Wikipedia:WikiProject Trains/ICC valuations/Chattahoochee and Gulf Railroad

Interstate Commerce Commission, Valuation Reports, Volume 130

Location and General Description of Property
The railroad of The Chattahoochee and Gulf Railroad Company, hereinafter referred to as the Chattahoochee and Gulf, is a single-track, standard-gauge, steam railroad, located in the southeastern part of Alabama. The owned mileage extends westerly from Columbia, Ala., to Lockhart, Ala., a distance of 91.294 miles. The Chattahoochee and Gulf also owns yard and side tracks totaling 12.540 miles. Its road thus embraces 103.834 miles of all tracks owned.

The railroad of the Chattahoochee and Gulf is a single-track line, located entirely in southern Alabama. Its eastern terminus is Columbia on the Chattahoochee River, and it extends westwardly to Lockhart, near the Florida State line, a distance of 91.294 miles. All of the property owned by the Chattahoochee and Gulf, as detailed herein, is leased to the carrier [Central of Georgia Railway]. Further descriptive information may be found in the general text accompanying the carrier report.

Mileage
This railroad owns 91.294 miles of main track and 12.540 miles of yard tracks and sidings, a total of 103.834 miles.

Corporate History
The Chattahoochee and Gulf was incorporated on July 7, 1899, under the general railroad law of the State of Alabama. Its principal office is in Savannah, Ga. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

The Chattahoochee and Gulf was incorporated, July 7, 1899, under the general railroad law of the State of Alabama, by H. M. Comer and George J. Mills, president and director, respectively, of the carrier, and E. T. Comer and John Flannery, all of Savannah, Ga.

Development of Fixed Physical Property
The railroad owned by the Chattahoochee and Gulf was built in three sections, and all the construction work was performed under the direction of officers of the carrier, in accordance with the terms of contracts dated October 23, 1899, and November 26, 1902. The three sections were completed and opened for operation as follows:

On July 2, 1900, its property was leased to the carrier.

Leased Railway Property
On July 2, 1900, the line extending from Columbia to Sellersville, Ala., 67.65 miles, was leased in perpetuity to the carrier, and on November 22, 1903, the extension from Sellersville to Lockhart, Ala., was, temporarily, and December 31, 1904, permanently, leased to the same company. The contract of lease provided that the carrier shall pay annually as rental an amount equivalent to 6 per cent of the total cost of the property of the Chattahoochee and Gulf until such time as the entire funded debt of the lessor shall have been retired through a sinking fund, the creation of which is provided for in the same instrument; thereafter the annual rental shall be reduced to an amount equivalent to 5 per cent of the capital stock outstanding. The lease also provides that the lessee shall pay the salaries of the president, secretary, and treasurer, and the necessary expenses for maintenance of the organization of the lessor company.