Wikipedia:WikiProject Trains/ICC valuations/New Orleans Terminal Company
The New Orleans Terminal Company, herein called the New Orleans Terminal, owns and operates a standard-gage, steam railroad, together with passenger and freight stations, a grain elevator, warehouses, wharves, and other property, comprising terminal and switching facilities at New Orleans, La., and vicinity. The main line forms a belt line extending easterly from Shrewsbury, through the city of New Orleans, to Port Chalmette, on the Mississippi River, 15.966 miles, of which 4.011 miles is double tracked. A double-tracked line extends from a connection with the main line near Canal Boulevard, via St. Louis Street and the Old Basin Canal, to the passenger and freight terminals at Canal and Basin Streets, New Orleans. The company wholly owns and uses 19.631 miles of first main tracks, 7.677 miles of second main tracks, and 52.149 miles of yard tracks and sidings, aggregating 79.457 miles of all tracks.
The property of the New Orleans Terminal was operated by its own organization from December 26, 1903, to December 31, 1917. On January 1, 1918, the common-carrier property of the New Orleans Terminal was taken over for operation by the United States Railroad Administration, which still operates it on date of valuation.
- CORPORATE HISTORY
The New Orleans Terminal was incorporated December 31, 1902, under the general laws of the State of Louisiana, originally as the New Orleans and San Francisco Railroad Company for the purpose of providing terminal facilities in and near the city of New Orleans, La. By an amendment to its charter, June 30, 1903, the name of the company was changed to the New Orleans Terminal Company. The date of its organization was December 31, 1902.
The New Orleans Terminal acquired by purchase on December 26, 1903, the property, rights, and franchises of the New Orleans Belt and Terminal Company. The New Orleans Terminal, itself, and the corporation named, together with the predecessor of that company, total three different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the New Orleans Terminal as at present constituted.
The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.
|1.||New Orleans Terminal Company.||See 2.|
|2.||New Orleans and San Francisco Railroad Company.||Under general laws of Louisiana, Dec. 31, 1902.||Name changed to 1, June 30, 1903.|
|3.||New Orleans Belt and Terminal Company.||Under general laws of Louisiana, Apr. 9, 1901.||Sold to 1, Dec. 26, 1903.|
|4.||New Orleans and Western Railroad Company.||Under general laws of Louisiana, Jan. 17, 1895.||Sold at foreclosure Mar. 9, 1901, after receivership begun Jan. 10, 1898, and reorganized Apr. 9, 1901, as 3.|
- DEVELOPMENT OF FIXED PHYSICAL PROPERTY
The owned mileage of the New Orleans Terminal, 19.631 miles, was acquired partly by purchase and partly by construction. Of the two corporations that comprise the line of succession culminating in the New Orleans Terminal as at present constituted, one of them, the New Orleans Belt and Terminal Company, did not construct any road or other common-carrier property. The property constructed by the New Orleans Terminal, itself, and by the other predecessor, the years when the various portions of the line were constructed, and the manner in which the New Orleans Terminal acquired the property are indicated in the following table.
- Acquired by construction, constructed by the New Orleans Terminal, in or near New Orleans, La., about 1904. 4.78
- Acquired by purchase from the New Orleans Belt and Terminal Company, Dec. 26, 1903, constructed by the New Orleans and Western Railroad Company, Shrewsbury to Port Chalmette, La., 1895-1896 13.63
- Total. 18.41
- NEW ORLEANS AND WESTERN RAILROAD COMPANY — PREDECESSOR OF THE NEW ORLEANS BELT AND TERMINAL COMPANY
No accounting records of this company were obtained for the period from January 10, 1898, to the date of sale. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period mentioned has been taken from a decree of the United States Circuit Court.
The records reviewed do not indicate whether the company was controlled by any individual or corporation on March 9, 1901, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.
The property of this company was operated by its own organization from the date its property was placed in operation, January 11, 1896, until the receivership, January 10, 1898. From that date the property was operated by receivers until April 9, 1901, the date it was surrendered to the New Orleans Belt and Terminal Company.
The railroad operated by the receivers on the date of sale amounted to 13.63 miles, all of which was owned by the New Orleans and Western Railroad Company. It consisted of a single-track, standard-gage, steam railroad extending from Shrewsbury to Chalmette, La.
- DEVELOPMENT OF FIXED PHYSICAL PROPERTY
The entire 13.63 miles of road owned by the company on the date of sale was acquired by construction. The construction work was performed principally by the Delta Construction Company, which did not appear to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the New Orleans Terminal.
- HISTORY OF CORPORATE FINANCING