Wikipedia:WikiProject Trains/ICC valuations/Randolph and Cumberland Railway

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The railroad of the Randolph and Cumberland Railway Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad located in North Carolina. The owned mileage extends from Carthage to McConnell, a distance of 11.197 miles.

The railroad of the Carthage Railroad Company, which is leased to and operated by the carrier, is also a single-track standard-gauge steam railroad, located in North Carolina, extending from Cameron to Carthage, a distance of 10.107 miles. A portion of the rail and fastenings and certain buildings and bridges on this line are owned by the Seaboard Air Line Railway Company.

The carrier wholly owns and uses 12.014 miles of all tracks, and wholly uses but does not own 11.442 miles of all tracks, which are classified in the trackage table in Appendix 1.

CORPORATE HISTORY

The carrier was incorporated June 13, 1906, under the general laws of the State of North Carolina, originally as the Randolph and Cumberland Railroad Company, for the purpose of constructing and operating a railroad from Fayetteville to Greensboro, N. C., a distance of about 117 miles. On March 9, 1907, the name of the company was changed to the Randolph and Cumberland Railway Company and by an amendment to its charter, March 3, 1911, it was authorized to engage in other industries. The date of its organization has not been determined.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, extending from Carthage to McConnell, N. C., a distance of 11.197 miles, was acquired partly by construction and partly by purchase. The years when the two portions of the road were constructed, and the manner in which the carrier acquired the property, are indicated in the following table:

Acquired by construction, Hallison to McConnell, N. C., 1912 4.00

Acquired by purchase from W. C. Petty, June 15, 1906, constructed by W. C. Petty, Carthage to Hallison, N. C., year not ascertained 8.50

Total 12.50

Difference hetween total recorded mileage and mileage inventoried as of date of valuation 1.303

Mileage inventoried as of date of valuation 11.197

The construction work of the carrier was performed by company forces.

HISTORY OF CORPORATE FINANCING

CORPORATE HISTORY

The Carthage Railroad Company was incorporated April 29, 1886, under the general laws of the State of North Carolina. The purpose of incorporation of the Carthage Railroad Company is not ascertainable from the records reviewed. The date of its organization was April 29, 1886.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire 10.107 miles of roadbed, ties, and other property owned by the Carthage Railroad Company was acquired by construction. The records reviewed indicate that it was constructed during the years 1886 to 1888, being opened for operation on October 1, 1888. It is not known whether the construction work was performed by company forces or by contract. The rails and fastenings and certain bridges and buildings that form a part of the railroad of the Carthage Railroad Company are owned by the Seaboard Air Line Railway Company.

HISTORY OF CORPORATE FINANCING