Wikipedia:WikiProject Trains/ICC valuations/Louisiana and Arkansas Railway

Interstate Commerce Commission, Valuation Reports, Volume 133

Louisiana & Arkansas Railway

Location and General Description of Property

The railroad of the Louisiana & Arkansas Railway Company, herein called the carrier, is a single-track, standard-gauge, steam railroad, located in Louisiana and Arkansas. The owned mileage consists of a main line extending from Hope, Ark., to Pineville, La., with branch lines from Minden to L. & A. Junction, La., and from Packton, La., to Wildsville Junction, La. The mileage operated under lease consists of a branch line extending from Wildsville Junction, La., to Concordia Junction, La. The carrier uses under trackage rights 17.89 miles of the road and bridge and ferry service of other carriers, part of which affords access to Shreveport, La., and Natchez, Miss. The carrier wholly owns and uses 345.602 miles of all tracks, jointly owns and uses 1.121 miles of all tracks, undivided, and uses but does not own 15.515 miles of all tracks, which are classified in the trackage table in Appendix 1.

Introductory

The carrier is a corporation of the State of Arkansas, having its principal office at Stamps, Ark. The records reviewed do not indicate that it is controlled by any individual or corporation, nor, on the other hand, that it controls any common-carrier corporation. The property of the carrier has been operated by its own organization during its entire life.

Corporate History

The carrier was incorporated June 10, 1902, under the general railroad laws of the State of Arkansas, for the purpose of purchasing, constructing, and operating a railroad extending from Hope, Ark., in a southerly direction to Alexandria, La., with branch lines extending from Minden to Shreveport, La., and from Packton to Jena, La. Pursuant to the above purpose, the carrier acquired the property, rights, and franchises of the Louisiana & Arkansas Railroad Company and of the Minden East & West Railway Company. The carrier itself, and those corporations, together with their predecessors, total five different corporations, and comprise the line of corporate succession culminating in the carrier as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

No.	Name	Incorporation	Succession
1	Louisiana & Arkansas Railway Company (carrier).	Under general railroad law of Arkansas, June 10, 1902.
2	Minden East & West Railway Company.	Under general laws of Louisiana, Mar. 7, 1906.	Sold to Stamps Construction Company and resold to 1, Mar 10, 1909.
3	Louisiana & Arkansas Railroad Company.	Under general laws of Arkansas, Mar. 18, 1898.	Merged into 1, Aug. 20, 1902.
4	Arkansas, Louisiana & Southern Railway Company.	Under general railroad law of Louisiana, Oct. 23, 1897.	Sold to 3, June 14, 1900.
5	Minden Railroad & Compress Company.	Under general laws of Louisiana, Aug. 22, 1882.	Sold to 4, July 9, 1898.

Development of Fixed Physical Property

The owned mileage of the carrier, 273.383 miles, was acquired hereunder:

	[Mileage subtotal]	Mileage
By merger dated Aug. 20, 1902, from the Louisiana & Arkansas Railroad Company (effective for accounting July 1, 1902):
Constructed by the Bodcaw Lumber Company, Stamps, Ark., to Spring Hill, La., prior to 1898.	27.000
Constructed by the Bodcaw Lumber Company for the Louisiana & Arkansas Railroad Company, Spring Hill to Cotton Valley, La., 1898.	11.100
Constructed by the Louisiana & Arkansas Railroad Company, Sibley to Winnfield, La., 1902.	64.830
Constructed by the Arkansas, Louisiana & Southern Railway Company, Cotton Valley to Minden, La., 1898.	17.350
Constructed by the Minden Railroad & Compress Company, Minden to Sibley, La., between 1882 and 1898.	4.900
		125.180
By purchase from the Stamps Construction Company, property of the Minden East & West Railway Company
Constructed by that company, Minden, westwardly in the Shreveport, La., 1907-1908, Mar. 10, 1909.		8.000
By construction performed by the Stamps Construction Company:
Stamps to Hope, Ark., 1903.	22.900
Winnfield to Jena, La., 1903.	39.170
Packton to Pineville, 1907.	35.480
Point west of Minden to Shreveport, La.	19.150
Jena to Wildsville Junction, La., 1913.	23.680
		140.380
Total recorded mileage.		273.560
Difference between total recorded mileage and mileage inventoried as of date of valuation.		.177
Mileage inventoried as of date of valuation.		273.383

