Wikipedia:WikiProject Trains/ICC valuations/Chesapeake and Ohio Railway

Interstate Commerce Commission, Valuation Reports, Volume 24

Location and General Description of Properties
The railroad of The Chesapeake and Ohio Railway Company, herein called the carrier, is a standard-gauge steam railroad located in the States of Kentucky, Virginia, West Virginia, and Ohio. It is a single-track railroad, with the exception of about 482 miles, which is double-track. The principal stretches of double-track road are between Newport News and Richmond, Va., a distance of about 75 miles, and Clifton Forge, Va., and Cincinnati, Ohio, a distance of about 387 miles. The carrier's principal main line extends from Fort Monroe, Va., to Cincinnati, Ohio, about 665 miles. Between Richmond and Clifton Forge, Va., there are two widely separated single-track lines, both used as parts of the principal main line. One of these lines follows the course of the James River and is used principally for freight service, while the other, situated generally from 20 to 50 miles north, is the principal passenger line. Other main lines extend as follows:

Gordonsville to Orange, Va., about 9 miles. From Orange, Va., to Washington, D. C, about 84 miles, trains are operated under trackage rights acquired from other carriers.

Big Sandy Junction to Elkhorn City, Ky., about 129 miles.

Seaton to Lexington, Ky., about 102 miles. The remainder of the line between Ashland and Louisville, Ky., aggregating about 106 miles, is owned by other carriers and is used by the carrier under trackage rights.

From the main lines there extend numerous branches, leading generally to industries of various kinds, chiefly coal-mining operations. Norfolk, Va., is reached by means of car floats operated between leased property at that point and the carrier's owned property at Newport News, Va. Other important cities served by the carrier are Covington and Newport, Ky.; Lynchburg, Va.; and Charleston and Huntington, W. Va. Frankfort, Ky., is reached by means of trackage rights over the lines of other carriers, and Portsmouth, Ohio, by means of a ferry operated across the Ohio River.

Data with respect to the ownership and use of the principal freight and passenger terminals used by the carrier will be found in Appendix 1.

The carrier wholly owns 1,834.418 miles of road, of which it uses 1,823.936 miles. It leases to others 10.482 miles of road, as follows:

To the Nelson & Albemarle Railway Company: 4.984 miles of road between Esmont and Alberene, Va.

To Cole and Crane, a noncarrier firm: 5.498 miles of road between Craneco and Loredo, W. Va.

In addition to the 10.482 miles of road above described, all of which is standard-gauge, the carrier owns but does not use 1.973 miles of narrow-gauge spur tracks extending from Indian Rock, Va., to certain stone quarries. These tracks are leased to E. Dillon and Company, a noncarrier company.

The carrier wholly uses 63.122 miles of road owned by others, of which 0.270 mile is owned by the Ashland Coal and Iron Railway Company at Ashland, Ky.; 7.689 miles by the John Nuttall Estate, between Keeneys Creek and Lookout, W. Va.; 9.034 miles by the Southern Railway Company, between Gordonsville and Orange, Va.; and 3.773 miles by the Sulphur Mining and Railroad Company. The remaining mileage, owned by lessors of the carrier, is described in the paragraphs below. In addition to the above, other mileage shown in Appendix 1 is jointly owned by the carrier with other carriers.

Introductory
The carrier is a corporation of the States of Virginia and West Virginia, having its principal office at Richmond, Va. The records reviewed do not indicate that the carrier is controlled by any individual or corporation. On the other hand, the carrier solely controls, through ownership of the entire outstanding capital stock, the transportation companies listed hereunder, whose several common-carrier properties it operates:
 * Norfolk Terminal.
 * Covington and Cincinnati.
 * Gauley and Meadow River.
 * Elkhorn & Beaver Valley.
 * Logan and Southern.

It controls, through the ownership of the entire outstanding capital stock of the Covington and Cincinnati, the Cincinnati Inter-Terminal, whose common-carrier property it operates.

It controls, through ownership of the outstanding capital stock to the extent indicated, the following companies which operate their properties separately from the other property included in the carrier system:

It controls, through ownership of the entire outstanding capital stock, the Hammond Belt Railway Company, whose common-carrier property is operated by The Chesapeake and Ohio Railway Company of Indiana.

It controls, through ownership of the entire outstanding capital stock, the following companies, whose common-carrier properties are not completed, as of date of valuation:
 * The Chesapeake and Ohio Northern Railway Company.
 * The Levisa River Railroad Company.
 * Levisa River Railroad Company (Kentucky).
 * Lynchburg, Danville and Carolina Railway Company.
 * Pond Fork Railway Company.

It controls, through ownership of the entire outstanding capital stock of the Lynchburg, Danville and Carolina Railway Company, the Greensboro Northern and Atlanta Railway Company, whose common-carrier property is incomplete, as of date of valuation.

It controls, through ownership of the entire outstanding capital stock, the Kanawha Bridge and Terminal Company, whose common-carrier property is used jointly with the Charleston Interurban Company and the general public.

It controls jointly with other companies, through ownership of the outstanding capital stock to the extent indicated below, the following companies, which operate their own properties:

In addition to the foregoing, the carrier controls jointly with the— through ownership of one-sixth of the capital stock, the Richmond–Washington Company, which does not own or operate any common-carrier property, but which, through ownership of the entire capital stock, controls the Washington Southern Railway Company and, through ownership of a majority of the outstanding capital stock, the Richmond, Fredericksburg and Potomac Railroad Company.
 * Atlantic Coast Line Railroad Company,
 * The Baltimore and Ohio Rail Road Company,
 * The Pennsylvania Railroad Company,
 * Seaboard Air Line Railway Company, and the
 * Southern Railway Company,

The property of the carrier has been operated by its own organization during its entire life.

Corporate History
The carrier was incorporated on July 1, 1878, under the general laws of the States of Virginia and West Virginia. It is a reorganization of the Chesapeake and Ohio Railroad Company, whose property had been sold under foreclosure to C. P. Huntington, A. S. Hatch, A. A. Low, Isaac Davenport, jr., and John Castree, representing a committee of purchase and reorganization for a majority of the security holders.

Operation of the property thus acquired was assumed by the Chesapeake and Ohio on July 1, 1878. Thereafter the carrier has acquired the franchises, rights, and property of 16 companies, as indicated in the corporate chart below. The carrier itself, the Chesapeake and Ohio Railroad Company, and the 16 companies referred to, together with their predecessors, total 47 different corporations, of which 8 underwent a change of name, and comprise the line of corporate succession culminating in the carrier as at present constituted. The following chart shows the names of the corporations, the 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

Development of Fixed Physical Property
The road owned by the carrier, amounting to 1,835.506 miles, including 1.088 miles of jointly owned road, has been acquired as follows:

Of the 47 corporations which comprise the line of succession culminating in the carrier as at present constituted, 14 corporations did not construct or complete the construction of any property. These corporations were:
 * The Covington and Ohio Railroad Company.
 * Richmond and Alleghany Railway Company.
 * Craig Company.
 * Kanawha and Paint Creek Railway Company.
 * Kanawha and Paint Creek Railroad Company.
 * The Chesapeake and Ohio Railway Company of Kentucky (of 1906).
 * Chesapeake and Ohio Railway Company of Kentucky (of 1904).
 * Lexington and Big Sandy Railway Company.
 * The Lexington and Big Sandy Railroad Company — Western Division.
 * Lexington and Big Sandy Railroad Company.
 * Kentucky and South Atlantic Railroad Company.
 * Ohio River and Charleston Railway Company of Kentucky.
 * Big Sandy Railway Company of Virginia.
 * Big Sandy Railway Company (of April, 1902).

