Wikipedia:WikiProject Trains/ICC valuations/Atlanta, Birmingham and Atlantic Railroad

Interstate Commerce Commission, Valuation Reports, Volume 75

Atlanta, Birmingham and Atlantic Railroad

Location and General Description of Property

The property of this company is located in the States of Georgia and Alabama. The main stem of the Atlanta, Birmingham & Atlantic Railroad Company, hereinafter called the carrier, which is of standard gauge, extends from Brunswick, Ga., to Reader's Gap, a short distance southeast of Bessemer, Ala., a distance of about 444 miles. It owns branch lines also of standard gauge in the State of Georgia, extending from Manchester to Atlanta, a distance of about 75 miles; Fitzgerald to Thomasville, 80.373 miles; Sessoms to Waycross, about 25 miles; and Ocilla to Irwinville, 9.742 miles. In all it owns and operates 623.813 miles of main track, 1.55 miles of second main track, 161.428 miles of yard track and sidings, making a total of 786.791 miles. The branch line extending from Ocilla to Irwinville, consisting of 9.742 miles of main track and 1.001 miles of yard track and sidings, owned by the carrier, is leased to the Ocilla Southern Railroad Company, which operates it.

The carrier leases and operates the property of the Georgia Terminal Company at Atlanta, Ga., consisting of 13.472 miles of main track and sidings. It also leases the property of the Alabama Terminal Railroad Company at Birmingham, Ala., consisting of 44.014 miles of track and sidings. Of this property, that extending from Mulga Junction to Mulga, Ala., constituting 18.526 miles, including sidings, is subleased to the Woodward Iron Company, the carrier having reserved trackage rights over it, actually using, however, but 2.532 miles jointly with the sublessee.

Introductory

The carrier was a Georgia corporation having its principal offices in Atlanta, Ga. At the date of valuation, June 30, 1914, the property, which was being operated by a receiver, consisted of about 633.55 miles of railway, extending from Brunswick, Ga., to Reader's Gap, Ala., with branches in the State of Georgia from Manchester to Atlanta, from Fitzgerald to Thomasville, from Sessoms to Waycross, and from Ocilla to Irwinville. Of the owned mileage 623.8 miles were being operated by the receiver for the carrier and 9.75 miles under lease were being operated by the Ocilla Southern Railroad. In addition to operating 623.8 miles of the carrier the receiver was operating the properties of the Georgia Company and the Alabama Company, both of which were leased to the Atlanta Company. The mileages of these companies were 2.4 and 26.8, respectively. Of the latter mileage, 14.1 miles were sublet to the Woodward Iron Company. The property of the Alabama Northern Railway Company, 7.1 miles, was operated for the owner by virtue of an agreement to purchase, and 2.82 miles of the property of other carriers were used under trackage rights. The aggregate of the mileage operated by the receiver for the carrier was about 642 miles.

The principal promoters of this railroad were H. M. Atkinson, P. S. Arkwright, and G. D. Wadley, capitalists of Atlanta, Ga., who had associated with them several Boston capitalists. Shortly after the carrier was organized with W. B. Stovall and S. J. Bradley, employees of H. M. Atkinson, as president and secretary, respectively, there was organized the Atlantic & Birmingham Construction Company, hereinafter styled the construction company. This latter company was incorporated by R. E. Cullinane, W. B. Stovall, S. J. Bradley, and T. M. Fiske for the purpose of carrying on a general construction and development business. Its organization was completed by electing H. M. Atkinson, president; P. S. Arkwright, vice president and general manager; J. A. Parker, treasurer; and R. E. Cullinane, secretary. A contract was then executed between the construction company and the carrier for the construction of a line of railroad between Montezuma, Ga., and a point near Birmingham, Ala. The contract was signed by H. M. Atkinson and W. B. Stovall, presidents of the respective companies.

The purposes of the construction company were not confined alone to the construction of the railroad but contemplated the construction of large terminals in Atlanta, Ga., and Birmingham, Ala. It also made investments in the stock of the Brunswick Steamship Company and the Birmingham Coal & Iron Company.

The promoters of the railroad planned to acquire the line of railroad extending from Brunswick, Ga., to Montezuma, Ga., known as the Atlantic & Birmingham Railway Company, consisting of about 313.5 miles; to build thereto an extension from Montezuma, Ga., into Birmingham, Ala., and Atlanta, Ga.; to construct terminals at the two latter points; and to establish lines of steamers between Brunswick, Ga., and New York and Boston. In partial fulfillment of these plans, the Atlantic & Birmingham Railway Company was acquired and that line was extended from Montezuma to Reader's Gap, near Birmingham, Ala., and to Atlanta, Ga., and the two terminals were constructed.

