Wikipedia:WikiProject Trains/ICC valuations/Harriman and Northeastern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 37

Harriman and Northeastern Railroad

Location and General Description of Property

The railroad of the Harriman and Northeastern Railroad Company, herein called the Harriman and Northeastern, is a single-track, standard-gage, steam railroad, located in eastern Tennessee. The main line extends northeasterly from Harriman to Petros, 19.614 miles. The company also owns 13.744 miles of yard tracks and sidings. Its road thus embraces 33.358 miles of all tracks owned and used.

The Harriman and Northeastern is controlled by The Cincinnati, New Orleans & Texas Pacific Railway Company and its property forms a part of the Southern Railway System.

Introductory

The Harriman and Northeastern is a corporation of the State of Tennessee, having its principal office at Harriman, Tenn. No accounting records of the Harriman and Northeastern were obtained for the period from the date of its organization to July 1, 1900. For that reason only partial information can be given from its accounts in connection with its financial dealings, corporate operations, or investments. The accounting data in this report are those obtained from the records that cover the period from July 1, 1900, to date of valuation.

The Harriman and Northeastern is controlled by The Cincinnati, New Orleans & Texas Pacific Railway Company through ownership of its entire outstanding capital stock. On the other hand, the records do not indicate that this company controls any common-carrier corporation.

The property of the Harriman and Northeastern was operated by its own organization from the date of acquirement thereof, December 4, 1895, until the receivership, May 20, 1897. From the latter date to July 18, 1898, it was operated by receivers and thereafter to December 31, 1917, by own organization. On January 1, 1918, the common-carrier property of the Harriman and Northeastern was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.

Corporate History

The Harriman and Northeastern was incorporated December 4, 1895, under the general laws of the State of Tennessee, for the purpose of acquiring the property, rights, and franchises of the Harriman Coal & Iron Railroad Company, which was done. The latter company was incorporated March 25, 1890, under the general laws of the State of Tennessee, originally as the Harriman Railway and Construction Company which name was changed on January 10, 1891, to the Harriman Coal & Iron Railroad Company. The property, rights, and franchises of the latter company were sold at foreclosure on July 22, 1895, after receivership begun November 21, 1893, and were conveyed to Isaac K. Funk and others by deed dated November 30, 1895, who reconveyed the property to the Harriman and Northeastern by deed dated December 4, 1895. The date of organization of the Harriman and Northeastern was December 4, 1895.

Development of Fixed Physical Property

The owned mileage of the Harriman and Northeastern, extending from Harriman to Petros, Tenn., 19.614 miles, was all acquired by purchase from Isaac K. Funk and others, who had acquired it by purchase after foreclosure proceeding from the Harriman Coal & Iron Railroad Company, which company had constructed it, as indicated in the statement following.

	Recorded mileage
Acquired by purchase, constructed by the Harriman Coal & Iron Railroad Company:
Harriman to Dearmond, Tenn., about 1891	7.00
Extension to Petros, Tenn., about 1894-1895	15.00
	22.00
Less remeasurement or abandonment by the Harriman and Northeastern	2.36
Total	19.64
Difference between total recorded mileage and mileage inventoried as of	0.026
Mileage inventoried as of date of valuation	19.614

Predecessor Company

Harriman Coal & Iron Railroad Company – Formerly Named Harriman Railway and Construction Company

No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the company was operated during its corporate life as indicated below:

Operated by—	From—	To—
Own organization.	May 1, 1891.	Nov. 20, 1893.
Receiver.	Nov. 21, 1893.	June 18, 1894.
Cumberland Construction Company (under lease).	June 19, 1894.	Oct. 31, 1895.
Unknown.	Nov. 1, 1895.	Date it was surrendered to the Harriman and Northeastern.

The company owned on the date of sale approximately 22 miles of railroad, extending from Harriman to Petros, Tenn., which was acquired by construction. It is not known whether the construction work was performed by forces of the company or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Harriman and Northeastern.