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

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The railroad of the Tennessee and North Carolina Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad located in Tennessee and North Carolina. The owned mileage consists of a main line extending from Newport, Tenn., to the Tennessee-North Carolina State line near Crestmont, N. C., with a branch line from a point near Hartford, Tenn., along the Pigeon River to the Tennessee-North Carolina State line. The lines used under lease consist of an extension between the Tennessee-North Carolina State line near Hartford, Tenn., to Crestmont, N. C., and a line extending from West Canton, N. C., to Spruce, N. C. The carrier wholly owns 20.003 miles of road, all of which it uses. It also wholly uses 16.926 miles of road owned by other carriers, of which 1.954 miles are owned by the Champion Lumber Company, being an extension from a point between the Tennessee-North Carolina State line near Hartford, Tenn., to Crestmont, N. C. The remaining mileage owned by a lessor of the carrier is described in the paragraph below. The carrier is an industrial railroad. It reports for the year ending June 30, 1916, that it handled 183,810 tons of freight, of which 151,600 represented products of forests, most of which was received from the Champion Lumber Company. The carrier and the Champion Lumber Company are controlled by the same interests.

The railroad of The Pigeon River Railway Company, which is leased to and operated by the carrier, is a single-track line extending from West Canton, N. C., to Spruce, N. C., a distance of 14.972 miles. There is no physical connection between this road and the other operated line of the carrier.

The carrier wholly owns and uses 21.608 miles of all tracks and uses but does not own 21.610 miles of all tracks, which are classified in the trackage table in Appendix 1.

CORPORATE HISTORY

The carrier was incorporated June 27, 1911, through filing with the Secretary of State of Tennessee an agreement of the same date for the consolidation of the properties, etc., of two companies of the same corporate name as the carrier, incorporated under the laws of and in the States of Tennessee and North Carolina, respectively. The Tennessee corporation was incorporated March 6, 1900, under the general laws of that State. The North Carolina corporation was incorporated March 6, 1903, by an act of the legislature of that State.

The North Carolina corporation did not own or operate any property, and no separation was made between the records of the Tennessee corporation and those of the Tennessee and North Carolina. For the purpose of this report the latter has been treated as a continuation of the Tennessee corporation, that is, a practical merger of the companies took place.

The purpose for which the carrier was incorporated was to consolidate and merge the respective franchises, capital stock, rights of way, lands, equipment and other property of the corporation named above. The articles of incorporation of the Tennessee corporation stated the purpose to construct and operate a railroad from Newport, Tenn., to the North Carolina State line and the North Carolina corporation was granted the right to extend its railroad to any point within that State. The organization of the carrier was perfected June 27, 1911.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier was acquired by construction, all branches of the work being done by its own forces. Construction work on the road from Newport to Waterville was begun in 1900 and completed September 1, 1902. The extension from Canton was built during the period from October, 1906, to July 1, 1911.

HISTORY OF CORPORATE FINANCING

The property of the Pigeon River Railway Company has always been operated by the carrier.

CORPORATE HISTORY

The Pigeon River Railway Company was incorporated November 2, 1906, for an unlimited period under the general laws of North Carolina, the purpose being to construct a railway from a point near Canton to Spruce with such extensions as might be necessary.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road owned by the Pigeon River Railway Company was acquired by construction during the year 1907. The road was graded, the work being done under contract by a contractor not affiliated with the Pigeon River Railway Company. In April, 1912, the construction of the road was resumed by the company's own forces, the forces of the Champion Lumber Company and of the Champion Fibre Company. The road was completed and placed in operation in December, 1912.

HISTORY OF CORPORATE FINANCING