Wikipedia:WikiProject Trains/ICC valuations/Meridian and Memphis Railway

Interstate Commerce Commission, Valuation Reports, Volume 125

Meridian and Memphis Railway

Location and General Description of Property

The railroad of the Meridian and Memphis Railway Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the east central part of Mississippi. The owned mileage extends in a southeasterly direction from Union to Meridian, a distance of 32.190 miles. The carrier also owns and uses 3.567 miles of yard tracks and sidings. Its road thus embraces 35.757 miles of all tracks owned.

Introductory

The carrier is a corporation of the State of Mississippi, having its principal office at Meridian, Miss. It is controlled by the Equitable Loan and Mortgage Company of Mobile, Ala., through ownership of a majority of its capital stock. On the other hand, the records do not indicate that the carrier itself controls any other common-carrier corporation. The property of the carrier has always been operated by its own organization.

Corporate History

The carrier was incorporated August 29, 1911, under the general laws of the State of Mississippi, by proclamation of the Governor of that State filed September 4, 1911, for the purpose of constructing and operating a railroad from Meridian, Miss., to or near Winona, Miss. The date of its organization was April 20, 1912.

Development of Fixed Physical Property

The owned mileage of the carrier, extending from Meridian to Union, Miss., a distance of 32.19 miles, was all acquired by construction. In the construction of the road built for the carrier, about 30 miles thereof was constructed under contract during the period February 1, 1912, to June 30, 1913, by S. A. Neville & Company. A member of that company, S. A. Neville, was then president of the carrier. The remaining portion of the road was constructed under contract by the C. G. Kershaw Construction Company, apparently not affiliated with the carrier, during the years 1915 and 1916. There is a difference of 1.21 miles between the mileage, 33.40 miles, recorded by the carrier, and the mileage, 32.19 miles, inventoried as of date of valuation.

Leased Railway Property

The carrier jointly uses on date of valuation facilities owned by another company and another company jointly uses facilities owned by the carrier to the extent indicated below. The description of the property, the terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation are as follows:

	Rentals
Solely owned, but jointly used, used with Buckwalter Lumber Company, tracks for use of log trains, about 12 miles, extending east from Union, Miss.; term 25 years from Dec. 7, 1912; stipulated payment $1 per day per mile of track used, limited to a maximum payment of $8 per day and to a maximum payment per month of $200.	$1,299
Jointly used, but not owned, owned by Gulf, Mobile and Northern Railroad Company, terminal tracks and depot at Union, Miss.; stipulated payment $100 per month. The amount charged to income was not ascertained.	......