Wikipedia:WikiProject Trains/ICC valuations/Panhandle and Santa Fe Railway

Interstate Commerce Commission, Valuation Reports, Volume 127

Panhandle and Santa Fe Railway

Location and General Description of Property

The railroad of Panhandle and Santa Fe Railway Company, hereinafter called the Panhandle and Santa Fe, is a single-track standard-gauge steam railroad, located in the northwestern part of Texas. The owned mileage extends southwesterly from the Oklahoma-Texas State line, near Higgins, Tex., to Amarillo, Tex. The Panhandle and Santa Fe also operates under lease all of the common-carrier property owned by The Pecos River Railroad Company, which is described in the paragraph below, and a portion of the common-carrier property of The Pecos and Northern Texas Railway Company. The property leased from the last-named company, aggregating 485.889 miles of road, consists of a main line extending in a southwesterly direction from Amarillo, Tex., to the Texas-New Mexico State line at Farwell, Tex., and thence in a southeasterly direction to Sweetwater, Tex., with branches from Canyon, Tex., to Lubbock, Tex.; from Plainview, Tex., to Floydada, Tex.; and from Slaton Junction, Tex., to Lamesa, Tex.

Introductory

The Panhandle and Santa Fe is a corporation of the State of Texas. Its principal office, originally established at Fort Worth, Tex., was, by charter amendment, moved to Panhandle City, Tex., on August 24, 1889, and to its present location at Amarillo, Tex., November 9, 1899. The Panhandle and Santa Fe was organized in the interest of, and is controlled by, The Atchison, Topeka and Santa Fe Railway Company, through ownership of its capital stock. On the other hand, the records do not indicate that this company itself controls any other carrier corporation.

On December 5, 1898, the property of The Panhandle Railway Company, consisting of about 14.5 miles of completed road between Panhandle City and Washburn, Tex., was purchased at foreclosure sale by B. Wilder, treasurer of The Atchison, Topeka and Santa Fe Railway Company, and was by him conveyed by deed to the Panhandle and Santa Fe under its former name on January 1, 1900. This property was operated by the Panhandle and Santa Fe, under lease, from April 20, 1898, and as owned property from December 5, 1898, to April 12, 1908, when, upon completion of the line from Panhandle City to Amarillo, Tex., it was abandoned and removed in its entirety.

Corporate History

The Panhandle and Santa Fe was incorporated on November 2, 1886, under provisions of chapter 1, title 84, of the Revised Statutes of Texas, as The Southern Kansas Railway Company of Texas, for a period of 50 years. On June 5, 1914, its name was changed to Panhandle and Santa Fe Railway Company.

Development of Fixed Physical Property

The Panhandle and Santa Fe acquired Its property by purchase and construction. The following statement shows the termini of the various sections, the dates purchased or the dates construction commenced, the dates the sections were placed In operation, and the mileage:

[Section]	Purchased or construction begun	Placed in operation	Mileage
Purchased from The Panhandle Railway Company, Panhandle City, Tex., to Washburn, Tex.	Dec. 5, 1898	Dec. 5, 1898	14.540
Constructed by The Atchison, Topeka and Santa Fe Railway Company for the Panhandle and Santa Fe:
Oklahoma-Texas State line to Canadian, Tex.	Nov. --, 1886	Sept. 12, 1887	30.170
Canadian, Tex., to Panhandle City, Tex.	Nov. --, 1886	Jan. 15, 1888	70.084
Constructed by the Panhandle and Santa Fe, Panhandle City, Tex., to Amarillo, Tex.	Apr. --, 1907	Apr. 12, 1908	24.660
Total purchased and constructed.			139.454
Abandoned April 12, 1908, Panhandle City, Tex., to Washburn, Tex.			14.540
Mileage inventoried as of date of valuation.			124.914

Leased Railway Property

The Panhandle and Santa Fe uses on date of valuation facilities owned by other companies and other companies use facilities owned or leased by the Panhandle and Santa Fe 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 or credited to income for the year ending on date of valuation are as follows:

	Rental
Used but not owned, leased from—
The Pecos and Northern Texas Railway Company, all of the railroad and appurtenances of this company lying north of M. P. 461, near Sweetwater Junction, Tex., consisting of 485.889 miles of main line and 117.408 miles of other tracks. The main lines extend from Amarillo to the Texas-New Mexico State line and from that point to Sweetwater Junction. The main branch lines extend from Canyon to Lubbock Junction, Plainview Junction to Floydada, and from Slaton Junction to Lamesa, all in the State of Texas. The lease is for a term of 10 years from July 1, 1914, and rental is fixed at $565,000 per annum plus 6 per cent on additions and betterments. The Panhandle and Santa Fe pays all operating expenses and receives all revenues.	$572,053.35
Pecos River, all of the railroad and appurtenances of the Pecos River, consisting of 54.263 miles of main line and 2.177 miles of other tracks, between Pecos City, Ward County, Tex., and a connection with the railroad of The Atchison, Topeka and Santa Fe Railway Company on the Texas-New Mexico State line. Lease is for a term of 10 years from July 1, 1913, and rental is fixed at $5,000 per annum plus 6 per cent on additions and betterments. The Panhandle and Santa Fe pays all operating expenses and taxes and receives all revenues.	5,104.04
Total paid for rent of leased roads.	577,157.39
Jointly used, but not owned, owned by—
The Pecos and Northern Texas Railway Company, station, yard, and terminal facilities, including 5.312 miles of main track between milepost 461 and Sweetwater, Tex.; owned by The Pecos and Northern Texas Railway Company and leased for sole operation by the Gulf, Colorado and Santa Fe Railway Company. Commencing July 1, 1914, the Panhandle and Santa Fe has jointly used the property with the lessee. Formal contract had not been executed on date of valuation but the Panhandle and Santa Fe pays as rental one-half of 6 per cent per annum on the value of the property.	29,634.18
Other small facilities owned by other carriers, amount paid during the year ending on date of valuation.	5.00
Total paid for Joint-facility rents.	29,639.18
Solely leased, but jointly used, owned by—
The Pecos and Northern Texas Railway Company, station and yard facilities at Lubbock, Tex., owned by The Pecos and Northern Texas Railway Company and leased by the Panhandle and Santa Fe, jointly used with the Crosbyton-Southplains Railroad Company. Rent $3,000 per annum. Amount received by Panhandle and Santa Fe for the year ended on date of valuation, was $3,000; the portion of which credited to joint-facility rents amounted to.	2,362.08
Other small facilities owned by the Panhandle and Santa Fe, amount received during the year ending on date of valuation.	169.13
Total received from joint-facility rents.	2,531.21

The amounts paid and received as joint-facility rents are shown in the net item of $27,107.97 in the income account.