In 2006 the Lexington Group established the Richard C. Overton Research Fellowship to honor one of the organization's founders and a leading scholar of America's railroads.
To promote the study of transportation history, the Fellowship provides as many as three grants of up to $2,500 yearly. The grants are used to underwrite travel expenses to conduct research at archives and libraries.
Current members of the Overton Prize Committee are Gregg Ames, Ron Goldfeder, and Carlos Schwantes, chair. Committee members typically meet together in early August in St. Louis to evaluate the year’s applications.