Wikipedia:WikiProject Trains/ICC valuations/Southern Pacific Terminal Company

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CORPORATE HISTORY

The Southern Pacific Terminal was incorporated July 6, 1901, for a period of 50 years under the general laws of Texas.

The purpose of incorporation was to construct and operate warehouses, docks, and wharves, and grain elevators, including the construction, owning, and operating of docks on the Texas coast for the protection and accommodation of ships and all kinds of vessels for navigation and their cargoes; and to avail of, use, and enjoy the properties, rights, and privileges and franchises granted in the act of the Legislature of the State of Texas, approved May 1, 1899, entitled "An Act ratifying and confirming an ordinance passed by the City Council of the city of Galveston on the 4th day of February, 1899, entitled 'An ordinance abandoning, discontinuing, and closing certain streets, avenues, and alleys of the city of Galveston, and authorizing and empowering Collis P. Huntington, his heirs or assigns, perpetually to construct and maintain piers on the shore of Galveston Bay within the corporate limits of the City of Galveston upon certain specified conditions,' and conditionally relinquishing any claim the State of Texas may have to part of the property therein described."

The date of organization was July 9, 1901.

The articles of incorporation were amended by the filing of a certificate dated July 10, 1903, providing for an increase in the authorized capital stock from $1,000,000 to $2,000,000.

The incorporators were W. G. Van Vleck, C. B. Seger, and R. S. Lovett, all of whom were identified with companies controlled by the Southern Pacific Company.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road and facilities owned by the Southern Pacific Terminal on the date of valuation had been acquired by it as indicated hereunder.

By purchase from estate of Collis P. Huntington.—The properties purchased by the Southern Pacific Terminal, as per deed of conveyance dated July 10, 1901, from the Executrix and Executors of the Will and Estate of Collis P. Huntington, deceased, consisted of lands, rights, privileges, and franchises at Galveston, secured by the Southern Pacific Company, through C. P. Huntington, its representative, together with certain development work and improvements such as filling in lands, laying of tracks to aid in construction, building bulkheads, etc.

The Galveston flood of September 8, 1900, destroyed or damaged the work to a considerable extent. Repairs were made and the work was continued by the Southern Pacific Company until the incorporation of the Southern Pacific Terminal. The extent of the work performed by the Southern Pacific Company, however, can not be specifically stated, nor can the expenditures made by it, prior to the coming into existence of the Southern Pacific Terminal, be verified on account of the destruction of the records of the Southern Pacific Company in the Equitable Building fire at New York City on January 9, 1912.

By construction.—After purchase of the properties from the Estate of C. P. Huntington, the Southern Pacific Company continued the work of construction under the charter of the Southern Pacific Terminal. A total of 27.27 miles of terminal tracks was laid, principally during the year 1901. Roundhouse, blacksmith shop, and other railroad property was constructed by the Galveston, Houston & Northern Railway Company and The Galveston, Harrisburg and San Antonio Railway Company during 1905 and 1906 for account of the Southern Pacific Terminal.

HISTORY OF CORPORATE FINANCING