Wikipedia:WikiProject Trains/ICC valuations/Seaboard Air Line Railway

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The road owned by the Seaboard, amounting to 3,464.299 miles, was acquired by it as indicated hereunder:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * By construction 28.87
 * By completion of construction commenced by the Seaboard Air Line Railway Company (of 1911) 89.60
 * By merger and consolidation 3,345.59
 * Total 3,464.06
 * Difference between total recorded mileage and mileage inventoried as of date of valuation .239
 * Mileage inventoried as of date of valuation 3,464.299

Of the 85 corporations which comprise the line of succession culminating in the Seaboard as at [...] the same order of corporations is maintained.

Constructed by the Seaboard:
 * Baynard to Walinwa, Fla., 1916 10.00
 * Republic Mill Spur, 1916 .73
 * Old Town Spur, 1918 2.91
 * Johns Island Spur, 1918 .70
 * Yonges Island Spur, 1918 2.66
 * Fenwick Island Spur, 1918 7.91
 * Chisholm Island Spur, 1918 3.96
 * 28. 87

Constructed partly by the Seaboard Air Line Railway Company (of 1911) and completed by the Seaboard, Charleston, S. C., to Savannah, Ga., 1918 89.60

Acquired by merger and consolidation, Nov. 15-16, 1915:
 * From the Seaboard Air Line Railway—
 * Constructed by that company—
 * Petersburg to Dewitt, Va., 1898 20.00
 * Acca to Petersburg, Va., 1900 27.00
 * Dewitt, Va., to Norlina, N. C., 1900
 * Quincy Owl Mine Spur, 1902 1.91
 * Long Lumber Company Spur, 1903 .55
 * Wilson & Toomer Spur, 1905 1.40
 * Buda to Mutual, Fla., 1908 2.40
 * Patterson Mill Spur, 1909 .93
 * Mutual to Norwills, Fla., 1909 7.50
 * Holder Mine Spur, 1910 4.16
 * Early Bird to Hernando, Fla., 1910 27.20
 * Nichols to Mulberry, Fla., 1911 3.50
 * Hernando to Inverness, Fla., 1911 4.40
 * Fruitville to Venice, Fla., 1912 16.50
 * Mulberry to Bartow, Fla., 1913 8.00
 * Bartow to Juneau, Fla., 1914 12.00
 * Carpenter O'Brien Spur, 1914 2.02
 * Acme Spur, 1914 4.85
 * Conner & Shallenberger Spur, 1914 .98
 * Bartow to Baynard, Fla., 1915 22.00
 * Constructed by the Virginia and Carolina Railroad Company, terminal lands in Petersburg, Va., and certain rights of way between Petersburg, Va., and Norlina, N. C., on which some grading had been done
 * Constructed by Camp's Railroad (not a predecessor) and reconstructed by the Seaboard Air Line Railway, between Dunnellon and Hernando, Fla., 1910 1.30
 * Constructed partially by the Plant City, Arcadia and Gulf Railway and completed by the Seaboard Air Line Railway, Edison Junction to Agricola, Fla., 1910 12.30
 * Constructed partially by the Chattahoochee Terminal Railway and completed by the Atlanta and Birmingham Air Line Railway, Howells to Floyd, Ga., 1904 14.00
 * Constructed partially by the East and West Railroad Company and completed by the Atlanta and Birmingham Air Line Railway—
 * Floyd to Rockmart, Ga., 1904 30.00
 * Coal City to Birmingham, Ala., 1904 39.00
 * 69.00
 * Abandoned Rockmart and Coal City, Ala., by the Atlanta and Birmingham and Atlantic[sic] Air Line Railway, between Rockmart and Coal City, 1904 6.50
 * 62.50
 * Constructed by the Atlanta and Birmingham Air Line Railway—
 * Atlanta Water Works Spur, 1903 0.28
 * Brady Mine Spur, 1905 .69
 * Lucy-Beuk Mine Spur, 1905 1.07
 * 2.04
 * Constructed by the East and West Railroad Company, Vulcan Coal Mine spur, 1903 .25
 * Constructed by The East and West Railroad Company of Alabama and reconstructed by Atlanta and Birmingham Air Line Railway, Georgia-Alabama boundary to Coal City, Ala., 1882 64.00
 * Constructed by The East and West Railroad Company of Alabama, Coal City to Pell City, Ala., 1887 6.77
 * Constructed by the Cherokee Iron Company, Taylorsville to Rockmart, Ga., 1879 9.00
 * Constructed by the Cherokee Iron Company and reconstructed by the Atlanta and Birmingham Air Line Railway—
 * Rockmart to Cedartown, Ga., 1879 13.0
 * Cedartown to Georgia-Alabama boundary, 1882 10.0
 * 23.00
 * Constructed by The Cherokee Railroad Company, Cartersville to Taylorsville, Ga., 1870 14.00
 * Constructed by the Tredegar Mineral Railway—
 * Tredegar to Jacksonville, Ala., 1893 2.5
 * Extension in Jacksonville, Ala., 1896 1.0
 * 3.50
 * Acquired by the Birmingham and Atlanta Air Line Railway, certain real estate in Birmingham, Ala
 * Constructed partially by the Starke and Sampson City Railroad Company (not a predecessor) and completed by the Atlantic[sic] Suwannee River and Gulf Railway Company, Starke to Sampson City, Fla., 1893 5.00
 * Constructed by the Atlantic, Suwannee River and Gulf Railway Company—
 * Sampson City to La Crosse, Fla., 1894 15.00
 * La Crosse to Alachua, Fla., 1896 7.00
 * Alachua to Buda, Fla., 1897 9.00
 * Buda to Williford, Fla., 1901 11.00
 * Williford to Wannee, Fla., 1902 10.00
 * 62.00
 * Constructed by the Roanoke and Tar River Railroad Company—
 * Virginia-North Carolina boundary to Jeanette, N. C., 1887 30.00
 * Jeanette to Lewiston, N. C. 2.30
 * 32.30
 * Constructed by the Southern Power Company and acquired by purchase by the Catawba Valley Railway, Fort Lawn to Great Falls, S. C., 1906 10.00
 * Constructed by the Catawba Valley Railway, Spence to Fort Lawn, S. C., 1907 11.50
 * Constructed by the Florida Central and Peninsular Railroad Company—
 * Plant City to Tampa, Fla., 1890 22.60
 * Archer to Early Bird, Fla., 1891 29.00
 * Turkey Creek to Durant, Fla., 1892 4.33
 * Savannah, Ga., to Yulee, Fla., 1894 116.50
 * Oviedo to Lake Charm, Fla., 1894 1.00
 * Summerfield to Lake Weir, Fla., 1894 7.50
 * 180.93
 * Acquired by the Florida Northern Railroad Company (certain right of way only)
 * Constructed partially by the Leesburg and Indian River Railroad Company and completed by the Florida Railway and Navigation Company, Wildwood to Leesburg, Fla., 1884 11.00
 * Constructed by Florida Railway and Navigation Company—
 * Leesburg to Tavares, Fla., 1885 10.00
 * Panasoffkee to Terrell, Fla., 1885 14.00
 * Terrell to Plant City, Fla., 1887 39.00
 * Sumterville Junction to Sumterville, Fla., 1887 2.00
 * 65.00
 * Constructed by the Jacksonville, Pensacola and Mobile Railroad Company, Quincy to River Junction, Fla., 1872 20.10
 * Constructed by the Pensacola and Georgia Railroad Company—
 * Lake City to Welborn, Fla., 1860 10.00
 * Welborn to Madison, Fla., 1861 43.10
 * Madison to Brasswells, Fla., 1860 27.70
 * Brasswells to Capitola, Fla., 1858 12.00
 * Capitola to Tallahassee, Fla., 1857 13.00
 * Tallahassee to Norfleet, Fla., 1861 7.00
 * Norfleet to Midway, Fla., 1862 8.50
 * Midway to Quincy, Fla., 1863 8.40
 * Drifton to Monticello, Fla., 1860 4.40
 * 134.10
 * Constructed by the Tallahassee Railroad Company (first corporation)—
 * Tallahassee to Port Leon, Fla., 1836 22.00
 * Less mileage abandoned by that company from St. Marks to Port Leon, Fla., 1843 1.50
 * 20.50
 * Constructed by the Florida, Atlantic and Gulf Central Railroad Company—
 * Jacksonville to Whitehouse, Fla., 1858 11.50
 * Whitehouse to Olustee, Fla., 1859 34.50
 * Olustee to Lake City, Fla., 1860 13.30
 * 59.30
 * Constructed by the Peninsular Railroad Company—
 * Waldo to Ocala, Fla., 1880 45.00
 * Silver Springs Junction to Silver Springs, Fla., 1880 2.00
 * 47.00
 * Constructed by the Atlantic, Gulf and West India Transit Company—
 * Fernandina to Crawford, Fla., 1856 30.00
 * Crawford to Fiftone, Fla., 1857 20.00
 * Fiftone to Reynolds, Fla., 1858 24.00
 * Reynolds to Venables, Fla., 1859 43.50
 * Venables to Sumner, Fla., 1860 30.50
 * Sumner to Cedar Key, Fla., 1861 7.50
 * 155.50
 * Constructed by The Tropical Florida Railroad Company—
 * Ocala to Wildwood, Fla., 1882 26.00
 * Wildwood to Panasoffkee, Fla., 1883 8.00
 * 34.00
 * Constructed by the Fernandina and Jacksonville Railroad Company, Yulee to Jacksonville, Fla., 1881 21.50
 * Constructed by the Tavares, Orlando and Atlantic Railroad Company, Tavares to Orlando, Fla., 1884 32.00
