Wikipedia:WikiProject Trains/ICC valuations/Gulf, Colorado and Santa Fe Railway
Interstate Commerce Commission, Valuation Reports, Volume 127
Gulf, Colorado and Santa Fe[edit]
Location and General Description of Property[edit]
The railroad operated by the Gulf, Colorado and Santa Fe Rail way Company, hereinafter called the Gulf, Colorado and Santa Fe, is a standard-gauge steam railroad, located in the States of Texas, Oklahoma, and Louisiana. The owned mileage has one main artery extending northerly from Galveston, Tex., to a connection with the line of The Atchison, Topeka and Santa Fe Railway Company at Purcell, Okla. Another main line extends from the above line at Temple, Tex., in a northwesterly direction to San Angelo, Tex., with a branch from Lometa, Tex., to Eden, Tex. Other important branch lines owned by the Gulf, Colorado and Santa Fe extend from Cleburne, Tex., to Paris, Tex.; from Somerville, Tex., to Silsbee, Tex.; from Alvin, Tex., to Houston, Tex.; and from Weatherford Junction to Weatherford. The railroad is single tracked with the exception of about 1 mile at Dallas and 4 miles at Galveston, which is double tracked. The lines used by the Gulf, Colorado and Santa Fe under lease are located in Texas and Louisiana, and are described below. The total operated mileage serves a large portion of central and eastern Texas and small portions of Oklahoma and Louisiana, the principal cities reached being Beaumont, Galveston, Houston, Dallas, and Fort Worth, Tex.
The Gulf, Colorado and Santa Fe wholly owns 1,244.010 miles of road, of which 1,238.734 miles are used by it and 5.276 miles are leased to the Houston Belt & Terminal Railway Company for exclusive operation. It also wholly uses 668.288 miles of road owned by other carriers, of which 84.516 miles, extending from Coleman, Tex., to Sweetwater, Tex., represents a portion of the common-carrier property owned by The Pecos and Northern Texas Railway Company. The remaining mileage, owned by companies which lease their entire common-carrier properties to the Gulf, Colorado and Santa Fe, is described in the paragraphs below. In addition to the above, other mileage shown in Appendix 1 is jointly owned by the Gulf, Colorado and Santa Fe with other carriers.
Introductory[edit]
The Gulf, Colorado and Santa Fe is a corporation of the State of Texas, having its principal offices at Galveston, Tex. It is controlled by The Atchison, Topeka and Santa Fe Railway Company through ownership of a majority of the outstanding capital stock. On the other hand, the Gulf, Colorado and Santa Fe controls jointly with other companies, through ownership of capital stock to the extent indicated, the following named companies, whose properties are operated as stated:
| Company controlled | Stock ownership Per cent |
Other controlling companies | Operation |
|---|---|---|---|
| Houston Belt & Terminal Railway Company. | 25 |
|
By its own organization. |
| The Union Terminal Company (Dallas, Tex.) | 12.5 |
|
By its own organization. |
Corporate History[edit]
The Gulf, Colorado and Santa Fe was incorporated for a period of 60 years under an act of the Legislature of the State of Texas, passed May 28, 1873, and various amendments thereto. The line in Oklahoma was built under authority of an act of Congress, approved July 4, 1884. On April 15, 1879, all of the property, rights, and franchises were sold at foreclosure sale to satisfy a note for $250,000 held by George Sealy. This property was bought in by Sealy for $200,000. On April 19, 1879, Sealy and certain associates, as purchasers of the property, reorganized under the old charter of the Gulf, Colorado and Santa Fe. All liabilities of the previous organization were thus controlled and new books were opened on April 19, 1879.
The Gulf, Colorado and Santa Fe acquired the properties of three railroad corporations and they, together with the Gulf, Colorado and Santa Fe, comprise the line of corporate succession culminating in the company as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the data[sic] and manner of succession.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1. | Gulf, Colorado and Santa Fe Railway Company. | May 28, 1873. | |
| 2. | Chicago, Texas and Mexican Central Railway Company. | Sept. 16, 1880. | Sold to 1 on July 6, 1882. |
| 3. | The Central and Montgomery Railway Company. | Dec. 29, 1877. | Sold to 1 on Sept. 6, 1882. |
| 4. | Texas, Louisiana and Eastern Railroad Company. | Apr. 2, 1891. | Sold to 1 on July 26, 1897. |
All of the above corporations were incorporated in Texas.
