Wikipedia:WikiProject Trains/ICC valuations/Pecos and Northern Texas Railway

Interstate Commerce Commission, Valuation Reports, Volume 127

Pecos & Northern Texas Railway

The road in Docket No. 597, the Pecos & Northern Texas, located wholly in northwestern Texas, extends from Amarillo southwestward to the New Mexico State line near Farwell, Tex., thence southeast ward to Coleman, with branches from Canyon to Lubbock, from Plainview to Floydada, from Slaton Junction to Lamosa, and from Sweetwater Junction to Sweetwater. The section from Amarillo to Farwell is a part of the Santa Fe's transcontinental line through Amarillo to Belen. These lines comprise 570.4 miles of first main track and 719.9 miles of all tracks wholly owned but not used, being leased partly to the Gulf, Colorado & Santa Fe and partly to the Panhandle & Santa Fe, both Santa Fe system roads already referred to. There is no jointly used or owned property.

The Pecos & Northern Texas was incorporated in Texas on March 19, 1898, and constructed its own lines. Since 1901 control has been exercised by the Santa Fe through the Pecos Valley & Northeastern Railway Company and its successor, the Eastern Railway Company of New Mexico, a noncarrier corporation.

Location and General Description of Property

The railroad owned by The Pecos and Northern Texas Railway Company, hereinafter called the Pecos and Northern Texas, is a single-track standard-gauge steam railroad, located entirely within the State of Texas. The main line extends in a southwesterly direction from Amarillo to the Texas-New Mexico State line at Farwell; thence in a south easterly direction to Coleman. Branch lines extend from Canyon to Lubbock, from Plainview to Floydada, from Slaton Junction to Lamesa, and from Sweetwater Junction to Sweetwater.

The Pecos and Northern Texas itself operates no common-carrier property. That portion of its line extending from Coleman to Sweetwater Junction and from Sweetwater Junction to Sweetwater, aggregating 84.516 miles of road, is leased to the Gulf, Colorado and Santa Fe Railway Company for exclusive operation. The remaining 485.889 miles of road is leased to the Panhandle and Santa Fe Railway Company for exclusive operation. The Pecos and Northern Texas wholly owns 719.937 miles of all tracks. These tracks, consisting of first main tracks and yard tracks and sidings, are classified in the trackage table in Appendix 1.

Introductory

The Pecos and Northern Texas is a Texas corporation, having its principal office at Amarillo, Tex. From its creation to January, 1901, the Pecos and Northern Texas was controlled by J. J. Hagerman, through The Pecos Valley and Northeastern Railway Company, which owned all the securities of the Pecos and Northern Texas. Since 1901 control has been exercised by The Atchison, Topeka and Santa Fe Railway Company through ownership of the securities of The Pecos Valley and Northeastern Railway Company and its successor, The Eastern Railway Company of New Mexico. The Pecos and Northern Texas was organized as part of the general plan of the Hagerman interests, in the reorganization of their New Mexico railroad properties, and in conjunction with The Pecos Valley and Northeastern Railway Company it furnished a northern and eastern outlet at Amarillo, Tex., for their railroads located in the Pecos River Valley of New Mexico and Texas.

On July 1, 1914, the line from Coleman to Sweetwater, consisting of 84.516 miles of main line and 32.124 miles of other tracks, was leased to the Gulf, Colorado and Santa Fe Company for a term of 10 years. The remainder of the road, which extends from Amarillo to the Texas-New Mexico State line, from that point to Sweetwater Junction, from Canyon to Lubbock Junction, from Plainview Junction to Floydada, and from Slaton Junction to Lamesa, 485.889 miles of main line and 117.408 miles of other tracks, was leased, for sole operation, to the Panhandle and Santa Fe Railway Company for a term of 10 years from July 1, 1914.

Corporate History

The Pecos and Northern Texas was incorporated under provisions of chapter 1, title 94, of the Revised Statutes of Texas, on March 19, 1898, for a period of 50 years. Its stated purpose, as amended, was to locate, construct, own, and operate a standard-gauge railroad from Amarillo, Tex., southwesterly to the Texas-New Mexico State line and from that point southeasterly to Coleman, Tex., together with various branch lines.

Development of Fixed Physical Property

The Pecos and Northern Texas acquired its property through construction. The statement following shows the termini of the various sections, the dates construction was commenced, the dates the sections were placed in operation, and the approximate mileage.