 * Constructed by the Jacksonville Belt Railroad Company, in Jacksonville, Fla., 1886 3.33
 * Constructed by the Santa Fe Canal Company, Waldo to Lake Santa Fe, Fla., (2 miles of canal), 1881
 * Constructed by The Orlando and Winter Park Railway Company, Orlando to Winter Park, Fla., 1889 6.00
 * Constructed by The Osceola and Lake Jesup Railway Company, Winter Park to Oviedo, Fla., 1890 10.00
 * Constructed by The Fernandina and Amelia Beach Railway Company, Fernandina to Amelia Beach, Fla., 1886 2.00
 * Constructed by the Oxford and Coast Line Railroad Company, Dickerson to Oxford, N. C., 1902 4.50
 * Constructed by the Florida West Shore Railway—
 * Durant to Sarasota, Fla., 1903 51.10
 * Terra Ceia Junction to Terra Ceia, Fla., 1903 4.48
 * Palmetto to Manatee Fruit Company, Fla., 1903 1.73
 * Palmetto Junction to Palmetto, Fla., 1904 2.10
 * Sarasota to Fruitville, Fla., 1905 3.65
 * Ellenton Junction to Ellenton, Fla., 1905 1.50
 * Manatee to Bradentown, Fla., 1907 1.50
 * 66.06
 * Constructed by the Tallahassee, Perry and Southeastern Railway—
 * Wacissa to Covington, Fla., 1906 11.00
 * Covington to Waylonzo, Fla., 1907 8.24
 * 19.24
 * Abandoned by the Tallahassee and[sic] Southeastern Railway, Tallahassee and St. Marks Junction, Fla. 1.33
 * 17.91
 * Constructed by the Tallahassee Southeastern Railway Company, 6 miles southeast of Tallahassee to Wacissa, Fla., 1899 14.00
 * Constructed by The Florida, Georgia and Western Railway Company, Tallahassee, Fla., to a point 6 miles southeast, 1891 6.00
 * Constructed by The Seaboard and Roanoke Railroad Company (third corporation)—
 * Boykins, Va., to Virginia-North Carolina boundary, 1887 2.70
 * Virginia-North Carolina boundary to Weldon, N. C., 1850, constructed on old roadbed that had been abandoned by The Portsmouth and Roanoke Railroad Company 18.00
 * 20.70
 * Constructed by The Portsmouth and Roanoke Railroad Company and reconstructed by The Seaboard and Roanoke Railroad Company (third corporation), 1849 to 1851—
 * Portsmouth to Suffolk, Va., 1834 17.00
 * Suffolk, Va., to Weldon, N. C., 1835-1836 62.00
 * 79.00
 * Less road abandoned by this company, Virginia-North Carolina boundary to Weldon, N. C. 18.00
 * 61.00
 * Constructed by the Warnell Lumber and Veneer Company, during 1898 to 1905, and reconstructed by the Plant City, Arcadia and Gulf Railway, Plant City to Welcome, Fla., 1906 13.00
 * Constructed by the Plant City, Arcadia and Gulf Railway—
 * Keysville Junction to Nichols, Fla., 1907 5.00
 * Coronet Junction to Coronet, Fla., 1909 1.50
 * 6.50
 * Constructed by the Palmetto Railroad Company, Hamlet, N. C., to Cheraw, S. C., 1887 18.30
 * Constructed by the Georgia and Alabama Railway—
 * Fitzgerald to Ocilla, Ga., 1897 8.00
 * Savannah to Meldrim, Ga., 1900 17.00
 * 25.00
 * Constructed by The Savannah, Americus and Montgomery Railway—
 * Americus to Lumpkin, Ga., 1886 37.00
 * Lumpkin to Louvale, Ga., 1887 7.50
 * Abbeville to Americus, Ga., 1887 59.50
 * Lyons to Abbeville, Ga., 1890 65.00
 * Louvale, Ga., to Montgomery, Ala., 1891 94.50
 * 263.50
 * Constructed by the Columbus Southern Railway Company, Columbus to Albany, Ga., 1890 88.00
 * Constructed by The Abbeville and Waycross Railroad Company—
 * Abbeville to Bowen's Hill, Ga., 1890 13.00
 * Bowen's Hill to Lulaville, Ga., 1891 5.00
 * Lulaville to Fitzgerald, Ga., 1896 4.50
 * 22.50
 * Constructed by The South Bound Railroad Company—
 * Cayce, S. C., to Savannah, Ga., 1891 135.00
 * Camden to Cayce, S. C., 1900 36.00
 * 171.00
 * Constructed by the Seaboard Air Line Belt Railroad Company, Belt Junction to Howell, Ga., 1892 8.10
 * Constructed by The Loganville and Lawrenceville Railroad of Georgia, Loganville to Lawrenceville, Ga., 1898 10.40
 * Constructed by The Raleigh and Gaston Railroad Company—
 * Weldon to Gaston, N. C., 1853 12.00
 * Johnston Street, Raleigh, N. C., to a connection with the North Carolina Railroad, 1854 1.00
 * Roanoke Junction to Roanoke Rapids, N. C., 1898 2.50
 * Thelma, N. C., to a point 2 miles north, 1898 2.00
 * 17.50
 * Constructed by the Raleigh and Gaston Railroad Company and reconstructed by The Raleigh and Gaston Railroad Company, 1851 to 1853—
 * Gaston to Henderson, N. C., 1838 42.00
 * Henderson to Franklinton, N. C., 1839 16.00
 * Franklinton to Raleigh, N. C., 1840 26.00
 * 84.00
 * Constructed by The Louisburg Railroad Company, Franklinton to Louisburg, N. C., 1885 10.00
 * Constructed by the Chesterfield and Kershaw Railroad Company, Cheraw to Camden, S. C., 1900 55.00
 * Constructed by The Carolina Central Railroad Company—
 * Shelby to Rutherfordton, N. C., 1887 27.00
 * Ellenboro to Caroleen, N. C., 1896 4.70
 * Junction to Henrietta Mills, N. C., 1896 1.70
 * 33.40
 * Constructed by The Carolina Central Railway Company—
 * Wilmington to Hilton, N. C., 1874 1.70
 * Pee Dee to Charlotte, N. C., 1874 63.00
 * Lincolnton to Shelby, N. C., 1874 22.00
 * 86.70
 * Constructed by the Wilmington, Charlotte and Rutherford Railroad Company—
 * Navassa to Rockingham, N. C., 1861 112.00
 * Charlotte to Lincolnton, N. C., 1861 31.00
 * Rockingham to Pee Dee, N. C., 1870 9.00
 * 152.00
 * Constructed by The Georgia, Carolina and Northern Railway Company—
 * Monroe, N. C., to Chester, S. C., 1888 45.00
 * Chester, S. C., to Inman Park, Atlanta, Ga., 1892 221.00
 * 266.00
 * Constructed by the Durham and Northern Railway Company, Henderson to Durham, N. C., 1889 41.40
 * Constructed by the Raleigh and Augusta Air Line Railroad Company—
 * Raleigh, N. C., to north side of the Haw River, 1871 28.00
 * The Haw River to Sanford, N. C., 1872 14.00
 * Sanford to Hamlet, N. C., 1877 54.60
 * Hamlet Junction to Gibson, N. C., 1884 10.00
 * 106.60
 * Constructed by the Pittsboro Railroad Company, Moncure to Pittsboro, N. C., 1887 11.20
 * 3,028.29
 * Less mileage between Hamlet Junction and Gibson, N. C., sold by the Seaboard Air Line Railway to the Seaboard Air Line Railway Company (of 1911), constructed by the Raleigh and Augusta Railroad Company 10.00
 * Abandoned by the Seaboard Air Line Railway between Tallahassee and St. Marks Junction, Fla. .87
 * Total deductions 10.87
 * 3,017.42
 * From the Seaboard Air Line Railway Company (of 1911)—
 * Constructed by the Seaboard Air Line Railway Company (of 1911), Mullins, S. C., to Pee Dee River, 1911 22.00
 * Constructed partially by the Charleston Northern Railway and completed by the Seaboard Air Line Railway Company (of 1911), Andrews to Charleston, S. C., 1915 57.40
 * Constructed partially by the South Carolina Western Extension Railway and completed by the Seaboard Air Line Railway Company (of 1911), Florence to Poston, S. C., 1914 31.70
 * Constructed by the South Carolina Western Railway—
 * Hartsville Depot spur, 1910 0.57
 * Florence Depot spur, 1911 .92
 * McBee to Florence, S. C., 1911 35.20
 * Hartsville to Sumter, S. C., 1912 38.30
 * Lydia to Timmonsville, S. C., 1912 16.80
 * 91.79
 * Constructed by the North and South Carolina Railway Company (of South Carolina)—
 * Gibson, N. C., to Dillon, S. C., 1909 28.70
 * Dillon to Mullins, S. C., 1910 16.90
 * 45.60
 * Constructed by the Pee Dee Bridge Company, across the Pee Dee River near Poston, S. C., 1911 1.08
 * Constructed by The Georgetown and Western Railroad Company, Pee Dee River to Andrews, S. C., which included the reconstruction of 28 miles of logging road that was constructed between 1901 and 1911 32.60
 * Constructed by the Georgetown and Lane's Railroad Company, Georgetown to Lane's, S. C., 1883 36.00
 * Mileage purchased in 1914, by the Seaboard Air Line Railway Company (of 1911) from the Seaboard Air Line Railway, constructed by the Raleigh and Augusta Air Line Railroad Company, 1884 10.00
 * 328.17
 * Total 3,464.06
 * Difference between total recorded mileage and mileage inventoried as of date of valuation .239
 * Mileage inventoried as of date of valuation 3,464.299

