Wikipedia:WikiProject Trains/ICC valuations/Carolina, Clinchfield and Ohio Railway

Interstate Commerce Commission, Valuation Reports, Volume 26

Location and General Description of Properties
The railroad of Carolina, Clinchfield and Ohio Railway, hereinafter called the Clinchfield, is a single-track, standard-gauge, steam railroad. The main line extends from Elkhorn City, in eastern Kentucky, in a southerly direction through the states of Virginia, Tennessee, and North Carolina, to the North Carolina-South Carolina State line, a distance of 258.647 miles, where the railroad of the Clinchfield ends and that of its independently operated subsidiary, Carolina, Clinchfield and Ohio Railway of South Carolina, herein called the Clinchfield of South Carolina, begins. All of the main line operated by the Clinchfield is owned by it with the exception of 2.794 miles, extending from Elkhorn City, Ky., to the Kentucky-Virginia State line, which are leased for sole operation from Clinchfield Northern Railway of Kentucky, herein called the Clinchfield Northern, and 0.508 of a mile, at Johnson City, Tenn., which is leased for sole operation from The East Tennessee and Western North Carolina Railroad Company. The wholly owned and used main line is thus 255.345 miles in length.

In addition to its main line, the Clinchfield owns and uses a branch line, extending from Kiser, Va., to Laurel Junction, Va., a distance of 5.706 miles. This branch is isolated from the main line and is reached by means of trackage rights over the line of Norfolk and Western Railway Company from St. Paul, Va., to Kiser, Va., a distance of 8.45 miles.

The railroad of Clinchfield Northern, which is leased to and operated by the Clinchfield, is a single-track, standard-gage, steam railroad, located in the southeastern part of Kentucky. The owned mileage extends from Elkhorn City to the Kentucky-Virginia State line, a distance of 2.794 miles. The Clinchfield Northern also owns yard and side tracks as shown in the trackage table in Appendix 1.

The Clinchfield owns and uses 382.877 miles of tracks and uses but does not own 8.003 miles of tracks, which are classified in the trackage table in Appendix 1. Included in the trackage classified as owned and used are 1.133 miles of tracks jointly owned and used with Norfolk and Western Railway Company, ownership 50 per cent each.

Introductory
The Clinchfield is a corporation of Virginia that operates railway properties in Kentucky, Virginia, Tennessee, and North Carolina. Its principal operating and accounting offices are located at Johnson City, Tenn., but the principal office designated by its charter is located at Bristol, Va. The Clinchfield is controlled by Blair & Company, New York bankers, through ownership of a majority of its outstanding capital stock. On the other hand, the Clinchfield controls, through ownership of its entire capital stock, the Clinchfield Northern, whose common-carrier property it operates under lease. It controls, further, through indirect ownership of a majority of its capital stock, the Clinchfield of South Carolina, which operates its own property.

The enterprise is the result of the efforts of a group of men to establish a railroad to develop their timber and mineral lands and to market the products of these lands. The parties in interest, in order to perfect their plans, caused the incorporation of the Clinchfield and four other corporations, namely, the Cumberland Corporation, the Meadows Company, the Norlina Company and the Carolina Company. The Cumberland Corporation was a financial company that marketed most of the Clinchfield's securities, while the other three companies were construction companies. The Meadows Company constructed the greater portion of the Clinchfield's road and that of its predecessors, although the Norlina Company and the Carolina Company constructed portions of the road. The records of the three construction companies are in the possession of the Clinchfield and were available for use in the preparation of this report.

The property of the Clinchfield has been operated by its own organization during its entire life.

Corporate History
The Clinchfield was incorporated January 26, 1905, under the general laws of Virginia, as the South and Western Railroad Company, and was organized on the same date. Its corporate title was changed to its present designation by an amendment dated March 7, 1908. During the 12 years of its corporate existence, the Clinchfield has acquired the property of 6 corporations, which in turn had succeeded to 13 others; so that, either directly or indirectly, the Clinchfield is the successor of 19 corporations. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

The State or numerical designations shown in parentheses in the case of a number of the corporations in the foregoing chart do not form a part of the exact corporate name, but are used herein to differentiate between corporations bearing substantially or identically the same names.