The construction work of the carrier was all performed by the Stamps Construction Company, which controlled the carrier through ownership of a majority of the capital stock acquired under the construction contract.

Leased Railway Property

The carrier uses on date of valuation facilities owned by other companies and other companies use facilities owned by the carrier to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ended on date of valuation are as follows:

	Rentals
Solely owned, but jointly used, used with—
The Chicago, Rock Island and Pacific Railway Company, tracks, 36.09 miles, Packton to Pineville, La., annual rental $500 per mile plus 2.5 per cent on additions and betterments and one-half of taxes. Maintenance and operation on a car basis.	$18,886.53
Missouri Pacific Railroad Company and St. Louis-San Francisco Railway Company, joint interchange tracks at Hope, Ark., annual rental $238.33 from each tenant, plus one third of maintenance and taxes.	504.14
The Chicago, Rock Island and Pacific Railway Company, wye and stub tracks at Alexandria, La., annual rental 50 cents for each car interchanged with The Texas and Pacific Railway Company over these tracks.	1,713.25
St. Louis-Southwestern Railway Company, passenger-terminal facilities at Shreveport, La., annual rental equal to 2.5 per cent on recorded cost of facilities plus 50 per cent of taxes and assessments; maintenance cost divided on car basis; operation of depot expenses divided on basis of tickets sold.	7,919.47
Jointly owned and jointly used, used with—
The Louisiana and North West Railroad Company, station building at Chestnut, La., taxes, operation, and maintenance divided equally.	16.00
St. Louis-San Francisco Railway Company, station building at Hope, Ark., owned 50 per cent by each company; annual rental 50 per cent of operating and maintenance expenses and taxes.	32.98
St. Louis Southwestern Railway Company, passenger and freight depot at Stamps, Ark.; owned 50 per cent by each company.	......
Solely used, but not owned, leased from—
Missouri Pacific Railroad Company, tracks, about 14.703 miles, from Wildsville Junction to Concordia Junction, La., annual rental $11,644, plus 5 per cent on additions and betterments.	5,822.01
Bodcaw Lumber Company—
Land for wye track near Spring Hill, La., annual rental $10.	10.00
Land for stock pen at Stamps, Ark., annual rental, $1.	1.00
Jointly used, but not owned:
Owned by—
Missouri Pacific Railroad Company, tracks from a point 3.99 miles north of the north approach to the bridge to a point of connection with road of The Texas and Pacific Railway Company about 2.19 miles south of the south approach to the bridge, including about 0.40 mile of bridge approaches and passenger station at Alexandria, La.	13,037.14
The Texas and Pacific Railway Company, tracks from a point of connection with the Missouri Pacific Railroad Company's road about 2.19 miles south of the south approach to the bridge about 1.60 miles to a connection with carrier freight yards at Alexandria, the tracks of both companies, the bridge and station being leased to the carrier for joint use at an annual rental equal to 2.5 per cent on agreed valuations, and same rate on additions and betterments.	[included above]
The Shreveport Bridge & Terminal Company, bridge over Red River near Shreveport, La., annual rental $1 per car, $5 per locomotive using bridge; minimum rental $5,000, maximum $11,000.	12,018.45
St. Louis Southwestern Railway Company, tracks, 1.64 miles of approaches to the bridge over Red River, annual rental $1,440.	[included above]
St. Louis Southwestern Railway Company, freight terminals and tracks at Shreveport, La., annual rental $4,200.	2,744.93
Natchez and Louisiana Railway Transfer Company, ferry facilities across the Mississippi River between Vidalia, La., and Natchez, Miss.; annual rental $3,200, divided equally between tenant lines.	297.03
Missouri Pacific Railroad Company, tracks and facilities from Concordia Junction to Vidalia, La., about 8.92 miles of main track and 3.67 miles of sidings; annual rental $5,433.32, plus 2.5 per cent on additions and betterments.	3,976.68

