Wikipedia:WikiProject Trains/ICC valuations/Union and Glenn Springs Railroad

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The railroad of the Union & Glenn Springs Railroad, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in northwestern South Carolina. The main line extends northwesterly from Pride to Buffalo, a distance of 19.356 miles. The carrier also owns 2.303 miles of yard tracks and sidings. Its road thus embraces 21.659 miles of all tracks wholly owned and used. In addition, it jointly owns and uses with another carrier 0.423 undivided mile of yard tracks and sidings, its portion thereof, based on ownership, being 0.212 mile. Its traffic consists largely of cotton or cotton products, and one of the principal industries served is the Union-Buffalo Mills Company which controls the railroad.

CORPORATE HISTORY

The carrier was incorporated March 1, 1899, under special act of the State of South Carolina, for the purpose of constructing and operating a railroad from Pride to Glenn Springs, S. C., a distance of about 32 miles. The date of organization of the carrier was March 1, 1899. In fact, the railroad never attempted to build west to Glenn Springs, a resort hotel. In 1904 the first trip of this ELECTRIC CAR TROLLEY line was made in February of 1904. A woman, who was trespassing on a trestle over Buffalo Creek was killed as the initial trip started back to Union from Buffalo. Electric car service ended about a year later, as the line purchased a steam locomotive and two cars. Extending the line south and east to an interchange with Seaboard Air Line was later to become "Pride". In 1922, the new name Buffalo, Union-Carolina was a much more accurate name. A book, Busted Until Christmas by Daniel O'Shields and Robert Grady goes into much more detail of the B,U-C Railroad.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, 19.356 miles, was all constructed for it by T. C. Duncan, then its president, during the period from the year 1900 to July 1, 1905. There is a difference of 0.156 mile between the mileage recorded by the carrier, 19.20 miles, and the mileage, 19.356 miles, inventoried as of date of valuation.

HISTORY OF CORPORATE FINANCING