Wikipedia:WikiProject Trains/ICC valuations/Nashville, Chattanooga and St. Louis Railway

Interstate Commerce Commission, Valuation Reports, Volume 31

Location and General Description of Property
The railroad of The Nashville, Chattanooga & St. Louis Railway, herein called the carrier, is a standard-gage, steam railroad, located in the States of Tennessee, Georgia, Alabama, and Kentucky. The principal main line owned by the carrier extends from Chattanooga, Tenn., via Nashville, Tenn., to Hickman, Ky. The carrier also operates, under lease, the so-called Paducah and Memphis division of the Louisville and Nashville Railroad Company, which extends from Paducah, Ky., to Memphis, Tenn.; and the line of the Western & Atlantic Railroad, owned by the State of Georgia, extending from Chattanooga, Tenn., to Atlanta, Ga.

The branch-line mileage comprises 60 per cent of the total mileage owned. The principal branches extend from Bridgeport, Ala., to Pikeville, Tenn.; Decherd to Columbia, Tenn.; Tullahoma to Clifty and Ravensport, Tenn.; Colesburg to Allen's Creek, Tenn.; and from Elora, Tenn., via Hobbs Landing, Ala., to Gadsden, Ala.

The carrier wholly owns and uses 842.594 miles of road. It also wholly uses under lease 390.513 miles of road, of which 136.818 miles is owned by the Western & Atlantic and 253.695 miles by the Louisville and Nashville. The carrier wholly owns and uses 1,239.539 miles of all tracks and wholly uses but does not own 523.372 miles of all tracks. It also jointly owns and uses 33.763 miles of all tracks. These tracks are classified according to ownership and use and by States in the trackage table in Appendix 1. In that appendix, also, is given further description of the properties operated by the carrier.

Corporate History
The carrier was incorporated as The Nashville and Chattanooga Railroad Company by a special act approved by the Legislature of the State of Tennessee, December 11, 1845. The organization of the carrier was perfected January 24, 1848. The name of the carrier was changed to its present name by decree of the chancery court of Tennessee under date of May 31, 1873. For the purposes of this report the two companies are treated as one.

The carrier was first incorporated for the purpose of establishing a communication by railroad between Nashville and Chattanooga, Tenn. The rights and powers of the carrier were extended at various times by amendatory acts of the Tennessee Legislature and decrees of the chancery court of Tennessee to include, among other things, the lease or purchase of other railways, acquisition of stock of other companies, guaranteeing bonds of other companies, increasing its capital stock, and the construction of new lines and extensions. Its principal office is located at Nashville, Tenn.

The carrier has always operated its own road, except during a part of the Civil War period, when it was operated by military authorities of the Federal Government.

The following chart shows the names of the corporations, the respective date 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
Of the 842.594 miles of road owned by the carrier, approximately 329 miles was constructed by the carrier, and approximately 513 miles was acquired by purchase.

The Hickman and Obion Railroad Company, Southwestern Railroad Company, and Huntsville and Elora Rail Road Company completed no construction. The property constructed by the remaining corporations, the years when various portions of the line were constructed, and the manner in which the carrier acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained. In the construction of the road built for the carrier, all branches of the work were done by individual contractors and company forces. The obtainable records did not indicate that the contractors were affiliated with the carrier.

Leased Railway Property
The carrier uses on date of valuation facilities owned by other companies and other companies use facilities owned by the carrier 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:

Lessor Company

 * Western & Atlantic

Nashville and North Western Railroad Company
The Nashville and North Western Railroad Company was incorporated by a special act of the General Assembly of the State of Tennessee, approved January 22, 1852, and by a special act of the Legislature of the State of Kentucky, approved March 8, 1856.

On the date of its demise the company owned about 168.10 miles of railroad, extending from Nashville, Tenn., to Hickman, Ky. That part of its road from Hickman, Ky., to Union City, Tenn., a distance of 14.10 miles, was acquired by purchase from the Hickman and Obion Railroad Company in 1855, in an uncompleted condition, and was completed by the Nashville and North Western. The remainder of its road, which consisted of about 154 miles, was constructed prior to 1867, partly by the Nashville and North Western and partly by the United States military forces.