In addition to the 10.2 miles of road abandoned by the Seaboard Air Line Railway, the Tallahassee, Perry and Southeastern Railway, the Atlanta and Birmingham Air Line Railway, and the Tallahassee Railroad Company, as detailed in the foregoing table, attention is directed to the fact that a roadbed for a narrow-gage railroad from Cedartown to Prior, Ga., graded by The Cherokee Railroad Company was abandoned in 1879 by the Cherokee Iron Company; and that certain mileage comprising a loop at Gaston, N. C., was abandoned by the Raleigh and Gaston Railroad Company in 1898, when it constructed a new line from Thelma, N. C., near Gaston, to a point 2 miles north.

Following is a general description of the 15.291 miles of second main track wholly owned by the Seaboard on date of valuation:
 * Location Mileage
 * In Raleigh, N. C. 1.387
 * From a point north of Hamlet, N. C., to Hamlet 8.963
 * In Hamlet, N. C. 1.719
 * In and near Birmingham, Ala. 1.904
 * In Tampa, Fla. 1.318
 * Total 15.291

The construction of the line from Charleston, S. C., to Savannah, Ga., was commenced by the Seaboard Air Line Railway Company (of 1911), but no portion thereof had been completed at the time the Seaboard acquired the property of that company. The Seaboard completed the construction necessary to put the line in operation on December 31, 1917. In the construction of this section of the road, the Jefferson Construction Company was employed as contractor, [...] The Langford Construction Company and the Chapman Construction Company were not found to be affiliated with the Seaboard.


 * HISTORY OF CORPORATE FINANCING

The Seaboard Air Line Railway was originally incorporated as The Richmond[sic] Petersburg and Carolina Railroad Company in the States of Virginia and North Carolina on May 7, 1892, and January 31, 1899, respectively. The records reviewed do not indicate whether the Seaboard Air Line Railway was controlled by any individual or corporation on November 15, 1915, the date of merger and consolidation. On the other hand, the Seaboard Air Line Railway solely controlled, directly or indirectly, 8 corporations and jointly controls[sic] 11 others. The names of these companies, together with a statement showing the extent of the Seaboard Air Line Railway's control, are given below:
 * Predecessor Companies
 * SEABOARD AIR LINE RAILWAY, FORMERLY NAMED THE RICHMOND, PETERSBURG AND CAROLINA RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD
 * INTRODUCTORY
 * Albany Passenger Terminal Company 20
 * Athens Terminal Company 50
 * Baltimore Steam Packet Company 100
 * Birmingham Terminal Company 16⅔
 * Chesterfield and Lancaster Railroad Company 60
 * Chattanooga, Augusta and Charleston Air Line Railway 100
 * Durham Union Station Company 25
 * Georgia and Alabama Terminal Company 100
 * Jacksonville Terminal Company 25
 * North Carolina Terminal Company 100
 * Norfolk and Portsmouth Belt Line Railroad Company 142/7
 * Raleigh and Charleston Railroad Company 100
 * Richmond Washington Company 16⅔
 * Savannah Union Station Company 33⅓
 * Seaboard Investment Company 100
 * Tampa Northern Railroad Company 100
 * Tampa Terminal Company 100
 * Tampa Union Station Company 33⅓
 * Wilmington Railway Bridge Company 50

The property of this company was operated by its own organization from the dates the various sections were placed in operation until the date of merger and consolidation, except for the period January 2, 1908, to November 4, 1909, when it was operated by receivers, but the accounts of the company for the results of corporate operations continued to November 30, 1915. The accounting data in this report, therefore, cover the period to November 30, 1915.

The railroad operated by the Seaboard Air Line Railway was a single-track, standard-gauge, steam railroad, located in Virginia, North Carolina, South Carolina, Georgia, Florida, and Alabama and aggregated 3,077.32 miles. The owned mileage amounted to 3,017.42 and consisted of several main lines and branches. The main lines extended from Acca, Va., near Richmond, to Tampa, Fla., via Columbia, S. C., Savannah, Ga., and Jacksonville, Fla.; Portsmouth, Va., to Norlina, N. C.; Wilmington to Rutherfordton, N. C.; Monroe, N. C., to Birmingham, Ala.; Savannah to Meldrim, Ga.; Lyons, Ga.;[sic] to Montgomery, Ala.; Columbus to Albany, Ga.; Fernandina to Baldwin, Fla.; and from Baldwin to River Junction, Fla. The branch lines extended to various point[sic] in the several States mentioned above, except in the State of Virginia.

The mileage operated under lease amounted to 59.90 miles and was all located in Georgia. It consisted of a line from Lyons to Meldrim and trackage in the city of Savannah. This company operated jointly with the Atlantic Coast Line Railroad Company 2.52 miles of road owned by the Wilmington Railway Bridge Company, which extended from Hilton to Navassa, N. C. In addition, the Seaboard Air Line Railway used under trackage rights 28.94 miles of the road of others, part of which affords access to Bessemer, Ala.

The Seaboard Air Line Railway acquired 3,028.29 miles of road and retired 10.87 miles, leaving 3,017.42 miles owned on date of merger and consolidation. Of the mileage acquired 222.30 miles was acquired by construction, 12.3 miles by completion of construction begun by the Plant City, Arcadia and Gulf Railway, a predecessor, and 2,793.69 miles from other companies, as indicated below:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * The Raleigh and Gaston Railroad Company 111.50
 * Raleigh and Augusta Air Line Railroad Company 117.80
 * The Carolina Central Railroad Company 272.10
 * The Georgia, Carolina and Northern Railway Company 266.00
 * Seaboard Air Line Belt Railroad Company 8.10
 * The Palmetto Railway Company 18.30
 * Chesterfield and Kershaw Railroad Company 55.00
 * The South Bound Railroad Company 171.00
 * Durham and Northern Railway Company 41.40
 * Georgia and Alabama Railway 399.00
 * The Logansville[sic] and Lawrenceville Railroad of Georgia 10.40
 * Florida Central and Peninsular Railroad Company 802.26
 * Oxford and Coast Line Railroad Company 4.50
 * Catawba Valley Railway 21.50
 * Plant City, Arcadia and Gulf Railway 19.50
 * Tallahassee, Perry and Southeastern Railway 37.91
 * Atlantic, Suwanee River and Gulf Railway Company 57.00
 * Atlanta and Birmingham Air Line Railway 199.06
 * Florida West Shore Railway 66.060
 * The Seaboard and Roanoke Railroad Company 81.7
 * Roanoke and Tar River Railroad Company 32.30
 * Camp's Railroad 1.30
 * Total mileage acquired from predecessors 2,793.69

In the construction of the 102 miles of road built for the Seaboard Air Line Railway between 1898 and 1900, the Colonial Construction Company, whose contract was later taken over by the Carolina Construction Company, was employed as contractor. In the construction of the 2.4 miles of road between Buda and Mutual, Fla., the grading was performed by a contractor and the remaining work was done by the forces of the Seaboard Air Line Railway. In the construction of the other mileage built by or for the Seaboard Air Line Railway the work was performed partly by contractors and partly by company forces.

[...]
 * HISTORY OF CORPORATE FINANCING

The Virginia and Carolina Railroad Company was incorporated February 23, 1882, in the State of Virginia and February 7, 1883, in the State of North Carolina. No accounting records of the Virginia and Carolina Railroad Company were obtained. Therefore, no information can be given from ite accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the Seaboard's return on corporate history. The records reviewed do not indicate whether the Virginia and Carolina Railroad Company was controlled by any individual or corporation on May 7, 1892, the date of sale, or, on the other hand, whether it then controlled any common-carrier corporation.
 * VIRGINIA AND CAROLINA RAILROAD COMPANY—PREDECESSOR OF THE RICHMOND, PETERSBURG AND CAROLINA RAILROAD COMPANT

The Virginia and Carolina Railroad Company owned on the date of sale terminal lands in Petersburg, Va., and certain rights of way between Petersburg, Va., and Norlina, N. C., on which considerable construction work had been performed, but none completed.

A special act of the Legislature of the State of Virginia, approved March 7, 1884, authorized the City of Petersburg, Va., to issue $150,000 par value of bonds and loan or donate the proceeds to the Virginia and Carolina Railroad Company, but the amount received by the company was not shown in the records reviewed. Later acts also authorized the city to buy the property and franchises of the company and sell them to a new corporation which would bear whatever name was specified in the conveyance to or from the city.

