Wikipedia:WikiProject Trains/ICC valuations/Central Pacific Railway

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The railroad of the Central Pacific Railway Company, hereinafter called the Central Pacific, is located in the States of Oregon, California, Nevada, and Utah. It comprises 2,292.106 miles of first, 254.274 miles of second, 5.911 miles of third, and 1.983 miles of fourth main tracks, all of which is standard gage with the exception of the narrow-gage line from Keeler, Calif., to Mina, Nev., and Filben branch, totaling 166.309 miles of single-track road. Along this narrow-gage line for a distance of 9.585 miles between Tonopah Junction and Mina, Nev., a third rail is laid for the operation of standard-gage equipment. All of the road owned by this company is operated by steam with the exception of the suburban lines in Oakland, Calif., and environs which are operated by electricity.

The principal main lines owned by the Central Pacific extend from Oakland via Tracy to Sacramento, Calif., Sacramento, Calif., via Reno, Nev., to Ogden, Utah, Lathrop to Goshen, Calif., and from Roseville, Calif., to the California-Oregon State line. These lines form important links in the principal main lines operated by the Southern Pacific Company eastward, southward, and northward. There are numerous branch lines projecting from these main lines, the most important extending from Mojave to Owengo, Sacramento to Walnut Grove, Barber to Stirling City in California; Fernley, Nev., to Westwood Junction, Calif.; Hazen to Mina, and Hazen to Fallon in Nevada; Umbria Junction to Corinne Junction, Utah; Weed, Calif., to Kirk, Oreg.; and an isolated line from Natron to Oakridge, Oreg. This company owns jointly with the South Pacific Coast Railway 0.176 undivided mile of first main and 0.037 undivided mile of second main track with an important drawbridge across San Antonio Estuary at Oakland, Calif., its portion of which is also leased to the Southern Pacific Company. It is also the owner of the ferry lines on San Francisco Bay and the Sacramento River boats.

The Central Pacific owns additional property which is not used by the Southern Pacific Company, consisting of 0.705 mile of narrow-gage yard tracks and sidings at Wendel, Calif., leased to and operated by the Nevada-California-Oregon Railway, and a building at West Oakland, Calif., used by The Pullman Company.


CENTRAL PACIFIC
INTRODUCTORY

The Central Pacific is a corporation of Utah, having its principal office at Salt Lake City, Utah. Owing to partial destruction of the records of the Central Pacific in the San Francisco fire of April 18, 1906, complete information cannot be given from the accounting records regarding its financial dealings, corporate operations, or investments. The Central Pacific is controlled by the Southern Pacific Company through ownership of all of the outstanding capital stock except nine shares of common stock held by directors. The Central Pacific controls jointly with the Union Pacific Railroad Company, the Ogden Union Railway and Depot Company through ownership by each of 50 percent of the capital stock. The property of the Central Pacific has always been operated by the Southern Pacific Company.

