Wikipedia:WikiProject Trains/ICC valuations/Georgia Southwestern and Gulf Railroad

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The Georgia Southwestern and Gulf Railroad Company, hereinafter called the carrier, owns no road or equipment, but operates, under conditions described in Appendix 2, the railroad property described below.

The railroad of the Albany and Northern Railway Company, which is operated by the carrier, is a single-track standard-gauge steam railroad, located in southwestern Georgia. The main line extends from Albany to Cordele, a distance of 35.020 miles, and the yard track and sidings aggregate 4.454 miles. Its wholly owned road thus embraces 39.474 miles of all tracks.

APPENDIX 2

INTRODUCTORY

The carrier is a corporation of the State of Georgia, having its principal office at Albany, Ga. On February 14, 1910, it acquired all of the capital stock of the Albany and Northern Railway Company and since February 15, 1910, has operated the property of the latter company under a claim of ownership. Although the property has not been formally conveyed by deed to the carrier, the directors of the Albany and Northern Railway Company, by resolution of March 7, 1910, approved the sale of the capital stock and acknowledged that the carrier was the sole owner of all rights, privileges, and properties of the Albany and Northern Railway Company. The accounting by the carrier since February 15, 1910, for the results of corporate operations and for additions and betterments to the property has been performed as though it were the owner of the property; however, the property has been inventoried to the Albany and Northern Railway Company as owner.

The carrier states in its annual reports to us that the voting power for all of its stock of $40,500 par value is vested in the holders of registered stock which consists of 16 shares issued to and held by its directors. The carrier controls, further, jointly with other companies, through ownership of capital stock to the extent indicated, the following-named common-carrier corporation, which operates its own property.

Albany Passenger Terminal Company 20 Atlantic Coast Line Railroad Company. Central of Georgia Railway Company. The Georgia Northern Railway Company. Seaboard Air Line Railway Company.

The property operated by the carrier has been operated by its own organization from the date it acquired possession thereof to date of valuation.

CORPORATE HISTORY

The carrier was incorporated July 24, 1906, under the general laws of the State of Georgia, for the purpose of constructing and operating a railroad from Dawson and Albany, Ga., to some point on the Gulf of Mexico. The date of organization was September 26, 1906. On February 14, 1910, the carrier purchased the entire capital stock of the Albany and Northern Railway Company and since February 15, 1910, has operated the property under the claim of ownership, as previously explained.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The carrier owns no common-carrier property except the working capital required in its operations.

HISTORY OF CORPORATE FINANCING