Wikipedia:WikiProject Trains/ICC valuations/Port Angeles Western Railroad

http://books.google.com/books?id=gKMFAAAAIAAJ

The railroad of the Port Angeles Western Railroad Company, hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located in the northern portion of the Olympic Peninsula of the State of Washington. The main line extends southwesterly from Disque to Tyee, a distance of 36.092 miles. The carrier also owns 7.596 miles of yard tracks and sidings. Its road thus embraces 43.688 miles of all tracks owned and used.

The carrier has trackage rights over the road of the Chicago, Milwaukee, St. Paul & Pacific Railroad Company from Disque to Port Angeles, Wash., a distance of about 18 miles.

Although the carrier acquired its original railroad property under a purchase agreement dated February 26, 1925, was authorized in the certificate issued by us, August 25, 1925, to operate in interstate commerce the railroad, 99 I.C.C. 610, and took possession of the property January 1, 1926, it did not record in its accounts, prior to date of valuation, the acquisition of the property or its liabilities therefor.

CORPORATE HISTORY

The carrier was incorporated February 11, 1925, under the general laws of Delaware, to acquire and operate a railroad between Disque and Tyee, Wash., known as the Spruce Production Railroad No. 1. Pursuant to the above purpose, the carrier acquired the railroad from Lyon, Hill & Company, who previously had acquired it from Fentress Hill, F. S. Scritsmier, and John Lyon, who, in turn, had acquired it from the United States Spruce Production Corporation.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road, all owned, of 36.092 miles, was all acquired from Lyon, Hill & Company, under purchase agreement dated February 26, 1925. The road was constructed by private contractors during 1918 and 1919 for the United States Government to get out spruce lumber for airplane construction. The property was turned over to the United States Spruce Production Corporation. It was not devoted to common-carrier service prior to purchase by the carrier. The United States Spruce Production Corporation has deposited deeds with a trustee to be delivered to the carrier upon final payment of certain notes given by Lyon, Hill & Company, the payment of which at maturity is guaranteed by the carrier.

As of date of valuation, the carrier was engaged in the construction of an extension from Tyee to Forks, Wash., under authorities of the Interstate Commerce Commission, granted April 30 and June 30, 1927, 124 I.C.C. 455 and 739.

HISTORY OF CORPORATE FINANCING