Wikipedia:WikiProject Trains/ICC valuations/Central of Georgia Railway

Interstate Commerce Commission, Valuation Reports, Volume 130

Location and General Description of Property
The railroad of Central of Georgia Railroad Company, hereinafter referred to as the carrier, is located in the States of Georgia, Alabama, Tennessee, and Florida. It is a single-track, standard-gauge, steam railroad, with a few stretches of short double track in and adjacent to important terminals and junction points. It extends westerly from its main seaport terminal at Savannah, Ga., to Macon, and thence northward to Atlanta, Ga., and via Griffin on the Atlanta and Macon line to Chattanooga, Tenn. From Macon lines run southwesterly through the rich agricultural sections of Georgia and Alabama, reaching Montgomery, Ala., and other important Alabama towns over leased property from which an extension is made into Florida. The carrier also has an important main line between Americus, Ga., and the large industrial center of Birmingham, Ala. The carrier owns 1,992.904 miles of all tracks and uses 2,531.251 miles of all tracks as follows:

In addition to its owned mileage, the carrier leases and operates the property of the following carriers: Southwestern Railroad from Macon, Ga., to Eufaula, Ala., with branches, and from Fort Valley, Ga., to Columbus, Ga.; Augusta and Savannah from Millen, Ga., to Augusta, Ga.; The Chattahoochee and Gulf from Columbia, Ala., to Lockhart, Ala.; The Georgia Railroad and Banking Company at Macon, Ga., and Chattanooga Station Company at Chattanooga, Tenn. It uses, under an agreement, property of the United States Government at Fort Oglethorpe, Ga.

The carrier also has rights on 14.18 miles of trackage leased jointly with others, the terms of the leases being given in Appendix 2.

Introductory
The carrier is a corporation of the State of Georgia, and has its principal office in Savannah. It was organized as the successor to and to take over the property of Central Railroad & Banking Company of Georgia, Savannah & Western Railroad Company, Savannah and Atlantic Railroad, Montgomery and Eufaula Railway Company, Mobile and Girard Railroad Company, and Macon and Northern Railway Company.

For a number of years prior to the formation of the carrier, the Central Railroad & Banking Company of Georgia and certain controlled and leased lines had constituted what was commonly known as the Central Railroad system of Georgia, classified under two operating units as system proper and auxiliary system.

On June 1, 1891, the system proper comprised the five companies first above mentioned and Southwestern Railroad, Augusta and Savannah, Ocean Steamship Company of Savannah, and Eatonton Branch Railroad Company. All nine of these were on that date leased to the Georgia Pacific Railway Company for operation by the Richmond and Danville Railroad Company.

The auxiliary system comprised Atlanta and West Point Railroad Company, The Georgia Railroad and Banking Company, Louisville and Wadley Railroad Company, Port Royal & Augusta Railway, Port Royal & Western Carolina Railway Company, Sylvania Railroad Company, Talbotton Railroad Company, Upson County Railroad, The Western Railway of Alabama, and Wrightsville and Tennille Railroad Company.

The validity of the lease to the Georgia Pacific Railway Company and the legality of control exercised by the Richmond & West Point Terminal Railroad [sic] & Warehouse Company, as owner of a majority of capital stock of the Central Railroad & Banking Company of Georgia, were attached in a bill exhibited by a stockholder of the Central Railroad & Banking Company of Georgia, on March 3, 1892, in the Circuit Court of the Southern District of Georgia, praying for the cancellation of the lease and injunction against the use of the stock of the Central Railroad & Banking Company of Georgia or in behalf of the Richmond & West Point Terminal Railway & Warehouse Company. On the following day, or March 4, a receiver was appointed to take charge of the property, etc., of the Central Railroad & Banking Company of Georgia. All other companies coming under the lease were also placed in the hands of the receiver for the Central Railroad & Banking Company of Georgia.

For one reason or another, the property of certain of the companies was either handed over to independent receivers or turned back to the owners, so that just prior to the formation of the carrier, the receiver for the Central Railroad & Banking Company of Georgia was operating the property of Central Railroad & Banking Company of Georgia, Savannah & Western Railroad Company, Savannah and Atlantic Railroad, Montgomery and Eufaula Railway Company, Mobile and Girard Railroad Company, Southwestern Railroad, Augusta and Savannah, and Ocean Steamship Company of Savannah.

The five companies first named and the Macon and Northern Railway Company were sold either to Thomas and Ryan (Samuel Thomas and Thomas F. Ryan), bankers and brokers of New York, or to bondholders' protective committees, and by them transferred to Thomas and Ryan who, in turn, transferred the property to the carrier as of October 31, 1895. These transactions were consummated under the plan for the purchase of the properties of the Central Railroad & Banking Company of Georgia, dated August 26, 1895, and amendments thereto embodied in agreements between Thomas and Ryan and the carrier, as explained more fully hereafter. The carrier, through stock ownership, controls, either solely or jointly with others, a number of transportation corporations and several nontransportation companies, principal among which are Ocean Steamship Company of Savannah, Wadley Southern Railway Company, Wrightsville and Tennille Railroad Company, The Western Railway of Alabama, and Empire Land Company.

Corporate History
Incorporation of the carrier was effected on October 17, 1895, after the incorporators had petitioned for the formation of a corporation to exist for 101 years, with the right of charter renewal and all the rights, powers, privileges, etc., enjoyed by the Central Railroad [sic] Banking Company of Georgia under its charter, and with all other powers, rights, etc., provided in the general railroad law.

The names of the companies which have been purchased or absorbed by the carrier since its organization are as follows:

All of these companies were incorporated in Georgia, except the Montgomery and Eufaula Railway Company and the Mobile and Girard Railroad Company, which were incorporated in Alabama. This list does not include the names of the companies which were predecessors of the companies absorbed directly into the carrier's system. Their names are given in another part of this appendix, under the head of predecessor companies.

Development of Fixed Physical Property
The carrier has acquired by consolidation and purchase 1,435 miles, construction 55 miles, total 1,490 miles.

The following properties, with mileages as shown, were acquired by consolidation and purchase and otherwise, as follows:

The roads shown under construction appear to have been built by the carrier with its own forces, and opened for operation immediately upon completion. The carrier maintains station and other relatively unimportant joint facilities, and participates in the use of like facilities maintained by other companies. A more or less complete statement of these facilities is contained in the section on leased railway property.

Leased Railway Property
Leased from others

The carrier is the sole lessee of the properties and appurtenances of the Southwestern Railroad, the Augusta and Savannah, and the Chattahoochee and Gulf. It also leases from the Ocean Steamship Company of Savannah its terminals at Savannah, Ga. The details of these leases are as follows. On October 17, 1895, the carrier leased the property, including the equipment, of the Southwestern Railroad between Macon, Ga., and Eufaula, Ala., 143.60 miles, Fort Valley, Ga., and Columbus, Ga., 71 miles, Fort Valley, Ga., and Perry, Ga., 12.73 miles, Smithville, Ga., and Columbia, Ala., 85.01 miles, Cuthbert, Ga., and Fort Gaines, Ga., 20.50 miles, total 332.84 miles.

The lease runs for 101 years and is renewable in like periods upon the same terms forever. Under the terms of the instrument, the carrier agreed to pay annually an amount equivalent to 5 per cent of the then outstanding capital stock of the lessor; to discharge all lawful claims or liabilities in suits or actions then pending against the lessor or any that might thereafter be brought for causes arising while the property was leased to the Central Railroad & Banking Company of Georgia; to pay an amount not to exceed $2,500 a year for the maintenance of the corporate organization of the lessor, etc.; to protect the corporate estate; and, upon breach of the lease, to return it in as good order as it was received. The lease is silent as to additions and betterments. The carrier paid to the lessor $263,138.39 for the year ending June 30, 1915, under the terms of this lease.

On October 24, 1895, the carrier leased the property, including the equipment, of the Augusta and Savannah, a line extending from Millen to Augusta, Ga., a distance of 53.21 miles. The lease runs for 101 years, and is renewable for a like period on the same terms forever. Under the terms of the lease, the carrier agreed to pay annually $51,145, the equivalent of 5 per cent on the then outstanding stock of the lessor. The lease contains no stipulation to govern the disposition of such improvements to the property as may be made by the lessee. The carrier paid to the lessor $53,361.12 for the year ending June 30, 1915, under the terms of this lease.

