Wikipedia:WikiProject Trains/ICC valuations/Oregon and California Railroad

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The railroad of the Oregon and California Rail Road Company, hereinafter called the Oregon and California, is located entirely in the State of Oregon and consists of 680.228 miles of first main track and 2.214 miles of second main track. All lines are operated by steam while those between Portland and Whiteson and between Portland and St. Joseph via Hillsboro are also used for electric interurban trains. The principal main line of this company extending from the Oregon-California State line to Portland forms an important link in the Southern Pacific Company's main line between Oakland, Calif., and Portland, Oreg. There are many other lines and branches, the more important projecting from Portland to Airlie and Corvallis via Whiteson, Portland to St. Joseph via Hillsboro, and Springfield to Woodburn. This company jointly owns with the Oregon-Washington Railroad & Navigation Company 0.303 undivided mile of double-track main line with an important drawbridge over the Willamette River between Portland and East Portland, its portion of which is also leased to the Southern Pacific Company. In addition to property used by the Southern Pacific Company, the Oregon and California owns 0.047 mile of sidings at Portland, Oreg., which is leased to and operated by The Northern Pacific Terminal Company of Oregon.

The property of the Oregon and California has been operated as follows: By its own organization for the periods from September 5, 1870, to May 25, 1883, and from June 21, 1884, to January 19, 1885; by the Oregon and Transcontinental Company from May 25, 1883, to June 21, 1884; by a receiver from January 19, 1885, to July 1, 1887; and by the Southern Pacific Company from the latter date to date of valuation.

The Oregon and California was incorporated March 17, 1870, under the [...] The Oregon and California, itself, and those corporations, together with their predecessors, total 13 different corporations and comprise the line of corporate succession culminating in the Oregon and California as at present constituted.
 * CORPORATE HISTORY

The names of the corporations, the respective dates of incorporation, and for each predecessor the date and manner of succession follow.

The recorded mileage owned by the Oregon and California amounts to 682.69 miles, of which 402.21 miles were acquired by construction and 309.61, less 29.13 miles abandoned, were acquired by purchase. The inventoried mileage is 680.228. Of the 12 corporations which comprise the line of succession culminating in the Oregon and California as at present constituted, one corporation, The Willamette Valley Railroad Company, only improved property constructed by others. Two others, the Oregon Western Railroad Company and the Portland and Yamhill Railroad Company, acquired property from predecessors, but either these have no records or the records reviewed do not show whether they improved such property while they owned it. The 309.61 miles constructed by the remaining 9 corporations were acquired by purchase from 6 corporations as follows: Oregon Central Rail Road Company 20.08 miles; Oregon Central Railroad Company 46.80 miles; Western Oregon Railroad Company 49.70 miles; Albany and Lebanon Railroad Company 11.58 miles; Oregonion [sic] Railroad Company 153.11 miles; and the Portland and Yamhill Railroad Company 28.34 miles. Of the total road reported, 29.13 miles were abandoned during the period from 1890 to 1910.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

In addition, the Oregon and California owns an undivided one-half interest in 0.303 mile of double main track at Portland, Oreg., with the Oregon-Washington Railroad & Navigation Company, including a large steel bridge across the Willamette River at Portland. This property had been acquired by purchase from the Oregon-Washington Railroad & Navigation Company.

Details as to construction are given in the accounting report. [which is?]

Land grants.—Under an act of Congress, approved July 25, 1866, as amended by acts of June 25, 1868, and April 10, 1869, the Oregon Central Rail Road Company was granted every alternate, odd-numbered section of nonmineral public land to the amount of 10 such alternate sections per mile on each side of its railroad line through the State of Oregon, beginning at the city of Portland, and running thence southerly through the Willamette, Umpqua, and Rogue River valleys to the southern boundary of Oregon where the property of this company connected with that of The California and Oregon Railroad Company, also a right-of-way to the extent of 100 feet in width on each side of the railroad where it passes over the public lands, including all necessary grounds for stations, buildings, workshops, depots, machine shops, switches, sidetracks, turntables, water stations, or any other structures required in the construction and operation of the road, and the right to take from the public lands adjacent to the line of railroad, earth, stone, timber, water, and other materials for the construction of the road.