Four companies constructed canals and terminal facilities appertaining thereto, but none of them constructed or completed the construction of any railroad property. These companies were:
 * The James River and Kanawha Company.
 * James River Company.
 * Richmond Dock Company.
 * The North River Navigation Company.

One corporation, the Buchanan and Clifton Forge Railway Company, did some construction work. The road partly constructed by that company was completed by its successor, Richmond and Alleghany Railroad Company.

The data with respect to the miles of road constructed by the 28 remaining corporations, the years in which the various portions of the line were constructed, and the manner in which the carrier has 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.

Lessor Companies

 * Norfolk Terminal
 * Covington and Cincinnati
 * Gauley and Meadow River
 * Elkhorn & Beaver Valley
 * Island Creek
 * Logan and Southern
 * Cincinnati Inter-Terminal

Leased Railway Property
The carrier uses on date of valuation facilities owned by other companies and other companies use facilities owned by the carrier to the extent indicated in the statement below.

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 on date of valuation, are as follows:

Chesapeake and Ohio Railroad; Virginia Central Railroad; The Louisa Railroad
Introductory

The Chesapeake and Ohio Railroad Company was incorporated February 18, 1836, under a special act of Virginia as The Louisa Railroad Company. Under a special act of Virginia, approved February 2, 1850, this name was changed to Virginia Central Railroad Company, and under special act of Virginia and West Virginia, approved March 1, 1867, and February 26, 1867, respectively, the latter name was changed, effective August 31, 1868, to that first above given. The organization was perfected on June 13, 1836.

The company owned and operated on the date of its demise, July 1, 1878, a single-track, standard-gauge railroad 418.90 miles in length, extending from Richmond, Va., to Huntington, W. Va.

The Richmond, Fredericksburg & Potomac Railroad Company operated the property of the Chesapeake and Ohio Railroad Company from 1837 to 1847 and furnished all the equipment. On October 9, 1875, the property was placed in the custody of Henry Tuson, receiver, and was operated by him until January 20, 1876, at which time W. C. Wickham was appointed receiver and operated the property until July 1, 1876, when, under foreclosure proceedings, the franchises, rights, and property of the company were acquired by the carrier.

Development of Fixed Physical Property

Of the 418.90 miles of road owned by the Chesapeake and Ohio Railroad Company on the date of its demise, it had acquired, through purchase on April 1, 1870, 16.60 miles from The Blue Ridge Railroad Company. The remaining 402.30 miles were acquired by construction. The work was done under contracts with independent contractors. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier.

Covington and Ohio Railroad, Predecessor of the Virginia Central Railroad
There are no records obtainable for the above-named company. The information here submitted has been taken from the accounting records and the corporate history return of the carrier. The company was incorporated February 18, 1853, under a special act of Virginia. The act of incorporation made the Board of Public Works of Virginia a body politic and corporate under the corporate name first above mentioned and authorized them to construct, operate, and maintain a railroad from the western terminus of the Virginia Central Railroad Company at Covington, Va., to the Ohio River.

On date of demise no road had been completed by the Covington and Ohio Railroad Company although it had expended $3,207,101.83 in grading and other construction work.

Upon the creation of the State of West Virginia, in 1863, that portion of the road within that State was claimed by it and subsequently by special acts of Virginia and West Virginia, approved March 1, 1867, and February 26, 1867, respectively, the commissioners of the respective States were authorized to enter into contract with the Virginia Central Railroad Company for the completion of the road. Under agreement dated August 31, 1868, between the commissioners and the Virginia Central Railroad Company, the latter assumed the construction of the road.

Blue Ridge Railroad, Predecessor of the Chesapeake and Ohio Railroad
There are no records obtainable for the above-named company. The information here submitted has been taken from the accounting records and the corporate history return of the carrier. The Blue Ridge Railroad Company was incorporated under a special act of Virginia, approved March 5, 1849. This act made the Board of Public Works of the State of Virginia a body politic and corporate under the corporate name above given and authorized them to construct, operate and maintain a railroad from Mechum's River to Waynesboro, Va., thus connecting the eastern and western termini of the Chesapeake and Ohio Railroad Company at the points named.

On date of demise the property consisted of a single-track, standard-gauge, railroad of 16.81 miles, extending from Mechum's River to Waynesboro, Va. The construction of this line was commenced by the State of Virginia in 1849 and involved the construction of four tunnels. In order to operate the road while the tunnels were being constructed, it was found necessary to construct a temporary track over the Blue Ridge Mountains. This was subsequently abandoned. The first train crossed the temporary track over the mountains on April 1, 1854, and the first train passed through the tunnels on April 13, 1858.

The records of the State of Virginia indicate that expenditures amounting to $1,694,870.85 were made in creating and improving the property.

The property of the Blue Ridge Railroad Company was operated either by the Chesapeake and Ohio Railroad or its predecessor, the Virginia Central Railroad Company, from date of opening to April 1, 1870, for the State of Virginia, under a special act of Virginia, approved March 5, 1849.

Richmond and Alleghany Railway
Introductory

There are no obtainable accounting records for the above-named company. The information here submitted has been taken from the accounting records and the corporate history return of the carrier. The Richmond and Alleghany Railway Company was incorporated May 20, 1889, under the general laws of Virginia, by a purchasing committee acting in behalf of the bondholders of The Richmond and Alleghany Railroad Company, for the purpose of acquiring the franchise, rights, and property of that company, under foreclosure proceedings and continuing the operation thereof.

The property of The Richmond and Alleghany Railroad Company, on January 20, 1890, the date of its demise, consisted of a single-track, standard-gauge, railroad constructed by the predecessor, The Richmond and Alleghany Railroad Company and extending from Richmond to Clifton Forge, Va., with branch lines, totaling 251.04 miles of road. In addition the Richmond and Alleghany Railway Company owned dock property at Richmond, Va., and water-power rights at Richmond, Manchester, and Lynchburg, Va., all of which it had acquired from The Richmond and Alleghany Railroad Company. It was operated by the carrier from date of incorporation to date of demise, when the franchise, rights, and property were transferred to that company.

The Richmond and Alleghany Railroad; Straight-Shoot Railroad; Richmond and Lynchburg Railroad
Introductory

The above-named company was incorporated March 30, 1860, under a special act of Virginia, as the Richmond and Lynchburg Railroad Company. On March 27, 1873, by virtue of a similar act, its name was changed to Straight-Shoot Railroad Company, and on February 28, 1878, its name was again changed, in the same manner, to that first above given. Under its first two names, the company engaged in no active enterprises.

On date of its demise, May 20, 1889, The Richmond and Alleghany Railroad Company owned a single-track, standard-gauge railroad, extending from Richmond to Clifton Forge, Va., a distance of 229.37 miles. It also owned a branch line extending from Balcony Falls to East Lexington, Va., a distance of 20.10 miles, with two other branches totaling 1.57 miles. Its road mileage thus aggregated 251.04 miles. In addition, the company owned dock property at Richmond, Va., and water-power rights at Richmond, Manchester, and Lynchburg, Va.

The company operated its owned property, and 3.91 miles of road leased from the Buckingham Railroad Company, until July 1, 1883, when it was placed in the possession of a receiver on account of failure to pay interest on funded debt. The receiver operated the property until the date of demise, when it was conveyed by deed of that date to a purchasing committee, who subsequently became duly organized and incorporated under the name of Richmond and Alleghany Railway Company.