The carrier owns certain telegraph and telephone property along its road consisting of wire and connections therefor, which are erected on poles owned by the Cumberland Telephone & Telegraph Company, Southwestern Telegraph and Telephone Company, and The Western Union Telegraph Company. Under the terms of a contract effective for 20 years from March 25, 1914, and terminable by either party on one year's written notice, the carrier granted to the Cumberland Telephone & Telegraph Company the right to construct, operate, and maintain its telegraph line on the railroad right of way, and agreed to pay $6,500 in cash and to furnish the use of certain equipment and services in connection with the construction thereof. In return the carrier acquired the right to erect one cross-arm on the poles of the Cumberland Telephone & Telegraph Company and to place its wires thereon. Each company bears the expense of maintaining its own property. No rental is named in the contract. A contract similar in terms and conditions to the one above except that it provides a cash payment of $1,500, was entered into under date of March 25, 1914, by the carrier and the Southwestern Telegraph and Telephone Company. By contract dated May 31, 1888, between the Minden Railroad and Compress Company, a predecessor of the carrier, and The Western Union Telegraph Company, the latter acquired the right to build its telegraph line along the right of way of the railroad company and The Western Union Telegraph Company granted to the Minden Railroad and Compress Company the right to attach one wire to its poles. No rental is named in the contract.

Predecessor Companies

Louisiana & Arkansas Railroad

The records reviewed do not indicate that the Louisiana & Arkansas Railroad Company was controlled by any individual or corporation on August 20, 1902, the date of merger, nor, on the other hand, that it controlled any common-carrier corporation. The property of this company was operated by its own organization from some time during the year 1899, until the date of merger. The railroad owned and operated by the company on date of merger was a single-track, standard-gauge, steam railroad, extending from Stamps, Ark., to Sibley, La., 125.18 miles. Of this road it had acquired 22.25 miles from the Arkansas, Louisiana & Southern Railway Company, 38.1 miles from the Bodcaw Lumber Company, and 64.83 miles by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the report on the carrier.

Arkansas, Louisiana & Southern Railway

No accounting records were obtained for this company. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the report on corporate history filed by the carrier. The records reviewed do not indicate whether this company was controlled by any individual or corporation on June 14, 1900, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. No information was obtained regarding the operation of the property of this company prior to the date of sale, which on that date consisted of approximately 22 miles of railroad extending from Cotton Valley to Sibley, La., of which approximately 5 miles was acquired from the Minden Railroad & Compress Company and the remaining 17 miles through construction. 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 carrier.

Minden Railroad & Compress

No accounting records were obtained for this company. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the report on corporate history filed by the carrier. The records reviewed do not indicate whether this company was controlled by any individual or corporation on July 9, 1898, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. No information was obtained regarding the operation of the property of this company prior to the date of sale, which on that date consisted of approximately 5 miles of railroad extending from Minden to Sibley, La. It was acquired by construction, the details regarding which are given in the chapter on development of fixed physical property in the report on the carrier.

Minden East & West Railway

No accounting records were obtained for this company. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the report filed by the carrier on its corporate history. The records reviewed do not indicate whether this company was controlled by any individual or corporation on March 10, 1909, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation. According to the report filed by the carrier on its corporate history, this property was operated as a logging road prior to the date of sale, and on that date consisted of approximately 8 miles of railroad extending from Minden, La., westwardly in the direction of Shreveport, La. It was acquired by construction, the details regarding which are given in the chapter on development of fixed physical property in the report on the carrier.