Pursuant to the above, the property and franchises of the Virginia and Carolina Railroad Company were sold to the city of Petersburg, Va., under foreclosure on April 27, 1892, and deed executed May 7, 1892, vested the property and franchises in a new corporation named The Richmond, Petersburg and Carolina Railroad Company.

The Atlanta and Birmingham Air Line Railway was incorporated under the general laws of Georgia and Alabama, through articles of consolidation, filed in Georgia May 19, 1903, and in Alabama May 20, 1903. Although the property of the Atlanta and Birmingham Air Line Railway was conveyed to its successor by deed dated September 30, 1909, the accounts of the company and of the receivers for the results of corporate operations continued to October 31, 1909. The accounting data in this report, therefore, cover the period to October 31, 1909. The Atlanta and Birmingham Air Line Railway was controlled on September 30, 1909, the date of sale, by the Seaboard Air Line Railway, through ownership of all of its capital stock. On the other hand, the records reviewed did not indicate that this company, itself, controlled any common-carrier corporation on the date of sale.
 * ATLANTA AND BIRMINGHAM AIR LINE RAILWAY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY

The property of the company was operated by its own organization from the date of acquirement thereof to February 24, 1908, and from that date to November 4, 1909, by receivers, who were discharged on latter date after turning property over to successor. The railroad operated by the receivers of and owned by the Atlanta and Birmingham Air Line Railway on date of sale amounted to 199.06 miles. It consisted of a main line single-track, standard-gauge, steam railroad, extending from Howells, Ga., to Birmingham, Ala., with branch lines to Cartersville, Ga., and Jacksonville and Pell City, Ala. Trackage rights over 18 miles of road of other carriers afforded the Atlanta and Birmingham Air Line Railway access to Atlanta, Ga., and Bessemer, Ala.

Of the 199.06 miles of road owned by the Atlanta and Birmingham Air Line Railway on the date of sale, it had acquired 120.52 miles from the East and West Railroad Company, 6.5 miles of which was abandoned between Rockmart, Ga., and Coal City, Ala., during the reconstruction period in 1904 of that portion of the line between Cartersville, Ga., and Pell City, Ala., and 85.04 miles by construction. These projects had been commenced by the Seaboard Air Line Railway prior to the incorporation of the Atlanta and Birmingham Air Line Railway, for account of the predecessors of the latter, and were carried to completion during the existence of that corporation. The construction and reconstruction work of the Atlanta and Birmingham Air Line Railway was performed partly by contractors and partly by company forces. None of the contractors appears to have been affiliated with the company. Further details with respect to the construction or reconstruction of a portion of this property, are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[...]
 * AIDS, GIFTS, GRANTS, AND DONATIONS

The Chattahoochee Terminal Railway was incorporated February 16, 1903, in the State of Georgia. No accounting records of the Chattahoochee Terminal Railway were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the accounting records of the successor. The records reviewed do not indicate whether the Chattahoochee Terminal Railway was controlled by any individual or corporation on May 19, 1903, the date of consolidation, or, on the other hand, whether it then controlled any other common-carrier corporation. The Chattahoochee Terminal Railway owned on the date of consolidation a right of way between Howells and a point west of Floyd, Ga., on which some construction work had been performed for it by the Seaboard Air Line Railway, but none completed.
 * CHATTAHOOCHEE TERMINAL RAILWAY—PREDECESSOR OF THE ATLANTA AND BIRMINGHAM AIR LINE RAILWAY

The East and West Railroad Company was incorporated in the States of Alabama and Georgia January 11, 1894, and January 15, 1896, respectively. There were no available accounting records of the East and West Railroad Company for the period from the date of its organization to July 1, 1902. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period mentioned has been taken from sources other than the accounting records of the company.
 * EAST AND WEST RAILROAD COMPANY—PREDECESSOR OF THE ATLANTA AND BIRMINGHAM AIR LINE RAILWAY

Although the property of the East and West Railroad Company was consolidated with the property of the Chattahoochee Terminal Railway on May 20, 1903, the accounts of the company for the results of corporate operations continued to June 30, 1903, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to June 30, 1903.

The East and West Railroad Company was controlled on May 20, 1903, the date of consolidation, by the Seaboard Air Line Railway through ownership of a majority of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any other common-carrier corporation.

The property of the East and West Railroad Company was operated by its own organization from the date the original 116.77 miles was acquired May 8, 1894, to date of consolidation. The railroad operated by the East and West Railroad Company on the date of consolidation amounted to 120.52 miles, all owned. It consisted of a single-track, standard-gauge, steam railroad, located in Georgia and Alabama. Its main line extended from Cartersville, Ga., to Pell City, Ala., with branch lines to Vulcan Coal Mines and from Tredegar to Jacksonville, Ala.

Of the 120.52 miles of road owned by the East and West Railroad Company on the date of consolidation, it had acquired 116.77 from The East and West Railroad of Alabama, 3.5 miles from The Tredegar Mineral Railway, and 0.25 mile by construction. In addition, it also acquired the incompleted property with franchises of the Birmingham and Atlanta Air Line Railway. It is not known whether the construction work was performed by the company's forces or by contract. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING

The Atlantic, Suwannee River and Gulf Railway Company was incorporated May 24, 1893, in the State of Florida. The accounting records of the Atlantic, Suwannee River and Gulf Railway Company were incomplete. Only those covering the period from October 1, 1899, to June 30, 1900, were obtained. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period other than that first mentioned has been taken from sources other than the accounting records of the company. The Atlantic, Suwannee River and Gulf Railway Company was controlled on September 30, 1909, the date of sale, by the Seaboard Air Line Railway through ownership of a majority of its outstanding capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.
 * ATLANTIC, SUWANNEE RIVER AND GULF RAILWAY COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

In the return of the Seaboard to Valuation Order No. 20, Corporate History, it is stated that from the completion of construction to July 1, 1900, the line from Starke to Burnett's Lake, Fla., 25 miles, was operated by the Atlantic, Suwannee River and Gulf Railway Company under its own management, and that the line from Burnett's Lake to Buda, Fla., 11 miles, was operated from the completion of construction to July 1, 1900, by the Atlantic Lumber Company under contract. No information was obtained as to the provisions of the contract for this operation. In the annual reports of the Atlantic, Suwannee River and Gulf Railway Company to this commission for the fiscal years ended June 30, 1899, and June 30, 1900, it is reported that the company operated its entire owned mileage during those years.

The road from Starke to Buda, Fla., during the period from July 1, 1900, to January 2, 1908, and the line from Buda to Wannee, Fla., from the date of its construction to January 2, 1908, were operated by the Seaboard Air Line Railway by virtue of stock ownership until January 2, 1908. On the latter date the receivers of the Seaboard Air Line Railway were appointed receivers of the Atlantic, Suwannee River and Gulf Railway Company, and the property was thereafter operated by the receivers until November 4, 1909, the date possession of the property was surrendered to the Seaboard Air Line Railway under deed of conveyance dated September 30, 1909. The results of operation of the property of the Atlantic, Suwannee River and Gulf Railway Company during the period July 1, 1900, to November 4, 1909, are included in the accounts of the Seaboard Air Line Railway.

The railroad operated by the receivers of and owned by the Atlantic, Suwannee River and Gulf Railway Company on the date of sale amounted to 57 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from Starke to Wannee, Fla.

The entire 57 miles of railroad owned by the company on the date of sale had been acquired by construction. The construction work of the Atlantic, Suwannee River and Gulf Railway Company was all performed by contractors, none of whom appears to have been affiliated with the company or the Seaboard Air Line Railway. That part of the railroad extending from Starke to Buda, Fla., a distance of 36 miles, was constructed by the Atlantic Lumber Company, successor to the Ambler Lumber Company, and that part extending from Buda to Wannee, Fla., a distance of 21 miles, was also constructed by the Atlantic Lumber Company under contract between that company and the Florida Central and Peninsular Railroad Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING

The Roanoke and Tar River Railroad Company was incorporated March 5, 1885, in the State of North Carolina. The accounting records of the Roanoke and Tar River Railroad Company were incomplete and fragmentary. The only accounting records obtained consisted of a cash book covering the period from June, 1886, to June, 1900. Certain information appertaining to the period from July 1, 1888, to June 30, 1900, has been obtained from annual reports filed by the company with this commission, as indicated hereinafter. For these reasons only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. The Roanoke and Tar River Railroad Company was controlled on September 15, 1911, the date of sale, by the Seaboard Air Line Railway, through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.
 * ROANOKE AND TAR RIVER RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The road of the Roanoke and Tar River Railroad Company was leased to The Seaboard and Roanoke Railroad Company (third corporation), under an agreement dated April 20, 1887, and from the completion of construction, on October 1, 1887, and October 1, 1888, until July 1, 1900, it was operated under the terms of that lease. During the part of that period from August 1, 1893, to July 1, 1900, the property was operated as a part of the Seaboard Air Line, an unincorporated operating association. This association comprised the properties of five companies and their leased lines, of which latter the Roanoke and Tar River Railroad Company was one, but the conditions under which the operations were conducted were not ascertained.

From July 1, 1900, to date of sale, the property was operated by the Seaboard Air Line Railway, through its ownership of the capital stock of The Seaboard and Roanoke Railroad Company (third corporation), and the results of operation were included in the accounts of the Seaboard Air Line Railway in connection with all of the latter's operations.

