Wikipedia:WikiProject Trains/ICC valuations/Chicago, Memphis and Gulf Railroad

Interstate Commerce Commission, Valuation Reports, Volume 46

Chicago, Memphis & Gulf Railroad

Location and General Description of Property

The railroad of the Chicago, Memphis & Gulf Railroad Company, herein called the Chicago, Memphis & Gulf is a single-track, standard-gage, steam railroad, located in Tennessee and Kentucky. The owned mileage extends from a connection with the railroad of the Chicago, St. Louis and New Orleans Railroad Company at C. M. & G. Junction near Dyersburg, Tenn., in a northerly direction to Hickman, Ky., 48.509 miles. The company also owns 7.947 miles of yard tracks and sidings. The road thus embraces 56.456 miles of all tracks wholly owned and used. In addition the Chicago, Memphis & Gulf jointly owns and uses with the Nashville, Chattanooga & St. Louis Railway 0.036 undivided mile of yard tracks and sidings at Hickman, Ky., its portion thereof based on ownership being 0.018 mile.

Introductory

The Chicago, Memphis & Gulf is a corporation of Tennessee and Kentucky, having its principal office at Dyersburg, Tenn. No accounting records of this company prior to January 1, 1912, were obtained. Therefore, only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments. Certain information has been taken from sources other than the accounting records of the company.

The Chicago, Memphis & Gulf is controlled by the Illinois Central. On the other hand, the records reviewed do not indicate that the Chicago, Memphis & Gulf controls any common-carrier corporation.

The records reviewed do not indicate how the property was operated prior to July 1, 1909. From that date to date of valuation (June 30, 1915) the property was operated by its own organization.

Corporate History

The Chicago, Memphis & Gulf was incorporated December 21, 1904, under the general laws of Tennessee as the Dyersburg Northern Railroad Company. On November 8, 1909, the charter was amended, changing the name to the present title. In order to extend its railroad into Kentucky a charter was obtained from that State, dated November 25, 1910. To fully conform to the Kentucky statutes a new charter was obtained in that State on May 9, 1913.

Development of Fixed Physical Property

The road owned by the Chicago, Memphis & Gulf extending from C. M. & G. Junction west of Dyersburg, Tenn., northerly to Hickman, Ky., 48.509 miles, was acquired by construction. It was opened for operation to Tiptonville, Tenn., on July 1, 1907. The extension from Tiptonville, Tenn., to Hickman, Ky., was completed in the fall of 1911.

Leased Railway Property

Under an indenture dated December 13, 1905, the Chicago, Memphis & Gulf uses certain tracks and facilities at Dyersburg, Tenn., and about 3 miles of railroad extending from Dyersburg to C. M. & G. Junction, which property is owned by the Chicago, St. Louis & New Orleans Railroad Company. It pays $79.33 per month for the use of the line, a wheelage proportion of 5 percent per annum on the value of tracks used jointly, and a wheelage proportion of the maintenance and operation of the whole. The total paid for the year ended on date of valuation, was $1,380.11, but the records did not indicate the amount applicable to operating expenses.