Central of Georgia Railway

In 1888, the Richmond Terminal Company, a Virginia holding company, gained control of the Central. The financial problems of the parent company forced the CofG into bankruptcy, and it was sold at foreclosure three years later, being reorganized as the Central of Georgia Railway on November 1, 1895.

In 1907, railroad magnate and financier E. H. Harriman gained a controlling interest in the railway, and in 1909, sold his interest to the Illinois Central Railroad, which he also controlled. In 1932, during the Great Depression, the CofG went into receivership, from which it did not emerge until 1948. In 1956, the St. Louis-San Francisco Railway ("Frisco"), seeking a route to Atlantic Ocean ports, gained control of the CofG, but the Interstate Commerce Commission declined to approve a merger of the two roads, so the Frisco sold its CofG stock to the Southern Railway in 1963.

At the end of 1956, the CofG operated 1,764 miles (2,839 km) of road and 2,646 miles (4,258 km) of track; that year it reported 3208 million net ton-miles of revenue freight and 73 million passenger-miles. Those totals do not include the 144-mile (232 km) Savannah and Atlanta, the 10-mile (16 km) L&W, the 20-mile (32 km) Wadley Southern or the 36-mile (58 km) Wrightsville and Tennille.

The CofG became a Southern Railway subsidiary on June 17, 1963. In 1971, the Southern formed the Central of Georgia Railroad to merge the Central of Georgia Railway, the Savannah and Atlanta Railway, and the Wrightsville and Tennille Railroad.

The famous passenger train, the Nancy Hanks II (1947–1971), ran from Atlanta to Savannah, via Macon. It had the two added on the end to distinguish it from a short-lived train the Central sal in the 1890s. Another notable train was the Man o' War (1947–1970), a Columbus – Atlanta route, via Newnan. Both of these trains were named after prize-winning racehorses. When Amtrak took control of the Southern Railway's passenger service in 1971, The Southern decided to discontinue the "Nancy Hanks II" but continue operating the "Crescent Limited" until 1977.

Into the mid-1950s, the CofG, with the Alabama & Saint Andrews Bay Railroad, operated passenger trains headed for the Gulf Coast resort city Panama City, Florida.

Long distance inter-state trains operated on Central of Georgia tracks as part of their itineraries:

City of Miami (Chicago-Miami), Southland (Chicago & Cincinnati to St. Petersburg), Flamingo (Cincinnati-Jacksonville) and Seminole (Chicago-Jacksonville).

Over the years, this railroad steadily acquired other railroads by either lease or purchase:

Augusta and Savannah Railroad 1862

Augusta and Waynesboro Railroad 1857

Eatonton Branch Railroad 1855