Wikipedia:WikiProject Trains/ICC valuations/Georgia Terminal Company

Interstate Commerce Commission, Valuation Reports, Volume 75

Georgia Terminal

Location and General Description of Property

The above-named company, hereinafter styled the Georgia Company, owns certain terminal facilities in the city of Atlanta, Ga., that consisted on June 30, 1914, of 2.358 miles of main track, 1.501 miles of second main track, 9.613 miles of yard track and sidings, a total of 13.472 miles of all track; together with certain structures, 188.269 acres of land, a large warehouse, and about 200 residences. With the exception of 3.1 acres in Atlanta, used by the Southern Railway Company, this property is operated by the [Atlanta, Birmingham and Atlantic Railroad], under lease by the terms of which the carrier agrees to pay to the Georgia Company in addition to the expenses of maintenance, taxes, etc., an amount equivalent to 5 per cent of the capital stock, and to pay the interest on and guarantee the principal of outstanding bonds of the Georgia Company. No such payments have ever been made. The entire capital stock of the Georgia Company is owned by the carrier.

Corporate History

The Georgia Company was the successor by change of name to the Gate City Terminal Company. This latter company was incorporated under the general laws of the State of Georgia on May 24, 1906, for the purpose of constructing and operating a railroad from Howells Station in Fulton County, Ga., to a point in or near the city of Atlanta, a distance of about 3 miles. By appropriate amendment to the charter the name of the company was changed on March 30, 1907, to the Georgia Terminal Company. On February 15, 1909, the Georgia Company's affairs were placed in the hands of the same receivers who were administering the affairs of the carrier, and so continued to date of valuation.

Development of Fixed Physical Property

In April, 1905, the construction company acquired the capital stock and lands of the Fulton Realty & Improvement Company, and on March 1, 1907, transferred that stock and lands, together with additional lands subsequently acquired, to the Gate City Terminal Company in exchange for the latter's securities. The organizers of the Fulton Realty & Improvement Company were closely identified with the construction company interests. In the meantime the Gate City Company had contracted for grading, masonry, and other work in connection with the construction of terminals, yards, tracks, and other facilities, and later additional contracts were let for the furnishing and erection of bridges and such other construction work as was necessary. The construction company and the carrier did some of this work and furnished some of the material used. All of the construction work was done under the supervision of the Georgia Company's chief engineer. The property was opened for operation on July 1, 1908. Certain additions and betterments were made to the property by the receivers after they took possession of it.