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Note: These California Railroad Commission Decisions are included because they refer to Mr. Frank G. Drum, a long time president of the Yosemite Valley Railroad. Drum died shortly after he bought the Chowchilla and Pacific Railway company. |
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CALIFORNIA RAILROAD COMMISSION DECISIONS July 29, 1922 Pages 112 & 113
IN THE MATTER OF THE APPLICATION OF CHOWCHILLA AND PACIFIC RAILWAY COMPANY TO SELL ITS RAILROAD, ROLLING STOCK RIGHTS OF WAY, FRANCHISES, ETC., TO FRANK G. DRUM. Application No. 8030. Decided July 29, 1922. BENEDICT, Commissioner. In this application the Railroad Commission is asked to make its order authorizing the sale and transfer of the railroad, rights and properties of Chowchilla Pacific Railway Company to Frank G. Drum. Chowchilla Pacific Railway Company was organized on or about May 6,1913, for the purpose of constructing and operating a standard gauge railroad from Chowchilla, on the line of the Southern Pacific in Madera County, to a point known as Dairy land on the Chowchilla Ranch, a distance of about ten miles. It appears that the road was constructed at a cost of $105,827.90 and that it has been operated primarily for the transportation of agricultural products from the property along its line. The record shows that its operations have been conducted at a loss. The testimony of 0. A. Robertson, president of Chowchilla Pacific Railway Company, shows that all of the company's outstanding stock, amounting to $10,000, is held by United States Farm Land Company, and that this company, whose business is strictly of a land nature, is inexperienced in operating a railroad and can not give the service required of a common carrier. For these reasons it has been decided to sell the railroad properties. Frank G. Drum has agreed to purchase such properties for $50,000 and operate them thereafter as a common carrier. It is thought by applicants that the proposed transfer of properties to Mr. Drum will result in their being operated for the better interest of the public than they are at present. I submit the following form of order: Application having been made to the Railroad Commission for an order authorizing the transfer of properties, a public hearing having been held and the Railroad Commission being of the opinion that the application should be granted as herein provided; It is hereby ordered, that Chowchilla Pacific Railway Company be and it;is hereby authorized to sell and transfer all of its properties referred to in this application, to Frank G. Drum for $50,000, and Frank G. Drum be and he is hereby authorized to acquire such properties. The authority herein granted is subject to the following conditions: 1. The price at which the properties are herein authorized to be transferred shall not hereafter be urged before this Commission, or other court, or public body, as a measure of value in fixing rates or for any purpose other than the transfer herein authorized. 2. Frank G. Drum shall file with the Commission a certified copy of the deed by which he obtains title to the properties he is herein authorized to acquire. 3. The authority herein granted shall apply only to such properties as may be transferred on or before December 31, 1922. The foregoing opinion, and order are hereby approved and ordered filed as the opinion and order of the Railroad Commission of the State of California. Dated at San Francisco, California, this twenty-ninth day of July, 1922. |
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CALIFORNIA RAILROAD COMMISSION DECISIONS November 21, 1923 Pages 144 & 145
IN THE MATTER OF THE APPLICATION OF JOHN S. DRUM AND MERCANTILE TRUST COMPANY, AS EXECUTORS OF THE LAST WILL OF FRANK G. DRUM, DECEASED, FOR AUTHORITY TO SELL AND CONVEY TO THE SOUTHERN PACIFIC COMPANY THAT CERTAIN RAILROAD KNOWN AS THE CHOWCfflLLA PACIFIC RAILROAD, TOGETHER WITH ITS ROLLING STOCK, RIGHTS OF WAY, FRANCHISES, ETC. Application NO. 9417. Decided November 21,1923. MARTIN, Commissioner. John S Drum and Mercantile Trust Company of California, as executors of the last will of Frank G. Drum, deceased, ask authority to sell and convey to the Southern Pacific Company or one of its subsidiaries, for the sum of $50,000, the railroad properties and appurtenances formerly owned by the Chowchilla Pacific Railway Company These properties were acquired by Frank S. Drum, pursuant to the authority granted by Decision NO. 10794, dated July 29, 1922, in Application NO. 8030. A description of the properties is filed in that proceeding. The line of railway is approximately ten miles in length and extends from Chowchilla, on the line of the Southern Pacific, to a point known as Dairyland, on the Chowchilla ranch. It is of record that though the properties may be transferred to a subsidiary company, the Southern Pacific Company will be in active control of the properties and their operation. The Commission has considered applicants' request and believes that it should be granted, therefore, It is hereby ordered, that John S. Drum and Mercantile Trust Company of California, as executors of the last will of Frank G. Drum, deceased, be and they are hereby authorized to sell and convey to the Southern Pacific Company, or one of its subsidiaries, for the sum of $50,000, the railroad properties acquired by said Frank S. Drum, pursuant to the authority granted by Decision No. 10794, dated July 29, 1922, and said Southern Pacific Company, or one of its subsidiaries, are hereby authorized to acquire such properties. The authority herein granted is subject to the following conditions: 1. The price at which the properties are herein authorized to be transferred shall not hereafter be urged before this Commission or other public body as a measure of the value of the properties for the purpose of fixing rates or any purpose other than the transfer herein permitted. 2: The Southern Pacific Company or its subsidiary which will acquire title to the properties shall file with the Railroad Commission a copy of the deed under which it secures and holds title to the properties, such copy to be filed with the Railroad Commission within thirty days after its execution. 3. The authority herein granted will become effective upon the date hereof and will apply only to such properties as may be transferred on or before February 1, 1924. The foregoing order is hereby approved and ordered filed as the order of the Railroad Commission of the State of California. Dated at San Francisco, California, this twenty-first day of November, 1923. |