Wikipedia:WikiProject Trains/ICC valuations/Northern Pacific Railway

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Submitted February 6, 1928. Decided May 17, 1929
 * VALUATION DOCKET No. 959
 * NORTHERN PACIFIC RAILWAY COMPANY ET AL.1

1. Final value for rate-making purposes, as of June 30, 1917, of the property owned or used by Northern Pacific Railway Company


 * 1) This report embraces the following valuation dockets: No. 959, Northern Pacific Railway Company; No. 836, The Duluth Union Depot and Transfer Company; No. 802, Minnesota and International Railway Company and Big Fork and Northern Railway Company; No. 671, Centralia Eastern Railroad Company; No. 676, Billings and Central Montana Railway Company.

The Northern Pacific, itself, and those corporations, together with their predecessors, total 86 different corporations, of which 10, including the Northern Pacific, underwent a change of name, and comprise the line of corporate succession

The road wholly owned by the Northern Pacific, amounting to 6,358.834 miles, was acquired partly through foreclosure and reorganization of the Northern Pacific Railroad Company, partly through other foreclosures and by subsequent purchases, partly by construction, partly by exchange, and partly by completion of construction begun by predecessor companies. Of the 85 predecessor corporations which comprise the line of succession culminating in the Northern Pacific as at present constituted, 2 either did not construct or improve any property or the property they did construct is not in existence on date of valuation. Those corporations were:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * Montana Union Railway Company.
 * Coeur d'Alene Steam Navigation and Transportation Company.

Two corporations acquired property from predecessors, but the records reviewed do not show that these corporations improved such property while they owned it. These corporations were:
 * Spokane and Seattle Railway Company.
 * Duluth Transfer Railroad Company.

Five corporations only improved property completed by others. These were:
 * Union Depot & Transfer Company of Stillwater.
 * Union Depot & Transfer Company of Stillwater.
 * Monte Cristo Railway Company.
 * Washington and Columbia River Railway Company, The.
 * Seattle and International Railway Company.

One corporation, the Missoula and Hamilton Railway Company, conveyed its surveys and right of way for a proposed line to the Northern Pacific, but no railroad has been constructed over the proposed line to date of valuation.

The uncompleted construction begun by the Wallace and Sunset Railroad Company, whose property was acquired by the Northern Pacific through [?]

The data with respect to the miles of road constructed by the 74 remaining predecessor corporations and by the Northern Pacific itself, the years in which the various portions of the line were constructed, and the manner in which the Northern Pacific 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.

The Northern Pacific and Puget Sound Shore Railroad Company was incorporated August 23, 1884, under the general laws of the then Territory of Washington. This company did not keep any books of account. The data contained herein were obtained from the report on its corporate history, the report for the year ended June 30, 1889, filed with the commission, and the books and records of the Northern Pacific Railroad Company and the Northern Pacific. The Northern Pacific and Puget Sound Shore Railroad Company was controlled on April 21, 1898, the date of sale, by the Northern Pacific through ownership of all of the outstanding capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporations.
 * NORTHERN PACIFIC AND PUGET SOUND SHORE RAILROAD COMPANY—PREDECESSOR OF NORTHERN PACIFIC
 * INTRODUCTORY

The property of this company was operated by the Northern Pacific Railroad Company from date of purchase or construction to August 15, 1893; by the receivers of the Northern Pacific Railroad Company from August 15, 1893, to August 31, 1896; and by the Northern Pacific from September 1, 1896, to date of sale. The railroad owned by this company on date of sale consisted of a single-track, standard-gauge, steam railroad in the State of Washington, extending from Meeker to Kennydale and from Woodinville to Kirkland and aggregated 32.95 miles. In addition to the above, this company owned a graded right of way between Kennydale and Kirkland, and a single-track, standard-gauge railroad, extending from Black River Junction to Seattle, 10.10 miles, the latter being constructed on the right of way and roadbed of the Columbia and Puget Sound Railroad Company.

This company acquired the road owned on date of sale by purchase and construction. Seven miles of road between Meeker and Stuck Junction was bought from the Northern Pacific Railroad Company [when?]; 13.85 miles of road between Stuck Junction and Black River Junction, together with the track between Black River Junction and Seattle, laid on right of way and roadbed of another carrier, was bought from The Puget Sound Shore Railroad Company; the remainder of the property was constructed by this company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Northern Pacific.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[...]
 * HISTORY OF CORPORATE FINANCING

The Puget Sound Shore Railroad Company was incorporated August 19, 1882, under the general laws of the then Territory of Washington. No accounting records of this company were obtained; therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments.
 * THE PUGET SOUND SHORE RAILROAD COMPANY—PREDECESSOR OF NORTHERN PACIFIC AND PUGET SOUND SHORE RAILROAD COMPANY

The report on its corporate history states that the property of this company was operated by its own organization from July 6, 1884, to January 17, 1890, although the property was sold prior to the last-mentioned date.