On July 2, 1900, the carrier leased in perpetuity the railroad and appurtenances of the Chattahoochee and Gulf, a line that extended from Columbia, Ala., to Sellersville, Ala., a distance of 67.65 miles. The carrier agreed to pay annually an amount equivalent to 6 per cent per annum on the capital stock and funded debt of the lessor, until such time as its entire funded debt should be retired through sinking-fund accumulation. Thereafter, the annual rental was to be reduced to an amount equivalent to 5 per cent of the capital stock outstanding. The lease also provided for the creation of a sinking fund for the retirement of the funded debt. In addition to this property, on November 22, 1903, a 24-mile extension from Sellersville to Lockhart, Ala., was completed and temporarily leased to the carrier. On December 31, 1904, this extension was leased to the carrier under the same conditions that obtained in the original lease. In addition to the foregoing, the carrier agreed to pay the salaries of the president and secretary and treasurer, as well as the necessary expenses for maintenance of the corporate organization of the lessor company. Including this extension, the carrier now leases 91.47 miles of line owned by the lessor company. The carrier paid to the lessor $52,513.78 for the year ending June 30, 1915, under the terms of this lease.

The carrier leases the Vale Royal Terminals at Savannah, Ga., owned by the Ocean Steamship Company of Savannah. It pays the lessor for its use $106,202.42 per annum, plus all taxes, assessments, and costs of operation, which amounted to a total of $125,135.14 for the year ending June 30, 1915.

Leased to others

On March 28, 1896, that portion of the carrier's line extending from Meldrim to Lyons, Ga., about 59.09 miles, was leased for sole operation to the Georgia & Alabama Railroad Company (Seaboard Air Line Railway) for the consideration of $43,500 per annum. The lease runs for 101 years, and is renewable in like periods forever.

Trackage owned by others and used jointly

The following trackage owned by others, including terminal or station facilities, is used jointly with the carrier on the terms given below:

Joint facilities maintained or operated by other carriers

The following joint facilities, maintained or operated by other carriers, are used jointly with the carrier:

The carrier also used numerous unimportant facilities of other carriers such as minor tracks, interlockers, etc.

Joint facilities maintained or operated by the carrier

The following joint facilities, maintained or operated by the carrier, are used jointly with other carriers:

Other carriers also used numerous unimportant facilities of the carrier, such as minor tracks, interlockers, etc.

In the statements of jointly used property shown hereinbefore, the consideration for use of the facility is stated. In this connection there are sometimes used such terms as "pounds of freight handled," "number of barrels handled," "trains handled," "trains going out," "cars and tonnage handled," "engines handled," "passenger trains," "tickets sold." These expressions mean that the participating carrier, or carriers, pay a proportion of the operating costs on the basis of the respective pounds of freight handled, trains handled, number of tickets sold, etc., to the total pounds of freight handled, trains handled, number of tickets sold, etc., at the facility. The expression "cars and tonnage handled" means that the participating carrier pays its proportion of the yard costs on the basis of the number of its cars to the total cars handled in the yard, and, for agency expense, a proportion of the operating costs is paid on the basis of the amount of its tonnage to the total tonnage handled at the freight agency. The expression "agency expense, revenue of agency," etc., means that the agency expense is apportioned on the basis of the respective revenues for the period December, 1903, to May, 1904, inclusive, and that the Seaboard Air Line Railway pays 51.3 per cent of the taxes. Whenever percentages are stated, they mean that the participating carrier, or carriers, pay that percentage of the total cost of operation.

Lessor Companies

 * Southwestern Railroad Company
 * Augusta and Savannah Railroad
 * The Chattahoochee and Gulf Railroad Company

Central Railroad & Banking Company of Georgia
Corporate History

The Central Railroad & Banking Company of Georgia, as it existed on the last day of its corporate life, was the outcome of the incorporation of the Central Railroad & Canal Company of Georgia, under a special act of the Legislature of the State of Georgia, approved December 20, 1833. This latter company's charter, together with amendments thereto, was the instrument which gave legal sanction to the creation of an enterprise whose activities took a wide range. These activities included the purchase and sale of securities, real estate, river boats, seagoing steamships, and railway properties; and the operation of plantations, cotton presses, river and ocean vessels, banking institutions, and a system of railways.

So far as is known, the Central Railroad & Canal Company of Georgia was never an operating company nor the owner of any tangible property; though it seems to have been connected in some way, which can not be definitely determined, with an experimental survey made at the request and expense of the city of Savannah, Ga., to ascertain the practicability and approximate cost of constructing a line of railway between the cities of Savannah and Macon, Ga.

[...]

On June 1, 1891, the system of the Central Railroad and Banking Company of Georgia comprised about 2,282 miles of railway property and the Ocean Steamship Company of Savannah, including the New England and Savannah Steamship Company. On this date, all its owned and leased lines were leased to the Georgia Pacific Railway Company for a period of 99 years, for operation by the Richmond and Danville Railroad Company. Four controlled companies, namely, the Ocean Steamship Company of Savannah, Montgomery and Eufaula Railway Company, Savannah and Western Railroad Company, and Savannah and Atlantic Railroad, are known to have been included in this lease; but whether any or all of the remainder of the controlled companies were included, is not ascertainable from the records. This lease of the property of the Central Railroad & Banking Company of Georgia was effected by the Richmond and West Point Terminal Railway & Warehouse Company, which concern had gradually acquired capital stock of the Central Railroad & Banking Company of Georgia until, about 1887, it had obtained a majority of such stock and thereby the control of the property.

On March 3, 1892, Mrs. Rowena M. Clark, a stockholder of the Central Railroad & Banking Company of Georgia, filed in the Circuit Court of the Southern District of Georgia, Eastern Division, a bill of complaint against the Richmond & West Point Terminal Railway & Warehouse Company, and on the following day the court appointed a temporary receiver for the Central Railroad and Banking Company of Georgia and all lines owned or leased by it. On March 28 the receivership was made permanent.

On July 1, 1892, the Central Railroad & Banking Company of Georgia defaulted in the payment of interest in its tripartite bonds and certificates of indebtedness, and shortly thereafter an unsuccessful attempt was made by H. B. Hollins & Company of New York to reorganize the property.

Following the lease of its property to the Georgia Pacific Railway Company, but prior to the receivership, the Central Railroad & Banking Company of Georgia, on June 15, 1891, leased jointly with the Richmond and Danville Railroad Company, the property of the Macon and Northern Railway Company. This property was operated jointly by the lessees until March 4, 1892, when the Central Railroad & Banking Company of Georgia was placed in the hands of a receiver, and the Richmond and Danville Railroad Company took over the entire operation of the road. This condition obtained until September 6, 1892, when the Richmond and Danville Railroad Company was placed in the hands of a receiver; whereupon the Macon and Northern Railway Company reverted to the Central Railroad & Banking Company of Georgia and was operated by the receiver until December 17, 1894, when it was reorganized as the Macon and Northern Railway Company and was operated for its own account.

In 1893 and the following year, for one reason or another, about 997 miles of railway property were separated from the system of the Central Railroad and Banking Company of Georgia. The Port Royal and Augusta Railway, and the Port Royal and Western Carolina Railway Company, owing to laws passed by the Legislature of South Carolina which were adverse to the interests of the Central Railroad and Banking Company of Georgia, were withdrawn from the jurisdiction of that company's receiver, and were operated separately under the direction of the court, although their securities were retained by the Central Railroad and Banking Company of Georgia. The leasehold interest of the Central Railroad and Banking Company of Georgia in the Georgia Railroad and Banking Company and branches was lost by reason of default in the payment of the rental for the property; and with the loss of this road two others also passed from under the operating control of the Central Railroad and Banking Company of Georgia, namely, The Western Railway of Alabama and the Atlanta and West Point Railroad Company, although the Central Railroad and Banking Company of Georgia retained its investment in the securities of these companies. The court administering the affairs of the Central Railroad and Banking Company of Georgia instructed the receiver to tender back to the lessors, with the option of leaving the property in the hands of the court, all the leased lines. This option provided for the payment to the several carriers of net earnings up to the contract rentals. One company only, the Eatonton Branch Railroad Company, availed itself of the privilege to reacquire the control of its property.

[...]

By decree dated August 25, 1895, the United States court ordered the property of the Central Railroad & Banking Company of Georgia to be sold under foreclosure of the consolidated mortgage securing the consolidated-mortgage bonds of that company. The property was offered at public outcry October 7, 1895, at Savannah, Ga., and was sold to a representative of Thomas and Ryan, the only bidders, for an upset price of $2,000,000. Under the terms of this sale the purchasers paid $50,000 in cash and the balance in consolidated mortgage bonds of the Central Railroad & Banking Company of Georgia, which were good for their distributive share under the decree.

At midnight October 31, 1895, the purchasers took possession of all of the property of the Central Railroad & Banking Company of Georgia covered by the court's decree. This property did not include certain assets that were related to the banking department, as that department was not under the receiver's control. The banking department was operated for the benefit of the stockholders until February 7, 1896, at which time its accounts were liquidated and its affairs wound up.

The following statement shows the dates of incorporation and demise of extinct corporations predecessor to the Central Railroad & Banking Company of Georgia:

All of these companies were incorporated in Georgia. Further information concerning the predecessors of the Central Railroad & Banking Company of Georgia is given below.

