Wikipedia:WikiProject Trains/ICC valuations/South Carolina Pacific Railway

Interstate Commerce Commission, Valuation Reports, Volume 38

South Carolina Pacific

Introductory

The South Carolina Pacific is a corporation of the State of South Carolina, having its principal office at Bennettsville, S. C. No accounting records of this company were obtained for the period from its incorporation, February 9, 1882, to January 1, 1915. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, and investments during this period. The information given in this report has been obtained from the company's report upon its corporate history and from books of account which it opened as of January 1, 1915.

The South Carolina Pacific is controlled through ownership of a majority of its capital stock by the Coast Line. On the other hand, this company does not control any common-carrier corporation.

The property of the South Carolina Pacific has been operated by other carriers under lease from the date constructed to date of valuation. From January 8, 1885, to May 13, 1899, the property was operated by the Cape Fear and Yadkin Railway Company, and from May 13, 1899, to date of valuation by the Wilmington and Weldon Railroad Company and that Company's successor, the Coast Line.

Corporate History

The South Carolina Pacific was incorporated February 9, 1882, by a special act of the Legislature of South Carolina, for the purpose of acquiring and operating railroad property within the State of South Carolina. The date of its organization was October 12, 1882.

Development of Fixed Physical Property

The owned mileage of the South Carolina Pacific, 10.412 miles, was constructed by it during the years 1882 to 1885.

Leased Railway Property

The entire property of the South Carolina Pacific is exclusively operated by the Coast Line under a 99-year lease from January 1, 1915. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property of the report on the Coast Line.