Wikipedia:WikiProject Trains/ICC valuations/Alabama Terminal Railroad
Interstate Commerce Commission, Valuation Reports, Volume 75
Alabama Terminal Railroad
[edit]Location and General Description of Property
[edit]The railroad of the Alabama Terminal Railroad Company, hereinafter termed the Alabama Company, consists of terminal facilities in and near the city of Birmingham, Ala., comprising on June 30, 1914, 27.045 miles of main track, 16.969 miles of yards and sidings, together with freight houses, water stations, and telegraph and telephone lines. This property is operated by the [Alabama, Birmingham and Atlantic Railroad], under a lease by the terms of which it agrees to pay to the Alabama Company an amount equivalent to 5 per cent of the capital stock and pay the interest on and guarantee the principal of outstanding bonds of the Alabama Company. No such payments have been made. The entire capital stock of the Alabama Company is owned by the carrier.
Introductory
[edit]The Alabama Company was an Alabama corporation and owned certain terminal facilities located in and near the city of Birmingham, Ala. Its principal office was located at Atlanta, Ga. Its property was leased for operation to the carrier, and that company subleased about 14.1 miles of main track and some 4.21 miles of sidetracks to the Woodward Iron Company for operation.
The entire capital stock of the Alabama Company was owned by the carrier. On February 15, 1909, the affairs of the Alabama Company were placed in the hands of the same receivers that were administering the affairs of the carrier. On June 6, 1914, the property was sold at receivers' sale, but the purchasers were unable to consummate the purchase and the receivership was continued.
Corporate History
[edit]The Alabama Company was incorporated on March 23, 1907, under the general laws of the State of Alabama. The organization had been brought about in the interest of the construction company, which among other things had agreed to provide an entrance into Birmingham for the carrier. On February 15, 1909, it was placed in the hands of the same receivers that were administering the affairs of the carrier, and so continued to date of valuation.
Development of Fixed Physical Property
[edit]The construction company had secured certain franchises in the name of the Alabama Company, made preliminary surveys, acquired considerable land for right of way and station grounds, and had done some construction work, all prior to July 13, 1907. On that date it entered into a contract with the Alabama Company whereby all property, agreements, privileges, franchises, etc., theretofore acquired were transferred to the Alabama Company along with a certain sum of money. The work of construction was then continued apparently under the supervision of the construction company, although no formal contract with that company for this work could be found. Some of the work was done by the construction company itself, but the greater part of it was sublet to various contracting firms. The project had not been finished when the receivers were appointed, but they continued the work to completion, and the property was turned over for operation on July 1, 1910.