Development of Fixed Physical Property
The road wholly owned and used by the Clinchfield, amounting to 261.051 miles, was acquired as follows:

Of the 10 corporations that comprise the line of succession culminating in the Clinchfield as at present constituted, 14 corporations did not construct any road or other common-carrier property. These companies were:
 * Clinchfield Northern Railway.
 * Kingsport Southern Railway.
 * Ohio River and Charleston Railroad Company (Va.).
 * Ohio River and Charleston Railway Company (S. C.).
 * Ohio River and Charleston Railway Company (N. C.).
 * Ohio River and Charleston Railway Company (Tenn.).
 * South and Western Railroad (South).
 * South and Western Railroad Company (7).
 * South and Western Railroad Company (North).
 * South and Western Railway Company (6).
 * South and Western Railway Company (4).
 * South and Western Railway Company (3).
 * South and Western Railway Company (2).
 * South and Western Railway Company (1).

The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Clinchfield acquired the property are indicated in the following table:

Leased Railway Property
The Clinchfield uses, on date of valuation, facilities owned by other companies and other companies use facilities owned by the Clinchfield to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation, so far as this information is obtainable, are as follows: The Clinchfield furnishes the equipment necessary for the operation of the Clinchfield of South Carolina, the rental for which is assessed on the per diem and mileage basis and accounted for through the hire of equipment account.

Lessor Company
Clinchfield Northern

South and Western Railway Company (6)
Introductory

The South and Western Railway Company (6) was a consolidation of the South and Western Railway Company (3) and South and Western Railway Company (4). The articles of consolidation were dated September 11, 1902, and were filed in Virginia, September 16, 1902, and in Kentucky, September 15, 1902.

The property acquired by this consolidation consisted of about 38.60 miles of single-track, standard-gage, steam-operated railroad, extending from Johnson City, Tenn., to a point about 5 miles south of Huntdale, N. C. The South and Western Railway Company (6) subsequently acquired by purchase from the South and Western Railway Company (5), and the Carolina Company (a construction company), about 26 miles of single-track, standard-gage railroad, extending from a point about 5 miles south of Huntdale to Spruce Pine, N. C.

The foregoing mileage was operated by the South and Western Railway Company (6) until December 31, 1906, although it disposed of the property as follows:
 * The line from Johnson City, Tenn., to the Tennessee-North Carolina State line was disposed of November 24, 1906, to the South and Western Railroad Company (7).
 * Four parcels of land for right of way in Washington, Sullivan, and Hawkins Counties, Tenn., were disposed of November 24, 1906, to the Kingsport Southern Railway.
 * The line from the Tennessee-North Carolina State line to Spruce Pine, N. C., was disposed of December 24, 1904[sic - 1906], to the South and Western Railroad Company (North).
 * All of its property in Virginia was disposed of December 24, 1906, to the Clinchfield.

South and Western Railway Company (5)
The South and Western Railway Company (5) was incorporated for the purpose of constructing, maintaining, and operating a steam railroad from the city of Southport or Wilmington, N. C., to any point on the South Carolina-North Carolina State line or to any point on the Virginia-North Carolina State line, and with authority to build other branch lines.

There are no obtainable accounting records for the South and Western Railway Company (5), the information here submitted having been taken from the corporate minutes and from the corporate history report of the Clinchfield.

The property of the South and Western Railway Company (5) consisted of about 30 miles of single-track, standard-gage railroad, extending from a point about 5 miles south of Huntdale to Altapass, N. C., which was constructed by the Carolina Company, under unknown conditions, as follows: In addition to the two sections mentioned, there was under construction at date of demise a line from Altapass to Marion, N. C.
 * From a point about 5 miles south of Huntdale, to Spruce Pine, N. C., about 26 miles, was constructed during the period 1901 to July 1, 1903.
 * From Spruce Pine to Altapass, N. C., about 4 miles, was constructed during the period June, 1905, to July 1, 1906.

The property of the South and Western Railway Company (5) was operated by the South and Western Railway Company (6) to the date of its disposition or demise under unknown conditions.

