Wikipedia:WikiProject Trains/ICC valuations/Louisville and Nashville Railroad

Interstate Commerce Commission, Valuation Reports, Volume 39

Location and General Description of Property
The railroad of the Louisville and Nashville Railroad Company, hereinafter called the Louisville and Nashville, is a standard-gage, steam railroad, located in the States of Kentucky, Tennessee, Alabama, Mississippi, Louisiana, Florida, Virginia, North Carolina, Georgia, Ohio, Indiana, Illinois, and Missouri. It is a single-track railroad, with the exception of about 339 miles, which is double track. The principal stretches of double-track road extend from Louisville to Lebanon and Anchorage, Ky., 45 miles; Cincinnati, Ohio, to Winchester, Ky., 96 miles; Sinks to Corbin, Ky., 35 miles; and from Decatur to Calera, Ala., 118 miles.

Two principal main lines extend from Cincinnati, Ohio: One line extends from that city, via Louisville, Ky.; Nashville, Tenn.; and Birmingham and Montgomery, Ala., to New Orleans and Pensacola, Fla. The road between Decatur Junction, Ala., and Nashville, Tenn., is not owned, but is leased from the Nashville and Decatur. Connection between the end of the leased line at Decatur Junction and the owned line at Decatur is made by means of trackage rights over the line of the Southern Railway Company. The other main line extends from Cincinnati, Ohio, to Atlanta, Ga., the tracks of the Western & Atlantic Railroad (The Nashville, Chattanooga & St. Louis Railway, lessee) being used between Junta and Atlanta, Ga., under trackage rights.

Other important cities served by the Louisville and Nashville system are Maysville, Owensboro, Lexington, and Frankfort, Ky.; Evansville, Ind.; Shawneetown, Ill.; St. Louis, Mo.; Memphis and Knoxville, Tenn.; Mobile, Ala.; Murphy, N. C.; Norton, Va.; and River Junction, Fla. Between Evansville, Ind., and East St. Louis, Ill., the Louisville and Nashville uses the line of the South East and St. Louis, a lessor company. Entrance into St. Louis, Mo., is effected by means of trackage rights over the tracks of the Terminal Railroad Association of St. Louis between East St. Louis, Ill., and St. Louis, Mo.

Details with respect to the ownership and use of the principal freight and passenger terminals used by the Louisville and Nashville will be found in Appendix 1.

The Louisville and Nashville wholly owns 4,500.307 miles of road, of which it uses 4,225.933 miles. It leases to other carriers 274.374 miles of road: To The Nashville, Chattanooga & St. Louis Railway, the so-called Paducah and Memphis division, extending from Paducah, Ky., to Memphis, Tenn., with a branch from Lexington to Perryville, Tenn., total road mileage, 253.695; and to the Illinois Central Railroad Company, line from Gracey to Princeton, Ky., 20.679 miles.

The Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway use jointly, under lease, the terminal and other property, in Nashville, Tenn., of the Louisville and Nashville Terminal Company, hereinafter called the Louisville and Nashville Terminal. For the purposes of this valuation, it was agreed by the three companies named that the property of the Louisville and Nashville Terminal should be inventoried to the two operating companies as jointly and equally owned and used. This agreement has been observed by us in classifying the property. Further information regarding the Louisville and Nashville Terminal will be found in the part of Appendix 2 devoted to that company. Appropriate reference will be made hereinafter whenever it appears that information pertaining to the latter company should be used to supplement the information given upon the Louisville and Nashville. The mileage embraced in the Louisville and Nashville Terminal property, together with the other jointly owned mileage of the Louisville and Nashville, is described in Appendix 1.

The Louisville and Nashville wholly uses but does not own 580.675 miles of road, of which 580.604 miles are owned by its lessors [...].

In addition to the 580.604 miles of road owned by lessor companies, the Louisville and Nashville wholly uses but does not own 0.071 mile of road at LaJunta, Ga., owned by the Western & Atlantic Railroad.

The Louisville and Nashville jointly uses but does not own 0.653 mile of road at Louisville, Ky., owned by the Central Transfer Railway and Storage Company.

The Louisville and Nashville wholly owns and uses 6,482.968 miles of all tracks, wholly owns but does not use 338.644 miles of all tracks, and wholly uses but does not own 799.285 miles of all tracks. These tracks, consisting of first main track, second main track, and yard tracks and sidings, are classified in the trackage table in Appendix 1. The Louisville and Nashville also jointly owns and uses with other carriers 58.610 undivided miles of all tracks, jointly owns with other carriers but does not use 0.382 undivided mile of all tracks, and jointly uses 9.619 undivided miles of all tracks, of which 8.408 miles are jointly owned by its lessors with other carriers, and 1.211 miles are owned by the Central Transfer Railway and Storage Company, [...].

Introductory
The Louisville and Nashville is a corporation of the States of Kentucky, Ohio, Virginia, North Carolina, Tennessee, Alabama, Florida, and Mississippi, having its principal office at Louisville, Ky. It is controlled by the Atlantic Coast Line Railroad Company, through ownership of a majority of the outstanding capital stook. On the other hand, the Louisville and Nashville solely controls, through ownership of capital stock to the extent below indicated, the transportation companies listed hereunder, whose several common-carrier properties it operates. The Louisville and Nashville controls either solely or jointly with other carriers, through ownership of capital stock to the extent indicated, transportation companies listed hereunder, whose common-carrier properties are independently operated. The Louisville and Nashville controls solely, through ownership of the entire outstanding capital stock of each company, the following noncarrier corporations: The property of the Louisville and Nashville, with the exception of certain property leased to other carriers for sole operation, has been operated by its own organization during its entire life.
 * Gulf Transit Company.
 * Interstate Property Company.
 * Colossal Cavern Company.

Corporate History
The Louisville and Nashville was incorporated by special act of the Legislature of the State of Kentucky, approved March 5, 1850, for the purpose of constructing and operating a railroad from Louisville, Ky., to the Tennessee-Kentucky State line, and by special act of the Legislature of the State of Tennessee, approved December 4, 1851, to construct and operate a railroad from the Tennessee Kentucky State line to Nashville, Tenn., thereby forming a continuous railroad from Louisville to Nashville.

The franchises and privileges granted by the original acts have been increased from time to time by numerous amendatory acts. These amendments include, among other things, the right to issue additional capital stock and funded debt, the construction of extensions to its property, and the purchase and operation of the properties of other companies.

A copy of the Louisville and Nashville's charter has been filed with the secretaries of state of the States of Alabama, Florida, Ohio, Mississippi, North Carolina, and Tennessee, and it has the right to transact business in those States through their respective general laws. By a special act of the Legislature of Virginia, approved March 30, 1887, the Louisville and Nashville was authorized to extend its railroad from the Kentucky-Virginia State line to certain designated points within the State of Virginia. Formal organization of the Louisville and Nashville was effected on September 20, 1851.

The Louisville and Nashville has acquired, either by direct purchase or purchase after foreclosure proceedings, the properties, rights, and franchises of 56 railroad corporations, a portion of the properties of 3 other railroad corporations, and the railroad properties of 4 noncarrier corporations. It has subsequently disposed of the properties acquired from 2 carrier corporations. The foregoing railroad corporations, together with their predecessors, total 115 different carrier corporations, of which 14 underwent a change of name, and comprise the line of succession culminating in the Louisville and Nashville as at present constituted. 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.

Development of Fixed Physical Property
The road owned by the Louisville and Nashville, 4,500.307 miles, has been acquired as follows: Of the 129 corporations which comprise the line of succession culminating in the Louisville and Nashville as at present constituted, 20 corporations, including one name change, did not construct or own any completed property. These corporations were: The data with respect to the miles of road constructed by the 109 remaining corporations, the years in which the various portions of the line were constructed, and the manner in which the Louisville and Nashville has acquired the property, are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained: The Louisville and Nashville has also acquired by direct purchase 85.54 miles of railroad which it has disposed of, and which forms no part of its railroad on date of valuation. This property is described below. In addition to the above 4,500.307 miles of road, all of which is wholly owned, the Louisville and Nashville owns jointly and equally with other carriers 2.507 miles of road, as follows: The tracks at Montgomery, Ala., 0.884 mile, were constructed by the Alabama and Florida Railroad Company in 1861, and joint ownership therein was acquired by the Louisville and Nashville in the purchase of the property, rights, and franchises of Mobile & Montgomery Railway Company on December 17, 1900. The obtainable records do not indicate how or when the remainder of the jointly owned mileage has been acquired, excepting the 1.092 miles at Nashville, Tenn., information regarding the construction and classification of which is given in the report herein on the Louisville and Nashville Terminal.
 * Bowling Green and Tennessee Railroad Company.
 * Henderson and Nashville Rail Road Company.
 * St. Louis and Southeastern Railway Company (Kentucky Division).
 * Princeton and Ohio River Railroad Company.
 * The Mobile, Clarksville & Evansville Railroad Company.
 * The Indiana, Alabama and Texas Railroad Company (of 1881).
 * Florida Western Railroad Company.
 * Pensacola and Barrancas Railroad Company.
 * Paducah and Tennessee Railroad Company (of 1888).
 * The Paducah & Tennessee Railway Company.
 * The Paducah & Tennessee Railroad Company (of 1854).
 * Tennessee and Alabama Railroad Company.
 * Montgomery, Hayneville and Camden Railroad.
 * Cumberland and Ohio Railroad Company.
 * The Anniston Terminal Railroad Company.
 * The Newport and Cincinnati Bridge Company (of Ohio).
 * Newport and Cincinnati Bridge Company (of Kentucky).
 * Mentor Southern Railway Company.
 * Cambria Southern Railway Company.

Leased Railway Property
The Louisville and Nashville uses on date of valuation property owned by other companies, and other companies use property owned by the Louisville and Nashville, 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, are as follows: Louisville and Nashville Terminal— Under the terms of an agreement dated June 15, 1896, and supplements thereto, the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway lease for joint operation the property of the Louisville and Nashville Terminal for a term of 99 years. This property, together with certain property individually owned by the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway, is operated jointly by those two companies and is known as the Nashville Terminals.

Certain of the units of property allocated to the Nashville Terminals are operated for the exclusive benefit of the Louisville and Nashville or the Nashville, Chattanooga & St. Louis Railway, and certain units are operated jointly for and on account of those companies.

For the use of the property the lessees pay as rental an amount equal to the interest on the Louisville and Nashville Terminal's outstanding first-mortgage 50-year 4 per cent gold bonds, dated December 1, 1902, par value of $2,535,000. The expense of maintenance and operation of the terminal property is prorated to the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway on various basis, as follows: For the year ending on date of valuation the Louisville and Nashville charged to its income account $75,514.84 as its proportion of joint-facility rents for the foregoing property.

As previously stated, the property of the Louisville and Nashville Terminal has been inventoried as jointly owned and used by the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway, pursuant to agreement entered into by the three companies concerned.

Georgia Rail Road & Banking Company— The Louisville and Nashville and the Atlantic Coast Line Railroad Company lease jointly the property of the Georgia Rail Road & Banking Company, including the right to collect the income accruing from certain investment securities owned by the latter company, for & term of 99 years from May 17, 1881. This property, comprising a line of railroad extending from Atlanta to Augusts, Ga., together with branches projecting therefrom to Macon, Athens, and Washington, Ga., aggregating in all about 305 miles, is operated by the Louisville and Nashville and the Atlantic Coast Line Railroad Company through a separate unincorporated organization known as the Georgia Railroad (Lessee Organization). The profits or losses resulting from the operation of this property, after deducting the amount of rental paid for the use thereof and other charges, are divided each year equally between the Louisville and Nashville and the Atlantic Coast Line Railroad Company. The amount received by the Louisville and Nashville as its proportion of the profits resulting from the operations of the Georgia Railroad (Lessee Organization) for the year ending on date of valuation was credited to its income account Separately Operated Properties, profit.

A separate report has been rendered on the Georgia Railroad (Lessee Organization). Its valuation date is June 30, 1916.

Properties operated as agent for owners— The Louisville and Nashville operates the properties of The Glasgow Railway Company, Elkton and Guthrie Railroad Company and Tennessee Western Railway Company, comprising in all 38.671 miles of railroad, for account of the owners. A separate report has been rendered on each of these companies.

Lessor Companies

 * South East and St. Louis
 * Nashville and Decatur
 * Owensboro and Nashville
 * Henderson Belt Railroad
 * Morganfield and Atlanta
 * Maysville and Lexington, North Division
 * Maysville and Lexington, Southern Division
 * Swan Creek
 * Long Branch Coal Railroad
 * Bay Minette and Fort Morgan
 * Pontchartrain Railroad

Bowlinggreen and Tennessee Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts regarding its financial dealings or investments. The company was incorporated by a special act of the Legislature of Kentucky, approved March 5, 1850. No construction work was performed by this company. The books of the Louisville and Nashville record a money outlay of $973.96 by it for engineering expenses on this property, which amount was charged to an advance account. The company's rights, franchises, etc., were conveyed to the Louisville and Nashville on June 7, 1852.

The Bowlinggreen Portage Railway Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its financial dealings, corporate operations, or investments. The company was incorporated by a special act of the Legislature of Kentucky, approved February 11, 1836. The 1.3 miles of road owned was acquired by construction, being completed and put in operation in 1836. The property was operated by the company's own organization from 1836 to the date of demise. The property, rights, and franchises of the company, consisting of a railroad about 1.3 miles in length, extending from Bowling Green, Ky., to the bank of the Barren River, were conveyed to the Louisville and Nashville on October 3, 1853, by James R. Skiles and wife, by a deed of that date. There is no record of conveyance by the company.

Bardstown and Louisville Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its financial dealings, corporate operations, or investments. The company was incorporated by a special act of the Legislature of Kentucky, approved March 10, 1854.

On August 8, 1864, the date the property was sold to the Louisville and Nashville, the company owned 17.37 miles of railroad, extending from Bardstown to Bardstown Junction, Ky., all of which was acquired by construction. The road was completed and put in operation on March 19, 1860. The property of the company was operated by the Louisville and Nashville, under a contract dated February 24, 1860, from March 19, 1860, to the date of sale.

[...]

The property, rights, and franchises of the company were sold to the Louisville and Nashville at a foreclosure sale on August 8, 1864, which sale was confirmed by the court on September 30, 1864.

Memphis, Clarksville and Louisville Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations or investments. The company was incorporated under a special act of the Legislature of the State of Tennessee, approved January 28, 1852.

On October 3, 1871, the date the property was conveyed to the Louisville and Nashville, it owned 82.65 miles of railroad extending from Guthrie, on the Kentucky-Tennessee State line, to Paris, Tenn. This road was all acquired by construction, being completed and put in operation in 1860. The property of the company was operated by its own organization from the date it was completed until July, 1865; by a receiver from July, 1865, to February 16, 1868; and by the Louisville and Nashville for account of the receiver from February 17, 1868, to date of demise.

In July, 1865, the company defaulted in the payment of interest due on bonds loaned to it by the State of Tennessee under the Internal Improvement Law, and on September 30, 1871, its property, rights, and franchises were sold under foreclosure proceedings and were subsequently conveyed to the Louisville and Nashville by a court decree dated October 3, 1871.

Memphis and Ohio Railroad Company; Nashville and Memphis Rail Road Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be obtained from its accounts regarding its corporate operations, finances, or investments. The company was originally incorporated under a special act of the Legislature of Tennessee, approved February 4, 1852, as the Nashville and Memphis Rail Road Company. By a special act of the Legislature of Tennessee, approved December 16, 1853, its name was changed to that first above given.

On the date of its demise, October 9, 1872, the company owned 129.88 miles of railroad extending from Paris to Memphis, Tenn. This road was all acquired by construction and was completed and put in operation some time during the year 1860. The property of the company was operated by its own organization from the date it was put in operation until September 1, 1867, and by the Louisville and Nashville from the latter date to October, 1872.

On October 9, 1872, the property, rights, and franchises of the company were conveyed to the Louisville and Nashville.

The St. Louis and South Eastern Railway Company (Consolidated)— Predecessor of the Louisville and Nashville and the South East and St. Louis
The accounting records of the above-named company are so incomplete and fragmentary that no information regarding corporate operations, investments, or finances can be developed therefrom. Incorporation of the company was effected through the consolidation of the properties of the Nashville, Chicago and St. Louis Railroad Company; The Evansville, Henderson and Nashville Railroad Company; the St. Louis and Southeastern Railway Company; and the St. Louis and Southeastern Railway Company (Kentucky Division) under a consolidation agreement dated July 29, 1872, which became effective October 1, 1872. This consolidation was confirmed by a special act of the Legislature of Kentucky. The consolidation agreement was filed in the offices of the secretaries of state of Illinois and Indiana on October 18, 1872, and of Tennessee, October 19, 1872.

The company operated its own property from October 1, 1872, to October, 1874. That part of its road formerly owned by the Nashville, Chicago and St. Louis Railroad Company, extending from Nashville, Tenn., to Guthrie, Ky., a distance of 48.76 miles, was operated from November 1, 1874, to August 1, 1879, by a receiver, and from the latter date to December 6, 1879, by the Louisville and Nashville.

The part of its road formerly owned by The Evansville, Henderson and Nashville Railroad Company, extending from Guthrie to Henderson, Ky., a distance of 96.85 miles, was operated from October 20, 1874, to August 1, 1879, by a receiver, and from the latter date to December 1, 1879, by the Louisville and Nashville. That part of the road formerly owned by the St. Louis and Southeastern Railway Company, extending from East St. Louis, Ill., to Evansville, Ind., a distance of 160.96 miles; from McLeansboro to Shawneetown, Ill., a distance of 40.70 miles; and that part constructed by the company, extending from Belleville to O'Fallon, Ill., a distance of 6.04 miles, was operated from October 1, 1874, to May 1, 1880, by a receiver. From May 1, 1880, to January 25, 1881, it was operated by the Louisville and Nashville for account of the company, and from January 25, 1881, to January 27, 1881, it was operated by the Louisville and Nashville for account of William A. Whitehouse and Charles W. Opdyke.

The property, rights, and franchises of the company were sold under foreclosure proceedings, in four different parts. The part formerly owned by the Nashville, Chicago and St. Louis Railroad Company was sold to Jacob H. Schiff, John B. Dumont, and George Opdyke, through a deed of conveyance dated July 29, 1879, who reconveyed their interests to the Louisville and Nashville on December 6, 1879. The part formerly owned by the Evansville, Henderson and Nashville Railroad Company and the St. Louis and Southeastern Railway Company (Kentucky Division) was sold to the Louisville and Nashville and conveyed to it by a deed dated December 1, 1879. The part formerly owned by the St. Louis and Southeastern Railway Company, together with 6.04 miles of road from Belleville to O'Fallon, which was constructed by the company, was sold to William A. Whitehouse and Charles W. Opdyke and conveyed to them by a deed dated January 25, 1881. They conveyed the property, rights, and franchises thus acquired to the South East and St. Louis by a deed dated January 27, 1881.

