Wikipedia:WikiProject Trains/ICC valuations/New Mexico Central Railroad

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The railroad of New Mexico Central Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located entirely within the State of New Mexico and extending from Santa Fe to Torrence. The trackage owned and operated consists of 115.595 miles of main tracks and 7.696 miles of other tracks, or a total of 123.291 miles of all tracks. About 8 miles has been partially completed of a branch line projected from Moriarity to Albuquerque, none of which, however, has ever been operated.

Corporate history.—The carrier was incorporated on September 21, 1908, under the laws of New Mexico, for a period of 50 years, for the purpose of acquiring the property, rights, and franchises of the Santa Fe Central Railway Company and the Albuquerque Eastern Railway Company, the carrier's predecessors. The carrier has its principal place of business at Santa Fe and is controlled by the Pennsylvania Development Company. Since January 10, 1910, the carrier has been in the hands of a receiver. Further facts under this heading, and a statement of the development of fixed physical property of the carrier, are given in Appendix 2.

In addition to the data given under this caption, in the body of this report, the record discloses that the incorporators of the carrier were the Pennsylvania Development Company and six individuals whose addresses are unknown.
 * APPENDIX 2
 * CORPORATE HISTORY

The predecessors of the carrier, the Santa Fe Central Railway Company and the Albuquerque Eastern Railway Company, were incorporated in New Mexico, respectively, on December 7, 1900, and July 22, 1901. The Santa Fe Central Railway Company was at first incorporated under the name Santa Fe, Albuquerque & Pacific Railroad Company which was changed on July 22, 1901, by amendment to its articles of incorporation, to The Santa Fe Central Railway Company. For further data with respect to these predecessors, reference is made to the report of the accounting section.

On January 10, 1910, as the outgrowth of a suit against the carrier, instituted by the Independent Steel & Wire Company, a creditor, a receiver was appointed to take charge of and manage the carrier's affairs. Subsequently, two foreclosure suits were instituted under deeds of trust given by the Santa Fe Central Railway Company and the Albuquerque Eastern Railway Company. It appears that on account of different issues arising under these several suits, an additional receiver was appointed under an arrangement by which one would have jurisdiction over the properties formerly owned by the Santa Fe Central Railway Company, and the other over those formerly owned by the Albuquerque Eastern Railway Company. However, on date of valuation, the affairs of the carrier are being handled by one receiver.

Under date of September 21, 1908, the carrier acquired by consolidation, the properties of (1) The Santa Fe Central Railway Company, consisting of 115.7 miles of standard-guage[sic] railroad, extending from Santa Fe to Torrance, and (2) the Albuquerque Eastern Railway Company, consisting of a partially completed section, about 8 miles in length, of a line which it is proposed to construct between Albuquerque and Moriarity, a total distance of approximately 45 miles. The additions and betterments made by the carrier consist principally of laying additional industry tracks, and the purchase of a locomotive and passenger coach. A contract was entered into with the Dominion Construction Company on January 6, 1909, which provided for the completion of the line of the Albuquerque Eastern Railway Company, but as the carrier could not make the payments required under the contract, the work was suspended.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING, CAPITAL STOCK, AND LONG-TERM DEBT