Development of Fixed Physical Property

The entire 251.04 miles of road owned by The Richmond and Alleghany Railroad Company on date of demise had been acquired by it through construction. The construction work was done under contract by independent contractors. Further details with regard to the construction of this property are given in the chapter on development of fixed physical property in the report on the Chesapeake and Ohio.

In addition to the above, the company acquired certain canal and other property from the following companies:
 * James River and Kanawha Company, Mar. 4, 1880:
 * Canal extending from Richmond to Buchanan, Va., 195.20 miles, with dock facilities at Richmond, Va.
 * Buchanan and Clifton Forge Railway Company, July 2, 1880:
 * No completed property; partly constructed canal and railway property from Buchanan to Craig Creek, Va., 15 miles.
 * The North River Navigation Company, Mar. 9, 1883:
 * Canal from North River to Lexington, Va., 19.75 miles.

The above-described canal properties and the water-power privileges acquired from the same companies were subsequently abandoned. The partially constructed road of the Buchanan and Clifton Forge Railway Company was completed with the other construction.

James River and Kanawha Company, Predecessor of The Richmond and Alleghany Railroad
The obtainable accounting records of the above-named company are incomplete and furnish little information with respect to its financial transactions. The information herein submitted has been taken from the records just mentioned and supplemented by information taken from the corporate history return of the Carrier.

The James River and Kanawha Company was incorporated March 16, 1832, under a special act of Virginia, by which it was authorized to construct a canal and also to acquire the franchise, rights, and property of the James River Company. The company acquired by construction a canal from Maiden's Adventure to Lynchburg, Va., and from Balcony Falls to Buchanan, Va. Pursuant to the authorization contained in its charter, it acquired the property of the James River Company, consisting of a canal from Richmond to Maiden's Adventure, Va., and subsequently acquired the franchise, rights, and property of the Richmond Dock Company, under a special act of Virginia dated July 9, 1841. The property of the last-mentioned company consisted of docks at Richmond, Va.

At March 4, 1880, when the James River and Kanawha Company was merged with The Richmond and Alleghany Railroad Company, it owned and operated a canal from Richmond to Buchanan, Va., a distance of 195.20 miles, with dock facilities at Richmond, Va.

James River Company, Predecessor of the James River and Kanawha Company
The James River Company was incorporated under a special act of Virginia, approved in October, 1784, which, together with an amendment by a special act of Virginia of February 17, 1820, authorized it to construct a canal and improve the navigation of the James River in Virginia. It constructed a canal from Richmond to Maiden's Adventure, Va., 30.50 miles, and from Lynchburg to Balcony Falls, Va., 28.80 miles, which it operated until March 16, 1832, when its franchise, rights, and property were acquired by the James River and Kanawha Company under authority of a special act of Virginia of that date.

Richmond Dock Company, Predecessor of the James River and Kanawha Company
The Richmond Dock Company was incorporated February 19, 1816, under a special act of Virginia, for the purpose of constructing and operating docks at Richmond, Va. It constructed a dock at that place extending from Fourteenth to Twenty-eighth Streets, which it operated until July 9, 1841, when its franchise, rights, and property were acquired by the James River and Kanawha Company, under authority of a special act of Virginia of that date.

Buchanan and Clifton Forge Railway, Predecessor of The Richmond and Alleghany Railroad
Introductory

The Buchanan and Clifton Forge Railway Company was incorporated March 27, 1876, under a special act of Virginia that was amended January 14, 1878. It was controlled by The Richmond and Alleghany Railroad Company through ownership of 97 per cent of the outstanding capital stock. The Buchanan and Clifton Forge did not complete the construction of any road mileage prior to July 2, 1880, the date of its demise. On July 2, 1880, the property of this company was merged with that of The Richmond and Alleghany Railroad Company.

Development of Fixed Physical Property

The Buchanan and Clifton Forge Railway Company was incorporated at the suggestion of the James River and Kanawha Company, which had in process of construction an extension of its canal from Buchanan to Craig Creek, Va., about 15 miles, for which it had acquired a right of way and constructed some locks and gates, a tunnel, canal bed, and towpath, which were acquired by the Buchanan and Clifton Forge Railway Company and became a part of its projected railroad. During the years 1876 to 1880, the obtainable records indicate that the Buchanan and Clifton Forge Railway Company made expenditures for grading and masonry, bridges, trestles, and culverts, and track laying, but no road had been completed at date of demise.

The North River Navigation Company, Predecessor of The Richmond and Alleghany Railroad
The North River Navigation Company was incorporated March 19, 1841 under a special act of Virginia.

On March 9, 1883, when its franchise, rights, and property were merged with The Richmond and Alleghany Railroad Company, it owned a canal from the mouth of North River to Lexington, Va., about 19.75 miles, which it had acquired by construction begun in 1850 and completed May 20, 1884. The canal was operated from May 20, 1854, to January 8, 1857, by its own organization; from the latter date to March 4, 1880, by the James River and Kanawha Company; and from March 4, 1880, to March 9, 1883, by The Richmond and Alleghany Railroad Company.

Craig Company
There are no obtainable records for the Craig Company. The information here submitted has been obtained from the corporate history return and the accounting records of the carrier. The Craig Company was incorporated March 4, 1884, under a special act of Virginia. The obtainable records indicate that the Craig Company issued $83,500 of capital stock for unknown considerations. It acquired some right of way, but constructed no road. The carrier acquired the Craig Company's franchise, rights, and property on June 2, 1890, and subsequently constructed its present Craig Valley branch, extending from Eagle Mountain to New Castle, Va., under said franchise.

New River Bridge Company
There are no obtainable accounting records for the New River Bridge Company. The information here submitted has been taken from the company's corporate minutes and the corporate history return and accounting records of the carrier. The New River Bridge Company was incorporated under the general laws of West Virginia on January 25, 1887.

On October 24, 1890, the date of its demise, the New River Bridge Company owned a bridge across the New River at Thurmond, W. Va., together with 0.35 mile of single-track, standard-gauge railroad, which it had acquired by construction under unknown conditions. Construction began in October, 1887, and the bridge and tracks were completed and placed in operation in April, 1889.

Under an agreement dated March 11, 1889, the carrier operated the property of the New River Bridge Company from date of completion to October 24, 1890, when the franchise, rights, and property of that company were acquired by the lessee. The lessee operated and maintained the property, paid all taxes, interest, and other expenses. It made no accounting thereof to the New River Bridge Company.

Passenger and Belt Railway; City Passenger Railway; Central City Passenger and Transportation Company
There are no obtainable records for the Passenger and Belt Railway Company. The information here submitted has been taken from the corporate history return and accounting records of the carrier. The Passenger and Belt Railway Company was incorporated May 18, 1886, under a special act of Kentucky, as the City Passenger Railway Company. Its name was changed to Central City Passenger and Transportation Company by virtue of a similar act approved February 17, 1888. The latter name was changed to that first mentioned by another act, approved March 1, 1888.

This company constructed 4.20 miles of single-track, standard-gauge railroad from the eastern to the western limits of Lexington, Ky., connecting the Elizabethtown, Lexington and Big Sandy Railroad with the Cincinnati Southern Railroad. The property was operated from completion to January 1, 1895, under unknown conditions, when the carrier acquired the franchise, rights, and property thereof.