The State of Tennessee aided the Nashville and North Western by a loan of Tennessee State bonds, the loan being protected by a statutory lien on the property of the Nashville and North Western. The court records show that the Nashville and North Western failed to pay the principal and interest on these bonds, and that the debt amounted to $4,541,129.41, on January 1, 1871. The State of Tennessee took over the property of the Nashville and North Western sometime prior to 1870, and on January 1, 1870, leased it to the carrier for a term of six years.

On November 10, 1871, the State commissioners sold the property, rights, and franchises of the Nashville and North Western to the carrier, the sale being confirmed by a chancellor's decree November 21, 1872.

The records of the carrier show that it advanced and expended $724,070.40 for improvements and additions and betterments to the property of the Nashville and North Western during the period that property was operated under lease, and that a net loss of $323,420.69 resulted from operations during the same period.

The accounting records of the Nashville and North Western were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments.

Hickman and Obion Railroad Company
The Hickman and Obion Railroad Company was incorporated by a special act of the General Assembly of the State of Tennessee, approved December 20, 1853, and by a special act of the Legislature of the State of Kentucky, approved some time during 1853–1854. The company began the construction of a line of railroad from Hickman, Ky., to Union City, Tenn., a distance of 14.10 miles, but before the completion of its railroad the company, under authority of an act of the General Assembly of the State of Tennessee, approved November 16, 1855, sold its property, rights, and franchises to the Nashville and North Western Railroad Company. The accounting records of this company were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments.

Sequatchie Valley Railroad Company
The Sequatchie Valley Railroad Company was incorporated by a special act of the General Assembly of the State of Tennessee, approved December 9, 1868.

On the date of its demise the company owned a line of railroad extending from Jasper to Victoria, Tenn., a distance of 7.71 miles. The construction of the road built for the company was performed by the carrier under the terms of a contract with the Southern States Coal, Iron and Land Company. Construction work began in July, 1876, but was not completed until the latter part of 1878, after the property had been conveyed to the carrier.

The records of the carrier show that it advanced and expended $91,110.37 in money outlay in the construction of the property for and on account of the company, which amount represents the obtainable outlay incident to the cost of the property owned by the company on the date of its demise. On January 27, 1877, the company conveyed its property, rights, and franchises to the carrier by deed bearing that date.

The accounting records of this company were not obtained. Therefore, no further information can be given from its accounts in connection with its financial dealings, corporate operations, or investments.

McMinville and Manchester Railroad Company
The McMinville and Manchester Railroad Company was incorporated by a special act of the General Assembly of the State of Tennessee, approved February 4, 1850. On the date of its demise the company owned about 35 miles of railroad extending from McMinville to Tullahoma, Tenn. The road was completed and put in operation during 1855. The property, rights, and franchises of the company were sold at foreclosure sale July 10, 1875, to the Memphis and Charleston Railway Company, which company held the property until July 28, 1877, when it conveyed the property, rights, and franchises formerly owned by the McMinville and Manchester Railroad Company, to the carrier. The accounting records of this company were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments.

Winchester and Alabama Railroad Company
The Winchester and Alabama Railroad Company was incorporated by special acts of the General Assembly of the State of Tennessee approved February 9, 1850, and December 5, 1851. On date of demise it owned 38.85 miles of railroad, extending from Decherd to Fayetteville, Tenn. The property, rights, and franchises of the company were sold at foreclosure sale June 28, 1875, to the Memphis and Charleston Railway Company, which company held the property until July 28, 1877, when it conveyed the property, rights, and franchises formerly owned by the Winchester and Alabama Railroad Company to the carrier. The accounting records of this company were not obtained. Therefore no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments.