The property, rights, and franchises of the Roanoke and Tar River Railroad Company were sold and conveyed by deed dated September 15, 1911, to the Seaboard Air Line Railway.

The railroad operated by the Seaboard Air Line Railway and owned by the Roanoke and Tar River Railroad Company on the date of sale amounted to 32.3 miles. It consisted of a single-track, standard-gauge, steam railroad, extending from a point on the North Carolina-Virginia State line, near Boykins, Va., to Lewiston, N. C.

The entire 32.3 miles of railroad owned by the company on the date of sale had been acquired by construction during 1887-1888. The records reviewed do not indicate whether the road was constructed under contract or by company forces. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[...]
 * HISTORY OF CORPORATE FINANCING

The Catawba Valley Railway was incorporated May 9, 1906, in the State of South Carolina. The property of the Catawba Valley Railway was conveyed to its successor September 27, 1909, but the accounts of the company and of the receivers for the results of corporate operations continued to October 31, 1909, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to October 31, 1909. The Catawba Valley Railway was controlled on September 27, 1909, the date of sale, by the Seaboard Air Line Railway through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.
 * CATAWBA VALLEY RAILWAY—PREDECESSOR OF THE SEABOABD AIR LINE RAILWAY
 * INTRODUCTORY

The property of this company was operated by the Seaboard Air Line Railway from the date it was put in operation to January 2, 1908, by virtue of stock ownership. From that date the property was operated by receivers until it was surrendered to the Seaboard Air Line Railway, November 4, 1909, although it was sold to the latter company September 27, 1909. The railroad of the Catawba Valley Railway consisted of 21.5 miles of single-track, standard-gauge, steam railroad, extending from Spence to Great Falls, all in the State of South Carolina. In addition, it had trackage rights over 1.05 miles of track owned by the Seaboard Air Line Railway between Spence and Catawba, S. C.

Of the 21.5 miles of road owned by the Catawba Valley Railway at the date of sale, it had acquired 10 miles by purchase from the Southern Power Company and 11.5 miles by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of the above property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[...]
 * HISTORY OF CORPORATE FINANCING

The Florida Central and Peninsular Railroad Company was originally incorporated as The Florida Central and Peninsular Railroad Company in the State of Florida on November 17, 1888. Its name was changed on January 16, 1893.
 * FLORIDA CENTRAL AND PENINSULAR RAILROAD COMPANY, FORMERLY NAMED THE FLORIDA CENTRAL AND PENINSULAR RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The accounting records of the Florida Central and Peninsular Railroad Company obtained cover the period from the date of incorporation to June 30, 1900. However, certain information relating to the period from July 1, 1900, to the date of sale has been obtained from the books of the Seaboard Air Line Railway and included herein. This company was controlled by the Seaboard Air Line Railway on the date of sale, August 15, 1903, through ownership of its entire outstanding capital stock.

The Florida Central and Peninsular Railroad Company owned on the date of sale 802.26 miles of single-track, standard-gauge, steam railroad, all in the States of Florida and Georgia. Its main lines extended from Savannah, Ga., to Jacksonville, Fla., Fernandina to Cedar Key, Fla., Waldo to Tampa, Fla., and Jacksonville to River Junction, Fla. Its principal branch line extended from Wildwood to Lake Charm, Fla., and seven other branches constituted the remainder of the road. From the date the property was acquired it was operated by the Florida Central and Peninsular Railroad Company's own organization until July 1, 1900. From that date it was operated by the Seaboard Air Line Railway until the date of sale.

Of the 802.26 miles of road owned by the Florida Central and Peninsular Railroad Company on the date of sale, it had acquired 568 miles from the Florida Railway and Navigation Company, 3.33 miles from the Jacksonville Belt Railroad Company, 32 miles from the Tavares, Orlando and Atlantic Railroad Company, 16 miles from the East Florida and Atlantic Railroad Company, 2 miles from The Fernandina and Amelia Beach Railway Company, and 180.93 miles by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard. In addition, the Florida Central and Peninsular Railroad Company acquired about 2 miles of water line from the Santa Fe Canal Company.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING

The Oxford and Coast Line Railroad Company was incorporated by a special act of the Legislature of the State of North Carolina, approved March 5, 1891. The accounting records of the Oxford and Coast Line Railroad Company were not obtained. Therefore, no information can be given from the accounts of this company in connection with securities issued, corporate operations, aids, investments, or original cost.
 * OXFORD AND COAST LINE RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY

The Oxford and Coast Line Railroad Company owned on the date of sale of its property, June 28, 1906, about 4.5 miles of single-track, standard-gauge railroad in North Carolina, extending from Oxford to Dickerson. This road had been acquired by construction, the work having been performed by Bennehan Cameron under contract of January 17, 1902. The road was completed and opened for operation March 20, 1902.

The construction contract provided that Cameron should acquire all right of way and terminal facilities and construct a single-track, standard-gauge railroad from Oxford to Dickerson, N. C., for $25,000 par value of first-mortgage 6 per cent gold bonds and $5,700 par value of the capital stock of the Oxford and Coast Line Railroad Company. Bennehan Cameron also entered into an agreement with the Seaboard Air Line Railway under date of January 17, 1902, which provided that that company should furnish him with such sums of money, not exceeding $48,000, as should be necessary to construct the railroad specified in his contract with the Oxford and Coast Line Railroad Company, and that in consideration thereof Cameron should deliver to the Seaboard Air Line Railway the $25,000 par value of bonds and $5,700 par value of capital stock of the Oxford and Coast Line Railroad Company. The records of the Seaboard Air Line Railway state that it acquired $25,000 par value of bonds and $5,400 par value of capital stock of this company in settlement of advances. The return of the Seaboard on corporate history states that this company's property was operated from the completion of construction to June 28, 1906, by the Seaboard Air Line Railway under implied lease by virtue of stock ownership.

The Oxford and Coast Line Railroad Company disposed of its property, rights, and franchises to the Seaboard Air Line Railway by deed of conveyance dated June 28, 1906.

The Florida West Shore Railway was a Florida corporation. It was controlled on the date of sale by the Seaboard Air Line Railway, through ownership of a majority of its outstanding capital stock. This company owned on the date of sale 66.06 miles of single-track, standard-gauge railroad, all located in the State of Florida. Its main line extended from Durant to Fruitville, via Terra Ceia, Palmetto, Ellenton and Bradentown, a distance of 66.06 miles. The property of this company was operated by the Seaboard Air Line Railway under an agreement dated June 1, 1903, from the date its road was placed in operation to January 2, 1908, and from that date to date of sale, by receivers of the Florida West Shore Railway, who were also receivers of the Seaboard Air Line Railway. Mileage operated under lease amounted to 4.33 miles and extended from Turkey Creek to Durant, Fla.
 * FLORIDA WEST SHORE RAILWAY, FORMERLY NAMED UNITED STATES AND WEST INDIES RAILROAD AND STEAMSHIP COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY INTRODUCTORY

The entire 66.06 miles of railroad owned by the Florida West Shore Railway on the date of sale had been acquired by construction between August 1, 1901, and July 1, 1907. Construction of this property was commenced by the Seaboard Air Line Railway in August, 1901, and all of the construction was done under the supervision and direction of the Seaboard. The major part of the construction work was performed under contract, the principal contractors being C. C. Peterson, [?] The records reviewed do not disclose that any of the contractors were affiliated with either the Florida West Shore Railway or the Seaboard Air Line Railway.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[...]
 * HISTORY OF CORPORATE FINANCING

The Tallahassee, Perry and Southeastern Railway was incorporated November 22, 1905, under the General Incorporation Act of the State of Florida. It was controlled by the Seaboard Air Line Railway on date of sale, through ownership of its capital stock. The property of this company was operated by the Seaboard Air Line Railway, from the date it was acquired or completed until January 2, 1908. On the latter date the receivers of the Seaboard Air Line Railway were appointed receivers of the Tallahassee, Perry and Southeastern Railway, who operated the property thereafter until November 4, 1909.
 * TALLAHASSEE, PERRY AND SOUTHEASTERN RAILWAY—PREDECESSOR OF THE SEAROARD AIR LINE RAILWAY

This company acquired 89.24 miles of road and abandoned 1.33 miles, leaving 87.91 miles owned on date of sale, which extended from St. Marks Jct., to Walonso, Fla. Of the mileage acquired 20 miles had been acquired from the Tallahassee Southeastern Railway Company and 19.24 miles by construction. A section of the road owned which extended from Covington, to Waylonzo, Fla., and aggregated 8.24 miles was not operated by the Tallahassee, Perry and Southeastern Railway during its life.

From the date of its incorporation, November 22, 1905, to the date of sale, the Tallahassee, Perry and Southeastern Railway issued capital stock and funded [...]