Buckingham Railroad
Introductory

There are no obtainable accounting records for the Buckingham Railroad Company. The information here submitted has been obtained from the minutes of stockholders and directors, the accounting records of The Richmond and Alleghany Railroad Company and the corporate history return of the carrier. The Buckingham Railroad Company was incorporated March 28, 1879, under a special act of Virginia.

On November 6, 1897, the date of its demise, the company owned 20.46 miles of single-track, standard-gauge railroad extending from New Canton to Rosney, Va., all of which had been acquired through construction, as detailed in the chapter on development of fixed physical property in the report on the carrier. The property was leased to The Richmond and Alleghany Railroad Company from February 23, 1885, to May 20, 1889, and to the carrier from the latter date until the date of demise.

The Greenbrier and New River Railroad
Introductory

There are no obtainable accounting records for The Greenbrier and New River Railroad Company. The information here submitted has been taken from the company's corporate minutes and the corporate history return and accounting records of the carrier. The Greenbrier and New River Railroad Company was incorporated August 6, 1881, under the general laws of West Virginia.

On November 21, 1901, the date of its demise, the company owned 12.25 miles of single-track, standard-gauge, railroad extending from South Side Junction to Butcher's Branch, W. Va., all of which had been acquired through construction between 1887 and 1894. The property was operated by the carrier from completion to November 21, 1901, when its franchise, rights, and property were acquired by that company. The carrier operated and maintained the property without return to The Greenbrier and New River Railroad Company by virtue of its ownership of the entire issue of capital stock.

Glen Jean Lower Loup and Deepwater Railroad
There are no obtainable accounting records for the Glen Jean Lower Loup and Deepwater Railroad Company. The information here submitted has been taken from the company's corporate minutes and the corporate history of the carrier. The Glen Jean Lower Loup and Deepwater Railroad Company was incorporated May 10, 1895, under the general laws of West Virginia.

On November 21, 1901, the company owned a single-track, standard-gauge railroad extending from Glen Jean to Carlisle, W. Va., a distance of 3.60 miles. The road was operated by the carrier from date of completion in December, 1900, to date of demise. The revenues and expenditures were merged with those of the carrier and that company made no accounting thereof to the Glen Jean Lower Loup and Deepwater Railroad Company.

[..]

On November 21, 1901, the franchise, rights, and property of the Glen Jean Lower Loup and Deepwater Railroad Company were acquired by the carrier.

Kanawha Railway
There are no obtainable records for the Kanawha Railway Company. The information here submitted has been obtained from the corporate history return of the carrier. The Kanawha Railway Company was incorporated June 9, 1881, under the general laws of West Virginia.

On January 31, 1902, when its franchise, rights, and property were acquired by the carrier, it owned a single-track, standard-gauge railroad extending from Cabin Creek to Acme, W. Va., a distance of 14.60 miles.

Alberene Railroad
There are no obtainable accounting records for the Alberene Railroad Company. The information here submitted has been obtained from the company's corporate minutes and the corporate history return of the carrier. The Alberene Railroad Company was incorporated December 20, 1895, under a special act of Virginia.

On February 15, 1902, the date of its demise, the company owned 11.10 miles of single-track, standard-gauge railroad extending from Warren to Alberene, Va., which it completed in 1898. Upon completion the property was leased to the carrier, which company continued the operation until February 15, 1902, when the franchise, rights, and property of the Alberene Railroad Company were acquired by the carrier.

Greenbrier Railway
Introductory

There are no obtainable accounting records for the Greenbrier Railway Company. The information herein submitted has been obtained from the company's corporate minutes and the corporate history return and accounting records of the carrier. The Greenbrier Railway Company was incorporated November 16, 1897, under the general laws of West Virginia.

On October 31, 1903, the date of demise, the company owned 98 miles of single-track, standard-gauge railroad extending from Whitcomb to Barton, W. Va., all acquired by construction, under the supervision of the carrier, between 1900 and 1903. Upon completion the road was operated by the carrier until October 31, 1903, when the franchise, rights, and property of the Greenbrier Railway Company were acquired by the carrier. The revenues and expenses of the Greenbrier Railway Company were merged with those of the carrier and no accounting thereof was made to the Greenbrier Railway Company.

Guyandot Valley Railway
There are no obtainable accounting records for the Guyandot Valley Railway Company. The information herein submitted has been taken from the accounting records and corporate history return of the carrier. The Guyandot Valley Railway Company was incorporated March 1, 1899, under the general laws of West Virginia.

On October 31, 1903, the date of its demise, the company owned 50.20 miles of single-track, standard-gauge railroad, extending from Barboursville to Big Creek, W. Va., that it had acquired by construction, under the supervision of the carrier, between 1899 and 1903. The property was operated by the carrier from date of opening to October 31, 1903, when the company's franchise, rights, and property were acquired by the carrier. The revenues and expenses of the Guyandot Valley Railway Company were merged with those of the carrier, and no accounting was made thereof to the owning company.

Kanawha and Pocahontas Railroad
There are no obtainable records for the Kanawha and Pocahontas Railroad Company. The information herein submitted has been obtained from the records and corporate history return of the carrier. The Kanawha and Pocahontas Railroad Company was incorporated December 30, 1898, under the general laws of West Virginia.

On February 1, 1905, the date of its demise, the company owned 20 miles of single-track, standard-gauge railroad, extending from Paint Creek to Keeferton, W. Va., which it had acquired by construction between 1899 and 1905.

The property was operated by the carrier from date of opening to February 1, 1905, when the company's franchise, rights, and all of its property, except rolling stock, river connection, and franchise to exist as a corporation, were acquired by the carrier. The carrier merged the revenues and expenses with those of its own and made no accounting to the Kanawha and Pocahontas Railroad Company.

Kanawha and Paint Creek Railway
The Kanawha and Paint Creek Railway Company was incorporated November 13, 1895, under the general laws of West Virginia. It purchased some lands and acquired a right of way, but, so far as is ascertainable, undertook no construction work. On May 6, 1902, its franchise, rights, and property were acquired by the Kanawha and Pocahontas Railroad Company. No records whatever of the affairs of this company are obtainable.

Kanawha and Paint Creek Railroad
The Kanawha and Paint Creek Railroad Company was incorporated April 28, 1884, under the general laws of West Virginia.

Under agreement dated November 26, 1888, between the Paint Creek Colliery Company and the carrier, the latter expended on its own account between January, 1880, and March, 1890, $35,596.94 in grading for an unknown distance, and the former conveyed to the carrier a sufficient right of way for a double-track, standard-gauge railroad through its property. No work was undertaken between March, 1890, and 1900, when the Kanawha and Paint Creek Railroad Company brought suit against the carrier to recover the right of way. Under a decree of the circuit court of Kanawha County, W. Va., the right of way was recovered and was conveyed to the Kanawha and Pocahontas Railway Company, the successor of the Kanawha and Paint Creek Railroad Company, by a deed dated June 25, 1900.

On November 25, 1895, the carrier acquired the franchise, rights, and property of the Kanawha and Paint Creek Railroad Company.

The Chesapeake and Ohio Railway Company of Kentucky (of 1906)
There are no obtainable accounting records for The Chesapeake and Ohio Railway Company of Kentucky (of 1906). It kept no books, issued no securities, and performed none of the functions of a common carrier. The information herein submitted has been taken from the corporate minutes of the company and the corporate history return of the carrier. The Chesapeake and Ohio Railway Company of Kentucky (of 1906) was incorporated June 1, 1906, under the general laws of Kentucky, as a consolidation of the Chesapeake and Ohio Railway Company of Kentucky (of 1904), The Kinniconnick and Freestone Railroad Company, and the Big Sandy Railway Company (of June. 1902).