Southwestern Railroad Company
The Southwestern Railroad Company was incorporated by a special act of the General Assembly of the State of Tennessee, approved January 31, 1852. The company completed no construction work, but did a small amount of grading. On July 6, 1871, the property, rights, and franchises of the company were sold at foreclosure sale and were purchased by the Southwestern Railroad Company. Sometime during the year 1877 the Southwestern Railroad Company sold its property, rights, and franchises to the carrier. The records do not indicate the manner in which the company disposed of its title in the property to the carrier. The accounting records of this company were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments.

Nashville & Tuscaloosa Railroad Company
Introductory

The Nashville & Tuscaloosa Railroad Company was a corporation of the State of Tennessee. The company owned on the date of its demise 46.17 miles of single-track, narrow-gage, steam railroad, extending from Dickson to Kimmins, Tenn. From the date it was placed in operation, to date of demise, the property of the company was operated by the carrier, under lease agreement dated December 14, 1878. The records of this company were found to be incomplete, and for that reason only partial information can be given from the accounts in connection with the finances, operations, aids, investments, or original cost. Certain information has been taken from sources other than the company's records, as pointed out hereinafter.

Corporate History

The company was incorporated June 5, 1877, under the general laws of the State of Tennessee. The date of organization was not disclosed by the records reviewed. The company disposed of its property, rights, and franchises covering that part of its road from Dickson to Duck River, Tenn., by sale to the carrier on March 13, 1883, and on June 20, 1884, it disposed of the remainder of its property, rights, and franchises covering that part of its line from Duck River to Kimmins, Tenn., by sale to the carrier.

Development of Fixed Physical Property

The road owned by the company on the date of its demise had been acquired by construction, commenced on the various parts of the line in the years indicated below: In the construction of the road built for the company the grading and the necessary bridges on that part of the line from Dickson to Graham, Tenn., was done by company forces, and the remainder of the work was done by the forces of the carrier under a contract dated December 14, 1878. That part of the road from Graham to Kimmins, Tenn., was constructed by the carrier for and on account of the Nashville & Tuscaloosa.

Tennessee and Pacific Railroad Company
Introductory

The Tennessee and Pacific Railroad Company was a corporation of the State of Tennessee. The company owned and operated on the date of its demise 29.21 miles of single-track, steam railroad, extending from Nashville to Lebanon, Tenn. From the date its property was placed in operation to the date of its demise, the property of the company was operated by it for its own account.

Corporate History

The company was incorporated under a special act, approved May 24, 1866, of the Legislature of the State of Tennessee. The date of organization was not disclosed by the records reviewed. The company disposed of its property, rights, and franchises by sale to the carrier on March 1, 1877.

West Nashville Railway Company
The West Nashville Railway Company was incorporated March 17, 1887, under the general laws of the State of Tennessee. On the date of its demise, the company owned about 2.27 miles of railroad extending from Nashville to West Nashville, Tenn. From the date it was placed in operation to the date of its demise the property of the company was operated by the carrier, under an agreement. On June 1, 1887, the company sold its property, rights, and franchises to the Nashville Land Improvement Company, which, on July 6, 1887, conveyed the property, rights, and franchises formerly owned by the company, to the carrier. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments.

Huntsville and Elora Railroad Company
The Huntsville and Elora Railroad Company was incorporated by a special act of the General Assembly of the State of Alabama, approved February 8, 1887. By deed dated October 28, 1887, the company conveyed its property, rights, and franchises, consisting chiefly of right of way and partly graded roadbed, to the carrier. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments.

Duck River Valley Narrow Gauge Railroad Company
Introductory

The Duck River Valley Narrow Gauge Railroad Company was a corporation of the State of Tennessee. The company owned on the date of its demise 47.50 miles of single-track, narrow-gage, steam railroad, extending from Fayetteville to Columbia, Tenn. From the date it was placed in operation, to November 1, 1879, the property of the company was operated by its own officers for its own account. From that date to the date of demise its property was operated by the carrier, under lease agreement.

