Wikipedia:WikiProject Trains/ICC valuations/Georgia Railroad

Interstate Commerce Commission, Valuation Reports, Volume 125

Georgia Railroad

Location and General Description of Property

On August 9, 1899, Atlantic Coast Line Railroad Company acquired by assignment from Louisville and Nashville Railroad Company a one-half interest in a lease agreement dated May 7, 1881, effective 99 years from April 1, 1881, of all of the rights and property of The Georgia Rail Road and Banking Company, hereinafter called the Georgia, including therein the right to collect the income on certain investment stocks, but excluding the banking house, privileges and business, the cash assets, and also the lands, houses, and tenements, except an elevator and appurtenances in Augusta, not necessary or used for railroad purposes. The original lessee was Wm. M. Wadley. The terms of the lease and assignments prior to 1899 are hereinafter set forth. The Louisville and Nashville Railroad Company and Atlantic Coast Line Railroad Company, herein called the present lessees, each retained their interest in said property on date of valuation. Not desiring to operate the property of the Georgia themselves, they delegated its operation to Georgia Railroad (Lessee Organization), hereinafter called the carrier, an unincorporated organization created for the purpose of operating the property of the Georgia for the present lessees. The carrier is hereinafter considered the legal representative of the interests of the present lessees. The entire property operated by the carrier is located in the State of Georgia. The following is a summary of the mileage owned and used and used but not owned by the carrier:

	First main track Miles	Second main track Miles	Yard tracks and sidings Miles	All tracks Miles
Wholly owned and used.			9.648	9.648
Used but not owned, leased from the Georgia.	300.872	7.179	118.535	426.586
Total owned.			9.648	9.648
Total used.	300.872	7.179	128.183	436.234

In addition to the foregoing, the carrier operates, as agent, the properties of Augusta Belt Railway Company, Lexington Terminal Railroad Company, Monroe Railroad Company, Milledgeville Railway Company, and Union Point and White Plains Railroad Company, separate tentative valuations upon which have been made.

Corporate History

The carrier is an unincorporated organization, having its principal office in Augusta, Ga. It was created, on or about April 1, 1881, for the purpose of maintaining and operating the railway property owned by the Georgia. This property, as hereinbefore stated, was leased May 7, 1881, to Wm. M. Wadley, and the lease was assigned by him during 1881 in equal interest to the Louisville and Nashville Railroad Company and the Central Railroad & Banking Company of Georgia. The one-half interest of the latter was acquired by the former on February 2, 1898, which, on August 9, 1899, assigned a one-half interest to the Atlantic Coast Line Railroad Company. The present lessees and the former holders of the lease are herein referred to collectively as the lessees. Information as to the development of fixed physical property will be found in Appendix 2.

Development of Fixed Physical Property

The carrier made extensive improvements upon the property leased from the Georgia between April 1, 1881, and date of valuation. Under the terms of the lease agreement, these improvements immediately become the property of the Georgia and are to be settled for by that company at the termination of the lease period. In addition, the carrier constructed certain terminal property at Atlanta, including 9.648 miles of yard tracks and sidings, and acquired lands located along the leased right of way which have been inventoried by us as owned by the carrier. The above-mentioned property was constructed by the forces of the carrier, by one of the lessees, or by contractors. In addition, a small part of the property was purchased from Atlanta and West Point Railroad Company, hereinafter called the Atlanta and West Point.

Leased Railway Property

The following is a statement showing the property leased from and to other companies, together with the terms of the use and the amount of rental accrued for year ended on date of valuation:

