Wikipedia:WikiProject Trains/ICC valuations/Birmingham and Southeastern Railway

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Location and general description of property.—The railroad of the Birmingham & Southeastern Railway Company, herein called the carrier, is a single-track, standard-gauge, steam railroad, located in the central eastern part of Alabama. The main line extends from Union Springs to Eclectic, 46.894 miles.

It was incorporated originally as the Union Springs and Northern Railway Company, which was later changed to Birmingham & Southeastern Railway Company, the present name. A set of accounting records were maintained by the corporation under each name given, separation being made as of May 1, 1911. For that reason a separate report has been included herein under the name of Union Springs and Northern Railway Company. The carrier is controlled by W. M. Blount and F. J. Lisman, voting trustees, through holding a majority of the outstanding capital stock under a voting trust

CORPORATE HISTORY

The carrier was incorporated March 8, 1901, under the general laws of the State of Alabama, as the Union Springs and Northern Railway Company for the purpose of constructing and operating a railroad from Union Springs to Fort Davis, Ala. On April 26, 1911, the charter was amended changing the name to Birmingham & Southeastern Railway Company, and authorized it to construct or acquire and operate additional mileage. The date of organization was March 8, 1901. The carrier acquired by purchase on June 24, 1912, the property, rights, and franchises of the Tallassee & Montgomery Railway Company, which had been sold on April 15, 1912. The Tallassee & Montgomery, the only predecessor of the carrier, except name change shown above, was incorporated August 10, 1895, under the general laws of the State of Alabama.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, 46.894 miles, was acquired partly by construction and partly by purchase. [...]

Acquired by construction:

Union Springs to Fort Davis, Ala., constructed under the name of Union Springs and Northern Railway Company and opened for operation in November, 1901 7.50

Fort Davis to Milstead, Ala., completed and opened for operation about June, 1912 20.00

Tallassee to Eclectic, Ala., completed and opened for operation June 15, 1913 14.42

41.92

Acquired by purchase from the Tallassee & Montgomery June 24, 1912, constructed by that company, Milstead to Tallassee, Ala., September, 1895, to March, 1896 6.28

Total recorded mileage 48.20

Difference between total recorded mileage and mileage inventoried as of date of valuation 1.306

Mileage inventoried as of date of valuation 46.894

The entire 41.92 miles of road constructed for the carrier was built under contract by W. M. Blount, who was affiliated with it.

HISTORY OF CORPORATE FINANCING