Wikipedia:WikiProject Trains/ICC valuations/Santa Fe Northwestern Railway

http://books.google.com/books?id=9-xDAAAAIAAJ

Location and general description of property.—The railroad operated by the Santa Fe Northwestern Ry. Co., hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located in northwestern New Mexico. The main line extends northwesterly from Bernalillo to Porter, a distance of 47.330 miles. The carrier owns, with the exception of the rails and angle bars, that portion of the road extending from Bernalillo to Deer Creek, a distance of 40.999 miles. The remainder of the road extending from Deer Creek to Porter, a distance of 6.331 miles, with the exception of rails and angle bars, is owned by The White Pine Lumber Company, but operated exclusively by the carrier under lease. All rails and certain track fastenings on the entire line are owned by The Atchison, Topeka and Santa Fe Railway Company. The White Pine Lumber Company has trackage rights over about 9 miles of this road for the operation of log trains. The carrier is an industrial railroad. It is controlled, through ownership of its capital stock, by The White Pine Lumber Company, which owns the principal industry served by the carrier.

The carrier is a corporation of New Mexico, having its principal office at Aibuquerque, N. Mex. From August 12, 1924, the date of completion of construction, to January 5, 1926, the carrier operated in intrastate traffic only and did not report to us. Its principal business was the transportation of timber for The White Pine Lumber Company. Since the latter date it has engaged in interstate traffic 99 I.C.C. 597: therefore, data pertaining to its corporate operations, given herein, are for the period January 5, 1926, to date of valuation. Certain information pertaining to financial transactions of the carrier, not recorded in its accounts, were obtained from its minute records and reports to us. The carrier is controlled by The White Pine Lumber Company through ownership of its capital stock. On the other hand, the records reviewed do not indicate that the carrier controls any common-carrier corporation. The property of the carrier has been operated, in freight service only, by its own organization since the date of its completion.

CORPORATE HISTORY

The carrier was incorporated August 16, 1920, under the laws of New Mexico for the purpose of constructing and operating a railroad extending from a point on the line of The Atchison, Topeka and Santa Fe Railway Company at Bernalillo, in a general northwest direction, to La Ventana, all in Sandoval County, N. Mex. The date of its organization was not determined.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire 40.999 miles of road, extending from Bernalillo to Deer Creek, N. Mex., owned by the carrier was acquired by construction which was performed under contract by the Sharp and Fellows Contracting Company during the period November 1922 to August 12, 1924. Records reviewed do not indicate that the contractors were affiliated with the carrier. Rail and angle bars are leased from The Atchison, Topeka and Santa Fe Railway Company, for an indefinite period, by The White Pine Lumber Company and furnished to the carrier by the latter.

HISTORY OF CORPORATE FINANCING