The construction company also acquired an interest in the Brunswick Steamship Company as well as an interest in the Birmingham Coal & Iron Company. The entire capital stock of both companies was owned by the construction company. Financial difficulties were encountered by the construction company and the stock interests held in these two companies passed into other hands. By reason of this combination of circumstances the carrier has never enjoyed the through traffic intended for it, and in consequence has been largely dependent upon local offerings of traffic for its revenues.

Included in the property owned by the carrier is that of the predecessor companies referred to below:

1. Eastern Railway of Alabama.
2. Atlantic & Birmingham Railway Company.
3. Atlantic & Birmingham Railroad—Waycross Air Line.
4. Tifton & Northeastern Railroad.
5. Tifton, Thomasville & Gulf Railway.
6. Brunswick & Birmingham Railroad.
7. Offerman & Western Railroad.
8. Ocilla & Irwinville Railroad.

For Nos. 1, 4, 6, 7, and 8 no records at all were available, and for the remainder the records were in more or less fragmentary shape, thus precluding the possibility of ascertaining accurately the original cost to date of the property of the carrier.

Corporate History

The carrier was chartered on April 19, 1905, under the general laws of the State of Georgia, for the purpose of constructing and operating a line of railroad from Montezuma, Ga., to Birmingham, and from Atlanta to a connection with the Montezuma-Birmingham line. The charter was amended on April 19, 1906, and August 30, 1906, to authorize additional construction. Other amendments permitting increases in the capital stock of the corporation were made on April 25 and June 30, 1906, and on June 8, 1907. The property was placed in the hands of receivers on January 1, 1909, and their jurisdiction was extended the following month to include the Alabama Company and the Georgia Company, the properties of both of which were controlled and operated by the carrier under lease. A foreclosure sale was had on June 5, 1914, but the successful bidders were not able to consummate the purchase, and accordingly the receiverships were continued.

Development of Fixed Physical Property

The mileage owned at the date of valuation was acquired as follows:

	Miles
By merger and purchase.	about 311.15
By construction.	about 322.10
Total.	633.25

Lines Purchased

On April 12, 1906, the carrier made an agreement of merger and purchase with the Atlantic & Birmingham Railway Company which became effective on May 1, 1906, whereby the lines of that company then in operation became the property of the carrier:

	Miles
Between Brunswick, Ga., and Montezuma, Ga.	about 196.55
Between Sessoms, Ga., and Waycross, Ga.	about 25.40
Between Fitzgerald, Ga., and Thomasville, Ga.	about 80.80
Between Ocilla, Ga., and Irwinville, Ga.	about 10.75
Total.	313.50

Some reductions in this mileage resulted from subsequent rearrangements of these lines so that at the time of this valuation the mileage of the lines east of Montezuma, Ga., stood at about 311.5 miles.

Lines Constructed

The contract of May 19, 1905, with the construction company provided for the construction of a single-track line of railroad extending from Montezuma, Ga., the terminus of the Atlantic & Birmingham Railway Company, to a point near Birmingham, Ala., a distance of about 246 miles, more or less. This contract was amended in March, 1906, so as to provide for the construction of a single-track railroad extending from Warm Springs, Ga., to Atlanta, Ga., a distance of about 75 miles. Under these contracts the construction company agreed to transfer and convey to the carrier all of the rights, privileges, and agreements obtained for portions of right of way and for terminals; to procure at its own cost and expense for and in the name of the carrier the right of way and lands for stations, except in Birmingham, Ala., and Atlanta, Ga.; and to build and complete, but not equip, the said railroad in agreement with the plans and specifications of the carrier; to do all engineering work except the preliminary survey; and to furnish all legal service, and pay all court costs, covering the procuring of rights of way and other suits and actions.

