulators and the boards of both companies.

The merger of the Hill Lines in 1970 would have eventually done in the company as M&StL enjoyed significant bridge traffic from both GN and NP.

UP later sold the Chaska Industrial Lead corridor to a coalition of area government entities to preserve it for future transportation use, sewer lines, and recreational trails.

In Iowa, UP operates the line from Mallard to Grand Junction, from Northwood through Mason City to Rockwell, and Marshalltown to Eddyville.

While the primary business of the M&StL was the haulage of freight, the railroad also operated a limited number of passenger train services.

The railroad also purchased two Budd RDC's in 1957 for Minneapolis – Des Moines service, but the cars proved unsuccessful and they were sold the following year.