The obtainable records indicate that there was authorized $100,000 par value of capital stock of which William E. Worth subscribed to $99,500 par value. The considerations received for this subscription, and the remaining $500 par value, were not of available record.

The South and Western Railway Company (5) disposed of its property as follows:
 * The line from 5 miles south of Huntdale to Spruce Pine, N. C., was conveyed to the South and Western Railway Company (6) by a deed dated October 14, 1904, in which the Carolina Company was a party.
 * All the right of way and partly constructed railroad in Mitchell and McDowell Counties, N. C., were conveyed to the South and Western Railroad Company (North) by a deed dated September 20, 1906.

South and Western Railway Company (4)
The South and Western Railway Company (4) was incorporated for the purpose of constructing, operating, and maintaining a railroad from a point on the line between the States of Virginia and Kentucky at the Brakes[sic] of Big Sandy River, to the town of Pikeville in Pike County, Ky., along the Sandy River.

There are no obtainable accounting records for the South and Western Railway Company (4), and the information here submitted was obtained from the corporate minutes and the corporate history report of the Clinchfield.

The South and Western Railway Company (4) constructed no railroad. Under an agreement dated September 11, 1902, that was filed in Kentucky, September 15, 1902, and in Virginia, September 16, 1902, it consolidated with the South and Western Railway Company (3) to form the South and Western Railway Company (6).

South and Western Railway Company (3)
Introductory

The South and Western Railway Company (3) was a consolidation of the South and Western Railway (2) and the South and Western Railway Company (1). These two companies had constructed no road at date of consolidation. The South and Western Railway Company (3) acquired on July 1, 1902, by purchase, the franchise, rights, and property of the Ohio River and Charleston Railway Company (Ohio) which consisted of about 38.60 miles of single-track, standard-gage, steam operated railroad, extending from Johnson City, Tenn., to a point about 5 miles south of Huntdale, N. C.

The South and Western Railway Company (3) operated this mileage, together with about 17 miles of road extending from a point about 5 miles south of Huntdale, N. C., to Booneford, N. C., which was owned by the Carolina Company (a construction company) from date of acquisition by lease and purchase to September 11, 1902, when it consolidated with the South and Western Railway Company (4) to form the South and Western Railway Company (6).

Ohio River and Charleston Railroad Company (Ohio)
The Ohio River and Charleston Railway Company (Ohio) was a consolidation of the following companies: The consolidation agreement, dated November 13, 1894, was filed on March 18, 1895, in Virginia, and on December 3, 1894, in South Carolina. The date of filing the articles of consolidation in North Carolina and Tennessee was not obtainable. There are no obtainable records for this company and the information contained herein was taken from the corporate history report of the Clinchfield.
 * Ohio River and Charleston Railway Company (S. C.).
 * Ohio River and Charleston Railway Company (N. C.).
 * Ohio River and Charleston Railway Company (Tenn.).
 * Ohio River and Charleston Railroad Company (Va.).

On November 13, 1894, the Ohio River and Charleston Railway Company (Ohio) acquired the property of the four companies mentioned, which consisted of about 20 miles of single-track, standard-gage, steam-operated line, extending from Johnson City to Chestoa, Tenn. It constructed, during 1899 and 1900, about 18.60 miles of single-track, standard-gage line which extended from Chestoa, Tenn., to a point about 5 miles south of Huntdale, N. C. It operated the mileage mentioned above from date of acquisition and completion to July 1, 1902, when its franchise, rights, and property were conveyed by a deed of that date to South and Western Railway Company (3).

Ohio River and Charleston Railroad Company (Va.)—Predecessor of the Ohio River and Charleston Railway Company (Ohio)
The Ohio River and Charleston Railroad Company (Va.), was incorporated for the purpose of acquiring from Charles E. Hellier the franchise, rights, and property of the former Charleston, Cincinnati and Chicago Railroad Company, located in the State of Virginia. There are no obtainable records for the Ohio River and Charleston Railway Company (Va.), and the information contained herein was taken from the corporate history report of the Clinchfield. On November 13, 1894, the Ohio River and Charleston Railway Company (Va.) acquired the franchise, rights, and property mentioned above through a deed of conveyance bearing that date. The obtainable records, however, do not indicate what composed the franchise, rights, and property, other than that it was the portion of the former Charleston, Cincinnati and Chicago Railroad Company located in the State of Virginia, as hereinbefore stated.

