Wikipedia:WikiProject Trains/ICC valuations/Elkton and Guthrie Railroad

Interstate Commerce Commission, Valuation Reports, Volume 39

Elkton and Guthrie Railroad

Location and General Description of Property

The railroad of Elkton and Guthrie Railroad Company, herein called the Elkton and Guthrie, is a single-track, standard-gage, steam railroad, located in southwestern Kentucky. The main line extends from Elkton to Guthrie, 10.946 miles. The Elkton and Guthrie also owns 0.952 mile of yard tracks and sidings. Its road thus embraces 11.898 miles of all tracks owned. The property is operated under an agency agreement by Louisville and Nashville Railroad Company.

Introductory

The Elkton and Guthrie was successor through change in name of the Elkton Railroad Company. For the purposes of this report the two companies are treated as one. The Elkton and Guthrie is a corporation of the State of Kentucky, having its principal office at Elkton, Ky. The reports filed by the Elkton and Guthrie with us for the years ended December 31, 1916 , and 1917, did not indicate that it was controlled by any one individual or corporation on those dates; the largest individual stockholder being the Louisville and Nashville Railroad Company, which held 691 out of a total of 1,894 shares outstanding.

From the date its property was placed in operation to date of valuation the property of the Elkton and Guthrie was operated by the Louisville and Nashville Railroad Company under agreements dated August 30, 1884, and December 1, 1904, which provided for the payment to the Elkton and Guthrie of net earnings from the operation of its property by the Louisville and Nashville Railroad Company.

Corporate History

The Elkton and Guthrie was incorporated by special act of the Legislature of the State of Kentucky, approved February 10, 1871, as the Elkton Railroad Company. By special act of the Kentucky Legislature approved May 3, 1884, the name was changed to Elkton and Guthrie Railroad Company. The date of organization of the Elkton and Guthrie was not disclosed by the records reviewed.

Development of Fixed Physical Property

On date of valuation, the Elkton and Guthrie owned a line of single-track railroad 10.946 miles in length, from Guthrie to Elkton, Ky., all of which was acquired by construction. The Elkton and Guthrie procured right of way and ties and contracted with George W. Gosnell for grading. The laying of track was done by the Louisville and Nashville Railroad Company, which also furnished track materials. Construction was commenced in August, 1884, and completed February 1, 1885. The obtainable records of the Elkton and Guthrie did not disclose any affiliation between it and George W. Gosnell.

Leased Railway Property

The entire property of the Elkton and Guthrie from the date of its completion to date of valuation has been solely operated by the Louisville and Nashville Railroad Company under the terms of an agreement dated December 1, 1904, effective until December 1, 1929. The agreement stipulates that the Louisville and Nashville Railroad Company shall provide, without charge to the Elkton and Guthrie, all rolling stock necessary in the operation of the property, and shall pay to the Elkton and Guthrie net earnings derived from operation of the property.