Wikipedia:WikiProject Trains/ICC valuations/Arkansas and Louisiana Midland Railway

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On date of valuation the Arkansas & Louisiana Midland owned and operated a single-track, standard-gauge, steam railroad, extending from Monroe, La., to Crossett, Ark., 52.142 miles. In addition, it operated under lease from Alfred Cowles 9.465 miles of track from Rolfe Junction, Ark., to Hamburg, Ark., and from the Ashley, Drew and Northern Railroad, 41.154 miles, from Crossett to Monticello, Ark.

Valuation Docket No. 606

The Arkansas and Louisiana Midland Railway Company

Location and general description of property.—The railroad of The Arkansas & Louisiana Midland Railway Company, herein called the Arkansas & Louisiana Midland, is a single-track, standard-gauge, steam railroad, located in Arkansas and Louisiana. The owned mileage consists of a main line from Monroe, La., to Crossett, Ark. The lines used under lease extend from Crossett to Monticello, and from Rolfe Junction to Hamburg, all in Arkansas. The Arkansas & Louisiana Midland wholly owns and uses 52.142 miles of road. It also uses 50.619 miles of road owned by others, of which 9.465 miles, Rolfe Junction to Hamburg, Ark., are owned by Alfred Cowles, and 41.154 miles, Crossett to Monticello, Ark., are owned by the Ashley, Drew & Northern Railway Company, a lessor company, separately reported upon. The Arkansas & Louisiana Midland wholly owns and uses 55.992 miles of all tracks and uses but does not own 60.772 miles of all tracks.

APPENDIX 2

INTRODUCTORY

The Arkansas & Louisiana Midland is a corporation of the State of Louisiana, having its principal office at Monroe, La. It is controlled by Alfred Cowles, of Chicago, Ill., and W. A. Otis, of Colorado Springs, Colo., through ownership of a majority of its capital stock. On the other hand, the records do not indicate that it controls any common-carrier corporation. The property of the Arkansas & Louisiana Midland has been operated by its own organization during its entire life.

CORPORATE HISTORY

The Arkansas & Louisiana Midland was incorporated November 30, 1915, under the general laws of the State of Louisiana, for the purpose of acquiring that portion of the railroad of The Arkansas, Louisiana & Gulf Railway Company extending from Monroe, La., to Crossett, Ark., which was done. The latter company was incorporated July 20, 1906, under the general laws of the State of Arkansas. Its property, rights, and franchises were sold at foreclosure sale September 15, 1915, after receivership begun May 29, 1913, and were acquired by the Arkansas & Louisiana Midland on November 30, 1915.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the Arkansas & Louisiana Midland was acquired as follows:

By purchase from Alfred Cowles and others, who purchased it at foreclosure sale from the United States District Court, that portion of the line of the Arkansas, Louisiana & Gulf extending from Monroe, La., to Crossett, Ark. The road was constructed by The Southern Development Company during the period from July, 1906, to Oct. 1, 1908 53.300

Difference between total recorded mileage and mileage inventoried as of date of valuation 1.158

Mileage inventoried as of date of valuation 62.142

HISTORY OF CORPORATE FINANCING

Predecessor Company

THE ARKANSAS, LOUISIANA & GULF RAILWAY COMPANY

INTRODUCTORY

This company was incorporated July 20, 1906, under the general laws of the State of Arkansas. The accounting records of the company only extend to May 29, 1913, and the accounting records covering the operation of the company's property by a receiver during the period from May 29, 1913, to November 30, 1914, were not obtained. However, certain information appertaining to the operations of the receiver has been taken from reports filed with us, as pointed out hereinafter. The company was controlled by The Southern Development Company, of Colorado Springs, Colo., through ownership of the entire outstanding capital stock, except directors' qualifying shares. On the other hand, the records do not indicate that this company controlled any common-carrier corporation. The property of this company was operated by its own organization from the date of completion thereof, October, 1908, until May 29, 1913. From that date to November 30, 1914, it was operated by a receiver, and from December 1, 1914, to November 30, 1915, the date the property was acquired by the Arkansas & Louisiana Midland, by the Arkansas, Louisiana & Gulf Railroad under a lease from the United States District Court for the Western District of Louisiana.

It is shown in a report to us that The Arkansas, Louisiana & Gulf Railroad Company was a corporation formed for the purpose of operating, under lease, the property of the Ashley, Drew & Northern and the Arkansas, Louisiana & Gulf Railway, the latter company being in the hands of a receiver, as previously shown. After the Arkansas, Louisiana & Gulf Railway had been sold under foreclosure the lease was canceled, and under the provisions of the lease with the Ashley, Drew & Northern, by reason of sale of the Arkansas, Louisiana & Gulf Railway, the Ashley, Drew & Northern lease was also canceled, and The Arkansas, Louisiana & Gulf Railroad Company ceased to exist as an operating company, the property reverting to the original owners. Certain information has been included in the chapter on results of corporate operations of this report covering the operation of the properties above referred to by the Arkansas, Louisiana & Gulf Railroad, but the figures shown are not separable as between companies.

The railroad operated by the Arkansas, Louisiana & Gulf Railway, upon date of receivership, May 29, 1913, was a single-track, standard-gauge, steam railroad, located in Louisiana and Arkansas, aggregating 61.50 miles, all owned. According to a report to us the property of this company was sold at auction by order of the United States District Court for the Western District of Louisiana, on September 15, 1915, to Alfred Cowles. He sold that part of this property between Monroe, La., and Crossett, Ark., to the Arkansas & Louisiana Midland, and that portion of the line between Rolfe Junction and Hamburg, Ark., was retained by him. The amount received from the sale of this property was paid into the registry of the court to be disbursed in settlement of claims against the company. No account of the settlement was obtained from the records reviewed.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire 61.50 miles of road owned by the company on date of sale had been acquired by construction. The construction work was performed by The Southern Development 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 Arkansas & Louisiana Midland.

HISTORY OF CORPORATE FINANCING