Under the Kentucky laws in effect as of the above date, the carrier could not operate a railroad in that State under its charter issued by Virginia. It therefore organized The Chesapeake and Ohio Railway Company of Kentucky (of 1906), and the latter was incorporated in the interests of the carrier for the purpose of acquiring the franchises, rights, and property of the three Kentucky corporations above named, holding and operating these properties until authority could be secured by which to merge them with the carrier.

On July 1, 1907, the date of its demise, the company owned 438.04 miles of road, all in Kentucky, as follows: Lexington to Denton and branch to Rothwell, 122.27 miles; Ashland to Elkhorn City and branches to Peach Orchard and Hellier, 145.72 miles; Kentucky-West Virginia State line to Covington and branch to Carter, 170.05 miles. The entire 438.04 miles was acquired by consolidation on June 1, 1906, from the following companies: Chesapeake and Ohio Railway Company of Kentucky (of 1904), 333.77 miles; Kinniconnick and Freestone Railroad Company, 19.77 miles; Big Sandy Railway Company (of June, 1902), 84.50 miles. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier.

Under an agreement dated June 8, 1906, the property of the company was operated by the carrier, without profit or loss to the lessor, until the date of demise, when the franchise, rights, and property of the company were acquired by the carrier.

Chesapeake and Ohio Railway Company of Kentucky (of 1904)
There are no obtainable accounting records for the Chesapeake and Ohio Railway of Kentucky (of 1904). The information here submitted has been taken from the corporate history return of the carrier. The Chesapeake and Ohio Railway Company of Kentucky (of 1904) was incorporated July 7, 1904, under the general laws of Kentucky, as a consolidation of the Lexington and Big Sandy Railway Company, the Maysville and Big Sandy Railroad Company, and The Covington Short Route Transfer Railway Company.

The carrier owned the entire capital stock of the Lexington and Big Sandy Railroad Company and 99 per cent of that of the capital stock and all of the bonds of the Maysville and Big Sandy Railroad Company. The latter company owned the entire capital stock of The Covington Short Route Transfer Railway Company.

Under the Kentucky laws in effect at that time, the carrier could not operate a railroad in that State under its charter issued by Virginia. Therefore, the Chesapeake and Ohio Railway Company of Kentucky (of 1904) was incorporated in the interests of the carrier to hold title to the property of the consolidated companies until other arrangements could be made.

The Chesapeake and Ohio Railway Company of Kentucky (of 1904) issued no securities and performed none of the functions of a common carrier. The capital stock of the consolidated companies was continued, with an endorsement on the certificates to the effect that they were the certificates of the Chesapeake and Ohio Railway Company of Kentucky (of 1904).

On June 1, 1906, the date of its demise, the company owned 333.77 miles of single-track, standard-gauge railroad, all in Kentucky, as follows: Kentucky-West Virginia State line to Covington, 150.28 miles; Lexington to Denton and branch to Rothwell, 122.27 miles, and from Ashland to Peach Orchard and White House, 61.22 miles. The entire 333.77 miles was acquired by consolidation on July 7, 1904, from the following companies: Lexington and Big Sandy Railway Company, 189.97 miles; Maysville and Big Sandy Railroad Company, 142.97 miles; The Covington Short Route Transfer Railway Company, 0.80 mile. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier. The property was operated by the carrier, under an agreement dated July 19, 1904, without profit or loss to the Chesapeake and Ohio Railway Company of Kentucky (of 1904).

Under an agreement dated May 19, 1906, effective as of June 1, 1906, the Chesapeake and Ohio Railway Company of Kentucky (of 1904), the Kinniconnick and Freestone Railroad Company, and the Big Sandy Railway Company consolidated to form The Chesapeake and Ohio Railway Company of Kentucky (of 1906).

Lexington and Big Sandy Railway
There are no obtainable accounting records for the Lexington and Big Sandy Railway Company. The information here submitted has been taken from the corporate history return of the carrier. The Lexington and Big Sandy Railway Company was incorporated under the general laws of Kentucky on July 11, 1902, through the filing with the secretary of state of Kentucky an agreement dated July 1, 1902, providing for the consolidation of the Elizabethtown, Lexington and Big Sandy Railroad Company; the Kentucky and South Atlantic Railroad Company; the Ohio and Big Sandy Railroad Company; and the Ohio River and Charleston Railway Company of Kentucky. The carrier owned the entire outstanding capital stock of the consolidated companies, but was prevented from operating their properties because it had a charter granted by the State of Virginia. For this reason, the Lexington and Big Sandy Railway Company was incorporated in the interests of the carrier to hold title to the properties of the consolidated companies until other arrangements could be made.

The Lexington and Big Sandy Railway Company issued no securities and performed none of the functions of a common carrier. The outstanding capital stock of the several companies at the date of consolidation was continued, with an endorsement on the certificates to the effect that they were the certificates of the Lexington and Big Sandy Railway Company.

On July 7, 1904, the date of its demise, the company owned 189.97 miles of single-track, standard-gauge railroad, all in Kentucky, as follows: Lexington to Denton and branch to Rothwell, 122.27 miles; Ashland to Peach Orchard and White House, 61.22 miles, and from Ashland to the Kentucky-West Virginia State line, 6.48 miles. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier. The property was operated by the carrier, by virtue of ownership of the entire capital stock, from July 1, 1902, to date of demise.

By an agreement dated July 1, 1904, that was filed July 7, 1904, the Lexington and Big Sandy Railway Company, The Covington Short Route Transfer Railway Company, and the Maysville and Big Sandy Railroad Company were consolidated to form the Chesapeake and Ohio Railway Company of Kentucky (of 1904).

Elizabethtown, Lexington and Big Sandy Railroad, Predecessor of the Lexington and Big Sandy Railway
Introductory

The Elizabethtown, Lexington and Big Sandy Railroad Company was incorporated January 29, 1869, under a special act of Kentucky, which was subsequently amended February 16, 1870; February 3, 1871; and February 18, 1872.

On July 1, 1902, the date of its demise, the company owned a single-track, standard-gauge railroad, all in Kentucky, extending from Lexington to Denton and from Ashland to West branch of Big Sandy River, comprising 109.21 miles of road. The company never operated its property. It was operated by other carriers, as follows:
 * Louisville, Cincinnati and Lexington Railroad Company. June, 1872, to July 21, 1881.
 * Kentucky Central Railroad Company. July 21, 1881, to Dec. 5, 1881.
 * Chesapeake and Ohio. Dec. 5, 1881, to Jan. 31, 1886.
 * Newport News and Mississippi Valley Company. Feb. 1, 1886, to Feb. 15, 1892.
 * The carrier. Feb. 15, 1892, to July 1, 1902.

Under an agreement dated July 1, 1902, that was filed July 11, 1902, the Elizabethtown, Lexington and Big Sandy Railroad Company; Ohio and Big Sandy Railroad Company; Kentucky and South Atlantic Railroad Company; and the Ohio River and Charleston Railway Company of Kentucky were consolidated to form the Lexington and Big Sandy Railway Company. While the consolidation was effective as of July 11, 1902, yet the accounting records were closed on June 30. 1902, and the data contained in this report is of that date.