A number of additional contracts were entered into providing for an extension of the construction program, which included the building and equipping of shops at Fitzgerald, Ga., the improvement of the water-front terminals at Brunswick, Ga., the widening of the embankments and the installation of additional facilities on the new line, the acquisition of equipment, the acquisition of the stock of the terminal companies and other things. Included in the mileage conveyed to the carrier under the terms of this contract was that of the Eastern Railway of Alabama, extending from Pyriton, Ala., to Stockdale, Ala., a distance of 19.8 miles. This property was purchased and reconstructed by the construction company and turned over to the carrier as part of the line embraced in the completed mileage delivered. Sections of the lines thus built were turned over to the carrier for operation as follows:

Line	Date of beginning of operation.	Approximate mileage.
Montezuma, Ga., to Talbotton, Ga.	Feb. 18, 1906	43.90
Talbotton, Ga., to LaGrange, Ga.	Mar. 3, 1907	48.70
LaGrange, Ga., to Roanoke, Ala.	Aug. 4, 1907	24.30
Roanoke, Ala., to Wadley, Ala.	Sept. 8, 1907	14.10
Wadley, Ala., to Talladega, Ala.	Dec. 22, 1907	53.00
Talladega, Ala., to Pelham, Ala.	Sept. 6, 1908	49.40
Pelham, Ala., to Reader's Gap, Ala.	July 1, 1910	13.00
Total mileage Montezuma, Ga., to Reader's Gap. Ala.	......	246.40
Manchester, Ga., to Atlanta, Ga.	1Apr. 14, 1908	75.70
Total.	2June 21, 1908	322.10

¹ For freight traffic.

² For passenger traffic.

Mileage Leased From Others For Sole Operation

	[Mileage subtotal]	Miles
Georgia Company, Howells, Ga., to Atlanta, Ga.		2.40
Alabama Company, Reader's Gap, Ala., to Birmingham, Ala.	26.80
Less mileage between Mulga Junction and Mulga, covered by the lease, sublet to the Woodward Iron Company.	14.10
		12.70
Total.		15.10

Jointly used property.— The carrier uses jointly the facilities of other common carriers as follows:

At Cordele, Ga., Georgia Southern & Florida Railway and Seaboard Air Line Railroad's passenger station.

At Waycross, Ga., Atlantic Coast Line passenger station and certain tracks about 1,000 feet in length of Atlantic Coast Line, in connection with this station.

At Atlanta, Ga., Atlanta Terminal Company passenger station and 1.65 miles of Southern Railway tracks.

At Birmingham, Ala., Louisville & Nashville Railroad passenger station and 1,840 feet of Louisville & Nashville Railroad track in connection therewith.

Leased Railway Property

The accompanying table covers situation on valuation date with respect to property of other companies leased to the carrier and property of the carrier leased to other companies.

Jointly used property.—The carrier owns or holds under lease, and uses jointly with other common carriers, railroad tracks and facilities as follows:

The carrier used under lease jointly with the Woodward Iron Company 2.2 miles of main track and 2.532 miles of all track extending from Bessemer to Aglum Yard, Ala., the property of the Alabama Company. The details with regard to the reproduction costs, land costs, and values of this property will be found in the valuation of that company, infra.

Between Bessemer and Mulga Junction, Ala., main-line tracks with the Birmingham Southern Railroad Company.

Between Kingwood and Moultrie, Ala., main-line tracks with Georgia & Florida Railway Company.

At Talladega, Ala., connecting tracks with the Southern Railway Company.

At Brunswick, Ga., connecting tracks and industrial tracks with Georgia Coast & Piedmont Railway Company.

Property of other companies used by carrier on June 30, 1914.

Owner	Description of property used	Location of property used	Mileage	Use	Rental for fiscal year ended June 30, 1914
Alabama Company.	All terminal facilities.	Reader's Gap, Ala., to Birmingham, Ala.	26.80	Sole.	1 $272,250.00
Georgia Company.	do.	Atlanta, Ga.	2.40	do.	225,000.00
Louisville & Nashville Railroad Company.	Tracks and station.	Birmingham, Ala.	.50	Joint.	1,462.02
Southern Railway Company.	Tracks.	Atlanta, Ga.	1.72	do.	3,399.88
Atlantic Coast Line Railroad Company.	Tracks and station.	Waycross, Ga.	.60	do.	1,223.56
Atlanta Terminal Company.	Station.	Atlanta, Ga.	---	do.	1,879.88
Georgia Southern & Florida Railway Company and Seaboard Air Line Railway.	do.	Cordele, Ga.	---	do.	123.11

¹14.10 miles of this property sublet to Woodward Iron Company for operation at rental of $10,000 per annum.

Property of carrier used by other companies on June 30, 1914.

