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These corporations, together with their predecessors, total in all 157 corporations, including 28 name changes, which comprise the line of succession culminating in the Southern as at present constituted.
the same order of corporations is maintained.
Acquired through the Richmond Terminal reorganization committee, a total of 2,830.79 miles so acquired:
Acquired through the Memphis and Charleston reorganization committee, from the Memphis and Charleston Rail Road Company, Feb. 26, 1896:
Acquired by direct purchase, from The Virginia Midland Railway Company, a total of 788.83 miles June 21, 1898:
From the Knoxville, Cumberland Gap and Louisville Railway Company, June 29, 1898, constructed by the Knoxville, Cumberland Gap and Louisville Railroad Company—
From The Knoxville Belt Rail Road Company Aug. 20, 1898, constructed by that company, 1888, Main Street yard in Knoxville to Belt Junction, Tenn. 5.30
From the Carolina and Cumberland Gap Railway, Aug. 31, 1898, constructed by the Carolina, Cumberland Gap and Chicago Railway Company, 1888, Edgefield to Aiken, S. C. 23.57
From the North Eastern Rail Road Company, Oct. 31, 1899, constructed by that company—
From the Southern Railway Company of Illinois, Dec. 24, 1900—
From the Villa Rica Branch Railway Company, Dec. 30, 1902, Constructed by that company, 1902, Villa Rica to pyrite mines 2.92
From the Knoxville and Ohio Railroad Company, Dec. 31, 1903—
From the Knoxville & Bristol Railway Company, Dec. 31, 1903, constructed by the Morristown and Cumberland Gap Railroad Company, 1891, Morristown to Caryton, Tenn. 39.60
From the Gadsden and Attalla Railroad Company, July 1, 1904, Constructed by that company, 1892, Gadsden to Attalla, Ga. 5.90
From the East Saint Louis, Madison and Granite City Railroad Company, Dec. 14, 1904, constructed by that company, 1901-02, East St. Louis to Granite City, Ill. 2.40
From The Charlottesville and Rapidan Railroad Company, June 30, 1914—
Constructed by the Southern—
There is a difference of 25.547 miles between the main-line mileage reported by the Southern in its response to Valuation Order No. 20, Corporate History, as being owned by it at the date of valuation, together with the mileage of the Lockhart Railroad, as explained above, and the main-line mileage inventoried to the Southern by the engineering section as previously stated. This difference can not be explained from the available records.
In addition, we have inventoried to the Southern 0.371 mile of first main track located at Jellico, Ky., and Jellico, Tenn., as being owned by the Southern and the Louisville and Nashville Railroad Company in equal proportions. The available records do not disclose how or when this jointly owned mileage was acquired.
At the date of valuation, the Southern operates in addition to the mileage previously shown 587.840 miles of second main tracks, 5.005 miles of third main track, 0.961 mile of fourth main track, and 2,334.626 miles of yard tracks and sidings, divided as follows:
for the year ending on date of valuation are as follows:
Solely owned but not used, leased to—
- In addition, the lessee pays taxes on the property.
Solely owned but jointly used, used with—
In addition to the above, the Southern maintained and operated minor facilities that were jointly used by other companies.
Solely used but not owned, owned by—
- Property to be maintained in good condition by lessee, but no definite provision made in regard to improvements.
- At termination of lease title to improvements is vested in lessee; reimbursement to be made to lessee before title to same becomes vested in lessor.
- At termination of lease lessor has option of either reimbursing lessee for its expenditures made for improvements, or of paying the lessee the appraised value thereof.
- At termination of lease lessee surrenders improvements to lessor; no reimbursement to be made to lessee for expenditures made.
Jointly used but not owned, owned by—
In addition to the above, the Southern uses certain minor facilities that were maintained and operated by other carriers.
No accounting records of the Piedmont Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from the company's reports to this commission, returns made by the Southern, and other sources.
The company was controlled first by the Richmond and Danville Railroad Company and later by the Southern, through ownership of a majority of the capital stock and all of the bonds. At date of demise of the Piedmont Railroad Company its property was operated by the Southern under a lease agreement which it had acquired from the Richmond and Danville Railroad Company.
The property owned on date of demise consisted of about 48.40 miles of single, main-track railroad, extending from Danville to Greensboro, N. C.
The military necessity for a railroad connection between the line of the Richmond and Danville Railroad Company and that of the North Carolina Railroad and the long-desired authority for the Richmond and Danville Railroad Company to extend its road into North Carolina, prompted the Confederate States and the Richmond and Danville Railroad Company in backing this project, in fact it was under pressure of the Confederate Government that the State of North Carolina granted the charter of the Piedmont Railroad Company.
Under its agreement with the Confederate States, dated May 8, 1862, the Richmond and Danville Railroad Company undertook to subscribe for practically all the stock of the Piedmont Railroad Company and to construct the road from Danville to Greensboro, in consideration of which the Confederate Government was to lend the Richmond and Danville Railroad Company $1,000,000 of Confederate bonds and supply the necessary iron, taking the mortgage bonds of the Richmond and Danville Railroad Company as collateral security. The Richmond and Danville Railroad Company thereupon undertook construction of the line, which was completed in 1864.
From developments incident to the fall of the Confederacy, it is shown that the Confederate bonds were returned by the Richmond and Danville Railroad Company and then that company assumed responsibility to the Roanoke Valley Railroad Company and other Virginia railroad companies for the value of the iron and rolling stock which had been confiscated by the Confederate Government for use in constructing the road of the Piedmont Railroad Company.
The property was operated in aid of the Confederacy until the end of the Civil War. On June 24, 1865, an agent of the United States Government seized the property on the theory that it had been the property of the Confederate States and it was operated from that date by an agent of the United States Treasury Department until December 9, 1865, at which time it was returned to its owner.
During the period from December 9, 1865, and February 15, 1866, the gauge of the company's road was changed to conform to that of the Richmond and Danville Railroad Company, and on February 15, 1866, the property was leased to the Richmond and Danville Railroad Company for sole operation. The latter company and its receivers operated the property under this lease agreement, which was renewed on February 20, 1867, and again on February 20, 1872, until July 1, 1894. On July 1, 1894, the Southern acquired the lease and operated the property until September 18, 1894, the date of demise.
The outstanding capital obligations of the Piedmont Railroad Company on June 30, 1894, as stated in its report to this commission, aggregated $2,500,000 par value, as follows:
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