Wikipedia:WikiProject Trains/ICC valuations/Wellington and Powellsville Railroad

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The railroad of the Wellington & Powellsville Railroad Company, hereinafter called the carrier, is a single-track narrow-gauge steam railroad, located in northeastern North Carolina. The main line extends southerly from Ahoskie to Windsor, a distance of 21.548 miles. The company also owns 2.831 miles of yard tracks and sidings. Its road thus embraces 24.379 miles of all tracks owned and used. The carrier also owns and operates a steamboat on the Cashie River between Windsor and Plymouth, N. C., a distance of about 30 miles by water.

The records reviewed do not indicate the manner in which the property of this company was operated during the period prior to April 1, 1903. From the latter date to date of valuation, the property has been operated by its own organization.

CORPORATE HISTORY

The carrier was incorporated October 25, 1893, under the general laws of the State of North Carolina, for the purpose of constructing and operating a railroad from Wellington to Powellsville, N. C., with certain lateral branches not exceeding 10 miles. The date of organization of the carrier has not been determined.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The railroad owned by the carrier, approximately 22 miles in length, extending from Windsor to Ahoskie, N. C., was all acquired by construction during 1897 and 1898. In addition to the present road owned, the carrier constructed, during the period 1894 to 1898, about 16 miles of road between Wellington and Powellsville, all of which was abandoned about 1898. The records reviewed do not indicate whether the property of the carrier was constructed by its own forces or by contract.

HISTORY OF CORPORATE FINANCING