Wikipedia:WikiProject Trains/ICC valuations/Elberton and Eastern Railroad

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The railroad of the Elberton & Eastern Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the northeastern part of Georgia. The owned mileage extends in a southerly direction from Elberton to Tignall, Ga., a distance of 21.641 miles. The carrier also owns and uses 1.226 miles of yard tracks and sidings. Its road thus embraces 22.867 miles of all tracks owned.


The carrier is controlled by the Louisville and Nashville Railroad Company and the Atlantic Coast Line Railroad Company jointly through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that the carrier itself controls any other common-carrier corporations. The property of the carrier has been operated by its own organization during its entire life.

CORPORATE HISTORY

The carrier was incorporated December 27, 1916, under the general laws of the State of Georgia, for the purpose of acquiring the property, rights, and franchises of the Elberton & Eastern Railway Company, which was done. The latter company was incorporated June 12, 1911, under the general laws of the State of Georgia. Its property, rights, and franchises were sold at foreclosure on December 16, 1916, after receivership begun April 29, 1916, to interests who conveyed said property, rights, and franchises to the carrier on December 30, 1916. The date of organization of the carrier was December 30, 1916.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned and operated mileage of the carrier, 21.641 miles, was all acquired by purchase after foreclosure proceedings, from interests who had acquired it from the Elberton & Eastern Railway Company. It was constructed by that company during 1913. There is a difference of 0.159 mile between the mileage recorded by the carrier, 21.800 miles, and the mileage, 21.641 miles, inventoried as of date of valuation. The carrier commenced the construction of an extension to its road from Tignall to Washington, Ga., a distance of 13 miles, on May 31, 1917, but as the construction work was not completed and the road had not been opened for operation on the date of valuation, no mileage has been inventoried for this extension.

HISTORY OF CORPORATE FINANCING