Imágenes de páginas
PDF
EPUB

Acquired by direct purchase, from The Virginia Midland
Railway Company, etc.-Continued.

From the Southern Railway Company of Illinois-Con.
Reorganized as Southern Railway Company of In-
diana_..

Mileage

209.71

154. 71

2. 92

From the Villa Rica Branch Railway Company, Dec. 30, 1902,
Constructed by that company, 1902, Villa Rica to pyrite mines.
From the Knoxville and Ohio Railroad Company, Dec.
31, 1903-

Constructed by that company

1877, Coal Creek to Careyville, Tenn...

1882, Careyville to Jellico, Tenn..........
1890, New Cambria to Cambria, Tenn..
Constructed by the Knoxville and Kentucky Rail-
road Company-

1861, Knoxville to Copper Ridge, Tenn...
1869, Copper Ridge to Coal Creek, Tenn...
Constructed by The Coal Creek and New River
Railroad Company, 1880-1881, Coal Creek to New
Cambria, Tenn__.

Partly constructed by the La Follette Railway Com-
pany and completed by the Tennessee Northern
Railway Company, 1898, from Vasper to La Fol-
lette..

7.70

26. 20

.92

9.30 22. 10

3. 10

11.30

From the Knoxville & Bristol Railway Company, Dec. 31, 1903,
constructed by the Morristown and Cumberland Gap Railroad
Company, 1891, Morristown to Caryton, Tenn...
From the Gadsden and Attalla Railroad Company, July 1, 1904,
Constructed by that company, 1892, Gadsden to Attalla, Ga__
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...
From The Charlottesville and Rapidan Railroad Company, June
30, 1914-

Constructed by that company, 1880, Charlottesville to Or-
ange, Va..........

Constructed by the Southern

80.62

39.60

5. 90

2. 40

28. 10

[blocks in formation]

Acquired by direct purchase, from The Virginia Midland
Railway Company, etc.-Continued.

From The Charlottesville and Rapidan Railroad Com-
pany-Continued.

1903, Ore Bend Junction to Watts Ore Mines,
Tenn.

Mileage

3. 40

[blocks in formation]

Acquired by direct purchase, from The Virginia Midland
Railway Company, etc.-Continued.

Less, mileage abandoned or reclassified by the South-
ern-Continued.

Tracks reclassified-Continued.

1907, Ore Bend Junction to Watts Ore Mines,
Tenn...

Mileage

2.38

[blocks in formation]

Total owned mileage June 30, 1916, as reported by
the Southern__.

Mileage constructed by the Lockhart Railroad from Lockhart to
Lockhart Junction with rails and ties of the Southern. This
track was inventoried, owned and used by the Southern..

Grand total_

3, 950. 56

13.956

3, 964. 516

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:

[blocks in formation]

Syndicating, banking, and other financial arrangements.-This subject is dis cussed under the subheadings indicated below.

Purchase of property through the Richmond Terminal reorganization committee.— After two unsuccessful attempts had been made, between December, 1891, and May 16, 1893, to reorganize the Richmond and West Point Terminal Railway and Warehouse Company and its subordinate companies, the interested security holders applied to Drexel, Morgan & Company, bankers of New York City, to

undertake a reorganization. This resulted in the issuance of a plan of reorganization by the Richmond Terminal reorganization committee dated May 1, 1893, and modified February 20, 1894, for the reorganization of the following named companies:

Richmond and West Point Terminal Railway and Warehouse Company.
The Richmond and Danville Railroad Company.

Atlantic, Tennessee and Ohio Railroad Company in North Carolina.
The Richmond, York River and Chesapeake Rail Road Company.
Washington, Ohio and Western Railroad Company.

Charlotte, Columbia and Augusta Railroad Company.
Columbia and Greenville Railroad Company.

The Georgia Pacific Railway Company.

North Western North-Carolina Rail Road Company.
Clarksville and North Carolina Railroad Company.

Oxford and Clarksville Railroad Company.

Western North Carolina Railroad Company (No. 3).
Oxford and Henderson Railroad Company.

Statesville and Western Railroad Company.

Piedmont Railroad Company.

East Tennessee, Virginia and Georgia Railway Company.
Louisville Southern Railroad Company.

The above-named companies when referred to hereinafter in the aggregate are termed the reorganized companies.

In carrying out the plan of reorganization the Richmond Terminal reorganization committee organized the Southern and subsequently caused the title to the property, and assets of the companies named, together with assets accumulated by the Richmond Terminal reorganization committee from other sources, to be vested in the Southern, with the exception of the railroad owned by the Louisville Southern Railroad Company and that portion of the railroad owned by the Georgia Pacific Railway Company which was located in Mississippi, as explained more fully later on. These properties and assets had been acquired through foreclosure proceedings or otherwise, in accordance with the provisions contained in the plan. To acquire them, the Southern assumed the liability for certain securities of the reorganized companies, and issued certain of its securities to the Richmond Terminal reorganization committee. The latter were to be used in retiring certain old securities of the reorganized companies to provide a fund to be used for additions and betterments to the property purchased and to pay all of the expenses of the reorganization. The following statement shows the securities issued to the Richmond Terminal reorganization committee and the disposition thereof by the committee, as stated in its records and the records of the Southern:

Issued and charged to the investment in road

and equipment account:

Capital stock, common, par value_____
Capital stock, preferred, par value.......
First consolidated mortgage 5 per cent
bonds, par value..........

East Tennessee reorganization 4 and 5
per cent gold mortgage bonds, par
value___.

$120, 000, 000. 00

54, 300. 000, 00

24, 011, 000. 00

4, 500, 000. 00

$202, 811, 000. 00

Issued and charged to the open account of the Richmond Terminal reorganization committee, first consolidated mortgage 5 per cent bonds, par value.___.

Issued to the Richmond Terminal reorganization committee for cash, first consolidated mortgage 5 per cent bonds (par value $1,000,000) ---

Securities reacquired by the Richmond Ter

minal reorganization committee for cash: Capital stock, preferred (par value $10,000)__

East Tennessee reorganization 4 and 5 per cent gold bonds (par value $1,000) Capital stock, common (par value $2,894,800)---

$1,028. 75

790.00

$828,000.00

750, 000. 00

Total....

The above securities were disposed of as follows:

Securities sold for cash:

309, 278. 50

311, 097. 25

204, 700, 097. 25

[blocks in formation]

$5,000,000 (par value) of capital stock, common, issued to Drexel, Morgan & Company, as part compensation for acting as depositaries and for cooperation and supervision incident to the reorganization............

Securities delivered to the Central Trust Company of New York, in accordance with the "Greenough" contract incident to the retirement of $2,770,000 (par value) of East Tennessee, Virginia, and Georgia Railway Company Cincinnati extension bonds and the acquirement of Alabama Great Southern Railway Company, Ltd., capital stock, which was pledged as collateral security for said bonds:

Capital stock, preferred, par value____ First consolidated mortgage 5 per cent bonds, par value....

$2, 146, 800. 00

831, 000. 00

5, 000, 000. 00

2,977, 800.00 37 Val. Rep.

« AnteriorContinuar »