Used by	Description of property used	Location of property used	Mileage	Use	Rental for fiscal year ended June 30, 1914
Ocilla Southern Railroad Company.	Entire branch.	Ocilla to Irwinville, Ga.	10.75	Sole.	$600.00
Birmingham Southern Railroad Company.	Main-line tracks.	Bessemer to Mulga Junction, Ala.	---	Joint.	2,747.37
Georgia & Florida Railway Company.	do.	Kingwood to Moultrie, Ga.	2	do.	1,500.00
Southern Railway Company.	Connecting tracks.	Talladega, Ala.	---	do.	175.39
Georgia Coast & Piedmont Railway Company.	do.	Brunswick, Ga.	---	do.	191.04
Atlantic Coast Line Railroad Company.	do.	Tifton, Ga.	---	do.	72.72
Georgia Southern & Florida Railway Company.	do.	do.	---	do.	65.05
Central of Georgia Railway Company.	Connecting tracks and water station.	Oglethorpe, Ga.	---	do.	140.90

At Tifton, Ga., connecting tracks to compress with Atlantic Coast Line Railroad Company.

At Tifton, Ga., connecting tracks with Georgia Southern & Florida Railway Company.

At Oglethorpe, Ga., connecting tracks and water stations with Central of Georgia Railway Company.

At Brunswick, Ga., right of way for spur track with Atlantic Coast Line Railroad Company.

At Freeman, Ga., station facilities with the Atlantic Coast Line Railroad Company.

At Moultrie, Ga., station facilities with Waldosta, Moultrie & Western Railroad and Georgia & Florida Railway.

At Fitzgerald, Ga., depot and station tracks with Ocilla Southern Railroad Company.

At Osierfield and Fitzgerald, Ga., facilities with Fitzgerald, Ocilla & Broxton Railroad Company.

Between Osierfield and Fitzgerald, Ga., main-line track to Fitzgerald, Ocilla & Broxton Railroad Company.

In Georgia 354 miles and in Alabama 153 miles, a total of 577 miles of telegraph line with the Western Union Telegraph Company.

Predecessor Companies

Offerman & Western Railroad Company.

The above-named railroad, which was about 35.5 miles in length, extended from Offerman, Ga., to Nicholls, Ga., and was constructed about the year 1887 as a logging road. On June 22, 1899, the property was incorporated under the laws of the State of Georgia. No books or records of the company could be located.

The property was sold July 1, 1902, to the Brunswick & Birmingham Railroad Company for $1,420,000, payable in securities of the purchasing company, $710,000 in common stock and $710,000 in first-mortgage bonds.

Ocilla & Irwinville Railroad Company.

The above-named company was incorporated on October 4, 1900, under the laws of the State of Georgia for the purpose of building and operating a railroad from Ocilla, Ga., to Irwinville, Ga., a distance of approximately 10.75 miles. No books or records of the company could be located.

On February 19, 1903, the property and franchises were deeded to the Brunswick & Birmingham Railroad Company for $600,000, payable $300,000 in common stock and $300,000 in first-mortgage bonds of the purchasing company.

Brunswick & Birmingham Railroad Company.

The above-named company, was incorporated under the general laws of the State of Georgia December 11, 1900, for the purpose of constructing, equipping, maintaining, and operating a railroad from Brunswick, Ga., to Montgomery and Birmingham, both in the State of Alabama. The line owned consisted of something like 119 miles, which from the fragmentary records available appears to have been acquired partly by construction and partly by purchase, as follows:

	Miles
By construction:
From Brunswick, Ga., to Offerman, Ga., completed some time during the year 1902.	48.70
From Bushnell, Ga., to Ocilla, Ga., precise date of completion unknown.	19.00
Total miles constructed.	67.70
By purchase:
On July 1, 1902, from the Offerman & Western Railroad Company line between Offerman, Ga., and Nicholls, Ga.	about 35.50
On February 18, 1903, from the Ocilla & Irwinville Railroad Company line between Ocilla and Irwinville, Ga.	about 10.00
On February 18, 1903, from the Canda Lumber Company line between Irwinville and Alapaha River, Ga.	about 5.54
Total.	51.04
Grand total mileage.	118.74

For the Offerman & Western property the Brunswick Company gave $710,000 in par value of its common stock and $710,000 in par value of its first-mortgage bonds, or a total of $1,420,000. For the Ocilla & Irwinville property the Brunswick Company paid $300,000 in par value of its common stock and $300,000 in par value of its first-mortgage bonds, or a total of $600,000. The actual cost of building the properties thus acquired is unknown.

The property of the Brunswick Company was placed in the hands of receiver on April 30, 1904, and sold at foreclosure sale on August 9, 1904, to Bird M. Robinson, acting as agent for the bondholders. The sale was confirmed, and on September 6, 1904, the property was purchased by the Atlantic & Birmingham Railway Company.