	Construction commenced	Placed in operation	Approximate mileage
Amarillo to Texas-New Mexico State line.	Apr. 1, 1898	Mar. 1, 1899	95
Canyon to Plainview.	Feb. 28, 1906	Feb. 27, 1907	57
Plainview to Lubbock Junction.	May 10, 1909	Jan. 9, 1910	46
Lubbock Junction to Coleman.	July 5, 1909	Dec. 1, 1911	200
Sweetwater Junction to Sweetwater.
Slaton Junction to Lamesa.	Dec. 27, 1909	Oct. 1, 1910	54
Plainview to Floydada.	Jan. 9, 1909	May 1, 1910	27
Texas-New Mexico State line to Lubbock Junction.	July 24, 1912	Mar. 1, 1914	88
Total mileage constructed.			570
Difference between total recorded mileage and mileage inventoried as of date of valuation.			.405
Mileage inventoried as of date of valuation.			570.405

The initial construction was that part of the line between Amarillo and the Texas-New Mexico State line, which was constructed for the Pecos and Northern Texas by The Pecos Railway Construction and Land Company, hereinafter called the construction company. The construction company was incorporated in Colorado by J. J. Hagerman. It received stock and bonds of the Pecos and Northern Texas in payment for the road it constructed. These securities were exchanged by the construction company for securities of The Pecos Valley and Northeastern Railway Company, so as to vest the ownership of the Pecos and Northern Texas in that company. The construction company at the same time built a line for The Pecos Valley and Northeastern Railway Company from the Texas-New Mexico State line to Roswell, N. Mex., with the result that the construction company built for the two railroad companies a continuous line, 206 miles in length, from Amarillo, Tex., to Roswell, N. Mex., as one construction project.

Construction of the line between Floydada and Plainview was commenced by the Llano-Estacada Railway Company, which completed the grading of the roadbed and the placing of culverts. In March, 1910, the Pecos and Northern Texas purchased the graded roadbed and completed the line under its own charter. On the section of road from the Texas-New Mexico State line to Lubbock Junction, preliminary work was started under the charter of the Gulf, Santa Fe and Northwestern Railway Company, but this company was merged with the Pecos and Northern Texas on April 23, 1906.

Leased Railway Property

The Pecos and Northern Texas is a nonoperating company, all of its property being leased to others for sole operation, as follows:

	Rental
Solely owned, but not used, leased to—
Panhandle and Santa Fe Railway Company, all the railroad and appurtenances lying north of milepost 461 near Sweetwater Junction, Tex., consisting of 485.889 miles of main line and 117.408 miles of other tracks, for a term of 10 years from July 1, 1914. The main line extends from Sweetwater Junction to the Texas-New Mexico State line and from that point to Amarillo. The branch lines extend from Slaton to Lamesa, Lubbock Junction to Canyon, and from Plainview Junction to Floydada. Rent $565,000 per annum and 6 per cent per annum on cost of additions and betterments. The Pecos and Northern Texas has received for the use of this property for the year ending on date of valuation.	$572,053.35
Gulf, Colorado and Santa Fe Railway Company, all the railroad and appurtenances lying south of milepost 461, near Sweetwater Junction, Tex., consisting of 81.394 miles of main line and 14.409 miles of other tracks between Coleman and Sweetwater Junction, and 3.122 miles of main line and 17.715 miles of other tracks between Sweetwater Junction and Sweetwater, for a term of 10 years from July 1, 1914. Rent $240,000 per annum and 6 per cent per annum on cost of additions and betterments. The Pecos and Northern Texas has received for the use of the property for the year ending on date of valuation.	240,196.96
Total received for leased property for the year ending on date of valuation.	812,250.31

Predecessor Company

Gulf, Santa Fe and Northwestern Railway Company

The Gulf, Santa Fe and Northwestern Railway Company was incorporated September 13, 1905, in the State of Texas. The company was organized in the interests of The Atchison, Topeka and Santa Fe Railway Company to build certain lines in the State of Texas. It expended $1,500, advanced to it by the Pecos and Northern Texas, for right of way, when it was decided to build the proposed line under the amended charter of the Pecos and Northern Texas. The advances received and the expenditures made were, therefore, transferred to the books of the Pecos and Northern Texas. On April 23, 1906, the company deeded all of its property, rights, and franchises to the Pecos and Northern Texas.