Wikipedia:WikiProject Trains/ICC valuations/Nevada Central Railroad
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The railroad of The Nevada Central Railroad Company, hereinafter called the carrier, is a single-track narrow-gauge steam railroad, located in the central part of Nevada. The owned mileage extends in a southerly direction from Battle Mountain to Austin, a distance of 92.178 miles. The carrier also owns 3.229 miles of yard tracks and sidings. Its road thus embraces 95.407 miles of all tracks owned.
- DEVELOPMENT OF FIXED PHYSICAL PROPERTY
The mileage owned by the carrier, 92.178 miles, was acquired through the purchase after foreclosure of the property formerly owned by the Nevada Central Railway. The property was sold to a purchasing committee consisting of Anson Phelps Stokes and associates representing the bondholders of the latter company, on June 21, 1888, which committee conveyed the property to the carrier by deed dated August 15, 1888. However, the property was operated by the receiver of the Nevada Central Railway until November 1, 1888, from which date the carrier conducted operations. Construction work was begin by the Nevada Central Railway in October, 1879, and the road was completed and placed in operation on February 24, 1880. The work was done under a contract dated September 3, 1879, by the New York syndicate composed of James H. Ledlie and his associates, Hatch and Foote, and Phelps Stokes A Company, banking firms of New York City.
- CORPORATE HISTORY
The carrier was incorporated March 1, 1888, under the general laws of Nevada as a reorganization of the Nevada Central Railway for the purpose of constructing and operating a railroad between Battle Mountain and Austin. The date of organization was not disclosed by the records reviewed. The following chart [...]
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1. | The carrier. | Mar. 1, 1888, under general laws of Nevada, as a reorganization of 2. | |
| 2. | Nevada Central Railway. | Sept. 2, 1879, under the general laws of Nevada. | Receiver appointed Jan. 28, 1885. Sold at foreclosure June 21, 1888, to Anson Phelps Stokes, who conveyed it to 1 Aug. 15, 1888. |
| 3. | Nevada Railway. | Apr. 1, 1878, under the general laws of Nevada. | Sold to 2 on Sept. 15, 1879. |
- HISTORY OF CORPORATE FINANCING
- Predecessor Companies
- NEVADA CENTRAL RAILWAY, PREDECESSOR OF THE CARRIER
- INTRODUCTORY
The Nevada Central Railway was controlled by the Union Pacific Railway Company on June 21, 1888, the date of its demise, through ownership of a majority of its outstanding capital stock. The Nevada Central Railway was operated by its own organization from February 24, 1880, to January 28, 1885. From the latter date to date of demise the property was operated by a receiver, who continued operations until October 31, 1888, after it had been sold at foreclosure sale and conveyed to the carrier. The railroad operated by the Nevada Central Railway consisted of 92.178 miles of single-track narrow-gauge steam railroad, extending from Battle Mountain to Austin.
- DEVELOPMENT OF FIXED PHYSICAL PROPERTY
The entire 92.178 miles of road owned by the Nevada Central Railway was acquired by construction. Details with respect to the construction of the property are given in the section on development of fixed physical property in the report on the carrier. The Nevada Railway, a predecessor of the Nevada Central Railway, acquired some right of way which it transferred to the latter on September 15, 1879. The accounts of the Nevada Central Railway do not record the acquisition of this property.
- HISTORY OF CORPORATE FINANCING
- NEVADA RAILWAY, PREDECESSOR OF THE NEVADA CENTRAL RAILWAY
The records reviewed did not indicate that the Nevada Railway, on date of demise, was controlled by any individual or corporation, nor, on the other hand, that it controlled any common-carrier corporation. The company made a survey for its proposed line or[sic] road and acquired some right of way, but it did not construct any railroad. The accounting records were not available, and no information can be given regarding its financial affairs, corporate operations, or the cost of the property which it acquired. The capital stock authorized in the articles of incorporation was $720,000.