Wikipedia:WikiProject Trains/ICC valuations/Louisville, Henderson and St. Louis Railway

Interstate Commerce Commission, Valuation Reports, Volume 31

Louisville, Henderson and St. Louis Railway

Location and General Description of Property

The railroad of the Louisville, Henderson and St. Louis Railway Company, herein called the carrier, is a single-track, standard-gage, steam railroad, located in northwestern Kentucky. The main line extends southwesterly from Strawberry to Henderson, 137.120 miles, with a branch projecting from Irvington to Fordsville, together with spur tracks to Hardinsburg and Falls of Rough, aggregating 181.049 miles of main track. The carrier also owns 50.301 miles of yard tracks and sidings, of which 1.032 miles are disconnected tracks located at Louisville. Its road thus embraces 231.350 miles of all tracks owned and used, as shown in the trackage table in Appendix 1.

In addition to the foregoing, the carrier leases 2.545 miles of sidetracks at Louisville, Ky., from the Louisville and Nashville Railroad Company. It also has trackage rights over the tracks of the same company from Louisville to Strawberry, Ky., a distance of 5.90 miles, and from Henderson, Ky., to Evansville, Ind., a distance of 12.20 miles. The principal cities served by the carrier are Fordsville, Henderson, Irvington, Louisville, Owensboro, and West Point, Ky., and Evansville, Ind.

The carrier is controlled by the Louisville and Nashville and its railroad forms a portion of a direct route between Louisville, Ky., and St. Louis, Mo.

Introductory

The carrier is a corporation of the State of Kentucky, having its principal office at Louisville, Ky.

Although the carrier acquired title to its original property on May 29, 1896, it did not commence recording the results of the operations of its property in its books until June 1, 1896. The accounting data in this report, therefore, cover the period from June 1, 1896.

The carrier is controlled by the Louisville and Nashville Railroad Company through ownership of a majority of its capital stock. The records do not indicate that the carrier controls any common-carrier corporation.

The property of the carrier was operated by its own organization from June 1, 1896, to December 31, 1917. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History

The carrier was incorporated May 29, 1896, under the general laws of the State of Kentucky, for the purpose of acquiring the property, rights, and franchises of the Louisville, St. Louis and Texas Railway Company. The date of organization of the carrier was May 30, 1896. Pursuant to this purpose, the carrier acquired the property, rights, and franchises of the above-named company. The carrier, itself, and its predecessors total five different corporations and comprise the line of corporate succession culminating in the carrier as at present constituted.

The following chart shows the names of the corporations, their 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.	Louisville, Henderson and St. Louis Railway Company.	Under general laws of Kentucky May 29, 1896.
2.	Louisville, St. Louis and Texas Railway Company.	Under special act of Kentucky, through articles of consolidation, dated Sept. 7, 1881, and approved by the General Assembly of Kentucky, Jan. 13, 1882.	Sold at foreclosure May 4, 1896, confirmed by the court May 9, 1896, after receivership begun Aug. 7, 1893, and acquired May 29, 1896, by 1.
3.	Kentucky Southern Railroad Company.	Under special act of Kentucky, Mar. 28, 1872.	Consolidated Jan. 13, 1882, with 4 to form 2.
4.	Louisville, Cloverport and Western Railway Company.	Under special act of Kentucky, Apr. 24, 1880.	Consolidated Jan. 13, 1882, with 3 to form 2.
5.	Louisville, Hardinsburg and Western Railway Company.	Under special act of Kentucky, Feb. 24, 1888.	Sold to 2, Aug. 6, 1892.

Development of Fixed Physical Property

The road owned by the carrier, amounting to 181.049 miles, was acquired partly by construction and partly by purchase after foreclosure.

Of the four corporations which comprise the line of succession culminating in the carrier, two corporations did not construct or improve any property. These two corporations were the Kentucky Southern Railroad Company and Louisville Cloverport and Western Railway Company.

The data with respect to the road constructed by the carrier, itself, and the two remaining corporations, the years in which the various portions of the line were constructed, and the manner in which the Louisville, Henderson and St. Louis acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing corporate succession, previously given, the same order of corporations is maintained.

		Mileage
Acquired by construction:
Constructed by the carrier, Strawberry to Howard, Ky., 1905-6.		17.500
Acquired by purchase after foreclosure, from the Louisville, St. Louis and Texas Railway Company, May 29, 1896:
Constructed by that company, West Point to Henderson, Ky., 1887-1889.	121.000
Constructed by the Louisville, Hardinsburg and Western Railway Company, Irvington to Fordsville, Ky., with spur tracks to Hardinsburg and Falls of Rough, Ky., 1890-91.	43.800
		164.800
Total.		182.300
Difference between total recorded mileage and mileage inventoried as of date of valuation.		1.251
Mileage inventoried as of date of valuation.		181.049

Leased Railway Property

The property of the carrier, together with the property of others that was leased, devoted to common-carrier purposes, was taken over for operation by the United States Railroad Administration on January 1, 1918, and is so operated on date of valuation. The agreements with other carriers, in effect December 31, 1917, covering the use of joint facilities, have been continued by the railroad administration during the period January 1, 1918, to date of valuation. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending December 31, 1917, are as follows:

	Rentals
Solely used, but not owned, leased from the Louisville and Nashville Railroad Company:
Yard tracks and facilities at Louisville, Ky., 2.545 miles; for indefinite period from Apr. 1, 1906, subject to six months' notice, under contract dated May 5, 1906; stipulated payment equal to 5 per cent per annum on valuation of $74,844.13 plus all taxes, cost of maintenance, and operation.	$3,953.76
Jointly used, but not owned, owned by—
Louisville and Nashville Railroad Company—
Main line from Louisville to Strawberry, Ky., 5.90 miles and certain facilities at Louisville; for indefinite period from Apr. 1, 1906, subject to six months' notice, under contract dated May 5, 1906; stipulated payment equal to one-half of 5 per cent on valuation, plus a portion, on wheelage basis, of taxes, maintenance, and operation.	6,612.38
Main line and facilities from Henderson, Ky., to Evansville, Ind., 12.20 miles; indefinite period, contract dated Mar. 13, 1902, subject to one year's notice; stipulated payment $8,000 per annum and a mutual arrangement for division of revenues.	13,374.91
Union passenger station and facilities at Louisville, Ky.; for indefinite period from Apr. 1, 1906, stipulated payment a portion, on basis of cars handled, of 6 per cent per annum on $530,695.08 valuation of property, and of cost of maintenance, operation, and taxes.	3,020.20
Freight station and facilities at Henderson, Ky.; indefinite period, contract dated Apr. 15, 1903, amended May 19, 1908; stipulated payment 12 cents per ton on freight handled other than company coal.	1,697.29
Freight station and facilities at Owensboro, Ky.; indefinite period from June 20, 1905, subject to 90 days' notice; stipulated payment a portion, on basis of tons of freight handled, of 5 per cent per annum on valuation of property, and of cost of maintenance, operation, and taxes.	1,910.68
Louisville Bridge Company—
Connecting track at Fourteenth Street, Louisville, Ky.; indefinite period from June 26, 1906, stipulated payment 25 cents per car handled.	3,384.25
Louisville and Nashville Railroad Company (constructed facilities) and Illinois Central Railroad Company (the land)—
Passenger station at Henderson, Ky.; in perpetuity from Mar. 1, 1901; stipulated payment a portion, on basis of cars handled, of 5 per cent per annum on $7,722.50 valuation of land and on $50,637.97 valuation of facilities, and of cost of maintenance, operation, and taxes.	2,226.36
Solely owned, but jointly used, used with—
Louisville and Nashville Railroad Company and Illinois Central Railroad Company—
Passenger station and facilities at Owensboro, Ky.; indefinite period from Sept. 1, 1906; stipulated payment a portion, on basis of cars handled, of 5 per cent per annum on $45,761.13 valuation of property, and of cost of maintenance, operation, and taxes.	1,313.13

There are other facilities of minor importance, such as interlockers, yard tracks, and sidings, in which the carrier grants or receives joint use, that are not listed in this chapter.

Predecessor Companies

Louisville, St. Louis and Texas Railway Company

The Louisville, St. Louis and Texas Railway Company was incorporated under special act of Kentucky, through articles of consolidation, dated September 7, 1881, which was approved by the General Assembly of Kentucky on January 13, 1882. The accounting records of the company that were obtained are of such a fragmentary nature that no information can be given from them regarding its financial dealings, corporate operations, or investments.

The records reviewed do not indicate whether the company was controlled by any individual or corporation on May 4, 1896, the date of sale, or whether it then controlled any common-carrier corporation.

The property of the company was operated by its own organization from the date it was placed in operation until the receivership, August 7, 1893. From that date it was operated by a receiver, who continued operation of the property until June 1, 1896.

The company owned on date of sale 164.80 miles of single-track, standard-gage, steam railroad. Its main line extended from West Point to Henderson, 121 miles, and its branch line from Irvington to Fordsville, a distance of 43.80 miles, including spur tracks to Hardinsburg and Falls of Rough, all within the State of Kentucky.

The 121 miles extending from West Point to Henderson was acquired by construction. Construction work was begun in February, 1887, and the road was completed and placed in operation April 1, 1889. W. V. McCracken and Company, contractors, acquired the right of way and constructed this road for the railway company. The 43.80 miles of branch road between Irvington and Fordsville with spur tracks to Hardinsburg and Falls of Rough was acquired by purchase on August 6, 1892, from the Louisville, Hardinsburg and Western Railway Company.

Kentucky Southern Railroad Company

The Kentucky Southern Railroad Company was incorporated by a special act of the Legislature of the State of Kentucky, approved March 28, 1872. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate that the company was controlled by any individual or corporation on January 13, 1882, the date of consolidation, or that it then controlled any common-carrier corporation. The company owned no property on the date of consolidation.

Louisville, Cloverport and Western Railway Company

The Louisville, Cloverport and Western Railway Company was incorporated by a special act of the Legislature of the State of Kentucky, approved April 24, 1880. No accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate that the company was controlled by any individual or corporation on January 13, 1882, the date of consolidation, or that it then controlled any common-carrier corporation. The company owned no property on the date of consolidation.

Louisville, Hardinsburg and Western Railway Company

The Louisville, Hardinsburg and Western Railway Company was incorporated by a special act of the Legislature of the State of Kentucky, approved February 24, 1888. No available accounting records of the company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on August 6, 1892, the date of sale, or whether it then controlled any common-carrier corporation. The property of the company was operated under lease by the Louisville, St. Louis and Texas Railway Company from the date it was completed, July 1, 1891, to the date of sale. The company owned on the date of sale 43.80 miles of railroad, extending from Irvington to Fordsville, Ky., including spur tracks to Falls of Rough and Hardinsburg, Ky., all of which had been acquired by construction.