The 342.94 miles of wholly owned road owned by the company on date of demise had been acquired by it as follows: In addition, the company owned jointly with the Louisville and Nashville 10.37 miles, which was acquired by consolidation, being formerly likewise jointly owned by the Nashville, Chicago and St. Louis Railway Company.

Nashville, Chicago and St. Louis Railroad Company; Edgefield and Kentucky Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investments. The company was incorporated February 13, 1852, by a special act of the State of Tennessee, approved on that date, as the Edgefield and Kentucky Railroad Company. By an amendment to its charter authorized by a decree of the chancery court at Nashville, Tenn., April 18, 1872, its name was changed to that first above given.

On October 1, 1872, the date of its demise, the company wholly owned 38.39 miles of road, extending from Guthrie, Ky., to Edgefield Junction, Tenn., and jointly owned in equal proportions with the Louisville and Nashville 10.37 miles of road, extending from Edgefield Junction to Nashville, Tenn. The road owned was all acquired by construction and was completed and put in operation about 1859. The exact date is unknown. The property of the company was operated by its own organization from the date of completion to the date of demise.

The company was consolidated with The Evansville, Henderson and Nashville Railroad Company; the St. Louis and Southeastern Railway Company; and the St. Louis and Southeastern Railway Company (Kentucky Division) under an agreement dated July 29, 1872, effective October 1, 1872, to form The St. Louis and Southeastern Railway Company (Consolidated).

The Evansville, Henderson and Nashville Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its financial dealings, corporate operations, or investments. The company was incorporated by a special act of the Legislature of Kentucky, approved January 29, 1867. On October 1, 1872, the date of its demise, the company owned 96.85 miles of railroad, extending from Guthrie to Henderson, Ky. Details as to the construction of this road are given in the chapter on development of fixed physical property of the Louisville and Nashville. The property of the company was operated by its own organization from January, 1871, to October 1, 1872. The company was consolidated with the Nashville, Chicago and St. Louis Railroad Company; the St. Louis and Southeastern Railway Company, and the St. Louis and Southeastern Railway Company (Kentucky Division) on October 1, 1872, to form The St. Louis and South Eastern Railway Company (Consolidated).

Henderson and Nashville Rail Road Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its finances or investments. The company was incorporated under a special act of the Legislature of Kentucky, approved February 8, 1837. The incorporation was later extended so that the company authorized under the act of February 8, 1837, should also have corporate existence in the States of Kentucky and Tennessee. This took effect on March 4, 1850. The company owned no completed railroad on the date of its demise. It began the construction of a road from Guthrie to Henderson, Ky., in June, 1853, but the records reviewed do not indicate how much work was performed on that project. Under a judgment rendered in the circuit court of Christian County, Ky., the property, rights, and franchises of the company were sold on February 23, 1867, to E. G. Sebree and conveyed to him by deed dated March 22, 1867. Sebree and wife conveyed the property thus acquired to The Evansville, Henderson and Nashville Railroad Company, by deed dated June 20, 1867.

St. Louis and Southeastern Railway Company (Kentucky Division); Madisonville and Shawneetown Straight Line Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its finances or investments. The company was incorporated as the Madisonville and Shawneetown Straight Line Railroad Company by a special act of the Kentucky Legislature, approved February 18, 1870. By a special act of the same legislature, approved March 26, 1872, the name of the company was changed to that first above given. The company completed no railroad. It commenced the construction of a line of road during the month of December, 1870, but the records reviewed do not indicate how much construction work was performed. The company was consolidated with The Evansville, Henderson and Nashville Railroad Company, the Nashville, Chicago and St. Louis Railroad Company, and the St. Louis and Southeastern Railway Company on October 1, 1872, to form The St. Louis and South Eastern Railway Company (Consolidated).

Pensacola Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investments. The company was incorporated by a special act of the Legislature of Florida, approved February 27, 1877.

On October 22, 1880, the date the property was sold to the Louisville and Nashville, the company owned 44.45 miles of road, extending from Pensacola, Fla., to the Alabama-Florida State line, all of which had been acquired from the Pensacola and Louisville Railroad Company. The property of the company was operated by its own organization from May 6, 1878, to February 27, 1880, and by the Louisville and Nashville, under a contract dated February 27, 1880, from that date until the date of demise. The property, rights, and franchises of the company, except the right to be a corporation and except the land granted by the United States and the State of Florida to the Alabama and Florida Rail Road Company, were conveyed to the Louisville and Nashville by deed dated October 22, 1880. The books of the Louisville and Nashville indicate that it owned $300,000 par value of the capital stock of the company on the date of demise.

Pensacola and Louisville Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investments. The company was incorporated by a special act of the Legislature of Florida, approved July 16, 1868. On May 6, 1878, the date the property was sold to the Pensacola Railroad Company, the company owned 44.45 miles of railroad extending from Pensacola, Fla., to the Alabama-Florida State line, all of which had been acquired from The Alabama and Florida Rail Road Company, at foreclosure. The company also owned certain lands which had been acquired from the same company, by deed dated May 9, 1872. The property of the company was operated by its own organization from August, 1872, to the date of demise. The property, rights, and franchises of the company were sold to the Pensacola Railroad Company under a judicial decree of sale dated February 2, 1878, the title to the property being conveyed by the company's deed to the Pensacola Railroad Company, dated May 6, 1878.

The Alabama and Florida Rail Road Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investments. The company was incorporated by a special act of the Legislature of Florida, approved January 8, 1853.

On August 5, 1872, the date of foreclosure sale, the company owned 44.45 miles of railroad, extending from Pensacola, Fla., to the Florida-Alabama State line, all of which had been acquired by construction between 1861 and May, 1869. The company also owned certain lands in the State of Florida, which were granted to it under an act of Congress, May 17, 1856. The property of the company was operated by its own organization from the date it was placed in operation until the date of foreclosure sale.

The property, rights, and franchises of the company, except certain lands, were sold to A. E. Maxwell, trustee for the Pensacola and Louisville Railroad Company, at foreclosure sale on August 5, 1872, and conveyed to him by deed dated August 7, 1872. The sale and deed were confirmed by the court on August 16, 1872. Maxwell conveyed the property, rights, and franchises thus acquired to the Pensacola and Louisville Railroad Company by his deed dated December 10, 1872. The lands owned by the company were conveyed by its deed to the successor company, dated May 9, 1872.

The Pensacola and Selma Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investment. The company was incorporated under the general laws of the State of Alabama, March 20, 1880. On November 23, 1880, the date of its demise, the company owned 33.53 miles of railroad, extending from Gulf Junction to Pine Apple, Ala., all of which had been acquired from Daniel F. Sullivan and wife, and which formerly constituted the property of The Selma and Gulf Railroad Company. In addition to the foregoing completed mileage, the company owned at its demise 29.40 miles of uncompleted railroad, extending from Flomaton to Repton, Ala. From October 22, 1880, to November 23, 1880, the property of the company was operated by the Louisville and Nashville, under contract dated February 27, 1880. By deed dated November 23, 1880, the property, rights, and franchises, except the right to be a corporation, of the company were conveyed to the Louisville and Nashville.

The Selma and Gulf Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investments. The company was incorporated under a special act of the Legislature of the State of Alabama, approved January 30, 1858. At the date of its demise, the company owned 33.53 miles of railroad, extending from Gulf Junction to Pine Apple, Ala., which it had constructed during 1870 and 1871.

From the date of completion to the date of demise the property was operated by the company's own organization, and that organization continued the operation of the property for the owner until March 1, 1880. From that date to October 22, 1880, the road was operated by the Louisville and Nashville for the owner, under the terms of a contract dated February 27, 1880. The property, rights, and franchises of the company were sold at foreclosure; the sale being confirmed October 9, 1879, and by deed dated January 9, 1880, were conveyed to Daniel F. Sullivan. Daniel F. Sullivan and wife conveyed the property thus acquired to The Pensacola and Selma Railroad Company, by deed dated October 22, 1880.

The New Orleans, Mobile and Texas Railroad Company, as Reorganized
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investments. The company was incorporated under the general laws of the State of Alabama May 7, 1880.

On October 6, 1881, the date of its demise, the company owned 141.17 miles of standard-gage railroad, extending from Mobile, Ala., to New Orleans, La. This mileage formerly constituted the property of the New Orleans, Mobile and Texas Railroad Company, and had been acquired through a committee of bondholders, by deed dated May 8, 1880, after it had been sold to them at foreclosure on April 24, 1880. From May 8, 1880, to the date of demise, the property of the company was operated by the Louisville and Nashville, under the terms of a lease dated May 8, 1880. By the deed dated October 5, 1881, the property, rights, and franchises, except the right to be a corporation, of the company were conveyed to the Louisville and Nashville. At the time the Louisville and Nashville acquired the property it owned $4,000,000 par value of this company's capital stock, which was recorded at par in the accounts of the Louisville and Nashville.

New Orleans, Mobile and Texas Railroad Company; The New Orleans, Mobile and Chattanooga Railroad Company
No accounting records of the above-named company are obtainable, except those of the trustees for the period from February 1, 1875, to May 8, 1880, and those records are so fragmentary and incomplete that practically no information can be obtained therefrom regarding the corporate operations, finances, or investments of the company. The New Orleans, Mobile and Texas Railroad Company was successor through change in name, authorized by joint resolutions of the Legislatures of Alabama and Louisiana, approved March 9, 1871, and April 18, 1871, respectively, of The New Orleans, Mobile and Chattanooga Railroad Company. That company was incorporated by special acts of the following States, approved as follows: Alabama, November 24, 1866; Mississippi, February 7, 1867; Louisiana, August 19, 1868; Tennessee, March 9, 1867; and Texas, January 19, 1869. For the purposes of this report both companies are treated as one.

The company constructed 204.17 miles of road, extending from Mobile, Ala., to New Orleans, La., a distance of 141.17 miles, and from New Orleans to Donaldsonville, La., a distance of 63 miles. The construction period extended from January, 1867, to October 29, 1870. The 63 miles was sold at foreclosure on June 6, 1873, to interests that conveyed the property to the New Orleans & Texas Railroad Company. The 141.17 miles thus comprised the total mileage of the company on the date of its demise. The New Orleans-Donaldsonville part of the road was operated by the company's own organization from the date of completion to the date of the sale thereof. The New Orleans-Mobile part was operated by the company from completion to January 31, 1875. From February 1, 1875, to May 8, 1880, it was operated by E. D. Morgan and J. A. Raynor, trustees under the first-mortgage bonds.

The company defaulted in the payment of interest on its second-mortgage bonds, and that part of the railroad west of the Mississippi River, extending from New Orleans to Donaldsonville, La., was sold at foreclosure June 6, 1873, to a committee of bondholders who conveyed the property to the New Orleans & Texas Railroad Company. On February 1, 1875, E. D. Morgan and J. A. Raynor, trustees under the first-mortgage bonds of the company, took possession of that part of the railroad within and between the cities of Mobile and New Orleans and operated the same to May 8, 1880.

The property, rights, and franchises of the company were sold at foreclosure on April 24, 1880, to a committee of bondholders, who conveyed the property thus acquired to The New Orleans, Mobile and Texas Railroad Company, as reorganized, on May 8, 1880.

The Pensacola and Mobile Railroad and Manufacturing Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investments. The company was incorporated by a special act of the Legislature of Florida, approved February 8, 1861.

On the date of demise the company owned 1.25 miles of railroad in the city of Pensacola, Fla., and about 5 miles extending from Cantonment to Muscogee, Fla., together with certain wharf property on Pensacola Bay, all of which had been acquired by construction. The company also owned alternate sections of swamp and overflowed land in Escambia County, which had been granted to it by the State of Georgia. The company's railroad was completed about 1877, and was operated from the date it was placed in operation to the date of sale by the Pensacola Railroad Company. The property, rights, and franchises of the company were sold to the Muscogee Lumber Company at a foreclosure sale and conveyed to the purchaser by special master's deed dated October 7, 1881. On October 27, 1881, the Muscogee Lumber Company conveyed to the Louisville and Nashville the 1.25 miles of railroad in the city of Pensacola and certain land and wharf property.

Louisville, Cincinnati and Lexington Railway Company
Introductory

The above-named company was incorporated October 11, 1877, under the general laws of the State of Kentucky. It was controlled on the date of the sale of its property, November 1, 1881, by the Louisville and Nashville, through ownership of a majority of the outstanding capital stock.

The company owned and operated on the date of sale 176.20 miles of single track, standard-gage, steam railroad, extending from Louisville to Newport and Covington, Ky., 109.20 miles; and from Lagrange to Lexington, Ky., 67.00 miles. The company also operated, under lease, 60.53 miles of road, as follows: The company was enabled to operate into Cincinnati, Ohio, by means of trackage rights over 0.73 mile of the road of the Newport and Cincinnati Bridge Company. The property was operated by the company's own management from organization to the date of sale.

The company sold its property, rights, and franchises, except the right to be a corporation, on November 1, 1881, to the Louisville and Nashville. The latter company classifies the Louisville, Cincinnati and Lexington Railway Company as an inactive corporation in its corporate history return compiled as of date of valuation.

Development of Fixed Physical Property

The entire 176.20 miles of road owned by the Louisville, Cincinnati and Lexington Railway Company on the date of sale had been acquired by purchase after foreclosure from the Louisville, Cincinnati and Lexington Railroad Company, under deed dated November 9, 1877. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Louisville, Cincinnati and Lexington Railroad Company
Introductory

The above-named company was incorporated by a special act of the Legislature of the State of Kentucky, approved March 2, 1869, through filing with the secretary of state of the State of Kentucky an agreement dated September 7, 1869, effective October 5, 1869, for the consolidation of the Lexington and Frankfort Railroad Company and the Louisville and Frankfort Railroad Company. The accounting records of the company are found to be incomplete. For this reason, it is impossible to state the results of corporate operations subsequent to December 31, 1872.

The company owned on the date of its demise 176.20 miles of single-track standard-gage steam railroad, extending from Louisville to Newport and Covington, Ky., 109.20 miles, and from Lagrange to Lexington, Ky., 67 miles. The receiver for the company also operated, under lease, on the date of demise, 37.73 miles of road, as follows: The company was enabled to operate into Cincinnati, Ohio, by means of trackage rights over 0.73 mile of the road of the Newport and Cincinnati Bridge Company.

From the date of its organization to September 21, 1874, the property of the company was operated by its own management. The company defaulted in the payment of interest on its bonds and a receiver was appointed. He took charge of the property on September 21, 1874, and operated the same until the date of demise.

The road was sold under foreclosure proceedings October 1, 1877, to a committee whose bid was assigned to the Louisville, Cincinnati and Lexington Railway Company. The property was conveyed to that company by commissioner's deed of November 9, 1877.

Development of Fixed Physical Property

The 176.20 miles of road owned by the Louisville, Cincinnati and Lexington Railroad Company on the date of demise had been acquired by it as follows: Details with respect to the construction of the above mileage are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Louisville and Frankfort Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investments. The following information has been obtained from the corporate history return of the Louisville and Nashville. The company was incorporated under special acts of the Legislature of the State of Kentucky, approved March 1, 1847, February 18, 1864, and February 2, 1866.

On date of demise, October 5, 1869, the company owned about 143 miles of single-track, standard-gage, steam railroad, extending from Frankfort to Louisville, Ky., about 65 miles, and from Lagrange to Covington, about 78 miles. Details as to the construction of this property are given in the chapter on development of fixed physical property of the Louisville and Nashville. The property of the company was operated by its own organization from the date it was placed in operation, September 8, 1851, to December 31, 1856. From January 1, 1857, until the date of demise, the property was operated jointly in connection with that of the Louisville and Frankfort Railroad Company, under provision of a special act of Kentucky, approved March 3, 1856.

By special act of the Legislature of Kentucky, approved February 19, 1848, all the rights, privileges, and restrictions of the Lexington and Ohio Railroad Company, as they existed under the charter of that company, from St. Clair Street in Frankfort to Louisville, were revived, transferred, and conveyed to the Louisville and Frankfort Railroad Company. The company was consolidated with the Louisville and Frankfort Railroad Company to form the Louisville, Cincinnati and Lexington Railroad Company, by agreement dated September 7, 1869, effective as of October 5, 1869, under authority granted in a special act of the Legislature of Kentucky, approved March 2, 1869.

Lexington and Frankfort Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operation's, finances, or investments. The following information has been obtained from the corporate history return of the Louisville and Nashville. The company was incorporated under a special act of the Legislature of the State of Kentucky, approved February 28, 1848.

On the date of demise, October 5, 1869, the company owned about 29 miles of single-track, standard-gage, steam railroad, extending from Lexington to Frankfort, Ky. This formerly constituted the completed road of the Lexington and Ohio Railroad Company. The company rebuilt the line of road which it had acquired at incorporation, the work of reconstruction being completed March 19, 1849. From the date of its organization until December 31, 1856, the property was operated by the company's own management. From January 1, 1857, until the date of demise the property was operated jointly in connection with the Louisville and Frankfort Railroad Company, under provision of a special act of Kentucky, approved March 3, 1856. The State of Kentucky, by a subscription made June 5, 1848, became a stockholder in the corporation to the amount of $150,000 payable by a surrender to the company, on the part of the State, of all its interest in and to the property, rights, and privileges of that part of the Lexington and Ohio Railroad Company between Lexington and Frankfort. The company consolidated with the Louisville and Frankfort Railroad Company to form the Louisville, Cincinnati and Lexington Railroad Company, by agreement dated September 7, 1859, effective as of October 5, 1869, under authority granted in a special act of the Legislature of Kentucky, approved March 2, 1869.

Lexington and Ohio Rail Road Company – Predecessor of the Louisville and Frankfort Railroad Company and the Lexington and Frankfort Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its corporate operations, finances, or investments. The following information has been obtained from the corporate history return of the Louisville and Nashville. The company was incorporated under a special act of the Legislature of Kentucky, approved January 27, 1830. At the time of demise, June, 1842, the company owned about 29 miles of single-track, standard-gage, steam railroad, extending from Lexington to Frankfort, Ky., together with a partially-constructed road between Frankfort and Louisville, Ky. Construction was commenced on the line from Lexington to Frankfort in October, 1831, and completed January 31, 1834. Work was begun on the road from Frankfort to Louisville in 1835, but was not completed until after the date of demise.