Ohio River and Charleston Railway Company (S. C.)—Predecessor of the Ohio River and Charleston Railway Company (Ohio)
The Ohio River and Charleston Railway Company (S. C.), was incorporated for the purpose of acquiring from Charles E. Hellier the franchise, rights, and property of the former Charleston, Cincinnati and Chicago Railroad Company, located in the State of South Carolina. There are no obtainable records for the Ohio River and Charleston Railway Company (S. C.) and the information contained herein was taken from the corporate history report of the Clinchfield. On November 13, 1894, the Ohio River and Charleston Railway Company (S. C.) acquired the franchise, rights, and property mentioned above through a deed of conveyance bearing that date. The obtainable records, however, do not indicate what composed the franchise, rights, and property, other than that it was the portion of the former Charleston, Cincinnati and Chicago Railroad Company located in the State of South Carolina, as hereinbefore stated.

Ohio River and Charleston Railway Company (N. C.)—Predecessor of the Ohio River and Charleston Railway Company (Ohio)
The Ohio River and Charleston Railway Company (N. C.) was incorporated for the purpose of acquiring from Charles E. Hellier the franchise, rights, and property of the former Charleston, Cincinnati and Chicago Railroad Company, located in the State of North Carolina. There are no obtainable records for the Ohio River and Charleston Railway Company (N. C.), and the information contained herein was taken from the corporate history report of the Clinchfield. On November 13, 1894, the Ohio River and Charleston Railway Company (N. C.) acquired the franchise, rights, and property mentioned above through a deed of conveyance bearing that date. The obtainable records, however, do not indicate what composed the franchise, rights, and property, other than that it was the portion of the former Charleston, Cincinnati and Chicago Railroad Company, located in the State of North Carolina, as hereinbefore stated.

Ohio River and Charleston Railway Company (Tenn.)—Predecessor of the Ohio River and Charleston Railway Company (Ohio)
The Ohio River and Charleston Railway Company (Tenn.) was incorporated for the purpose of acquiring from Charles E. Hellier the franchise, rights, and property of the former Charleston, Cincinnati and Chicago Railroad Company, located in the State of Tennessee. There are no obtainable records for the Ohio River and Charleston Railway Company (Tenn.), and the information contained herein was taken from the corporate history report of the Clinchfield. On November 13, 1894, the Ohio River and Charleston Railway Company (Tenn.) acquired the franchise, rights, and property mentioned above through a deed of conveyance bearing that date. The obtainable records, however, do not indicate what composed the franchise, rights, and property other than that it was the portion of the former Charleston, Cincinnati and Chicago Railroad Company located in the State of Tennessee, as hereinbefore stated.

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Charleston, Cincinnati and Chicago Railroad Company—Predecessor of Ohio River and Charleston Railroad Company (Va.), Ohio River and Charleston Railway Company (S. C.), Ohio River and Charleston Railway Company (N. C.), and Ohio River and Charleston Railway Company (Tenn.) ====== The Charleston, Cincinnati and Chicago Railroad Company was incorporated for the purpose of building, maintaining, and operating a railroad which was part of a system extending from Charleston, S. C., to Ashland, Ky. There are no obtainable records for this company and the information contained herein was obtained from the corporate history report of the Clinchfield.

The Charleston, Cincinnati and Chicago Railroad Company constructed a single-track, standard-gage railroad, extending from Johnson City to Chestoa, Tenn., about 20 miles, during 1889 and 1890, which it operated from completion to July 17, 1893, when its franchise, rights, and property were sold to Charles E. Hellier. The consideration cited in the deed of transfer was $550,000. Hellier retained possession of the property until November 13, 1894, when he sold it to the following corporations that had been incorporated for the purpose of acquiring it:
 * Ohio River and Charleston Railway Company (N. C.), by a deed dated November 13, 1894; all the property in North Carolina.
 * Ohio River and Charleston Railroad Company (Va.), by a deed dated November 10, 1894; all the property in Virginia.
 * Ohio River and Charleston Railway Company (Tenn.), by a deed dated November 13, 1894; all the property in Tennessee.
 * Ohio River and Charleston Railway Company (S. C.) by a deed dated November 13, 1894; all the property in South Carolina.

