Wikipedia:WikiProject Trains/ICC valuations/East Carolina Railway

Interstate Commerce Commission, Valuation Reports, Volume 133

East Carolina Railway

Location and General Description of Property

The railroad of the East Carolina Railway, herein called the carrier, is a single-track, standard-gauge, steam railroad, located in northeastern North Carolina. The main line extends southerly from Tarboro to Hookerton, 38.584 miles. The carrier also owns 1.655 miles of yard tracks and sidings. Its road thus embraces 38.239 miles of all tracks owned but not used. The entire railroad property owned by the carrier, together with 0.306 mile of yard tracks and sidings and other facilities located at various points between Tarboro and Hookerton which are owned by the Macclesfield Company and 1.489 miles of yard tracks and sidings at Farmville, N. C., leased from the Hookerton Terminal Company, is leased to and operated by Henry Clark Bridgers. A summary of the mileage used is given in the trackage table in Appendix 1. In connection with the operation of this property, Bridgers has trackage rights over tracks of the Atlantic Coast Line Railroad Company from its junction with that carrier's Plymouth branch to the Tarboro passenger station, about 5 miles.

Introductory

The carrier is a corporation of the State of North Carolina, having its principal office at Tarboro, N. C. It has not maintained accounting records, but Henry Clark Bridgers, who is its president and its lessee, has filed annual reports with us covering the period from July 1, 1902, to December 31, 1916. These annual reports were compiled by Bridgers from memoranda and his personal records, and they purport to show the investment in railroad property and the outstanding securities of the railway company and the results of operations by Bridgers, as lessee. The information given in this report has been taken from those annual reports to us, from the carrier's valuation reports, and from some miscellaneous records. The carrier is controlled by the Atlantic Coast Line, through ownership of all outstanding capital stock, except directors' qualifying shares. On the other hand, the records examined do not indicate that the carrier controls any common-carrier corporation. Its property has always been operated, under lease, by Henry Clark Bridgers.

Corporate History

The carrier was incorporated July 1, 1898, under the general laws of the State of North Carolina. It perfected its organization on the same date.

Development of Fixed Physical Property

The owned mileage of the carrier was acquired by construction, as follows: Tarboro to Macclesfield, N. C., 1898-1899; Macclesfield to Farmville, N. C., 1900-1901; and Farmville to Hookerton, N. C., 1906-1907. The details of the construction have not been obtained from the records reviewed. In addition, the carrier purchased in 1909 the property of the Hookerton Terminal Company, consisting of a wye track, bridge, terminal facilities, and land located at Hookerton, N. C.

Leased Railway Property

Bridgers has sole or joint use of the following railway property.

Solely used, but not owned; leased from—

Carrier; entire railway property, as hereinbefore described, present lease dated May 23, 1014, lessee maintains and operates the property, pays the taxes and the interest on $300,000 par value of bonds and pays the stock holders 4 per cent annually on $11,832, the so-called value of the outstanding capital stock.

Hookerton Terminal Company, sidetracks, 1.489 miles, and loading platform, located at Farmville, N. C.; terms of use not ascertained.

Macclesfield Company, yard tracks and sidings, 0.306 mile, and other facilities located at various points between Tarboro and Hookerton, together with one steam locomotive and two passenger-train cars; terms of use not ascertained.

Jointly used but not owned, owned by the Atlantic Coast Line; about 5 miles of track and station facilities at Tarboro, N. C.; terms of use not ascertained.