In June, 1842, the auditor of the State of Kentucky deeded the completed portion of the road and all other property of the company to the State of Kentucky, after sale to the State under foreclosure proceedings. By a special act of the Legislature of Kentucky, February 29, 1848, all of the rights, privileges, etc., of the company, as they existed under its charter, from St. Clair Street, Frankfort to Louisville, were revived and continued in full force, and transferred, and conveyed, together with all the right of way acquired and held by the company, to the Louisville and Frankfort Railroad Company. For its interest in and to the property, rights, and privileges of the line between Lexington and Frankfort, the State of Kentucky received $150,000 par value of the capital stock of the new company.

From January 31, 1834, to June, 1842, the property was operated by the company's own organization. Upon acquiring title to the property, the State of Kentucky operated the road until March, 1843, at which time it leased the road to Phillip Swigert and Wm. R. McKee, and operation was thereafter continued by them, as lessee, until February 29, 1848, when the Lexington and Frankfort Railroad Company acquired possession.

Indiana, Alabama and Texas Railroad Company (of 1885)
Introductory

The above-named company was incorporated July 14, 1885, through filing with the secretary of state of the State of Tennessee an agreement dated August 20, 1884, for the consolidation of the Mobile, Clarksville & Evansville Railroad Company; the Princeton and Ohio River Railroad Company; and The Indiana, Alabama and Texas Railroad Company (of 1881). The first obtainable accounting records of the company begin from September, 1886, and continued to December 1, 1887, the date on which the Louisville and Nashville took possession of the property. The books were kept open by the Louisville and Nashville for all the entries relative to the operation of the property of the Indiana, Alabama and Texas Railroad Company (of 1885), including additions and betterments, sale of bonds, results of operations, and liability for nonnegotiable debt, representing advances from the Louisville and Nashville. No balances were brought forward from any previous books. Consequently, no information has been obtained regarding expenditures for property, liability for capital stock or funded debt issued, or the results from operations, by the Indiana, Alabama and Texas Railroad Company (of 1885), prior to September, 1886.

On December 1, 1887, when the Louisville and Nashville took possession of the property, the company owned 52.71 miles of single-track, standard-gage, road, extending from Princeton Junction, Tenn., to Princeton, Ky.

The company disposed of its property, rights, and franchises, by sale to the Louisville and Nashville on April 9, 1887. The Louisville and Nashville, however, did not take possession of the property until December 1, 1887.

Development of Fixed Physical Property

The company originally constructed about 58 miles of road. Of this, however, it abandoned 6 miles about the date of demise. Owing to the lack of records, no information has been obtained regarding the identity of the constructors for the 30 miles of road extending from Gracey to Princeton, Ky. The remaining 28 miles were constructed by forces employed by the Louisville and Nashville, which company also changed the gage of the 30 miles referred to above from narrow to standard. The deed conveying the entire road to the Louisville and Nashville was executed while construction work on a section of it was still under way. However, the Louisville and Nashville did not take possession until construction of the entire road was completed, December 1, 1887. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Princeton and Ohio River Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its finances or investments. The information given below is taken from the corporate history return of the Louisville and Nashville. The company was incorporated by a special act of the general assembly of the State of Kentucky, approved February 7, 1882. No construction work was performed by this company. The company was consolidated with The Mobile, Clarksville & Evansville Railroad Company, and The Indiana, Alabama and Texas Railroad Company (of 1881) to form the Indiana, Alabama and Texas Railroad Company (of 1885). The agreement of consolidation was filed with the secretary of state of the State of Tennessee on July 14, 1885.

The Mobile, Clarksville & Evansville Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its finances or investments. The following information is taken from the corporate history return of the Louisville and Nashville. The company was incorporated November 30, 1881, under the general laws of the State of Tennessee. No construction work was performed by this company. The company was consolidated with The Indiana, Alabama and Texas Railroad Company (of 1881) and the Princeton and Ohio River Railroad Company, to form the Indiana, Alabama and Texas Railroad Company (of 1885). The agreement of consolidation was filed with the secretary of state of the State of Tennessee on July 14, 1885.

The Indiana, Alabama and Texas Railroad Company (of 1881)
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts relative to its finances or investments. The following information is taken from the corporate history return of the Louisville and Nashville. The company was incorporated October 3, 1881, under the general laws of the State of Alabama. No construction work was performed by this company. The company was consolidated with The Mobile, Clarksville & Evansville Railroad Company, and the Princeton and Ohio River Railroad Company, to form the Indiana, Alabama and Texas Railroad Company (of 1885). The agreement of consolidation was filed with the secretary of the State of Tennessee on July 14, 1885.

Middle Division of the Cumberland and Ohio Railroad Company
The Middle Division of the Cumberland and Ohio Railroad Company was incorporated under a special act of the Kentucky Legislature, approved March 24, 1880. The above-named company maintained no books of account. Therefore, no information can be given from its accounts in connection with its corporate operations, finances, or investments.

On the date of its demise, March 26, 1888, the company owned 20.07 miles of railroad, extending from Springfield to Bardstown, Ky., all of which had been constructed for the company by the Louisville and Nashville, under a contract dated June 24, 1886. This contract also granted the Louisville and Nashville the privilege of purchasing the road upon completion of its construction. The property was completed and placed in operation February 1, 1888, and was operated by the Louisville and Nashville until the date of demise.

[...]

The property, rights, and franchises of this company, except the right to be a corporation, were sold to the Louisville and Nashville, on March 26, 1888.

The Pensacola and Atlantic Railroad Company
Introductory

The above-named company was incorporated March 4, 1881, by special act of the Legislature of the State of Florida. The company was controlled on the date it conveyed its property to the Louisville and Nashville, June 12, 1891, by that company, through ownership of a majority of the outstanding capital stock.

The Pensacola and Atlantic Railroad Company owned on the date of demise, June 30, 1891, 160.48 miles of railroad, extending from Pensacola to River Junction, Fla. From the date its property was placed in operation to the date of its demise, the property of the company was operated by its own organization.

The property of the company was sold at foreclosure on May 4, 1891, and was conveyed to the Louisville and Nashville for operation by deed dated June 12, 1891. Its accounting records, however, were continued until June 30, 1891, and for the purposes of this report the latter date is shown herein as the date of demise of The Pensacola and Atlantic Railroad Company.

Development of Fixed Physical Property

The corporate history return made by the Louisville and Nashville states that the entire 160.48 miles of road owned by The Pensacola and Atlantic Railroad Company on the date of demise had been acquired by construction during the period from June, 1881, to April 1, 1883. The company acquired by direct purchase the property, rights, and franchises, except the right to exist as a corporation, of the Florida Western Railroad Company, July 5, 1882. The records reviewed indicate that a predecessor of that company had constructed certain tracks in Pensacola, Fla., which were acquired by The Pensacola and Atlantic Railroad Company through its purchase of the Florida Western Railroad Company, but the extent of construction work performed by said predecessor company is not indicated. In the construction of the property of The Pensacola and Atlantic Railroad Company numerous contractors were employed. The obtainable records do not indicate that any of them were affiliated with the company.

Florida Western Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances or investments. The Florida Western Railroad Company was incorporated October 28, 1881, under a general act of the State of Florida.

On the date of its demise, July 5, 1882, it owned certain tracks extending from a connection with The Pensacola and Atlantic Railroad Company in Pensacola, Fla., to the Bay of Pensacola, the exact mileage of which is unknown. The company also owned certain real estate in Pensacola, the right of way from the latter point to Fort Barrancas, Fla., together with a wharf and certain riparian rights at the foot of Alcaniz Street in Pensacola. The records reviewed do not indicate that the property was placed in operation during the company's life. The property described was acquired from W. F. McCormick, from the Pensacola and Barrancas Railroad Company, who had purchased said property at a sale held in pursuance of a court decree. The records reviewed do not indicate that the company performed any construction work.

By deed dated July 5, 1882, the company conveyed its property, rights, and franchises, except the right to be a corporation, to The Pensacola and Atlantic Railroad Company.

Pensacola and Barrancas Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from its accounts in connection with its finances or investments. The Pensacola and Barrancas Railroad Company was incorporated February 12, 1870, under a special act of the State of Florida.

On the date of its demise, February 7, 1882, the company owned certain tracks, which it constructed, from a connection with The Pensacola and Atlantic Railroad Company at Pensacola, Fla., to the Bay of Pensacola, the exact mileage of which is unknown. The company also owned certain real estate in Pensacola, the right of way from the latter point to Fort Barrancas, Fla., together with a wharf and certain riparian rights at the foot of Alcaniz Street, Pensacola, Fla.

The records reviewed do not indicate that the property of the company was placed in operation during its life.

In the return of the Louisville and Nashville upon its corporate history is found the following statement:

"The Pensacola and Barrancas Railroad Company constructed certain tracks from a connection with The Pensacola and Atlantic Railroad Company in Pensacola, Fla., to a point on the Bay of Pensacola. The line was to extend from Pensacola to Fort Barrancas, Fla., but it is not definitely known to what extent the construction had been completed."

The property, rights, and franchises of this company were sold under a decree entered in the circuit court of Escambia, Fla., January 3, 1882, and were conveyed by deed of master commissioner, dated February 7, 1882, to W. F. McCormick, who retained possession of the property until July 1, 1882, when by deed of that date he conveyed the property to the Florida Western Railroad Company.

Kentucky Central Railway Company
Introductory

The obtainable accounting records of the above-named company cover the period from May, 1887, to December 31, 1890, there being no records obtainable for the period during which the property was operated by the Louisville and Nashville, January 1, 1891, to September 22, 1891. The balances in the accounts as stated in this report are as of December 31, 1890, which date is also referred to as the date of demise. The Kentucky Central Railway Company was incorporated June 6, 1887, under the general laws of the State of Kentucky. The company was controlled by the Louisville and Nashville on September 22, 1891, when the property was conveyed to the Louisville and Nashville, through ownership of the entire outstanding capital stock.

The company owned, on date of demise, about 147 miles of single-track, standard-gage, steam railroad, extending from Covington to Richmond, Ky., about 117 miles; and from Fort Estill to Sinks, Ky., about 30 miles. In addition to its own road, the company operated, through stock control and under lease, 100.06 miles of road of other carriers, as follows: The property of the company was operated by its own organization from the date it was placed in operation, May 13, 1887, to January 1, 1891, on which date the Louisville and Nashville began the operation of the property by virtue of its ownership of the entire outstanding capital stock, and continued said operation until September 22, 1891, when the Kentucky Central Railway Company conveyed its property, rights, and franchises, except the right to be a corporation, to the Louisville and Nashville.

Development of Fixed Physical Property

The entire 147 miles of road owned by the Kentucky Central Railway Company on the date of sale had been acquired by it by purchase after foreclosure of the property of the Kentucky Central Railroad Company. The road was acquired for operation on May 13, 1887, but was not finally deeded to the Kentucky Central Railway Company until June 7, 1887. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Kentucky Central Railroad Company
Introductory

The accounting records of the above-named company are not obtainable for the entire period of its corporate existence, and the obtainable records themselves are incomplete and fragmentary. Therefore, only partial information can be given from the accounts in connection with its corporate operations, finances, or investments. The last obtainable accounting records cover the period from January, 1882, to January 31, 1884, and the balances in its accounts, as stated herein, are as of January 31, 1884. The Kentucky Central Railroad Company was incorporated by a special act of the Legislature of the State of Kentucky, approved February 22, 1871.

The company owned, on May 13, 1887, the date its property was conveyed to certain trustees, as explained more fully below, about 147 miles of railroad, extending from Covington to Richmond, Ky., about 117 miles; and from Fort Estill Junction to Sinks, Ky., about 30 miles. It operated also, under lease, 100.06 miles of railroad of other carriers, as follows: The property of the company was operated by its own organization from July 7, 1875, the date it was placed in operation, until January 28, 1886, on which date its property was placed in the hands of a receiver, who continued to operate the property until May 13, 1887. On April 23, 1887, its property was sold at foreclosure and was conveyed, by deed dated May 14, 1887, of H. E. Huntington, special master commissioner, to certain trustees who reconveyed the property, by deed dated June 7, 1887, to the Kentucky Central Railway Company.

Development of Fixed Physical Property

Of the above 147 miles of road owned by the Kentucky Central Railroad Company on date of demise, 78 miles had been acquired from The Covington and Lexington Railroad Company. On March 9, 1856, the remaining 69 miles had been acquired by construction. Details with respect to the construction of the above property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

The Covington and Lexington Railroad Company; The Licking and Lexington Railroad Company
Introductory

There are no obtainable accounting records of the above-named company for the period from March 1, 1847, to June 30, 1851, nor for the period the property was operated by others, from October 6, 1859, to July 7, 1875. The accounting records covering the period from July 1, 1851, to November 30, 1859, are incomplete and fragmentary. Therefore, only partial information can be given the accounts with regard to corporate operations, finances, or investments. The balances in the accounts as stated in this report are as of November 30, 1859. The company was incorporated by a special act of the Legislature of the State of Kentucky, approved March 1, 1847, as The Licking and Lexington Railroad Company. By a special act of the same legislature, approved February 27, 1849, the name of the company was changed to The Covington and Lexington Railroad Company.

The company owned and operated on date of its demise, October 5, 1859, about 78 miles of railroad, extending from Covington to Paris, Ky., all of which was constructed by the company between 1851 and 1856. In addition to its owned road, the company on the date of demise solely operated, under lease, 17.69 miles of road of the Maysville and Lexington, Southern Division, extending from Paris to Lexington, Ky.; and about 13 miles of road of the Lexington and Danville Railroad Company, extending from Lexington to Nicholasville, Ky. The property of the company was operated by its own organization from March, 1856, the date it was placed in operation, to the date of demise.

Under a judgment rendered August 13, 1859, the property, rights, and franchises of the company were, on October 5, 1859, sold at foreclosure to R. B. Bowler, the sale being confirmed on October 29, 1859, by a decree of the Fayette Circuit Court. Bowler retained possession of and operated the property from October 6, 1859, to January 30, 1863.

On January 1, 1861, a joint stock association, called the Kentucky Central Railroad Association, was formed for the purpose of acquiring and operating the property previously owned by The Covington and Lexington Railroad Company. William Ernst and Q. A. Keith were appointed trustees of the association, and on January 30, 1863, R. G. Bowler and wife conveyed by deed of that date the property previously owned by The Covington and Lexington Railroad Company to William Ernst and Q. A. Keith, trustees. These trustees continued to operate the property from January 30, 1863, to July 7, 1875. By deed dated July 7, 1875, William Ernst, the surviving trustee, conveyed the property to the Kentucky Central Railroad Company, and that company assumed operation of the property on the same date.

The New & Old Decatur Belt and Terminal Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from its accounts in connection with its corporate operations, finances, or investments. The New & Old Decatur Belt and Terminal Railroad Company was incorporated under the general laws of the State of Alabama. The declaration of its incorporation was filed October 10, 1890, and the certificate of incorporation issued January 13, 1891.

On the date of its demise, August 24, 1892, the company owned 3.62 miles of yard tracks in New Decatur, Ala., which had all been acquired by construction. The construction was completed and the property put in operation about August 24, 1892. The town of New Decatur, Ala., by ordinances passed March 17 and 18, 1891, granted the company the use of certain streets and a right of way along Summerville Road.

[...]

The property, rights, and franchises of the company were conveyed to the Louisville and Nashville on August 24, 1892.

The Louisville Railway Transfer Company
Introductory

The accounting records of the above-named company are found to be incomplete for the period from June 30, 1889, to the date of sale of its property to the Louisville and Nashville, some time in November, 1893. Therefore, only partial information can be given from the accounts in connection with its corporate operations, finances, or investments. Certain information appertaining to that period has been derived from sources other than the company's records, as pointed out hereinafter. The company was incorporated by a special act of the Legislature of the State of Kentucky, approved March 10, 1871. The Louisville Railway Transfer Company was controlled by the Louisville and Nashville on the date of sale, through ownership of the entire outstanding capital stock.

The company owned on the date of sale 4.23 miles of single-track, standard-gage, steam railroad, in the city of Louisville, Ky., extending from a connection with the Louisville and Nashville's tracks south of the House of Refuge to the head of Jefferson Street. From the date the property was placed in operation, it was operated by the Louisville, Cincinnati and Lexington Railroad Company and its successor, under lease agreement, until October 31, 1881, and by the Louisville and Nashville from that date until the date of sale.

The company disposed of its property, rights, and franchises, except the right to be a corporation, to the Louisville and Nashville, by a deed dated November, 1893.

Development of Fixed Physical Property

Prior to the organization of the company, a contract dated June 3, 1870, was entered into by and between the city of Louisville, the Louisville, Cincinnati and Lexington Railroad Company, and the Louisville and Nashville, for the purpose of constructing a connecting track between two roads. The city of Louisville granted the right to use certain streets and the two companies furnished the funds for construction. Work was begun during July, 1870, by the Louisville, Cincinnati and Lexington Railroad Company and the Louisville and Nashville, but before completion these two companies conveyed, by deed dated April 29, 1871, all their rights, titles, and interests in the project to The Louisville Railway Transfer Company. The property, including 4.23 miles of road, was completed and opened for operation during May, 1871.

Tennessee Midland Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments. The Tennessee Midland Railway Company was incorporated December 29, 1886, under the general laws of the State of Tennessee.

On the date of its demise, December 14, 1895, the company owned 135.60 miles of railroad, extending from Memphis to Perryville, Tenn., all of which was acquired by construction and opened for operation during 1888 and 1889. Grading was in progress between Perryville and Nashville, Tenn., on the date of demise, but that portion of the railroad was not completed. From June 1, 1888, to October 31, 1893, the property was operated by the company's own organization, and from November 1, 1893, to December 14, 1895, it was operated by W. L. Huse and John Overton, Jr., receivers.

[...]

The property, rights, and franchises of the company were sold at foreclosure and conveyed by deed dated December 13, 1895, to J. W. Phillips, who, by deed dated December 14, 1895, conveyed the property thus acquired to the Louisville and Nashville.

Paducah, Tennessee and Alabama Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments. The Paducah, Tennessee and Alabama Railroad Company was incorporated August 7, 1890, under the general laws of the State of Tennessee and on August 6, 1892, under a special act of the State of Kentucky.

On the date of its demise, December 14, 1895, the company owned 118.15 miles of railroad, extending from Paducah, Ky., to Lexington, Tenn., all of which had been acquired by construction during the years from 1890 to 1892. The property of the company was operated by its own organization from 1890 to October 31, 1893, and from that date to the date of its demise by W. L. Huse and John Overton, Jr., receivers.

[...]

The property, rights, and franchises of the company were sold at foreclosure and conveyed by deed dated December 13, 1895, to J. W. Phillips, who, by deed dated December 14, 1895, conveyed the property thus acquired to the Louisville and Nashville.

