Wikipedia:WikiProject Trains/ICC valuations/Sylvania Central Railway

Interstate Commerce Commission, Valuation Reports, Volume 103

Sylvania Central Railway

Location and General Description of Property

The railroad of Sylvania Central Railway Company, hereinafter called the carrier, was incorporated under the general laws of Georgia, May 2, 1903. On valuation date it owned, but did not operate,¹ a single-track standard-gauge light-traffic road, located entirely within the State of Georgia, in its southeastern part, extending from Sylvania southwesterly to Rocky Ford, a distance of 14.7 miles. The property was operated, under lease, by the Sylvania & Girard Railroad Company, hereinafter called the Sylvania & Girard. On valuation date the carrier owned the following mileage:

Miles of road. 14.706

Miles of yard track and sidings. 1.725

Total miles of all tracks. 16.431

¹Six months after valuation date the lease to the Slyvania & Girard Railroad Company was terminated and the carrier began to operate.

Corporate History

The carrier was the corporate successor, through receivership and reorganization, of the Sylvania Railroad Company. The latter was incorporated January 3, 1884, under the general laws of Georgia, and built the present line from Sylvania to Rocky Ford. It defaulted the interest on its bonds, and its property was sold August 5, 1902, under foreclosure, to Mills B. Lane, agent of the Central of Georgia Railway Company. The carrier was organized by charter under the general laws of Georgia, May 2, 1903, to take over this property and operate it, which it did. On January 1, 1906, the carrier leased its entire property to the Girard for a period of 10 years. That was still the corporate status on valuation date.

Development of Property

Concerning the Sylvania Railroad Company, no accounting records were available; but from its charter, court records, and other sources, it was ascertained that the company was incorporated January 3, 1884, under the general laws of the State of Georgia, and it built about 15 miles of railway from Rocky Ford, Ga., to Sylvania, Ga. The rail, track material, and original equipment for this line were furnished by the Central Railroad and Banking Company of Georgia, which received therefor $33,000 of the carrier's first-mortgage 30-year 6 per cent bonds. The company defaulted in the payment of interest on these bonds, and its property was sold August 5, 1902, under foreclosure, to Mills B. Lane, agent of the Central of Georgia Railway Company, for $10,000. The court records show that the agent of the Central of Georgia Railway Company, as purchaser of the property, conveyed to the master commissioner $3,000 in cash, and $33,000 in first-mortgage bonds of the Sylvania Railroad Company.

At June 30, 1915, the carrier owned 14.7 miles of railway, extending from Rocky Ford, Ga., in a northeasterly direction to Sylvania, Ga., all of which was formerly the property of the Sylvania Railroad Company. At the date of valuation the property was being operated by the Sylvania & Girard, the rights, franchises, appurtenances, etc., having been leased to that carrier January 1, 1906, for a period of 10 years, at an annual rental of $3,600, which amount was by supplemental agreement of July 1, 1912, reduced to $1,800 per annum.