Wikipedia:WikiProject Trains/ICC valuations/Swan Creek Railway
Interstate Commerce Commission, Valuation Reports, Volume 39
Swan Creek Railway
[edit]Location and General Description of Property
[edit]The railroad of the Swan Creek Railway Company, hereinafter called the Swan Creek Railway, likewise leased to and operated by the Louisville and Nashville, is a single-track, standard-gage line, extending westerly from Swan Creek Junction to Gordonsburg, Tenn., a distance of 17.099 miles.
Introductory
[edit]The Swan Creek Railway is a corporation of the State of Tennessee, having its principal office at Columbus, Tenn. It is controlled by the Louisville and Nashville, through the ownership of the entire outstanding capital stock. From the date the property of the Swan Creek Railway was completed, May 20, 1908, it has been operated by the Louisville and Nashville, under lease and by virtue of that company's ownership of the entire outstanding capital stock.
The Swan Creek Railway does not maintain any accounting records, nor does it file annual reports with us. Therefore, no information can be obtained from the accounts in connection with its finances, operation, investments, or original cost. Certain information shown in this report has been obtained from the accounting records of the Louisville and Nashville, as indicated hereinafter.
Corporate History
[edit]The Swan Creek Railway was incorporated under the general laws of the State of Tennessee, by filing articles of incorporation in the office of the clerk of the county court of Maury County, Tenn., on November 19, 1906, and in the office of the secretary of state of Tennessee, on November 21, 1906, for the purpose of constructing and operating a line of railway extending from a connection with the line of the Louisville and Nashville at or near Mount Pleasant, Tenn., to a point on Swan Creek in Lewis County, a distance of about 17 miles. The organization of the Swan Creek Railway was perfected November 27, 1906.
Development of Fixed Physical Property
[edit]The construction of the property of the Swan Creek Railway was begun in October, 1906, and was completed on May 20, 1908, when it was opened for operation from Swan Creek Junction to Gordonsburg, Tennessee, a distance of 17.099 miles.
Leased Railway Property
[edit]The property of the Swan Creek Railway has been operated by the Louisville and Nashville from the date of its completion to date of valuation, by virtue of that company's ownership of the entire capital stock of the Swan Creek Railway and under the terms of a 25-year lease dated May 1, 1905. The lease states an annual rental of $100, but no amount has been recorded in the Louisville and Nashville's accounts to represent rental paid for the use of the Swan Creek Railway's property for the year ending on date of valuation. On February 5, 1917, the lease was modified so as to permit the Louisville and Nashville to terminate it on 30 days' notice.