Wikipedia:WikiProject Trains/ICC valuations/Carolina Railroad

Interstate Commerce Commission, Valuation Reports, Volume 84

Location and General Description of Property
The railroad of Carolina Railroad Company, hereinafter called the carrier, was incorporated under the general laws of North Carolina, December 11, 1912. On valuation date it had its principal office at Norfolk, Va. It owned and operated a single-track standard-gauge steam railroad in the southeastern part of North Carolina. The line extended from Hines Junction, N.C., on the Norfolk Southern Railroad system, about 1 mile west of Kinston, N.C., in a north-by-west direction to Snow Hill, N.C., a distance of about 13 miles. From Hines Junction the carrier operated under trackage rights over the Norfolk Southern Railroad system into Kinston, making a total operated mileage of about 14 miles. No branches were owned or operated.

The carrier owned no equipment except two passenger-train cars and one combination car reported as in poor condition. It depended on connecting carriers for its freight equipment, and it leased from the Norfolk Southern Railroad Company, hereinafter called the Norfolk Southern, one locomotive.

Control of the carrier is vested in the Norfolk Southern through ownership of 344 out of 350 shares of the carrier's capital stock outstanding. On valuation date the owned mileage of the carrier was as follows: Total, all tracks, 14.068 miles.
 * Road, 13.095 miles.
 * Yard tracks and sidings, .973 miles.

Corporate History
The present carrier corporation was incorporated under the general laws of North Carolina on December 11, 1912, and purchased a railroad already built. Prior to this transfer the property had been operated by the Hines Brothers Lumber Company, under powers of its charter, with the business name of the Kinston and Snow Hill Railroad. Hines Brothers Lumber Company had built the railroad about 1906, to serve the purpose of its lumber business and had opened it to commercial business about January 28, 1908.

Jointly Owned Property
The carrier uses jointly, with the Norfolk Southern, lessee, certain carrier property referred to in the body of this report. This consists of about 3.47 miles of the main track of the Atlantic and North Carolina Railroad, under lease to the Norfolk Southern, from Hines Junction to Shine Street, and certain other tracks and facilities. For this use the carrier pays on a trip basis for trains, and $1 a day for station privileges.