Wikipedia:WikiProject Trains/ICC valuations/Lancaster and Chester Railway

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The railroad of the Lancaster and Chester Railway Company, herein called the carrier, is a single-track, standard-gauge, steam railroad, located in northern South Carolina. The main line extends easterly from Chester to Lancaster, a distance of 28.905 miles. The carrier also owns 3.830 miles of yard tracks and sidings. Its road thus embraces 32.735 miles of all tracks owned and used. During July, 1916, 0.392 mile of main track, including a steel bridge and trestle approaches over the Catawba River, east of Fort Lawn, was washed out and had not been restored at date of valuation. While the mileage shown above is continuous from Lancaster to Chester, our reproduction estimates hereinafter shown do not include any costs for that portion of the destroyed road, since such property, when restored, will be reported under our valuation order No. 3, additions and betterments.

CORPORATE HISTORY

The carrier was incorporated June 17, 1896, under the general laws of the State of South Carolina, for the purpose of acquiring the franchises of the Cheraw and Chester Railroad Company, which was done. The latter company was incorporated February 27, 1873, under the general laws of the State of South Carolina. Its property, rights, and franchises were sold at foreclosure on June 1, 1896, after receivership begun July 1, 1893, and were conveyed to the carrier by deed dated June 20, 1896. The date of organization of the carrier was June 20, 1896.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, 28.905 miles, was acquired by purchase after foreclosure proceedings from the Cheraw and Chester. It was constructed by that company during the period from about 1873 to 1879. The road acquired by the carrier was narrow gauge, but was changed to standard gauge in 1902. There is a difference of 0.015 mile between the mileage recorded by this company, 28.92 miles, and the 28.905 miles inventoried as of date of valuation.

HISTORY OF CORPORATE FINANCING