Wikipedia:WikiProject Trains/ICC valuations/Lexington Terminal Railroad

Interstate Commerce Commission, Valuation Reports, Volume 119

The Lexington Terminal Railroad

Location and General Description of Property

The railroad of The Lexington Terminal Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the northeastern part of Georgia. The owned mileage extends northeastwardly from Crawford to Lexington, Ga., a distance of 3.307 miles. The carrier also owns yard and side tracks totaling 0.190 mile. Its road thus embraces 3.497 miles of all tracks owned. In Appendix 1 will be found a description of the property of the carrier.

Corporate History

The carrier was incorporated February 13, 1900, under the general laws of the State of Georgia, as a reorganization of the Lexington Terminal Railroad Company. The property of the Lexington Terminal Railroad Company was sold at foreclosure during June, 1897, to Hamilton McWhorter and F. R. Smith, who operated it for their own benefit until December 31, 1899. These purchasers conveyed the property by a deed dated December 22, 1899, to Thomas R. Scott and Jos. B. Gumming, trustees for Atlantic Coast Line Railroad Company and Louisville and Nashville Railroad Company, lessees of the Georgia Railroad (Lessee Organization), hereinafter referred to as the controlling companies. The trustees assumed control of the property on January 1, 1900, and on February 13, 1900, reconveyed it to the carrier. The carrier is controlled by the controlling companies through ownership of its outstanding capital stock. Its principal office is located at Augusta.

Leased Railway Property

On date of valuation the carrier used under trackage agreement, 0.46 mile of main track, and freight and passenger facilities at Crawford, which it leased from the Georgia Railroad (Lessee Organization), and for which it paid as rental a proportion of 5 per cent per annum on a valuation of $10,642 and a proportion of the cost of operation and maintenance of the facilities used, both divided on the basis of tonnage handled. For the year ended on date of valuation the total amount accrued for the use of these facilities was $646.09 of which $301.02 was charged by the carrier to its income account and $345.07 to operating expenses.