Wikipedia:WikiProject Trains/ICC valuations/Memphis–Chattanooga Railway

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The railroad of Memphis–Chattanooga Railway is a double-track road located wholly within the State of Tennessee and extends from Chattanooga to Wauhatchie. Near Wauhatchie it connects with the Nashville, Chattanooga & St. Louis Railway over which the Southern has trackage to Stevenson, Ala. The railroad passes through Lookout Mountain in a double-track tunnel. The property embraces 2.837 miles of first main and a like mileage of second main track, a total of 5.674 miles of all tracks.

MEMPHIS–CHATTANOOGA RAILWAY

INTRODUCTORY

The Memphis–Chattanooga Railway is a corporation of the State of Tennessee. Its principal office is located in Washington, D. C. Control of this company is vested in the Southern through ownership of the entire outstanding capital stock. From the date the property of the Memphis–Chattanooga Railway was placed in operation to the date of valuation, the property has been operated jointly by the Southern and the Alabama Great Southern Railroad Company under an agreement that is being formulated on date of valuation.

CORPORATE HISTORY

The Memphis–Chattanooga Railway was incorporated September 27, 1899, under the general railroad law of Tennessee, in the interest of the Southern. Formal organization was effected December 22, 1899.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire 2.837 miles of double-track road owned by the Memphis–Chattanooga Railway, on date of valuation, extending from a connection with the Chattanooga Belt Railway, near Chattanooga, Tenn., to the Tennessee-Alabama boundary, was acquired by construction. The necessary surveys were made and the construction of the road was commenced on April 12, 1905, by W. J. Oliver and Company, contractors, who were in no way affiliated with the Memphis–Chattanooga Railway. Under arrangements made with the contractors, all of the construction work was discontinued on December 26, 1907, except on the Lookout Mountain tunnel, which was discontinued on July 26, 1908. Work was resumed on the road from a connection with the Chattanooga Belt Railway, near Chattanooga, Tenn., to a connection with the Wauhatchie Extension Railway on March 28, 1914. The double-track railroad between those points was completed and put in operation on May 1, 1916, and constitutes the total owned mileage of the Memphis–Chattanooga Railway on the date of valuation.

HISTORY OF CORPORATE FINANCING