Wikipedia:WikiProject Trains/ICC valuations/Yazoo and Mississippi Valley Railroad
Interstate Commerce Commission, Valuation Reports, Volume 46
The Yazoo and Mississippi Valley Railroad
[edit]Location and General Description of Property
[edit]The railroad of The Yazoo and Mississippi Valley Railroad Company, hereinafter called the Yazoo and Mississippi Valley, is a standard-gage, steam railroad, located in Tennessee, Mississippi, and Louisiana and mileage used by it under lease is located in Mississippi, Arkansas, and Louisiana. The operated railroad has one main artery extending from Memphis, Tenn., through Vicksburg, Miss., and Baton Rouge, La., to New Orleans. Branches extend to important points in the same territory. The Yazoo and Mississippi Valley serves western Mississippi and northeastern Louisiana and enters Tennessee and Arkansas.
It uses jointly under lease terminal property at Memphis, Tenn., Jackson, Miss., and New Orleans, La.
It wholly owns and uses 1,281.696 miles of road. It wholly uses 105.191 miles owned by other carriers, of which 11.423 miles, Lula to Eagle's Nest, Miss., are owned by the Mississippi Valley Company. The remaining road owned by lessors of the Yazoo and Mississippi Valley is described below.
Other mileage shown in appendix 1 is jointly owned by the Yazoo and Mississippi Valley with other carriers. All of the properties described below are leased to and operated by the Yazoo and Mississippi Valley.
The Yazoo and Mississippi Valley wholly owns and uses 1,680.993 miles of all tracks; wholly owns but does not use 3.051 miles of all tracks; and wholly uses but does not own 118.074 miles of all tracks. These tracks, consisting of first main tracks, second main tracks, yard tracks and sidings, are classified in the trackage table in appendix 1. It jointly owns and uses trackage with other carriers and jointly uses trackage of one of the lessors described above, as shown in the trackage table in appendix 1.
Introductory
[edit]The Yazoo and Mississippi Valley is a corporation of the States of Mississippi, Tennessee, and Louisiana, having its principal office at New Orleans, La.
Control is vested in The Mississippi Valley Company, a holding company controlled by the Illinois Central, through ownership of a majority of the capital stock.
On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation.
The property has been operated by its own organization during its entire life.
Corporate History
[edit]The Yazoo and Mississippi Valley was formed by the consolidation of The Yazoo and Mississippi Valley Railroad Company, a corporation of the same name, hereinafter called The Yazoo and Mississippi Valley Railroad Company (of 1882) and the Louisville, New Orleans & Texas Railway Company, under articles of consolidation, dated October 24, 1892, and filed in the States named as follows: Mississippi, October 27, 1892; Tennessee, December 30, 1892; Louisiana, February 2, 1893.
The corporate history involves 18 distinct predecessor companies, of which two underwent a change of name, making 20 names of companies involved in the line of corporate succession culminating in the company as at present constituted.
The names of the corporations, the respective dates of incorporation, and for each predecessor the date and manner of succession follow:
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1. | The Yazoo and Mississippi Valley Railroad Company. | Articles of consolidation, October 24, 1892, in Mississippi, Tennessee, and Louisiana. | |
| 2. | The Yazoo and Mississippi Valley Railroad Company (1882). | Special act of Mississippi, February 17, 1882. | Consolidated October 27, 1892, with 4 to form 1. |
| 3. | The West and East Railroad Company. | Special act of Mississippi, April 15, 1873. | Conveyed to 2, November 30, 1886. |
| 4. | Louisville, New Orleans & Texas Railway Company. | General laws of Mississippi, Tennessee and Louisiana, August 12, 1884. | Consolidated, October 27, 1892, with 2 to form 1. |
| 5. | Memphis and Vicksburg Railroad Company. | Special act of Mississippi, August 8, 1870. | Consolidated August 12, 1884, with 6, 7, and 8 to form 4. |
| 6. | Tennessee Southern Railroad Company. | General laws of Tennessee, August 17, 1881. | Consolidated August 12, 1884, with 5, 7, and 8 to form 4. |
| 7. | New Orleans & Mississippi Valley Railroad Company. | General laws of Louisiana, September 17, 1881. | Consolidated August 12, 1884, with 5, 6, and 8 to form 4. |
| 8. | The New Orleans, Baton Rouge, Vicksburg & Memphis Railroad Company. | Special act of Mississippi, March 9, 1882. | Consolidated August 12, 1884, with 5, 6, and 7 to form 4. |
| 9. | Grand Gulf and Port Gibson Railroad Company. | Special act of Mississippi, October 16, 1852. | Franchise abandoned; portion of mileage utilized by 8. |
| 10. | Mississippi Valley and Ship Island Railroad Company. | See 11. | Franchise abandoned; property utilized by 8. |
| 11. | Vicksburg, Pensacola and Ship Island Railroad Company. | Special act of Mississippi, March 6, 1871. | Name changed to 10, April 18, 1873. |
| 12. | Memphis and New Orleans Railroad and Levee Company. | Special act of Mississippi, March 8, 1882. | Sold at foreclosure June 30, 1887, and acquired by 4, July 1, 1887. |
| 13. | Mobile and Northwestern Railroad Company. | Laws of Mississippi, July 20, 1870. | Portion of property acquired by 4, October 14, 1889. |
| 14. | West Feliciana Railroad Company. | Special act of Louisiana, March 25, 1831. | Sold at foreclosure November 20, 1888; acquired by 4, October 14, 1889. |
| 15. | Clinton & Port Hudson Rail Road Company. | Special act of Louisiana, March 8, 1853. | Acquired by 4, October 15, 1889. |
| 16. | Clinton and Port Hudson Railroad Company. | Special act of Louisiana, February 7, 1833. | Sold at foreclosure March 5, 1853; acquired by 15, March 15, 1853. |
| 17. | Natchez, Jackson and Columbus Railroad. | See 18. | Conveyed to 4, March 28, 1890. |
| 18. | Natchez and Jackson Railroad Company. | Special act of Mississippi, July 21, 1870. | Name changed to 17, July 23, 1872. |
| 19. | Rosedale and Mississippi Central Railroad Company. | Special act of Mississippi, February 22, 1890. | Reorganized in 1898; acquired by 1, September 16, 1899. |
| 20. | Yazoo Delta Railway Company. | General laws of Mississippi, April 27, 1895. | Sold to 1, June 13, 1900. |
Development of Fixed Physical Property
[edit]The recorded mileage owned by the Yazoo and Mississippi Valley on date of valuation, 1,283.136, of which 310 miles was acquired by construction and 973.136 miles by consolidation and purchase. The inventoried mileage is 1,282.832.
Details with respect to the construction of the property are given in the accounting report.
Leased Railway Property
[edit]The Yazoo and Mississippi Valley uses on date of valuation property owned by other companies and other companies use property owned by it. The description of the property, period and terms of use, and rental accrued and charged or credited to income for the year ended on date of valuation follow.
| Rental | |
|---|---|
| Solely owned, but not used, used by— | |
| Ruddock-Orleans Cypress Company (a noncarrier), yard track at Dutch Bayou, La., 3.051 miles; agreement dated March 1, 1907, for 10 years, thereafter subject to 60 days' notice; rent of track only (land owned by lessee) 6 percent per annum on value of $12,808.97. Lessee maintains track. | $768.54 |
| Illinois Central, 3 acres of land in section "Y", Miss. 24, map 24. Also parts of parcels 35, 36, and 39 in section "Y", La. 4, map 11. No written contract to cover use of these lands; no stated rent. | ...... |
| Louisiana Railway and Navigation Company, land in section "Y", La. 4, map 8a, parcels 2, 11, 16, and 24, at Harahan and Southport, La. No written contract covering use of these lands; no stated rent. | ...... |
| Solely owned, but jointly used, used with— | |
| The Chicago, Rock Island and Pacific Railway Company, Bluff City Belt Line track 0.39 mile at Memphis, Tenn.; term July 6, 1881, to January 21, 1920; rent $ 800 per annum includes maintenance. | 194.64 |
| Illinois Central Railroad Company, yard and terminals in New Orleans, La.; term indefinite from April 1, 1908; rent 5 per cent on valuation apportioned on wheelage basis. | 36,111.67 |
