Wikipedia:WikiProject Trains/ICC valuations/Fernwood and Gulf Railroad

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The railroad of Fernwood and Gulf Railroad Company, hereinafter called the carrier, is a single-track standard-gauge railroad, extending from a connection with the line of the Illinois Central Railroad Company at Fernwood, northeasterly to Kokomo, the road lying wholly in the State of Mississippi. The tracks owned aggregate 32.401 miles of main track and 12.024 miles of yard tracks and sidings, a total of 44.426 miles of all tracks.

Jointly used property.—The carrier uses no property jointly with other common carriers. The Fernwood Lumber Company, hereinafter called the lumber company, uses the tracks of the carrier for the movement of its work trains, under a contract dated January 1, 1914, terminable upon 30 days' notice, and pays for such use at the rate of 60 cents per train-mile.

Corporate history.—The carrier was incorporated March 16, 1906, under the general laws of Mississippi, for the purpose of acquiring, maintaining, and operating a railroad, southeasterly, from Fernwood to Gulfport, Miss. Organization of the carrier was perfected March 31, 1906. Its principal office is at Fernwood. Corporate control is vested, through ownership of a majority of the capital stock, in its president, F. B. Enochs. The development of fixed physical property is related in Appendix 2.

History of corporate financing, capital stock, and long-term debt.—

APPENDIX 2

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire property of the carrier was constructed by the lumber company. That portion of the property from Fernwood to Tylertown, approximately 20 miles, was constructed during the years 1901, 1903, and 1905, and was used by the lumber company until March 11, 1909, in its logging operations. The line from Tylertown to Kokomo was completed by the lumber company in December, 1910, and was immediately conveyed to the carrier. The lines constructed were conveyed to the carrier by the lumber company as follows: March 11, 1909, Fernwood to Tylertown, December 10, 1910, Tylertown to Kokomo.

These two deeds from the lumber company conveyed to the carrier title to the physical property, with the expressed reservation that the lumber company was entitled to operate its trains free of cost over the entire property. By deed, dated June 30, 1913, effective January 1, 1914, the lumber company relinquished the right previously reserved by it. Thereafter the carrier collected full tariff rates for handling the logs of the lumber company.

RESULTS OF CORPORATE OPERATIONS