Richmond and York River Railroad
Overview | |
---|---|
Locale | standard gauge |
Previous gauge | 5 ft (1,524 mm) American Civil War era. Converted to 4 ft 9 in (1,448 mm) in 1886[1] |
The Richmond and York River Railroad Company was incorporated under an act of the
Organization; American Civil War
In January 1857, the Richmond and York River Railroad Company issued $400,000 in mortgage bonds.[4] Before and during the American Civil War, the company repaid $53,000 on the mortgage dated September 9, 1859 which secured these bonds.[4][5] The State increased its subscription to the capital stock of the company under an act of the Virginia General Assembly passed March 25, 1858.[4]
In 1861, the company completed construction of 39 miles (63 km) of railroad line between Richmond, Virginia and West Point, Virginia on the York River, which was opened for operation on March 29, 1861.
The Virginia General Assembly passed an act on February 13, 1861, under which the company purchased the steamer West Point to operate from the terminal and to make connections with steamboat lines or other navigation lines.[7]
Initially, the railroad made a profit transporting supplies for the
Rehabilitation and reorganization
After the Civil War, the holders of the remaining $347,000 of bonds agreed to subordinate their lien to the lien of a new mortgage dated January 1, 1866 in order to raise funds to rebuild the railroad.[7] The line reopened in 1867.[8] On June 27, 1870, the Virginia General Assembly authorized extension of the line to a point on the Chesapeake Bay or its tributaries between the mouth of the Rappahannock River and Yorktown, Virginia[9] The company was bankrupt before this extension of the line, which was to be located about 20 miles (32 km) east to the mouth of the Piankatank River in Gloucester County, Virginia could be carried out.[10]
The Richmond and York River Railroad Company defaulted in the payment of its interest charges and its mortgages were foreclosed on December 16, 1872.
Clyde interests; water line connection
In 1873, the Richmond, York River and Chesapeake Railroad and the Richmond and Danville Railroad built a connecting line between their termini in Richmond.[14] On April 8, 1875, the two railroads and the steamboat company entered into a traffic agreement under which the rail and water lines became part of the Piedmont Air-Line for through business to and from the Southern United States.[14] This agreement introduced the Clyde interests into the business of the Richmond and Danville Railroad.[14] These interests obtained control of the Richmond and Danville by purchase from the Southern Railway Security Company, which had been formed by the Pennsylvania Railroad Company in 1880.[14]
The Virginia General Assembly authorized the railroad to issue additional bonds in an act approved March 4, 1880 in order to extend the terminal facilities at West Point.[14] A second mortgage, dated November 10, 1880 to secure $500,000 of bonds due November 1, 1900, later extended to November 1, 1910, was given to William P. Clyde, Isaac Davenport, Jr. and John Stewart, Trustees.[14]
Richmond and Danville Railroad lease
The Clyde interests obtained control of the Richmond and Danville Railroad in 1881.[15] An act of the Virginia General Assembly approved July 11, 1870 already had authorized the Richmond and Danville Railroad to lease the railroad line between Richmond, Virginia and West Point, Virginia.[15] Under this authority, the Richmond, York River and Chesapeake Railroad was leased to the Richmond and Danville Railroad on July 9, 1881, for a term of 999 years for payment of the principal and interest on the two issues of mortgage bonds and 6 per cent interest on the stock of the Richmond, York River and Chesapeake.[15][16] The lease also conveyed to the Richmond and Danville 1,251 shares of the capital stock of the Baltimore, Chesapeake and Richmond Steamboat Company which the Richmond, York River and Chesapeake had acquired in 1874.[17]
Under the Clyde interests, the Richmond and Danville Railroad Company had incorporated the Richmond and West Point Terminal Railway and Warehouse Company on March 8, 1880, to acquire lines to which the Richmond and Danville did not connect or lines in other States.[18] Although the Richmond Terminal Company, as it was often referred to, was organized as a holding company for the acquisition of other lines by the Richmond and Danville Railroad, the holding company came to control the Richmond and Danville and several other companies which were leased to the Richmond and Danville.[19]
Bankruptcy; reorganization; Southern Railway Company
By 1891, the
The securities holders then asked
The purchasers of the Richmond and Danville Railroad rejected the lease of the
See also
Notes
- ^ The Days They Changed the Gauge
- ^ OCLC 297351688.
- OCLC 12318540. Retrieved December 24, 2013. p. 237.
- ^ a b c d e Harrison, 1901, p. 238.
- ^ a b ICC, Southern Ry. Co., 1931, p. 567.
- ^ ICC, Southern Ry. Co., 1931, pp. 219, 567.
- ^ a b c d Harrison, 1901, p. 239.
- ^ Harrison, 1901, p. 240.
- ^ Harrison, 1901, pp. 240–241.
- ^ a b Harrison, 1901, p. 241.
- ^ Harrison, 1901, pp. 243–244.
- ^ Harrison, 1901, p. 244.
- ^ a b Harrison, 1901, p. 245.
- ^ a b c d e f g Harrison, 1901, p. 246.
- ^ a b c Harrison, 1901, p. 247.
- ^ a b c ICC, Southern Ry. Co., 1931, p. 566.
- ^ Harrison, 1901, pp. 245, 247.
- ^ Harrison, 1901, pp. 25–26.
- ^ Harrison, 1901, pp. 29– 30.
- ^ Harrison, 1901, p. 36.
- ^ Harrison, 1901, pp. 36, 40.
- ^ Harrison, 1901, pp. 36–37.
- ^ Harrison, 1901, p. 37.
- ^ a b Harrison, 1901, p. 40.
- ^ Harrison, 1901, p. 46.
- ^ a b Harrison, 1901, p. 248.
- ^ Harrison, 1901, pp. 54–55.
References
- Harrison, Fairfax A history of the legal development of the railroad system of Southern Railway Company. Washington, D.C.: Privately printed, 1901. OCLC 12318540. Retrieved December 24, 2013.
- Interstate Commerce Commission. Southern Ry. Co., Volume 37, Interstate Commerce Commission Valuation Reports, November 6, 1931. Washington: United States Government Printing Office, 1932. OCLC 297351688.