Paducah and Tennessee Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances or investments. The Paducah and Tennessee Railroad Company was incorporated March 24, 1888, under the general laws of the State of Tennessee. No construction work was performed by this company. The property, rights, and franchises of the company were consolidated with those of The Paducah & Tennessee Railway Company and The Paducah & Tennessee Railroad Company to form the Paducah, Tennessee and Alabama Railroad Company, under articles of consolidation dated July 15, 1889.

The Paducah & Tennessee Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from its accounts in connection with its finances or investments. The Paducah & Tennessee Railway Company was incorporated March 24, 1888, under the general laws of the State of Tennessee. No construction work was performed by this company. The property, rights, and franchises of the company were consolidated with those of The Paducah & Tennessee Railroad and the Paducah and Tennessee Railroad Company to form the Paducah, Tennessee and Alabama Railroad Company, under articles of consolidation dated July 15, 1889.

The Paducah & Tennessee Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from its accounts in connection with its finances or investments. The Paducah & Tennessee Railroad Company was incorporated under special acts of the State of Tennessee, approved March 8, 1854; March 5, 1873; and February 25, 1888. No construction work was performed by this company. The property, rights, and franchises of the company were consolidated with those of The Paducah & Tennessee Railway Company and the Paducah and Tennessee Railroad Company to form the Paducah, Tennessee and Alabama Railroad Company, under articles of consolidation dated July 15, 1889.

Sheffield & Tuscumbia Railroad Company, The Sheffield and Tuscumbia Street Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments.

The above-named company was incorporated June 6, 1885, under the general laws of the State of Alabama, as The Sheffield and Tuscumbia Street Railway Company. Under a special act of that State, approved February 18, 1895, the name of the company was changed to Sheffield & Tuscumbia Railroad Company.

On the date of its demise, March 9, 1896, the company owned 2.63 miles of railroad, extending from Sheffield to Tuscumbia, Ala., all of which it had constructed during the period from July, 1895, to September 10, 1895. From the date of completion of construction to date of demise the property of this company was operated as a part of the Nashville, Florence and Sheffield Railway Company, which property was operated by the Louisville and Nashville.

Montgomery and Prattville Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments. The Montgomery and Prattville Railroad Company was incorporated March 29, 1895, under the general laws of the State of Alabama.

On the date of its demise, June 13, 1896, the company owned 10.36 miles of railroad, extending from Prattville Junction to Prattville, Ala., all of which it had constructed during the period from February, 1895, to October 28, 1895. During the entire life of the company the property was operated by the Louisville and Nashville.

[...]

The property, rights, and franchises of the company, except the right to be a corporation, were conveyed to the Louisville and Nashville, by deed dated June 13, 1896.

Middlesborough Railroad Company
Introductory

The above-named company was incorporated under the general laws of the State of Tennessee, August 10, 1895, and of the State of Kentucky, August 15, 1895. The Middlesborough Railroad Company was controlled by the Louisville and Nashville on the date of the sale of its property to that company, November 4, 1896, through ownership of the entire outstanding capital stock.

The company owned and operated on the date of sale 24.06 miles of railroad, of which 21.76 miles were in Kentucky, 2.00 miles in Tennessee, and 0.30 mile in Virginia. The main line extended from Middlesborough, Ky., to a point south of the south portal of the tunnel through Cumberland Gap, a distance of 3.79 miles. It also owned and operated a belt line around the city of Middlesborough, 9.10 miles in length. Its branch line extended up Bennett's Fork 5.33 miles and up Stony Fork 5.84 miles. The property of the company was operated by its own organization from the date acquired until January 21, 1897.

The company disposed of its property, rights, and franchises, except the right to be a corporation, to the Louisville and Nashville, by deed dated November 4, 1896. The board of directors and stockholders of the Middlesborough Railroad Company approved and ratified the execution of the deed on January 13, 1897, on which date they authorized the sale of the property to the Louisville and Nashville. While the property was conveyed to the Louisville and Nashville on November 4, 1896, it was not formally taken over by that company until January 21, 1897. The records of the Middlesborough Railroad Company were continued in its own name until January 21, 1897.

Development of Fixed Physical Property

The entire 24.06 miles of road owned by the Middlesborough Railroad Company on the date of sale was acquired by purchase after foreclosure of the property formerly owned by the Middlesborough Belt Railroad Company (of 1891). Details with regard to the construction of this property will be found in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Middlesborough Belt Railroad Company (of 1891)
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, finances, or investments. The company was incorporated through filing with the secretary of state of the State of Tennessee, on September 13, 1891, of an agreement dated March 21, 1891, for the consolidation of the properties, etc., of the Middlesborough Belt Railroad Company (of March, 1890) and the Middlesborough Belt Railroad Company (of August, 1890).

On the date of demise the company owned 20.27 miles of railroad, which had been acquired as follows: Details with regard to the construction of the property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville. The property of the company was operated from March 21, 1891, to July 1, 1893, by its own organization, and from that date until its demise it was operated by a receiver.

[...]

The property, rights, and franchises of the company were sold at foreclosure June 21, 1895, to Frederick W. Whitridge, the sale was confirmed July 20, 1895, and the property was conveyed by deed dated August 22, 1895, to Edwin T. Rice, Jr., the assignee of Frederick W. Whitridge. On the same date, Edwin T. Rice, Jr., conveyed the property, by deed, to the Middlesborough Railroad Company.

Middlesborough Belt Railroad Company (of March, 1890)
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, finances, or investments. The company was incorporated under a special act of the legislature of the State of Kentucky, approved March 1, 1890. On the date of its demise, the company owned 12.43 miles of railroad, consisting of 9.10 miles of belt line around the city of Middlesborough, Ky., and a branch line extending about 3.33 miles up Bennett's Fork, all in the State of Kentucky, and all acquired by construction during 1890 and 1891. No information regarding its operation is obtainable. The company disposed of its property, rights, and franchises in the consolidation under which the Middlesborough Belt Railroad Company (of 1891) was formed. Articles of consolidation dated March 21, 1891, were filed in the office of the secretary of state of the State of Tennessee, September 13, 1891.

Middlesborough Belt Railroad Company (of August, 1890)
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, finances, or investments. The company was incorporated August 20, 1890, under the general laws of the State of Tennessee. On the date of its demise, the company owned 2 miles of railroad extending southwesterly from a point on the Tennessee-Kentucky State line up Bennett's Fork into Tennessee, all of which had been acquired by construction. It was completed during the years 1890 and 1891, but no information concerning its operation is obtainable. The company disposed of its property, rights, and franchises in the consolidation under which the Middlesborough Belt Railroad Company (of 1891) was formed. Articles of consolidation dated March 21, 1891, were filed in the office of the secretary of state of the State of Tennessee, September 13, 1891.

Florence Railroad and Improvement Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under the general laws of the State of Alabama, through articles of incorporation filed in the office of the judge of probate, Lauderdale County, Florence, Ala., in 1888, and by special act of the Legislature of the State of Alabama, approved February 28, 1889. On the date its property was sold the company owned 1.61 miles of railroad located in and near the city of Florence, Ala. This property was all acquired by construction. The date of completion is unknown. The company operated its own property from date of completion until May, 1897. The property, rights, and franchises of the company were conveyed by E. C. Crow, register in chancery, to A. E. Walker, trustee for J. F. Montgomery. A. E. Walker conveyed the property to J. F. Montgomery by a deed dated October 12, 1896, and the latter conveyed the property to the Louisville and Nashville by a deed dated May 4, 1897.

Altamont and Manchester Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under a special act of the Legislature of the State of Kentucky, approved May 24, 1890. On the date its property was sold the company owned about 3.5 miles of railroad extending from Altamont, Ky. This road was all acquired by construction, being completed and put in operation during 1892. The exact date the construction work was commenced is unknown. The property was operated by the company's own organization during its entire life. On October 20, 1898, through a deed of that date, the property was sold by C. M. Scoville, master commissioner, to the Louisville and Nashville to satisfy a judgment obtained by that company in Laurel Circuit Court.

Southern Alabama Railroad Company
Introductory

The above-named company was incorporated March 21, 1899, under the general laws of the State of Alabama. The records of the company were opened in February, 1899, and include certain receipts and expenditures for construction to November 30, 1900. Although the deed of conveyance of its property to the Louisville and Nashville was dated December 11, 1899, certain construction charges appear on the records of the company subsequent to that date. The records indicate that the company was controlled on the date of demise, by the Louisville and Nashville, through ownership of the entire outstanding capital stock.

On the date of demise, December 11, 1899, the company owned 109.29 miles of railroad, extending in a southerly direction from Gulf Junction to Flomaton, Ala. The obtainable records of the company do not indicate that it ever operated with its own organization. The records of the Louisville and Nashville indicate that that company operated the property from December 1, 1899, to December 11, 1899, the results of the operations being recorded in the books of the Louisville and Nashville.

The property, rights, and franchises of the company were conveyed to the Louisville and Nashville, by deed dated December 11, 1899.

Development of Fixed Physical Property

Of the 109.29 miles of road owned by the company on date of demise, the parts of the line extending from Gulf Junction to Pine Apple, Ala., a distance of 33.53 miles; and from Repton to Flomaton, Ala., a distance of 20.40 miles, were acquired by purchase from the Louisville and Nashville. The company constructed that part extending from Pine Apple to Repton, Ala., a distance of 46.36 miles. The construction work was performed mainly by R. M. Ingley & Company and the Southern Construction Company. The obtainable records do not indicate that the contractors referred to were affiliated with the company.

Nashville, Florence and Sheffield Railway Company
Introductory

The records of the above-named company are found to be incomplete, as no entries were recorded therein from June 30, 1899, to the date of the sale of the property on May 31, 1900. For that reason only partial information can be given from the accounts in connection with its corporate operations, finances, or investments. Certain information has been taken from sources other than the company's records, as pointed out hereinafter.

The company was incorporated May 5, 1887, under the general laws of the State of Alabama, through filing with the secretary of state of the State of Alabama on May 5, 1887, and with the secretary of state of the State of Tennessee on May 13, 1887, of an agreement for the consolidation of the properties, etc., of the Nashville and Florence Railroad Company and the Tennessee and Alabama Railroad Company. The articles of association were amended by the company filing a certificate dated December 11, 1890, providing for the construction of branch lines in Tennessee. The company was controlled by the Louisville and Nashville on the date of sale, through ownership of a majority of the outstanding capital stock.

The company owned on the date of sale 103.75 miles of single-track, standard-gage, steam railroad. Its main line extended from Columbia, Tenn., to Sheffield, Ala., a distance of 81.14 miles, and its branch lines extended to Pinkney, Tenn., 11.69 miles, and to Napier, Tenn., 10.92 miles. From the date the property was placed in operation to the date of sale the road was operated by the Louisville and Nashville for account of the Nashville, Florence and Sheffield Railway Company.

The property, rights, and franchises of the company, except the right to be a corporation, were conveyed upon judicial decree by deed dated May 31, 1900, to the Louisville and Nashville.

Development of Fixed Physical Property

The 103.75 miles of road owned by the company on the date of sale were acquired by consolidation and construction. The company acquired in the consolidation of June 30, 1887, from the Nashville and Florence Railroad Company, 56.00 miles of road. No road was acquired from the Tennessee and Alabama Railroad Company. The remaining 47.75 miles were acquired by construction. Details with regard to the construction of the property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Nashville and Florence Railroad Company
The above-named company was incorporated February 24, 1879, under the general laws of the State of Tennessee. The records indicate that the company was controlled on June 30, 1887, the date of demise, by the Louisville and Nashville, through ownership of a majority of the outstanding capital stock.

The railroad of the company, on date of demise, consisted of 56 miles of road, extending in a southerly direction from Columbia to St. Joseph, Tenn. From the date of completion of the road to the date of demise, the property was operated by the company's own organization.

By an agreement ratified by the stockholders on February 26, 1887, the property, rights, and franchises of the company were consolidated with those of the Tennessee and Alabama Railroad Company to form the Nashville, Florence and Sheffield Railway Company. Articles of consolidation were filed in the office of the secretary of state of the State of Tennessee, May 5, 1887, and in the office of the secretary of state of the State of Alabama, May 13, 1887.

Development of Fixed Physical Property

The 56 miles of road owned by the company on date of demise had been acquired by purchase and construction. By deed dated February, 1883, the company acquired from the Nashville and Decatur all of the old right of way and old roadbed of that company's Mount Pleasant Branch, extending from Columbia to Mount Pleasant, Tenn., a distance of 13.53 miles. This road was reconstructed by the company. The remaining 42.47 miles were acquired by construction. Further details with regard to the construction of this property will be found in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Tennessee and Alabama Railroad Company
There are no obtainable accounting records of the Tennessee and Alabama Railroad Company. Therefore no information can be given from the accounts regarding its finances or investments. The company was incorporated January 19, 1887, under the general laws of the State of Alabama. The company constructed no road. The property, rights, and franchises of the company were disposed of in the consolidation under which the Nashville, Florence and Sheffield Railway Company was formed. Articles of agreement for consolidation were filed in the office of the secretary of state of the State of Alabama, May 13, 1887, and in the office of the secretary of state of the State of Tennessee May 5, 1887.

Montgomery, Hayneville and Camden Railroad
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances or investments. The company was incorporated by special acts of the Legislature of the State of Alabama, approved December 11, 1890, and February 18, 1893. On June 7, 1900, the date of demise, the company owned no completed railroad, but had acquired the right of way and had graded part of the roadbed from a point near Camden, Ala., to a point on the plantation of W. C. Jones, a distance of about 7.50 miles. By deed dated June 7, 1900, the company conveyed its property, rights, and franchises to the Louisville and Nashville.

Cumberland and Big Stone Gaps Railroad Company
The above-named company maintained no accounting records. Its property was constructed and operated by the Louisville and Nashville, and the expenditures made by that company for the construction of the property and the results of corporate operations thereof were recorded without separation in its own accounts. Therefore, no information can be given from the accounts of the Cumberland and Big Stone Gaps Railroad Company in connection with its corporate operations, finances, or investments. The company was incorporated May 7, 1889, under the general laws of the State of Tennessee. The company owned on August 27, 1900, the date of demise, 4.07 miles of railroad, extending from a point near the south portal of the Cumberland Gap Tunnel, near the Virginia-Tennessee State line, in an easterly direction to the Tennesse-Virginia State line. The road was constructed by the Louisville and Nashville, as previously explained, and was completed and opened for operation in 1891. By deed dated August 27, 1900, the company conveyed its property, rights, and franchises to the Louisville and Nashville.

Alabama and Florida Railroad
The above-named company was incorporated under the general laws of the State of Alabama. The declaration of incorporation was filed with the secretary of state of the State of Alabama, on July 4, 1898, and the certificate of incorporation was granted August 23, 1898. The company was controlled by the Louisville and Nashville on December 17, 1900, the date of demise, through ownership of the entire outstanding capital stock.

The company owned, on date of demise, about 33 miles of railroad, extending from Georgiana to Andalusia, Ala. It also owned an uncompleted railroad extending from Andalusia to Geneva, Ala. From the date the first section of the property was placed in operation, July 1, 1899, to the date of demise, the property of the company was solely operated, under lease, by the Louisville and Nashville.

The property, rights, and franchises of the company were conveyed to the Louisville and Nashville by deed dated December 17, 1900.

Development of Fixed Physical Property

The entire 33 miles owned by the company on date of demise were acquired by it through construction. In the construction of the property, R. M. Quigley and Company and the Alabama Construction Company were employed as contractors. The records of the company do not indicate that the contractors were affiliated with the company. Further details as to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

The Mobile & Montgomery Railroad Company
The above-named company was incorporated under the general laws of the State of Alabama. The declaration of incorporation dated November 23, 1874, was filed with the secretary of state of the State of Alabama, April 27, 1875. The company was controlled by the Louisville and Nashville on December 17, 1900, the date its property was conveyed to the Louisville and Nashville, through ownership of a majority of the outstanding capital stock.

The company owned, on December 17, 1900, 176.97 miles of railroad, extending from Montgomery to Mobile, Ala. It also owned jointly with the Western Railway of Alabama 0.890 mile of road in the city of Montgomery, Ala. The property of the company was operated by its own organization from November 26, 1874, the date it came into possession of its original property, until January 12, 1881. From the latter date it was operated by the Louisville and Nashville until December 17, 1900, under lease agreement.

The company acquired the entire 176.97 miles of wholly owned road and the one-half interest in 0.890 mile of jointly owned road from the Mobile and Montgomery Railroad Company, by purchase after foreclosure. The property of that company was operated by receivers from May 1, 1873, to November 26, 1874, on which latter date the property was delivered to The Mobile & Montgomery Railway Company. However, the results of corporate operations for the period from May 1, 1873, to November 26, 1874, are included in the accounts of the last-named company. The property, rights, and franchises of the company were conveyed to the Louisville and Nashville by deed dated December 17, 1900, but the books of the company were continued until December 31, 1900. Therefore, for the purposes of this report, the latter date is hereinafter referred to as the date of demise of the company.

Mobile and Montgomery Railroad Company
Introductory

The obtainable accounting records of the above-named company cover the period from August 5, 1868, to May 1, 1873, no entries being recorded in its books subsequent to the latter date. The results of the corporate operations for the period from May 1, 1873, to November 26, 1874, are included in the accounts of the succeeding company, The Mobile & Montgomery Railway[sic] Company. Therefore, for the purposes of this report, April 30, 1873, is hereinafter referred to as the date of demise of the company. The company was incorporated, by special act of the Legislature of the State of Alabama, approved August 5, 1868.

The company solely owned, on date of demise, 176.97 miles of railroad, extending from Montgomery to Mobile, Ala. In addition, it owned jointly with the Western Railway of Alabama 0.890 mile of road in Montgomery, Ala. The property of the company was operated by its own organization from August 5, 1868, the date it acquired its original property by consolidation, until May 1, 1873. On the latter date the property was placed in the hands of receivers, who continued to operate it until November 26, 1874.

The property, rights, and franchises of the company were sold under a decree of foreclosure dated May 30, 1874, and were conveyed by deed dated November 26, 1874, to The Mobile & Montgomery Railway[sic] Company.

Development of Fixed Physical Property

The 176.97 miles of road owned by the company on date of demise was acquired by construction and purchase, as follows: In addition to the above, the company acquired from the Alabama and Florida Railroad Company, on the date of consolidation, a one-half interest in 0.890 mile of track in the city of Montgomery, Ala. The remaining one-half interest was owned by the Western Railway of Alabama. Details with regard to the construction of the property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Mobile and Great Northern Railroad Company
There were no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances or investments. The company was incorporated by special act of the Legislature of the State of Alabama, approved February 15, 1856. The company owned and operated on August 5, 1868, the date of demise, about 45 miles of railroad, extending from a point on the Tensas River to Pollard, all in the State of Alabama. The road was completed and opened for operation in the latter part of 1861. The date construction commenced is not known. On August 5, 1868, the property, rights, and franchises of the company were consolidated with the Alabama and Florida Railroad Company to form the Mobile and Montgomery Railroad Company.