The records of the company were found to be incomplete for the period from the date of its organization to the date of demise. For that reason only partial information can be given from the accounts in connection with the finances, investments, or original cost. Certain information appertaining to that period has been taken from sources other than the company's records, as pointed out hereinafter.

Corporate History

The company was incorporated November 4, 1872, by a decree of the chancery court, Waverly, Tenn. The date of organization was not disclosed by the records reviewed. The company disposed of its property, right, and franchises, by sale to the carrier on November 23, 1887.

Development of Fixed Physical Property

The road owned by the company on the date of its demise had been acquired by construction, commenced in the years indicated below: The records do not indicate how that part of the road from Columbia to Petersburg, Tenn., was constructed. That part from Petersburg to Fayetteville, Tenn., was constructed by forces of the carrier during the period it operated the line under lease.

Bon Air Railway
The Bon Air Railway was incorporated November 28, 1887, under the general laws of the State of Tennessee. On the date of its demise it owned about 6.50 miles of steam railroad, extending from Sparta to Bon Air, Tenn., which was constructed in 1887 by the carrier for and on account of the Bon Air Railway. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments. On December 3, 1887, the company conveyed its property, rights, and franchises to the carrier.

Tennessee and Coosa Railroad Company
The Tennessee and Coosa Railroad Company was incorporated by a special act of the General Assembly of the State of Alabama, approved January 16, 1884. On the date of its demise the company owned about 30 miles of steam railroad, extending from Gadsden, Ala., toward the Tennessee River, all in the State of Alabama. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments. By deed dated April 6, 1891, the company conveyed its property, rights, and franchises to the carrier.

Rome Railroad Company; Memphis Branch Railroad and Steamboat Company of Georgia
The first-named company was successor through change in name of the last named company. For the purpose of this report the two companies are treated as one and hereinafter referred to as the Rome Railroad Company.

The company was controlled by the carrier on the date of its demise, through ownership of a majority of the outstanding capital stock.

The company was incorporated by a special act of the General Assembly of the State of Georgia, approved December 21, 1839, as the Memphis Branch Railroad and Steamboat Company of Georgia. By a special act of the General Assembly of the State of Georgia approved January 16, 1850, its name was changed to Rome Railroad Company.

At the date of its demise the company owned 18.15 miles of standard-gage railroad, extending from Kingston to Rome, Ga. The obtainable accounting records did not disclose when the property was constructed. By deed dated December 31, 1896, the company conveyed its property, rights, and franchises to the carrier. The accounting records of the company were not obtained. Therefore, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments. Details obtained from other sources are given as hereinafter described.

The Middle Tennessee & Alabama Railway Company
The Middle Tennessee & Alabama Railway Company, was incorporated February 24, 1893, under the general laws of the State of Tennessee. On the date of its demise, the company owned about 37 miles of completed railroad, which extended from Fayetteville, Tenn., to Lax, Ala., and certain right of way on which some construction work had been performed.

It was not determined what portion of the property owned by the company was acquired from The Decatur, Chesapeake and New Orleans Railway Company, or whether any portion of the property was constructed by or for the company.

The property, rights, and franchises of the company were sold at foreclosure sale May 17, 1897, to Joseph Dickson and wife, who, on October 13, 1897, conveyed the same property to the carrier.

The accounting records of the company were not obtained. Therefor, no information can be given from its accounts in connection with its financial dealings, corporate operations, or investments.

The Decatur, Chesapeake and New Orleans Railway Company
The Decatur, Chesapeake and New Orleans Railway Company was incorporated July 28, 1887, under the general laws of the State of Tennessee. It was not determined what property the company owned on the date of its demise. The property, rights, and franchises of the company were sold at a foreclosure sale January 7, 1893, to J. Edward Simmons and associates, who, on March 20, 1893, conveyed the same property to The Middle Tennessee & Alabama Railway Company. The accounting records of the company were not obtained. Therefore, no information can be given from the accounts in connection with the finances, operations, aids, investments, or original cost.