Milledgeville and Gordon Railroad Company

This company was incorporated December 29, 1847, by an amendment to the charter of the Milledgeville Turn pike or Railroad Company. The stocks of the Milledgeville and Gordon Railroad Company and the Central Railroad & Banking Company of Georgia were amalgamated August 10, 1860, on the basis of $100 per share of the Milledgeville and Gordon Railroad Company's capital stock to $118 per share of the stock of the Central Railroad & Bunking Company of Georgia. This was done in accordance with an act of the Legislature of the State of Georgia, approved December 13, 1859, authorizing such a consolidation or amalgamation, providing that the Central Railroad & Banking Company of Georgia pay into the treasury of the State the sum of $20,000, upon receipt of which the governor was authorized to transfer to that company the stock owned by the State in the Milledgeville and Gordon Railroad Company. The records of the Central Railroad & Banking Company of Georgia do not disclose the amount of capital stock involved in the consolidation.

At the date of consolidation, the Milledgeville and Gordon Railroad Company owned and operated a line of railway extending from Milledgeville to Gordon, Ga., a distance of approximately 17.02 miles. It can not be stated whether this line of railway was constructed by the Milledgeville and Gordon Railroad Company, or by its predecessor, the Milledgeville Turnpike or Railroad Company.

Milledgeville Turnpike or Railroad Company

The Milledgeville Turnpike or Railroad Company was incorporated in Georgia December 24, 1840, by a special act of the general assembly of that State. On December 29, 1847, by an amendment to its charter, the name of the corporation was changed to Milledgeville and Gordon Railroad Company.

Macon and Western Railroad Company

This company was incorporated in Georgia December 20, 1845, by an amendment to the charter of the Monroe Railroad and Banking Company. No accounting records are available. Corporate records, however, are in existence from January 6, 1846, to January 7, 1873. which records show that the property of the Monroe Railroad and Banking Company was sold at public auction by the court of chancery at the May term, 1845, and purchased by Daniel Tyler for an amount of $155,100, the line of road extending from Macon to Marthasville, now Atlanta, a distance of approximately 101 miles. The Macon and Western Railroad Company came into actual possession of the property January 6, 1846. The road was opened its entire length from Macon to Marthasville, September 4, 1846, and regular freight and passenger service commenced October 1, 1846.

Up to 1870 this company had authorized and issued $2,500,000 in capital stock and $150,000 in bonds. On August 24, 1872, in accordance with an act of the Legislature of the State of Georgia, the stock of this company was united or consolidated with the stock of the Central Railroad & Banking Company of Georgia. At date of consolidation, the mileage of this company was the same as when acquired in 1846.

Monroe Railroad and Banking Company

This company was incorporated December 10, 1836, by an amendment to the charter of the Monroe Railroad Company. It was authorized to issue capital stock to the amount of $600,000, of which $300,000 was to represent the capital stock of the railroad and, the remainder the capital stock of the bank. No records of this company are available.

Monroe Railroad Company

This company was incorporated in Georgia December 23, 1833, by an act of the general assembly of that State. It has no obtainable records.

Development of Fixed Physical Property

Construction of the property of the Central Railroad & Banking Company of Georgia was begun about 1836. Between that date and 1842, banking operations were commenced, the principal bank being established at Savannah during this time, and branches were located at Atlanta, Athens, Columbus, and Macon, Ga., at later dates. In 1843, the railway between Savannah and Macon, Ga., was completed and placed in operation. The company later leased and purchased other lines, and in 1864 it operated 282 miles of railway property. In that year, the Union Army destroyed many miles of track and structures. Immediately thereafter, repairs were begun, but they were interrupted by the Confederate authorities, who removed about 12 miles of track material, which was used to re-lay certain portions of The Georgia Railroad and Banking Company's road. Reconstruction was completed about July 1, 1866, and from that date the number of lines comprising the system increased rapidly up to 1892, when the mileage amounted to 2,479.

In 1893 and 1894 there was a decrease of 997 miles due to certain properties being separated from the system, and on October 31, 1895, when the properties of the Central Railroad & Banking Company of Georgia were transferred to the purchasers thereof, its system consisted of 1,482.30 miles of railroad property, and the Ocean Steamship Company of Savannah, including the New England & Savannah Steamship Company. This mileage differs from that shown to have been acquired by the carrier in the reorganization, because of the fact that certain properties included in the reorganized companies were not held by the Central Railroad & Banking Company of Georgia, and certain properties held by that company were not included in the reorganized companies. There follow statements showing the properties that comprised the system of the Central Railroad & Banking Company of Georgia at the date its mileage was greatest, about 1892, the properties that subsequently were separated therefrom, and the mileage held at the date the property was sold, the several items being appropriately classified: 1Approximate date.

The mileage on October 31, 1895, when property was sold, was: Owned, 312 miles; leased, 507.30 miles; controlled, 663 miles; total, 1,482.30 miles.

Lines constructed

Of the entire mileage that comprised the system of the Central Railroad & Banking Company of Georgia, but 194 miles were constructed by it. Of this constructed mileage, 17 miles were built by company forces, 173 miles by contract, and 4 miles represents changes of line. The mileage described constitutes the line between Savannah and Macon, Ga., and was completed October 13, 1843, and placed in operation November 1, 1843.

Leased Railway Property

With the exception of the Macon and Northern Railway Company, which was leased subsequently, and the possible exception of The Georgia Railroad and Banking Company, for which information is not obtainable, the railroads listed in the following tabulation were leased by the Central Railroad & Banking Company of Georgia for many years. They were subleased June 1, 1891, from the Central Railroad & Banking Company of Georgia by the Georgia Pacific Railway Company for operation by the Richmond and Danville Railroad Company. They were operated by the latter company until March 4, 1892, at which time the property of the Central Railroad & Banking Company of Georgia and the lines leased by it were placed in the hands of the receiver.

Savannah & Western Railroad
Corporate History

The Savannah & Western Railroad Company was incorporated and granted a charter under a special net of the General Assembly of the State of Georgia, approved October 9, 1885. Under this special act and under subsequent acts by which its charter was amended the company was authorized to issue capital stock not to exceed $5,000,000 in par value; to construct and operate a line of railroad from Eastman, Ga., or from Lumber City, Ga., or from some point on the East Tennessee, Virginia & Georgia Railroad, between Eastman and Lumber City, to Savannah, Ga.; to acquire all rights of way on land, and all necessary privileges on water courses that might be on, near, or across the route of the road; to lease, purchase, build, or contract for vehicles, for water transportation, or any kind of wharves, docks, dockyards, yards, or compresses; to lease, build, and operate any lines of railroad, and with the consent of the corporate authorities of Savannah, Ga., to build its railroad on any street in that city.

Some time before July 31, 1888, the carrier had acquired the controlling interest in a number of comparatively small railway properties which were eventually combined into one company. These properties were so situated that their lines in existence and in contemplation, together with the railway system of the Central Railroad & Banking Company of Georgia, could be made to form a continuous and connected line of railway. Looking to this end, the Central Railroad & Banking Company of Georgia sought means to consolidate or unite these several properties, and found in the charter of the Savannah & Western Railroad Company powers and franchises admirably adapted to this purpose.

The incorporators of the Savannah & Western Railroad Company, so far as is known, were in no way connected with the Central Railroad & Banking Company of Georgia, nor did they secure the charter with the purpose of serving that company's interests. The projects which it authorized were, however, not undertaken, and, so far as may be ascertained, the Savannah & Western Railroad Company remained merely a paper company until July 31, 1888.

The adaptability of the charter of the Savannah & Western Railroad Company to the purposes of the Central Railroad & Banking Company of Georgia was soon recognized and accordingly it was purchased from Herman Meyers, one of the incorporators of the Savannah & Western Railroad Company, for the sum of $10,000. Under its authority the following seven railway companies were consolidated and united into the Savannah & Western Railroad Company: Columbus and Western Railway, Buena Vista and Ellaville Railroad Company, East Alabama Railway Company, Columbus and Rome Railway Company, Eufaula and Clayton Railway Company, Eufaula & East Alabama Railway Company, Savannah & Columbus Railway Company.

Following the consolidation of the companies above mentioned, the Savannah & Western Railroad Company purchased the property, rights, and franchises of the Savannah, Dublin & Western Short Line Railway Company, July 29, 1890; of the Savannah, Griffin and North Alabama Railroad, November 26, 1890; and of the Chattanooga, Rome & Columbus Railroad Company, May 5, 1891. On June 1, 1891, the Central Railroad & Banking Company of Georgia leased certain of its owned, leased, and controlled properties to the Georgia Pacific Railway Company for operation by the Richmond and Danville Railroad Company, and the Savannah & Western Railroad Company was included in this lease.

