Wikipedia:WikiProject Trains/ICC valuations/East Tennessee and Western North Carolina Railroad

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The railroad of the East Tennessee and Western North Carolina Railroad Company, hereinafter called the carrier, is a single-track steam railroad, located in eastern Tennessee and western North Carolina, extending from Johnson City, Tenn., to Cranberry, N. C., a distance of 34.846 miles. The carrier owns and uses yard and side tracks aggregating 13.210 miles, making a total of all tracks owned and used of 48.056 miles. The first 10 miles of road out of Johnson City, Tenn., are laid with three rails on standard-gauge ties, and this portion of the road is operated by both standard and narrow gauge equipment. The remainder of the line is narrow gauge. The carrier also owns 0.508 mile of standard-gauge main track, and 0.43 mile of yard and side tracks, making a total of 0.938 mile of all tracks, located at Johnson City, which it leases to and which are exclusively used by the Carolina, Clinchfield and Ohio Railway. The total mileage owned, therefore, is 35.354 miles of main track and 48.994 miles of all tracks, of which 4.416 miles of main track and 2.573 miles of sidetrack are in North Carolina, the balance being in Tennessee.

Corporate history.—The carrier was incorporated by special act of the State of Tennessee, passed March 4, and approved March 6, 1879. Its principal office is located at Johnson City, Tenn. The carrier acquired by purchase from A. Pardee and others property, rights, and franchises formerly owned by the East Tennessee and Western North Carolina Railroad Company (No. 1), which A. Pardee and others had acquired by court decree, on February 16, 1876. The development of fixed physical property is related in Appendix 2.

The carrier acquired its line of railroad as follows, the mileage being approximate:
 * APPENDIX 2
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY
 * Purchased uncompleted road, Johnson City to Hampton, Tenn., formerly owned by the East Tennessee and Western North Carolina Railroad Company (No. 1), from A. Pardee and others, the construction of which the carrier completed, opened for operation August 22, 1881 14
 * Constructed by the carrier, Hampton, Tenn., to a point near Cranberry, N. C., opened for operation July 3, 1882 20
 * Purchased from Cranberry Iron and Coal Company on August 15, 1905, Tennessee-North Carolina boundary to connection with line of Linville River Railway Company, near Cranberry, N. C. 4
 * 88
 * Less road in Avery (formerly Mitchell) County, N. C., sold to Cranberry Iron and Coal Company on January 31, 1894 8
 * Net 35

The exact date on which the partially completed line from Johnson City to Hampton, Tenn., was acquired by the carrier is not known. The stock issued to A. Pardee and others by the carrier as the purchase price of the property was recorded as a charge to the carrier's road and equipment investment account on May 1, 1880. The construction of this portion of the road was commenced by the carrier's predecessor in the spring of 1868, the grading from Johnson City to Hampton, Tenn., was completed during the summer of 1869 and the tracklaying and bridge work was under way on February 28, 1870. It could not be more definitely determined how far the work of construction had advanced at the date the carrier acquired this property.

The work of completing the road from Johnson City to a point near Hampton, Tenn., and the construction from that point to Cranberry ore mines, N. C., was commenced by the carrier in April, 1880. The work was performed

The East Tennessee and Western North Carolina Railroad Company (No. 1) was incorporated under and pursuant to a special act (chapter 88 of laws of 1865-66) of the Legislature of the State of Tennessee, passed May 24, 1866, for the purpose of constructing and operating a line of railroad in the State of Tennessee.
 * Predecessor Company
 * EAST TENNESSEE AND WESTERN NORTH CAROLINA RAILROAD COMPANY (No. 1)

Some time prior to November 15, 1871, a bill was filed by the State of Tennessee against Edgefield and Kentucky Railroad[sic!] Company (No. 1), being one of the defendants in said cause, in the chancery court of Davidson County, at Nashville, Tenn. A decree was entered in said cause, and the East Tennessee and Western North Carolina Railroad Company (No. 1) was declared to he delinquent and its railroad, rights, and franchises were sold, by commissioners duly authorized to make the sale, on November 15, 1871, to John Hughes and others for $20,000, in bonds of the State of Tennessee. Thereafter the said John Hughes and others filed a petition in the chancery court of Carter County at Elizabethton, Tenn., which was styled "John Hughes, et al., ex parte," for the purpose of having the court ratify and confirm the sale of said road, rights, and franchises, which had been negotiated by petitioners, to A. Pardee and others. This petition proceeded to a hearing, and on September 10, 1875, a decree was entered in said cause, reciting the proceedings had in the chancery court at Nashville in said cause of the State of Tennessee versus Edgefield and Kentucky Railroad Company and others, the sale of said railroad and its rights and franchises in said cause on November 15, 1871, and the confirmation of said sale to said petitioners and their negotiation and sale of said railroad to the said Pardee and others at the price of $25,000, whereupon such sale by petitioners to said Pardee and his associates was duly ratified and confirmed by the court and the title to said railroad, rights, and franchises divested out of petitioners and vested in the purchasers upon the payment by the purchasers of $25,000 in money, which was done as shown by decree in said cause on February 16, 1876.

The foregoing information was taken from the returns on corporate history filed by the carrier.

The East Tennessee and Western North Carolina Railroad Company (No. 1) had no accounting records. There is recorded in the minute book of its board of directors a report of a committee of its stockholders covering an audit