| Hammond Lumber Company, track, Hammond to Goodbee, La., 15 miles, and Hammond to Corbin, La., 23 miles; term in definite from July 6, 1912; rent 50 cents per train-mile, minimum $11.50. | 1,997.00 |
| Lamb Fish Lumber Company, tracks, Phillipp to Charleston, Miss., 19.55 miles, term December 26, 1904, to December 25, 1926; rent $ 500 per annum; taxes, maintenance, and operation on basis of cars handled. | 500.00 |
| Missouri and North Arkansas Railroad Company, sidetrack 2.64 miles and facilities at Helena, Ark.; term indefinite from April 1, 1909; rent $276.40 per month plus one half of 2.5 per cent on cost of improvements and expenses on basis of service rendered. | 3,338.40 |
| Morgan's Louisiana and Texas Railroad and Steamship Company— | |
| Track, Avondale Junction to Poydras Junction, 6.54 miles, and facilities in New Orleans, La.; term December 18, 1902, to January 4, 1953; rent $5,000 annually for passenger service only, $6,250 annually if tracks are used for both passenger and freight service; monthly car basis proportion of $1,945.90 for station and track facilities; maintenance and operation expenses on basis of cars handled; rent for incline tracks $750 per annum. | 2,716.11 |
| Passenger and freight facilities, Baton Rouge, La.; lease dated September 12, 1911, subject to 60 days' written notice; taxes and passenger expenses on basis of tickets sold; freight expenses on basis of cars and tonnage handled. | ...... |
| New Orleans, Texas & Mexico Railway Company— | |
| Tracks, North Baton Rouge, La., to Shrewsbury, at New Orleans, La., 87.40 miles and all facilities; term March 8, 1913, to April 29, 2007; rent 2.5 percent on valuation; expenses on wheelage basis. | 83,370.15 |
| Incline track and facilities, Baton Rouge, La., track; 1.72 miles of sidetrack; same agreement as above. | 4,921.66 |
| St. Louis-San Francisco Railroad Company, tracks on Tennessee Street, Memphis, Tenn., 0.05 mile for indefinite period from Feb. 24, 1910; rent $1 per loaded car. | 159.50 |
| Southern Railway Company in Mississippi, industrial tracks at Moorehead, Miss., 0.11 mile; for indefinite period from May 21, 1913; rent 2.5 percent on $1,690.53; maintenance payable by shipper. | 42.26 |
| Tallahatchie Lumber Company, tracks, Tallahatchie Spur No. 2 to Phillipp, Miss., 12.56 miles; term from April 2, 1910, to April 1, 1920; rental 50 cents per mile per train. | 2,043.27 |
| The Texas and Pacific Railway Company, track, Harahan Junction to Poydras Junction, New Orleans, La., 6.54 miles; indefinite period from June 7, 1909; rent 75 cents per train mile. | 4,312.19 |
| The Texas and Pacific Railway Company, tracks for turning engines at Government yard, New Orleans, La., wye track 0.26 mile; rental $195.02 per month to Illinois Central Railroad Company and the Yazoo and Mississippi Valley jointly; rental, maintenance, and operation on basis of cars handled. | ...... |
| Solely used, but not owned, leased from— | |
| Sunflower and Eastern entire property; indefinite period from June 9, 1905; rent 6 percent on $123,210.33; lessee maintains property and pays taxes. | 7,392.62 |
| Helm & Northwestern, entire property; indefinite period from July 1, 1907. Rent 6 percent on $170,063.35; lessee maintains property and pays taxes. | 10,203.80 |
| Minter City Southern and Western, entire property; indefinite period from May 4, 1911. Rent 6 percent on $28,809.88; lessee maintains property, pays taxes. | 1,728.60 |
| Louisville, New Orleans and Texas of Arkansas, entire property; 99 years from October 25, 1892; lessee maintains property, pays taxes and expenses. | ...... |
| Baton Rouge, Hammond and Eastern, entire property; indefinite period from February 12, 1908. Lessee maintains property, pays expenses and interest on indebtedness and pays the net earnings to the lessor. | ...... |
| The Mississippi Valley Company, railroad, Lula to Eagles Nest, Miss., 11.42 miles; indefinite period from October 28, 1914; lessee maintains property, pays all taxes. | ...... |
| Jointly used, but not owned, owned by— | |
| Illinois Central, facilities, Hammond, La.; no contract; working agreement. | 486.00 |
