Wikipedia:WikiProject Trains/ICC valuations/Gulf, Mobile and Northern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 125

Location and General Description of Property
The railroad of the Gulf, Mobile and Northern Railroad Company, hereinafter called the carrier, is a standard-gauge steam railroad, located in Alabama, Mississippi, and Tennessee. The main line extends northwesterly from Mobile, Ala., to Middleton, Tenn., a distance of 368.766 miles, with branches projecting from Beaumont to Hattiesburg, Miss., and from Ellisville Junction to Ellisville, Miss. The principal cities served are Mobile, Ala.; Ellisville, Hattiesburg, Laurel, Louisville, New Albany, and Philadelphia, Miss., and Middleton, Tenn. The carrier owns and uses 401.652 miles of first main track, 0.906 mile of second main track, and 80.230 miles of yard tracks and sidings. Its road thus embraces 482.788 miles of all tracks owned and used, classified by States in the trackage table in Appendix 1.

Introductory
The carrier is a corporation of the States of Alabama, Mississippi, and Tennessee, having its principal office at Mobile, Ala. Although it acquired title to its original property on December 18, 1916, it did not commence recording the results of the operations of its property in its books until January 1, 1917. The accounting data in this report, therefore, cover the period from January 1, 1917. It is controlled by John W. Platten, Samuel S. Campbell, Frederick Wm. Scott, A. H. S. Post, and T. Nelson Strother, voting trustees, through holding under a voting-trust agreement a majority of its outstanding capital stock, in the interest of the security holders and creditors of one of its predecessors, the New Orleans, Mobile and Chicago Railroad Company. On the other hand, the records do not indicate that the carrier itself controls any other common-carrier corporation. The property of the carrier has been operated by its own organization from January 1, 1917, to date of valuation.

Corporate History
The carrier was incorporated under the general laws of the States of Alabama, Mississippi, and Tennessee, through filing with the secretaries of those States an agreement dated December 18, 1916, for the purpose of consolidating the property, rights, and franchises of the Gulf, Mobile and Northern Railroad Company (of Alabama), the Gulf, Mobile and Northern Railroad Company (of Mississippi), and the Gulf, Mobile and Northern Railroad Company (of Tennessee). Pursuant to the above purpose, the carrier acquired the property, rights, and franchises of the three railroad corporations named. The carrier itself and those corporations, together with their predecessors, total 20 different corporations, of which 1 underwent a change of name, 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.

Development of Fixed Physical Property
The owned mileage of the carrier, amounting to 401.652 miles, was acquired partly by construction and partly by consolidation. Of the 19 corporations that comprise the line of succession culminating in the carrier as at present constituted, 13 corporations did not construct any road or other common-carrier property. These companies were:
 * Gulf, Mobile and Northern Railroad Company (of Alabama).
 * Gulf, Mobile and Northern Railroad Company (of Mississippi).
 * Gulf, Mobile and Northern Railroad Company (of Tennessee).
 * New Orleans, Mobile and Chicago Railroad Company (of Alabama).
 * New Orleans, Mobile and Chicago Railroad Company (of Mississippi).
 * New Orleans, Mobile and Chicago Railroad Company (of Tennessee).
 * Mobile, Hattiesburg and Jackson Railroad Company (of Alabama).
 * Mobile, Hattiesburg and Jackson Railroad Company (of Mississippi).
 * Gulf and Chicago Railway Company (of Mississippi).
 * Gulf and Chicago Railway Company (of Tennessee).
 * Gulf and Chicago Railroad Company.
 * Gulf and Chicago Railroad Company (of Mississippi).
 * Gulf and Chicago Railroad Company (of Tennessee).

The property constructed by the remaining corporations, and by the carrier itself, together with that purchased by one of the predecessors from the Gulf & Ship Island Railroad Company, the years when the various portions of the line were constructed, and the manner in which the carrier acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.

In addition to the completion of 1.50 miles of road by the carrier, it has under construction at the date of valuation an extension of its road from Middletown to Jackson, Tenn., and also a branch line about 1 mile south of McLain, Miss.

Leased Railway Property
The carrier uses, on the 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 sixth months' period ending on date of valuation, are as follows: There are other facilities of a minor nature in which the carrier grants or receives joint use that are not listed in this section.