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

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The railroad of the Carolina & Northeastern Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in northeastern North Carolina. The main line extends southeasterly from Gumberry to Lasker, a distance of 14.959 miles. The carrier also owns 1.091 miles of yard tracks and sidings. Its road thus embraces 16.050 miles of all tracks owned and used.

On the other hand, it controls, through ownership of the entire capital stock, the Albemarle Steam Navigation Company which separately operates a steamboat line. That part of the road extending from Gumberry to Rehoboth, a distance of about 11.7 miles, was operated by the carriers[sic] own organization from November 1, 1917, to December 31, 1917. On January 1, 1918, the common-carrier property of the carrier was taken over for operation by the United States Railroad Administration, which still operates it on date on date of valuation. The remaining part of the owned road, extending from Rehoboth to Lasker, a distance of about 3.3 miles, was not acquired for operation until September 14, 1918, and it has been operated from that date to date of valuation by the United States Railroad Administration. The results of Federal operation between January 1, 1918, and date of valuation have been recorded in the carrier's accounts, and for that reason the data given in this report can not be separated between those applying to operations under corporate control and those applying to operations under Federal control.

The carrier was incorporated by a special act, ratified March 5, 1907, of the General Assembly of North Carolina, as the Weldon & Roanoke Rapids Electric Railway Company, for the purpose of owning and operating a railway within a radius of 75 miles, afterward increased to 500 miles, [?] By a special act, ratified January 8, 1917, of the General Assembly of North Carolina, the name was changed to Carolina and Northeastern Railroad Company. [...]
 * CORPORATE HISTORY

The road owned by the carrier, amounting to 14.959 miles, was acquired by it as indicated hereunder:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * By purchase from—
 * Northampton and Hertford Railway Company, Oct. 29, 1917, Gumberry to Jackson, constructed about 1887 by the Gumberry and Jackson Railroad and Lumber Company 8.2
 * Virginia-Carolina Securities Corporation, Oct. 29, 1917, Jackson to Rehoboth, constructed in 1916 and 1917 by an individual 3.5
 * By construction (right of way purchased from Virginia-Carolina Securities Corporation), Rehoboth to Lasker, constructed between Dec. 15, 1917, and Sept. 14, 1918 3.3
 * Total 15.0
 * Difference between total recorded mileage and mileage inventoried as of date of valuation .041
 * Mileage inventoried as of date of valuation 14.959

By agreement dated October 29, 1917, the carrier acquired from the Virginia-Carolina Securities Corporation about 3.5 miles of constructed road between Jackson and Rehoboth, in North Carolina; about 26 miles of right of way, including terminal and station sites, between Rehoboth and Ahoskie in North Carolina; and an option to purchase the property of the Wellington and Powellsville Railroad Company for $110,490 cash within seven months from May 19, 1917. The above-mentioned property and option had been acquired during 1917 by the Virginia-Carolina Securities Corporation from H. Stuart Lewis, of Suffolk, Va. Lewis had acquired the right of way by purchase from property owners between 1913 and 1917, and had constructed the 3.5 miles of road between December, 1916, and August, 1917. Lewis had acquired the above option directly from the Wellington and Powellsville Railroad Company by an agreement dated May 19, 1917. The carrier did not exercise the option referred to above.

Under the terms of an agreement dated December 15, 1917, the Virginia-Carolina Securities Corporation constructed for the carrier about 3.3 miles of road between Rehoboth and Lasker. This road was constructed on a portion of the 26 miles of right of way acquired from the Virginia-Carolina Securities Corporation on October 29, 1917, mentioned above.

The approximately 23 miles of remaining right of way, lying between Lasker and Ahoskie, acquired on October 29, 1917, from the Virginia-Carolina Securities Corporation, is stated to be held by the carrier on date of valuation in anticipation of future use.

The Virginia-Carolina Securities Corporation received a majority of the capital stock of the carrier as part payment for the property and construction mentioned in this section, and thus acquired control of the company.


 * HISTORY OF CORPORATE FINANCING