Wikipedia:WikiProject Trains/ICC valuations/Bonhomie and Hattiesburg Southern Railroad

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The railroad of the Bonhomie and Hattiesburg Southern Railroad Company, hereinafter called the carrier, is a single-track standard-gage, steam railroad, located in the southeastern section of Mississippi. The main line extends northwesterly from Beaumont to Hattiesburg. a distance of 26.130 miles. The company also owns 4.795 miles of yard tracks and sidings. Its road thus embraces 30.925 miles of all tracks owned and used.

In addition to its owned property, the carrier leases from the Tatum Lumber Company freight and passenger depots, coal chute, and enginehouse facilities at Hattiesburg, Miss., and three steam locomotives. The carrier has trackage rights over 0.62 mile of track at Hattiesburg, Miss., owned by the New Orleans and Northeastern Railroad Company. It also has joint use of 2.11 miles of track and station facilities at Beaumont, Miss., owned by the Gulf, Mobile and Northern Railroad Company. It grants trackage rights to the J. J. Newman Lumber Company and to the Tatum Lumber Company over its entire road.

This is an industrial railroad controlled by the family of W. S. F. Tatum, who also control the Tatum Lumber Company, whose sawmill at Hattiesburg, Miss., is served by the carrier.

The property of the carrier has been operated by its own organization from January 17, 1925, to date of valuation. Prior to that date, it was operated by the Gulf, Mobile and Northern Railroad Company and its predecessors for about 20 years; for a period of three years next prior to date of acquisition by carrier, it was operated by the Mississippi Central Railroad Company, under lease from the Gulf, Mobile and Northern Railroad Company.

Although the property was acquired August 14, 1924, as authorized July 26, 1924, by the Interstate Commerce Commission (90 I.C.C. 448), operations are recorded beginning January 17, 1925. During the interim the property was operated by the Mississippi Central Railroad Company under the terms of its lease, which had expired on August 15, 1924, the rent accruing to the Gulf, Mobile and Northern Railroad Company.

CORPORATE HISTORY

The carrier was incorporated September 10, 1923, under the general laws of Mississippi, to acquire and operate a portion of the Gulf, Mobile and Northern Railroad Company's property known as the Hattiesburg branch. The date of organization was September 15, 1923.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road, all owned, 26.130 miles, was acquired partly by purchase and partly by construction. Of this, 25.959 miles, extending from Beaumont to Hattiesburg, Miss., acquired by purchase from the Gulf, Mobile and Northern Railroad Company, was transferred by deed dated August 14, 1924. Purchase and operation of the road was authorized by the Interstate Commerce Commission July 20, 1924, amended January 5, 1925 (90 I.C.C. 448, and 94 I.C.C. 355), but actual operation by the carrier was begun January 17, 1925. The road was constructed in 1901 by the Mobile, Jackson and Kansas City Railroad Company. The remainder, 0.171 mile, representing a track serving the freight and passenger station at Hattiesburg, Miss., was constructed by the carrier in 1925. The construction of this track was not authorized by this Commission.

HISTORY OF CORPORATE FINANCING