Wikipedia:WikiProject Trains/ICC valuations/Virginian Railway

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A predecessor of the Virginian, The Deepwater Railway Company, incorporated under the general laws of West Virginia on January 25, 1898, had acquired by purchase from the Loop Creek Estate 4 miles of railroad in operation between Deepwater and Robson, W. Va.

The railroad of The Virginian Railway Company, herein called the Virginian, is a partly double-track, standard-gauge, steam railroad, located in the States of Virginia and West Virginia. The owned main line extends in a general westerly direction from Boush Creek, near Sewall's Point, Va., across the State of Virginia, and thence northerly to Deepwater, W. Va., a distance of 442 miles. In addition, it owns several small single-track branch lines, constructed to reach vaious coal operations in the State of West Virginia, and leases the entire property of The Virginian Terminal Railway Company, as hereinafter described. The following is a summary of the mileage owned and used by the carrier for common-carrier purposes:

Corporate history.—The carrier was incorporated on February 20, 1904, under the general laws of Virginia, as the Tidewater Railway Company. On March 8, 1907, by charter amendment, its corporate title was changed to the present designation. It is controlled by the Farmers Loan and Trust Company, of New York, through trusteeship of about 92 per cent of the common and 94 per cent of the preferred stock.

The West Virginia end of the Virginian's system was originally incorporated as The Deepwater Railway Company, whose franchises and property were acquired by the carrier on April 22, 1907. At that time the Deepwater Railway Company owned 4 miles of completed railroad from Deepwater to Robson, both in West Virginia, and had under construction about 107 miles of road extending from Robson to the Virginia-West Virginia State line. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property owned by the Virginian on date of valuation was acquired as follows:

By purchase Apr. 22, 1907, of the property, rights, and franchises of the Deepwater Railway, whose road extended from Robson to Deepwater, W. Va. 4.000

By construction:

Boush Creek, Va., to Robson, W. Va., July 1, 1909 436.860

Glen White Junction to track of E. E. White Coal Company, February, 1909 1.950

Mullins to Pemberton, W. Va., January, 1910 24.050

Loop Junction to Winding Gulf, W. Va., Oct. 31, 1913 2.170

Allen to Wyco, W. Va., January, 1915 1.120

Junction of Stone Coal to Amigo, W. Va., December, 1915 1.090

Total 467.240

Total owned, as recorded by the Virginian 471.240

Total owned, as shown by our inventory 470.186

Difference 1.054

HISTORY OF CORPORATE FINANCING