Wikipedia:WikiProject Trains/ICC valuations/Louisville and Nashville Terminal Company

Interstate Commerce Commission, Valuation Reports, Volume 39

Louisville and Nashville Terminal Company

Introductory

The Louisville and Nashville Terminal is a corporation of the State of Tennessee, having its principal office at Louisville, Ky. It is controlled by the Louisville and Nashville, through ownership of the entire outstanding capital stock.

By virtue of an agreement dated October 31, 1917, entered into between the Louisville and Nashville Terminal, the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway, the three companies agreed that, for valuation purposes, the property owned by the Louisville and Nashville Terminal should be inventoried as jointly owned, 50 per cent each, by the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway. We have accordingly inventoried all the property of the Louisville and Nashville Terminal as jointly owned and used, 50 per cent each, by the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway.

The Louisville and Nashville Terminal has never operated its property for its own account. On the completion of construction in November, 1900, its property was taken over for operation by the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway, under a lease executed under date of June 15, 1896.

The Louisville and Nashville Terminal has a set of accounting records in which are recorded the transactions covering the construction of its property and the issuance of its securities, but no entries have been recorded in those books since the year 1901. It has filed annual reports with us since 1914.

Corporate History

The Louisville and Nashville Terminal was incorporated under the general laws of the State of Tennessee. Articles of incorporation were filed in the office of the registrar of Davidson County, Tenn., on March 21, 1893, and in the office of the secretary of State of Tennessee on March 22, 1893. Its organization was effected on March 21, 1893.

The Louisville and Nashville Terminal was incorporated for the purpose of acquiring, constructing, maintaining, operating, or leasing to others, railroad terminal facilities for the accommodation of railroad passengers and for the handling and transferring of railroad freight.

Development of Fixed Physical Property

The Louisville and Nashville Terminal's property consists of a passenger and freight terminal and certain other property located in Nashville, Tenn., including 1.092 miles of first main track, 1.082 miles of second main track, and 31.589 miles of yard tracks and sidings.

The property was constructed partly by the Louisville and Nashville and partly by various contractors under the direction of the Louisville and Nashville. Part of the lands were acquired and some grading was done during the period from 1881 to July 1, 1896, and the property was transferred to the Louisville and Nashville Terminal on the latter date. After July 1, 1896, the Louisville and Nashville acquired other lands and constructed the terminal facilities for account of the Louisville and Nashville Terminal. The terminal facilities were constructed partly on lands owned by the Louisville and Nashville Terminal and partly on lands owned by the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway. The greater part of the construction work was begun about 1899, and the property was opened for operation about November, 1900. Other facilities were constructed during the years 1901 and 1902 and certain additions and betterments have been made to the property since that time.

Leased Railway Property

The entire property of the Louisville and Nashville Terminal is leased jointly to the Louisville and Nashville and The Nashville, Chattanooga & St. Louis Railway, through an agreement dated June 15, 1896, and a supplement thereto dated December 3, 1902, for a term of 99 years from June 15, 1896. The lessor companies are to pay as rental an amount equal to the interest on the Louisville and Nashville Terminal's outstanding indebtedness and the cost of maintenance, taxes, etc., on the property. The report of the Louisville and Nashville Terminal to us, for the year ended June 30, 1916, states that the company received $104,020.51 as rental for its property for that year. The entire amount was disbursed for interest on funded debt.