This railroad company was incorporated by the Ala. legislature on 1860 Jan. 13, and the legislature also authorized the naming of Arnold Seale, Richard H. Powell, Francis Bugbee, Israel W. Roberts, Lewis Owen, William D. Mathews, William B. Gilmer, Marion A. Baldwin, John H. Murphy, Thomas H. Watts, and David S. Blakey as directors, the construction of the railroad from Montgomery, Ala. to Eufaula, Ala. through Union Springs, Ala., capitalization through stock sales of up to $2,000,000, and right-of-way for construction.
Little was accomplished on the railroad until the end of the Civil War, and between then and 1870 the state enacted various strong economic aids, including the guaranteeing of loans and even the lending of $300,000 in bonds, so that by 1871 the state's debt on behalf of the railroad, actual and contingent, was over $1,500,000. After various other legislative and other difficulties occurred, the rairoad passed into receivership in 1873, and was then leased by the Central Railroad and Banking Company of Ga. until the 1893 panic forced the railroad into the hands of the Farmers' Loan and Trust Co. of N.Y. Eventually the Montgomery and Eufaula Railroad was absorbed into the Central of Georgia Railway in 1894.
From the description of Ledger, 1869-1879. (Unknown). WorldCat record id: 122284613