| Chalmette Yard, New Orleans, La., including 3.61 miles of track, term May 1, 1910, to July 1, 1953; rent 5 percent on valuation plus expenses on basis of cars handled. | 187.00 |
| Yards and terminals, New Orleans, La., including 10.99 miles of tracks; indefinite period from April 1, 1908; rent 5 percent on valuation apportioned on basis of cars handled. | 61,035.40 |
| Calhoun Street Passenger Station, Memphis, Tenn.; term September 12, 1911, to January 1, 1932; rent one twelfth of one fourth of 5 percent on valuation; expenses apportioned on basis of cars handled; no payments recorded. | ...... |
| Missouri and North Arkansas Railroad Company, tracks 7.50 miles and facilities, Helena, Ark.; indefinite period from April 1, 1909; rent, wheelage proportion of 5 percent on valuation and estimated cost of maintenance. | 159.28 |
| New Orleans Great Northern Railroad Company, tracks and facilities, Covington, La. Tracks 1.37 miles; indefinite period from February 26, 1908; rent, car handled basis proportion of $70.83 plus 5 percent on valuation. Agent's house and passenger station, rent on basis of ticket sales. Freight house, rent on tonnage basis. Section house and facilities, rent on basis of trains handled. Stock pen, rent on basis of cars handled. | 716.26 |
| New Orleans Terminal Company— | |
| Tracks, City Junction to Shrewsbury, New Orleans, La., 3.64 miles, tracks, City Junction to New Orleans and Northeastern Railroad, 4.13 miles. Lease May 17, 1909, to July 1, 1953; rent 5 percent on valuation apportioned on wheelage basis. | 2,206.59 |
| Tracks, New Orleans and Northeastern Railroad Company to American Sugar Refining Company in New Orleans, La., 4.30 miles; switching charge 50 cents per car other than cars of the American Sugar Refining Company. | 151.14 |
| Southern Railway Company in Mississippi, passenger station, Moorehead, Miss.; term indefinite from May 1, 1903. Rent $1.25 per month and one half of expenses. | 3.75 |
| St. Louis-San Francisco Railroad Company, tracks to Nashville, Chattanooga and St. Louis Railway at Memphis, Tenn. No contract, working agreement. | 421.80 |
Lessor Companies
[edit]- Sunflower & Eastern
- Helm & Northwestern Railroad
- Minter City Southern and Western
- Louisville, New Orleans and Texas Railway of Arkansas
- Baton Rouge, Hammond and Eastern
Predecessor Companies
[edit]The Yazoo and Mississippi Valley Railroad
[edit]Introductory
The Yazoo and Mississippi Valley Railroad Company, herein called The Yazoo and Mississippi Valley Railroad Company (of 1882), was incorporated on February 17, 1882, by special act of the Legislature of Mississippi.
Under articles of consolidation, October 27, 1892, the company was consolidated with the Louisville, New Orleans & Texas Railway Company to form the Yazoo and Mississippi Valley. The accounts were continued and the property separately operated until June 30, 1893.
It was controlled by the Illinois Central through ownership of its capital stock.
Development of Fixed Physical Property
The owned mileage was acquired, 13 miles, by purchase from The West and East Railroad Company and 125 by construction. Details are given in the chapter on development of fixed physical property of the Yazoo and Mississippi Valley.
The West and East Railroad
[edit]The record reviewed consisted of only a minute book.
The company was incorporated by a special act of Mississippi, April 15, 1873. It owned about 13 miles of standard-gage railroad, Lexington to Durant, Miss., which was opened for operation October 20, 1882.
The total capital stock and long-term debt as shown by the records of the Chicago, St. Louis and New Orleans Railroad Company comprised the following: Capital stock $1,000,000, funded debt $125,000, total $1,125,000.
The capital stock $1,000,000 was issued to the Chicago, St. Louis and New Orleans Railroad Company for advances.
First-mortgage 6 percent bonds due September 1, 1901, $125,000 were issued to the Chicago, St. Louis and New Orleans Railroad Company for advances. These bonds were canceled November 30, 1886, when the property was sold to The Yazoo and Mississippi Valley Railroad Company (of 1882).
The line was operated by the Chicago, St. Louis and New Orleans Railroad Company until January 1, 1885, when it was leased to The Canton, Aberdeen and Nashville Railroad Company. The lease was transferred to The Yazoo and Mississippi Valley Railroad Company (of 1882) August 16, 1886. That company operated the property until November 30, 1886, when it acquired the property.
Louisville, New Orleans & Texas Railway
[edit]Introductory
Louisville, New Orleans & Texas Railway Company was incorporated August 12, 1884. The articles were filed in Tennessee, August 12, 1884, and in Mississippi, April 6, 1891.
The company operated about 808 miles of line, of which 737 miles were standard and 71 miles narrow gage, classified as follows: Owned 796, jointly owned 1, leased 11, total 808.
The owned mileage extended from Memphis, Tenn., to New Orleans, with branches in Mississippi and Louisiana, that jointly owned represents belt line at Memphis. The leased line extended from Lula to Eagles Nest, Miss.
The company and The Yazoo and Mississippi Valley Railroad Company (of 1882) were consolidated to form the Yazoo and Mississippi Valley under articles filed October 27, 1892.
No accounting records prior to September 1, 1886, were obtained. The books were continued to June 30, 1893.
Development of Fixed Physical Property
The owned mileage on date of demise was acquired as follows: By consolidation 456, by purchase 199, by purchase jointly owned 1, by construction 141, total 797.
Details with respect to the construction of the property are given in the chapter on development of fixed physical property of the Yazoo and Mississippi Valley.
Memphis and Vicksburg Railroad
[edit]No accounting records of the above-named company were obtained. It was incorporated August 8, 1870, under a special act of Mississippi.
The Financial Improvement Company constructed about 78 miles of line under the franchise of this company. The expenditures for construction are recorded in the accounts of the Louisville, New Orleans & Texas Railway Company and the outlay is in the report on that company.
On August 12, 1884, this company was consolidated with three others to form the Louisville, New Orleans & Texas Railway Company.
Tennessee Southern Railroad, New Orleans & Mississippi Valley Railroad, The New Orleans, Baton Rouge, Vicksburg & Memphis Railroad
[edit]No accounting records of these companies were obtained.
All available data relating to the properties of these companies treated herein are in the report on the Louisville, New Orleans & Texas Railway Company.
Tennessee Southern Railroad Company was incorporated August 17, 1881, under the general laws of Tennessee. Under its charter the Financial Improvement Company constructed in 1883–84, about 13 miles of railroad, Memphis, Tenn., to the Mississippi-Tennessee State line.
New Orleans & Mississippi Valley Railroad Company was incorporated September 17, 1881, under the general laws of Louisiana. Under its charter the Financial Improvement Company constructed in 1883–84, about 128 miles of railroad, New Orleans, La., to the Louisiana-Mississippi State line.
The New Orleans, Baton Rouge, Vicksburg & Memphis Railroad Company was incorporated March 9, 1882, under special act of Mississippi. Under its charter the Financial Improvement Company constructed about 237 miles of railroad. Details with respect to the construction of this property are in the chapter on development of fixed physical property of the Yazoo and Mississippi Valley.
Grand Gulf and Port Gibson Railroad - Predecessor of The New Orleans, Baton Rouge, Vicksburg & Memphis Railroad
[edit]No accounting records of the above-named company were obtained.
The company was incorporated October 16, 1852, under special act of Mississippi. About 7 miles of line were constructed Port Gibson to Grand Gulf, 1852 to 1855, of which 5 miles were abandoned. The company forfeited its corporate rights. The remaining 2 miles were utilized by The New Orleans, Baton Rouge, Vicksburg & Memphis Railroad Company in the completion of about 237 miles of road. The outlay in the property cannot be stated.
Mississippi Valley and Ship Island Railroad, Originally Named Vicksburg, Pensacola and Ship Island Railroad — Predecessor of The New Orleans, Baton Rouge, Vicksburg & Memphis Railroad
[edit]No accounting records of the above-named company were obtained.
The company was incorporated as the Vicksburg, Pensacola and Ship Island Railroad Company, March 6, 1871, by special act of Mississippi. By special act of April 18, 1873, the name was changed to the Mississippi Valley and Ship Island Railroad Company.
