Wikipedia:WikiProject Trains/ICC valuations/Maysville and Lexington Railroad, North Division
Interstate Commerce Commission, Valuation Reports, Volume 39
Maysville and Lexington Railroad, North Division
editLocation and General Description of Property
editThe railroad of the Maysville and Lexington Railroad Company, North Division, hereinafter called the Maysville and Lexington, North Division, is a single-track, standard-gage line, extending from Paris to Maysville, Ky., a distance of 49.370 miles.
Introductory
editThe Maysville and Lexington, North Division, is a corporation of the State of Kentucky, having its principal office at Covington, Ky. It is controlled by the Louisville and Nashville, through the ownership of the entire outstanding capital stock.
The property of the Maysville and Lexington, North Division, was operated from its incorporation to November, 1876, by its own organization. From November, 1876, to June 7, 1887, it was operated by the Kentucky Central Railroad Company, and from the latter date to September, 1891, it was operated by the Kentucky Central Railway Company. From September, 1891, to date of valuation the property has been operated by the Louisville and Nashville, by virtue of its ownership of the entire outstanding capital stock.
There are no obtainable accounting records of the Maysville and Lexington, North Division, nor does it file annual reports with this commission. Therefore, no information can be given from the accounts in connection with its finances, operations, investments, or original cost.
Corporate History
editThe Maysville and Lexington, North Division, was incorporated under the general laws of the State of Kentucky, on May 10, 1876. On the same date the property, rights, and franchises of the Maysville and Lexington Railroad Company, Northern Division, were conveyed to it by deed of J. B. Anderson. The property, rights, and franchises of that company had been acquired by J. B. Anderson on December 21, 1875, by deed from Henry Bell, Junius B. Alexander, and Robert M. McLane, trustees, who had acquired said property at foreclosure sale of the property of the Maysville and Lexington Railroad Company, Northern Division, on August 31, 1875.
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.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1. | Maysville and Lexington Railroad Company, North Division. | Under general laws of Kentucky, May 10, 1876. | |
| 2. | Maysville and Lexington Railroad Company, Northern Division. | Under special act of Kentucky, Jan. 21, 1868. | Sold at foreclosure Aug. 31, 1875. Conveyed to 1, May 10, 1876. |
| 3. | Maysville and Lexington Railroad Company. | Under special act of Kentucky, Mar. 7, 1850. | Sold at foreclosure Apr. 23, 1856. Reorganized Jan. 21, 1868, as 2 and Maysville and Lexington, Southern Division, the property being divided between those two companies. |
Development of Fixed Physical Property
editThe mileage owned by the Maysville and Lexington, North Division, extending from Maysville to Paris, Ky., a distance of 49.370 miles, was all acquired by purchase at incorporation, from the Maysville and Lexington Railroad Company, Northern Division, which company completed the construction of the road about 1873.
Leased Railway Property
editThe entire property of the Maysville and Lexington, North Division, is operated by the Louisville and Nashville, by virtue of its ownership of the entire outstanding capital stock. Nothing is recorded in the accounts of the Louisville and Nashville and representing rental paid for the use of the property of the Maysville and Lexington, North Division, for the year ending on date of valuation.
Predecessor Companies
editMaysville and Lexington Railroad Company, Northern Division
editThere are no obtainable accounting records for the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments. The company was incorporated under a special act of the Legislature of the State of Kentucky, approved January 21, 1868, which authorized the separation of the property, rights, and franchises of the Maysville and Lexington Railroad Company, sold at foreclosure April 23, 1856, into two divisions and the formation of the Maysville and Lexington Railroad Company, Northern Division, and the Maysville and Lexington, Southern Division. The former company was to own the railroad extending from Maysville to Paris, Ky., and the latter the railroad extending from Paris to Lexington, Ky.
The property acquired by the company on January 21, 1868, from the Maysville and Lexington Railroad Company was not completed. It was completed after acquisition and opened for service about 1873, and consisted on the date of the company's demise of 49.37 miles of railroad extending from Maysville to Paris, Ky. From the date of the completion of the property of the company to the date of its demise, it was operated by its own organization.
The property, rights, and franchises of the company were sold at foreclosure August 31, 1875, to Henry Bell, Junius B. Alexander and Robert M. McLane, trustees, and were conveyed to them by deed dated December 11, 1875. The trustees conveyed the property thus acquired, by deed dated December 21, 1875, to J. B. Anderson, who conveyed the same property to the Maysville and Lexington, North Division, by deed dated May 10, 1876.
Maysville and Lexington Railroad Company
editThere are no obtainable accounting records for the above-named company. Therefore, no information can be given from the accounts in connection with its corporate operations, finances, or investments. The company was incorporated by a special act of the Legislature of the State of Kentucky, approved March 7, 1850.
On January 21, 1868, the date of its demise, the company owned 17.69 miles of railroad extending from Paris to Lexington, Ky., which it constructed and opened for operation December 19, 1854, and an unknown mileage of uncompleted railroad between Paris and Maysville, Ky. The property of the company was operated from its completion to the date of its demise, by the Covington and Lexington Railroad Company and its successor, the Kentucky Central Railroad Company, under lease.
The property, rights, and franchises of the company were sold at foreclosure proceedings April 23, 1856, and were conveyed to William Hoge, Blakeley Wilson and William H. Gebbard, who under authority of a special act of the Legislature of the State of Kentucky, approved January 21, 1868, reorganized the company. This act authorized the separation of the property, rights, and franchises of the company into two divisions and the formation of the Maysville and Lexington Railroad Company, Northern Division, to own the uncompleted railroad between Paris and Maysville, Ky., and the formation of the Maysville and Lexington, Southern Division, to own the railroad extending from Paris to Lexington, Ky.