As a result of a bill of complaint filed in the Circuit Court of the Southern District of Georgia, a temporary receiver was appointed for the Central Railroad & Banking Company of Georgia, and for its leased and controlled properties. The Savannah & Western Railroad Company thus passed, on March 4, 1892, under the control of the court; and on July 15, 1892, H. M. Comer was appointed permanent receiver, and on May 15, 1893, R, J. Lowry was appointed co-receiver. Subsequent to the placing of the property in the hands of the court, the Lyons branch, a line extending from Meldrim to Lyons, Ga., constructed by the Central Railroad & Banking Company of Georgia for account of the Savannah & Western Railroad Company, was completed. This line also passed under the receiver's control.

The Central Trust Company of New York, trustee under the mortgage securing the first-consolidated mortgage bonds of the Savannah & Western Railroad Company, on March 28, 1893, filed a bill of complaint, the particulars of which are not known, in the Circuit Court of the Middle District of Alabama, and sought to foreclose the mortgage. Auxiliary suits were instituted in the Circuit Courts of the Northern and Southern Districts of Georgia, and the Northern District of Alabama. Some time after that date, the Savannah & Western Railroad Company defaulted in the payment of interest upon the bonds, for which it was liable, of the Chattanooga, Rome & Columbus Railroad Company; whereupon the property of that company, by a decree of the court, was divorced from the Savannah & Western Railroad Company and restored to its original owners. As a result of the suits just mentioned, on August 26, 1895, a decree of foreclosure and sale was entered by each of the courts before whom proceedings had been instituted, and Edgar A. Angier was appointed special master to execute the decree.

At public auction held October 5, 1895, at Birmingham, Ala., the property was sold to a committee comprised of Simon Borg, Robert C. Martin, and Edwin S. Hooley, for the sum of $1,500,000. The purchasers paid over to the special master $25,000 in cash, and $7,577,000 in first-mortgage bonds of the Savannah & Western Railroad Company, and he, in turn, conveyed the property to the purchasers by deed October 17, 1895. The purchasers turned the property over to the carrier for operation on its own account, as of midnight October 31, 1895, and on December 2, 1895, formally deeded it to the carrier. The following statement shows the dates of incorporation and demise of extinct corporations, predecessors to the Savannah & Western Railroad Company:

Further information concerning the predecessors of the Savannah & Western Railway Company follows:

Columbus and Rome Railway Company

This company was incorporated March 4, 1892, by special act of the General Assembly of Georgia, and had its principal office at Columbus, Ga. The mileage acquired from the Columbus and Rome Railroad Company can not be stated, but the road was in the possession of the State of Georgia from 1874 to 1878, and during that time it was completed from Columbus to Hoods, Ga., a distance of about 23 miles and, between the years 1877 and 1884, an extension was completed to Chipley, Ga., a distance of about 9 miles. Between February 1884 and 1885, a further extension of about 16.75 miles was completed between Chipley and Greenville, Ga. It can not be stated by whom the construction was performed or method of payment therefor. When this company was consolidated with the Savannah & Western Railroad Company it operated a narrow-gauge line of railway extending from Columbus to Greenville, Ga„ a distance of 48.50 miles.

Columbus and Rome Railroad Company

This company's charter was granted on September 3, 1879, and it provided that the amount of its capital stock should not exceed $1,000,000. The North and South Railroad Company of Georgia had been purchased on October 25, 1878, by Garrard and associates, who failed to comply with the terms of the sale, and the Governor of Georgia accepted W. F. McCormack as purchaser therefor, and executed deed of conveyance to him on June 30, 1881. The amount of the consideration paid by McCormack is not known. Accounting records of the Central Railroad & Banking Company of Georgia show that a sum of $15,000 was advanced this company June 14, 1881, and on June 25, 1881, a further sum of $260,000 was advanced. On July 12, 1881, the advance account was extinguished by setting up as an asset 5,000 shares of capital stock of the Columbus and Rome Railroad Company at a book value of $275,000.

North and South Railroad Company of Georgia

This company was incorporated in Georgia by an act of the general assembly of that State, approved October 24, 1870, which authorized the construction and operation of a railroad from Rome to Columbus, Ga.

Buena Vista and Ellaville Railroad Company

Change of name from Buena Vista Railroad Company was made by the board of directors on September 2, 1885, but an act to incorporate this company was not approved until October 24, 1887. When consolidated with the Savannah & Western Railroad Company on July 31, 1888, this road extended from Americus to Buena Vista, Ga., a distance of about 30 miles, and a line was under construction from Buena Vista to Columbus, a distance of about 35 miles.

Buena Vista Railroad Company

This company was incorporated in Georgia December 3, 1880, under the general railroad law of that State, by certain citizens of Marion County, Ga., for the purpose of constructing and operating a railroad from Buena Vista, Ga., through Ellaville, into the county of Macon, Ga., connecting with the Southwestern Railroad at or near Oglethorpe, a distance of about 28 miles. The charter authorized the issuance of capital stock in the amount of $150,000, par value, consisting of 3,000 shares of the par value of $50 each. The Central Railroad & Banking Company of Georgia furnished rails, frogs, etc., for the construction of the road, and received in payment therefor $78,000 par value first-mortgage bonds of the Buena Vista Railroad Company.

East Alabama Railway Company

The certificate of incorporation for this company was issued by the secretary of the State of Alabama on June 12, 1880, to Alexander P. Irwin, Richard Irwin, jr., Benjamin Perkins, Charles L. Perkins, Edward Livingston, all of New York City, Osgood Welsh, Irvington, N. Y., and John Welsh, jr., of Philadelphia, Pa., incorporators. Its certificate provided that capital stock in the amount of $200,000 was to be issued for the purchase of the East Alabama and Cincinnati Railway Company. The accounting records of the Central Railroad & Banking Company of Georgia show that that company acquired capital stock in the amount of $377,900 at a cost of $407,522.92. The property of this company was united or consolidated with the Savannah & Western Railroad Company on July 31, 1888, and consisted of a line of railway extending from Opelika to Roanoke, Ala., a distance of about 36.23 miles.

East Alabama and Cincinnati Railway Company

This company was incorporated June 5, 1880. Its predecessor was the East Alabama and Cincinnati Railroad Company, whose property consisted of about 220 miles of unfinished railroad, extending from Eufaula to Gainesville, Ala., and was sold on April 5, 1880, to Richard Irwin, jr., and Edward Livingston, as representatives of other parties, a majority of whom were residents of New York City, and became incorporators of the reorganized company. The East Alabama and Cincinnati Railway Company was reorganized June 12, 1880, under the name of the East Alabama Railway Company.

Eufaula and Clayton Railway Company

This company was incorporated March 28, 1883, by the Central Railroad & Banking Company of Georgia, and W. G. Raoul, under the laws of Alabama, for the purpose of acquiring and operating the property, rights, franchises, etc., of the Vicksburg & Brunswick Railroad Company. The charter authorized the issuance of capital stock in the amount of $100,000, par value, the entire amount authorized being issued to the incorporators. When this company was consolidated with the Savannah & Western Railroad Company on July 31, 1888, its line of railway extended from Eufaula to Clayton. Ala., a distance of about 21 miles.

Vicksburg & Brunswick Railroad Company

The board of directors of the Southwestern Railroad on November 28, 1871, accepted a proposition made by Shorter, Papot & Company, contractors, to complete a track, construct a warehouse, and do certain other work on the Vicksburg & Brunswick Railroad Company's line from Eufaula to Clayton, Ala., and deliver to the Southwestern Railroad, 4,400 shares of preferred capital stock of the Vicksburg & Brunswick Railroad Company, and receive in exchange therefor capital stock of the Southwestern Railroad at the rate of 150 shares of capital stock per mile of road finished. Records of the Southwestern Railroad show that it received this stock as agreed, to the par value of $440,000, and that the property of the Vicksburg & Brunswick Railroad Company was sold February 3, 1879, under foreclosure of a mortgage securing certain bonds of Barbour County, Ala., which it had endorsed. Records of the Central Railroad & Banking Company of Georgia show that the property was bought in by that company and W. G. Raoul, for an amount of $80,000, and that the purchasers reorganized the company March 28, 1883, under the name of the Eufaula and Clayton Railway Company.