Alabama and Florida Railroad Company
Introductory

The obtainable accounting records of the above-named company, which were opened on July 1, 1861, are so illegible that practically no information of value can be obtained therefrom. At the time these books were opened balances were brought forward from previous records which are missing. Practically all of the securities of the company were apparently issued during the period prior to July 1, 1861. For these reasons only partial information can be given from the accounts in connection with the company's finances and investments, and no information is obtainable regarding its corporate operations. The company was incorporated by a special act of the Legislature of the State of Alabama, approved February 11, 1850.

The company owned and operated on August 5, 1868, the date of demise, 116.11 miles of railroad, extending from Montgomery, Ala., to Alabama-Florida State line. The company also jointly owned and used with the Western Railway of Alabama 0.890 mile of track in the City of Montgomery, Ala. The property of the company was operated by its own organization from the beginning of operations, May, 1861, to the date of demise.

On August 5, 1868, the property, rights, and franchises of the company were consolidated with the Mobile and Great Northern Railroad Company to form the Mobile and Montgomery Railroad Company.

Development of Fixed Physical Property

The entire 116.11 miles of road wholly owned by the company on date of demise had been acquired by construction. Construction began about November, 1854, and the property was completed and open for operation in May, 1861. The company also jointly constructed and jointly owned with the Western Railway of Alabama 0.890 mile of track in Montgomery, Ala. The records reviewed do not indicate by whom or under what conditions the property of the company was constructed.

Cumberland River and Tennessee Railroad Company
No accounting records of the above-named company are obtainable. Therefore, no information can be given from the accounts regarding its investments, corporate operations, or finances.

The company was incorporated under the general laws of the State of Kentucky. Articles of incorporation were recorded in the office of the clerk of the county court of Bell County, Ky., June 15, 1893, and in the office of the secretary of state of the State of Kentucky June 22, 1893. Its capital stock was authorized for a total principal amount of $300,000, divided into shares of $100 each.

The construction of the road, owned by the Cumberland River and Tennessee Railroad Company on the date its property was sold, extending from the south side of the Cumberland River, near the bridge crossing at Orby, to Chenoa, Ky., a distance of 12.62 miles, was performed by the Louisville and Nashville for the Log Mountain Coal, Coke & Timber Company. It was commenced in September, 1892, and was completed in November, 1893. From November, 1893, to the date of sale, the property of the company was operated by its own organization. From July 1, 1901, to October 7, 1901, it was operated by the Louisville Property Company.

In an action in the Bell County Court brought by the Manhattan Trust Company, the property of the company was sold to the Louisville Property Company, June 25, 1901, and on July 1, 1901, a deed was executed by the master commissioner to that company. The Louisville Property Company conveyed the same property, by deed dated September 28, 1901, to the Louisville and Nashville. The Louisville and Nashville began the operation of the property on October 7, 1901.

Shelbyville, Bloomfield and Ohio Railroad Company
Introductory

The above-named company was incorporated under the general laws of the State of Kentucky. Articles of incorporation were filed in the clerk's office in Jefferson County Court, June 25, 1900, and in the office of the secretary of state of the State of Kentucky June 26, 1900. On the date of demise, September 28, 1901, the company was controlled by the Louisville and Nashville, through ownership of the entire outstanding capital stock of the company.

On date of demise the company owned 26.72 miles of road, extending from Shelbyville to Bloomfield, Ky., all of which had been acquired by purchase after foreclosure, June 23, 1900, and being formerly the property of the Northern Division of the Cumberland and Ohio Railroad Company. The property was operated by its owners, under the name of the company, from June 23, 1900, until its organization was established and from that date until September 30, 1901, the property was operated by the company's own organization.

The results of operations from June 23, 1900, to September 30, 1900, were not recorded in the records of the company and for that reason the income account shown herein embraces only the period from September 30, 1900, to September 30, 1901.

By deed dated September 28, 1901, the company conveyed all of its rights, property, and franchises to the Louisville and Nashville.

Northern Division of the Cumberland and Ohio Railroad Company
Introductory

The accounting records of the above-named company are not obtainable, and all the information shown here relative to the financing, securities issued, and indebtedness incurred by the company have been obtained from the books of the Louisville, Cincinnati and Lexington Railway Company, a predecessor of the Louisville and Nashville. The company was incorporated by a special act of the Legislature of the State of Kentucky, approved March 18, 1878, whereby the charter of the Cumberland and Ohio Railroad Company was amended so that it became lawful for that company to divide its property into two sections, one of which was to be designated as first above written and the other as the Southern Division of the Cumberland and Ohio Railroad Company. By a special act of the Kentucky Legislature, approved March 29, 1880, the separation of the Cumberland and Ohio Railroad Company into the two companies mentioned, and the organization of the companies by and among the stockholders thereof, were declared legal and valid for all purposes.

Under the act of 1878, the company acquired the uncompleted portion of the Cumberland and Ohio Railroad Company's road from Campbellsburg to Bloomfield, Ky. The unfinished roadbed, right of way, and improvements owned by the company, extending from Eminence to Bloomfield, Ky., were leased on July 28, 1879, to the Louisville, Cincinnati and Lexington Railway Company for a period of 30 years. A contract entered into in January, 1880, modified the lease so as to provide for the immediate construction of the road from Shelbyville to Bloomfield, a distance of 26.72 miles, by the Louisville, Cincinnati and Lexington Railway Company for the Northern Division of the Cumberland and Ohio Railroad Company. The construction work was completed in 1880. The road from Campbellsburg to Shelbyville was never completed.

From its completion in 1880, to November 1, 1881, the property was operated by the Louisville, Cincinnati and Lexington Railway Company, and from November 1, 1881, to January 25, 1896, by the Louisville and Nashville, under lease, as the successor of the first-named company; from January 25, 1896, to December 31, 1897, the Louisville and Nashville operated the property, as agent for the receiver; and from January, 1898, to February 5, 1898, as agent for Samuel Spencer. From February 5, 1898, to June, 1900, it was operated by Samuel Spencer.

On July 2, 1879, the company executed a mortgage to Joshua F. Speed, as trustee, to secure mortgage bonds to the extent of $350,000, and on July 28, 1879, the Louisville, Cincinnati and Lexington Railway Company executed a mortgage to Joshua F. Speed, as trustee of its net earnings accruing to it by reason of business coming to it from or over the lines of the Northern Division of the Cumberland and Ohio Railroad Company.

In August, 1892, the Louisville and Nashville, as purchaser of the property and franchises of the Louisville, Cincinnati and Lexington Railway Company, instituted suit against the Northern Division of the Cumberland and Ohio Railroad Company to recover judgment for moneys paid on its account and to enforce a lien under the provisions of the lease. On January 31, 1895, judgment was rendered in the Louisville and Nashville's favor for $419,803, and for a sale of the property and franchises of the Northern Division of the Cumberland and Ohio Railroad Company. In January, 1896, John A. Middleton was appointed receiver and from January 25, 1896, to December 31, 1897 the Louisville and Nashville operated the road, as agent for the receiver. On December 17, 1897, the property and franchises of the company were sold under the decree of January 31, 1895, to Samuel Spencer, and the sale was confirmed January 25, 1898.

By a judgment of the Shelby Circuit Court, rendered September 26, 1898, in a suit in equity of the Germania Safety Vault & Trust Company, and the Louisville and Nashville against A. L. Schmidt, successor to Joshua F. Speed, trustee, and others, to enforce the lien created by the mortgage of July 2, 1879, it was decreed that all the property, rights, and franchises of the company should be sold, and at a sale made under that decree, P. Booker Reed, on March 2, 1900, for himself and certain bondholders, became the purchasers of the property and franchises. On June 2, 1900, the sale was confirmed.

For the purpose of purchasing, owning, operating, and maintaining the above mentioned property, the Shelbyville, Bloomfield and Ohio Railroad Company was incorporated and the property acquired by P. Booker Reed and others, was conveyed to it by deed dated June 23, 1900.

The Louisville, Cincinnati and Lexington Railway Company recorded in its records from January, 1880, to December, 1881, cash expenditures made by it amounting to $395,524.29 in the construction of the company's railroad, of which amount $389,797.90 was for construction and $5,726.39 for interest during construction.

The Louisville, Cincinnati and Lexington Railway Company received, to apply in payment of construction costs advanced, $225,000 of the mortgage bonds, at par, of the company, which left a balance of $170,524.29 due to the Louisville, Cincinnati and Lexington Railway Company on the date of the Northern Division of the Cumberland and Ohio Railroad Company's demise.

Birmingham, Selma and New Orleans Railway Company
Introductory

The above-named company was incorporated under the general laws of the State of Alabama, November 16, 1886. The charter was amended February 12, 1887, by a special act of the general assembly of the State of Alabama, to empower the company to extend its road to a point on the Gulf of Mexico. By deed dated October 29, 1886, Alexander W. Jones and associates acquired the property, rights, and franchises of the New Orleans and Selma Railroad Company and Immigration Association, sold under decree of the city court of Selma, Ala., on October 4, 1886. The purchasers, by declaration of incorporation filed in the office of the secretary of state of the State of Alabama, November 16, 1886, were created a corporation under the general laws of Alabama, under the corporate name of Birmingham, Selma and New Orleans Railway Company.

On April 21, 1902, the date of the sale of the property to the Louisville and Nashville, the company owned 50.11 miles of railroad, extending in a general westerly direction from Selma to Linden, Ala. From October 29, 1886, to July 1, 1901, the property was operated by the company's own organization. From July 1, 1901, to May 1, 1902, the property was operated by the Louisville and Nashville, as owner of a majority of the capital stock of the company.

Although the date of sale was April 21, 1902, the Louisville and Nashville did not take the property over for operation for its own account until May 1, 1902.

By deed dated April 21, 1902, the company conveyed its line of railway and all its property, real and personal, pertaining thereto, to the Louisville and Nashville.

The only obtainable records of the company were opened in April, 1901, and entries were made therein to August 31, 1901. No balances were transferred from any preceding books.

Development of Fixed Physical Property

Of the 50.11 miles of road owned by the Birmingham, Selma and New Orleans Railway Company on the date of sale, 20 miles had been acquired by purchase after foreclosure from the New Orleans and Selma Railroad Company and Immigration Association and 30.11 miles were acquired by construction. In April, 1901, an extension was begun from near Linden, Ala., to extend to Myrtlewood, a distance of 10.14 miles. This extension was completed by the Louisville and Nashville after date of sale. Further details with regard to the construction of the property are given in the chapter on development of fixed property in the report on the Louisville and Nashville.

New Orleans and Selma Railroad Company and Immigration Association; The New Orleans and Selma Railroad Company
There are no obtainable accounting records of the above-named company, therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under a special act of the Legislature of the State of Alabama, approved February 23, 1866, as The New Orleans and Selma Railroad Company. By a special act of the Legislature of the State of Alabama, approved December 22, 1868, the name of the corporation was changed to that first above given.

It can not be ascertained when construction on the company's road, extending from Selma to Martin, Ala., a distance of about 20 miles, was begun; it was completed in June, 1871, from which time to November, 1886, it was operated by the company's own organization.

By deed dated October 29, 1886, James L. Evans, clerk and registrar of the City Court of Selma, Ala., conveyed the property, rights, and franchises of the company, sold under decree of said court, on October 4, 1886, to Alexander W. Jones and associates, who by declaration of incorporation filed in the office of the secretary of state of the State of Alabama, November 16, 1886, were created a corporation under the general laws of Alabama, under the corporate name of Birmingham, Selma and New Orleans Railway Company.

Shelby Railroad Company
Introductory

The Shelby Railroad Company was incorporated by an act of the General Assembly of the State of Kentucky, approved March 15, 1851. On the date of its demise, May 3, 1902, the company was controlled by the Louisville and Nashville, through ownership of a majority of the capital stock.

On the date of demise the company owned a line of railroad extending from Anchorage to Shelbyville, Ky., a distance of 18.58 miles, all of which had been acquired by construction. It was completed and placed in operation in 1871. From the date its property was placed in operation until September, 1872, the property was operated by the company's own organization. Under an agreement dated September 1, 1872, the company sold its property to the Louisville, Cincinnati and Lexington Railway Company and that company operated the property until September 1, 1876, when the Shelby Railroad Company again took possession of its property as a result of a court decision which declared the agreement of sale null and void.

From September 1, 1876, to August 1, 1879, the company operated its property by its own organization, but on the latter date the Louisville, Cincinnati and Lexington Railway Company began operation of the property under a 30-year lease, dated July 16, 1879. On November 1, 1881, this lease was acquired by the Louisville and Nashville as the successor of the Louisville, Cincinnati and Lexington Railway Company. The Louisville and Nashville continued the operation until May 3, 1902, when the Shelby Railroad Company conveyed its property, rights, and franchises to the Louisville and Nashville.

The obtainable accounting records of the company date from May 1, 1886, at which time new books were opened. For that reason no information can be given from the accounts in regard to its corporate operations, finances, or investments prior to May 1, 1886.

Jellico, Bird-Eye & Northern Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, finances, or investments. The company was incorporated under the general laws of the State of Kentucky. Articles of incorporation were filed in the office of the clerk of the Jefferson County Court on June 20, 1893, and in the office of the secretary of state of the State of Kentucky on June 30, 1893. The records reviewed indicate that the company was controlled on date of demise, July 16, 1902, by the Louisville and Nashville, through ownership of the entire outstanding capital stock.

Construction work on the road of the company began in July, 1892, and was completed in September, 1893. The line constructed extended from Jellico, on the Kentucky-Tennessee State line, to Halsey, Ky., a distance of 7.40 miles. The property was operated by the company's own organization during its entire life.

In May, 1902, the Louisville and Nashville purchased the total outstanding capital stock of the company, amounting to a par value of $100,000, for $75,000, which amount it subsequently transferred from its stock investment account to the investment in road and equipment account.

By deed dated July 16, 1902, the property, rights, and franchises of the company were conveyed to the Louisville and Nashville.

Southern Division of the Cumberland and Ohio Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances.

The company was incorporated by a special act of the Legislature of the State of Kentucky, approved March 18, 1878, whereby the charter of the Cumberland and Ohio Railroad Company was amended so that it became lawful for that company to divide its property into two sections; one of which was to be designated as above written and the other as the Northern Division of the Cumberland and Ohio Railroad Company. By a special act of the Legislature of Kentucky, approved March 29, 1880, this division of the road into two parts was ratified and confirmed.

Under the act of 1878, the company acquired the partly completed railroad of the Cumberland and Ohio Railroad Company, extending from Lebanon to Greensburg, Ky. The construction work on the road was completed during 1880. The line extended from C. & O. Junction, near Lebanon, to Greensburg, Ky., a distance of 30.85 miles, and represented the road owned at the time the property of the company was acquired by the Louisville and Nashville. From its completion in 1880, to June 30, 1903, the property of the company was operated by the Louisville and Nashville, under the terms of lease dated September 19, 1878.

The property, rights, and franchises of the company were sold under decree rendered June 29, 1903, and were conveyed to the Louisville and Nashville, by deed dated October 2, 1903. The Louisville and Nashville, however, took over the property June 30, 1903.

[...]

Cumberland and Ohio Railroad Company – Predecessor of the Northern Division of the Cumberland and Ohio Railroad Company and Southern Division of the Cumberland and Ohio Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated by a special act of the General Assembly of the State of Kentucky, approved February 24, 1869. By a special act of the Legislature of Tennessee, approved January 10, 1870, the company was given the right to construct a railroad into Tennessee. By a special act of the Legislature of Kentucky, approved March 18, 1878, the charter of the company was amended so that it became lawful for that company to divide its property into two sections to be known as the Northern Division of the Cumberland and Ohio Railroad Company, and the Southern Division of the Cumberland and Ohio Railroad Company.

The first road was to extend from Campbellsburg, in Henry County, to Bloomfield, Nelson County, Ky.; it was partly constructed from Shelbyville to Bloomfield, Ky. This part of the property was transferred under the act referred to above to the Northern Division of the Cumberland and Ohio Railroad Company. The second road was to extend from Lebanon to Greensburg, Ky., and was partly constructed between C. & O. Junction, near Lebanon, to Greensburg. This part of the property of the company was transferred, under the act referred to above, to the Southern Division of the Cumberland and Ohio Railroad Company.

Alabama Mineral Railroad Company
Introductory

The above-named company was incorporated under the general laws of the State of Alabama through filing with the secretary of state of the State of Alabama on July 28, 1890, an agreement dated June 16, 1890, for the consolidation of the properties, rights, and franchises of the Anniston and Atlantic Railroad Company and the Anniston & Cincinnati Railroad Company. The consolidation agreement became effective on August 1, 1890. The obtainable accounting records of the company were actively maintained from the date they were opened on August 1, 1890, to December 31, 1890, representing the period during which its property was operated by its own organization. From 1891 to March 9, 1897, entries were made therein to record the issuance of its securities, but with this exception only occasional minor entries were recorded in the books during that period. The last entry which can be identified in its records was on March 9, 1897. Therefore, the balances as stated in this report are as of that date. The company was controlled by the Louisville and Nashville on date of demise, September 29, 1903, through ownership of the entire outstanding capital stock.

The company owned on date of demise, 133.03 miles of railroad, the main line extending from Calera to Attalla, Ala., a distance of 119.12 miles with various short branch lines aggregating 13.91 miles. The property of the company was operated by its own organization from August 1, 1890, the date when the original property was acquired by consolidation, to December 31, 1890. From January 1, 1891, to the date of demise, the property was operated by the Louisville and Nashville, by virtue of that company's ownership of the entire outstanding capital stock of the Alabama Mineral Railroad Company.

By deed dated September 29, 1903, the Alabama Mineral Railroad Company conveyed its property, rights, and franchises to the Louisville and Nashville.

Development of Fixed Physical Property

The 133.03 miles of road owned by the Alabama Mineral Railroad Company on date of demise had been acquired by consolidation and construction, as follows: Further details with regard to the construction of the property will be found in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Anniston & Cincinnati Railroad Company
There are no available accounting records of the above-named company for the period from the date of its organization to February 28, 1890, the period during which its property was constructed and placed in operation. The obtainable accounting records of the company cover the period from March 1, 1890, to July 31, 1890, the date of demise. When the records were opened on March 1, 1890, the balances in the accounts for the prior period were not brought forward. Therefore, practically no information can be given from the accounts in connection with the finances, operations, or investments.