Development of Fixed Physical Property

On February 6, 1871, the company acquired the franchise, rights, and property of the Lexington and Big Sandy Railroad Company — Western Division, the property of which consisted of some right of way and a surveyed line between Lexington and Denton, Ky. During the same year construction of the road was begun, under contract with independent contractors, and was completed as detailed in the chapter on development of fixed physical property in the report on the carrier.

The Lexington and Big Sandy Railroad Company — Western Division, Predecessor of the Elizabethtown, Lexington and Big Sandy Railroad
There are no obtainable records for The Lexington and Big Sandy Railroad Company — Western Division. The information here submitted has been taken from the corporate history returns of the carrier. The Lexington and Big Sandy Railroad Company — Western Division was incorporated January 26, 1865, under a special act of Kentucky and on the same date, under authority of this act, it acquired the franchise, rights, and property of the Lexington and Big Sandy Railroad Company between Lexington and Grayson, Ky. The company made some surveys, acquired some right of way, but constructed no road. On February 6, 1871, its franchise, rights, and property were acquired by the Elizabethtown, Lexington and Big Sandy Railroad Company.

Lexington and Big Sandy Railroad, Predecessor of The Lexington and Big Sandy Railroad Company — Western Division
There are no obtainable records for the Lexington and Big Sandy Railroad Company. The information here submitted has been taken from the corporate history returns of the carrier. The Lexington and Big Sandy Railroad Company was incorporated January 9, 1852, under a special act of Kentucky. The company constructed no road and on September 30, 1864, under a decree of the circuit court of Fayette County, Ky., its franchise, rights, and property were conveyed to W. T. Nicholls and others, who subsequently, under a special act of Kentucky approved January 26, 1865, conveyed said franchise, rights, and property for that portion of the projected line between Lexington and Grayson, Ky., to The Lexington and Big Sandy Railroad Company — Western Division.

Kentucky and South Atlantic Railroad, Predecessor of the Lexington and Big Sandy Railway
Introductory

The Kentucky and South Atlantic Railroad Company was incorporated under the general laws of Kentucky for the purpose of acquiring from C. P. Huntington the properties formerly belonging to the Kentucky and South Atlantic Railway Company and the Coal Road Construction Company. The articles of association were dated May 23, 1888, but were not filed until June 13, 1888.

On July 11, 1902, the date of demise, the company owned 19.54 miles of single-track, standard-gauge railroad, extending from Mt. Sterling to Rothwell, Ky., and certain lands in Montgomery and Menifee Counties, also in Kentucky. The property of the company was operated by its own organization from July 16, 1888, to June 30, 1893, and by the carrier, by virtue of ownership of entire capital stock, from July 1, 1893, to June 30, 1902.

Under an agreement dated July 1, 1902, effective July 11, 1902, the Kentucky and South Atlantic Railroad Company was consolidated with the Elizabethtown, Lexington and Big Sandy Railroad Company, the Ohio and Big Sandy Railroad Company, and the Ohio River and Charleston Railway Company of Kentucky, to form the Lexington and Big Sandy Railway Company.

Development of Fixed Physical Property

The entire 19.54 miles of road was acquired from C. P. Huntington, and was formerly the property of the Kentucky and South Atlantic Railway Company. When acquired, July 16, 1888, it was narrow gauge. It was changed to standard gauge by the carrier, in 1896. The Kentucky and South Atlantic Railroad Company also owned 2,046 acres of land in Montgomery and Menifee Counties, acquired likewise from C. P. Huntington and being formerly the property of the Coal Road Construction Company.

Kentucky and South Atlantic Railway; the Mt. Sterling Coal Road Company, Predecessor of the Kentucky and South Atlantic Railroad
There are no obtainable records for the Kentucky and South Atlantic Railway Company. The information here submitted has been taken from the reports rendered by the company to the Railroad Commission of Kentucky and the accounting records and corporate history returns of the carrier. The Kentucky and South Atlantic Railway Company was originally incorporated February 20, 1874, under a special act of Kentucky, as The Mt. Sterling Coal Road Company. The name was changed to that first above given by a special act of Kentucky, approved January 14, 1882.

On July 16, 1888, the date of its demise, the company owned 19.54 miles of single-track, narrow-gauge railroad, extending from Mount Sterling to Rothwell, Ky., that was acquired by construction by the Coal Road Construction Company. The latter controlled the Kentucky and South Atlantic Railway Company and the officers of both companies were the same.

The property was operated by the company's own organization from completion to December 15, 1885, when its property was passed to a receiver, who operated it until November 28, 1887. On September 5, 1887, the property of the Kentucky and South Atlantic Railway Company and that of the Coal Road Construction Company, the latter consisting of 2,046 acres of land in Montgomery and Menifee Counties, Ky., were sold under foreclosure sale to C. P. Huntington. The deed conveying this property to Huntington was dated November 15, 1887, but it was not approved by the court until November 28, 1887. Huntington held the property in his own name and operated it until July 16, 1888, when he conveyed it to the Kentucky and South Atlantic Railroad Company, which had been incorporated for that purpose.

Ohio and Big Sandy Railroad, Predecessor of the Lexington and Big Sandy Railway
Introductory

The Ohio and Big Sandy Railroad Company was incorporated August 20. 1889, under the general laws of Kentucky, for the purpose of acquiring the franchise, rights, and property of the Chattaroi Railway Company.

On July 11, 1902, the date of demise, the company owned a single-track, standard-gauge railroad, extending from Ashland to Peach Orchard, Ky., a distance of 53.12 miles. The property was operated by the company's own organization to June 30, 1892, and thereafter to the date of demise by the carrier.

Under an agreement dated July 1, 1902, that was effective July 11, 1902, the Ohio and Big Sandy Railroad Company was consolidated with the Elizabethtown, Lexington and Big Sandy Railroad Company, the Kentucky and South Atlantic Railroad Company, and the Ohio River and Charleston Railway Company to form the Lexington and Big Sandy Railway Company.

Development of Fixed Physical Property

The road originally acquired from the Chattaroi Railway Company consisted of 49.72 miles, extending from Ashland to Richardson. On May 28, 1892, that portion of the road from Walbridge to Peach Orchard, 12.30 miles, was abandoned, and a new line from Walbridge to Richardson, 15.70 miles in length, that had been constructed, was placed in operation, making the total mileage owned on date of demise 53.12 miles.

Chattaroi Railway, Predecessor of the Ohio and Big Sandy Railroad
Introductory

There are no obtainable accounting records for the Chattaroi Railway Company, except a ledger from July, 1881, to June 30, 1885. The information here submitted has been taken from that ledger and from the corporate history return of the carrier. The Chattaroi Railway Company was incorporated under a special act of Kentucky, dated March 11, 1873, subsequently amended March 23, 1878.

On August 24, 1889, the date of demise, the property of this company consisted of a single-track, standard-gauge railroad, extending from Ashland to Richardson, Ky., a distance of 49.72 miles. This road was constructed and opened in sections between January 1, 1881, and May 1, 1883. The property was operated by the company's own organization from completion to July 1, 1885, when it was turned over to a receiver, who operated it until April 30, 1888. On the latter date it was sold to a purchasing committee. The committee operated the property until August 24, 1889, when the franchise, rights, and property were transferred to the Ohio and Big Sandy Railroad Company.

Ohio River and Charleston Railway Company of Kentucky, Predecessor of the Lexington and Big Sandy Railway
The Ohio River and Charleston Railway Company of Kentucky was incorporated June 25, 1894, under the general laws of Kentucky, for the purpose of acquiring the franchise, rights and property of the former Ohio, Kentucky and Virginia Railway Company from Charles E. Hellier.