Columbus and Western Railway

This company was incorporated June 22, 1880, under the laws of the State of Alabama by Oliver H. Palmer, Hiram W. Sibley, Mason Young, Richard Irwin, jr., and James O. Reed, for the purpose of acquiring and operating the property of the Savannah & Memphis Railroad Company, which had been sold under foreclosure to the men named as a committee of incorporators. The certificate of incorporation provided that the Columbus and Western Railway should issue to this committee capital stock to the amount of $1,750,000, first-mortgage bonds at the rate of $8,000 per mile of railway from Opelika to the junction of the Selma, Rome and Dalton Railroad, and for each mile of any branch road which the Columbus and Western Railway might construct east of the Selma, Rome and Dalton Railroad. The total amount of this issue was not to exceed $264,000. It also provided that income bonds could be issued not to exceed $1,076,000, payable at the pleasure of the company after 10 years from their date, and that the whole net income of the company not exceeding 7 per cent, upon all the income bonds outstanding, remaining in each year after payment of interest on the first-mortgage bonds outstanding, and of the ordinary expenses of administration and of maintenance of way and equipment, should be divided ratably[sic] among the holders of said bonds. The bonds of both issues were to be secured by a mortgage which would be a first lien upon the property and franchises of the company.

On July 7, 1883, the Columbus and Western Railway acquired a line of railway extending from Columbus, Ga., to Opelika, Ala., a distance of approximately 29 miles, by assuming the funded debt of $260,000 outstanding upon the property. This line of railway was known as the Columbus branch and was formerly a part of The Western Railway of Alabama, having been acquired by the Central Railroad & Banking Company of Georgia.

On January 18, 1887, the property, rights, franchises, etc., of the Goodwater and Birmingham Railroad Company were merged with the Columbus and Western Railway. It can not be stated as to what the property of the Goodwater and Birmingham Railroad Company consisted of at date of merger. The agreement between the Goodwater and Birmingham Railroad Company and the Columbus and Western Railway stipulated that the capital stock of the new company (Columbus and Western Railway) should be the same as the capital stock of the two companies, to wit, $2,750,000, divided into 27,500 shares cf $100. Accounting records of the Savannah & Western Railroad Company show that capital stock and first-mortgage, 6 per cent bonds of the Columbus and Western Railway, in amount $1,750,000 and $800,000, respectively, and first-mortgage, 8 per cent bonds of The Western Railway of Alabama, in amount $260,000, were outstanding at July 31, 1888, on which date the property, rights, franchises, etc., of the Columbus and Western Railway were united or consolidated with the Savannah & Western Railroad Company.

At date of demise, the property of the Columbus and Western Railway consisted of a single-track line of railway extending from Columbus, Ga., to Birmingham, Ala., a distance of about 157 miles.

Savannah & Memphis Railroad Company

This company was incorporated February 20, 1866, by an act of the Legislature of the State of Alabama. The minutes of the meeting of the board of directors of the Central Railroad & Banking Company of Georgia, dated December 15, 1880, state that the Savannah & Memphis Railroad Company had been purchased for the sum of $677,700.89, of which $677,000 was to be paid in first-mortgage bonds of that company, and $700.89 in cash.

On June 9, 1880, the property of Savannah & Memphis Railroad Company was sold as stated under the Columbus and Western Railway, and reorganized on June 22, 1880, as the Columbus and Western Railway Company, at which date the railway extended from Opelika to Goodwater, Ala., a distance of about 59 miles.

Opelika and Tuscumbia Railroad Company

This company was incorporated November 9, 1861, in Alabama, and on February 20, 1866, its name was changed by an act of the legislature to that of Savannah & Memphis Railroad Company.

Opelika and Talladega Railroad Company

This company was incorporated February 9, 1854, in Alabama, and on November 9, 1861, its name was changed by an act of the legislature to that of Opelika and Tuscumbia Railroad .Company.

Goodwater and Birmingham Railroad Company

This company was incorporated in Alabama July 10, 1886, for the purpose of constructing a line of railway from Birmingham to Goodwater, Ala. The incorporators of the company were E. A. Flewellyn and E. L. Persons, of Opelika, Ala., and W. G. Raoul of Savannah, Ga., the latter being president of the Central Railroad & Banking Company of Georgia at that time. The proposed line of railway was under construction when the property was merged with that of the Columbus and Western Railway on January 18, 1887.

Eufaula & Alabama Railway Company

This company was incorporated August 12, 1887, under the laws of the State of Alabama, by certain citizens of Eufaula, Ala., for the purpose of constructing a railroad from Clayton to Geneva, passing through Ozark, with the privilege of constructing any branch lines made necessary. The Central Railroad & Banking Company of Georgia supplied funds for the construction of the road, and received capital stock of the Eufaula & East Alabama Railway Company in the amount of $250,000, the total amount authorized being a security for the funds advanced.

On July 31, 1888, the property of this company was united or consolidated with the Savannah & Western Railroad Company, on which date about 40 miles of road were under construction, no portion of which was in operation. The Savannah & Western Railroad Company reimbursed the Central Railroad & Banking Company of Georgia for the expenses incurred by it in connection with the construction of the road from Clayton to Ozark, Ala., in the amount of $280,970.19, through the issue of its first-mortgage bonds at 90. The records of the Central Railroad & Banking Company of Georgia do not show that it gave any consideration for the capital stock of the Eufaula & East Alabama Railway Company.

Savannah & Columbus Railway Company

This company was incorporated May 19, 1888, in Georgia under the general railroad law of that State. The incorporators were E. P. Alexander, T. G. Hughes, D. M. Hughes, J. L. Warren, J. J. Wilder, A. R. Lawton, and T. M. Cunningham, of whom Alexander, Lawton, and Cunningham were officers of the Central Railroad & Banking Company of Georgia. The company was incorporated for the purpose of constructing, maintaining, and operating a line of railroad from some point in Chatham or Effingham County on the main line of the Central Railroad & Banking Company of Georgia to Columbus, Ga., with branches to the Alabama line in Quitman County, Ga., and to Dublin, Ga.

The authorized capital stock was $1,000,000 par value, of which $13,000 subscribed to by the incorporators was acquired by the Central Railroad & Banking Company of Georgia for no consideration. The property of the Savannah & Columbus Railway Company was united or consolidated with the Savannah & Western Railroad Company July 31, 1888. So far as can he ascertained no expenditures were made for construction purposes.

Savannah, Dublin & Western Short Line Railway Company

This company was incorporated January 14, 1886, under the general railroad law of the State of Georgia. On July 29, 1890, the property of this company was sold to the Savannah & Western Railroad Company, the consideration named in the deed of conveyance being $35,000. The Savannah & Western Railroad Company charged its investment account with amounts aggregating $198,305.50, representing expenditures incurring in the acquisition of the property of this company. So far as can be ascertained, the property acquired by the Savannah & Western Railroad Company consisted of a grade and right of way for a distance of about 80 miles between Savannah and Dublin, Ga.

Savannah, Griffin and North Alabama Railroad

This company was incorporated February 11, 1854, by a special act of the General Assembly of the State of Georgia. Records of the Central Railroad & Banking Company of Georgia show that it acquired the control of the Savannah, Griffin and North Alabama Railroad in about 1875, through the ownership of the majority of its capital stock. The property of the Savannah, Griffin and North Alabama Railroad was sold under foreclosure November 24, 1890, to John K. Garnett, agent of the Central Railroad & Banking Company of Georgia, for a consideration of $500,000. On November 26, 1890, the purchaser deeded the property to the Savannah & Western Railroad Company. The consideration mentioned in the deed of conveyance was $600,000. The records of the Savannah & Western Railroad Company show that it issued its first-mortgage bonds to the amount of $600,000 in exchange for $944,800 of capital stock, and $500,000 of bonds of the Savannah, Griffin and North Alabama Railroad, by which means the property of that company was acquired. At date of sale it consisted of a railway extending from Griffin to Carrollton, Ga., a distance of about 60 miles.

Development of Fixed Physical Property

The Savannah & Western Railroad Company, when transferred to the carrier consisted of a single-track railroad, about 481.97 miles in length, extending from Columbus, Ga., in a northwesterly direction to Birmingham, Ala.; north from Columbus to Greenville, Ga.; southeast from Columbus to Americus, Ga.; north from Opelika to Roanoke, Ala.; southwest from Eufaula to Ozark, Ala.; west from Meldrim to Lyons, Ga.; and northwest from Griffin to Carrollton, Ga. The system of the Savannah & Western Railroad Company when sold was the development through acquisition of the seven companies, which were first consolidated, through subsequent purchase of the properties of other companies, the construction of certain lines, and the separation from the mileage of the Savannah & Western Railroad Company of property ordered by the court to be restored to its original owners. These facts are shown in more detail immediately hereafter.

Macon and Northern Railway
Corporate History

This company was incorporated on December 17, 1894, under the general railroad law of the State of Georgia, for the purpose of acquiring and operating the property of the Macon and Northern Railroad Company. The property of this company at the date of its demise consisted of a line of railway extending from Macon to Athens, Ga., a distance of about 102 miles. Information concerning the two predecessors of this company is given below.

