Wikipedia:WikiProject Trains/ICC valuations/Augusta and Savannah Railroad

Interstate Commerce Commission, Valuation Reports, Volume 130

Augusta and Savannah Railroad

Location and General Description of Property

The railroad of the Augusta and Savannah is a single-track line, located entirely in the State of Georgia. Its northern terminus is Augusta, Ga., and its southern terminus is at Millen, where it connects with the carrier. All of the property owned by the Augusta and Savannah, as detailed herein, is leased to the carrier, which in turn leases a small portion to the Charleston and Western Carolina Railway Company. Other descriptive information may be found in the general text accompanying the carrier report.

Mileage

The property of the Augusta and Savannah embraces 53.199 miles of main track and 13.60 miles of other tracks, a total of 66.889 miles of all tracks, as follows: From Millen, Ga., to Augusta, Ga., 53.199 miles of main track and 11.507 miles of other tracks, total 64.706 miles; from Augusta, Ga., to Terminal 2.183 miles of other tracks. The 2.183 miles of other tracks is leased by the carrier and subleased to the Charleston and Western Carolina Railway Company, and is not included in the carrier report.

Corporate History

The Augusta and Savannah was originally incorporated as the Augusta and Waynesboro Railroad Company by special act of the General Assembly of the State of Georgia approved December 31, 1838, its name being changed by charter amendment to Augusta and Savannah Railroad on February 16, 1856. Its principal office is in Savannah, Ga. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

Development of Fixed Physical Property

All of the mileage of the Augusta and Savannah was built prior to or during 1854. It was leased to the Central Railroad & Banking Company of Georgia on May 1, 1862, and to the carrier on October 24, 1895. A portion of the property in Augusta, Ga., consisting of shops and tracks, has been subleased by the carrier to the Charleston and Western Carolina Railway Company.

Leased Railway Property

On May 1, 1862, the property of the Augusta and Savannah, including equipment was leased to the Central Railroad & Banking Company of Georgia at a rental of $73,000 per annum. This lease continued in force until October 24, 1895. On that date the property was leased to the carrier, the successor to the Central Railroad & Banking Company of Georgia, for a period of 101 years at an annual rental of $51,145, equivalent to 5 per cent on the then outstanding capital stock of the Augusta and Savannah, and the payment of certain maintenance of investment organization expenses. The lease of October 24, 1895, is still in effect, but it contains no provisions concerning the disposition of any improvements that might be made to the property by the lessee.