Wikipedia:WikiProject Trains/ICC valuations/Cliffside Railroad

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The railroad of the Cliffside Railroad Company, hereinafter called the carrier, is a single-trade standard-gauge steam railroad, located in western North Carolina. The main line extends southerly from Cliffside Junction to Cliffside, a distance of 2.941 miles, with short branches from Cliffside Junction to Avondale, Flat Rock Junction to West Henrietta, and Main Broad Junction to Matheney, making a total main-track mileage of 7.184 miles. The carrier also owns 1.347 miles of yard tracks and sidings. Its road thus embraces 8.531 miles of all tracks owned and used. A portion of the rail and track material in this railroad is leased from the Seaboard Air Line Railway Company.

CORPORATE HISTORY

The carrier was incorporated March 2, 1905, under the general laws of the State of North Carolina for the purpose of constructing and operating by steam, electric, or other power, a railroad from Cliffside Junction to Cliffside, N. C., and to construct extensions thereto as its board of directors and its stockholders may approve. The date of organization of the carrier was June 12, 1905.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned property of the carrier which forms a part of the 7.184 miles of railroad operated by it was acquired partly by purchase and partly by construction as indicated below:

Acquired by construction:

1.5-mile post to Cliffside, N. C., 1905

Flat Rock Junction to west Henrietta, N. C., 1915

Cliffside Junction to Avondale, N. C., 1916

Main Broad Junction to Scruggs Crossing, N. C., 1917

Acquired by purchase from the Rutherford Power Company, June 12, 1905, constructed by that company, Cliffside Junction to 1.5-mile post, N. C., 1905

Total 7.160

Difference between total recorded mileage and mileage inventoried as of date of valuation .024

Mileage inventoried as of date of valuation 7.184

The construction work of the carrier was performed by the company's forces. The rails and fastenings that form a part of 4.180 miles of the main line and 0.599 mile of the yard tracks and sidings of the railroad of the carrier are owned by the Seaboard Air Line Railway Company.

HISTORY OF CORPORATE FINANCING