Macon and Northern Railroad Company

This company was incorporated in Georgia, May 23, 1891, for the purpose of acquiring and operating the property of the Covington and Macon Railroad Company, consisting of a line of railway extending from Macon to Athens, Ga., a distance of approximately 102 miles. Such records of this company as are available reflect only the operations of the receiver for the period from September 6, 1892, to December 16, 1894, and contain no capital accounts. On June 15, 1891, the property was leased jointly to the Central Railroad & Banking Company of Georgia and the Richmond and Danville Railroad Company at a rental of $100,000 per annum. On March 4, 1892, the property of the Central Railroad & Banking Company of Georgia having been placed in the hands of a receiver, the lease was assumed solely by the Richmond and Danville Railroad Company. The last report of this company for the period from July 1, 1891, to May 17, 1892, showed securities outstanding to the amount of $3,200,000, of which $1,000,000 was capital stock and $2,200,000 was funded debt. On September 6, 1892, the property of the Richmond and Danville Railroad Company having been placed in the hands of a receiver, the operation of the Macon and Northern Railroad Company was assumed by the receiver for the Central Railroad & Banking Company of Georgia, who operated the property until March 22, 1893, on which date a separate receiver was appointed, who operated the property until it was sold at foreclosure on the first Tuesday in October, 1894, to Alexander Brown & Sons for $1,070,000. They reorganized the company, and on December 17, 1894, its name was changed to the Macon and Northern Railway Company.

Covington and Macon Railroad Company

This company was incorporated in Georgia June 11, 1885, under the general general railroad law of that State. No accounting records of this company are obtainable. Its annual report for the year ending June 30, 1889, showed securities outstanding to the amount of $2,568,000, of which $1,284,000 were capital stock and $1,284,000 were first-mortgage bonds. The bonds had been delivered to the contractor as construction progressed from Macon to Athens on a basis of $12,000 per mile for 107 miles. On May 23, 1891, the property of this company, and the property of the Griffin, Monticello and Madison Railroad Company, extending from Griffin to Madison, Ga., and 1,500 shares of capital stock of the Georgia Midland Railway Company were deeded to Skipwith Wilmer and Alexander Brown for a consideration of $1,000,000. The company was reorganized May 23, 1891, as the Macon and Northern Railroad Company.

Savannah and Atlantic Railroad
Corporate History

This company was incorporated in Georgia February 27, 1890, for the purpose of acquiring and operating the property of the Savannah and Tybee Island Railway Company, a single-track line of railway extending from Savannah to the southern extremity of Tybee Island, a distance of approximately 18 miles. Shortly after the organization of the Savannah and Atlantic Railroad, it was sold to the Central Railroad & Banking Company of Georgia, and on June 1, 1891, was leased, together with the property of the Central Railroad & Banking Company of Georgia and certain of its leased and controlled lines, to the Georgia Pacific Railway Company, to be operated by the Richmond and Danville Railroad Company for a period of 99 years.

On March 4, 1892, the property of the Central Railroad & Banking Company of Georgia and its leased and controlled lines, including the Savannah and Atlantic Railroad, were placed in the hands of a receiver. On September 1, 1893, default was made in the payment of interest on the first-mortgage bonds of the Savannah and Atlantic Railroad, and in September 1894, interest having been in default for a period of 12 months, the Oglethorpe Trust & Savings Bank of Savannah, as trustee in behalf of the bondholders, filed a bill of complaint in the United States Circuit Court, seeking to foreclose the first mortgage. A decree of foreclosure was handed down by the court and entered of record September 23, 1895, appointing a special master to execute said order, in pursuance of which the property was sold at public auction in the city of Savannah, on November 2, 1895, to Thomas and Ryan. The consideration could not be determined, other than that the purchasers assumed the payment of outstanding bonds and matured interest coupons, together with receiver's certificates amounting to $40,000.

The Savannah and Atlantic Railroad was included in the plan of purchase and reorganization of the Central Railroad & Banking Company of Georgia by Thomas and Ryan, and a deed of conveyance of this property was executed to the carrier on December 30, 1895. Possession, however, was given on October 31, 1895, the mileage not having been changed during the company's corporate existence. Information concerning the only predecessor of this company is given below.

Savannah and Tybee Island Railway Company

This company was incorporated October 6, 1885, under the general railroad law of the State of Georgia, for the purpose of constructing a line of railway from Savannah to Tybee Island, Ga. No accounting and corporate records of this company are obtainable, but from records of the Central Railroad & Banking Company of Georgia, it has been ascertained that first-mortgage bonds to the amount of $175,000 were issued for the purpose of obtaining funds with which to construct the line. Default was made in the payment of interest on its first-mortgage bonds, on or about March 1, 1888, and in November, 1888, a receiver was appointed for the property. The first mortgage of the company was foreclosed, and on December 2, 1889, its property, rights, franchises, etc., were sold at public auction in the city of Savannah, Ga., to J. C. Rowland and J. H. Estill, a committee representing the first-mortgage bondholders. The consideration paid by the purchasers is not known. The company was reorganized by the purchasers February 27, 1890, as the Savannah and Atlantic Railroad.

Montgomery and Eufaula Railway
Corporate History

This company was incorporated in Alabama June 5, 1879, by a special act of the general assembly of that State, for the purpose of acquiring and operating the property of the Montgomery and Eufaula Railroad Company, a line of road extending from Montgomery to Eufaula, a distance of about 80 miles.

On April 16, 1879, the board of directors of the Central Railroad & Banking Company of Georgia adopted a resolution instructing its president to obtain possession of the Montgomery and Eufaula Railroad Company, a bankrupt company operating a line of railway from Montgomery to Eufaula, and thereby protect the interests of the Central Railroad & Banking Company of Georgia by preventing this company from passing into the possession of the Louisville and Nashville Railroad Company. On May 9, 1879, the board of directors of the Central Railroad & Banking Company of Georgia were advised by the president that in conjunction with Moses Taylor, a banker of New York City, he had, himself, individually purchased the Montgomery and Eufaula Railroad Company with all it appurtenances, at a judicial sale held in Montgomery, Ala., on May 1, 1879, for the sum of $2,120,000.

On June 1, 1891, the property of the Montgomery and Eufaula Railway Company, together with that of the Central Railroad & Banking Company of Georgia, and certain of its leased and controlled lines, was leased to the Georgia Pacific Railway Company for a period of 99 years. On March 4, 1892, upon a bill of complaint filed in the United States Circuit Court at Savannah, Ga., the property of the Central Railroad & Banking Company of Georgia and its leased and controlled lines, including the Montgomery and Eufaula Railway Company, was placed in the hands of a receiver. On July 1, 1893, the Montgomery and Eufaula Railway Company defaulted in the payment of interest on its first-mortgage bonds, and the Farmers Loan & Trust Company of New York, as trustee, in behalf of the bondholders, filed a bill of complaint in the United States Circuit Court of the Middle District of Alabama, seeking to foreclose the first mortgage of the company. A decree of foreclosure and sale was entered of record, July 10, 1894, and the property was ordered sold. The railroad and appurtenances were sold at public auction December 7, 1895, in Montgomery, Ala., by a special master appointed for that purpose by the court, and were purchased by Samuel Thomas and Thomas F. Ryan for a consideration of $500,000 and the assumption and payment by the purchasers of all debts and claims filed against the property covered by the first mortgage, as well as all debts or obligations incurred by the receiver which had not been paid.

The property of the Montgomery and Eufaula Railway Company was included in the plan for the reorganization of the Central Railroad & Banking Company of Georgia, and certain of its leased and controlled properties, and was formally deeded to the carrier December 14, 1895, although possession was given at midnight October 31, 1895. At date of its demise, the property of the Montgomery and Eufaula Railway Company consisted of the same mileage as acquired at its organization. The only predecessor of this corporation was the Montgomery and Eufaula Railroad Company.

Montgomery and Eufaula Railroad Company

This company was incorporated in Alabama January 13, 1860, by a special act of the general assembly of that State. No records of this company are obtainable. On May 1, 1879, the property was sold at judicial sale in Montgomery, Ala., and purchased by W. M. Wadley, president of the Central Railroad & Banking Company of Georgia, and was reorganized by him as the Montgomery and Eufaula Railway Company on June 5, 1879.

Mobile and Girard Railroad
Corporate History

The Mobile and Girard Railroad Company was incorporated under a special act of the General Assembly of Alabama, approved January 30, 1854, whereby the charter of the Girard Railroad Company was amended, and its name changed to that of the Mobile and Girard Railroad Company. It had its principal and general office in Columbus, Ga. On June 1, 1886, the property of the Mobile and Girard Railroad Company was leased to the Central Railroad & Banking Company of Georgia for a period of 99 years. Its property was operated by the Central Railroad & Banking Company of Georgia until June 1, 1891. on which date the property of the Central Railroad & Banking Company of Georgia and certain of its leased and controlled lines, including that of the Mobile and Girard Railroad Company, was leased to the Georgia Pacific Railway Company for operation by the Richmond and Danville Railroad Company. On March 4, 1892, the property of the Central Railroad & Banking Company of Georgia was placed in the hands of a receiver. The receiver operated the property until midnight, October 31, 1895, when the Mobile and Girard Railroad Company was turned over to the carrier for operation for its own account, and formally deeded to that company on March 7, 1896. Information concerning the only predecessor of this company is given below.

