Wikipedia:WikiProject Trains/ICC valuations/Albany and Northern Railway

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The railroad of the Albany and Northern Railway Company, which is operated by the carrier, is a single-track standard-gauge steam railroad, located in southwestern Georgia. The main line extends from Albany to Cordele, a distance of 35.020 miles, and the yard track and sidings aggregate 4.454 miles. Its wholly owned road thus embraces 39.474 miles of all tracks.

ALBANY AND NORTHERN RAILWAY COMPANY

INTRODUCTORY

The Albany and Northern Railway Company is a corporation of the State of Georgia, having its principal office at Albany, Ga. Although the Albany and Northern Railway Company did not acquire title to its property until January 1, 1896, it commenced recording the results of the operations of the property in its books on August 16, 1895. The carrier [Georgia Southwestern and Gulf Railroad] on February 14, 1910, acquired all of the capital stock of the Albany and Northern Railway Company and since February 15, 1910, has operated property of the Albany and Northern Railway Company under a claim of ownership, as previously explained in the introductory section of the report upon the carrier.

No entries have been made in the books of this company since February 14, 1910, except closing entries affecting business prior thereto, since which date accounting for the results of corporate operations and investments in road and equipment has been made in the books of the carrier. The accounting data in this report, obtained from the accounting records of the Albany and Northern Railway Company, therefore, cover the period from August 16, 1895, to February 14, 1910. The Albany and Northern Railway Company is controlled by the carrier through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company, itself, controls any other common-carrier corporations. The property of the company was operated by its own organization from the date of acquirement thereof to February 14, 1910, and from February 15, 1910, to date of valuation it has been operated by the carrier, as previously explained.

CORPORATE HISTORY

The Albany and Northern Railway Company was incorporated September 12, 1895, under the general laws of the State of Georgia, for the purpose of maintaining and operating a railroad from Albany, Ga., to Cordele, Ga. Amendments dated September 30, 1903, April 26, 1905, and August 9, 1905, authorized the construction of extensions from Cordele to Jeffersonville, Ga., and from Albany, Ga., to Pensacola, Fla., also a branch line to Colquit, Ga. The date of organization of the Albany and Northern Railway Company was November 1, 1895.

The company acquired by deed dated January 1, 1896, from Frank S. Hambleton, Luther S. Bent, and Henry P. Talmadge, the property, rights, and franchises of the Albany, Florida and Northern Railway Company, which had been sold at foreclosure sale on May 17, 1895. The Albany, Florida and Northern Railway Company, the only predecessor of the Albany and Northern Railway Company was incorporated November 11, 1889, under special act of Georgia. It was sold at foreclosure May 17, 1895, after receivership begun December 10, 1892, and was later acquired by the Albany and Northern Railway Company as stated above.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire 35.020 miles of road owned by the Albany and Northern Railway Company was acquired by purchase after foreclosure proceedings, as previously explained. The mileage was constructed by the Albany, Florida and Northern Railway Company during the years 1889 to 1891. There is a difference of 0.07 mile between the mileage recorded by this company, 35.09 miles, and the mileage, 35.020 miles, inventoried as of date of valuation.

HISTOYR OF CORPORATE FINANCING