Wikipedia:WikiProject Trains/ICC valuations/Murfreesboro, Nashville, Southwestern Railway

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The railroad of the Murfreesboro, Nashville, Southwestern Railway Company, hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located in the southwestern part of Arkansas. The main line extends northeasterly from Nashville to Murfreesboro, a distance of 14.967 miles. The carrier also owns 0.998 mile of yard tracks and sidings. Its road thus embraces 15.965 miles of all tracks owned and used. Under trackage-right agreements the carrier uses, jointly with the owner, station facilities at Tokio, Ark., owned by The Prescott & Northwestern Railroad Company, and station facilities at Nashville, Ark., owned by the Missouri Pacific Railroad Company.

APPENDIX 2

INTRODUCTORY

The carrier is an Arkansas corporation, having its principal office at Nashville, Ark. It is controlled by N. W. Greeson, who has the right to receive all of the capital stock. The records reviewed do not indicate that it controls any common-carrier corporation. The property has been operated by the carrier's own organization since the date of acquisition. The road acquired under our authority, was formerly a part of the Memphis, Dallas & Gulf Railroad which was sold at foreclosure August 15, 1922. Between the date of the foreclosure sale and the date of acquisition, July 7, 1925, by the carrier, title to the property was held by sundry individuals and it was operated until January 9, 1925 by the Graysonia, Nashville & Ashdown Railroad Company, but no separate record thereof is available.

CORPORATE HISTORY

The carrier was incorporated July 7, 1925, under the general laws of Arkansas. The articles of incorporation are dated July 3, 1925, which is recorded as the date of organization. The purpose of incorporation was to purchase, construct, and operate a railroad in the State of Arkansas.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road, all owned, 14.967 miles, extending from a connection with the road of the Graysonia, Nashville & Ashdown Railroad Company, at Nashville, to a point north of Murfreesboro, all in Arkansas, was a part of a section of property of the Memphis, Dallas & Gulf Railroad Company between Ashdown and Shawmut, Ark., about 61 miles, which had been sold at foreclosure sale August 15, 1922, and which the Graysonia, Nashville & Ashdown Railroad Company originally proposed to acquire. However, that company actually acquired only that part from Ashdown to Nashville, Ark., 26.859 miles, and the remainder, about 19 miles, was subsequently abandoned. Of the mileage so acquired by the carrier, 14.240 miles was constructed by or for the Memphis, Dallas & Gulf Railroad Company in 1908 and 1909, and 0.727 mile in 1914 and 1915.

On August 15, 1922, the Graysonia, Nashville & Ashdown Railroad Company took possession of that part of the property between Ashdown and Murfreesboro, Ark., about 41 miles, and operated it for account of the purchasers until the end of the month, and on September 1, 1922, it began operations on its own account, although it had not secured title to the property and did not have a written lease. On January 1, 1923, title to the road between Ashdown and Nashville, Ark., 26.859 miles, passed to the Graysonia, Nashville & Ashdown Railroad Company, that company continuing the operation of the 14.240 miles of road between Nashville and Murfreesboro, Ark., until January 9, 1925. The road acquired by the carrier was conveyed to it by deed dated July 3, 1925, but possession was not taken, or operation begun, until July 7, 1925. The record does not show how the road was operated between January 9 and July 7, 1925. After date of foreclosure sale, title to the property was held by the purchaser at foreclosure and the grantor, the latter conveying it to the carrier. Acquisition of the property by the carrier was under our authority, dated June 14, 1926. The deed conveying the road to the carrier includes 0.727 mile of the section of road Murfreesboro to Shawmut, Ark. The carrier's application for a certificate of public convenience and necessity did not include this portion, stating that it was to be used as an industry track. Hwoever, it is included in the 14.967 miles of road owned and used.

HISTORY OF CORPORATE FINANCING