Wikipedia:WikiProject Trains/ICC valuations/Louisville Bridge and Terminal Railway

Interstate Commerce Commission, Volume 23, Valuation Reports

Louisville Bridge and Terminal Railway

Location and General Description of Property

The railroad of the Louisville Bridge and Terminal Railway Company, herein called the Louisville Bridge and Terminal, is a partly-double track, standard-gauge, steam railroad, located in Indiana and Kentucky, and consists of a main line and two branches. The main line extends from Clarksville, Ind., to Eleventh Street in the City of Louisville, Ky., 2.46 miles. Its branches extend to Kentucky Street and to Twenty-eighth Street in the same city, a total distance of 1.69 miles. The company also owns a railroad bridge spanning the Ohio River at Louisville, Ky., and sidetracks, freight and passenger terminal facilities in Louisville, Ky. The Louisville Bridge and Terminal uses under an agreement the passenger depot and tracks of the Louisville and Nashville Railroad Company at Louisville, Ky. The Louisville Bridge and Terminal wholly owns and uses 16.132 miles of all tracks which are classified in the trackage table in Appendix 1.

Physical Characteristics of Road

The grading is light, averaging about 16,000 cubic yards per mile. The most important structure is the bridge over the Ohio River, which consists of 27 spans, with a total length of 5,263 feet. The rail in the main track is principally 85-pound and 101.5-pound rail laid new.

Introductory

The Louisville Bridge and Terminal is a corporation of the State of Kentucky, having its principal office at Louisville, Ky. The Louisville Bridge and Terminal is controlled by the Pennsylvania Company through ownership of a majority of capital stock. The records do not indicate that it controls any common-carrier corporations. The property of the Louisville Bridge and Terminal has been operated from the date it acquired its original railroad, July 1, 1918, to date of valuation by the United States Railroad Administration.

Corporate History

The Louisville Bridge and Terminal was incorporated under the general laws of Kentucky, for the purpose of acquiring the property, rights, and franchises of the Pennsylvania Terminal Railway Company and the Louisville Bridge & Railroad Company. Pursuant to the above purpose, the Louisville Bridge and Terminal acquired on July 1, 1918, the property, rights, and franchises of the two corporations named. The Louisville Bridge and Terminal, itself and those corporations, together with their predecessors, total four different corporations, of which one underwent a change of name, and comprise the line of corporate succession culminating in the Louisville Bridge and Terminal as at present constituted. The following chart shows incorporation and succession data.

Predecessors of the Louisville Bridge and Terminal

No.	Name	Incorporation	Succession
1	Louisville Bridge and Terminal Railway Company.	Under general laws of Kentucky through articles of consolidation dated June 20, 1918; filed June 27, 1918. Effective July 1, 1918.
2	Pennsylvania Terminal Railway Company.	Under general laws of Kentucky, June 15. 1903.	Consolidated July 1, 1918, with 4, to form 1.
3	The Falls City Belt Line Railway Company.	Under general laws of Kentucky May 14, 1902.	Rights and franchises assigned to L. L. Gilbert and C. H. Gibson, trustees, Apr. 17, 1903, who reassigned them to 2, June 28, 1903.
4	Louisville Bridge & Railroad Company.	See 5.	Consolidated July 1, 1918, with 2, to form 1.
5	Louisville Bridge Company.	Special acts of the Legislature of Kentucky, approved Mar. 10, 1856, and Feb. 19, 1862.	Name changed to 4, May 22, 1918.

Development of Fixed Physical Property

The owned mileage of the Louisville Bridge and Terminal, 4.15 miles, together with its bridge and certain terminal facilities, was acquired by consolidation. Of the three corporations that comprise the line of succession culminating in the Louisville Bridge and Terminal, as at present constituted, one corporation, The Falls City Belt Line Railway Company, did not construct any road or other common-carrier property. The property constructed by the remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Louisville Bridge and Terminal acquired the property are indicated in the following table.

Acquired by consolidation:

From the Pennsylvania Terminal Railway Company July 1, 1918; constructed partly by that company, 1903-1906, the remainder having been purchased from The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company, mileage inseparable. Fourteenth Street to Twenty-eighth Street, Louisville, Ky. 1.28

From the Louisville Bridge & Railroad Company, July 1, 1918; constructed by that company, Clarksville, Ind., to Eleventh Street, Louisville, Ky., including bridge across the Ohio River, and branches, 1867, 1870, 1873. 2.87

Total. 4.15

Leased Railway Property

The property of the Louisville Bridge and Terminal devoted to common-carrier purposes has been operated by the railroad administration from the date it acquired its original property, July 1, 1918, to date of valuation. The company has accrued a rental of $132,739.71 as being due from the railroad administration for the year ended June 30, 1919. The arrangements of the Louisville Bridge & Railroad Company and of the Pennsylvania Terminal Railway Company with other carriers in effect on December 31, 1917, covering the use of joint facilities have been continued during the period from January 1, 1918, to June 30, 1918, and from July 1, 1918, to date of valuation by the railroad administration. The description of the property and the terms of use are as follows, but the rental accrued and charged and credited has not been obtained.

