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Wikipedia:WikiProject Trains/ICC valuations/Atlantic and Yadkin Railway

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CORPORATE HISTORY

The Atlantic and Yadkin was incorporated in North Carolina under the general laws ratified March 1, 1873, for the purpose of acquiring the property, rights, and franchises formerly owned by the Cape Fear and Yadkin Valley Railway Company. The reorganization was approved by an act of legislature ratified February 23, 1899. An organization of the company was effected on February 6, 1899.

Pursuant to the above purpose, the Atlantic and Yadkin acquired at its organization the property, rights, and franchise of the Cape Fear and Yadkin Ferry[sic] Railway Company, which company


No. Name Incorporation Succession
1. Atlantic and Yadkin Railway Company. Under general laws of North Carolina and a special act of North Carolina, of which the latter was ratified on Feb. 23, 1899.
2. Western Railroad Company.[sic - should be switched with 3] See 3. Sold at foreclosure Dec. 29, 1898, after receivership began Mar. 31, 1894, and reorganized Feb. 23, 1899, as 1.
3. Cape Fear and Yadkin Valley Railway Company.[sic - should be switched with 2] Under special act of North Carolina, Dec. 24, 1852, amended Feb. 3, 1857, Feb. 16, 1861, Feb. 25, 1867, Jan. 10, 1871, Feb. 25, 1879, Apr. 3, 1879, Feb. 27, 1883, and Jan. 20, 1893. Authority to bridge navigable rivers granted by acts of Congress June 6, 1886. Name changed to 2 on Apr. 3, 1879.
4. The Florence and Fayetteville Railroad Company. Under acts of South Carolina, Dec. 21, 1861, amended Mar. 17, 1875, and of North Carolina, May 12, 1862, amended Feb. 8, 1872. Merged into 2 on Apr. 6, 1881.
5. Mount Airy Railroad Company. See 6. Merged into 2, on Apr. 4, 1879.
6. Mount Airy and Ore Knob Railroad Company. Under special act of North Carolina, Apr. 4, 1871, amended Feb. 28, 1877, Feb. 11, 1879, and Feb. 25, 1879. Name changed to 4, Feb. 11, 1879.
DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The 160.087 miles of road owned by the Atlantic and Yadkin, on date of valuation, were acquired as indicated in the tabulation below, which also states the years when construction was completed:

Acquired from the Western Railroad Company:
Constructed by the Western Railroad Company—
Fayetteville to Cumnock, 1860 42
Cumnock to Gulf, 1879 2
Gulf to Greensboro, June 19, 1884 52
Greensboro to Mount Airy, June 11, 1888 69
Fayetteville to Wilmington, Feb. 17, 1890 83
Climax to Ramseur, 1890 19
Stokesdale to Madison, 1890 11
Gulf to Cape Fear Bluff, 1890 1
Mount Airy to Woodruff, 1890 2
Sanford to Aldrich Quarry, 1890 1
Roadway graded by The Florence and Fayetteville Railroad Company construction completed by the Cape Fear and Yadkin Valley Railway Company, Fayetteville to South Carolina State line, Dec. 5, 1884 47
329
Sale to the Wilmington and Weldon Railroad Company on May 13, 1899—
Sanford to Wilmington 117
Fayetteville to South Carolina State line 47
Sanford to Aldrich Quarry 1
165
Abandonments, Gulf to Cape Fear Bluff 1
Classified by us as sidings, Mount Airy to Woodruff 2
168
Total recorded road mileage owned on date of valuation 161
Difference between total recorded mileage and mileage inventoried as of date of valuation .913
Mileage inventoried as of date of valuation 160.087
HISTORY OF CORPORATE FINANCING