This company was incorporated in the States of North Carolina and Virginia, January 16, 1849, and February 22, 1849, respectively. The accounting records of The Seaboard and Roanoke Railroad Company (third corporation) for the period from date of incorporation to June 30, 1887, were incomplete, and no entries were recorded in its books during the period from July 1, 1900, to date of sale. For these reasons only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments.
 * THE SEABOARD AND ROANOKE RAILROAD COMPANY (THIRD CORPORATION)—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The Seaboard and Roanoke Railroad Company (third corporation) was controlled by the Seaboard Air Line Railway on the date of sale, September 15, 1911, through ownership of the entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

This company owned on the date of sale 81.7 miles of single-track standard-gage, steam railroad, in the States of Virginia and North Carolina. Its main lines extended from Portsmouth, Va., to Weldon, N. C., 79 miles, and from Boykins, Va., to Virginia-North Carolina State line, 2.7 miles. In addition to its owned road the company exclusively operated from October 1, 1887, to August 1, 1893, the entire road of the Roanoke and Tar River Railroad Company, extending from the Virginia-North Carolina State line to Lewiston, N. C., 32.3 miles, under lease agreement. In addition, the company jointly operated from July 1, 1889, to August 1, 1893, with The Raleigh and Gaston Railroad Company, the property of The Georgia, Carolina and Northern Railway Company, extending from Monroe, N. C., to Atlanta, Ga., approximately 266 miles, under perpetual lease.

From the date its property was placed in operation on November 27, 1851, to August 1, 1893, the property of the company was operated by its own organization. From August 1, 1893, to July 1, 1900, the property of the company together with that of its leased lines was operated as a part of the Seaboard Air Line System, an unincorporated operating association, and from July 1, 1900, to the date of sale it was operated by the Seaboard Air Line Railway and its receivers through ownership of the entire capital stock.

Of the 81.7 miles of road owned by The Seaboard and Roanoke Railroad Company (third corporation) it had acquired 61 miles from The Seaboard and Roanoke Railroad Company (second corporation) and 20.7 miles by construction. Of the 20.7 miles of constructed road, 18 miles had been constructed on right of way and roadbed abandoned by The Portsmouth and Roanoke Railroad Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING

in the consolidation under which The Seaboard and Roanoke Railroad Company (third corporation) was formed.

This company was incorporated January 23, 1905, in the State of Florida. The available accounting records of the Plant City, Arcadia and Gulf Railway were opened as of June 30, 1906, and continued to October 31, 1909. Therefore, no information can be given from the accounts in connection with the finances, operations, investments, or original cost prior to first-mentioned date.
 * PLANT CITY, ARCADIA AND GULF RAILWAY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The Plant City, Arcadia and Gulf Railway owned on September 28, 1909, the date of sale, to the Seaboard Air Line Railway, about 19.5 miles of single-track, standard-gage, steam railroad, all in the State of Florida. Its main line extended from Plant City to Welcome, about 13 miles, and its branch lines extended from Coronet Junction to Coronet, about 1.5 miles, and from Keysville to Nichols, about 5 miles.

The property of the Plant City, Arcadia and Gulf Railway was operated by the Seaboard Air Line Railway for account of the Plant City, Arcadia and Gulf Railway from July 1, 1906, the date it was opened for operation as a common-carrier, to January 2, 1908, on which date the receivers of the Seaboard Air Line Railway were appointed receivers of the Plant City, Arcadia and Gulf Railway, and thereafter until the date of sale, the property was operated by the receivers.

Of the 19.5 miles of road owned by the Plant City, Arcadia and Gulf Railway on date of its demise, it had acquired 13 miles from the Wornell Lumber and Veneer Company and 6.5 miles by construction. Construction was in progress on about 12 miles of road between Edison Junction and Agricola, Fla., on the date of sale. The road was completed by the Seaboard Air Line Railway. The records reviewed do not disclose whether the construction work done by or for the Plant City, Arcadia and Gulf Railway was performed by company forces or by contractors.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[...]
 * HISTORY OF CORPORATE FINANCING

This company was incorporated under the general laws of the States of North Carolina and South Carolina by articles of association, dated October 15, 1895, filed with the secretaries of the States of North Carolina and of South Carolina. There were no available books of account of the company. Therefore, no information can be given from the accounts in connection with the finances, operations, investments, or original cost. Details given hereunder were obtained from the returns to Valuation Order No. 20, Corporate History, filed by the Seaboard.
 * THE PALMETTO RAILWAY COMPANY.—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY

The Palmetto Railway Company owned on the date of its merger about 18.3 miles of single-track, standard-gage, steam railroad, extending from Hamlet, N. C., to Cheraw, S. C., all of which had been acquired by purchase at foreclosure sale. This road was formerly the property of the Palmetto Railroad Company. Deed of conveyance was executed and possession was given to The Palmetto Railway Company, on November 16, 1895. No new lines were constructed by The Palmetto Railway Company.

The property of The Palmetto Railway Company was operated from November 15, 1895, to December 30, 1895, under its own organization. From December 30, 1895, to June 30, 1900, the property was leased to the Raleigh & Augusta Air Line Railroad Company, under terms of agreement dated December 30, 1895, and was operated as a part of the Seaboard Air Line, an unincorporated operating association. This association comprised the properties of several other companies, but the conditions under which the operations were conducted were not ascertained. The property was operated from July 1, 1900, to November 7, 1901, by the Seaboard Air Line Railway by virtue of stock ownership.

The Palmetto Railway Company was merged into the Seaboard Air Line Railway on November 7, 1901.

The Palmetto Railroad Company was a corporation of the States of South Carolina and North Carolina. The records of the company were
 * PALMETTO RAILROAD COMPANY.—PREDECESSOR OF THE PALMETTO RAILWAY COMPANY
 * INTRODUCTORY

This company was incorporated July 27, 1895, under the general laws of the States of Georgia and Alabama. The general ledgers and journals of the company were not obtained and the underlying accounting records are incomplete; therefore no information can be given from the accounts in connection with the finances, operations, investments, or original cost. Details obtained from other sources as described have been given in appropriate sections of this report. The company was controlled by the Seaboard Air Line Railway on the date of sale, February 20, 1902, through ownership of its entire outstanding capital stock.
 * GEORGIA AND ALABAMA RAILWAY—PREDECESSOR OF THB SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The Georgia and Alabama Railway owned on the date of sale 399 miles of single-track, standard-gage, steam railroad, all in the States of Georgia and Alabama. Its main lines extended from Savannah to Meldrim, Ga., 17 miles; Lyons, Ga., to Montgomery, Ala., 263.5 miles; Columbus to Albany, Ga., 88 miles; and its branch line extended from Abbeville to Ocilla, Ga., 30.5 miles. The company's owned road was on the date of sale exclusively operated by the Seaboard Air Line Railway. From August 14, 1895, the date it took possession of the property of The Savannah, Americus and Montgomery Railway, a predecessor, the Georgia and Alabama Railway operated its property for its own account until July 1, 1900. From that date the Georgia and Alabama Railway's property was operated by the Seaboard Air Line Railway until the date of sale, through ownership of its capital stock.

The road owned and leased by the Georgia and Alabama Railway on the date of sale had been acquired by it as indicated hereunder:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * By purchase from—
 * The Savannah, Americus and Montgomery Railway, Aug. 14, 1895, Lyons, Ga., to Montgomery, Ala. 263.5
 * The Abbeville and Waycross Railroad Company, Aug. 18, 1896, Abbeville, Ga., to Fitzgerald, Ga. 22.5
 * Columbus and Southern Railroad Company, Dec. 12, 1896, Columbus, Ga., to Albany, Ga. 88.0
 * By construction:
 * Fitzgerald, Ga., to Ocilla, Ga., 1896-1897 8.0
 * Savannah, Ga., to Meldrim, Ga., 1899-1900 17.0
 * Total road mileage owned on the date of sale 399.0
 * Leased for exclusive operation from—
 * Central of Georgia Railway Company, Meldrim, Ga., to Lyons, Ga. 57.5
 * Georgia and Alabama Terminal Company, on Hutchinson Island, Savannah, Ga. 2.4
 * Montgomery Terminal Company, in Montgomery, Ala. 1.3
 * Total road mileage leased on the date of sale 61.2
 * Road mileage, operated on date of sale by the Seaboard Air Line Railway 460.2


 * HISTORY OF CORPORATE FINANCING

The South Bound Railroad Company was incorporated in the States of South Carolina and Georgia, February 9, 1882, and November 5, 1888, respectively. The accounting records of The South Bound Railroad Company obtained were incomplete and fragmentary. Therefore, no information can be given from its accounts regarding its corporate operations.
 * THE SOUTH BOUND RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The South Bound Railroad Company was controlled on November 7, 1901, the date of merger, by the Seaboard Air Line Railway, through ownership of a majority of the capital stock of the Florida Central and Peninsular Railroad Company, which latter company owned the entire capital stock of The South Bound Railroad Company. On the other hand, the records reviewed do not indicate that this company then controlled any other common-carrier corporation.

The property of The South Bound Railroad Company was operated by its own organization from the date the original 135 miles was acquired, October 1, 1891, until October 1, 1893. From that date the property was operated by the Florida Central and Peninsular Railroad Company to July 1, 1900, under lease agreement. The additional 36 miles of railroad between Cayce and Camden, S. C., was operated as a part of an incorporated[sic] operating association, known as the Seaboard Air Line System, from May 10, 1900, to July 1, 1900. From the latter date to the date of merger, the entire property was operated by the Seaboard Air Line Railway by virtue of stock control, as previously explained.

The railroad operated by the Seaboard Air Line Railway and owned by The South Bound Railroad Company on the date of merger amounted to 171 miles. It consisted of a single-track, standard gage, steam railroad extending from Savannah, Ga., to Camden, S. C.