Solely owned, but jointly used, used with Illinois Central Railroad Company: Tracks, 1.15 miles, from Pirtle Street to Kentucky Street, Louisville, Ky., Illinois Central Railroad Company pays 25 cents per freight car and 60 cents for each passenger car and locomotive handled.

Jointly used, but not owned, owned by Louisville and Nashville Railroad Company: Passenger station and 0.25 mile of track in Louisville, Ky., annual rental 6 per cent interest on valuation of property, divided among users on cars handled in and out of station, plus proportion, on car basis, of maintenance and operations, less revenues derived from station privileges.

Predecessor Companies

Pennsylvania Terminal Railway Company

Introductory

This company was controlled on June 30, 1918, the date of its demise, by the Pennsylvania Company, through ownership of its entire outstanding capital stock. The records reviewed did not indicate that it then controlled any common-carrier corporation. The property of this company was operated by its own organization from the date it was placed in operation until December 31, 1917. From that date to the date of demise, it was operated by the railroad administration.

The railroad operated by the company was a single-track, standard-gauge, steam railroad located in Indiana and Kentucky aggregating 4.15 miles. The owned mileage amounted to 1.28 miles of main track and certain terminal facilities located wholly within the city of Louisville, Ky. The leased mileage, amounting to 2.87 miles, was owned by the Louisville Bridge & Railroad Company and consisted of main and branch tracks, a bridge spanning the Ohio River and certain terminal facilities in Louisville, Ky., which the company operated from January 1, 1911, to December 31, 1917, under lease agreement. The main tracks of the leased property extended from Clarksville, Ind., to a connection with the tracks of the Louisville and Nashville Railroad Company, Louisville, Ky., 2.46 miles. The branches were 0.41 mile long. Of the foregoing leased mileage, 2.79 miles was in Kentucky and 0.08 mile in Indiana. On January 1, 1918, the common-carrier property of this company, together with its leased properties, was taken over for operation by the railroad administration, which operated it on the date of demise.

Development of Fixed Physical Property

The 1.28 miles of railroad and the terminal facilities owned by the company on date of demise were acquired partly by purchase from The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company and partly by construction. The records reviewed did not indicate the exact mileage acquired by purchase, nor whether the property acquired by construction was constructed under contract or by company forces. Further details with respect to the property constructed are given in the chapter on development of fixed physical property in the report on the Louisville Bridge and Terminal.

The Falls City Belt Line Railway Company

The accounting records of the company were not obtained. Therefore, no information can be given from its accounts regarding financial dealings, corporate operations, or investments. The records reviewed did not indicate whether the company was controlled by any individual or corporation on April 17, 1903, the date of its demise, nor whether it then controlled any common-carrier corporation. The company owned no property on the date of demise.

Louisville Bridge & Railroad Company, Louisville Bridge Company

Introductory

This company was controlled on June 30, 1918, the date of its demise, by the Pennsylvania Company through ownership of a majority of outstanding capital stock. The records reviewed did not indicate that it then controlled any common-carrier corporation.

The property of this company was operated jointly by its own organization, and various railroad companies from the date the property was placed in operation, February 24, 1870, until December 31, 1910. From January 1, 1911, until December 31, 1917, its property was operated by the Pennsylvania Terminal Railway Company under lease agreement. On January 1, 1918, the common-carrier property of this company was taken over for operation by the railroad administration, which operated it on date of demise. The railroad of the company consisted of 2.87 miles of main line and certain terminal facilities, together with a bridge spanning the Ohio River at Louisville, Ky. Its main line extended from a connection with the tracks of The Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company at Clarksville, Ind., to a connection with the tracks of the Louisville and Nashville Railroad Company at Louisville, Ky., 2.4 miles. Of this mileage 0.08 mile was located in Indiana and 2.38 miles in Kentucky. Its branch lines amounted to 0.41 mile, all of which was located in the city of Louisville, Ky. The 2.87 miles of railroad owned by the Louisville Bridge & Railroad Company on the date of its demise, together with its bridge and terminal facilities, were all acquired by construction in 1867-1873. The records reviewed did not indicate whether this property was constructed under contract or by company forces.