CORPORATE HISTORY

The Central Pacific was incorporated July 29, 1899, under the general laws of Utah, for the purpose of acquiring the property, rights, and franchises of the Central Pacific Railroad Company, to acquire the land and land grants and all rights in respect thereto of such company, and for other purposes. The date of organization of the Central Pacific was July 31, 1899. Pursuant to the above purposes, the Central Pacific acquired the property, rights, and franchises of the corporation named. Subsequently the Central Pacific purchased the property, rights, and franchises of eight other corporations. The Central Pacific, itself, and those corporations, together with their predecessors, total 34 different corporations, of which 1 underwent a change of name, and comprise the line of corporate succession culminating in the Central Pacific 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. Central Pacific Railway Company. Incorporated under general laws of Utah, July 29, 1899.
2. Central Pacific Railroad Company (of August 1870). General laws of California, through articles of consolidation, filed August 22, 1870. Sold to 1, July 29, 1899.
3. California and Oregon Railroad Company (of 1869). General laws of California, through articles of consolidation, filed December 18, 1869. Consolidated August 22, 1870, with 9, 15, and 20 to form 2.
4. Yuba Rail Road Company. General laws of California, November 17, 1862. Consolidated December 18,1869, with 5 to form 3.
5. California and Oregon Railroad Company (of 1868). General laws of California, through articles of consolidation, filed January 16, 1868. Consolidated December 18, 1869, with 4 to form 3.
6. The Marysville Railroad Company. General laws of California, November 29, 1867. Consolidated January 16, 1868, with 7 to form 5.
7. The California and Oregon Railroad Company. General laws of California, June 30, 1865. Consolidated January 16, 1868, with 6 to form 5.
8. California Central Railroad Company. General laws of California, April 21, 1857. Sold at foreclosure February 25, 1868, to C. P. Huntington, who conveyed July 22, 1868, the section Roseville to Lincoln to 5, and the section Roseville to Folsom to the Contract & Finance Company.
9. Central Pacific Railroad Company (of June 1870). General laws of California, through articles of consolidation filed June 23, 1870. Consolidated August 22, 1870, with 3, 15, and 20 to form 2.
10. Central Pacific Railroad Company of California. See 11. Consolidated June 23, 1870, with 12 to form 9.
11. Central Pacific Rail Road Company of California. General laws of California, June 28, 1861. Name changed to 10, October 8, 1864.
12. The Western Pacific Railroad Company (of 1869). General laws of California through articles of consolidation filed November 2, 1869. Consolidated June 23, 1870, with 10 to form 9.
13. The Western Pacific Railroad Company (of 1862). General laws of California, December 13, 1862. Consolidated November 2, 1869, with 14 to form 12.
14. San Francisco Bay Railroad Company. General laws of California, September 25, 1868. Consolidated November 2, 1869, with 13 to form 12.
15. The San Francisco, Oakland and Alameda Rail Road Company. General laws of California through articles of consolidation filed June 29, 1870. Consolidated August 22, 1870, with 3, 9, and 20 to form 2.
16. The San Francisco and Oakland Rail Road Company. General laws of California, October 21, 1861. Consolidated June 29, 1870, with 17 to form 15.
17. The San Francisco and Alameda Rail Road Company (of 1864). General laws of California through articles of consolidation filed October 15, 1864. Consolidated June 29, 1870, with 16 to form 15.
18. The San Francisco and Alameda Rail Road Company (of 1863). General laws of California, March 25, 1863. Consolidated October 15, 1864, with 19 to form 17.
19. The San Francisco, Alameda and Stockton Railroad Company. General laws of California, December 8, 1863. Consolidated October 15, 1864, with 18 to form 17.
20. San Joaquin Valley Railroad Company. General laws of California, February 5, 1868. Consolidated August 22, 1870, with 3, 9, and 15 to form 2.
21. Nevada and California Railway Company. General laws of California, April 7, 1905. Sold to 1, February 29, 1912.
22. Carson and Colorado Railway Company. General laws of California, February 27, 1892. Sold to 21, May 11, 1905.
23. The Carson and Colorado Railroad Company. General laws of Nevada, May 10, 1880. Sold to 22, July 23, 1892.
24. The Carson and Colorado Railroad Company, Second Division. General laws of Nevada, November 30, 1881. Sold to 22, July 23, 1892.
25. Carson and Colorado Railroad Company, Third Division. General laws of California, November 21, 1881. Sold to 22, August 2, 1892.
26. Fallon Railway Company. General laws of California, October 11, 1905. Sold to 21, June 28, 1906.
27. Sacramento Southern Railroad Company. General laws of California, July 8, 1903. Sold to 1, February 29, 1912.
28. Central California Railway Company. General laws of California, October 4, 1904. Sold to 1, February 29, 1912.
29. Fernley & Lassen Railway Company. General laws of California, October 16, 1909. Sold to 1, February 29, 1912.
30. Oregon Eastern Railway Company. General laws of Oregon, August 21, 1905. Sold to 1, February 29, 1912.
31. California Northeastern Railway Company. General laws of California, July 6, 1905. Sold to 30, December 18, 1911.
32. Chico and Northern Railroad Company. General laws of California, November 11, 1903. Sold to 1, February 29, 1912.
33. Butte County Railroad Company. General laws of New Jersey, March 2, 1903. Sold to 32, November 27, 1903.
34. Goose Lake and Southern Railway Company. General laws of California, April 30, 1908. Sold to 1, February 29, 1912.
35. Modoc Northern Railway Company. General laws of California, July 23, 1908. Sold to 1, February 29, 1912.
DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The recorded mileage owned by the Central Pacific amounts to 2,308.29 miles, of which 289.48 miles were acquired by construction and



OREGON EASTERN RAILWAY COMPANY—PREDECESSOR OF THE CENTRAL PACIFIC
INTRODUCTORY

This company was incorporated August 21, 1905, under the general laws of Oregon.

In addition to the railroad owned by the company and conveyed to the Central Pacific on February 29, 1912, it had made surveys for a main line and branches from Vale, across Central Oregon, and had acquired certain right-of-way for such lines. The surveys and right-of-way were conveyed December 23, 1910, to the Oregon-Washington Railroad & Navigation Company and details with respect to such property are included In the report on that company. As the accounting records of the Oregon Eastern Railway Company deal wholly with the property it conveyed to the Central Pacific this report, therefore, relates only to the transactions pertaining to that property.

The company was controlled on February 29, 1912, the date of sale, by the Southern Pacific Company through ownership of its capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was operated by the Southern Pacific Company from the date acquired to date of sale.

The railroad owned on date of sale consisted of 112.99 miles of single-track, standard-gage, steam railroad extending from Weed, Calif., to Chiloquin, Oreg. It also owned two sections of road in process of construction on that date, extending from Chiloquin to Kirk, Oreg., and from Natron to Oakridge, Oreg.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Of the 112.99 miles of road owned by the company on date of sale, it had acquired 86.10 miles from the California Northeastern Railway Company and 26.89 miles by construction. Details with respect to construction are given in the accounting report on the Southern Pacific.

HISTORY OF CORPORATE FINANCING

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CALIFORNIA NORTHEASTERN RAILWAY COMPANY—PREDECESSOR OF THE OREGON EASTERN RAILWAY COMPANY
INTRODUCTORY

This company was incorporated July 6, 1905, under the general laws of California. The company was controlled on December 18, 1911, by the Southern Pacific Company through stock ownership. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The property was operated by the Southern Pacific Company from the date placed in operation to date of sale.

The railroad owned on date of sale consisted of 86.10 miles of single-track, standard-gage, steam railroad extending from Weed, Calif., to Klamath Falls, Oreg., of which 24.84 miles had been acquired through the reconstruction of a logging road purchased from the Weed Lumber Company and 61.26 miles had been acquired by construction during the period 1907 to 1909.

HISTORY OF CORPORATE FINANCING