The entire 171 miles of road owned by The South Bound Railroad Company on the date of merger had been acquired by construction. Of this 135 miles was constructed by the Savannah Construction Company under contract dated April 28, 1890, and 36 miles was constructed under the supervision of The Raleigh and Gaston Railroad Company. It could not be determined from the records reviewed whether or not the construction company was affiliated with The South Bound Railroad Company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[...]
 * HISTORY OF CORPORATE FINANCING

The Seaboard Air Line Belt Railroad Company was incorporated under the General Incorporation Act of Georgia on July 22, 1892. The company was merged into the Seaboard Air Line Railway November 7, 1901. There were no books of account available. Therefore, no information can be given from the accounts in connection with finances, corporate operations, aids, investments, or original cost. Annual reports were made to the commission for the fiscal years ended June 30, 1893, to 1900, inclusive, and from these reports certain information indicated below has been obtained.
 * SEABOARD AIR LINE BELT RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY

The Seaboard Air Line Belt Railroad Company owned on the date of merger, November 7, 1901, 8.1 miles of railroad extending from Belt Junction to Howells, Ga. This property was acquired by construction, which was commenced August 1, 1892, and completed and the road opened for operation November 23, 1892. The construction work was done principally by contractors, but full details thereof could not be obtained from the records available.

The property of the Seaboard Air Line Belt Railroad Company was leased to The Seaboard and Roanoke Railroad Company and The Raleigh and Gaston Railroad Company, for sole operation, for a period of 30 years under an agreement dated March 28, 1893, and it was operated by the lessees from November 23, 1892, to July 1, 1900. From July 1, 1900, to November 7, 1901, it was operated by the Seaboard Air Line Railway, through its control of the lessees, and the results from the operation of the property were included in the income account of the Seaboard Air Line Railway.

The capital stock and funded debt [...] No further details with reference thereto were available.

The Loganville and Lawrenceville Railroad of Georgia was incorporated March 30, 1898, under the General Railroad Incorporation Act of Georgia. There were no books of account available, therefore, no information can be given from the accounts in connection with finances, aids, corporate operations, investments, or original cost. The company owned on the date of sale 10.4 miles of single-track, standard-gage, steam railroad extending from Lawrenceville to Loganville, Ga.
 * THE LOGANVILLE AND LAWRENCEVILLE RAILROAD OF GEORGIA—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY

Under date of April 29, 1898, The Loganville and Lawrenceville Railroad of Georgia entered into an agreement with The Seaboard and Roanoke Railroad Company and The Raleigh and Gaston Railroad Company which provided, among other things, that The Loganville and Lawrenceville Railroad of Georgia would procure proper deeds to all rights of way and depot sites necessary, grade the road and prepare it for the rails and furnish the necessary crossties; that the entire capital stock of the company would be transferred to The Seaboard and Roanoke Railroad Company and The Raleigh and Gaston Railroad Company; and that the two companies last named would then completed and equip the railroad and operate the same. Under this agreement The Loganville and Lawrenceville Railroad of Georgia constructed 10.4 miles of road extending from Lawrenceville to Loganville, Ga. Construction was commenced June 1, 1898, and completed and the railroad opened for operation December 1, 1898.

The property of The Loganville and Lawrenceville Railroad of Georgia was leased to The Raleigh and Gaston Railroad Company and The Seaboard and Roanoke Railroad Company for exclusive operation during the term of its corporate existence, under an agreement dated November 11, 1898, and the railroad was operated under this lease from December 1, 1898, to July 1, 1900. From the latter date to February 27, 1902, it was operated by the Seaboard Air Line Railway through its control of the lessees. The results from the operation of the property during the latter period were included in the income account of the Seaboard Air Line Railway. The property, rights, franchises, etc., of The Loganville and Lawrenceville Railroad of Georgia were transferred to the Seaboard Air Line Railway by deed of conveyance dated February 27, 1902.

The company made reports to the commission for the fiscal years ended June 30, 1899, and 1900, and from these reports certain information has been obtained.

On November 7, 1901, there were outstanding 200 shares of common capital stock of a total par value of $20,000, of which 95 shares stood in the name of the Seaboard Air Line Railway and 95 shares in the name of the Continental Trust Company, trustee.

The balance in the investment in road and equipment account of The Loganville and Lawrenceville Railroad of Georgia on June 30, 1900, as stated in its report to the commission, was $48,090.88, all classified as road.

The Raleigh and Gaston Railroad Company was incorporated January 29, 1851, in the State of North Carolina. The available accounting records of The Raleigh and Gaston Railroad Company for the period October 1, 1851, to May 31, 1878, are incomplete and fragmentary, and for the period July 1, 1888, to November 7, 1901, the date of merger, no accounting records were obtained; therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information pertaining to the period July 1, 1888, to June 30, 1900, has been obtained from annual reports filed by the company with the commission, and certain information as of the date of merger with the Seaboard Air Line Railway has been taken from the books of the latter company, as pointed out hereinafter.
 * THE RALEIGH AND GASTON RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The Raleigh and Gaston Railroad Company was controlled on the date of merger by the Seaboard Air Line Railway through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company then controlled any other common-carrier corporation.

The property of The Raleigh and Gaston Railroad Company was operated by its own organization from October 1, 1851, and from the date each section was acquired for operation, to August 1, 1893. From that date to July 1, 1900, it was operated as a part of the Seaboard Air Line System, an unincorporated operating association, and from the latter date to date of merger it was operated by the Seaboard Air Line Railway.

The railroad owned by The Raleigh and Gaston Railroad Company on the date of merger amounted to 111.5 miles of single-track, standard-gage, steam railroad, all in the State of North Carolina. Its main line extended from Raleigh to Weldon, 96 miles, and its branch lines extended from Franklinton to Louisburg, 10 miles, from Roanoke Junction to Roanoke Rapids, 2.5 miles, from Thelma to a point north thereof, 2 miles, and a connection at Raleigh from Johnson Street to a connection with the North Carolina Railroad, 1 mile.

Of the 111.5 miles of road owned by The Raleigh and Gaston Railroad Company on the date of merger, it had acquired 84 miles from the Raleigh and Gaston Railroad Company, which it reconstructed, 10 miles from The Louisburg Railroad Company, and 17.5 miles by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[...] represented by these charges could not be ascertained.
 * HISTORY OF CORPORATE FINANCING

The Raleigh and Gaston Railroad Company was incorporated by a special act of the Legislature of North Carolina, ratified December 21, 1835. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of the Seaboard.
 * RALEIGH AND GASTON RAILROAD COMPANY—PREDECESSOR OF THE RALEIGH AND GASTON RAILROAD COMPANY

The company owned, on the date its property was sold, 84 miles of railroad extending from Raleigh to Gaston, N. C., all of which was acquired by construction. The construction of the railroad was commenced November 1, 1836, and completed May 10, 1840. From beginning of operation to January 1, 1846, the property of the company was operated under its own management. On December 29, 1845, the road was sold to the State of North Carolina, possession given January 1, 1846, and from that date until October 1, 1851, the State of North Carolina operated the railroad.

A special act of the Legislature of North Carolina, ratified January 7, 1839, authorized the endorsement of the public treasurer, on behalf of the State, on $500,000 6 per cent 20-year bonds, secured by a general mortgage to the State, and maturing after 1860, and provided that at any time within seven years the State could subscribe for $500,000 of capital stock, which subscription would cancel the mortgage. A special act of the Legislature of North Carolina, ratified January 12, 1841, authorized the endorsement of the public treasurer, on behalf of the State, on $300,000 6 per cent bonds, maturing serially from January 1, 1845, to January 1, 1856, and a personal bond of the solvent stockholders to the amount of $500,000 was required to be made to the State as additional security for the $500,000 bonds endorsed by the State under act of January 7, 1839.

On December 29, 1845, the Raleigh and Gaston Railroad Company was purchased by the State of North Carolina under foreclosure of the mortgages, and on October 1, 1851, the property was sold to The Raleigh and Gaston Railroad Company, which company was incorporated by a special act of the Legislature of North Carolina, ratified January 29, 1851, as successor to all the property and franchises of the Raleigh and Gaston Railroad Company.

The Louisburg Railroad Company was incorporated by a special act of the Legislature of North Carolina, ratified March 9, 1881. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated below were obtained from the records of the Seaboard.
 * THE LOUISBURG RAILROAD COMPANY—PREDECESSOR OF THE RALEIGH AND GASTON RAILROAD COMPANY

The Louisburg Railroad Company owned on the date its property was sold to The Raleigh and Gaston Railroad Company, August 7, 1901, 10 miles of railroad extending from Louisburg, N. C., to a connection with The Raleigh and Gaston Railroad Company at Franklinton, N. C., all acquired by construction, which was commenced in 1884, and completed, and the road opened for operation, July 20, 1885.

The property of the company was leased to The Raleigh and Gaston Railroad Company for sole operation for a period of 99 years by an agreement dated July 17, 1885, and from the close of construction, July 20, 1885, to July 1, 1900, it was operated by The Raleigh and Gaston Railroad Company under the terms of this lease. From July 1, 1900, to August 7, 1901, it was operated by the Seaboard Air Line Railway through its control of The Raleigh and Gaston Railroad Company, and the results of the operations were included in the income account of the Seaboard Air Line Railway.