South and Western Railway Company (2)
The South and Western Railway Company (2) was incorporated for the purpose of constructing, operating, and maintaining a railroad from any point on the Tennessee-Virginia State line between Bristol and Church River, to any point on the Kentucky-Virginia State line in the vicinity of the Brakes[sic] of Sandy. There are no obtainable accounting records for this company and the information contained herein was obtained from the corporate minutes and the corporate history report of the Clinchfield.

The South and Western Railway Company (2) constructed no railroad. Under an agreement, dated April 18, 1902, that was filed in Virginia April 19, 1902, and in Tennessee April 29, 1902, it was consolidated with the South and Western Railway Company (1) to form the South and Western Railway Company (3).

South and Western Railway Company (1)
The South and Western Railway Company (1) was incorporated with authority to construct, operate, and maintain a railroad from the North Carolina-Tennessee State line, where the Nolanchucky River breaks through the same in the County of Unicoi, to the Virginia-Tennessee State line in the County of Sullivan. There are no obtainable accounting records for this company and the information contained herein was obtained from the corporate minutes and the corporate history report of the Clinchfield.

The South and Western Railway Company (1) constructed no railroad. Under an agreement dated April 18, 1902, that was filed in Virginia on April 19, 1902, and in Tennessee on April 29, 1902, it consolidated with the South and Western Railway Company (2) to form the South and Western Railway Company (3).

South and Western Railroad (South)
Introductory

The South and Western Railroad (South) was a corporation of the State of Tennessee, that was formed by a consolidation of the South and Western Railroad Company (7) and the Kingsport Southern Railway, under an agreement dated November 20, 1906, filed in Tennessee on December 8, 1906. The South and Western Railroad (South) acquired by the consolidation the following property: From the South and Western Railroad Company (7): From the Kingsport Southern Railway: Under an agreement with the Meadows Company, dated February 4, 1908, the South and Western Railroad (South) projected additional mileage extending from a connection with its line to the Virginia-Tennessee State line. This line of road was in process of construction on the date of demise, March 31, 1908. The South and Western Railroad (South) operated its property and about 45 miles of road from the Tennessee-North Carolina State line to Altapass, N. C., which it leased from the South and Western Railroad Company (North), from January, 1908, to March 31, 1908, when its franchise, rights, and property were acquired by the Clinchfield.
 * About 23 miles of single-track, standard-gage, steam-operated railroad, extending from Johnson City, Tenn., to the Tennessee-North Carolina State line.
 * Right of way, consisting of four parcels of land in Washington, Sullivan, and Hawkins Counties, Tenn.

South and Western Railroad Company (7)
Introductory

The South and Western Railroad Company (7) was incorporated for the purpose of constructing, operating, and maintaining a railroad from Erwin, Unicoi County, Tenn., to a point about 5 miles from the mouth of Sinking Creek, Washington County, Tenn. On November 24, 1906, the South and Western Railroad Company (7) acquired the line of railroad of the South and Western Railway Company (6) extending from Johnson City, Tenn., to the Tennessee-North Carolina State line. Under articles of consolidation, dated November 20, 1906, that were filed December 8, 1906, the South and Western Railroad Company (7) was consolidated with the Kingsport Southern Railway to form the South and Western Railroad (South).

Kingsport Southern Railway
The Kingsport Southern Railway was incorporated for the purpose of constructing, operating, and maintaining a railroad from a point about 6.30 miles from the mouth of Sinking Creek in Washington County, Tenn., to a point on the Tennessee-Virginia State line. This company began the construction of its projected line but no road had been completed at date of demise, December 8, 1906. On November 24, 1906, it acquired from the South and Western Railway Company (6) four parcels of land covering right of way in Washington, Sullivan, and Hawkins Counties, Tenn. Under articles of consolidation, dated November 20, 1906, that were filed December 8, 1906, the Kingsport Southern Railway was consolidated with the South and Western Railway[sic-Railroad] Company (7) to form the South and Western Railroad (South).

