Wikipedia:WikiProject Trains/ICC valuations/Collins and Glennville Railroad

The railroad of the Collins & Glennville Railroad Company, hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located in southeastern Georgia, and extending in a general southerly direction from Collins to Glennville, a distance of 23.039 miles. The carrier also owns 2.943 miles of yard tracks and sidings. Its road thus embraces 25.982 miles of all tracks owned and used.

APPENDIX 2

INTRODUCTORY

The carrier is a Georgia corporation, having its principal office at Glennville, Ga.

No general accounting records were maintained by the carrier prior to 1926. Records for the period February 5, 1921, to December 31, 1925, were in memorandum form only, consisting of cash books, checks, etc. During the early part of 1926 an audit was made by the Bureau of Accounts and books of account were opened for the carrier as of January 1, 1926. The carrier has made annual reports to this Commission for the period February 7 to December 31, 1921, and for subsequent years to date of valuation. The information given in these reports has been used to supplement the accounting records. The carrier is not controlled by any individual or corporation, and does not control any common-carrier corporation.

Although the carrier was not incorporated until June 23, 1921, and did not acquire legal title to the property until January 22, 1922, its operations cover the period from February 7, 1921, to date of valuation. During the period February 7, 1921, to date of incorporation, the property was in the hands of a group of individuals, hereinafter referred to, for convenience, as the purchasing committee, who purchased the property after receiver's sale and subsequently organized the carrier, and from date of incorporation to date of valuation it was operated by its own organization.

CORPORATE HISTORY

The carrier was incorporated June 23, 1921, under general laws of Georgia, for the purpose of constructing, equipping, maintaining, and operating a railroad in Tatnall County, Ga., extending in a southerly direction from Collins, via Reidsville and Mendes, to Glennville, The date of organization was July 22, 1921.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road owned by the carrier was all acquired by purchase. It was formerly a part of the railroad of the Georgia Coast and Piedmont Railroad Company that extended from Collins to Brunswick, Ga., about 98 miles. This property was sold at foreclosure November 10, 1919, after receivership begun July 14, 1916, to a bondholders' committee and on June 11, 1920, that part of the road between Collins and Ludowici about 41 miles, was conveyed to J. V. Kelley by special master's deed, confirmed by deed executed by the Georgia Coast and Piedmont Railroad Company in September 1920. After a period of operation by J. V. Kelley, as a receiver and/or as an individual, under the name of Collins & Ludowici Railroad, the 41 miles of road was sold at foreclosure January 7, 1921, to Louis H. Metzger and Richard K. Popin, who assigned their bid as to the northern portion of the road, extending from Collins to Glennville, about 23 miles, and certain rolling stock and personal property, to J. D. Bradley, W. A. Dubberly, and C. H. Purvis, referred to in the introductory chapter as the purchasing committee. By court decree of February 5, 1921, the sale of that portion of the road, together with the rolling stock, tools, and other personal property, except one passenger car, to the purchasing committee was confirmed and ordered. This court decree also stipulated that when the southern portion of the road from Glennville to Ludowici should have been dismantled, the right-of-way for such southern portion of the road, together with the telephone line and trestles along the right-of-way and the depot building at Donald, Ga., should become the property of the purchasing committee. J. V. Kelley conveyed the properties above described, by deeds dated January 21, 1922, and December 18, 1923, respectively, to the purchasing committee, who assigned the deeds to the carrier on January 22, 1922, and May 1, 1926, respectively.

Of the 23 miles of road thus acquired, 6.78 miles had been constructed in 1895-96 by the Collins and Reidsville Railroad Company, and 15.68 miles had been constructed in 1904-05 by the Reidsville and Southeastern Railroad Company, predecessors of the Georgia Coast and Piedmont Railroad Company; and 0.54 mile had been constructed about 1906 by the latter. The recorded mileage is 23 miles; the inventoried mileage 23.039.

HISTORY OF CORPORATE FINANCING