Wikipedia:WikiProject Trains/ICC valuations/Georgia Railroad

Interstate Commerce Commission, Valuation Reports, Volume 125

Location and General Description of Property
On August 9, 1899, Atlantic Coast Line Railroad Company acquired by assignment from Louisville and Nashville Railroad Company a one-half interest in a lease agreement dated May 7, 1881, effective 99 years from April 1, 1881, of all of the rights and property of The Georgia Rail Road and Banking Company, hereinafter called the Georgia, including therein the right to collect the income on certain investment stocks, but excluding the banking house, privileges and business, the cash assets, and also the lands, houses, and tenements, except an elevator and appurtenances in Augusta, not necessary or used for railroad purposes. The original lessee was Wm. M. Wadley. The terms of the lease and assignments prior to 1899 are hereinafter set forth. The Louisville and Nashville Railroad Company and Atlantic Coast Line Railroad Company, herein called the present lessees, each retained their interest in said property on date of valuation. Not desiring to operate the property of the Georgia themselves, they delegated its operation to Georgia Railroad (Lessee Organization), hereinafter called the carrier, an unincorporated organization created for the purpose of operating the property of the Georgia for the present lessees. The carrier is hereinafter considered the legal representative of the interests of the present lessees. The entire property operated by the carrier is located in the State of Georgia. The following is a summary of the mileage owned and used and used but not owned by the carrier: In addition to the foregoing, the carrier operates, as agent, the properties of Augusta Belt Railway Company, Lexington Terminal Railroad Company, Monroe Railroad Company, Milledgeville Railway Company, and Union Point and White Plains Railroad Company, separate tentative valuations upon which have been made.

Corporate History
The carrier is an unincorporated organization, having its principal office in Augusta, Ga. It was created, on or about April 1, 1881, for the purpose of maintaining and operating the railway property owned by the Georgia. This property, as hereinbefore stated, was leased May 7, 1881, to Wm. M. Wadley, and the lease was assigned by him during 1881 in equal interest to the Louisville and Nashville Railroad Company and the Central Railroad & Banking Company of Georgia. The one-half interest of the latter was acquired by the former on February 2, 1898, which, on August 9, 1899, assigned a one-half interest to the Atlantic Coast Line Railroad Company. The present lessees and the former holders of the lease are herein referred to collectively as the lessees. Information as to the development of fixed physical property will be found in Appendix 2.

Development of Fixed Physical Property
The carrier made extensive improvements upon the property leased from the Georgia between April 1, 1881, and date of valuation. Under the terms of the lease agreement, these improvements immediately become the property of the Georgia and are to be settled for by that company at the termination of the lease period. In addition, the carrier constructed certain terminal property at Atlanta, including 9.648 miles of yard tracks and sidings, and acquired lands located along the leased right of way which have been inventoried by us as owned by the carrier. The above-mentioned property was constructed by the forces of the carrier, by one of the lessees, or by contractors. In addition, a small part of the property was purchased from Atlanta and West Point Railroad Company, hereinafter called the Atlanta and West Point.

Leased Railway Property
The following is a statement showing the property leased from and to other companies, together with the terms of the use and the amount of rental accrued for year ended on date of valuation: