Wikipedia:WikiProject Trains/ICC valuations/Nelson and Albemarle Railway

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The railroad of Nelson and Albemarle Railway Company, herein called the carrier, is a single-track, standard-gauge, steam railroad, located entirely in Virginia, extending from a connection with the Southern Railway at Rockfish in a general easterly direction to Alberene, 10.953 miles, of which 10.403 miles is owned by the carrier and 0.550 mile is used under trackage agreement with the Virginia Alberene Corporation. The carrier also owns 0.787 mile of yard tracks and sidings. Its road thus embraces 11.740 miles of all tracks owned. The carrier also operates under lease 4.984 miles of main line and 0.398 mile of yard tracks and sidings, a total of 5.382 miles of all tracks, owned by the Chesapeake and Ohio Railway Company, extending from Esmont to Alberene. In Appendix 1 will be found further description of the property of the carrier.

Corporate history.—The carrier was incorporated under the general laws of Virginia September 1, 1903. Its organization was completed September 14, 1903. Control of the carrier on date of valuation was not vested in any one individual. The stock is held by 13 stockholders, the largest being the Virginia Alberene Corporation which owns 685 shares of a total of 2500 shares. The principal office is at Schuyler, Va. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

APPENDIX 2

PREDECESSOR COMPANIES

Data with respect to the history of the predecessor companies will be found in the report of the accounting section.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The line from Guthrie to Schuyler was built in 1904 by H. L. Lane, a director of the carrier. Under the terms of an agreement dated November 15, 1904, between the carrier and H. L. Lane, the latter delivered to the carrier all the outstanding securities of the Schuyler Railway Company (being $25,000 par value capital stock and $25,000 par value first-mortgage 6 per cent bonds); the right of way of a newly constructed railroad (except the rails) from Guthrie to Schuyler, about 6.859 miles of road; the Powell plot of ground near Rockfish station; and the electric equipment and rolling stock formerly used on the Schuyler Railway Company. Lane also secured for the carrier from the Chesapeake and Ohio Railway Company the lease of its road from Esmont to Alberene, about 4.985 miles, and a lease of rails for use on the line from Guthrie to Schuyler.

In consideration for this property Lane received from the carrier its total authorized capital stock, $250,000 par value, $98,000 par value first-mortgage 6 per cent bonds, and $186.50 in cash. Subsequently to the acquisition by the carrier of the securities of the Schuyler Railway the carrier reconstructed the latter's line, an electric railroad, and converted the same into a standard-gauge steam railroad. The reconstruction necessitated the abandonment of parts of the old right of way and reduced the length of the line from 4.5 miles to 3.532 miles. Upon completion of this work in May, 1905, the Schuyler Railway was merged with the carrier and opened for operation.

HISTORY OF CORPORATE FINANCING