Under an act of Congress, approved May 4, 1870, as amended by an act of January 31, 1885, the Oregon Central Railroad Company was granted a right-of-way through the public lands of the width of 100 feet on each side of its projected road from Portland to Astoria and McMinnville, and a right to take from the adjacent public lands materials for constructing said road, and also the necessary lands for depots, stations, side tracks, and other needful uses in operating the road, not exceeding 40 acres at any one place, and also each alternate section of public lands, not mineral, excepting coal and iron lands, designated by odd numbers nearest to said road, to the amount of 10 alternate sections per mile, on each side thereof.

The lands acquired by the two companies referred to above or their successor, the Oregon and California, although these grants are reported by the Oregon and California rights-of-way and station grounds, are represented in that part of the foregoing statement that is devoted to other lands.

The act of July 25, 1866, requires the grantee and its successors to keep the railroad and telegraph in repair and use, to at all times transport the mails upon the railroad, and transmit despatches by the telegraph line for the Government of the United States, the Government at all times to have preference in the use of the railroad and telegraph therefor at fair and reasonable rates of compensation, not to exceed the rates paid by private parties for the same kind of service. It also stipulates the railroad shall be and remain a public highway for the use of the Government of the United States, free of all toll or other charges upon the transportation of the property and troops of the United States; and the same shall be transported over the railroad at the cost, charge, and expense of the corporation or company owning or operating the road, when so required by the Government of the United States.

This company was incorporated April 22, 1867, in Oregon. No accounting records of this company were obtained. The data indicated below were obtained from its minute books and records of the Oregon and California.
 * OREGON CENTRAL RAIL ROAD COMPANY—PREDECESSOR OF THE OREGON AND CALIFORNIA

The company was controlled on March 29, 1870, the date of sale, by Ben Holladay & Company, through stock ownership. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

This company owned on the date of sale 20.08 miles of single-track standard-gage, steam railroad, extending from East Portland to New Era, Oreg., construction of which had been begun in April 1868. The construction work was performed by Ben Holladay & Company, contractors. It also owned right-of-way for additional road to Marion. The road had not been opened for traffic to the date of sale.

The authorized capital stock was $7,250,000 par value, shares $100 each, of which $5,250,000 par value was classed as common stock and $2,000,000 as preferred interest-bearing stock. The amount issued and the considerations received therefor were not ascertainable from the records obtained.

This company was incorporated November 21, 1866, in Oregon. No accounting records of this company were obtained. The data indicated below were obtained from its minute book and records of the Oregon and California.
 * OREGON CENTRAL RAILROAD COMPANY—PREDECESSOR OF THE OREGON AND CALIFORNIA
 * INTRODUCTORY

The company was controlled on October 6, 1880, the date of sale, by the bondholders' committee of the Oregon and California, known as the Frankfort Committee, through stock ownership. 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 from the date the first section of the road was placed in operation, in December 1871 to September 1, 1879. From the latter date to date of sale the property was operated by the Western Oregon Railroad Company, as lessee.

The railroad owned on date of sale consisted of 46.80 miles of single-track, steam railroad extending from Portland to St. Joseph, Oreg., all of which had been acquired by construction between 1868 and 1872.


 * HISTORY OF CORPORATE FINANCING

The company was incorporated January 27, 1879, in Oregon. No accounting records of this company were obtained. Certain data indicated below were obtained from its minute book and the records of the Oregon and California.
 * WESTERN OREGON RAILROAD COMPANY—PREDECESSOR OF THE OREGON AND CALIFORNIA

The company was controlled on October 9, 1880, the date of sale, by the bondholders' committee of the Oregon and California, known as the Frankfort Committee through ownership of its capital stock, which was held by Richard Koehler, trustee. 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 from January 1880 to the date of sale. The railroad owned was a single-track, standard-gage, steam railroad, aggregating 49.70 miles, and consisting of a line from St. Joseph to Corvallis, in Oregon, which had been acquired by construction during 1879. The construction work was performed by the North Western Consturction Company, an affiliated contractor.

The authorized capital stock was