Development of Fixed Physical Property[edit]
The approximate mileage of road owned by the Gulf, Colorado and Santa Fe on date of valuation was acquired as follows: By purchase 173.33, by construction 1,066.19, total 1,239.52. By direct purchase.—Information concerning the property acquired by the Gulf, Colorado and Santa Fe through purchase, including the location, dates of construction, and mileage of road are shown in the following tabulation:
| Mileage | |
|---|---|
| By direct purchase: | |
| Purchased by George Sealy and associates from original company, having same name as the Gulf, Colorado and Santa Fe, who reorganized under the old charter partially constructed by the original company between 1877 and April 15, 1879, Galveston to Richmond, Tex. | 63.00 |
| Acquired from and constructed by Chicago, Texas and Mexican Central Railway Company Cleburne to Dallas, Tex., in 1881-2. | 53.33 |
| Acquired from and constructed by The Central and Montgomery Railway Company, Navasota to Montgomery, Tex. in 1878-9. | 27.40 |
| By purchase at foreclosure, acquired from and constructed by Texas, Louisiana and Eastern Railroad Company, Conroe to Merriam, Tex., July, 1891, to June, 1893. | 29.60 |
| Total. | 173.33 |
By construction.—Information concerning properties acquired by the Gulf, Colorado and Santa Fe through construction, including the location, dates of construction, beginning of operation, and mileage of road is shown in the following tabulation:
| Location | Year constructed |
Placed in operation |
Approximate mileage |
|---|---|---|---|
| In Texas: | |||
| Galveston to Richmond, completion of construction of road reacquired from Sealy and associates. | 1879-1880 | Aug. 1, 1880 | --- |
| Richmond to Brenham. | 1880 | Aug. 1, 1880 | 63.00 |
| Brenham to Belton. | 1881 | 1881 | 100.00 |
| Temple to Fort Worth. | 1881 | 1881 | 128.00 |
| Belton to Lampasas. | 1882 | May 5, 1882 | 48.00 |
| Alvin to Houston. | 1883 | May 1, 1883 | 25.66 |
| Somerville to Navasota. | 1883 | June 1, 1883 | 28.60 |
| Montgomery to Conroe. | 1885 | Sept. 1, 1885 | 17.59 |
| Lampasas to Ballinger. | 1886 | 1886 | 132.24 |
| Coleman Junction to Coleman. | 1886 | Apr. 1, 1886 | 6.26 |
| Dallas to Honey Grove. | 1886 | 1886 | 78.90 |
| Fort Worth to Texas-Oklahoma State line. | 1887 | 1887 | 71.30 |
| Ladonia to Paris. | 1887 | 1887 | 32.00 |
| Cleburne to Weatherford. | 1887 | 1887 | 41.73 |
| Ballinger to San Angelo. | 1888 | 1888 | 35.24 |
| Trinity River to Silsbee. | 1902 | 1902 | 50.00 |
| Bragg to Saratoga. | 1904 | 1904 | 9.49 |
| Lameta to Eden. | 1911 | 1911 | 98.18 |
| Total. | 966.19 | ||
| In Oklahoma: | |||
| Oklahoma-Texas State line to Purcell. | 1887 | 1887 | 100.00 |
| Grand total. | 1,066.19 |
The line from Galveston to Richmond was purchased before completion from Sealy and associates and construction was then completed by the Gulf, Colorado and Santa Fe. Its mileage is shown only under property acquired by purchase. The total road mileage recorded by the Gulf, Colorado and Santa Fe as acquired through purchase and by construction aggregates 1,239.52 miles, which is 4.49 miles less than that inventoried by us as of date of valuation.
