Wikipedia:WikiProject Trains/ICC valuations/New Orleans and Northeastern Railroad

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NEW ORLEANS AND NORTHEASTERN

INTRODUCTORY

The New Orleans and Northeastern is a corporation of the State of Louisiana, having its principal office at New Orleans, La. While the present name of this company is that given above it was incorporated originally as the Mandeville and Sulphur Springs Railroad Company, which was changed to the present name of the New Orleans and Northeastern Railroad Company.

The New Orleans and Northeastern is controlled by the Southern Railway Company through ownership of a majority of its capital stock. On the other hand, the New Orleans and Northeastern controls jointly with other companies, through ownership of capital stock to the extent indicated, the following named common-carrier corporation, which operates its own property.

Company controlled Stock ownership Per cent Other controlling companies

[Meridian Terminal Company?] 20 The Alabama and Vicksburg Railway Company. The Alabama Great Southern Railroad Company. Mobile and Ohio Railroad Company. Southern Railway Company.

The property of the New Orleans and Northeastern was operated by its own organization from the date the first section of its road was placed in operation, October 25, 1882, to December 31, 1917. On January 1, 1918, the common-carrier property of the New Orleans and Northeastern was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.

During the period that the property of this company has been operated by the United States Railroad Administration, the latter has included in its accounts without separation, the results of operations of the New Orleans Terminal Company during the same period.

CORPORATE HISTORY

The New Orleans and Northeastern was incorporated October 14, 1868, under special act of the State of Louisiana, originally as the Mandeville and Sulphur Springs Railroad Company, for the purpose of constructing and operating a railroad from Mandeville to Sulphur Springs, La. Under special act of the State of Louisiana, March 16, 1870, the name of the company was changed to the New Orleans and Northeastern Railroad Company and it was authorized to construct its railroad from Lewisburg to New Orleans, La.

Under special act of the State of Mississippi, March 30, 1871, the New Orleans and Northeastern was authorized to construct and operate a railroad in that State from any point on the Pearl River to Meridian, Miss.

The date of organization of the New Orleans and Northeastern was not determined.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the New Orleans and Northeastern, 195.528 miles, was all acquired by construction. The years when the various portions of the line were constructed are indicated in the following statement.

Recorded mileage

Meridian to Pachuta, Miss., completed Oct. 25, 1882 26.00

Pachuta to Heidelburg, Miss., completed Jan. 1, 1883 13.50

Heidelburg to Ellisville, Miss., completed May 13, 1883 23.50

Ellisville to Hattiesburg, Miss., completed June 20, 1883 22.00

Hattiesburg, Miss., to New Orleans, La., completed Nov. 1, 1883 110.52

Total 195.52

Difference between total recorded mileage and mileage inventoried as of date of valuation .008

Mileage inventoried as of date of valuation 195.528

The entire road built for the New Orleans and Northeastern was constructed under contract by the Alabama, New Orleans, Texas and Pacific Junction Railways Company, Limited.

HISTORY OF CORPORATE FINANCING

The Alabama and Vicksburg Railway Company; The Alabama Great Southern Railroad Company, and Southern Railway Company, facilities at Meridian, Miss., used in connection with certain facilities of the two companies first named above, as a joint yard; annual rental a proportion, on basis of use, of 5 per cent of agreed value of facility used. The joint yard is supervised by a board of control representing the tenant users; maintenance, operation, and taxes paid by tenant users on basis of use 9,970.00

Jointly used, but not owned, owned by—

The Alabama and Vicksburg Railway Company, freight depot and tracks appurtenant thereto at Meridian, Miss.; term 47 years from June 11, 1907; annual rental a proportion, on basis of use, of 5 per cent of agreed value of property 7,954.42

The Alabama Great Southern Railroad Company, facilities at Meridian, Miss., used in connection with the facilities shown just above, together with certain facilities of the New Orleans and Northeastern, as a joint yard and terminal; annual rental a proportion, on basis of use, of 5 per cent of agreed value of property 1,133.37

Meridian Terminal Company, passenger depot and tracks appurtenant thereto at Meridian, Miss.; term 50 years from May 1, 1905; annual rental at proportion, on basis of cars handled, of interest on first mortgage bonds and dividend on capital stock; the New Orleans and Northeastern also pays a proportion, on basis of cars handled, of maintenance and operation $3,265.08

New Orleans Terminal Company, terminal facilities and tracks appurtenant thereto at New Orleans, La. For the use of this property the New Orleans and Northeastern pays a proportion of deficit from operation thereof, including taxes and insurance, and interest on bonds, as follows: Deficit from operation assignable to freight terminal, 27.5 per cent; assignable to passenger terminal, 40 per cent; interest on bonds (proportion of $280,000), assignable to freight terminal, 25 per cent; assignable to passenger terminal, 40 per cent

The amount of rental accrued and charged to income not obtained

There are other facilities of minor importance, such as stations,