Wikipedia:WikiProject Trains/ICC valuations/Owensboro and Nashville Railway
Interstate Commerce Commission, Valuation Reports, Volume 39
Owensboro and Nashville Railway
[edit]Location and General Description of Property
[edit]The railroad of the Owensboro and Nashville Railway Company, hereinafter called the Owensboro and Nashville, likewise leased to and operated by the Louisville and Nashville, is a single-track, standard-gage line, extending southerly from Owensboro to Adairville, Ky., a distance of 83.627 miles.
Introductory
[edit]The Owensboro and Nashville is a corporation of the States of Kentucky and Tennessee. It is controlled by the Louisville and Nashville, through ownership of the entire outstanding capital stock. From the date it was placed in operation to date of valuation, the property of the Owensboro and Nashville has been solely operated by the Louisville and Nashville, without a written agreement.
There were no entries recorded in the accounting records of the Owensboro and Nashville for the period from July 1, 1892, to date of valuation, nor does the company file annual reports with us. Therefore, only partial information can be given from the accounts in connection with its finances, corporate operations, investments, or original cost.
Corporate History
[edit]The Owensboro and Nashville was incorporated under the general laws of the State of Tennessee through filing with the secretary of state of Tennessee on October 3, 1881, an agreement dated October 1, 1881, for the consolidation of the properties of the Tennessee & Kentucky Rail Road Company and the Owensboro & Nashville Railroad Company. The date of organization of the Owensboro and Nashville was October 8, 1881.
Pursuant to the above purpose, the Owensboro and Nashville acquired at its organization the property, rights, and franchises of the two railroad corporations named. The Owensboro and Nashville, itself, and those corporations, together with their predecessors, total five different corporations and comprise the line of corporate succession culminating in the Owensboro and Nashville as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1 | Owensboro and Nashville Railway Company. | Under general laws of Tennessee, Oct. 3, 1881. | |
| 2 | Owensboro & Nashville Railroad Company. | Under general laws of Kentucky, June 25, 1877. | Consolidated with 5 to form 1, through agreement dated Oct. 1, 1881, filed Oct. 3, 1881. |
| 3 | The Evansville, Owensboro and Nashville Railroad Company. | Under general laws of Indiana, Aug. 26, 1873. | Sold at foreclosure to 2, May 29, 1877; sale confirmed by court, July 6, 1877; property deeded to 2 on Apr. 26, 1881. |
| 4 | Owensboro and Russellville Railroad Company. | Under special act of Kentucky, Feb. 27, 1867; under general act of Tennessee, Nov. 2, 1872. | Consolidated with and merged into 3, Oct. 24, 1873. |
| 5 | Tennessee & Kentucky Rail Road Company. | Under general laws of Kentucky, Aug. 24, 1881. | Consolidated with 2 to form 1, through agreement dated Oct. 1, 1881, filed Oct. 3, 1881. |
Development of Fixed Physical Property
[edit]The owned mileage of the Owensboro and Nashville, 83.627 miles, was acquired by consolidation and construction. Of the four corporations which comprise the line of succession culminating in the Owensboro and Nashville as at present constituted, only one, the Owensboro and Russellville Railroad Company, constructed or improved any property.
The data with respect to the miles of road constructed, the years in which the various portions of the line were constructed, and the manner in which the Owensboro and Nashville acquired the property are indicated in the following table:
| Mileage | ||
|---|---|---|
| Acquired in the consolidation of Oct. 3, 1881, from the Owensboro & Nashville Railroad Company, constructed by the Owensboro and Russellville Railroad Company, Owensboro to Central City, Ky., date of construction unknown. | 36 | |
| Acquired by construction: | ||
| Central City to point near Drakesboro, Ky., date when construction began not known, completed in 1882. | 8 | |
| Near Drakesboro to Adairville, Ky., date when construction began not known, completed in 1884. | 39 | |
| Penrod to Mud River mines, Kentucky, date when construction began not known, completed in 1886. | 5 | |
| 52 | ||
| Total. | 88 | |
| Less abandonments, Penrod to Mud River mines, Kentucky, 1910. | 5 | |
| 83 | ||
| Difference between total recorded mileage and mileage inventoried as of date of valuation. | 0.627 | |
| Mileage inventoried as of date of valuation. | 83.627 |
An unknown portion of the 52 miles shown above as having been constructed by the Owensboro and Nashville was partly constructed by the Owensboro and Russellville Railroad Company, that company having graded about 50 miles of railroad, which was subsequently acquired by the Owensboro and Nashville in the consolidation of October 3, 1881. As previously explained, there are no obtainable accounting records of the Owensboro and Nashville subsequent to June 30, 1892. The abandonment of the 5 miles of road shown above was reported to us by the Louisville and Nashville in its annual report to us for the year ended June 30, 1910.
Leased Railway Property
[edit]The entire property of the Owensboro and Nashville has been continuously operated by the Louisville and Nashville from the date of organization to date of valuation, without a written agreement.
Predecessor Companies
[edit]Owensboro & Nashville Railroad Company
[edit]There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments. The information embodied in this report has been taken from the corporate history return of the Owensboro and Nashville. The company was incorporated on June 25, 1877, under the general laws of the State of Kentucky. The company was controlled by the Louisville and Nashville on the date of demise, through ownership of a majority of the outstanding capital stock.
The company owned on the date of demise, October 3, 1881, about 36 miles of railroad, extending from Owensboro to Central City, Ky. It also owned about 50 miles of graded roadbed. The company constructed no property. All of its property was acquired from The Evansville, Owensboro and Nashville Railroad Company, by purchase after foreclosure, April 26, 1881. The company had acquired possession of this property, however, and assumed the operation thereof, on July 5, 1877. From the date its property was placed in operation, July 5, 1877, it was operated by the company's own organization until April 1, 1880. From that date to the date of its demise it was operated by the Louisville and Nashville, by virtue of that company's ownership of a majority of the outstanding capital stock.
The company was consolidated on October 3, 1881, with the Tennessee & Kentucky Rail Road Company, to form the Owensboro and Nashville.
The Evansville, Owensboro and Nashville Railroad Company
[edit]There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments. The information embodied in this report has been taken from the corporate history return of the Owensboro and Nashville. The company was incorporated under the general laws of the State of Indiana. Articles of association entered into August 22, 1873, were filed with the secretary of state of the State of Indiana, August 26, 1873. The records reviewed do not indicate that the control of the company was with any individual or corporation on the date of demise, July 5, 1877.
The company owned on the date of demise about 36 miles of railroad, extending from Owensboro to Central City, Ky. It also owned about 50 miles of graded roadbed. The company constructed no road. Its property was acquired through consolidation with the Owensboro and Russellville Railroad Company, on October 24, 1873. From the date of its organization, October 24, 1873, the property was operated by the company's own organization until July 17, 1875. From that date to the date of its demise it was operated by a receiver.
On July 17, 1875, the property was placed in the hands of a receiver, and on May 29, 1877, the property, rights, and franchises were sold at foreclosure to the Owensboro & Nashville Railroad Company. The sale was confirmed by the court on July 5, 1877, on which date the Owensboro & Nashville Railroad Company took possession and began the operation of the property. The property was conveyed to the Owensboro & Nashville Railroad Company, by deed dated April 26, 1881, of Thomas H. Taylor, commissioner.
Owensboro and Russellville Railroad Company
[edit]There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments. The information embodied in this report has been taken from the corporate history return made by the Owensboro and Nashville.
The company was incorporated in the State of Kentucky by special acts of the Legislature of February 27, 1867; February 1, 1868; February 25, 1871; and March 28, 1873; and under a general act of the State of Tennessee, its Tennessee charter was issued by E. H. East, chancellor of Davidson County, Tennessee, on November 22, 1872. The records reviewed do not indicate that the control of the company was with any individual or corporation on the date of demise.
The company owned and operated on date of demise, about 36 miles of railroad extending from Owensboro to Central City, Ky. It also owned about 50 miles of graded roadbed. The road was acquired by construction. The records do not disclose the date of beginning of the construction, the date placed in operation, nor by whom it was constructed. From the date its property was placed in operation to the date of demise, the property of the company was operated by its own organization.
Under authority of special act of the Legislature of the State of Kentucky of March 28, 1873, the property, rights, and franchises of the Russellville were, on October 24, 1873, consolidated with and merged into The Evansville, Owensboro and Nashville Railroad Company. The consolidation was accepted, ratified, and confirmed by the board of directors of the latter company on October 24, 1873.
Tennessee & Kentucky Rail Road Company
[edit]There are no obtainable accounting records of the above-named company. Therefore, no information can be given from the accounts in connection with its finances or investments. The company was incorporated August 24, 1881, under the general laws of the State of Tennessee. This company performed no construction work and owned no railroad on the date of its demise. By agreement of consolidation, dated October 1, 1881, filed with the secretary of state of the State of Tennessee on October 3, 1881, the company was consolidated with the Owensboro & Nashville Railroad Company, to form the Owensboro and Nashville.