Wikipedia:WikiProject Trains/ICC valuations/Texas Central Railroad

Interstate Commerce Commission, Valuation Reports, Volume 34

Texas Central Railroad

Location and General Description of Property

The railroad of the Texas Central Railroad Company, herein called the Texas Central, extending from Waco to Rotan, 268.151 miles, with a branch from De Leon to Cross Plains, aggregating in all 309.139 miles of road.

Introductory

The Texas Central is a corporation of the State of Texas, having its principal office at Dallas, Tex.

The Texas Central is controlled by the Missouri, Kansas & Texas Railway Company through ownership of 99.55 per cent of its outstanding capital stock. On the other hand, the records do not indicate that this company controls any common-carrier corporation.

Although the Texas Central did not acquire title to its property until January 23, 1893, the results of operations of the property of its predecessor by the purchasing trustees from September 25, 1891, were recorded in the accounts of the Texas Central. From January 23, 1893, to April 30, 1914, the property of the Texas Central was operated by its own organization, and from May 1, 1914, to December 31, 1917, it was operated by the Katy of Texas. From January 1, 1918, until date of valuation, it has been operated by the United States Railroad Administration as a part of the operating unit of the Katy of Texas.

Corporate History

The Texas Central was incorporated December 16, 1892, under the general laws of the State of Texas, for the purpose of acquiring and operating part of the railroad formerly owned by the Texas Central Railway Company, extending from Ross to Albany, Tex., and constructing and operating extensions of said railroad from Ross to Waco, Tex., and from Albany to Rotan, Tex. The date of organization of the Texas Central was not determined.

Pursuant to the above-mentioned purpose, the Texas Central acquired by deed dated January 23, 1893, certain of the property of the Texas Central Railway Company, which company had been incorporated May 30, 1879, under the general laws of the State of Texas and sold at foreclosure April 22, 1891, after receivership begun April 4, 1885.

Development of Fixed Physical Property

The 309.139 miles of road owned by the Texas Central on date of valuation was acquired by purchase and by construction, as indicated in the following table:

		Recorded miles
Acquired from the purchasing trustees:
From the Texas Central Railway Company, Jan. 23, 1893; constructed by the Texas Central Railway Company, Ross to Albany, Tex., 1879–1882.		177.00
Acquired by construction:
Ross to Waco, Tex., 1902–1905.	91.25
Albany to Stamford, Tex., 1900.	[included above]
Stamford to Rotan, Tex., 1906-1907.	40.98
De Leon to Cross Plains, Tex., 1910–1911.	[included above]
		132.23
Total.		309.23
Difference between total recorded mileage and mileage inventoried as of date of valuation.		.091
Mileage inventoried as of date of valuation.		309.139

Leased Railway Property

The entire property of the Texas Central is leased to the Katy of Texas for a term of 99 years from May 1, 1914. The terms of the lease and the rental accrued for the year ended December 31, 1917, are given in the chapter on leased railway property in the report on the Katy of Texas.

Predecessor Company

Texas Central Railway Company

Introductory

The Texas Central Railway Company was incorporated May 30, 1879, under the general laws of the State of Texas.

The records reviewed do not indicate whether the Texas Central Railway Company was controlled by any individual or corporation on January 23, 1893, or January 27, 1893, the dates on which its property was conveyed to successor companies, nor, on the other hand, whether it then controlled any common-carrier corporation.

The property of this company was operated from the date of its completion until April 4, 1885, by the Houston and Texas Central Railway Company; from April 4, 1885, to September 25, 1891, by receivers; and from September 25, 1891, to dates of sale, by purchasing trustees. Although the property of the Texas Central Railway Company was operated by the purchasing trustees from September 25, 1891, to date of sale, the results of such operations were recorded in the accounts of the successor company.

The railroad of the Texas Central Railway Company aggregated 229 miles and consisted of a single-track, standard-gage, steam railroad, extending from Ross to Albany and from Garrett to Roberts, all in the State of Texas.

Development of Fixed Physical Property

The railroad constructed by this company, consisting of two separate sections, was built during the period from May, 1879, to December, 1882. Both sections were built as feeders to diverging lines of road of the Houston and Texas Central Railway Company. The road from Garrett to Roberts, Tex., about 52 miles, was conveyed by the purchasing trustees on January 27, 1893, to the Texas Midland Railroad, and the road from Ross to Albany, about 177 miles, was transferred by deed dated January 23, 1893, to the Texas Central.