The company was incorporated under the general laws of the State of Alabama. Declaration of incorporation was filed with the secretary of state of the State of Alabama on January 31, 1887, and certificate of incorporation was issued April 1, 1887. By deed dated July 28, 1890, the company acquired the property, rights, and franchises of The Anniston Terminal Company, comprising certain real estate in Anniston, Ala.

The company owned and operated on the date of demise about 35 miles of single-track, standard-gage, steam railroad, extending from Anniston to Attalla, Ala. The property of the company was operated by its own organization from October 17, 1888, the date its property was placed in operation, to the date of demise.

Under an agreement of consolidation dated June 16, 1890, which was filed with the secretary of state of the State of Alabama on July 28, 1890, the property, rights, and franchises of the company were consolidated with the Anniston and Atlantic Railroad Company to form the Alabama Mineral Railroad Company. The consolidation agreement became effective August 1, 1890.

The entire 35 miles of road owned and operated by the company on date of demise was acquired by construction. Construction work was commenced in April, 1887, and the property was opened for operation on October 17, 1888. In the construction of the road the Woodstock Iron Company, an affiliated company, was employed as contractor, under the terms of an agreement dated June 2, 1887, which provided that $1,000,000 par value of the capital stock and $700,000 par value of first-mortgage bonds of the Anniston & Cincinnati Railroad Company were to be issued to the Woodstock Iron Company. The obtainable accounting records of the Anniston & Cincinnati Railroad Company do not record the issuance of, or the liability for, these securities. However, the accounting records of the Alabama Mineral Railroad Company, the successor company, record that in acquiring the property of the Anniston & Cincinnati Railroad Company through the consolidation agreement it issued $1,000,000 par value of its capital stock in exchange for $1,000,000 par value of the capital stock of the Anniston & Cincinnati Railroad Company and assumed $700,000 par value of the outstanding first-mortgage bonds of the latter company.

The Anniston Terminal Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances or investments. The company was incorporated under the general laws of the State of Alabama. Declaration of incorporation was filed with the secretary of state of the State of Alabama on October 18, 1888, who issued a certificate of incorporation on August 17, 1889. The company performed no construction work and owned no completed railroad on date of demise, but had made certain expenditures for real estate in Anniston, Ala. By deed dated July 28, 1890, the company conveyed its property, rights, and franchises to the Anniston & Cincinnati Railroad Company.

Anniston and Atlantic Railroad Company
Introductory

There are no obtainable accounting records of the above-named company for the period from the date of its organization to February 28, 1890, during which period its securities were issued and its property purchased and constructed. The obtainable accounting records cover the period from March 1, 1890, to July 31, 1890, the date of demise. When the obtainable accounting records were opened on March 1, 1890, the balances in the accounts for the prior period were not brought forward. Therefore, only partial information can be given from the accounts in connection with the company's corporate operations, finances, or investments. The company was incorporated under the general laws of the State of Alabama. The declaration of incorporation was filed on May 24, 1883, with the secretary of state of the State of Alabama, who issued a certificate of incorporation on August 17, 1874. The company was controlled by the Louisville and Nashville on the date of demise, through ownership of the entire outstanding capital stock.

The road owned and operated by the company on date of demise consisted of about 52 miles of single-track railroad, extending from Anniston to Sylacauga, Ala.

Through a consolidation agreement dated July 16, 1890, which was filed with the secretary of state of the State of Alabama on July 28, 1890, and which became effective August 1, 1890, the property, rights, and franchises of the company were consolidated with the Anniston & Cincinnati Railroad Company to form the Alabama Mineral Railroad Company.

Development of Fixed Physical Property

Of approximately 52 miles of road owned and operated by the company on date of demise, 9 miles were acquired from the Clifton Iron Company by deed dated July 29, 1886. The road thus purchased was known as the Clifton Railroad. The remaining 43 miles were acquired by construction. In the construction of the company's railroad E. L. Taylor & Company, who were affiliated with the Anniston and Atlantic Railroad Company, were employed as contractors. These contractors did not complete the construction of the property, and at an unknown date the Clifton Iron Company was employed to complete this construction. In March, 1890, the company began changing the gage of its railroad from narrow to standard gage and the construction of the extension of its railroad from Sylacauga to Calera, Ala., a distance of about 32 miles, but neither of these projects was completed at its demise. Further details with regard to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Birmingham Mineral Railroad Company
Introductory

The above-named company was incorporated January 7, 1884, under the general laws of the State of Alabama. It was controlled by the Louisville and Nashville, on date of demise, January 11, 1904, through ownership of the entire outstanding capital stock.

The company owned on date of demise, 174.98 miles of single-track, standard-gage, steam railroad, all in the State of Alabama. The road consisted of 23 branch lines, the principal ones extending from Graces to Bessemer, Bessemer to Blockton, Bessemer to Boyles, Boyles to Trussville, Boyles to Champion, Yolande to Brookwood, Tacoa to Gurnee, and from Graces to Red Gap Junction.

From July, 1884, the date the first section of the company's road was completed, until June, 1887, the property was operated by the company's own organization. From June, 1887, to the date of demise, the Louisville and Nashville operated the property as a proprietary line, through stock ownership, except that for the first three years ended at June 30, 1890, the results of operations were taken into the accounts of the Birmingham Mineral Railroad Company instead of those of the Louisville and Nashville, as was done after that date.

No entries were made in the records of the company after June 30, 1891, and no income items were entered after June 30, 1890. However, the figures taken from those records and made a part of this report are considered as being as of January 11, 1904, when the company disposed of its property, rights, and franchises by sale to the Louisville and Nashville.

Development of Fixed Physical Property

The entire 174.98 miles of road owned by the company on date of demise were acquired by construction. The company constructed a total of 177.24 miles of road and later abandoned 2.36 miles thereof, thus leaving the mileage above stated. The Louisville and Nashville constructed the entire road and was paid principally with stock and bonds of the Birmingham Mineral Railroad Company. Details with respect to the construction of the property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Louisville, Harrods Creek and Westport Railroad Company
Introductory

The obtainable accounting records of the above-named company are incomplete and fragmentary and cover only the period from June, 1880, to October, 1881. Therefore, only partial information can be given from the accounts in connection with its corporate operations, finances, or investments. The company was incorporated July 9, 1879, under a general act of the State of Kentucky. The company was controlled by the Louisville and Nashville, on May 19, 1904, the date of its demise, through ownership of the entire outstanding capital stock.

On the date of demise the company's road consisted of 3.28 miles of railroad within the city of Louisville, Ky. From the date its property was placed in operation, in July, 1879, the property of the company was operated by its own organization until June, 1880. From that date it was operated by the Louisville, Cincinnati and Lexington Railway Company until November 1, 1881, and from the latter date to the date of demise the property was operated by the Louisville and Nashville, by virtue of that company's ownership of the entire outstanding capital stock.

By deed dated May 19, 1904, the company conveyed its property, rights, and franchises to the Louisville and Nashville.

Development of Fixed Physical Property

On July 11, 1879, after foreclosure sale, the company succeeded to the ownership of about 11 miles of railroad formerly owned by the Louisville, Harrods Creek and Westport Railway Company. By deed dated April 22, 1904, the company conveyed that portion of its railroad extending from Pipe Line Avenue, Louisville, to Prospect, Ky., a distance of 7.72 miles, to the Louisville and Interurban Railroad Company. This sale left the company in possession of 3.28 miles of road, which it owned on the date of demise. The company, itself, constructed no railroad. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Louisville, Harrods Creek and Westport Railway Company
Introductory

The obtainable accounting records of the above-named company, covering a period from August, 1872, to November, 1876, are incomplete and fragmentary. Therefore, only partial information can be given from the accounts in connection with its corporate operations, finances, or investments. The company was incorporated by a special act of the Legislature of the State of Kentucky, approved March 19, 1870.

The company owned on July 11, 1879, the date of its demise, about 11 miles of railroad extending from Louisville to Prospect, Ky. This road was all acquired by construction, work being commenced about June, 1871, and completed in May, 1874. The property was operated by the company's own organization from the date it was placed in operation to the date of demise.

By order of the Louisville Chancery Court the property of the company was sold at foreclosure on June 29, 1879, and was conveyed by deed dated July 11, 1879, of the master commissioner, to the Louisville, Harrods Creek and Westport Railroad Company.

Newport and Cincinnati Bridge Company
Introductory

The above-named company was incorporated in the States of Ohio and Kentucky, through filing on June 3, 1868, with the secretaries of state of said States, an agreement dated April 16, 1868, for the purpose of consolidating the properties, rights, and franchises of the Newport and Cincinnati Bridge Company (of Kentucky) and The Newport and Cincinnati Bridge Company (of Ohio). By joint resolution of the Congress of the United States, approved March 3, 1869, the company was authorized to construct a bridge over the Ohio River between Newport, Ky., and Cincinnati, Ohio. By ordinances of the city of Newport, Ky., passed or approved January 26, 1882, December 31, 1886, February 2, 1888, and August 12, 1895, respectively, certain rights were granted the company in the streets of Newport, Ky., and by ordinances of the city of Cincinnati, Ohio, passed December 1, 1871, and June 14, 1895, respectively, parts of certain streets in Cincinnati were vacated on petition of the Newport and Cincinnati Bridge Company. The company was controlled on June 16, 1904, the date of its demise, by the Louisville and Nashville, through ownership of the entire outstanding capital stock.

The company owned and operated on the date of demise a bridge across the Ohio River between Newport, Ky., and Cincinnati, Ohio, and 0.730 mile of track in connection therewith. The property of the company was operated by its own organization from the date it was placed in operation, April 1, 1872, to the date of demise.

The property, rights, and franchises of the company were conveyed to the Louisville and Nashville by deed dated June 16, 1904, on which date the Louisville and Nashville assumed the operation thereof. The books of the Newport and Cincinnati Bridge Company were continued until June 30, 1904, however, and the results of corporate operations for the period from June 16, 1904, to June 30, 1904, are recorded in the books of the Newport and Cincinnati Bridge Company.

Development of Fixed Physical Property

The entire property, including the bridge across the Ohio River and 0.730 mile of track in connection therewith, owned by the company on date of demise, was acquired by construction.

The company entered into a contract on October 6, 1868, with George C. Franciscus, its principal stockholder, for the construction of its property, and the work was performed by H. C. Sparkman, contractor, to whom the company issued certain of its securities in part payment thereof. After completion of the construction by the contractor, under the terms of the contract, additional construction work was performed by the company's own forces.

Construction work was begun in the latter part of 1868, and was completed about April 1, 1872, on which date the property was placed in operation. Some time between 1895 and 1898 the company reconstructed the bridge over the Ohio River.

The Newport and Cincinnati Bridge Company (of Ohio)
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances or investments. The company was incorporated under the general laws of the State of Ohio on April 3, 1868. Certificate of incorporation was filed with the secretary of state of the State of Kentucky, on April 3, 1868. The company performed no construction work and owned no railroad on June 3, 1868, the date of its demise. Through a consolidation agreement dated April 16, 1868, and filed June 3, 1868, with the secretaries of state of the States of Ohio and Kentucky, the company was consolidated with the Newport and Cincinnati Bridge Company (of Kentucky) to form the Newport and Cincinnati Bridge Company.

Newport and Cincinnati Bridge Company (of Kentucky)
There are no obtainable records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances or investments. The company was incorporated by a special act of the legislature of the State of Kentucky, approved February 5, 1868. The company performed no construction work and owned no railroad on June 3, 1868, the date of its demise. By ordinances of the city of Newport, Ky., approved May 12, 1868, certain rights were granted to the company in the streets of Newport, Ky. Through a consolidation agreement dated April 16, 1868, filed with the secretaries of state of the States of Ohio and Kentucky, the company was consolidated with The Newport and Cincinnati Bridge Company (of Ohio) to form the Newport and Cincinnati Bridge Company.

Knoxville, La Follette & Jellico Railroad Company
The above-named company was incorporated under the general laws of the State of Tennessee. Articles of incorporation were filed in the registrar's office, Knox County, Tennessee, on April 2, 1902, and with the secretary of state of the State of Tennessee on April 3, 1902, and five amendments thereto were filed during the period from May 9, 1902, to February 5, 1904. Although the obtainable accounting records of the company do not show that it issued any securities, the records of the Louisville and Nashville indicate that it controlled the above named company on December 22, 1904, the date of demise, through ownership of the entire outstanding capital stock.

The corporate history return of the Louisville and Nashville states that the Knoxville, La Follette & Jellico Railroad Company owned, on the date of its demise, 93.52 miles of railroad, consisting of a main line extending from the Kentucky-Tennessee State line to Knoxville, Tenn., a distance of 75.42 miles, with three branches, aggregating 18.10 miles, to minor points in Tennessee. The return does not state what portion, if any, of the railroad was completed or opened for operation prior to the date of demise.

The corporate history return also states that the property of the company was conveyed to the Louisville and Nashville, by deed dated December 22, 1904, and that the construction of this road was not completed until April 4, 1905, subsequent to its conveyance to the Louisville and Nashville.

The books of the company were not closed on the date of its demise, but numerous delayed entries concerning its indebtedness to the Louisville and Nashville and its investment in road and equipment account were recorded in its books up to and including April 30, 1909, and the balances in these accounts, as shown hereinafter, are as of that date.

Development of Fixed Physical Property

The corporate history return of the Louisville and Nashville states that this company owned, on the date of demise, 93.52 miles of railroad, construction of which was begun on May 12, 1902, but which was not completed at the date of demise. The records reviewed indicate that numerous contractors were employed in the construction of the property, none of whom was apparently affiliated with the company.

Atlanta, Knoxville and Northern Railway Company
Introductory

The above-named company was incorporated on June 3, 1896, under the general laws of the State of Georgia. Its charter was amended October 24, 1904, and December 9, 1904, to enable the company to construct certain branch lines. On February 11, 1905, the date of its demise, the company owned 227.60 miles of railroad, all of which had been acquired by purchase from predecessors, as shown later. The road consisted of a main line extending in a northerly direction from Atlanta, Ga., to Knoxville, Tenn., and from Blue Ridge, Ga., northeasterly to Murphy, N. C. The company reached Atlanta, Ga., from the north, by using the tracks leased by The Nashville, Chattanooga & St. Louis Railway from the State of Georgia, between Marietta and Atlanta, Ga.

From November 1, 1896, when Glover and Spaulding, receivers of the Atlanta, Knoxville and Northern Railway Construction Company, relinquished the property, to January 1, 1905, when the property of the company was taken over by the Louisville and Nashville, it was operated by its own organization, or a receiver, although one month of that period, from November 1, 1896, to December 1, 1896, was prior to the actual conveyance of the property to the Atlanta, Knoxville & Northern Railway Company.

By deed dated February 11, 1905, the railroad, properties, rights, powers, immunities, and franchises of this company were conveyed to the Louisville and Nashville.

Development of Fixed Physical Property

The entire 227.60 miles of road owned by the Atlanta, Knoxville & Northern Railway Company on the date of its demise was acquired through purchase of the following companies: The uncompleted mileage purchased and the extension from the Tennessee-Georgia State line to Junta, Ga., commenced in October, 1904, were not completed by the company prior to the date of its demise. Further details with respect to the construction of the property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Mentor Southern Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under the general laws of the State of Tennessee. Articles of incorporation were filed in the registrar's office, Knox County, Tennessee, August 13, 1904, and in the office of the secretary of state of the State of Tennessee, August 15, 1904. Construction work was begun in January, 1904, but was not completed by the company. By deed dated November 23, 1904, the company conveyed its property, rights, and franchises to the Atlanta, Knoxville & Northern Railway Company.

Cambria Southern Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under the general laws of the State of Tennessee. Articles of incorporation were filed in the registrar's office, Knox County, Tennessee, August 12, 1904, and in the office of the secretary of state of the State of Tennessee, August 15, 1904. Construction work was commenced in November, 1904, but was not completed by the company. By deed dated December 14, 1904 the company conveyed its property, rights, and franchises to the Atlanta, Knoxville & Northern Railway Company.

Atlanta, Knoxville and Northern Railway Construction Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under the general laws of the State of New York, December 9, 1895.

On December 1, 1896, the date of its demise, the company owned 227.60 miles of railroad, extending in a general northerly direction from Marietta, Ga., to Knoxville, Tenn., a distance of 204.13 miles, and from Blue Ridge, Ga., northeasterly to Murphy, N. C., a distance of 23.47 miles. This mileage was all acquired by purchase after foreclosure from a predecessor, the Marietta and North Georgia Railway Company (of 1890), on December 8, 1895.

During the period from the date of acquirement of its property, to October 31, 1896, the company's property was operated by Glover and Spaulding, receivers, and from that date to December 1, 1896, by the Atlanta, Knoxville & Northern Railway Company.

By deed dated December 1, 1896, the company conveyed its property, rights, and franchises to the Atlanta, Knoxville & Northern Railway Company, petition for the incorporation of which was filed with the secretary of state of the State of Georgia on June 3, 1896, by the Atlanta, Knoxville and Northern Railway Construction Company and certain persons associated with it.

Marietta and North Georgia Railway Company (of 1890)
No accounting records of the above-named company are obtainable, covering the period from its organization to February 23, 1891. The only obtainable records cover the period of operation by receivers from February 23, 1891, to its demise and no entries were made in these records to show the capital liabilities or investments of the company. The only available data of value has been taken from certain reports of the company filed with this commission, as shown hereinafter.

The company was formed by consolidation of the property, rights, and franchises of the Marietta and North Georgia Railway Company (of 1886) with those of the Knoxville Southern Railroad Company. Articles of consolidation dated November 25, 1890, were filed in the offices of the secretaries of state of the States of Georgia and Tennessee, December 29th and 30th, 1890, respectively.

On December 8, 1895, the date of its demise, the company owned 227.60 miles of railroad, extending in a general northerly direction from Marietta, Ga., to Knoxville, Tenn., a distance of 204.13 miles, and from Blue Ridge, Ga., northeasterly to Murphy, N. C., a distance of 23.47 miles. The mileage just described was all acquired by consolidation from predecessors, as follows: There is a difference between the mileage shown above in the amount of 120.60 miles as having been acquired from the Marietta and North Georgia Railway Company (of 1886) and the mileage included in the report upon that company as being owned by it on the date of its demise, which can not be explained from the obtainable records.

From the date of its organization to February 23, 1891, the property of the company was operated by its own organization. From that date to the date of its demise it was operated by Glover and Spaulding, receivers, who were appointed receivers as a result of default of interest payments on bonds, payable January 1, 1891.

