Wikipedia:WikiProject Trains/ICC valuations/Cape Fear Railways

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The railroad of the Cape Fear Railways, Incorporated, hereinafter called the carrier is a single-track, standard-gage, steam railroad, located in the central part of the State of North Carolina. The main line extends northwesterly from Skibo about 5 miles west of Fayetteville, to the south boundary line of the United States Military Reservation at Fort Bragg, a distance of 4.090 miles. The company also owns 0.206 mile of yard tracks and sidings. Its road thus embraces 4.296 miles of all tracks owned and used. The carrier leases a portion of its rail and track fastenings from the Seaboard Air Line Railway Company. It has trackage rights over about 2 miles of road within the Military Reservation, owned by the United States Government. No equipment is owned. Trains are handled and switching is performed, when necessary, with a locomotive owned by the United States Government and furnished, with a train crew, for the carrier's use.

The records do not indicate that it controls any common-carrier corporation. From date of acquisition in October 1921, to about June 1, 1926, the carrier operated with its own organization approximately 13 miles of road in, and extending from, Fayetteville to Fort Bragg Reservation as a street-car line for passenger service only. It operated that part of the old line from Fort Bragg Reservation to Cain's station and the newly constructed line from the latter point to Skibo, about 4 miles, as a freight line only, as authorized by us April 10, 1926 (105 I.C.C. 781). About 6 miles of the line between Cain's station and Fayetteville were abandoned August 1, 1926, and that part, about 5 miles, within the city of Fayetteville was turned over to the city as part payment for street paving assessments.

CORPORATE HISTORY

The carrier was incorporated October 1, 1921, under general laws of North Carolina to take over and operate the property of the Fayetteville Street Railway, formerly owned by the Cumberland Railway & Power Company.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road owned by the carrier, 4.090 miles, was acquired partly by construction and partly by purchase. About 3 miles extending from Skibo to Cain's station, N. C., was constructed in 1924, although not placed in operation until July 1926.

The carrier acquired in October 1921, following foreclosure sale, the property of the Cumberland Railway & Power Company, known as the Fayetteville Street Railway, consisting of about 13 miles of road, of which about 5 miles were within the city of Fayetteville, extending to the Fort Bragg Military Reservation via Cain's station. On August 1, 1926, the portion of the line between Cain's station and Fayetteville was abandoned, the rails taken up and sold, the right of way reverting to the grantors. The portion within the city of Fayetteville was turned over to the city in part payment for certain street paving assessments.

The road operated in interstate freight service (1.0.5. ICC 781) at date of valuation, consists of 3 miles, from Skibo to Cain's station completed November 1, 1924, placed in operation in July 1926; and 2 miles from Cain's station to Fort Bragg Military Reservation. The date of construction of the remaining part of the road purchased in 1921 is unknown.

The rail and track fastenings in about 3 miles of the carrier tracks are leased from the Seaboard Air Line Railway Company. The recorded mileage of the road owned is 5 miles. The inventoried mileage is 4.090 miles.

HISTORY OF CORPORATE FINANCING