Wikipedia:WikiProject Trains/ICC valuations/Midland Terminal Railway

Interstate Commerce Commission, Valuation Reports, Volume 110

The Midland Terminal Railway

Location and General Description of Property

The railroad of The Midland Terminal Railway Company, herein after called the carrier, is a single-track standard-gauge steam railroad located in central Colorado. The owned mileage consists of a main line extending from Divide to Cripple Creek. The mileage used under lease consists of a line extending from Colorado Springs to Divide, Colo., and tracks in or near Cripple Creek, Colo. The carrier owns 29.038 miles of road, all of which it uses. It also wholly uses 27.386 miles of road owned by lessors, as described in the paragraphs below.

The carrier wholly owns and uses 47.643 miles of all tracks and wholly uses but does not own 47.465 miles of all tracks. These tracks, consisting of first main tracks and yard tracks and sidings are classified in a trackage table in Appendix 1. The carrier also jointly uses an undivided 0.709 mile of all tracks of one of the lessors described above, as shown in the trackage table in Appendix 1. On the other hand, the Colorado Midland Railroad jointly owns 2.306 undivided miles of sidetracks with another carrier, which property is solely used by the other owning carrier on date of valuation, as explained further in Appendix 1.

In addition to the mileage described above, the carrier and the Cripple Creek and Colorado Springs Railroad on date of valuation, were using certain mileage leased from another carrier, which property has been abandoned since date of valuation. Also, the Colorado Midland Railroad, on date of valuation, owned additional mileage which has been abandoned since date of valuation. Further information is given in Appendix 2. The property referred to in this paragraph has not been included in any summaries in this report showing mileage, reproduction costs, and areas and present values of land. Neither has mention been made of expenditures by lessees for improvements on such property.

Introductory

The carrier is a corporation of the State of Colorado, having its principal office at Colorado Springs, Colo. It is controlled by the Cripple Creek Central Railway Company, a holding corporation, through ownership of its entire outstanding capital stock except directors' qualifying shares. On the other hand the records reviewed do not indicate that the carrier itself controls any common-carrier corporations.

The property of the carrier was operated by its own organization from 1893 to July 21, 1917, and by the Cripple Creek and Colorado Springs Railroad under lease from July 22, 1917, to December 31, 1918. As of January 1, 1919, the lease agreement was canceled and, instead, the carrier leased the entire owned mileage of the Cripple Creek and Colorado Springs Railroad, which is herein classified as yard and side tracks; also a portion of the mileage of the Colorado Midland Railroad. This leased mileage, together with its owned property, has been operated by the carrier from January 1, 1919, to date of valuation.

Effective also on January 1, 1919, the carrier acquired oral permission from the Cripple Creek and Colorado Springs Railroad to operate over the railroad property which the latter company then held under lease from The Colorado Springs and Cripple Creek District Railway Company. As of date of valuation, the carrier is solely operating part of such property, and is using other portions jointly with the Cripple Creek and Colorado Springs Railroad, as more fully explained elsewhere in this report. However, since The Colorado Springs and Cripple Creek District Railway Company has subsequent to date of valuation abandoned its entire railroad, no part of its property is herein inventoried.

Corporate History

The carrier was incorporated August 9, 1892, under the general laws of the State of Colorado for the purpose of constructing, purchasing, or leasing a line of railroad from Cripple Creek to Hayden Divide, Colo. The date of its organization was August 27, 1892.

Development of Fixed Physical Property

The owned mileage of the carrier amounting to 29.038 miles, was all acquired by construction. The dates when the construction of the various portions of the line were completed are indicated in the following statement:

Portion constructed	Date completed	Recorded Mileage
Divide to Midland, Colo.	Dec. 11, 1893	7.10
Midland to Gillett, Colo.	July 4, 1894	7.33
Gillett to Victor, Colo.	Dec. 16, 1894	10.30
Victor to Anaconda, Colo.	Aug. 25, 1895	2.20
Victor to Victor Junction, Colo.	do.	.59
Anaconda to Cripple Creek, Colo.	Dec. 19, 1895	1.88
Total		29.40
Difference between total recorded mileage and mileage inventoried as of date of valuation		.362
Mileage inventoried as of date of valuation		29.038

The carrier's railroad was constructed under contract by R. Newell, jr., and W. E. Bailey, the latter taking over the construction upon the death of the former. The records reviewed indicate that Newell was a director of the company, but they do not indicate whether Bailey was affiliated with the carrier.

Leased Railway Property

The carrier uses on date of valuation property owned by other companies to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued and charged to income for the six months ending on date of valuation, are as follows:

	Rentals
Solely used, but not owned, leased from—
Colorado Midland Railroad, road, 27.386 miles, from Divide to Colorado Springs, Colo., and certain equipment; oral agreement without specified term of use, effective Jan. 1, 1919, lessee to maintain the property and pay a stipulated rental of $5,000 per month.	$30,000
Cripple Creek and Colorado Springs Railroad—
Entire owned mileage, comprising about 4.857 miles of yard tracks and sidings in the Cripple Creek district, Colo. Oral agreement without specified term of use, effective from Jan. 1, 1919; lessee to maintain the property and pay a specified rental of $2,500 per month from January to June, 1919, inclusive. The rental paid for this property includes that for the right of use of any part of the road of The Colorado Springs and Cripple Creek District Railway Company, leased by the Cripple Creek and Colorado Springs Railroad, of which 2.2 miles are solely operated and 17.7 are jointly used by the carrier on date of valuation.	15,000
Tracks, 2.2 miles, in the Cripple Creek district, Colo., owned by The Colorado Springs and Cripple Creek District Railway Company and leased by the Cripple Creek and Colorado Springs Railroad; no written agreement; rental included in the item of $15,000 above. This property has been abandoned since date of valuation.	......
Jointly used, but not owned, owned by—
The Colorado Springs and Cripple Creek District Railway Company, tracks, 17.7 miles, in the Cripple Creek district, Colo., leased by the Cripple Creek and Colorado Springs Railroad; no written agreement; rents included in the item of $15,000 above. This property has been abandoned since the date of valuation.	......
The Atchison, Topeka and Santa Fe Railway Company, passenger station facilities, including tracks, at Colorado Springs, Colo.; agreement for indefinite period from Mar. 1, 1905, between owner and The Colorado Springs and Cripple Creek District Railway Company (joint use acquired Jan. 1, 1919, by the carrier, as explained in the paragraph below); stipulated payment of $325 per month.	780

The carrier has acquired permission orally from the Cripple Creek and Colorado Springs Railroad to use any part of the railroad property which the latter company leases from The Colorado Springs and Cripple Creek District Railway Company. On date of valuation, it is solely using 2.2 miles and jointly using 17.7 miles of such property, as noted above. The oral agreement also includes the right to use the passenger-station facilities at Colorado Springs, Colo., also noted above. The rental paid by the carrier to the Cripple Creek and Colorado Springs Railroad for the use of the above 19.9 miles is included with that paid for the 4.857 miles solely leased from the latter company.