Wikipedia:WikiProject Trains/ICC valuations/Graham County Railroad

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The railroad of the Graham County Railroad Company, hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located in the western portion of the State of North Carolina. The main line extends northwesterly from Graham County Junction, about one and one-quarter miles east of Topton, to Robbinsville, a distance of 11.895 miles. The company also owns 1.562 miles of yard tracks and sidings. Its road thus embraces 13.457 miles of all tracks owned and used. This is an industrial railroad controlled by stockholders of the Bemis Lumber Company, owner of a large sawmill at Robbinsville, N. C., which is served by the carrier.

CORPORATE HISTORY

The carrier was incorporated February 27, 1905, under special act of the General Assembly of North Carolina for the purpose of constructing, maintaining, and operating a railroad for public use. The date of organization was December 19, 1910. The charter having gone by default because of not completing the road in the required time, application was made December 15, 1924, to the secretary of state of the State of North Carolina for the renewal of the charter, which was granted.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage was all acquired by construction. Work commenced in 1915 and was suspended in 1916 after completing about 11 miles of grading. The records available indicate that contract was made in 1915 with Graham Lumber Company whereby that company was to secure the necessary right-of-way and construct a railroad for the carrier for which it was to receive $10,000 in first-mortgage bonds for each mile of road constructed, and $40,000 par value capital stock of the carrier. Records do not indicate the nature or extent of work performed under this contract and nothing further of record is found relating to construction until November 1924, when work was resumed, being performed partly by company forces and partly by contractors. Records do not indicate that contractors were affiliated with the carrier. The recorded mileage is 12.13; the inventoried mileage 11.895. Construction and operation of the line was authorized June 15, 1925, 99 I.C.C. 264. It was placed in operation in August 1925, and reported completed in October 1925.

HISTORY OF CORPORATE FINANCING