Wikipedia:WikiProject Trains/ICC valuations/Canton, Aberdeen and Nashville Railroad

Interstate Commerce Commission, Valuation Reports, Volume 46

The Canton, Aberdeen and Nashville Railroad

Location and General Description of Property

The railroad of The Canton, Aberdeen and Nashville Railroad Company, hereinafter called the Canton, Aberdeen and Nashville, is a single-track line, from Kosciusko to Aberdeen, Miss., 87.696 miles.

Introductory

The Canton, Aberdeen and Nashville is a corporation of the State of Mississippi, having its principal office at Chicago, Ill. It is controlled by the Chicago, St. Louis and New Orleans through ownership of its entire outstanding capital stock. The latter, in turn, is controlled by the Illinois Central. On the other hand, the records do not indicate that this company, itself, controls any common-carrier corporation.

The property of the Canton, Aberdeen and Nashville has been operated by the Illinois Central since 1887.

Corporate History

The Canton, Aberdeen and Nashville was incorporated February 17, 1882, by special act of Mississippi.

Development of Fixed Physical Property

The road owned, amounting to 87.696 miles, and extending from Kosciusko to Aberdeen, Miss., was acquired by construction which was commenced in December 1882, completed in December 1884.

Leased Railway Property

The property of the Canton, Aberdeen and Nashville is leased to the Illinois Central under agreement dated March 31, 1888, for the period terminating June 1, 1952. As rental consideration, the Illinois Central agreed to pay to the Canton, Aberdeen and Nashville the net earnings semiannually, which was to amount to at least $60,000 per year. Effective July 1, 1910, the Illinois Central ceased to allow the Canton, Aberdeen and Nashville the annual guarantee under the lease, and absorbed the net results from operation in its own accounts. It also concurrently waived all claims for interest on the first-mortgage bonds of the Canton, Aberdeen and Nashville owned by it.