Girard Railroad Company

This company was chartered by an act of the General Assembly of the State of Alabama on January 25, 1845, and by said act was invested with all rights and powers necessary for the construction of a railroad from the town of Girard to intersect or connect with the navigable waters of Mobile Bay. Under this act, the capital stock was not to exceed an amount of $2,000,000, but on February 7, 1852, the charter was amended to provide that the capital stock should be increased to $4,000,000, and to grant authority for the construction of a branch from Eufaula to Montgomery. On January 30, 1854, the charter was again amended and the name of the corporation changed to the Mobile and Girard Railroad Company.

Development of Fixed Physical Property

The railroad owned by the Mobile and Girard Railroad Company at March 14, 1896, was acquired by construction as follows:

Accounting records indicate that a portion of the road between Girard and Union Springs, Ala., was opened for operation March 15, 1855. In so far as can be ascertained, construction of the original road from Girard to Union Springs and the extension from Union Springs to Troy, Ala., was performed by contractors having no connection or affiliation with the Mobile and Girard Railroad Company. Construction of that portion of the line extending from Troy to Searight, Ala., was commenced by the Central Railroad & Banking Company of Georgia and completed by the Richmond and Danville Railroad Company.

During the period from March 15, 1855, the date operation commenced, to October 31, 1895, the date possession was given the carrier, the property of the Mobile and Girard Railroad Company was operated as follows: By the owners from March 15, 1855, to June 1, 1886; by the Central Railroad & Banking Company of Georgia from June 1, 1886, to June 1, 1891; by the Richmond and Danville Railroad Company from June 1, 1891, to March 4, 1892; and by the receivers of the Central Railroad & Banking Company of Georgia from March 4, 1892, to October 31, 1895.

Middle Georgia and Atlantic Railway
This company was incorporated in Georgia, October 16, 1889, by an amendment to the charter of the Eatonton and Machen Railroad Company, by which the name of that company was changed. On December 1, 1889, a contract was made with the Georgia Improvement and Manufacturing Company for the construction of proposed lines extending from Machen to Eatonton, Ga., Machen to Atlanta, Ga., Eatonton to Griffin, Ga., and from Eatonton to the Savannah River. Payment for this construction was to be made in first-mortgage 5 per cent bonds of the Middle Georgia & Atlantic Railway Company at the rate of $12,000 per mile of completed road. On August 24, 1894, the property of the Eatonton Branch Railroad Company was leased to the Middle Georgia & Atlantic Railway Company, and on June 1, 1896, was sold to that company. The Middle Georgia & Atlantic Railway Company reported on June 30, 1896, that its investment in road and equipment was $792,000. It also reported on the same date that the capital stock issued for construction at the rate of $12,000 per mile amounted to $528,000, and it had $792,000 in first-mortgage, 5 per cent bonds outstanding. No accounting records are obtainable for this company. On December 31, 1896, the property, rights, and franchises of the Middle Georgia & Atlantic Railway Company were sold to the carrier. The line of road at that date extended from Milledgeville to Covington, Ga., a distance of about 65 miles. Information concerning the two predecessors of this company is given below.

Eatonton and Machen Railroad Company

This company was incorporated under the general laws of the State of Georgia, September 9, 1889, for the purpose of constructing, maintaining, and operating a line of railroad from Eatonton to Machen, Ga. Its charter authorized the issuance of capital stock to the amount of $100,000, divided into shares of $100 each, and granted the power to the board of directors to increase the capital stock to an amount not to exceed $3,000,000. On October 16, 1889, by an amendment to its charter, the name of this company was changed to Middle Georgia & Atlantic Railway Company.

Eatonton Branch Railroad Company

This company was incorporated February 15, 1850, by a special act of the general assembly of the State of Georgia, and constructed a line of railroad from Milledgeville to Eatonton, Ga., a distance of about 21 miles. On April 1, 1853, the Eatonton Branch Railroad Company leased, in perpetuity, its property to the Central Railroad & Banking Company of Georgia at a rental of $14,000 per annum. When the Central Railroad & Banking Company of Georgia was placed in the hands of a receiver on August 12, 1893, the Eatonton Branch Railroad Company was tendered back to its stockholders. The property was accepted and operated by its owners until August 24, 1894, when it was leased to the Middle Georgia & Atlantic Railway Company. Under the terms of the lease, the net earnings of the two companies were to be divided on the mileage basis. On June 1, 1896, the property of the Eatonton Branch Railroad Company was sold to the Middle Georgia & Atlantic Railway Company, the consideration being, so far as can be ascertained, the assumption by the latter company of first-mortgage bonds of the Eatonton Branch Railroad Company, amounting to [?].

The balance sheet of the Eatonton Branch Railroad Company for the fiscal year ending June 30, 1896, displays assets to the amount of $336,225.89 and liabilities of the same amount.

Bruton and Pineora Railway
This company was incorporated under the general railroad law of the State of Georgia, January 27, 1897, by A. F. Daley, Georgia E. Perkins, John R. Young, Mills B. Lane, and H. D. Stevens, for the purpose of acquiring, maintaining, and operating the property, rights, franchises, etc., of the Atlantic Short Line Railway and on February 20, 1897, acquired the property of that company. The property acquired consisted of a line of completed road (including equipment) extending from Bruton to Stillmore, Ga., a distance of approximately 38 miles, and a graded line extending to Pineora, Ga., which had been acquired by the Bruton & Pineora Railway Company from A. F. Daley, who had purchased it at foreclosure sale December 17, 1896. The consideration named in the deed of conveyance for the property of the Atlantic Short Line Railway was $550,000, payable $250,000 in capital stock and $300,000 in bonds of the Bruton & Pineora Railway Company.

On June 30, 1897, a lease was entered into with the carrier whereby the property, rights, franchises, etc., of the Bruton & Pineora Railway Company were leased to that company from September 1, 1897, at a monthly rental of $9,000. The contract provided that when the carrier had made 40 monthly payments of $9,000 each, the Bruton & Pineora Railway Company would then deed all of its property free of all liens, except for a mortgage deed of trust, to the carrier. The line of the Bruton & Pineora Railway Company was extended by the carrier from Stillmore to Register, Ga., a distance of about 20 miles, and a further extension of 9 miles from Register to Statesboro, Ga., was under construction when the property was acquired by the carrier. On June 1, 1901, the Bruton & Pineora Railway Company deeded its property, rights, franchises, etc., to the carrier for a consideration of $390,000. No accounting records of this company are obtainable. Information concerning the two predecessors of this company is given below.

Atlantic Short Line Railway

This company was granted a charter on November 30, 1892, under the general railroad law of the State of Georgia for the incorporation of railroads, for the purpose of constructing, equipping, maintaining, and operating a line of railroad from Macon to Savannah, Ga. By deed of conveyance dated November 30, 1892, the Atlantic Short Line Railway acquired from J. R. Young and others, the property, rights, franchises, etc., of the Macon and Atlantic Railway Company, consisting of a completed line of railroad from Bruton, Ga., east about 12 miles, and an additional graded line of about 75 miles. This line was extended by the Atlantic Short Line Railway to Stillmore, Ga., making a completed line of approximately 38 miles. On November 10, 1896, a decree of sale was entered, and the property was sold December 17, 1896, to A. F. Daley for a consideration of $56,650. This property was sold by Daley February 20, 1897, to the Bruton & Pineora Railway Company.

Macon and Atlantic Railway Company

This Company was organized under the general railroad law of the State of Georgia, for the purpose of constructing, maintaining, and operating a line of railroad from Sofkee to Savannah, Ga., and Colleton, S. C., a distance of about 200 miles. Charter was granted May 24, 1890. The construction of this line was under contract with the Macon Construction Company, which company completed the line from Bruton, Ga., east about 12 miles, and the grading for an additional 75 miles. Owing to the failure of the Macon Construction Company, construction work ceased, and in November, 1891, a receiver was appointed. On November 30, 1892, the road was sold under foreclosure proceedings to J. R. Young for a consideration of $410,000.

