Wikipedia:WikiProject Trains/ICC valuations/Duluth and Northeastern Railroad

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The railroad of the Duluth & Northeastern Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in northeastern Minnesota. The main line extends from Cloquet northeasterly to Hornby, 58.492 miles, and a branch line extends from Brevator Junction to Brevator, 4.440 miles, aggregating 62.932 miles of first main track. The carrier also owns 13.243 miles of yard tracks and sidings. Its road thus embraces 76.175 miles of all tracks owned and used. The carrier is an industrial railroad. Practically all of its revenue is derived from the transportation of logs and other forest products, and the principal industries served include the Cloquet Lumber Company and the Northern Lumber Company which control the railroad.

CORPORATE HISTORY

The carrier was incorporated September 10, 1898, under the general laws of the State of Minnesota, for the purpose of constructing and operating a standard-gauge railroad in the vicinity of Duluth, Minn., and extending therefrom to the northern boundary of that State.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, amounting to 62.932 miles, was all acquired by construction. The years when the various portions of the line were constructed are indicated in the following statement:

Cloquet to Hornby, Minn., 1905-6 58.492

Brevator to Brevator Junction, Minn., 1910-11 4.440

Total 62.932

Our records show that, in addition to the inventoried road indicated above, the carrier during the period from 1898 to 1904 constructed a road extending from Hornby to Island Lake, Minn., a distance of about 28 miles, of which about 14 miles between Harris Junction and Island Lake, Minn., has been abandoned. The remainder of this original road between Harris Junction and Hornby was relocated between these points via Harris Lake. Some time subsequent to 1904, a branch road extending from Hornby Junction to Harris Lake, Minn., a distance of about 1.5 miles was constructed. This branch was abandoned in the year 1915.

HISTORY OF CORPORATE FINANCING