On July 11, 1902, the date of demise, the company owned 8.10 miles of single-track, standard-gauge railroad, all of which was acquired from the Ohio, Kentucky and Virginia Railway Company. The company operated the property with its own organization until April 1, 1897, after which it was operated by the carrier. The lessee merged all revenues and expenses with those of its own and made no accounting thereof to the lessor.

On July 11, 1902, the company was consolidated with the Ohio and Big Sandy Railroad Company, Kentucky and South Atlantic Railroad Company, and Elizabethtown, Lexington and Big Sandy Railroad Company, to form the Lexington and Big Sandy Railway Company.

Ohio, Kentucky and Virginia Railway, Predecessor of the Ohio River and Charleston Railway Company of Kentucky
There are no obtainable records for the Ohio, Kentucky and Virginia Railway Company. The information herein submitted has been obtained from the corporate history return of the carrier. The Ohio, Kentucky and Virginia Railway Company was incorporated April 19, 1886, under a special act of Kentucky.

On November 13, 1894, the date of its demise, the company owned a single-track, standard-gauge railroad, extending from Richardson to Whitehouse, Ky., a distance of 8.10 miles, all of which was acquired by construction during 1886 and 1887. The company operated the property with its own organization from completion to November 7, 1887, when its franchise, rights and property were consolidated with those of the Charleston, Cincinnati and Chicago Railroad Company to form a new company by the same name as the latter. The agreement of consolidation, while dated November 7, 1887, was not filed and recorded until December 19, 1889. This new company constructed no additional road, but operated the property that it had acquired from November 7, 1887, to February 26, 1891, when it was placed in the possession of a receiver who operated the property until July 17, 1893. On the date just mentioned the franchise, rights, and property of the former Ohio, Kentucky and Virginia Railway Company were acquired by Charles E. Hellier, who held and operated the property in his own name until November 13, 1894. In the meantime, Hellier arranged the incorporation of the Ohio River and Charleston Railway Company of Kentucky, which took over the property on November 13, 1904.

Maysville and Big Sandy Railroad
Introductory

There are no obtainable accounting records for the Maysville and Big Sandy Railroad Company. The information herein submitted has been taken from the company's corporate minutes and the accounting records and corporate history return of the carrier. The Maysville and Big Sandy Railroad company was incorporated under a special act of Kentucky approved December 18, 1850.

The company began the construction of the railroad in 1853 and after making considerable expenditures, said to have been $300,000, became insolvent and suspended further construction in 1854. It executed several mortgages on its franchise and property to secure certain of its creditors. By acts of Kentucky, approved February 17, 1866, and February 28, 1867, these several mortgages were declared to be legal and authority was given to foreclose them by proceedings in Mason, Ky., circuit court, with power to that court to sell the franchise and property of the company at public auction. This act further provided that the purchasers should have the power to reorganize the company under its original charter and to make contracts for the construction and operation of the road. Under this authority, the franchise and property of the company were sold and conveyed to Harrison Taylor et al., by a deed dated November 5, 1869, that was not recorded until July 6, 1875. The purchasers reorganized on February 1, 1870, under authority given them, and called the new company by the name of the old. On January 15, 1873, the company agreed to sell its franchise and property to the Kentucky and Great Eastern Railway Company for $57,007, and the latter agreed to complete the road. The Kentucky and Great Eastern Railway Company entered into a contract with the Kentucky and Great Eastern Railroad Construction Company, for the construction of the road, and it had completed about 7 miles of road between Maysville and Catlettsburg, Ky., in 1874, when it became bankrupt and the work was suspended.

In the meantime, the Kentucky and Great Eastern Railway Company had failed to pay the $57,007, mentioned above, and had not completed the road in the time specified in the agreement, which resulted in the Maysville and Big Sandy Railroad Company reentering upon the property and taking possession of it. This action caused litigation that lasted about 10 years, until it was finally decided by the Supreme Court of the United States in the case of Wright v. Kentucky and Great Eastern Railway Company, 117 U. S. 72, that all of the road which had been constructed by the original Maysville and Big Sandy Railroad Company, the Kentucky and Great Eastern Railway Company, and the Kentucky and Great Eastern Railroad Construction Company should revert to the Maysville and Big Sandy Railroad Company.

Nothing further was done until February 7, 1888, when a contract was made with the Contracting and Building Company to complete and equip the road. Construction of the road from Ashland to Licking River, Ky., 142.37 miles, and from Kentucky Central Junction, Washington Street, Covington, Ky., to a connection with the Covington and Cincinnati in Covington, 0.63 mile, was begun in February, 1888, and was completed in sections between July 1, 1888, and January 1, 1889.

The property was operated by the Contracting and Building Company from July 1, 1888, to December 31, 1888, under unknown conditions, and by the carrier from January 1, 1889, to July 1, 1904, under a vote of the directors dated April 15, 1889, without profit or loss to the Maysville and Big Sandy Railroad Company.

Under an agreement dated July 1, 1904, effective on July 7, 1904, Maysville and Big Sandy Railroad Company, The Covington Short Route Transfer and Railway Company, and the Lexington and Big Sandy Railway Company, consolidated to form the Chesapeake and Ohio Railway Company of Kentucky (of 1904).

The Covington Short Route Transfer Railway
There are no obtainable accounting records for The Covington Short Route Transfer Railway Company. The information herein submitted has been taken from the company's corporate minutes and the corporate history return and accounting records of the carrier. The Covington Short Route Transfer Railway Company was incorporated May 15, 1886, under a special act of Kentucky.

On July 11, 1904, the date of demise, the company owned about 0.80 mile of single-track, standard-gauge railroad, extending from Licking River to Kentucky Central Junction, Covington, Ky., which was acquired by construction during the year 1888. The property was operated by the Chesapeake and Ohio from January 1, 1889, to July 1, 1904, under authority of a vote of the directors May 20, 1889. The Chesapeake and Ohio merged all revenues and expenses with those of its own and made no accounting thereof to The Covington Short Route Transfer Railway Company.

Under a vote of directors dated June 7, 1886, the company issued to several parties $10,000 of fully paid-up capital stock for "consideration of the franchise of this company and the expense in connection therewith." So far as ascertainable, this represented the entire capital securities as of date of demise.

Under an agreement dated July 1, 1904, effective July 11, 1904, The Covington Short Route Transfer Railway Company was consolidated with the Maysville and Big Sandy Railroad Company, and the Lexington and Big Sandy Railway Company to form the Chesapeake and Ohio Railway Company of Kentucky (of 1904).

The Kinniconnick and Freestone Railroad
There are no obtainable records available for The Kinniconnick and Freestone Railroad Company. The information herein submitted has been taken from the company's corporate minutes and the corporate history return and accounting records of the carrier. The Kinniconnick and Freestone Railroad Company was incorporated March 20, 1890, under a special act of Kentucky.

On June 1, 1906, the date of its demise, the company owned a single-track, standard-gauge railroad, extending from Garrison to Carter, Ky., a distance of 19.77 miles, which was constructed between 1890 and 1893, under contract supervised by the carrier. The property was operated by the carrier from completion to date of demise. The carrier collected all revenues and after paying the expenses, taxes, etc., applied the residue to the payment of interest.

On June 1, 1906, The Kinniconnick and Freestone Railroad Company was consolidated with the Chesapeake and Ohio Railway Company (of 1904) and the Big Sandy Railway Company (of June, 1902) to form The Chesapeake and Ohio Railway Company of Kentucky (of 1906).

