Wikipedia:WikiProject Trains/ICC valuations/North Carolina Railroad

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NORTH CAROLINA RAILROAD

INTRODUCTORY

The North Carolina Railroad is a corporation of the State of North Carolina. Its principal office is located in Burlington, N. C. On date of valuation this company was controlled by the State of North Carolina, through ownership of a majority of its outstanding capital stock. Operation of the North Carolina Railroad's road was performed from January 30, 1856, to September 10, 1871, by its own organization; from September 11, 1871, to June 30, 1894, by the Richmond and Danville Railroad Company and its receiver, and from July 1, 1894, to date of valuation, by the Southern. The available accounting records of the North Carolina Railroad are incomplete and fragmentary, for which reason only partial information can be given from the accounts in connection with the finances, operations, investments, or original cost.

CORPORATE HISTORY

The North Carolina Railroad was incorporated January 27, 1849, by special act of North Carolina, with the purpose of effecting railroad communication between the Wilmington and Raleigh Rail Road and the town of Charlotte, N. C. The date of organization was July 11, 1850. The act incorporating the North Carolina Railroad was amended by acts approved February 14, 1855, February 2, 1857, March 7, 1891, and December 25, 1852.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire 223.548 miles of road owned by the North Carolina Railroad on date of valuation, was acquired through construction. Approximately 130 miles extending from Goldsboro to Greensboro, N. C., was opened for operation on December 13, 1855, and approximately 94 miles, extending from Greensboro to Charlotte, N. C., on January 30, 1856. The work of construction was performed by various contractors, practically all of whom were stockholders of the North Carolina Railroad.