This company was incorporated in the interest of the Oregon and Transcontinental Company, a financial corporation which then controlled the Northern Pacific Railroad Company, and which at that time was interested in the construction of other railroads tributary to the Northern Pacific Railroad Company. It also controlled the Oregon Railway and Navigation Company, which was a predecessor of the Oregon-Washington Railroad & Navigation Company, and which apparently advanced funds for construction of this company's property.

This company constructed a single-track, standard-gauge, steam railroad between Stuck Junction and Black River Junction, Wash., 13.85 miles. It also constructed a standard-gauge road between Black River Junction and Seattle, Wash., 10.10 miles, on the right of way and roadbed of the Columbia and Puget Sound Railroad Company. In constructing the last mentioned line, this company removed the narrow-gauge track of the Columbia and Puget Sound Railroad Company and relaid one of the rails between the rails of the standard-gauge track, allowing the Columbia and Puget Sound Railroad Company joint use of one of the standard-gauge rails.

The Northern Pacific has in its possession a construction ledger marked "PSS — Auburn to Seattle," which it received from the Oregon-Washington Railroad & Navigation Company. The accounts in this book contain charges aggregating $780,651.48 recorded during the period from January, 1883, to August, 1884, but no further data were ascertained.

The property of this company was sold to the Northern Pacific and Puget Sound Shore Railroad Company on October 31, 1889, for a stated consideration of $1,000,000, payable in consolidated-mortgage bonds of the Northern Pacific Railroad Company at par.

The property passed from the Northern Pacific and Puget Sound Shore Railroad Company to the Northern Pacific in 1898. In 1901 the Northern Pacific and the Columbia and Puget Sound Railroad Company divided the right of way from Black River Junction to Seattle, the former company taking the west half and the latter company taking the east half. How much if any of the property remained which was represented by the charges of $780,651.48, was not ascertainable.

The Rocky Fork and Cooke City Railway Company was incorporated
 * ROCKY FORK AND COOKE CITY RAILWAY COMPANY—PREDECESSOR OF NORTHERN PACIFIC
 * INTRODUCTORY

The Spokane Falls and Idaho Railroad Company was incorporated October 25, 1886, under the general laws of the then Territory of Washington. The Spokane Falls and Idaho Railroad Company did not keep any books of account. The data contained herein were obtained from its corporate history, and the books and records of the Northern Pacific Railroad Company and the Northern Pacific. The Spokane Falls and Idaho Railroad Company was controlled on April 21, 1898, the date of sale, by the Northern Pacific, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.
 * SPOKANE FALLS AND IDAHO RAILROAD COMPANY—PREDECESSOR OF THE NORTHERN PACIFIC
 * INTRODUCTORY

The property of this company was operated by the Northern Pacific Railroad Company from October 24, 1886, to August 15, 1893; by the receivers of the Northern Pacific Railroad Company from August 15, 1893, to August 31, 1896, and by the Northern Pacific from September 1, 1896, to date of sale. The Spokane Falls and Idaho Railroad Company owned on date of sale 13.61 miles of single-track, standard-gauge, steam railroad in the State of Idaho, which extended from Hauser Junction to Coeur d'Alene City.

The 13.61 miles of road owned by the Spokane Falls and Idaho Railroad Company on date of sale had been constructed partly by S. T. Hauser and D. C. Corbin, as contractors, and partly by the Northern Pacific Railroad Company under conditions described in the chapter on history of corporate financing. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Northern Pacific.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING

The Big Fork and International Falls Railway Company was incorporated December 29, 1906, under the general laws of the State of Minnesota. No accounting records of the Big Fork and International Falls Railway Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The data shown below were obtained from its reports to this commission and records of the Northern Pacific.
 * BIG FORK AND INTERNATIONAL FALLS RAILWAY COMPANY—PREDECESSOR OF THE NORTHERN PACIFIC
 * INTRODUCTORY

The Big Fork and International Falls Railway Company was controlled by the Northern Pacific on June 18, 1914, the date of sale, through ownership of all the outstanding capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated by its own organization until date of sale; since that date, it has continued to operate the property as agent for the Northern Pacific. The railroad owned by the Big Fork and International Falls Railway Company consisted of 34.01 miles of single-track, standard-gauge, steam railroad, located in Minnesota, extending from Grand Falls to International Falls.

The 34.01 miles of road owned by the Big Fork and International Falls Railway Company on date of sale had been constructed by its own forces with the exception of grading which was done by independent contractors. Details in connection with the construction of this property are given in the chapter on development of fixed physical property in the report on the Northern Pacific.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING