Wikipedia:WikiProject Trains/ICC valuations/Gainesville Midland Railway

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Corporate history.—The carrier is the successor of two earlier corporations, namely, Gainesville, Jefferson & Southern Railroad, hereinafter called the Gainesville, and Walton Railroad Company, hereinafter called the Walton. The Gainesville was incorporated by special act of the Georgia Legislature, August 23, 1872. It opened for operation in 1883 and 1884 the major part of the proprety already described, and, in the latter year, consolidated with the Walton,

WALTON RAILROAD COMPANY (THE WALTON)

CORPORATE HISTORY

The Walton was incorporated by special act of the General Assembly of Georgia, approved August 27, 1872, and amended February 21, 1873, and September 28, 1881, to construct and operate a railroad from Monroe to Social Circle, a distance of about 10 miles. On March 11, 1884, the Walton was absorbed by the Gainesville and ceased to exist.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The Walton opened for operation on September 1, 1880, 10 miles of road between Monroe and Social Circle. On March 11, 1884, this road was conveyed to the Gainesville in consideration of the exchange of stock and the assumption of the Walton's long-term debt, as related below. In the reorganization of the Gainesville as the present carrier in 1904 this property was detached and independently reorganized, as related below.

HISTORY OF CORPORATE FINANCING, CAPITAL STOCK, AND LONG-TERM DEBT

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GAINESVILLE, JEFFERSON AND SOUTHERN RAILROAD (THE GAINESVILLE)

CORPORATE HISTORY

The Gainesville was incorporated by special act of the General Assembly of Georgia, August 23, 1872, to construct a railroad from Gainesville through Jefferson to a point on the Georgia, all within the State of Georgia. By amendatory acts of August 3 and 4, 1881, authority was grunted to mortgage the property and consolidate with connecting lines. Under this authority the Gainesville, on March 11, 1884, absorbed the Walton. On March 4, 1897, the Gainesville went into receivership and, on July 5, 1904, its property was sold at foreclosure. The enterprise was thereupon reorganized under the present carrier corporation, except for the Walton property, which was detached and separately reorganized as Monroe Railroad Company. The control of the Gainesville was held, through ownership of securities, by Louisville and Nashville Railroad Company and Atlantic Coast Line Railroad Company, combined as the lessee organization of the Georgia.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The Gainesville constructed with its own forces and opened for operation on June 1, 1883, the following narrow-gauge property:

Main line from Gainesville to Jefferson 20.00

Branch from Belmont to Hoschton 8.00

The controlling interests, under a contract of March 31, 1883, constructed for the Gainesville and opened for operation March 11, 1884, an extension of the branch from its terminus at Hoschton onward to Monroe 26.22

Total constructed mileage 54.22

On the same date as that of the opening of the extension to Monroe the Gainesville acquired the property of the Walton, thereby further extending its branch from Monroe to Social Circle, a distance of 10 miles, and increasing its total mileage to 64.22 miles.

At the close of the receivership, begun in 1897, the Gainesville's property was sold at foreclosure on July 5, 1904. The 10 miles acquired from the Walton were detached and independently organized as Monroe Railroad Company. The other 54.22 miles passed to the present carrier at Its organization on August 1, 1904.

HISTORY OF CORPORATE FINANCING, CAPITAL STOCK, AND LONG-TERM DEBT

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GAINESVILLE MIDLAND RAILWAY (THE CARRIER)

CORPORATE HISTORY

The carrier was incorporated August 1, 1904, under the general laws of Georgia, for 101 years, with right of succession, to acquire and operate the property, rights, and franchises of the Gainesville and to extend that property.

The control of the carrier is vested in George J. Baldwin, William W. Mackall, and Allen Bond, who were voting trustees under an agreement with Savannah Trust Company, trustee for holders of 2,491 shares of the carrier's stock, and Gainesville and Athens Construction Company, herein designated the construction company, which originally owned 3,000 shares of stock, but surrendered 92 shares, as elsewhere related. The construction company, which extended and improved the property originally purchased by the carrier, was organized and officered by the principal incorporators and officials of the carrier.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The carrier acquired at its organization some 54 miles of narrow-gauge railroad of the defunct Gainesville. This comprised a main line from Gainesville to Jefferson and a branch from Belmont, on this main line, to Monroe. The main line was subsequently extended, at standard gauge, from Jefferson to Fowler Junction, a distance of 16.28 miles; the gauge was widened between Gainesville and Jefferson; and certain improvements were made at Gainesville, all by the construction company. The carrier itself widened the gauge on the branch from Belmont to Monroe and built another small branch of 1.75 miles from Gainesville to New Holland. This made a total road mileage on valuation date of 72.18 miles.

HISTORY OF CORPORATE FINANCING, CAPITAL STOCK, AND LONG-TERM DEBT

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