Atlantic & Birmingham Railroad Company. (Formerly the Waycross Air Line Railroad Company.)

The accounting records of the above-named company are fragmentary. None relating to the period prior to 1895 could be found. Those for the period subsequent to that date showed that postings had been made but once or twice a year instead of currently, and dates and details in many instances had been omitted. The information concerning its affairs is therefore quite meager and is here stated very briefly.

The Atlantic & Birmingham Railroad Company, hereinafter designated the Railroad Company, was a Georgia corporation and owned and operated 139.3 miles of standard-gauge single-track railroad situated wholly within that State. The road extended in a general northwesterly direction from Waycross on the south to Montezuma on the north. It was originally incorporated as the Waycross Air Line Railroad Company on October 24, 1887, under the general laws of the State of Georgia; by appropriate amendment the name of the road was changed on November 27, 1901, to the Atlantic & Birmingham Railroad Company.

On December 3, 1903, the Atlantic & Birmingham Railroad Company, the Tifton, Thomasville & Gulf Railway Company, and the Tifton & Northeastern Railroad Company were consolidated to form the Atlantic & Birmingham Rail way Company, which came into possession of the properties of the companies so consolidated.

Development of Fixed Physical Property The first stretch of road opened for operation extended from Waycross to Sessoms, Ga., a distance of 25 miles. This section was opened for logging operations some time in 1890. The first indication of its operation as a common carrier is given in circular No. 228 issued by the Railroad Commission of Georgia on July 7, 1893, wherein the Waycross Air Line Railroad was authorized to charge certain rates.

The records indicate that the property was extended from Sessoms as follows:

From Sessoms to Nicholls, Ga. 4.0 miles, in 1897.

From Nicholls to Douglas, Ga. 13.6 miles, in 1898.

From Douglas to Fitzgerald, Ga. 28.4 miles, in 1901.

From Fitzgerald to Cordele, Ga. 37.0 miles, in 1902.

From Cordele to Montezuma, Ga. 31.3 miles, in 1903.

Further details relating to these construction projects were not available. The records did not disclose when any of these extensions were opened for operation.

Tifton, Thomasville & Gulf Railway Company.

The above-named company, hereinafter designated as the Gulf Company, was incorporated on June 26, 1897, under the general laws of the State of Georgia. Under the provisions of the charter thus obtained the Union Lumber Company built a line of railroad about 55.8 miles long between Tifton and Thomasville, Ga., and opened it for operation in September, 1899. The contract between the Gulf Company and the lumber company for this construction was not available. However, the lumber company acquired all of the capital stock and first-mortgage bonds of the Gulf Company, presumably in return for expenditures made in the construction of the railway line above described. No records were available showing the cost of constructing the property and the general ledger and journal that were available did not lend themselves to analysis, nor did they carry any details relating to the affairs of the company.

On December 3, 1903, the franchises, property, and other assets of the Gulf Company were consolidated with those of the Atlantic & Birmingham Railroad Company and the Tifton & Northeastern Railroad Company to form the Atlantic & Birmingham Railway Company.

Tifton & Northeastern Railroad Company.

The Tifton & Northeastern Railroad Company was incorporated on October 15, 1891, under a special act of the legislature of the State of Georgia. Its property was originally a logging road and was built by H. H. Tift, a lumber man, in connection with the lumber industry of which he was the head. The line extended from Tifton to Fitzgerald, Ga., a distance of 24.5 miles, more or less, and was opened for operation some time in 1896. No records were found relating to the transactions of the company or the construction of its property. It had outstanding capital liabilities of $125,000, consisting of $75,000 stock and $50,000 bonds, but what had been received for these securities is not known. The franchise, property, and other assets were consolidated on December 3, 1903, with those of the Atlantic & Birmingham Railroad Company and the Tifton, Thomasville & Gulf Railway Company to form the Atlantic & Birmingham Railway Company, which issued its securities to the amount of $31,000 per mile for the property of the Tifton Company. No further information concerning the affairs of this company were available.

Atlantic & Birmingham Railway Company.

The above-named company, hereinafter designated the Atlantic Company, was a Georgia corporation which owned a line of railroad extending in a general northwesterly direction from Brunswick to Montezuma, both in the State of Georgia, with branches to Waycross, Thomasville, and Crystal Lake or Alapaha River, Ga. Originally the aggregate mileage of this line was something over 338 miles, but through subsequent abandonments it was reduced to about 313.5 miles, more or less. All of this mileage was operated by the Atlantic Company with the exception of that portion between Ocilla and Irwinville, a distance of about 10.75 miles, which was leased to the Ocilla & Valdosta Railroad Company, afterwards the Fitzgerald, Ocilla & Broxton Railroad Company.