Leased Railway Property[edit]
The Gulf, Colorado and Santa Fe uses, on the date of valuation, certain property of other carriers, and other carriers use certain property of the Gulf, Colorado and Santa Fe. The description of the road and the more important facilities so used, together with the considerations paid and received for such use for the year ending on date of valuation, follows:
| Rental Accrued for the Year | ||
|---|---|---|
| Solely owned but not used, leased to— | ||
| Houston Belt & Terminal Railway Company, tracks, lands, and other facilities in Houston, Tex. The Gulf, Colorado and Santa Fe receives as rental 5 per cent per annum on an agreed valuation of $769,529.50. Lessee maintains property and pays all taxes, assessments, etc. | $38,476.44 | |
| Solely used, but not owned, leased from the— | ||
| Cane Belt, entire property. Lease runs from July 1, 1905, to July 1, 1955. The Gulf, Colorado and Santa Fe pays for use of this property 6 per cent on capital stock, interest on bonds and other obligations existing at commencement of contract, or incurred subsequent thereto, also payment of taxes and other governmental assessments: | ||
| Interest on capital stock | 6,000.00 | |
| Interest on notes | 62,566.05 | |
| Interest on certificates of indebtedness | 3,044.44 | |
| Interest on current account with The Atchison, Topeka and Santa Fe Railway Company | 1,564.90 | |
| 73,175.39 | ||
| Concho, San Saba and Llano Valley, entire property. Lease runs for a term of 10 years from July 1, 1914. The Gulf, Colorado and Santa Fe pays for the use of the property $52,000 per annum, 6 per cent interest on additions and betterments applied to the property; all rental and other sums due under any agreement existing at commencement of contract; taxes, assessments, and other governmental charges; and all expenses necessarily incurred for the purpose of maintaining and perpetuating its organization. | 52,006.57 | |
| Gulf and Interstate, entire property. Lease runs for a term of 10 years from July 1, 1914. The Gulf, Colorado and Santa Fe pays for the use of the property the sum of $70,000 per annum, 6 per cent interest on all additions and betterments applied to the property, all interest which shall accrue upon any indebtedness, and all taxes, assessments, and governmental charges. | 70,155.30 | |
| Gulf, Beaumont & Kansas City, entire property. Lease runs for a term of 10 years from July 1, 1914. The Gulf, Colorado and Santa Fe pays for the use of the property interest on first and second mortgage bonds, 6 per cent interest on additions and betterments applied to property, interest on any obligation incurred during term of lease, and all taxes and governmental charges. | 100,315.82 | |
| Gulf, Beaumont & Great Northern, entire property. Lease runs for a term of 10 years from July 1, 1914. The Gulf, Colorado and Santa Fe pays for the use of the property all interest on outstanding bonds and other obligations; 6 per cent interest on additions and betterments applied to property; all rental and other sums due under any agreement existing at commencement of contract; taxes, assessments, and other governmental charges; and all expenses necessarily incurred for the purpose of maintaining and perpetuating its organization: | ||
| Interest on first-mortgage bonds | 50,600.00 | |
| Interest on certificates of indebtedness | 8,445.16 | |
| Interest on capital advances at | 811.02 | |
| Adjustment | .08 | |
| 65,856.26 | ||
| Texas and Gulf, entire property. Lease runs for a term of 10 years from July 1, 1914. The Gulf, Colorado and Santa Fe pays for the use of the property the sum of $52,000 per annum, 6 per cent interest on all additions and betterments applied to the property, all interest which shall accrue upon any indebtedness, and all taxes, assessments, and governmental charges. | 53,055.80 | |
| Port Bolivar Iron Ore Railway, entire property. Lease runs for a term of 5 years from July 1, 1913. The Gulf, Colorado and Santa Fe pays for the use of the property $40,000 per year and all taxes and governmental charges, less any sums up to $5,000 expended for additions and betterments. | 40,000.00 | |
| Jasper and Eastern, entire property. Lease runs for a term of 50 years from Aug. 1, 1926. The Gulf, Colorado and Santa Fe pays for the use of the property 6 per cent on the capital stock, interest on outstanding bonds and other indebtedness, all rental or other sums due under any agreement existing at commencement of contract, taxes, assessments, and governmental charges, and all expenses necessarily incurred for the purpose of maintaining and perpetuating its organization. | 108,100.16 | |
| The Pecos and Northern Texas Railway Company, tracks, 81.394 miles of road and 14.409 miles of other tracks, from Coleman to Sweetwater Junction, Tex., and 3.122 miles of road and 17.715 miles of other tracks, from Sweetwater Junction to Sweetwater, Tex. Term, 10 years from July 1, 1914. For the use of this property, the Gulf, Colorado and Santa Fe pays the sum of $240,000 per annum, 6 per cent interest on all additions and betterments applied to the property, interest on all indebtedness incurred during the term of the lease, and all taxes and other governmental charges. | 240,196.96 | |
| Solely owned, but jointly used, used with— | ||
| St. Louis, Brownsville & Mexico Railway Company, tracks, 24.32 miles, from Algoa to Houston, Tex. Interest rental equals 1⅔ per cent per annum on an agreed valuation and one-third of taxes, insurance, and assessments. Maintenance and operation based on car mileage. | 19,975.74 | |
| St. Louis, San Francisco and Texas Railway Company, tracks, 96 miles, from Dallas to Paris, Tex. The Gulf, Colorado and Santa Fe receives as rental one-half of passenger, freight, and mail business destined to points beyond Dallas and Paris on "Frisco" trains and 2.5 per cent per annum on an agreed valuation. Taxes, insurance, maintenance, and operation based on car mileage. Station expense on tonnage basis. | 93,308.39 | |
| Fort Worth & Rio Grande Railway Company, tracks, 10.94 miles, from Brady to Whiteland, Tex. The Gulf, Colorado and Santa Fe receives as rental the sum of $6,455.16 per annum and 50 per cent of taxes, insurance, and assessments. Maintenance and operating expenses based on car mileage. Station expenses on tonnage basis. The Gulph, Colorado and Santa Fe receives mail pay for original route and the user company receives mail pay for lap route. | 8,621.12 | |
| Lake Charles & Northern Railroad Company, tracks, 20.7 miles, from De Ridder to Nitram, La. Rent based on 2.5 per cent per annum on agreed valuation and one-half of taxes, insurance, and assessments. Maintenance and operation based on car mileage. | 11,187.51 | |
| Chicago, Rock Island and Gulf Railway Company, and St. Louis, San Francisco and Texas Railway Company, freight, passenger, and terminal facilities, including 2.92 miles of main track at Dallas, Tex. Rent based on 1⅔ per cent per annum on an agreed valuation and one-third of taxes, insurance, and assessments. Maintenance and operation of passenger facilities and tracks on car basis. Freight facilities on tonnage basis— | ||
| Chicago, Rock Island and Gulf Railway Company | 36,847.87 | |
| St. Louis, San Francisco and Texas Railway Company | 36,902.15 | |
| 73,750.02 | ||
| The Union Terminal Company (Dallas, Tex.), lands, tracks, rights, and franchises at Dallas, Tex. The Gulf, Colorado and Santa Fe receives monthly rental of $561.38 and all taxes, assessments, and governmental charges. | 7,536.56 | |
| Fort Worth & Rio Grande Railway Company, freight and passenger facilities at Brady, Tex. The Gulf, Colorado and Santa Fe receives monthly rental of $247.86 and one-half of all taxes, assessments, and insurance. | 5,223.65 | |
| The Union Passenger Depot Company of Galveston, tracks, about 0.5 mile of double track on Strand Street, Galveston, Tex. Rent based on 5 per cent per annum on a valuation of $16,369.64. | 818.52 | |
| The Atchison, Topeka and Santa Fe Railway Company: | ||
| Tracks at Pauls Valley, Okla. | 2,984.77 | |
| Tracks at Davis, Okla. | 132.70 | |
| Panhandle and Santa Fe Railway Company, freight and passenger facilities at Sweetwater, Tex. Rent based on 3 per cent per annum on valuation of $939,823.66 and 50 per cent of taxes, assessments, and insurance. | 29,634.18 | |
