Wikipedia:WikiProject Trains/ICC valuations/New Orleans and Lower Coast Railroad
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The railroad of the New Orleans and Lower Coast Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in southeastern Louisiana. The main line extends from Algiers, La., southeasterly to Buras, La., a distance of 59.635 miles. The carrier also owns 8.086 miles of yard tracks and sidings. Its road thus embraces 67.721 miles of all tracks owned.
- CORPORATE HISTORY
The carrier was incorporated November 29, 1916, under the general laws of the State of Louisiana. At its organization it acquired the property formerly owned by the New Orleans Southern & Grand Isle Railway Company, which in turn had acquired such property from the New Orleans, Fort Jackson & Grand Isle Railway Company. The following chart lists the three corporations named above, and shows the respective dates of incorporation and the manner of succession:
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1. | New Orleans and Lower Coast Railroad Company. | Under general laws of Louisiana, Nov. 29, 1916. | |
| 2. | New Orleans Southern & Grand Isle Railway Company. | Under general laws of Louisiana, Feb. 1, 1911. | Sold to Bernard McCloskey, representing bondholders, on Sept. 27, 1916, after receivership, and conveyed to 1 on Nov. 29, 1916. |
| 3. | New Orleans, Fort Jackson & Grand Isle Railroad Company. | Under general laws of Louisiana, Dec. 15, 1888. | Sold to 2, Apr. 10, 1911. |
- DEVELOPMENT OF FIXED PHYSICAL PROPERTY
The road owned by the carrier, amounting to 59.635 miles, had been acquired by it through purchase on November 29, 1916. The property so purchased had been constructed by the New Orleans, Fort Jackson & Grand Isle Railroad Company during 1889 and 1890.
- HISTORY OF CORPORATE FINANCING