Corporate History

The corporate existence of this company dates from December 3, 1903, when there was filed in the office of the secretary of state of Georgia an agreement under the terms of which the Atlantic & Birmingham Railroad Company, the Tifton, Thomasville & Gulf Railway Company, and the Tifton & Northeastern Railroad Company were consolidated under the name of the Atlantic & Birmingham Railway Company.

On April 12, 1906, the property and franchises of this company were by deed conveyed to the carrier.

Development of Fixed Physical Property

The property owned was acquired through consolidation of the companies heretofore mentioned and the subsequent purchase of the property of the Brunswick & Birmingham Railroad. This latter road had been sold on August 9, 1904, under foreclosure proceedings to Bird M. Robinson, acting as agent for the bondholders. That sale was confirmed by the court, and on September 6, 1904, the property was bought by the Atlantic & Birmingham Railway Company. The details of the mileage acquired follow:

	Miles
Acquired at date of consolidation:
Property of the Atlantic & Birmingham Railroad Company, consisting of a line of single-track standard-gauge railroad extending from Waycross to Montezuma, Ga.	139.30
Property of the Tifton, Thomasville & Gulf Railway Company, consisting of a line of single-track standard-gauge railroad extending from Tifton to Thomasville, Ga.	55.50
Property of the Tifton & Northeastern Railroad Company, consisting of a line of single-track standard-gauge railroad extending from Tifton to Fitzgerald, Ga.	24.50
Total acquired at consolidation.	219.30
Acquired through purchase:
Property of the Brunswick & Birmingham Railroad Company, consisting of a line of single-track standard-gauge railroad extending from Brunswick to Nicholls, Ga.	84.20
A line of single-track standard-gauge railroad extending from Bushnell to Irwinville, Ga.	29.00
A line of single-track standard-gauge railroad extending from Irwinville to Alapaha River, or Crystal Lake, Ga.	5.54
Total acquired by purchase.	118.74
Grand total.	338.04

Of the purchased mileage of the former Brunswick & Birmingham Railroad Company, about 19 miles between Bushnell and Ocilla, and 5.54 miles, or thereabouts, between Irwinville and Alapaha River, or Crystal Lake, Ga., were abandoned in November, 1905, so that at the date the property of the Atlantic Company was sold to the carrier it consisted of about 313.5 miles, more or less.

Eastern Railway of Alabama

The above-named railway was incorporated in the State of Alabama May 1, 1901, for the purpose of building a railway from the mines of the Alabama Pyrites Company at Pyriton, Ala., to a connection with the Louisville & Nashville Railroad Company's line at Stockdale, Ala., a distance of 19.8 miles. The construction of this mileage was begun in March, 1902, and the road was opened for operation on September 8, 1903. Control of the property was obtained on November 10, 1905, by the construction company for the purpose of including the mileage in a line of railroad which the construction company was then building for the carrier. On July 3, 1906, the property and franchises of the Eastern Railway of Alabama were by deed conveyed to the carrier.

The railway was constructed by the Alabama Mineral Railroad Company for account of the Eastern, at actual cost plus 5 per cent on deferred payments and was purchased by the Atlantic & Birmingham Construction Company in 1905 for the sum of $429,000. It was then reconstructed by the construction company and conveyed with other constructed mileage to the carrier.

The foregoing constitutes all of the information available concerning the Eastern Railway of Alabama. No books or records of the company could be located.

Alabama Northern Railway Company.

The above-named company was incorporated in the State of Alabama on February 12, 1904, for the purpose of constructing and operating a railroad between Pyriton and Ashland, in the State of Alabama, a distance of about 7 miles. Control of the company was obtained in 1906 by the construction company with a view to incorporating the mileage in a line of road which the construction company was then building for the carrier. No conveyance, however, was made of the property or franchises to the carrier, or any other grantee, although the carrier did take possession of the property about July 1, 1907, and operated it as if it were actually a part of the property of that road. It was included among that company's assets turned over to the receivers on January 1, 1909, and has continued under their control until the date of this investigation.

The line was opened for operation about May, 1905, and was operated by the Louisville & Nashville Railroad Company until about April, 1906, when the construction company obtained control of the property. No books or records of the Alabama Northern Railway Company were available. It is understood that since the close of this investigation the property of the Alabama Northern Railway Company has been restored to its owners for operation.