Wikipedia:WikiProject Trains/ICC valuations/DeKalb and Western Railroad

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The railroad of the DeKalb & Western Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the State of Mississippi. The owned mileage extends in an easterly direction from DeKalb to a point about 4.7 miles east of Electric Mills, a distance of 16.261 miles. The carrier wholly owns and uses 19.660 miles, and jointly owns and uses 0.373 undivided mile of all tracks and owns but does not use 4.697 miles of all tracks, which are classified in the trackage table in Appendix 1.

The property of the carrier, with exception of the portion extending from Electric Mills, Miss., to a point about 4.7 miles east thereof and leased to the Sumter Lumber Company, has been operated by its own organization from April 1, 1916, to date of valuation.

CORPORATE HISTORY

The carrier was incorporated February 11, 1916, under the general laws of the State of Mississippi, for the purpose of acquiring the property, rights, and franchises of the Sanoody Valley Railroad Company, which was done. The latter company was incorporated June 25, 1908, under the general laws of the State of Mississippi. Its property, rights, and franchises were sold at foreclosure on December 16, 1915, to Simon Seelig and P. Sugerman and were conveyed by them to the carrier by deed dated March 31, 1916. The date of organization of the carrier was February 21, 1916. The carrier's charter was amended May 9, 1916, authorizing additional mileage and an extension of the eastern terminal of the railroad from Sucarnochee, Miss., to Sledge, Ala.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, amounting to 21.564 miles, was acquired partly by construction and partly by purchase as indicated in the following table:

Acquired by construction, Electric Mills to Electric Mills Junction, Miss., 1916-1917 3.710

Acquired by purchase:

From the Sanoody Valley Railroad Company, DeKalb to Sucarnochee, Miss., details of construction not obtained 11.770

From the Sumter Lumber Company, Electric Mills, Miss., to Sledge, Ala., details of construction not obtained 12.600

Total 28.080

Less mileage abandoned by the carrier, previously acquired from the Sumter Lumber Company 7.300

Total recorded mileage 20.780

Difference between total recorded mileage and mileage inventoried as of date of valuation .784

Mileage inventoried as of date of valuation 21.564

The records reviewed indicate that all of the construction work for the carrier was performed by its own forces.

HISTORY OF CORPORATE FINANCING