Wikipedia:WikiProject Trains/ICC valuations/Savannah and Northwestern Railway

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The railroad of Savannah and Northwestern Railway, hereinafter called the carrier. is a single-track standard-gauge railroad, located entirely within the State of Georgia, of which the main line extends from Savannah to St. Clair, a distance of 108.401 miles, and a branch line extends from Newtonville to Port Wentworth, a distance of 2.438 miles. The owned and used trackage embraces 110.839 miles of main track, 15.251 miles of yard tracks and sidings, a total of 126.09 miles of all tracks.

Corporate history.—The carrier was incorporated, with the name of Brinson Railway Company, on June 2, 1910, under the general laws of Georgia. On March 25, 1914, a charter was granted under said general laws, changing the name to Savannah and Northwestern Railway, the present name of the carrier. The carrier's principal office is at Savannah. It is controlled by William Morris Imbrie and Company of New York City, through ownership of a majority.

APPENDIX 2

CORPORATE HISTORY

The Brinson Railway Company.—The Brinson Railway Company was incorporated under the general laws of Georgia on May 15, 1906. At the date of its demise, June 29, 1910, it operated a single-track standard-gauge railroad, from Savannah to Millhaven, Ga., a distance of about 71.3 miles, with a branch extending from Newington to Egypt, Ga., approximately 10 miles. Of the total of 81.3 miles operated, 43.3 miles were owned by the Brinson Railway Company and 38 miles were owned by the Savannah Valley Railroad. While the line of the Savannah Valley Railroad was operated by the Brinson Railway Company, no formal deed of conveyance transferring the property, or lease covering the operation, was of record. The Brinson Railway Company included in its records the assets and liabilities of the former company. Construction of the 43.3 miles of road owned by the Brinson Railway Company was begun immediately after its organization, and the line was completed and opened for operation, as follows:

May 27, 1907, Savannah to Springfield, Ga. 24.3

August 18, 1909, Springfield to Newington, Ga. 19

With the exception of a few contracts of minor importance, the construction of the road was done by the Brinson Railway Company with its own forces. Control of the Brinson Railway Company was vested in Geo. M. Brinson, through ownership of a majority of the capital stock. The property, rights, and franchises of the Brinson Railway Company were conveyed by deed dated June 29, 1910, to the carrier.

The Savannah Valley Railroad.—At the time of its demise, July 12, 1910. when the property of the Savannah Valley Railroad was conveyed by deed to the carrier, the former owned a line of railroad extending in a northerly direction from Egypt to Millhaven, Ga., a distance of approximately 38 miles. No records of this company are available from which the date of incorporation, construction period, cost of the property, or a statement of its financial transactions and operations can be prepared. From some time in March, 1909, to June 30, 1910, the property was operated, as stated in the preceding paragraph, by the Brinson Railway Company.

The carrier.—On June 29, 1910, the carrier, while still under the name of Brinson Railway Company, acquired property rights and franchises of the Brinson Railway Company and, on July 12, 1910, the property rights and franchises of the Savannah Valley Railroad. This property embraced 43.3 miles of road, between Savannah and Newington, acquired from the Brinson Railway Company, and 38 miles of road between Egypt and Millhaven, acquired from the Savannah Valley Railroad. The property of the Savannah Valley Railroad had previously been operated by the Brinson Railway Company which company had included in its records the assets and liabilities of the Savannah Valley Railroad. However, no formal deed of conveyance transferring the property, or lease covering the operations, was of record.

On April 1, 1914, a contract of sale was entered into between the carrier, on the one part, and the Great Eastern Lumber Company and the Savannah Union Railroad and Terminal Company, on the other part, whereby the two latter companies were to convey to the carrier the property, rights, and franchises of a line of road extending from Newtonville to Port Wentworth, a distance of 2.44 miles. On October 1, 1914, a deed of conveyance was executed by the vendors and placed in escrow until final payment of the purchase price by the carrier. Final payment was made and deed to the property delivered on December 13, 1916.

The total length of road acquired by purchase, in the manner indicated above, was 83.74 miles. The carrier constructed, in addition to the road purchased, 37.1 miles of road; of which 5.8 miles, between Millhaven and Sardis, were open for operation January 20, 1911; 18.5 miles, between Sardis and Waynesboro, on August 20, 1911; and 12.8 miles, between Waynesboro and St. Clair, during April, 1913. The total length of road purchased and constructed was 120.84 miles, of which 10 miles, between Egypt and Newington, were abandoned in 1913, leaving 110.839 miles of road owned and operated on valuation date. All extensions, with the exception of that into St. Clair, were constructed by the carrier's own forces. The extension into St. Clair was constructed by Westinghouse, Church, Kerr and Company, of New York, under contract dated September 23, 1912.

HISTORY OF CORPORATE FINANCING, CAPITAL STOCK, AND LONG-TERM DEBT