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

Interstate Commerce Commission, Valuation Reports, Volume 39

Location and General Description of Property
The railroad of the Nashville and Decatur Railroad Company, herein called the Nashville and Decatur, likewise leased to and operated by the Louisville and Nashville, is a partly double-track, standard-gage line located in the States of Tennessee and Alabama, extending southerly from Nashville, Tenn., to Decatur Junction, Ala., a distance of 119.277 miles, of which 0.020 mile is jointly owned with another carrier, and southerly from the Tennessee-Alabama State line to Athens, Ala., a distance of 14.419 miles. The road is double-tracked between Nashville and Brentwood, Tenn., about 10 miles, and Athens and Decatur Junction, Ala., about 13 miles.

Introductory
The Nashville and Decatur is a corporation of the States of Tennessee and Alabama, having its principal office at Nashville, Tenn. It is controlled by the Louisville and Nashville, through ownership of a majority of the outstanding capital stock. From the date the property was placed in operation, November, 1866, it was operated by the Nashville and Decatur's own organization until July 1, 1872. From that date to date of valuation it has been operated by the Louisville and Nashville, under lease agreement.

The obtainable accounting records of the Nashville and Decatur are incomplete and fragmentary. Therefore, only partial information can be given from the accounts in connection with its finances, operations, investments, or original cost.

Corporate History
The Nashville and Decatur was incorporated by special acts of the Legislatures of the States of Tennessee and Alabama, approved April 19, 1866, and March 8, 1867, respectively, for the purpose of consolidating the property, rights, and franchises of the Tennessee and Alabama Rail Road Company, The Central Southern Railroad Company, and The Tennessee and Alabama Central Rail Road Company. The terms of the consolidation agreement were adopted by the stockholders of the three companies named, on November, 21, 1866. The date of organization of the Nashville and Decatur was November 21, 1866.

The following chart shows the names of the corporations, the respective dates of incorporation, 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 Nashville and Decatur, 133.676 miles, has been acquired by consolidation and construction. The years in which the various portions of the line were constructed and the manner in which the Nashville and Decatur acquired the property, are indicated in the following table: The Nashville and Decatur states that the 26 miles of railroad acquired by construction were constructed by the Louisville and Nashville. At the time the road from Athens to Decatur Junction, Ala., was completed and put in operation, the old line from Athens, Ala., to the M. & C. R. R. Junction near Decatur, Ala., previously acquired by the Nashville and Decatur from the Tennessee and Alabama Central Rail Road Company, was abandoned, resulting in an increase of about 0.080 mile.

Leased Railway Property
The entire property of the Nashville and Decatur, with the exception of certain lands leased to another carrier, is leased to the Louisville and Nashville for a period of 999 years from July 1, 1900, under the terms of a lease dated October 18, 1899. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property in the report on the Louisville and Nashville.

Tennessee and Alabama Rail Road 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 company was incorporated by special act of the Legislature of Tennessee, January 23, 1852.

The road owned by the company on the date of its demise, November 21, 1866, extended from Nashville to Mount Pleasant, Tenn., via Columbia, Tenn., a distance of 57.51 miles, and had all been acquired by construction during the period from August, 1853, to 1859. The company operated its own property from the date it was placed in operation in 1859 to the date of demise.

The company disposed of its property, rights, and franchises, when, under a consolidation agreement approved November 21, 1866, it was consolidated with the Tennessee and Alabama Central Rail Road Company and The Central Southern Railroad Company to form the Nashville and Decatur.

The obtainable accounting records of the Nashville and Decatur, the succeeding company, record that as part of the cost of acquiring the property of the Tennessee and Alabama Rail Road Company through the consolidation agreement, it assumed $205,000 par value of income 10 per cent bonds, and $47,325 par value of turnpike bonds, of the company, which were outstanding on the date of consolidation.

The Central Southern 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 company was incorporated by a special act of the Legislature of the State of Tennessee, November 30, 1853. The road owned by the company on the date of its demise, November 21, 1866, consisted of 47.50 miles of railroad extending from Columbia, Tenn., to the Tennessee-Alabama State line. The records reviewed do not indicate the date the construction of the road was begun. It was completed and the line opened for operation in 1859. The property was operated by the company's own organization from 1859, the date it was placed in operation, to the date of demise. The company disposed of its property, rights, and franchises, when, under a consolidation agreement, approved November 21, 1866, it was consolidated with the Tennessee and Alabama Central Rail Road Company and the Tennessee and Alabama Rail Road Company to form the Nashville and Decatur.

Tennessee and Alabama Central Rail Road 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 company was incorporated by a special act of the Legislature of the State of Alabama, December 19, 1853.

The company owned on the date of its demise, November 21, 1866, 27.41 miles of railroad extending from the Alabama-Tennessee State line to the Memphis and Charleston Rail Road junction, near Decatur, Ala. The construction of the property was begun in May, 1857, and the road was completed and opened for operation in 1860. The property of the company was operated by its own organization from the date it was placed in operation to the date of demise.

By a special act of the Legislature of the State of Alabama, approved February 18, 1860, certain rights, powers, privileges, and donations were conferred upon the company. Under the terms of a contract dated December 13, 1860, it relinquished all rights, privileges, powers, and donations held under the act of February 18, 1860, to the Mountain Railroad Contracting Company, for the purpose of constructing the railroad from Decatur to Montevallo, Ala., and by an amendment to the act, approved February 7, 1861, the name of the Mountain Railroad Contracting Company was substituted for the Tennessee and Alabama Central Rail Road Company.

The company disposed of its property, rights, and franchises, when, under a consolidation agreement approved November 21, 1866, it was consolidated with the Tennessee and Alabama Rail Road Company and The Central Southern Railroad Company to form the Nashville and Decatur.