Wikipedia:WikiProject Trains/ICC valuations/Florida Central and Gulf Railway

http://books.google.com/books?id=cw7lWraJrXkC

The railroad of the Florida Central and Gulf Railway, herein called the Florida Central and Gulf, is a single-track, standard-gage, steam railroad, located in western Florida. The main line extends from Fort Inglis to Hernando, a distance of 28.307 miles. The company also owns 13.327 miles of yard tracks and sidings. Its road thus embraces 41.634 miles of all tracks owned and used.

The Florida Central and Gulf acquired its railroad property from the Standard and Hernando Railroad Company. The transfer of the property was in accordance with a contract, dated June 24, 1916, between the interests controlling the two companies, and possession of the property was given July 13, 1916, to the Seaboard which continued operations in the name of the old company, as explained more fully in Appendix 2. A deed was executed July 17, 1917, but was not delivered until November 18, 1919. The property has been classified in this report as owned and used by the Florida Central and Gulf on June 30, 1918, the date of valuation.

CORPORATE HISTORY

The Florida Central and Gulf was incorporated August 29, 1916, under the general laws of the State of Florida, for the purpose of acquiring the property, rights, and franchises of the Standard and Hernando Railroad Company. The date of its organization has not been ascertainable from the records reviewed.

The Standard and Hernando Railroad Company was incorporated December 18, 1903, under the general laws of the State of Florida, for the purpose of constructing and operating a railroad from Standard to Hernando, Fla., with a branch line to a point on the Withlacoochee River near the Gulf of Mexico. The date of organization was January 5, 1904.

Under agreement dated June 24, 1916, between the Port Inglis Terminal Company and the Seaboard for the sale of the property, rights, and franchises of the Standard and Hernando Railroad Company, the Seaboard took possession of the property on July 13, 1916, for account of the Florida Central and Gulf. Deed of conveyance was dated July 17, 1917, but was not delivered until November 18, 1919.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire railroad owned by the Florida Central and Gulf, 28.307 miles, was acquired by purchase through contract dated June 24, 1916, previously referred to, but the completion of the contract through the payment of the purchase price and the delivery of formal deed of conveyance had not been completed at date of valuation.

The years when the various portions of the road were constructed and the manner in which the Standard and Hernando Railroad Company, the predecessor of the Florida Central and Gulf, acquired the property are indicated in the following table:

By construction, Rockwell Junction to a point near Hernando, 1905 12.72

By purchase:

From the Port Inglis Terminal Company; constructed by that company, Port Inglis to a point east of Port Inglis, 1910 2.13

From Dunnellon Phosphate Company; constructed by that company—

Point east of Port Inglis to Rockwell, 1911 11.93

Point near Hernando to Hernando, 1911 2.32

Total 29.10

Difference between total recorded mileage and mileage inventoried as of date of valuation 0.793

Mileage inventoried as of date of valuation 28.307

HISTORY OF CORPORATE FINANCING