Wikipedia:WikiProject Trains/ICC valuations/Long Fork Railway

Interstate Commerce Commission, Valuation Reports, Volume 26

Location and General Description of Property
The railroad of the Long Fork Railway Company, herein called the carrier, is a single-track, standard-gage, steam railroad, located in eastern Kentucky. The main line extends southerly from Martin to Weeksbury, a distance of 25.172 miles, with branch lines projecting from Weeksbury to the Elkhorn-Pitney mines and from Wheelwright Junction to Wheelwright. The company owns 28.412 miles of main track and 6.717 miles of yard tracks and sidings. Its road thus embraces 35.129 miles of all tracks owned and used.

Introductory
The carrier is a corporation of the State of Kentucky, having its principal office at Prestonburg, Ky. Its business office is located at Baltimore, Md., on date of valuation. The carrier is controlled by The Baltimore and Ohio Rail Road Company through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that the carrier, itself, controls any common-carrier corporation. The property of the carrier has been operated by the United States Railroad Administration from March 1, 1918, the date of its completion, to date of valuation.

Corporate History
The carrier was incorporated March 6, 1912, under the general laws of the State of Kentucky. It was organized March 7, 1912.

Development of Fixed Physical Property
The road owned by the carrier, amounting to 28.412 miles, was constructed by contract with the exception of the tracklaying and surfacing, which was done by company forces. Construction was actively begun in August, 1916, and the road placed in operation March 1, 1918, but the records reviewed indicate that the construction work was not actually completed until about October 1, 1918.

Leased Railway Property
The carrier has trackage rights over 1.12 miles of road and 2.46 miles of sidings in the vicinity of Martin, Ky., belonging to The Chesapeake and Ohio Railway Company, and the latter has trackage rights over 1.39 miles of road and 0.29 mile of sidings between Martin and Hite, Ky., belonging to the carrier.

The carrier uses on date of valuation equipment belonging to The Baltimore and Ohio Rail Road Company consisting of four steam locomotives, four freight-train cars, and three passenger-train cars; it also uses one passenger car belonging to The Toledo and Cincinnati Railroad Company.

The rentals for steam locomotives were assessed at the rate of $16 per day prior to January 1, 1918, and at the rate of $35.72 per day to date of valuation. The rentals for the freight-train cars are assessed at a nominal rate of $1 per day. All of the foregoing rentals were charged to income account, Hire of Equipment.

The passenger equipment herein described is used without formal agreement, and no rental is charged either by The Baltimore and Ohio Rail Road Company or The Toledo and Cincinnati Railroad Company for such use on date of valuation.