Wikipedia:WikiProject Trains/ICC valuations/Carolina and Tennessee Southern Railway

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Location and general description of property.—The railroad of Carolina & Tennessee Southern Railway Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the southwestern part of North Carolina. The owned mileage extends westwardly from Bushnell to Fontana, a distance of 13.854 miles. The carrier also owns yard and side tracks totaling 2.007 miles. Its road thus embraces 15.861 miles of all tracks owned.

Corporate history.—The carrier was incorporated August 29, 1902, for a term of 999 years, under the general laws of North Carolina, for the purpose of constructing, maintaining, and operating a line of railroad from Franklin, N. C., to a point near where the Little Tennessee River crosses the Tennessee State line, a distance of approximately 60 miles. The organization of the company was perfected December 11, 1902.

The property of the carrier was operated by the Southern Railway Company as a part of its system, by virtue of its control of the carrier, from February 1, 1909, the date the property was completed and put in operation, until March 1, 1915. The carrier operated its own property from the latter date until the date of valuation. The principal office of the carrier is at Raleigh, N. C. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

APPENDIX 2

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The mileage owned by the carrier on date of valuation was all constructed by others for account of the carrier. This construction was commenced during October, 1902, and was completed and the road opened for operation on February 1, 1909. The work of locating and surveying the line, acquiring the right of way and other real estate, constructing sidetracks, station buildings, and fences, and the track surfacing were all performed for the carrier by forces of the Southern Railway Company. The clearing of right of way, grading, bridging, trestllng, and tracklaying was done by W. J. Oliver and Company, contractors, of Knoxville, Tenn., under contract. The records do not disclose that any affiliation existed between these contractors and the carrier. In addition to its complete mileage, the carrier commenced the construction of an extension of Its line from Fontana westward, on which a certain amount of construction work had been performed. This work had been indefinitely suspended at date of valuation.

HISTORY OF CAPITAL FINANCING