Wikipedia:WikiProject Trains/ICC valuations/Transylvania Railroad

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The railroad of Transylvania Railroad Company, herein called the Transylvania Railroad, is a single-track road wholly within the State of North Carolina and extends from a connection with Southern Railway—Carolina Division at Hendersonville to Lake Toxaway, 41.936 miles. In addition to this amount of first main track this company owns 7.619 miles of yard and side tracks, a total of 49.555 miles of all tracks.

CORPORATE HISTORY

The Transylvania Railroad was incorporated on or about April 12, 1899, under a general law of the State of North Carolina, to construct and operate a railroad from Hendersonville, Henderson County, N. C., to a point on the French Broad River in Eastatoe Township, Transylvania County, N. C. The date of organization was April 12, 1899.

The Transylvania Railroad acquired part of its property from The Hendersonville and Brevard Railway, Telegraph and Telephone Company, which company was incorporated by an act of North Carolina, ratified March 6, 1891. Its property was sold under foreclosure on September 23, 1897, after a receivership which had begun on December 23, 1896, to trustees who delivered the same to the organizers of the Transylvania Railroad under a deed dated March 22, 1899. The property was conveyed to the Transylvania Railroad by deed from the purchasers dated April 29, 1899.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Of the 41.936 miles of road owned by the Transylvania Railroad, on date of valuation, it acquired approximately 22 miles on April 1, 1899, by purchase from The Hendersonville and Brevard Railway, Telegraph and Telephone Company. The line so acquired extends from Hendersonville to Brevard, N. C. It was opened for operation on October 25, 1895.

In addition to the line acquired by purchase the Transylvania Railroad constructed 9 miles of road between Brevard and Toxaway, N. C., open for operation on September 1, 1900, and 11 miles, between Toxaway and Lake Toxaway, N. C., open for operation in December, 1903. The lines so constructed, aggregating approximately 20 miles, were built for the Transylvania Railroad by J. R. Oats, a nonaffiliated contractor.

HISTORY OF CORPORATE FINANCING