Dover and Statesboro Railroad
This company was incorporated January 25, 1889, under the general railroad law of the State of Georgia. The company constructed a line of railroad from Dover to Statesboro, Ga., a distance of about 9.97 miles. In February, 1893, a receiver was appointed for the property, and it was sold under foreclosure November 1, 1893. The company was reorganized under a charter granted December 9, 1893, no change being made in the name of the corporation. On June 1, 1901, the property, rights, and franchises of the Dover and Statesboro Railroad Company were sold to the carrier for a consideration of $72,000. The line of road at date of demise was the same as originally constructed. The annual report of this company for the year ended June 30, 1900, displayed a balance sheet with assets amounting to $167,805.57. The liabilities included $100,000 in capital stock, $60,000 in first-mortgage bonds, and a balance of $7,805.57.

Chattanooga, Rome and Southern Railroad
Corporate History

The Chattanooga, Rome and Southern Railroad Company was incorporated in Georgia under the general railroad law of that State, for the purpose of acquiring and operating the property of the Chattanooga, Rome & Columbus Railroad Company, which had been sold under foreclosure in January, 1897, to Simon Borg & Company, of New York. The principal and general office of the Chattanooga, Rome and Southern Railroad Company was at Rome, Ga. At June 1, 1901, effective date of sale to the carrier, it owned and operated a single-track, standard-gauge railroad about 138 miles in length, extending from Chattanooga, Tenn., in a southerly direction to Carrollton, Ga. The property, rights, franchises, etc., of the Chattanooga, Rome and Southern Railroad Company were sold to the carrier May 16, 1901, and possession was given June 1, 1901. Information concerning the two predecessors of this company is given below.

Chattanooga, Rome & Columbus Railroad Company

This company was incorporated on August 29, 1887, by an act of the General Assembly of the State of Georgia. It was operated by its owners up to May 5, 1891, on which date the Savannah & Western Railroad Company purchased its properties, rights, franchises, etc., by agreeing to assume its first-mortgage, 5 per cent gold bonds, amounting to $2,240,000, and to exchange, through the Central Railroad & Banking Company of Georgia, $400,000 par value of the first consolidated mortgage, 5 per cent bonds of the Savannah [sic] Western Railroad Company, for income bonds with a par value of $1,397,000, and for capital stock of the Chattanooga, Rome & Columbus Railroad Company with a par value of $2,551,500. Records of the Savannah & Western Railroad Company do not record the assumption of the liability for the first-mortgage bonds of the Chattanooga, Rome & Columbus Railroad Company. They do, however, record the issue to the Central Railroad & Banking Company of Georgia at 90 of the first consolidated mortgage, 5 per cent, 50-year, gold bonds of the Savannah & Western Railroad Company, amounting to $517,000, in part payment for the property of the Chattanooga, Rome & Columbus Railroad Company.

When the Central Railroad & Banking Company of Georgia was placed in the hands of a receiver on March 4, 1893, the Chattanooga, Rome & Columbus Railroad Company, as a part of the Savannah & Western Railroad Company was operated by the receiver up to January 31, 1894. On February 1, 1894, the property of the Chattanooga, Rome & Columbus Railroad Company was divorced from the Savannah & Western Railroad Company by Federal court decree and returned to its original owners. This property was sold in January, 1897, under foreclosure proceedings, instituted by the Central Trust Company of New York, and was purchased by Simon Borg & Company of New York, who reorganized the company on June 30, 1897, under the name of Chattanooga, Rome and Southern Railroad Company.

Rome and Carrollton Railroad Company

This company was incorporated on August 30, 1881, by an act of the General Assembly of the State of Georgia. Its name was changed on August 29, 1887, by an act of the general assembly to that of the Chattanooga, Rome & Columbus Railroad Company.

Development of Fixed Physical Property

The original road of the Chattanooga, Rome and Southern Railroad Company was acquired, as stated hereinbefore, by purchase through foreclosure proceedings. The following branches or extensions were constructed by the Chattanooga, Rome and Southern Railroad Company: Lyerly Mines branch, Miller Orchard branch, Oostanaula extension, and Franklin extension. With the exception of the Lyerly Mines branch, which extended from Lyerly, Ga., to Mill Creek, Ala., a distance of about 5 miles, neither the mileage nor the terminals of the above branches or extensions can be stated.

Chattanooga & Durham Railroad
This company was incorporated in Georgia March 30, 1897, under the general railroad law of that State, for the purpose of acquiring the property of the Chickamauga & Durham Railroad Company, which extended from Chickamauga to Durham, a distance of about 17.54 miles. The Chattanooga & Durham Railroad Company had securities outstanding in 1901, amounting to $500,000, of which $250,000 was in capital stock and $250,000 was in first-mortgage bonds. This property was sold to the carrier May 16, 1901, and possession given June 1, 1901. No change was made in the mileage of the Chattanooga & Durham Railroad Company during its corporate existence. The company's balance sheet as of June 30, 1897, shows cost of road and equipment as $500,500, and a profit and loss debit balance of $836.27. Information concerning the predecessors of this company is given below.

Chickamauga & Durham Railroad Company

This company was incorporated on September 1, 1891, in Georgia by an amendment to the charter of the Chattanooga and Gulf Railroad Company. On March 30, 1897, this property was sold under foreclosure and the company was reorganized as the Chattanooga & Durham Railroad Company. No change was made in the mileage of the company during its corporate existence.

Chattanooga and Gulf Railroad Company

This company was incorporated on November 12, 1889, under the general railroad law of the State of Georgia. On September 1, 1891, by an amendment to its charter its name was changed to the Chickamauga & Durham Railroad Company.

Tunnel Coal Company
This company was incorporated in Alabama on September 12, 1902, by Isaac C. Beaty, H. C. Cunningham, A. R. Lawton, and J. M. London, for the purpose of acquiring and operating coal and mineral lands in the State of Alabama. The authorized capital stock was $100,000, which was increased on February 11, 1903, to $250,000, all of which was issued to the carrier for no apparent consideration. The accounting records of the Tunnel Coal Company show capital stock issued to the amount of $250,000, and concurrently charged to cost of property.

In July, 1905, a contract was made with Redmond and Gabbett, contractors, for the construction of about 10 miles of railroad, from a connection with the Henry Ellen spur of the carrier into and through the lands of the Tunnel Coal Company. On July 28, 1905, the Tunnel Coal Company sold its lands, mineral rights, easements, franchises, railways, and other property, real and personal, constructed or in course of construction, to the carrier for a consideration of $600,000, to be paid in purchase-money, first-mortgage, 4 per cent gold bonds of the Upper Cahaba branch.

So far as can be determined, the property disposed of to the carrier consisted of mineral lands, such tracks thereon as are incident to the operation of a coal mine, and a partially constructed line of railroad from the Henry Ellen spur on the line of the carriers to the mines, all of which was paid for by advances from the carrier.

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Greenville and Newnan Railway
This company was incorporated on May 20, 1905, under the general railroad law of the State of Georgia, for the purpose of constructing, equipping, maintaining, and operating a line of railroad from Greenville, Ga., to a point of connection with the carrier near Newnan, a distance of about 23 miles. The charter authorized an issue of common capital stock to the amount of $10,000, the entire issue of which was disposed of to the carrier at par, by charging the open account of that company.

On August 2, 1905, the Greenville and Newnan Railway Company entered into an agreement with the carrier to sell and convey to that company its property, already owned and to be owned, for a consideration of $600,000, payable by bonds of the carrier to be known as purchase-money, first-mortgage gold bonds of the Greenville and Newnan Main Line. These were dated September 1, 1905, and were to be paid serially, ending September 1, 1925, with interest at the rate of 4 per cent per annum. They were to be secured by a mortgage deed of trust from the carrier to a trust company as trustee.

On September 1, 1905, the Greenville and Newnan Railway Company transferred all of its property to the carrier. So far as can be ascertained no actual construction work was performed by the Greenville and Newnan Railway Company. The records of the carrier show that amounts aggregating $16,596.27 were advanced to the Greenville and Newnan Railway Company and used by it for preliminary surveys incident to the contemplated construction of its line. The carrier reimbursed itself for these advances by the sale of its bonds mentioned above.

Upson County Railroad
This company was incorporated on December 6, 1860, by a special act of the General Assembly of the State of Georgia, amending the charter of the Thomaston and Barnesville Railroad Company. The property, rights, franchises, etc., of the Upson County Railroad were acquired by the carrier February 2, 1914, for a consideration of $40,005 par value of the stock of the Upson County Railroad, which was the whole issue of that stock. At date of demise, the line extended from Thomaston to Barnesville, Ga., a distance of about 16.50 miles. Information concerning the predecessor of this company is given below.

Thomaston and Barnesville Railroad Company

This company was incorporated on December 23, 1839, by a special act of the General Assembly of the State of Georgia, approved December 23, 1839. On December 6, 1860, it was reorganized by an amendment to its charter, the name of the corporation being changed to that of the Upson County Railroad. Its line extended from Thomaston to Barnesville, Ga., a distance of about 16.50 miles.