Beginning in its early construction, it was largely financed and (later) owned by John Insley Blair, Blairstown, New Jersey (1802–1899), and Moses Taylor, New York banker (1806–1882).
This was a dual expansion in that track was extended from Oakwood into Hannibal and a brick depot was built at 501 S. Main Street in 1892.
In 1893 the St. Louis, Hannibal and Kansas City (Perry Branchline original name) merged into the StL&HRy.
So, in 1932 the lower end of the mainline (below Bowling Green to Gilmore) was abandoned to save the rest of the system.
Beginning in 1933, the StL&HRR began operating four Mack AD model railbuses to bolster passenger service.
The railroad was largely not very profitable during its entire life as it served a remote area with small revenues.
The building of hard surface roads (US Hwy 61), the ever-expanding Foster Bus Line routes, growing trucking industry and finally the personal automobile spelled its demise.