Wikipedia:WikiProject Trains/ICC valuations/Clinchfield Northern Railway of Kentucky
Interstate Commerce Commission, Valuation Reports, Volume 26
Clinchfield Northern Railway of Kentucky
[edit]Location and General Description of Property
[edit]The railroad of Clinchfield Northern, which is leased to and operated by the Clinchfield, is a single-track, standard-gage, steam railroad, located in the southeastern part of Kentucky. The owned mileage extends from Elkhorn City to the Kentucky-Virginia State line, a distance of 2.794 miles. The Clinchfield Northern also owns yard and side tracks as shown in the trackage table in Appendix 1.
Introductory
[edit]The Clinchfield Northern is a corporation of the State of Kentucky, having its principal office at Pikesville, Ky. This company was controlled by the Clinchfield on date of valuation through ownership of a majority of its outstanding capital stock. From the date its property was placed in operation the property of the Clinchfield Northern has been operated by the Clinchfield under a lease agreement dated July 1, 1915, which is effective for 99 years from that date.
Corporate History
[edit]The Clinchfield Northern Railway of Kentucky was incorporated October 2, 1911, under the general laws of Kentucky, for the purpose of constructing, maintaining, and operating a railroad within Pike County, Ky. Its organization was perfected on the date of incorporation.
Development of Fixed Physical Property
[edit]The road owned on date of valuation had been acquired by construction. The Clinchfield Northern acquired from the Elkhorn Southern Railway surveys and a right of way in Pike County, Ky., and began the construction of the road in 1912 under the supervision of the Clinchfield.
Leased Railway Property
[edit]The property of the Clinchfield Northern has been operated by the Clinchfield since the date the road was opened for operation under a lease agreement dated July 1, 1915, effective for 99 years from that date. Under this agreement the Clinchfield maintains, manages, and operates the property and pays the Clinchfield Northern $25,000 annually, which is the interest on the funded debt of the latter. In addition the Clinchfield pays all taxes and other charges. The owner is obligated under the lease agreement to reimburse the Clinchfield for all improvements which the latter makes upon the property.