On January 12, 1891, a bill in equity was filed in the United States Circuit Court for the Northern District of Georgia, to foreclose the mortgage made by the Marietta and North Georgia Railway Company (of 1886), dated January 1, 1887, of which the Central Trust Company of New York was trustee, and on March 30, 1892, a bill of complaint was filed in the same court by the Boston Safe Deposit & Trust Company, trustee, to foreclose both the first and second mortgages made by the Marietta & North Georgia Railroad Company, dated July 1, 1881.

An order was taken March 13, 1893, consolidating these two suits, and on May 13, 1893, a decree of foreclosure and sale was taken in the United States Circuit Court for the North District of Georgia, at Atlanta, directing the sale of the entire property covered by these mortgages.

During January, 1891, the Central Trust Company of New York filed a bill in the United States circuit court for the Eastern District of Tennessee, to foreclose a mortgage, dated January 1, 1887, issued by the Marietta and North Georgia Railway Company (of 1890), of which the Central Trust Company of New York was trustee, on property of that company, acquired or to be acquired in the States of Georgia, North Carolina, and Tennessee, and after considerable litigation a decree of final foreclosure and sale was entered July 27, 1894, in the United States Circuit Court for the Eastern District of Tennessee, Northern Division.

H. H. Taylor was appointed commissioner to sell the road in Tennessee, and R. J. Lowry by the Georgia court, the two constituting joint commissioners, and the road was finally sold in accordance with decree of both courts on November 25, 1895. An ancillary bill included in the sale the property located in North Carolina. By deed dated December 8, 1895, the property, rights, and franchises of the company were conveyed to the Atlanta, Knoxville and Northern Railway Construction Company.

Knoxville Southern Railroad Company – Predecessor of the Marietta and North Georgia Railway Company (of 1890)
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under general laws of the State of Tennessee, June 23, 1887. On November 25, 1890, the date of its demise, the company owned 107 miles of railroad, extending in a northerly direction from a point of connection with the Marietta and North Georgia Railway Company (of 1886) on the Tennessee-Georgia State line to Knoxville, Tenn. Construction work on this road began in November, 1887, under a contract dated August 20, 1887, with George R. Eagar, and the line was completed in August, 1890. From the completion of its railroad in August, 1890, to December, 1890, the property of this company was operated by the Marietta and North Georgia Railroad Company. By a consolidation agreement, dated November 25, 1890, the property, rights, and franchises of the company were consolidated with those of the Marietta and North Georgia Railway Company (of 1886) to form the Marietta and North Georgia Railway Company (of 1890). Articles of consolidation were filed in the offices of the secretaries of state of the States of Georgia and Tennessee on December 29 and 30, 1890, respectively.

Marietta and North Georgia Railway Company (of 1886) – Predecessor of the Marietta and North Georgia Railway Company (of 1890)
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the records regarding its corporate operations, investments, or finances. The company was formed by consolidation of the Marietta & North Georgia Railroad Company and The Georgia and North Carolina Railroad Company, under a special act of the Legislature of the State of Georgia, approved December 22, 1886, and a special act of the State of North Carolina, approved March 3, 1887. Articles of consolidation dated May 9, 1887, were filed in the office of the secretary of state of the State of Georgia on July 19, 1887.

On November 25, 1890, the date of its demise the company owned 122.20 miles of railroad, extending in a northerly direction from Marietta, to Blue Ridge, Ga., with branches extending from Blue Ridge, Ga., to the Georgia-Tennessee State line and the Georgia-North Carolina State line. This mileage had been acquired by consolidation and construction, as follows: It can not be ascertained whether the constructed mileage was constructed by the company's own forces or contractors. From May 9, 1887, to December, 1890, the property of the company was operated by its own organization.

By a consolidation agreement, dated November 25, 1890, the property, rights, and franchises of the company were consolidated with those of the Knoxville Southern Railroad Company to form the Marietta and North Georgia Railway Company (of 1890). Articles of consolidation were filed in the offices of the secretaries of state of the States of Georgia and Tennessee, December 29 and 30, 1890, respectively.

The Georgia and North Carolina Railroad Company — Predecessor of the Marietta and North Georgia Railway Company (of 1886)
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under a special act of the General Assembly of the State of North Carolina, approved March 31, 1871.

On May 9, 1887, the date of its demise, the company owned 13.20 miles of railroad, extending in a general northeasterly direction from the Georgia-North Carolina State line to Murphy, N. C. This road was acquired by construction during the year 1887.

In a report filed by the company with the commission for the year ended June 30, 1888, it is stated that the mileage originally constructed was narrow gage, but the report does not indicate when the gage was widened. The property of the company was not operated prior to its demise.

By consolidation agreement, dated May 9, 1887, filed in the office of the secretary of state of the State of Georgia, July 19, 1887, and as authorized by special acts of the Legislatures of North Carolina and Georgia, approved March 3, 1887, and December 22, 1886, respectively, the property, rights, and franchises of the company were consolidated with those of the Marietta & North Georgia Railroad Company to form the Marietta and North Georgia Railway Company (of 1886).

Marietta & North Georgia Railroad Company; Marietta, Canton and Ellijay Railroad Company; Ellijay Rail Road Company — Predecessor of the Marietta and North Georgia Railway Company (of 1886)
There are no obtainable accounting records of the Marietta & North Georgia Railroad Company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated as the Ellijay Rail Road Company by a special act of the General Assembly of the State of Georgia, approved February 9, 1854. By a special act of the General Assembly of the State of Georgia, approved December 15, 1858, its name was changed to Marietta, Canton and Ellijay Railroad Company, and by a special act of the General Assembly of the State of Georgia, approved October 24, 1870, the name of the company was changed to that first above given.

On May 9, 1887, the date of its demise, the company owned about 96 miles of railroad, extending in a northerly direction from Marietta, Ga., to the North Carolina State line. The company constructed the road thus described, but it can not be ascertained whether the work was performed by the company's own forces or by contractors. In a report filed by the company with this commission, for the year ended June 30, 1888, it is stated that the mileage originally constructed was narrow gage. Other reports show that the road was made standard gage during the years 1889 to 1891. Further details with regard to this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville. The property was operated by the company's own organization from May 1, 1879, to the date of demise.

By consolidation agreement dated May 9, 1887, filed in the office of the secretary of state of the State of Georgia on July 19, 1887, and as authorized by special acts of the Legislatures of the States of North Carolina and Georgia, approved March 3, 1887, and December 22, 1886, respectively, the property, rights, and franchises of the company were consolidated with those of The Georgia and North Carolina Railroad Company to form the Marietta and North Georgia Railway Company (of 1886).

Oneonta & Attalla Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments. The following information regarding the company has been obtained from the corporate history return of the Louisville and Nashville, and other sources. The company was incorporated May 8, 1900, under the general laws of the State of Alabama.

On September 23, 1905, the date of its demise, the company owned 14.42 miles of road, its main line extending from Altoona to Morange, Ala., 13.83 miles, and a branch line extending from Altoona to Schuler, Ala., 0.59 mile. Prior to December 15, 1900, the company owned a total of 24.72 miles of road, and its main line then extended from Champion to Morange, Ala., a distance of 24.13 miles. On that date it sold to the Louisville and Nashville the road extending from Champion to Altoona, Ala., a distance of 10.30 miles, leaving in the company's ownership the 14.42 miles of road described above as owned on the date of demise. The records reviewed do not indicate by whom or under what conditions any of the property was constructed. Further information with regard to the construction of the property is given in the chapter on development of fixed physical property in the report on the Louisville and Nashville. The property of this company was operated by the Louisville and Nashville during the company's entire corporate existence.

The records of the Louisville and Nashville indicate that at the time it acquired the property of the above-named company it owned $200,000 par value of that company's capital stock, which was recorded in the accounts of the Louisville and Nashville at a book value of $10.

The records referred to also indicate that the Louisville and Nashville made cash expenditures aggregating $650,181.74 in connection with the construction of this property, and recorded that amount in an advance account with the Oneonta & Attalla Railroad Company.

The Yellow River Railroad Company
Introductory

The above-named company was incorporated under the general laws of the State of Florida. Articles of incorporation were filed with the secretary of state of the State of Florida on July 23, 1887, and in the office of the Circuit Court of Walton County, Fla., on December 17, 1887. The company owned 1.05 miles of railroad in the State of Alabama. The records reviewed do not indicate under what authority or charter this portion of the railroad was constructed.

On June 22, 1906, the date of its demise, the company was controlled by the Louisville and Nashville, through ownership of the entire outstanding capital stock.

The company owned and operated on the date of demise 26.40 miles of railroad, extending from Crestview to Florala, Fla. The property of the company was operated by its own organization during its entire corporate existence.

The examination of the obtainable records of the company indicates that its property was constructed by W. B. Wright Company, a company doing a general merchandise business and owning large timber interests and lands in the State of Florida. The expenditures made by the W. B. Wright Company in connection with the construction of and additions and betterments to the property of The Yellow River Railroad Company were recorded in the books of the W. B. Wright Company, along with the accounts in connection with the other interests of the latter company. On April 30, 1896, about five years after the railroad was placed in operation, the W. B. Wright Company opened a set of books for The Yellow River Railroad Company and transferred thereto, from the old books, certain amounts as representing the expenditures made by it in the construction of the railroad and for subsequent additions and betterments thereto. At a meeting of the stockholders of The Yellow River Railroad Company on November 9, 1898, a committee was appointed to appraise the property. This committee fixed a value on the property which was $90,956.39 in excess of the amount charged to the investment in road and equipment account. The above amount was adjusted in the books of The Yellow River Railroad Company on November 30, 1898, as a charge to the investment in road and equipment account by an offsetting credit to the profit and loss account. Owing to the method of keeping the accounts and the incompleteness of the obtainable accounting records, only partial information can be given from the accounts in connection with the finances, corporate operations, or investments. The obtainable accounting records of The Yellow River Railroad Company were continued up to and including June 30, 1906, and the balances stated hereinafter are as of that date.

By deed dated September 19, 1904, the company conveyed to the Louisville and Nashville about 2.59 miles of its branch railroad extending from a point south of the Alabama-Florida State line to Lakewood, Fla. The Louisville and Nashville assumed the operation of this branch on September 5, 1904. The remaining portion of the company's railroad, comprising 26.40 miles, extending from Crestview to Florala, Fla., was conveyed to the Louisville and Nashville, by deed dated June 22, 1906. The Yellow River Railroad Company continued the operation of this mileage until July 1, 1906, on which date the Louisville and Nashville began the operation thereof.

Development of Fixed Physical Property

The railroad owned by the company during its life, about 28.99 miles, was all acquired by construction. The property of the company was constructed by the W. B. Wright Company, as hereinbefore explained. Further details with regard to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Henderson Bridge and Railroad Company; Henderson Bridge Company
The above company was incorporated under a special act of the General Assembly of the State of Kentucky, approved February 9, 1872, as the Henderson Bridge Company. By an amendment filed in Kentucky June 14, 1906, the name of the company was changed from the Henderson Bridge Company to that first above given. The company was controlled by the Louisville and Nashville on June 30, 1906, the date of the sale of its property, through ownership of the entire outstanding capital stock.

The company owned on the date of sale a steel bridge across the Ohio River and about 10.03 miles of single-track, standard-gage, steam railroad, all of which was acquired by construction from the period from October, 1881, to July 13, 1885. The main line extended from Henderson, Ky., to Howell, Ind. From the date the property was placed in operation, July 13, 1885, until the date of sale, the property was operated by the Louisville and Nashville.

The Gallatin and Scottsville Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances, corporate operations, or investments. The company was incorporated under the general laws of the State of Tennessee, through filing with the secretary of state of the State of Tennessee, September 15, 1906, a declaration of incorporation dated September 1, 1906. A copy of the declaration was filed with the secretary of state of the State of Kentucky, October 8, 1906.

The company owned on the date of sale, January 18, 1907, 46.82 miles of single-track, standard-gage, steam railroad, extending from Gallatin, Tenn., to Scottsville, Ky., 35.44 miles, and from Hartsville Junction to Hartsville, Tenn., 11.38 miles. No mileage was constructed by the company. All of the above described property was acquired by deed of October 13, 1906, from W. A. Northcutt. The line of road from Gallatin to Scottsville had formerly been owned by the Chesapeake and Nashville Railway Company and the line from Hartsville Junction to Hartsville by the Middle and East Tennessee Central Railway Company. From the date its property was acquired, October 13, 1906, the property of the company was operated by the Louisville and Nashville until the date of sale.

The Gallatin disposed of its property, rights, and franchises to the Louisville and Nashville, by deed dated January 18, 1907.

Middle and East Tennessee Central Railway Company
There is no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances, corporate operations, or investments. The company was incorporated under the general laws of the State of Tennessee, February 19, 1883.

The company owned on the date of its demise, June 11, 1897, 11.38 miles of single-track, standard-gage steam railway, extending from Rogana to Hartsville, Tenn. The road was constructed by the company during the period from June 19, 1890, to January 1, 1892. From the date its property was placed in operation, the property of the company was operated by J. C. Rodemer until April, 1897, under lease agreement.

The property, rights, and franchises of the company were sold at foreclosure proceedings under decree rendered by the Chancery Court of Summer County, Tennessee, April 13, 1897, and on June 11, 1897, were conveyed to Joseph, Joseph and Brothers. By deed dated April 1, 1898, the property was conveyed by Joseph, Joseph and Brothers to C. Adolph Lowe, who, by deed dated November 19, 1902, conveyed it to Walter A. Weber. The last-named party, by deed dated September 25, 1905, conveyed the property to W. A. Northcutt, who, by deed of October 13, 1906, conveyed it to The Gallatin and Scottsville Railway Company.

Chesapeake and Nashville Railway Company; Cincinnati, Green River and Nashville Railroad Company
The above company was incorporated under a special act of the Legislature of Kentucky, approved February 23, 1882, as the Cincinnati, Green River and Nashville Railroad Company. By special act of the Kentucky Legislature, approved May 12, 1884, the name of the company was changed to that first above given. The company acquired the right to operate in the State of Tennessee by filing articles of incorporation with the secretary of state of the State of Tennessee, November 28, 1884, under the general laws of that State.

The company owned on the date of demise, November 23, 1892, 35.44 miles of single-track, standard-gage, steam railroad, extending from Gallatin, Tenn., to Scottsville, Ky.

The company acquired, on May 30, 1885, all the rights, title, and interest of the counties of Allen, in Kentucky, and Summer, in Tennessee, in the property of the Cumberland and Ohio Railroad Company from Scottsville to Gallatin, together with the rights, franchises, etc., of the said Cumberland and Ohio Railroad Company. Right of way had been purchased and grading done, but the road had not been completed when acquired by the company. The railroad was completed and opened for operation by the company some time during 1886. From the date its property was placed in operation, the property of the company was operated by its own organization until December 30, 1890. From January 1, 1891, to September, 1892, it was operated by John Echols, receiver.

The property, rights, and franchises of the company were sold by order of court, September 27, 1892, to Walter A. Weber, and were conveyed to him by deed dated November 23, 1892. Weber conveyed the property to W. A. Northcutt, by deed of September 25, 1905, and the latter, by deed of October 13, 1906, conveyed the said property to The Gallatin and Scottsville Railway Company.

Such accounting records of the company as are obtainable are fragmentary and incomplete, and contain no information concerning its capital assets and capital liabilities.

Greenback Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under the general laws of the State of Tennessee. Articles of incorporation dated February 21, 1905, were filed in the office of the secretary of state of the State of Tennessee, February 23, 1905. Prior to the conveyance of its property to the Louisville and Nashville the company owned 1.14 miles of railway, extending from Jena to Greenback, Tenn., which had all been acquired by construction between June, 1905, and December 17, 1905. From the completion of its property to March 19, 1907, it was operated by the Louisville and Nashville. By deed dated March 19, 1907, the property, rights, and franchises of the company were conveyed to the Louisville and Nashville. The Louisville and Nashville recorded on its books a cash expenditure advanced for construction for and on account of the Greenback Railroad Company amounting to $11,821.55.

Louisville and Atlantic Railroad Company
Introductory

There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. Certain information has been obtained from the reports of the company on file with us, as indicated hereinafter. The company was incorporated under the general laws of Kentucky. Articles of incorporation were filed in the office of the clerk of the court of Jefferson County, Ky., July 19, 1899; in the office of the clerk of the court of Woodford County, Ky., July 11, 1900; and in the office of the secretary of state of the State of Kentucky, July 20, 1899. The records reviewed indicate that this company was controlled on the date of its demise, November 1, 1909, by the Louisville and Nashville, through ownership of the entire outstanding capital stock.

On the date the property of the company was sold to the Louisville and Nashville, November 1, 1909, the company owned 104.10 miles of railroad, all located in the State of Kentucky. The road extended from Versailles to Beattyville, Ky., a distance of 95.50 miles, together with two branches aggregating 8.60 miles. The property of the company was operated by its own organization from the date it was acquired, August 19, 1899, to June 30, 1909. From July 1, 1909, to November 1, 1909, it was operated by the Louisville and Nashville, by virtue of the ownership of the entire outstanding capital stock of the Louisville and Atlantic Railroad Company.

On November 1, 1909, the property, rights, and franchises, except the right to exist as a corporation, of the company were conveyed to the Louisville and Nashville.

Development of Fixed Physical Property

The 104.10 miles of road owned by the Louisville and Atlantic Railroad Company on the date of its demise were acquired by purchase and construction, as follows: Details with respect to the construction of the property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Richmond, Nicholasville, Irvine & Beattyville Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated by special act of the general assembly of the State of Kentucky, approved March 10th and April 1st, 1888. Prior to the sale of its property at foreclosure proceedings it owned 60.76 miles of railroad, extending from Versailles to Irvine, Ky. Work on this line of railway commenced about February, 1889, and was completed in 1890. An extension of the line from Irvine to Beattyville was begun about February, 1889, but was not completed prior to the demise of the company. From the completion of the property in 1890, to December 2, 1891, it was operated by its own organization, and from the latter date to August 19, 1899, it was operated by receivers. The property of the company was sold under foreclosure decree May 1, 1899, and by deed dated August 19, 1899, it was conveyed to the Louisville and Atlantic Railroad Company.

The Beattyville and Cumberland Gap Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated under the general laws of the State of Kentucky. Articles of incorporation dated April 19, 1893, were filed in the office of the secretary of state of the State of Kentucky, June 8, 1893. No construction work was performed by this company. By deed dated July 10, 1900, the property, rights, and franchises of the Beattyville were conveyed to the Louisville and Atlantic Railroad Company. Its railroad at that time extended from Beattyville to Beattyville Junction, Ky., a distance of 5.6 miles, all of which had been acquired from the Winchester and Beattyville Railroad Company, through merger, under date of July 12, 1893. From July 25, 1893, to July, 1900, the company operated its own property.