No records were obtained. About 26 miles were built from Vicksburg, Miss., to a point near Ingleside. In 1882 the company forfeited its charter. The New Orleans, Baton Rouge, Vicksburg & Memphis Railroad Company, utilized portions of the line from Vicksburg. The outlay in the property cannot be stated.
Memphis and New Orleans Railroad and Levee Company
[edit]Introductory
This company was incorporated March 8, 1882, under a special act of Mississippi.
The company owned a standard-gage, single-track railroad, Leland to Huntington, Miss., 23 miles, and Metcalf to Glen Allen, Miss., 34 miles.
On June 30, 1887, the property of the company was sold at foreclosure sale.
No accounting records of the company were obtained. This information was developed from the records of the Louisville, New Orleans & Texas Railway Company.
Development of Fixed Physical Property
Details with respect to the construction of this property are given in the chapter on development of fixed physical property of the Yazoo and Mississippi Valley.
Mobile and Northwestern Railroad
[edit]No accounting records of the above-named company were obtained.
The company was incorporated July 20, 1870, in Mississippi. It owned a single-track, narrow-gage railroad, Trotter's Point, to Clarksdale, Miss., about 31 miles, which had been constructed, 1872 to 1877. About 11 miles were abandoned, 9 miles sold to Louisville, New Orleans & Texas Railway Company and 11 miles to The Mississippi Valley Company.
West Feliciana Railroad
[edit]No accounting records of the above-named company were obtained.
The company was incorporated March 25, 1831, by a special act of Louisiana. It owned and operated about 25 miles of standard-gage railroad Bayou Sara, to Woodville, Miss., which was constructed during the years 1832 to 1842.
The property was sold at foreclosure November 20, 1888, and conveyed to the Louisville, New Orleans & Texas Railway Company.
Clinton and Port Hudson Rail Road
[edit]No accounting records of the above-named company were obtained.
The company was incorporated March 8, 1853, under an act of Louisiana to acquire the property of another company of the same name which had been sold at foreclosure.
It owned about 24 miles of standard-gage railroad, 22 miles, Clinton to Port Hudson, acquired in reorganization, and 2 miles Port Hudson to Port Hickey, La., constructed.
The road from Clinton to Ethel, 9 miles, was conveyed to the Louisville, New Orleans & Texas Railway Company October 15, 1889, and Ethel to Port Hickey, conveyed to the Financial Improvement Company, December 20, 1889.
Clinton and Port Hudson Railroad
[edit]No accounting records of the above-named company were obtained.
The company was incorporated February 7, 1833, by a special act of Louisiana. It owned about 22 miles of narrow-gage railroad, Clinton to Port Hudson, La.
On March 5, 1853, the property was sold at foreclosure, and deeded to the Clinton & Port Hudson Rail Road Company, a new corporation.
Natchez, Jackson and Columbus Railroad, Originally Named Natchez and Jackson Railroad
[edit]Natchez and Jackson Railroad Company was incorporated July 21, 1870, under special act of Mississippi. On July 23, 1872, its name was changed to Natchez, Jackson and Columbus Railroad.
It owned about 99 miles of railroad, 71 miles narrow gage and 28 miles standard gage, Natchez to Jackson, Miss., which was constructed as narrow gage between 1870 and 1882. The 28 miles were widened to standard gage in 1889. No accounting records of the company were obtained. Nothing is known as to the source from which funds were obtained for the construction of the line.
[...]
Louisville, New Orleans & Texas Railway Company acquired the property, rights, and franchises of this company by deed dated March 28, 1890.
Rosedale and Mississippi Central Valley Railroad
[edit]No accounting records of this company were obtained.
It was incorporated February 22, 1890, by special act of Mississippi. It constructed about 6 miles of narrow-gage railroad, Rosedale to Malvina, Miss., and opened the line for operation in 1893.
It was reorganized in 1898, and on September 16, 1899, the property was conveyed to the Yazoo and Mississippi Valley.
Yazoo Delta Railway
[edit]This company was incorporated April 27, 1895, under the general laws of Mississippi. It deeded its property, rights and franchises to the Yazoo and Mississippi Valley, June 13, 1900.
The owned mileage, Moorhead to Ruleville, Miss., was put in operation December 17, 1897.
The company was controlled by the Illinois Central through stock ownership.
No accounting records prior to December 1897 were obtained.