Wikipedia:WikiProject Trains/ICC valuations/Morgan's Louisiana and Texas Railroad and Steamship Company

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The railroad of Morgan's Louisiana and Texas Railroad and Steamship Company, hereinafter referred to as Morgan's Louisiana and Texas, is a partly double-track, standard-gage, steam railroad, situated entirely within the State of Louisiana. The main line extends from Algiers, on the Mississippi River opposite New Orleans, to Lafayette, where it connects with the line of the Louisiana Western Railroad Company. It forms an important link in the through route of the Southern Pacific Company between New Orleans, La., and San Francisco, Calif. The principal branch lines extend from Lafayette to the Mississippi River opposite Baton Rouge, from Lafayette to Cheneyville, from Breaux Bridge to Port Barre, from Breaux Bridge to Cade, and from Thibodaux Junction to Napoleonville. There are a number of other branch lines of an average length of about 10 miles, which serve the numerous sugar plantations along parts of the line.

The Morgan's Louisiana and Texas also owns 17.420 miles of roadbed and track structures between David's Junction and Milton, located on right of way owned by The Franklin and Abbeville Railway Company. The latter company leases this property for sole use.

The Morgan's Louisiana and Texas wholly owns and uses 643.118 miles of all tracks, jointly owns and uses 6.360 miles of all tracks, and owns but does not use 21.061 miles of all tracks, which are classified in the trackage table in Appendix 1.

The Morgan's Louisiana and Texas was incorporated with perpetual rights by special act of the legislature of the State of Louisiana, approved March 8, 1877. Incorporation was for the purpose of acquiring and operating the railroad formerly owned by The New Orleans, Opelousas and Great Western Railroad Company, which was owned and operated at this time by Charles Morgan, the construction and operation of a railroad from Morgan City, a point on the aforementioned road, to the Sabine River, which forms the western boundary of the State of Louisiana, and the construction and operation of a railroad from a point on the main line northwesterly to a connection with the Texas and Pacific Railway Company at a point about 16 miles southeast of Alexandria.
 * CORPORATE HISTORY

The New Orleans, Opelousas and Great Western Railroad Company was incorporated on a date which has not been ascertained, under the general incorporation law of the State of Louisiana of March 12, 1852. Organization appears to have been effected in May, 1852. The original charter being unsatisfactory, a new charter was secured by a special act of the legislature of Louisiana, approved April 22, 1853. From May 1, 1862, to January 31, 1866, the property of The New Orleans, Opelousas and Great Western Railroad Company was operated without compensation to it by or for the United States Government. On July 31, 1869, the completed portion of its road, extending from Algiers to Morgan City, a distance of about 80 miles, with its attendant franchises, was sold under foreclosure to Charles Morgan. On April 22, 1870, Charles Morgan acquired the remainder of the property and franchises.

Charles Morgan, as individual owner, operated the property thus acquired and additional property purchased or constructed, until April 1, 1878, at which time he sold it to the Morgan's Louisiana and Texas. The road owned and operated by Charles Morgan was, during the period of Morgan's sole ownership, generally known as Morgan's Louisiana and Texas Railroad.

Of the road owned by the Morgan's Louisiana and Texas on date of valuation, approximately 95.20 miles were acquired by purchse and 289.77 miles by construction.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property which was acquired from Charles Morgan on April 1, 1878, had for the most part been constructed by The New Orleans, Opelousas and Great Western Railroad Company. Construction of the main,[sic] line, extending from Algiers to Morgan City, was commenced on August 27, 1852. On November 6, 1854, a line extending 52 miles from Algiers was opened for operation. The remaining 28 miles of road to Brashear, now Morgan City, were completed in sections, the last 7 miles being completed on April 12, 1857. The New Orleans, Opelousas and Great Western Railroad Company, at the time its road was taken over by the Federal Government on May 1, 1862, had also completed, as part of ist[sic] project to reach the Texas boundary, practically all of the grading on about 80 miles of road extending from Morgan City to a point near Opelousas. The Morgan's Louisiana and Texas Railroad acquired these properties on July 31, 1869, and April 22, 1870, as hereinbefore stated.

On April 18, 1872, the Morgan's Louisiana and Texas Railroad sold to the New Orleans, Mobile and Texas Railroad the aforementioned 80 miles of partially built railroad. The Morgan's Louisiana and Texas Railroad constructed a branch line extending from Shriever to Houma, a distance of about 14.6 miles. Construction was commenced in April, 1871, and completed in January, 1872. The Morgan's Louisiana and Texas Railroad also purchased from the Pontchartrain Rail Road Company on March 11, 1872, about 1.5 miles of track in New Orleans for terminal purposes.

The entire road of The New Orleans, Opelousas and Great Western Railroad Company was built with a gage of 5 feet 6 inches, but in 1872 the Morgan's Louisiana and Texas Railroad changed the gage to standard. During the period from June, 1874, to May, 1875, considerable sums of money were spent in raising the tracks.

The property acquired by the Morgan's Louisiana and Texas from the Morgan's Louisiana and Texas Railroad on April 1, 1878, consisted, therefore, of the main line from Algiers to Morgan City, a distance of about 80.60 miles, and the branch line from Shriever to Houma, a distance of about 14.60 miles, or a total of 95.20 miles of road. The Morgan's Louisiana and Texas also acquired from the trustee of the New Orleans, Mobile and Texas Railroad Company 68 miles of road, lying between Westwego and Bayou Goula. This property was sold on February 15, 1881, to the New Orleans-Pacific[sic] Railway Company, now the Texas and Pacific Railway Company.

The Morgan's Louisiana and Texas has acquired 289.77 miles of road by construction, as follows:

The mileage recorded by the Morgan's Louisiana and Texas as owned and used on date of valuation is 0.667 mile less than that inventoried by us on valuation date, or 385.637 miles.

As hereinbefore stated, the Morgan's Louisiana and Texas also owns 17.420 miles of roadway and track structure located on right of way owned by The Franklin and Abbeville Railway Company.


 * HISTORY OF CORPORATE FINANCING