Wikipedia:WikiProject Trains/ICC valuations/Kinston–Carolina Railroad and Lumber Company

Interstate Commerce Commission, Valuation Reports, Volume 97

Location and General Description of Property
Kinston–Carolina Railroad & Lumber Company, hereinafter called the carrier, owns and operates a single-track standard-gauge steam railroad in the southeastern part of North Carolina, extending from Kinston in a south-southwesterly direction to Pink Hill, a distance of 19.806 miles. The carrier has 2.821 miles of yard tracks and siding, making a total mileage of 22.627 miles.

Corporate History
The carrier was incorporated under the general laws of North Carolina January 25, 1910, to acquire from John L. Roper Lumber Company, which concern had purchased it at foreclosure sale the preceding October 29, the property of the insolvent Kinston Lumber Company. This last-named company had been chartered July 2, 1904, to acquire at a receiver's sale the railroad, sawmill and planing-mill property of the Gay Lumber Company, the original builder. The railroad had been opened to commercial business about 1900-1901, under the business name of the Kinston and Carolina Railroad, by the Gay Lumber Company.

Introductory
The principal facts concerning the history and accounts of the carrier have been stated in the body of this report. Additional information is here given on the matters of development of the property, the profit and loss account, investment in road and equipment, original cost to date, cost of lands, property held for purposes other than those of a common carrier, jointly used property, and leased property.

Development of the Property
As originally built by the Gay Lumber Company, the road was a narrow-gauge line. The Kinston Lumber Company, the immediate successor to the Gay Lumber Company, broadened the gauge to standard width in 1906–7. When the property was acquired by the present carrier, January 25, 1910, it had become so dilapidated that reconstruction was necessary. Operation was suspended for nearly a year during the rehabilitation, and was resumed the following December 10.

Jointly Used Property
As stated in the body of this report, the carrier uses jointly with the owner, under trackage rights, certain carrier property. This consists of a connecting track, owned by the Norfolk Southern Railroad Company, between the carrier's own terminus and the yards of the Norfolk Southern Railroad Company at Kinston.

Leased Railway Property
As stated in the body of this report, the carrier uses exclusively, under lease, certain carrier property. This comprises the following: The materials for a bridge structure over the Neuse River at Kinston and certain rail and other track material, all owned by the Norfolk Southern Railroad Company. Part, amounting to 0.847 acre, of a tract of land leased by the carrier from private parties and used mainly for sawmill purposes.