South and Western Railroad Company (North)
The South and Western Railroad Company (North) was incorporated for the purpose of constructing, operating, and maintaining a railroad from a point on the North Carolina-Tennessee State line to a point on the North Carolina-South Carolina State line, a distance of about 120 miles. On April 16, 1908, this company conveyed all of its rights, property, and franchise to the Clinchfield. At that time its property consisted of the following: The property of the South and Western Railroad Company (North) was operated by the South and Western Railroad (South) from January 1, 1907, to March 31, 1908, when its franchise, rights, and property were conveyed to the Clinchfield.
 * All the right of way and partly constructed railroad in Mitchel and McDowell Counties, N. C., being a strip of land 100 feet wide, extending from Spruce Pine to a point on North Muddy Creek in McDowell County, N. C., which was purchased from the South and Western Railway Company (5) on September 20, 1906.
 * A single-track, standard-gage, steam-operated railroad, about 40.89 miles, extending from the Tennessee-North Carolina State line to Spruce Pine, N. C., which was purchased from the South and Western Railway Company (6) on December 24, 1906.

Lick Creek and Lake Erie Railroad Company
Introductory

The Lick Creek and Lake Erie Railroad Company was incorporated for the purpose of constructing, operating, and maintaining a railroad from a point on the line of the Norfolk and Western Railway Company, near the mouth of Lick Creek in Wise or Russel Counties, Va., in a northerly direction up the valley of Lick Creek into Dickinson County, not to exceed 20 miles. The property of this company was acquired by construction under unknown conditions and consisted of about 6.770 miles of single-track, standard-gage, steam-operated railroad, extending from Dante to Fink, Va. The Lick Creek and Lake Erie Railroad Company operated its property from completion to December 31, 1906. From the latter date to June 1, 1908, the Clinchfield operated the property, and upon the last-mentioned date the Clinchfield acquired the franchise, rights, and property of the Lick Creek and Lake Erie Railroad Company.

Clinchfield Northern Railway
The records obtained do not indicate that the Clinchfield Northern Railway was controlled by any individual or corporation on May 27, 1912, the date of its demise; or, on the other hand, that it controlled any common-carrier corporation. The Clinchfield Northern Railway was incorporated for the purpose of purchasing, leasing, or constructing a railroad from a point in Russell County, Va., on Road Fork of Dump's Creek, to a point on the Virginia-Kentucky State line near the Breaks of the Big Sandy River, a distance of about 30 miles.

On October 3, 1911, the Clinchfield Northern Railway acquired from the Elkhorn Southern Railway all of its rights, franchise, and unfinished works in Virginia located in the counties of Russell, Dickenson, Buchanan, and Wise. The property mentioned above did not include any finished road and none was added by this company during its existence. On May 27, 1912, the Clinchfield Northern Railway conveyed its franchise, rights, and property to the Clinchfield.

Elkhorn Southern Railway
The records obtained do not indicate that the Elkhorn Southern Railway was controlled by any individual or corporation on September 30, 1911, the date of its demise; nor, on the other hand, that it controlled any common-carrier corporation. The property of this company was operated by the Clinchfield under lease from the date of its completion to the date of demise.

At date of its demise the Elkhorn Southern Railway owned about 5.706 miles of single-track, standard-gage, steam-operated railroad, extending from Kiser to Laurel Junction, Va. From the latter point a siding extended northward to Wilder, Va., about 2.500 miles. In addition thereto this company owned certain property, rights, and franchises in Virginia and Kentucky, a description of which was not obtained. The completed railroad was conveyed to the Clinchfield; other uncompleted work in Virginia to the Clinchfield Northern Railway; and all property, rights, and franchises in Kentucky to the Clinchfield Northern Railway of Kentucky.

Development of Fixed Physical Property The railroad owned by the Elkhorn Southern Railway on date of its demise was constructed during the years 1906 and 1907 under contract with the Meadows Company.