| Lufkin, Hemphill & Gulf Railway Company, tracks, 1.14 miles, together with station facilities at Bronson, Tex. Terms of lease and amount of rental not determined. | --- | |
| St. Louis, San Francisco and Texas Railway Company, tracks, 3.76 miles, from Fort Worth to Bird Siding, Tex. Terms of lease and amount of rental not determined. | --- | |
| Various carriers, other companies use numerous minor facilities of the Gulf, Colorado and Santa Fe. | 2,665.95 | |
| Jointly used, but not owned, owned by— | ||
| The San Antonio and Aransas Pass Railway Company, tracks, 2.93 miles, from Houston to Blodgett, Tex. The Gulf, Colorado and Santa Fe operates passenger trains only over these tracks for which it pays $1 per train-mile. | 2,654.13 | |
| The Galveston, Harrisburg and San Antonio Railway Company, tracks, 32.80 miles, from Houston to Rosenburg, Tex. The Gulf, Colorado and Santa Fe operates passenger trains only over these tracks, for which it pays 75 cents per train-mile. | 25,484.76 | |
| St. Louis Southwestern Railway Company of Texas, tracks, 18.20 miles, from McGregor to Waco, Tex. Rental on basis of 40 cents per train-mile. | 12,338.86 | |
| Houston Belt & Terminal Railway Company, freight and passenger terminal facilities at Houston, Tex. The Gulf, Colorado and Santa Fe pays one-fourth of interest on the Terminal Company's bonds, one-fourth of sums payable by Terminal Company for leasing of additional facilities and one-fourth of all taxes, assessments, and insurance. | 95,298.39 | |
| The Union Passenger Depot Company of Galveston, terminal and station facilities at Galveston, Tex. These facilities are used by the Gulf, Colorado and Santa Fe and four other railroads entering Galveston. The interest rental for the use of the property was 5 per cent per annum on an agreed valuation and on all additions and betterments applied, also the payment of all taxes, assessments, and governmental charges. The Gulf, Colorado and Santa Fe's proportion of this rental was 30 per cent. | 12,866.27 | |
| Fort Worth Union Passenger Station Company, terminal and station facilities at Fort Worth, Tex. These facilities are used jointly by the Houston and Texas Central Railroad Company and the Gulf, Colorado and Santa Fe, the latter paying for the use of the facilities one-half of 5 per cent per annum on the capital liabilities and notes which equal the cost of the property; also one-fourth of the taxes. | 3,414.84 | |
| The Atchison, Topeka and Santa Fe Railway Company, tracks and facilities at Purcell, Okla. Monthly rental $449.90. | 5,399.76 | |
| Paris and Great Northern Railroad Company, station and terminal facilities at Paris, Tex. Interest rental based on 2.5 per cent per annum on a valuation of $114,431.33. | 3,066.06 | |
| St. Louis Southwestern Railway Company of Texas, freight and passenger facilities at Waco, Tex. The Gulf, Colorado and Santa Fe pays as rental $9,752 per annum, plus 5 per cent on additions and betterments applied to the property. | 10,872.26 | |
| Fort Worth & Rio Grande Railway Company, station and terminal facilities at Brady, Tex., including 2.64 miles of main track and 3.67 miles of other track. Interest rental based on 2.5 per cent per annum on an agreed valuation of $117,927.56 and one-half of all taxes, assessments, and other governmental charges and insurance. | 2,948.16 | |
| Santa Fe Dock and Channel Company, tracks at Port Bolivar, Tex. The Gulf, Colorado and Santa Fe has right to perform switching service over tracks, for which no rental is paid. | --- | |
| The Houston East and West Texas Railway Company: | ||
| Station facilities at Tenaha, Tex., including 0.64 mile of main track and 0.7 mile of other tracks. The Gulf, Colorado and Santa Fe pays as annual rental | 455.40 | |
| Station facilities at Timpson, Tex., including 0.35 mile of main track and 0.33 mile of other tracks. Rental $150 per month plus $1.25 per train for each train over four trains per day operated over joint track. | 1,542.84 | |
| Various carriers, for use of other smaller facilities owned by other companies in various places | 2,207.42 | |