Owner and description of facility	Terms of lease	Rental
The Georgia (301.121 miles) all of that company's rights and property. Including the right to collect the income on certain investment securities and the power of attorney to vote certain investment stocks; but excluding the cash assets, the banking house, privileges and business, and also the lands, houses, and tenements, except an elevator and appurtenances in Augusta, not necessary or used for railroad purposes.	Dated May 7, 1881, but effective April 1, 1881, and running 99 years. Lessee agrees to pay $600,000 as annual rental. Lessor agrees to reimburse the lessee for all necessary additions at the termination of the lease period at their then fair value. The lease was made with Wm. M. Wadley, as lessee.	$600,000.00
Property owned by others, acquired for joint operation under trackage agreement:
Augusta Belt Railway Company, tracks, main 3.71 miles, and Y track at Augusta.	Dated July 1, 1915; for use of main track, a proportion, based on car-miles, of interest, rental on valuation, taxes, and maintenance, annually; for use of Y track, $15 monthly.	2,493.90
Augusta Union Station Company, tracks, main, 0.09 mile, other, 1.33 miles, passenger station and other facilities at Augusta.	Effective Aug. 1, 1903, expiring Aug. 1, 1953, owning company's deficits from operations, bond-interest payments, and stock-dividend payments prorated among tenant companies on basis of cars using facilities.	7,894.59
Augusta and Summerville Railroad Company, tracks, 5.25 miles, at Augusta. Used by the carrier and other carriers as tenants.	Effective March 1, 1900, one-fourth of owning company's deficits from operations.	594.11
Central of Georgia Railway Company, track between M. & A. Junction (near Mogul) and Macon, 4.53 miles, and freight and passenger facilities, except shops, at Macon. This terminal property includes 1.009 miles of terminal tracks and other terminal property subleased by the carrier to Central of Georgia Railway Company.	Effective March 15, 1906, expiring April 1, 1980; for use of track, $4,000 annual rental and a proportion of expense of dispatching trains. For use of facilities, a proportion, based on use, of operating expenses, taxes, and interest on investment, annually.	10,489.29
Central of Georgia Railway Company, less two sections of joint track in Athens, 1.28 miles and 1,787 feet, respectively.	Effective May 1, 1912, and March 30, 1915 (expiring April 1, 1980), respectively; for use of 1.28 miles, 2.5 per cent on $25,000 valuation, one-half taxes, and $400 maintenance, annually; for use of 1,787 feet, $494.64 annually.	215.04
The Nashville, Chattanooga & St. Louis Railway, Union Station and appurtenances at Atlanta.	No formal agreement, proportion, based on cars handled, of deficits from operation.	......
Southern Railway Company, tracks, 1.09 miles in two sections, in Athens.	Effective May 1, 1912, $1 for each loaded car moved over either section of track, but this charge includes opposite movement of empty cars.	......
Property operated by the carrier, used jointly by others under trackage agreements:
Atlanta and West Point and Louisville and Nashville Railroad Company, "Atlanta Joint Terminals," Atlanta, consisting of 4.37 miles main and 28.40 miles other tracks, and various terminal facilities.	Dated April 1, 1907, net operating expenses, taxes, and interest on investment, prorated among using companies on basis of use.	157,033.35
Augusta Belt Railway, yard tracks, 0.19 mile in Augusta.	No formal contract; no rental assessed.	......
Augusta and Summerville Railroad Company; spur track, 0.11 mile at Augusta.	No information.	1,103.51
Charleston & Western Carolina Railway Company, track, 0.43 mile, in Augusta.	Effective May 1, 1902, expiring May 1, 1917, annual rental, $650.	......
Lexington Terminal Railroad Company, yards, tracks, station, and other terminal facilities at Crawford.	Effective July 1, 1915, maintenance and operating expenses, plus 5 per cent annual interest on valuation, prorated on basis of use.	301.02
Milledgeville Railway Company, joint track, yards, and other terminal facilities at Milledgeville.	Effective July 1, 1915, monthly rental, $3, and freight-agency expenses prorated on basis of tonnage handled.	......
Milstead Railroad Company, joint side tracks, 1.21 miles, between mileposts 140 and 142.	Effective February 1, 1914, expiring April 1, 1980, rental $1 for entire lease period.	......
Monroe Railroad Company, yards, tracks, freight and passenger depots, fuel and water stations, and other facilities at Social Circle.	Effective July 1, 1915. For use of water station, monthly rental of $10. For all other property, proportion, based on use, of maintenance and per cent annual interest on valuation.	279.15
Union Point and White Plains Railroad Company, yards, tracks, depot, coal chute, water tank, and other facilities at Union Point.	Effective July 1, 1915; for use of tracks, $30 monthly for rental and maintenance; for depot and facilities, proportion of station expenses calculated on basis of tonnage handled.	180.00