Big Sandy Railway (of June, 1902)
Introductory

The Big Sandy Railway Company (of June, 1902) was incorporated June 12, 1902, under the general laws of Kentucky, and was a consolidation of the Big Sandy Railway Company of Virginia and the Big Sandy Railway Company (of April, 1902).

On June 1, 1906, the date of its demise, the company owned a single-track, standard-guage railroad between Whitehouse and Elkhorn City, Ky., a distance of 76.70 miles, and between Marrowbone and Hellier, Ky., a distance of 7.80 miles, all acquired by construction between 1902 and 1906. The work was done by independent contractors, supervised and financed by the carrier. The carrier operated the property from date of completion to June 1, 1906, by virtue of ownership of the entire issue of capital stock, when it was consolidated with The Chesapeake and Ohio Railway Company of Kentucky (of 1904) and The Kinniconnick and Freestone Railroad Company to form The Chesapeake and Ohio Railway Company of Kentucky (of 1906). While the consolidation was effective as of June 1, 1906, the accounting records were continued to June 30, 1907.

In 1906, prior to the consolidation just mentioned, the company sold the franchise and right of way in Virginia that it had acquired from the Big Sandy Railway Company of Virginia to the South Western Railway Company for $40,000 cash, which it credited to the investment in road and equipment account.

Big Sandy Railway of Virginia; Big Sandy Railway (of April, 1902)
The Big Sandy Railway Company of Virginia was incorporated March 15, 1902, under a special act of Virginia. The Big Sandy Railway Company (of April, 1902) was incorporated April 7, 1902, under the general laws of Kentucky. Neither company constructed any road. These companies were merged under an agreement dated June 10, 1902, effective June 12, 1902, to form the Big Sandy Railway Company (of June, 1902).

The accounts of these companies were handled as if there were only one company and, due to the absence of supporting records, a separation of the transactions by respective companies is not possible. The finances of the two companies were arranged for them by the carrier. Upon organization they issued their capital stock of the par value of $100,000 ($50,000 by each company) to the carrier, which the latter was to reimburse them by cash advances. This it had done to the extent of $66,835.59. The remainder, $33,164.43, was unpaid on date of demise.

Coal River Railway
Introductory

The Coal River Railway Company was incorporated January 4, 1905, under the general laws of West Virginia. On December 21, 1909, the date of its demise, the company owned a single-track, standard-guage railroad extending from St. Albans to Peytona and from Sproul to end of track, all in West Virginia, aggregating 67.98 miles of road. The property was operated by the carrier from July 1, 1908, to date of demise, under lease, and the company's franchises, rights, and property were transferred to the carrier on December 21, 1909.

Development of Fixed Physical Property

Under an agreement of February 21, 1905, between W. C. Sproul, W. A. MacCorkle, and J. E. Chilton, and the carrier, the former, who were the owners and operators of extensive timber and mineral lands in this section, for the purpose of securing an extension of the line of the then Coal River and Western Railway Company from Hollyhurst into their lands, transferred to the carrier, without cost, the entire capital stock of the Coal River Railway Company, and agreed to convey, without cost, a right of way 66 feet in width through the property owned and controlled by them. The carrier agreed to undertake the construction of the road and guaranteed to W. C. Sproul and associates, and the companies represented by them, Kanawha District freight rates on coal supplied from points on the Coal River Railway Company line.

Of the total of 67.98 miles of road owned on date of demise, 16.68 miles were acquired on May 31, 1905, from the Coal River and Western Railway Company and 51.30 miles were acquired by construction, under supervision of the carrier. Further details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the carrier.

Coal River and Western Railway; Pocahontas, Coal River, and Kanawha Railway
There are no obtainable accounting records of the Coal River and Western Railway Company prior to December 29, 1903. After that date there is a ledger and journal. It is from these, together with the minutes of the stockholder's and director's meetings and the corporate history return of the carrier, that the information herein submitted has been obtained.

The Coal River and Western Railway Company was incorporated October 9, 1899, under the general laws of West Virginia, as the Pocahontas, Coal River and Kanawha Railway Company. Its name was changed to the first above given by amendment dated November 10, 1903.

On May 31, 1905, the date the property was transferred to the Coal River Railway Company, the company owned 16.78 miles of single-track, standard-gauge railroad, extending from St. Albans to Hollyhurst, W. Va. The line from St. Albans to Forks of Coal, 11.98 miles, was constructed by the United Construction Company, whose officers were the same as those of the Coal River and Western Railway Company, and opened for operation in September, 1902. The line from Forks of Coal to Hollyhurst, 4.70 miles, was constructed by independent contractors and opened for operation in May, 1904.

Raleigh and Southwestern Railway
Introductory

The Raleigh and Southwestern Railway Company was incorporated on October 2, 1903, under the general laws of West Virginia.

On February 28, 1910, the date of its demise, the company owned 20.60 miles of single-track road, of which 12.96 miles was narrow gauge and 7.64 miles standard gauge, extending from Raleigh, W. Va., to near-by points. The property of the Raleigh and Southwestern Railway Company was operated by the carrier from date of completion to date of demise. The company transferred its franchise, rights, and property to the carrier on February 28, 1910.

The company transferred its franchise, rights, and property to the carrier on February 28, 1910.

Development of Fixed Physical Property

Of the 20.60 miles of road owned on date of demise, the company acquired 12.96 miles of narrow-gauge track from the Glade Creek and Raleigh Railroad Company, on October 25, 1906. The 7.64 miles of standard-gauge track was acquired by construction in 1907 and 1908.

Glade Creek and Raleigh Railroad
No accounting records are obtainable for the Glade Creek and Raleigh Railroad Company. The information herein submitted has been obtained from the minute books of directors' and stockholders' meetings, the corporate history return of the carrier and the reports to the Railroad Commission of West Virginia. The Glade Creek and Raleigh Railroad Company was incorporated on July 21, 1891, under the general laws of West Virginia.

On October 25, 1906, the date of its demise, the company owned a single-track, narrow-gauge railroad, extending from Raleigh, W. Va., to the end of track, a distance of 12.96 miles, all of which had been acquired by construction. The property was operated by the Raleigh Lumber Company from July 17, 1906, to October 25, 1906, when its franchise, rights, and property were sold to the Raleigh and Southwestern Railway Company. The narrow-gauge equipment was disposed of to the Raleigh Lumber Company in September, 1906, for $16,925, under unknown conditions.

Virginia Air Line Railway
The Virginia Air Line Railway Company was incorporated April 10, 1906, under the general laws of Virginia.

On July 12, 1912, the date the franchise, rights, and property were transferred to the carrier, the company owned 29.8 miles of single-track, standard-gauge, steam railroad located in Virginia, which it had acquired by construction.

Development of Fixed Physical Property

The road was constructed completely, including engineering, but not the right of way, by J. N. H. Cornell & Company, at actual cost, plus a fee of $91,250, and extra work at actual cost, plus 12½ per cent. The road was opened for operation on May 1, 1908.

The Ohio and Kentucky Bridge Company, Predecessor of the Covington and Cincinnati
The Ohio and Kentucky Bridge Company was incorporated under the general laws of Ohio by filing on February 8, 1886, articles of incorporation that were dated February 6, 1866. It did nothing beyond perfecting its organization of February 12, 1886, on which date its franchise, rights, and property were acquired by the Covington and Cincinnati.