Wikipedia:WikiProject Trains/ICC valuations/Atlanta and Saint Andrews Bay Railway

http://books.google.com/books?id=lXfFJlukcS0C

LOCATION AND GENERAL DESCRIPTION OF PROPERTIES

The railroad of the Atlanta & Saint Andrews Bay Railway Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad located in Alabama and Florida. The owned main line extends northwardly from Panama City, Fla., to Dothan, Ala., a distance of 81.949 miles. The railroad of the Saint Andrews Bay Railway & Terminal Company, which is leased to and operated by the carrier, is a single-track standard-gauge railroad extending from St. Andrews Bay to Panama City, Fla., a distance of 2.663 miles.

CORPORATE HISTORY

The carrier was incorporated February 16, 1906, under the general laws of the State of Alabama, for the purpose of constructing and operating a railroad from Opelika, Ala., to Panama City, Fla. The report filed by the carrier with us for the year ending December 31, 1916, states that a "copy of its charter and articles of incorporation have been filed with the State of Florida." The date of organization of the carrier has not been determined.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, 81.949 miles, was acquired partly by purchase and partly by construction. The years when the various portions of the line were constructed and the manner in which the carrier acquired the property are indicated in the following statement:

Acquired by construction; Cottondale to Panama City, Fla., 1906 to 1908 51.000

Acquired by purchase, from the Enterprise Lumber Company, constructed by that company, Dothan, Ala., to Cottondale, Fla., prior to 1906 31.000

(This road was turned over to the carrier for operation on Mar. 2, 1906, but it was not formally conveyed by deed until May 31, 1909.)

Total 82.000

Difference between total recorded mileage and mileage inventoried as of date of valuation 0.051

Mileage inventoried as of date of valuation 81.949

The construction work of the carrier was performed under contract by the Enterprise Lumber Company, an affiliated company.

HISTORY OF CORPORATE FINANCING

CORPORATE HISTORY

The Saint Andrews Bay Railway & Terminal Company was incorporated August 22, 1914, under the general laws of the State of Florida, for the purpose of acquiring a line of railroad from Panama City to Saint Andrews, Fla., that was to be constructed by A. B. Steele and J. H. Drummond under an agreement dated June 6, 1914. Pursuant to the above purpose the Saint Andrews Bay Railway & Terminal Company acquired from A. B. Steele, president of the Enterprise Lumber Company, and J. H. Drummond, by deeds dated September 10, 1915, and October 10, 1915, respectively, the property that had been constructed by these parties under the agreement referred to. The date of organization of the Saint Andrews Bay Railway & Terminal Company was not determined.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the Saint Andrews Bay Railway & Terminal Company extending from Panama City to Saint Andrews Bay, Fla., a distance of 2.663 miles, was acquired apparently without consideration from A. B. Steele and J. H. Drummond, by whom it had been constructed during the year 1914. It was turned over to the carrier for operation on January 1, 1915. There is a difference of 0.023 mile between the mileage recorded by this company, 2.64 miles, and the mileage, 2.663 miles, inventoried as of date of valuation.

HISTORY OF CORPORATE FINANCING