The property, rights, and franchises of The Louisburg Railroad Company were transferred to The Raleigh and Gaston Railroad Company by deed of conveyance dated August 7, 1901.

The Chesterfield and Kershaw Railroad Company was incorporated December 24, 1889, by a special act of the Legislature of the State of South Carolina approved December 24, 1889. No accounting records of the company were obtained. Therefore, no information can be given from the accounts in connection with finances, corporate operations, aids, investments, or original cost. However, certain data given below were obtained from sources other than the accounting records, as pointed out hereinafter.
 * CHESTERFIELD AND KERSHAW RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY

The Chesterfield and Kershaw Railroad Company owned on the date of merger, November 7, 1901, 55 miles of railroad, all in South Carolina, extending from Cheraw to Camden. The property of the company was operated by its own organization from May 10, 1900, to June 30, 1900. From July 1, 1900, it was operated by the Seaboard Air Line Railway until the date of merger through its control of The Raleigh and Gaston Railroad Company, which company controlled the Chesterfield and Kershaw Railroad Company through ownership of stock.

The Chesterfield and Kershaw Railroad Company merged its property, rights, and franchises with those of the Seaboard Air Line Railway November 7, 1901.

The road owned by the Chesterfield and Kershaw Railroad Company on the date of merger had all been acquired by construction. The construction work was performed by The Raleigh and Gaston Railroad Company and was commenced in September, 1899. The road was completed and put in operation May 10, 1900.

The authorized capital stock [...]

The Carolina Central Railroad Company was incorporated June 25, 1880, in the State of North Carolina. The accounting records of the company were not obtained for the period prior to July 1, 1888. No entries were recorded in the available accounting records of the company after June 30, 1900, and its last annual report filed with the commission was for the year ended June 30, 1900. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments.
 * THE CAROLINA CENTRAL RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The Carolina Central Railroad Company was controlled on November 7, 1901, the date of merger, by the Seaboard Air Line Railway, through ownership of a majority of its capital stock. On the other hand, this company then controlled jointly with the Atlantic Coast Line Railroad Company through equal ownership of capital stock, the Wilmington Railway Bridge Company.

The property of this company was operated by its own organization from the date it acquired its original road to August 1, 1893. From that date it was operated as a part of the Seaboard Air Line System, an unincorporated operating association, to July 1, 1900, and from the latter date to date of merger, it was operated by the Seaboard Air Line Railway.

The railroad owned by The Carolina Central Railroad Company on the date of merger amounted to 272.1 miles of single-track, standard-gage, steam railroad, all in the State of North Carolina. Its main line extended in two sections from Wilmington to Hilton, 1.7 miles, and from Navassa to Rutherfordton, 264 miles, and its branch lines extended from Ellenboro to Caroleen and from Junction to Henrietta Mills, 6.4 miles.

Of the 272.1 miles of road owned by The Carolina Central Railroad Company on the date of merger, it had acquired 238.7 miles from The Carolina Central Railway Company, and 33.4 miles by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING

This company was incorporated February 6, 1887, in the States of North Carolina, South Carolina, and Georgia. The property of the company was conveyed to its successor on November 7, 1901, the date of merger, but the accounts of the company for the results of corporate operations were closed on June 30, 1900. From July 1, 1900, to date of merger, the results of operations were recorded in the books of the Seaboard Air Line Railway. The accounting data in this report, therefore, cover the period to June 30, 1900.
 * THE GEORGIA, CAROLINA AND NORTHERN RAILWAY COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The Georgia, Carolina and Northern Railway Company was controlled on the date of merger by the Seaboard Air Line Railway through ownership of a majority of the capital stock of The Seaboard and Roanoke Railroad Company and The Raleigh and Gaston Railroad Company, hereinafter referred to as the lessees, one of which owned a majority of the capital stock of The Georgia, Carolina and Northern Railway Company. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of The Georgia, Carolina and Northern Railway Company was operated by its own organization from October, 1888, to July 1, 1889. From that date to August 1, 1893, it was operated by the lessees, hereinbefore referred to, and from the latter date to July 1, 1900, it was operated as a part of the Seaboard Air Line System, an unincorporated operating association. From July 1, 1900, to date of merger, it was operated by the Seaboard Air Line Railway.

The railroad operated by the Seaboard Air Line Railway and owned by The Georgia, Carolina and Northern Railway Company on the date of merger amounted to 266 miles. It consisted of a single-track, standard-gage, steam railroad extending from Monroe, N. C., to Atlanta, Ga.

The entire 266 miles of road owned by The Georgia, Carolina and Northern Railway Company on the date of merger had been acquired by construction. It is not known whether the construction work was performed by the company's forces or by contract. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING

This company was incorporated February 2, 1887, in the State of North Carolina. No entries were made in the accounting records of the company subsequently to June 30, 1900. For that reason only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments.
 * DURHAM AND NORTHERN RAILWAY COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY
 * INTRODUCTORY

The Durham and Northern Railway Company was controlled on September 13, 1901, the date of sale, by the Seaboard Air Line Railway by virtue of stock ownership. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of the company was operated by its own organization from April 1, 1889, the date it was placed in operation, to August 1, 1893. From August 1, 1893, to July 1, 1900, it was operated as a part of the Seaboard Air Line System, an unincorporated operating association. From July 1, 1900, to date of sale, it was operated by the Seaboard Air Line Railway. The railroad owned by the Durham and Northern Railway Company consisted of 41.4 miles of single-track, standard-gage, steam railroad, extending from Durham to Henderson, N. C.

The owned mileage of the Durham and Northern Railway Company on the date of sale, 41.4 miles, was all acquired by construction. The construction was performed by contractors, none of whom appears to have been affiliated with the company. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * HISTORY OF CORPORATE FINANCING

This company was originally incorporated as the Chatham Railroad Company in the State of North Carolina on February 15, 1861. The name was changed on December 13, 1871. It was subsequently incorporated in the State of South Carolina on February 18, 1878. The accounting records of the company for the period from July 1, 1888, to June 30, 1900, were of a fragmentary nature and none were kept after June 30, 1900. For these reasons only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. Certain information indicated hereinafter pertaining to the period first mentioned has been taken from sources other than the accounting records of the company.
 * RALEIGH AND AUGUSTA AIR LINE RAILROAD COMPANY—PREDECESSOR OF THE SEABOARD AIR LINE RAILWAY, FORMERLY NAMED CHATHAM RAILROAD COMPANY
 * INTRODUCTORY

The Raleigh and Augusta Air Line Railroad Company was controlled on November 7, 1901, the date of merger, by the Seaboard Air Line Railway by virtue of stock ownership. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the dates acquired, to August 1, 1893. From that date to July 1, 1900, it was operated as a part of the Seaboard Air Line System, an unincorporated operating association. From the latter date, to date of merger, it was operated by the Seaboard Air Line Railway.

The property of the Palmetto Railway Company from Hamlet, N. C., to Cheraw, S. C., 18.3 miles, was operated in connection with the property of the Raleigh and Augusta Air Line Railroad Company from December 30, 1895, to date of merger, under a lease agreement.

The railroad owned by the Raleigh and Augusta Air Line Railroad Company was a single-track, standard-gage, steam railroad, located in North Carolina, aggregating 117.8 miles, and consisted of lines extending from Raleigh to Hamlet, Hamlet Junction to Gibson, and Moncure to Pittsboro.

Of the 117.8 miles of road owned by the compamy on the date of merger, it had acquired 11.2 miles from the Pittsboro Railroad Company and 106.6 miles by construction. The construction work was performed partly by company forces and partly by contractors. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

[...]
 * HISTORY OF CORPORATE FINANCING

This company was incorporated March 4, 1885, in the State of North Carolina. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from records of the Seaboard.
 * PITTSBORO RAILROAD COMPANY—PREDECESSOR OF THE RALEIGH AND AUGUSTA AIR LINE RAILROAD COMPANY

The records reviewed do not indicate whether the Pittsboro Railroad Company was controlled by any individual or corporation on December 9, 1899, the date of sale, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of the Pittsboro Railroad Company was operated under lease by the Raleigh and Augusta Air Line Railroad Company from the date it was completed to August 1, 1893. From that date, to date of sale, it was operated by the Seaboard Air Line System, an unincorporated operating association, subject to its lease to the Raleigh and Augusta Air Line Railroad Company, dated November 23, 1886.

The railroad owned by the company on the date of sale consisted of 11.2 miles of single-track, standard-gage, steam railroad extending from Moncure to Pittsboro, N. C., which had been acquired by construction prior to January 1, 1887. The records reviewed did not indicate whether the road was constructed under contract or by company forces. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Seaboard.

This company was a corporation of the States of North Carolina and of South Carolina. It was originally incorporated September 15, 1911, as the North and South Carolina Railway Company, but its name was changed on April 6, 1914, to Carolina, Atlantic & Western Railway, and changed again on November 8, 1915, to that shown above.
 * SEABOARD AIR LINE RAILWAY COMPANY (OF 1911)—PREDECESSOR OF THE SEABOARD, FORMERLY NAMED CAROLINA, ATLANTIC & WESTERN RAILWAY.—ORIGINALLY NAMED NORTH AND SOUTH CAROLINA RAILWAY COMPANY
 * INTRODUCTORY