Wikipedia:WikiProject Trains/ICC valuations/Maysville and Lexington Railroad, Southern Division

Interstate Commerce Commission, Valuation Reports, Volume 39

Maysville and Lexington Railroad, Southern Division

Location and General Description of Property

The railroad of the Maysville and Lexington Railroad Company, Southern Division, hereinafter called the Maysville and Lexington, Southern Division, is a single-track, standard-gage line, extending northwesterly from Lexington to Paris, Ky., a distance of 17.816 miles.

Introductory

The Maysville and Lexington, Southern Division, is a corporation of the State of Kentucky, having its principal office at Paris, Ky. It is controlled by the Louisville and Nashville, through ownership of a majority of the outstanding capital stock.

The property of the Maysville and Lexington, Southern Division, has always been operated by other companies, under contract or by virtue of their ownership of the company's outstanding capital stock, as follows: By The Covington and Lexington Railroad Company from January 21, 1868, to July 7, 1875; by the Kentucky Central Railroad Company from July 7, 1875, to June 7, 1887; by the Kentucky Central Railway Company from June 7, 1887, to September 22, 1891; and by the Louisville and Nashville from September 22, 1891, to date of valuation. The latter company operates the property through its ownership of a majority of the outstanding capital stock of the Maysville and Lexington, Southern Division.

There are no obtainable accounting records for this company, and it does not file annual reports with us. Therefore, no information can be given from the accounts in connection with its finances, operations, investments, or original cost.

Corporate History

The Maysville and Lexington, Southern Division, was incorporated by a special act of the Legislature 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, Southern Division, and the Maysville and Lexington Railroad Company, Northern Division; the former company to own the railroad extending from Paris to Lexington, Ky., and the latter to own the railroad extending from Maysville to Paris, Ky. The report on the Maysville and Lexington Railroad Company will be found following the report on the Maysville and Lexington, Northern[sic] Division.

Development of Fixed Physical Property

The owned mileage of the Maysville and Lexington, Southern Division, 17.816 miles, was all acquired on January 21, 1868, by the division of the property of the Maysville and Lexington Railroad Company, which company constructed the 17.816 miles of road and opened it for operation on December 19, 1854.

Leased Railway Property

The property of the Maysville and Lexington, Southern Division, is operated by the Louisville and Nashville, by virtue of that company's ownership of a majority of the outstanding capital stock. The last contract covering the property of the Maysville and Lexington, Southern Division, is dated February, 1881, and states that it is to remain in force during the pleasure of either party thereto. Nothing is recorded in the accounts of the Louisville and Nashville as representing rental paid for the use of the property of the Maysville and Lexington, Southern Division, for the year ending on date of valuation.

Predecessor Company

Maysville and Lexington Railroad Company

There 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.