Winchester and Beattyville Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, investments, or finances. The company was incorporated by a special act of the general assembly of the State of Kentucky, approved March 30, 1878. On the date of its demise, July 25, 1893, the company owned 5.6 miles of railroad. The obtainable records did not reveal when construction of the railroad began, but it was completed June 1, 1893, and extended from Beattyville to Beattyville Junction, Ky. From June 1, 1893, to July 25, 1893, the property of this company was operated by its own organization. By the terms of an agreement, dated July 12, 1893, the property, rights, and franchises of this company were merged with those of The Beattyville and Cumberland Gap Railroad Company and the articles of merger were filed in the office of Lee County Court and the office of the secretary of state of the State of Kentucky, July 25, 1893.

North Alabama Railroad Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, finances, or investments. Certain information given herein has been obtained from the corporate history return of the Louisville and Nashville. The company was incorporated under the general laws of the State of Alabama. Declaration of incorporation was filed with the secretary of state of the State of Alabama on January 19, 1900, and certificate of incorporation was granted March 17, 1900. Amendments authorizing additional construction were filed with the secretary of state of the State of Alabama on July 7, 1902, and September 20, 1902.

The road owned by the company during its existence, 48.23 miles, consisted of numerous branches, the Cain Creek Branch, extending from Black Creek to Praco, Ala., a distance of 29.14 miles, being the principal one. The road was acquired by construction, but the records do not indicate by whom or under what conditions it was constructed. Further details with regard to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville. The various branches were taken over for operation by the Louisville and Nashville as soon as they were completed.

An examination of the records of the Louisville and Nashville shows that at the time it acquired the property of this company it owned $500,000 par value of its capital stock, which was recorded in the Louisville and Nashville's records at a book value of $10.

The same records show that the Louisville and Nashville made cash expenditures aggregating $1,847,461.79 for the construction of the property of this company, and that these advances were recorded at that amount in an advance account with the North Alabama Railroad Company.

The property, rights, and franchises of this company were conveyed to the Louisville and Nashville by deeds dated December 15, 1900, May 1, 1905, and September 25, 1910.

Athens and Tellico Railway Company
Introductory

The above-named company was incorporated March 17, 1910, under the general laws of the State of Tennessee. It was controlled by the Louisville and Nashville, through ownership of the entire outstanding capital stock.

On June 30, 1911, the date of its demise, the company owned 22.42 miles of railroad, extending from Athens southeasterly to Tellico Plains, all in Tennessee. This road had been acquired by purchase on March 25, 1910, from the Tellico Railway Company. The company operated all of its mileage from the date it was acquired to the date of demise.

The property, rights, and franchises of this company were conveyed to the Louisville and Nashville by deed dated June 30, 1911.

The obtainable records of the company were not kept with sufficient particularity to supply complete information concerning its finances or investments. For that reason only partial information has been obtained, as set forth hereinafter.

Tellico Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, finances, or investments. The company was incorporated July 27, 1898, under the general laws of the State of Tennessee. On the date of its demise, March 25, 1910, the company owned 22.42 miles of railroad, extending from Athens to Tellico Plains, Tenn., all of which had been acquired by purchase after foreclosure, June 10, 1899, and which formerly constituted the property of The Nashville, Tellico and Charleston Railway Company. From the date its property was acquired, the property of the company was operated by its own organization until the date of its demise. The property, rights, and franchises of the company were sold to the Athens and Tellico Railway Company and conveyed to it by deed dated March 25, 1910.

The Nashville, Tellico and Charleston Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, finances, or investments. The company was incorporated July 12, 1892, under the general laws of the State of Tennessee. On the date its property was sold to the Tellico Railway Company, The Nashville, Tellico and Charleston Railway Company owned 22.42 miles of railroad, extending from Athens to Tellico Plains, Tenn., which had been acquired by purchase after foreclosure, January 30, 1893, and which formerly constituted the property of The Nashville and Tellico Railroad Company. From the date its property was acquired the property of the company was operated by its own organization until the date of its demise. The property, rights, and franchises of the company were sold by court order and conveyed by deed dated June 9, 1899, to T. E. H. McCroskey, by whom they were conveyed, by his deed, dated June 10, 1899, to the Tellico Railway Company.

The Nashville and Tellico Railroad Company, Tellico Railroad Company — predecessor of The Nashville, Tellico and Charleston Railway Company
There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts regarding its corporate operations, finances, or investment. The company was incorporated July 16, 1887, under the general laws of the State of Tennessee, as the Tellico Railroad Company. By an amendment to its articles of incorporation filed October 12, 1887, the name was changed to that first above given. On the date its property was conveyed to The Nashville, Tellico and Charleston Railway Company, the company owned 22.42 miles of railroad extending from Athens to Tellico Plains, Tenn., which had all been acquired by construction. It was completed and placed in operation about the year 1888. From the date its property was placed in operation the property of the company was operated by its own organization until the date of sale. The property, rights, and franchises of the company were sold by court order and conveyed by deed dated February 1, 1893, to James P. McDonald, by whom they were conveyed to The Nashville, Tellico and Charleston Railway Company, by his deed dated January 30, 1893.

Madisonville, Hartford & Eastern Railroad Company
Introductory

The above-named company was incorporated July 1, 1905, under the general laws of the State of Kentucky. The company was controlled by the Louisville and Nashville on the date of demise, September 3, 1912, through ownership of the entire outstanding capital stock.

The company owned on date of demise 55.49 miles of single-track, standard gage, steam railroad, extending from Como to Ellmitch, Ky. From the date the property was placed in operation until the date of demise, the property of the company was operated by the Louisville and Nashville, as a proprietary line. The results of operations were not recorded in the books of the company, but were combined by the Louisville and Nashville with the income derived from the operation of its own road.

The company disposed of its property, rights, and franchises, except the right to be a corporation, by sale to the Louisville and Nashville on September 3, 1912.

Development of Fixed Physical Property

The entire 55.49 miles of road owned by the company on date of demise was acquired by construction, which began about July, 1905, and ended January 4, 1910. In the construction of the road, Wilson, Borches & McDonnell and Walton, Wilson Rodes Company were employed as contractors. The records do not indicate that either of these firms was affiliated with the company.

Harriman, Knoxville and Eastern Railroad Company
Introductory

The above-named company was incorporated June 13, 1910, under the general laws of the State of Tennessee. It was controlled by the Louisville and Nashville, on February 5, 1913, the date of demise, through ownership of the entire outstanding capital stock.

The company owned on date of demise 17.54 miles of single-track, standard gage, steam railroad, extending from Allingham to Harriman, Tenn., all of which was acquired by construction between June 10, 1910, and March 15, 1912. From the date the property was placed in operation until the date of demise it was operated by the Louisville and Nashville, as a proprietary line. The results of operations were not recorded in the records of the company, but were combined by the Louisville and Nashville with the income derived from the operation of its own road.

The company disposed of its property, rights, and franchises by sale to the Louisville and Nashville on February 5, 1913.

Pine Mountain Railroad Company
No accounting records of the above-named company are obtainable. The information given below has been obtained from the corporate history return and accounting records of the Louisville and Nashville. The company was incorporated under the general laws of the State of Kentucky, through filing articles of incorporation in the office of the county clerk of Jefferson County on October 12, 1905, and in the office of the secretary of state of the State of Kentucky on the following day. The company was controlled on the date of its demise, April 1, 1913, by the Louisville and Nashville, through ownership of the entire outstanding capital stock.

On the date of demise, the company owned 23.15 miles of completed single-track, standard-gage, railroad and 33.10 miles of partially graded roadway. Of the completed road, the principal part extended from Savoy to Gatliff and Packard, Ky., an aggregate of 21.09 miles. This had been acquired by construction. Another part of the road, 1.69 miles between Yingling and Blowers, Ky., had been acquired by purchase from the Bell Jellico Coal Company, by deeds dated November 14, 1905, and January 6, 1906. The remaining 0.37 mile represented two small portions of road in the vicinity of Surran, Ky., and had been acquired by construction. The partially graded right of way was located in the counties of Bell, Knox, and Whitley, Ky. Further details with regard to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

From November 1, 1905, the date the property was placed in operation, until the date of demise, the property of this company was operated by the Louisville and Nashville, as a proprietary line. The results of operation were included with the income derived from the operation of that company's own road.

South and North Alabama Rail Road Company
Introductory

The above-named company was incorporated February 17, 1854, by a special act of the Legislature of the State of Alabama. By special acts of the same legislature approved December 30, 1868, and February 26, 1872, the company was authorized to extend its road and to construct certain branches.

On January 21, 1914, the date of its demise, the company owned 209.91 miles of single-track, standard-gage, steam railroad, all in the State of Alabama. Its main line extended from Decatur to Montgomery, a distance of 181.42 miles, and its branch lines, aggregating 28.49 miles, extended to Reeds, El Vista, Acton, and Wetumpka. From the dates the different portions of the line were acquired for operation, to June 30, 1913 the Louisville and Nashville operated the property, as agent for the owning company. The results from operations after June 30, 1913, were included in the income account of the Louisville and Nashville.

The company disposed of its property, rights, and franchises, except the right to be a corporation, by sale to the Louisville and Nashville on January 21, 1914.

The records of the company are found to be incomplete for the period from February 14, 1854, to December 31, 1867, owing to the destruction of the records covering that period, during the Civil War.

Development of Fixed Physical Property

The entire 209.91 miles of road owned by the company on date of demise had been acquired by construction. The construction of the road north of Montgomery was commenced in December, 1859, but the obtainable records do not indicate by whom. In January, 1861, the Mountain Railroad Contracting Company, control of which was acquired by the South and North Alabama Rail Road Company, in June, 1860, through purchase of a majority of the capital stock, was employed as contractor to construct the line from Decatur to Montevallo. Construction was continued until May, 1864, and certain equipment was purchased and built during the following year to transport material for the Federal government. On April 12, 1869. Sam Tate and associates were employed as contractors to construct and equip the road from Montevallo to Decatur, including the rebuilding of the portion that had been constructed and was operated for a period of time during the Civil War, but which had been destroyed in April, 1865. This contract, with subsequent amendments, was assigned to the Louisville and Nashville. The Louisville and Nashville resumed the construction work in June, 1871, and completed it in September, 1872. Further details with regard to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Kentucky Highlands Railroad Company
Introductory

The above-named company was incorporated April 3, 1907, under the general laws of the State of Kentucky.

On July 31, 1915, the date of demise, the company owned a line of single-track railroad extending from Cliffside to Versailles, Ky., a distance of 15.88 miles. That portion of the line extending from Cliffside to Millville, Ky., a distance of 6.46 miles, was operated by the company's own organization from the date of completion to the date of demise, and that portion extending from Millville to Versailles, Ky., a distance of 9.42 miles, was operated from the date of completion to the date of demise by the Louisville and Nashville, by virtue of its ownership of the entire capital stock of the Kentucky Highlands Railroad Company. In addition to its own mileage, the company used under trackage arrangements about 1 mile of track between Frankfort and Cliffside, Ky., which was owned and maintained by the Louisville and Nashville.

The income from operation of the company's property for the month of July, 1915, was transferred to the income account of the Louisville and Nashville.

By deed dated July 31, 1915, the company conveyed all its property, rights, and franchises to the Louisville and Nashville.

Development of Fixed Physical Property

The entire 15.88 miles owned by the company on date of demise had been acquired by construction. Under date of April 12, 1907, a contract was entered into with the Louisville Construction Company, the personnel of which was composed of the officers and directors of the Kentucky Highlands Railroad Company, for the purpose of constructing a line of road from Cliffside to Millville, 6.46 miles. Work commenced during April, 1907, and was completed in April, 1908. Operation of a portion of this line commenced as early as December, 1907. That portion of the line from Millville to Versailles, Ky., 9.42 miles, was constructed under the supervision of the Louisville and Nashville. Work commenced in October, 1909, and was completed May 1, 1911.

Kentucky and Virginia Railroad Company; The Wasioto and Black Mountain Railroad Company
Introductory

This company was incorporated under the general laws of the State of Kentucky as The Wasioto and Black Mountain Railroad Company. Articles of incorporation were filed with the clerk of the county court of Bell County, Ky., on July 21, 1908, and with the secretary of state of the State of Kentucky on July 23, 1908. By an amendment to the charter filed with the secretary of state of the State of Kentucky on August 12, 1915, the name of the company was changed to that first above given. The company was controlled by the Louisville and Nashville on September 30, 1915, the date of demise, through ownership of the entire outstanding capital stock.

The company owned on date of demise 76.46 miles of railroad, all in the State of Kentucky. Its main line extended from Orby to Benham, Ky., a distance of 59.90 miles, and its three branch lines, aggregating 16.56 miles, extended to various minor points in Kentucky. Details with regard to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville. The property of the company was continuously operated by the Louisville and Nashville from the date it was placed in operation, September 4, 1911, until the date of demise.

By deed dated October 1, 1915, the company conveyed its property, rights, and franchises, except the right to be a corporation, to the Louisville and Nashville.

The Lewisburg & Northern Railroad Company
Introductory

The above-named company was incorporated under the general laws of the State of Tennessee. Articles of incorporation were filed with the clerk of the county court of Marshall County, Tenn., on June 23, 1910, and with the secretary of state of the State of Tennessee on June 24, 1910. The company was controlled by the Louisville and Nashville on September 30, 1915, the date of demise, through ownership of the entire outstanding capital stock. The company owned on date of demise 79.17 miles of railroad, extending from Brentwood to the Tennessee-Alabama State line. The company also owned 10.62 miles of partly completed road, extending from Maplewood Station to Mayton, Tenn. From the date the completed railroad of the company was placed in operation, July 15, 1914, to the date of demise, it was operated by the Louisville and Nashville.

By deed dated October 1, 1915, the company conveyed its property, rights, and franchises, except the right to be a corporation, to the Louisville and Nashville.

Development of Fixed Physical Property

The completed road owned by the company on date of demise, 79.17 miles, was acquired by construction. Construction was commenced in June, 1910, and this portion of the road was opened for operation on July 15, 1914. In June, 1910, the company began the construction of a railroad from Maplewood Station to Mayton, Tenn., 10.62 miles, but had not completed the project at the date of its demise. The Louisville and Nashville reports, as of date of valuation, that the construction of this portion of the road has not been completed.

Lexington and Eastern Railway Company
Introductory

The above-named company was incorporated October 13, 1894, under the general laws of the State of Kentucky. The company was controlled by the Louisville and Nashville on October 5, 1915, the date of demise, through ownership of the entire outstanding capital stock.

The company owned on date of demise 194.84 miles of single-track, standard gage, steam railroad, all in the State of Kentucky. Its main line extended from Lexington to McRoberts, Ky., a distance of 193.81 miles, and its branch line extended to Quicksand, Ky. From the date its property was acquired until December 31, 1912, the property of the company was operated by its own organization.

From January 1, 1913, to the date of demise, the Louisville and Nashville operated the property, as a proprietary corporation, by virtue of its ownership of the entire outstanding capital stock of the Lexington and Eastern Railway Company.

The company disposed of its property, rights, and franchises, except the right to be a corporation, by sale to the Louisville and Nashville on October 5, 1915.

No entries were recorded in the company's books after December 31, 1912. The Louisville and Nashville took over the operation of the road on January 1, 1913, and the results of operations from that date were combined by the Louisville and Nashville, without separation, with the income derived from the operation of its own road.

Development of Fixed Physical Property

The 194.84 miles of road owned by the Lexington and Eastern Railway Company on the date of its demise had been acquired by it through purchase and construction, as follows: The company had under construction on the date of its demise approximately 5.40 miles of road extending from Typo to Harveyton, Ky. All construction work was performed by contractors. The records do not indicate whether or not any of the various contractors were affiliated with the company or its officials. Further details with regard to the construction of this property are given in the chapter on development of fixed physical property in the report on the Louisville and Nashville.

Kentucky Union Railway Company
Introductory

The above-named company was incorporated, March 10, 1854, by a special act of the Legislature of the State of Kentucky.

On the date of demise, October 16, 1894, the company owned 92.07 miles of single-track, standard-gage, steam railroad, extending from Lexington to Jackson, Ky. The road was acquired for operation in sections during the years 1886 to 1891. The dates when construction commenced on the individual sections are not obtainable. The records do not indicate by whom the road was constructed.

From the date its property was placed in operation until February 9, 1891, the property of the company was operated by its own organization. From February 10, 1891, to the date of demise, a receiver operated the property. The receiver continued to record the operations of the property to October 31, 1894, in the same records, and the results of operation of the two periods can not be separated.

The records of the company are found to be incomplete for the period from March 10, 1854, to February, 1889, and the transactions of the company are not clearly disclosed in the partial records for that period. The company acquired coal and timber lands in eastern Kentucky during the early years of its existence, and until December, 1882, that was the principal business of the company. About this time the company became affiliated with the Kentucky Union Land Company, regarding which company little is known. The new accounting records opened by the company in February, 1889, did not include any record of coal or timber lands owned on that date.

The company began the operation of its property upon the completion of the section between Kentucky Union Junction and Clay City, which was some time during 1886. The results of operation up to July, 1890, were not transferred to the income account, but were recorded in the investment in road and equipment account.

The company disposed of its property, rights, and franchises by sale to the Lexington and Eastern Railway Company on October 16, 1894.

Birmingham and Tuscaloosa Railroad Company; Tuscaloosa Mineral Railroad Company
Introductory

This company was incorporated under the general laws of the State of Alabama as the Tuscaloosa Mineral Railroad Company. Articles of incorporation dated July 18, 1910, were filed with the secretary of state of the State of Alabama on July 27, 1910. An amendment to the charter, changing the name of the company to that first above given, was filed with the judge of probate court of Tuscaloosa County, Ala., August 6, 1915. The company was controlled by the Louisville and Nashville on October 9, 1915, the date of demise, through ownership of the entire outstanding capital stock.

The company owned, on date of demise, 20.85 miles of railroad, all in the State of Alabama. Its main line extended from Brookwood to Tuscaloosa, a distance of 17.76 miles, and its branch line extended from Holt Junction to Holt, 3.09 miles. The entire 20.85 miles was acquired by construction between December, 1910, and August 8, 1912.

From the date the property of the company was placed in operation, August 8, 1912, to the date of demise, the property of the company was operated by the Louisville and Nashville.

By deed dated October 9, 1915, the company conveyed its property, rights, and franchises, except the right to be a corporation, to the Louisville and Nashville.

The obtainable accounting records of the company cover the period from the date of its incorporation to June 30, 1915, and the balance in this account as stated hereinafter is as of that date.