Wikipedia:WikiProject Trains/ICC valuations/Central Pacific Railway

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The railroad of the Central Pacific Railway Company, hereinafter called the Central Pacific, is located in the States of Oregon, California, Nevada, and Utah. It comprises 2,292.106 miles of first, 254.274 miles of second, 5.911 miles of third, and 1.983 miles of fourth main tracks, all of which is standard gage with the exception of the narrow-gage line from Keeler, Calif., to Mina, Nev., and Filben branch, totaling 166.309 miles of single-track road. Along this narrow-gage line for a distance of 9.585 miles between Tonopah Junction and Mina, Nev., a third rail is laid for the operation of standard-gage equipment. All of the road owned by this company is operated by steam with the exception of the suburban lines in Oakland, Calif., and environs which are operated by electricity.

The principal main lines owned by the Central Pacific extend from Oakland via Tracy to Sacramento, Calif., Sacramento, Calif., via Reno, Nev., to Ogden, Utah, Lathrop to Goshen, Calif., and from Roseville, Calif., to the California-Oregon State line. These lines form important links in the principal main lines operated by the Southern Pacific Company eastward, southward, and northward. There are numerous branch lines projecting from these main lines, the most important extending from Mojave to Owengo, Sacramento to Walnut Grove, Barber to Stirling City in California; Fernley, Nev., to Westwood Junction, Calif.; Hazen to Mina, and Hazen to Fallon in Nevada; Umbria Junction to Corinne Junction, Utah; Weed, Calif., to Kirk, Oreg.; and an isolated line from Natron to Oakridge, Oreg. This company owns jointly with the South Pacific Coast Railway 0.176 undivided mile of first main and 0.037 undivided mile of second main track with an important drawbridge across San Antonio Estuary at Oakland, Calif., its portion of which is also leased to the Southern Pacific Company. It is also the owner of the ferry lines on San Francisco Bay and the Sacramento River boats.

The Central Pacific owns additional property which is not used by the Southern Pacific Company, consisting of 0.705 mile of narrow-gage yard tracks and sidings at Wendel, Calif., leased to and operated by the Nevada-California-Oregon Railway, and a building at West Oakland, Calif., used by The Pullman Company.

The Central Pacific is a corporation of Utah, having its principal office at Salt Lake City, Utah. Owing to partial destruction of the records of the Central Pacific in the San Francisco fire of April 18, 1906, complete information cannot be given from the accounting records regarding its financial dealings, corporate operations, or investments. The Central Pacific is controlled by the Southern Pacific Company through ownership of all of the outstanding capital stock except nine shares of common stock held by directors. The Central Pacific controls jointly with the Union Pacific Railroad Company, the Ogden Union Railway and Depot Company through ownership by each of 50 percent of the capital stock. The property of the Central Pacific has always been operated by the Southern Pacific Company.
 * CENTRAL PACIFIC
 * INTRODUCTORY

The Central Pacific was incorporated July 29, 1899, under the general laws of Utah, for the purpose of acquiring the property, rights, and franchises of the Central Pacific Railroad Company, to acquire the land and land grants and all rights in respect thereto of such company, and for other purposes. The date of organization of the Central Pacific was July 31, 1899. Pursuant to the above purposes, the Central Pacific acquired the property, rights, and franchises of the corporation named. Subsequently the Central Pacific purchased the property, rights, and franchises of eight other corporations. The Central Pacific, itself, and those corporations, together with their predecessors, total 34 different corporations, of which 1 underwent a change of name, and comprise the line of corporate succession culminating in the Central Pacific as at present constituted.
 * CORPORATE HISTORY

The names of the corporations, the respective dates of incorporation, and for each predecessor the date and manner of succession follow.

The recorded mileage owned by the Central Pacific amounts to 2,308.29 miles, of which 289.48 miles were acquired by construction and
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

This company was incorporated August 21, 1905, under the general laws of Oregon.
 * OREGON EASTERN RAILWAY COMPANY—PREDECESSOR OF THE CENTRAL PACIFIC
 * INTRODUCTORY

In addition to the railroad owned by the company and conveyed to the Central Pacific on February 29, 1912, it had made surveys for a main line and branches from Vale, across Central Oregon, and had acquired certain right-of-way for such lines. The surveys and right-of-way were conveyed December 23, 1910, to the Oregon-Washington Railroad & Navigation Company and details with respect to such property are included In the report on that company. As the accounting records of the Oregon Eastern Railway Company deal wholly with the property it conveyed to the Central Pacific this report, therefore, relates only to the transactions pertaining to that property.

The company was controlled on February 29, 1912, the date of sale, by the Southern Pacific Company through ownership of its capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was operated by the Southern Pacific Company from the date acquired to date of sale.

The railroad owned on date of sale consisted of 112.99 miles of single-track, standard-gage, steam railroad extending from Weed, Calif., to Chiloquin, Oreg. It also owned two sections of road in process of construction on that date, extending from Chiloquin to Kirk, Oreg., and from Natron to Oakridge, Oreg.

Of the 112.99 miles of road owned by the company on date of sale, it had acquired 86.10 miles from the California Northeastern Railway Company and 26.89 miles by construction. Details with respect to construction are given in the accounting report on the Southern Pacific.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

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 * HISTORY OF CORPORATE FINANCING

This company was incorporated July 6, 1905, under the general laws of California. The company was controlled on December 18, 1911, by the Southern Pacific Company through stock ownership. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was operated by the Southern Pacific Company from the date placed in operation to date of sale.
 * CALIFORNIA NORTHEASTERN RAILWAY COMPANY—PREDECESSOR OF THE OREGON EASTERN RAILWAY COMPANY
 * INTRODUCTORY

The railroad owned on date of sale consisted of 86.10 miles of single-track, standard-gage, steam railroad extending from Weed, Calif., to Klamath Falls, Oreg., of which 24.84 miles had been acquired through the reconstruction of a logging road purchased from the Weed Lumber Company and 61.26 miles had been acquired by construction during the period 1907 to 1909.


 * HISTORY OF CORPORATE FINANCING