Wikipedia:WikiProject Trains/ICC valuations/Atlantic and Danville Railway

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ATLANTIC AND DANVILLE

INTRODUCTORY

The Atlantic and Danville is a corporation of the States of Virginia and North Carolina. Its principal office is located in Norfolk, Va. On date of valuation, this company was controlled by B. Newgass & Company, Limited, of London, England, through ownership of a majority of the outstanding capital stock. The property of the Atlantic and Danville was operated by its own organization from the date of its incorporation until August 31, 1899, on which date it was leased to the Southern. From that date to date of valuation it has been continuously operated by the Southern, with the exception of the 1.581 miles of main track which was leased by the Southern to The Norfolk and Portsmouth Belt Line Railroad Company for sole operation.

CORPORATE HISTORY

The Atlantic and Danville was incorporated August 2, 1894, under the general corporation reorganization law of Virginia for the purpose of acquiring the property, rights, and franchises of the Atlantic and Danville, the property of which company was sold at foreclosure on April 3, 1894, and was conveyed by deed of special commissioners, dated August 2, 1894, to a purchasing committee who organized the Atlantic and Danville. The Atlantic and Danville obtained a franchise in the State of North Carolina by special act of the legislature, ratified February 25, 1895.

The Atlantic and Danville, predecessor company, was chartered in the State of Virginia, by an act of the legislature approved April 21, 1882, and in North Carolina under the general railroad law by filing articles of association with the secretary of state of North Carolina, January 10, 1889. The property was placed in the hands of receivers on January 3, 1891, and was subsequently sold at foreclosure as indicated above.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire 275.350 miles of road owned by the Atlantic and Danville, on date of valuation, was acquired from the reorganization committee who purchased the same from the Atlantic and Danville, predecessor company. Various portions of the line, all of which were constructed by the company last named, were opened for operation on the dates indicated below.

Claremont to James River Junction, Va., 1885 50.36

Portsmouth to James River Junction, Va., September 5, 1888 71.04

James River Junction to Danville, February 15, 1890 135.28

Shoulders Hill to West Norfolk 8.80

Hitchcock Junction to Hitchcock 8.33

Buffalo Junction to Buffalo Lithia Springs 3.90

Total 277.71

Difference between total recorded mileage and mileage inventoried as of date of valuation (deduct) 2.36

Mileage inventoried as of date of valuation 275.35

The records of the Atlantic and Danville do not disclose that it performed any construction work.

HISTORY OF CORPORATE FINANCING