Wikipedia:WikiProject Trains/ICC valuations/Glasgow Railway
Interstate Commerce Commission, Valuation Reports, Volume 39
The Glasgow Railway
[edit]Location and General Description of Property
[edit]The railroad of The Glasgow Railway Company, herein called the Glasgow Railway, is a single-track, standard-gage, steam railroad, extending in a southeastwardly direction from Glasgow Junction to Glasgow, Ky., 10.209 miles. The Glasgow Railway also owns and uses 1.143 miles of yard tracks and sidings. Its road thus embraces 11.352 miles of all tracks owned. The property is operated by the Louisville and Nashville Railroad Company, as agent for the Glasgow Railway.
Introductory
[edit]The Glasgow Railway is a corporation of the State of Kentucky, having its principal office at Glasgow. It is controlled by no one single interest. The accounting records of the Glasgow Railway prior to July 1, 1913, were not obtainable, new books of account being opened on that date.
From the date of its organization to date of valuation, the property of the Glasgow Railway was operated by the Louisville and Nashville Railroad Company, as agent for the Glasgow Railway. Contracts, each of five years' duration, have covered the operation of the property during the above-named period. On date of valuation, the operation was covered by contract dated January 1, 1917, which stipulated that the Louisville and Nashville Railroad Company should maintain and operate the property and furnish all necessary rolling stock. The contract provided that the Louisville and Nashville Railroad Company should receive as rental for locomotives and passenger-train cars amounts equal to 6 per cent per annum on the valuation thereof, freight-train cars to be furnished free, and that for the use of the property the Louisville and Nashville Railroad Company should pay to the Glasgow Railway the net earnings derived from the operation of the property.
Corporate History
[edit]The Glasgow Railway was incorporated for a period of 50 years from December 15, 1899, under the general laws of the State of Kentucky, through filing with the secretary of state of Kentucky articles of incorporation dated December 15, 1899. The purpose for which the Glasgow Railway was incorporated was to acquire the property and franchises of the Glasgow Railroad Company, and to operate or lease the same. The first meeting of the board of directors was held on December 27, 1899.
On May 16, 1899, the property of the Glasgow Railroad Company was sold under authority granted by an amendment to its charter, approved April 8, 1880, to three individuals, Trigg, Porter, and Dickenson, and they in turn conveyed the property and franchises to the Glasgow Railway by deed dated December 27, 1899.
The following chart shows the names of the corporations, their respective dates of incorporation, and for each predecessor the date of succession, the immediate 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. | The Glasgow Railway. | Under general laws of Kentucky, Dec. 15, 1899. | Present company. |
| 2. | Glasgow Railroad Company. | Under special act of Kentucky, Mar. 6, 1868. | Sold May 16, 1899, to three individuals, and conveyed by them Dec. 27, 1899, to No. 1. |
| 3. | Barren County Railroad Company. | Under special act of Kentucky, Feb. 9, 1856. | Sold Dec. 21, 1868, to No. 2. |
Development of Fixed Physical Property
[edit]The road owned by the Glasgow Railway on date of valuation, extending from Glasgow to a connection with the line of Louisville and Nashville Railroad Company at Glasgow Junction, about 10.209 miles, was deeded to the former, December 27, 1899, by the purchasers of the Glasgow Railroad Company. Construction of the railroad was commenced by the Barren County Railroad Company, a predecessor of the Glasgow Railroad Company, sometime after February 9, 1856 (the date of its incorporation), and prior to the beginning of the Civil War between the States. Work was suspended when the war began, without any part of the road having been opened for operation. After its organization, in 1868, the Glasgow Railroad Company took up the construction and completed the road between Glasgow and Glasgow Junction about September 1, 1870. No main-track mileage was constructed by the Glasgow Railway.
Leased Railway Property
[edit]For the joint use of its station facilities at Glasgow Junction, Ky., the Louisville and Nashville Railroad Company charges the Glasgow Railway a flat rental of $250 per annum. No formal contract covers this arrangement.
Predecessor Companies
[edit]Glasgow Railroad Company
[edit]The Glasgow Railroad Company was a corporation of the State of Kentucky. The records of the company were found to be fragmentary and incomplete, and therefore no information of value can be given from the accounts in connection with the finances, operations, investments, or original cost.
On the date of sale, May 16, 1899, the company owned a single-track, standard gage, steam railroad extending from a connection with the Louisville and Nashville Railroad Company at Glasgow Junction to Glasgow, a distance of about 10 miles. From the date its property was placed in operation, the property of the company was operated by the Louisville and Nashville Railroad Company as agent, until the date of sale.
The company was incorporated under a special act of the Legislature of Kentucky, approved March 6, 1868. The first meeting of the board of directors was held December 1, 1868. Construction of the line from Glasgow to Glasgow Junction was commenced by the Bureau County Railroad Company. On April 27, 1869, the Glasgow Railroad Company purchased the franchises and unfinished railroad of that company and the railroad was completed and opened for operation about September 1, 1870. On May 16, 1899, the completed road and the franchises of the Glasgow Railroad Company were sold under authority granted by an amendment to its charter, approved April 8, 1880, to three individuals, Trigg, Porter, and Dickenson, and they in turn conveyed the property and franchises to the Glasgow Railway by deed dated December 27, 1899.
Barren County Railroad Company
[edit]The Barren County Railroad Company was a corporation of Kentucky. There were no obtainable accounting records for this company, therefore, no information could be obtained from the accounts in connection with the finances, investments, or original cost. The company was incorporated under special act of the Legislature of Kentucky, approved February 9, 1856. It began the construction of a railroad from Glasgow to Glasgow Junction, Ky., but work was suspended when the Civil War between the States began. The records reviewed do not disclose that construction work was resumed or that it owned any completed mileage on the date of demise. By order of the Barren Circuit Court, the property of the company was sold on December 21, 1868, and conveyed by deed of commissioner dated April 27, 1869, to the Glasgow Railroad Company.