Wikipedia:WikiProject Trains/ICC valuations/Pine Bluff and Northern Railway
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The railroad of Pine Bluff and Northern Railway Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the central part of Arkansas. The owned mileage extends southerly from McCreanor, Ark., to Cullor, Ark., a distance of 6.779 miles. The carrier also owns yard and side tracks totaling 0.305 mile. Its road thus embraces 7.084 miles of all tracks owned. In Appendix 1 will be found a general description of the property of the carrier.
Corporate history.—The carrier, whose main office is located at Lonoke, Ark., was incorporated on May 26, 1910, under the general laws of Arkansas, for a period of 50 years. Its purpose was to construct a proposed line of railroad extending from Pine Bluff, Jefferson County, Ark., about 80 miles northeasterly to Searcy, White County, Ark. It acquired title to the fixed property which it now owns by deed dated March 26, 1912, from the Meto and Arkansas Valley Railway Company, which deed names as the consideration "one dollar and other good and sufficient consideration." This property was constructed by a predecessor company, apparently during 1908 or 1909.
On valuation date, the property of the carrier was being operated by a receiver, who took charge about February 14, 1916. On February 26, 1916, the receiver sold and conveyed the physical property and assets of the company to an individual, by order of court, for the sum of $5,000, of which amount $1,000 had been paid in cash up to valuation date. The remaining $4,000 is covered by a note, secured by a lien upon the property, which matures in February, 1917, with privilege of extension for a term not in excess of three years from its date. The conditions of the sale provide that the receiver shall remain in charge of the property until the purchase price is paid in full. There are no accounting records obtainable covering the activities of the carrier or its predecessors prior to the present receivership, and for that reason nothing can be learned concerning the construction history, cost of the property, or of the result of corporate operations. Further details as to the development of the fixed physical property, including the corporate history of the predecessor companies, are given in Appendix 2.
History of corporate financing, capital stock, and long-term debt.—
- Predecessor Companies
- THE METO VALLEY RAILWAY COMPANY
The Meto Valley Railway Company was incorporated under the general laws of Arkansas on October 29, 1908, for a term of 50 years, with a capital stock of $32,000. Its avowed purpose was to construct a railroad 16 miles long, extending in a southerly direction from McCreanor, Ark. There are no records of this company obtainable, but it apparently constructed the property now in existence, because the right-of-way deeds were taken in its name, and it leased the rail from The Chicago, Rock Island and Pacific Railway Company and gave the deed of trust above referred to to secure its return. Its affairs were placed in the hands of a receiver on April 12, 1910, who was discharged July 7, 1913. He never made a report of his administration.
- THE METO AND ARKANSAS VALLEY RAILWAY COMPANY
The Meto and Arkansas Valley Railway Company was incorporated under the general laws of Arkansas on October 1, 1910, for a term of 50 years, with an authorized capital stock of $250,000. Its purpose was to construct not more than 25 miles of railroad, extending southerly from McCreanor to the town of Tomberlin, in Lonoke County, Ark. It is stipulated that the present property, which was then built, was to form a part of the proposed line. It, therefore, appears that this company acquired the property of the Meto Valley Railway Company, but the evidence is entirely circumstantial. On October 21, 1911, this company sold its property, rights, and franchises, to the carrier, the deed of conveyance being dated March 26, 1912.