Wikipedia:WikiProject Trains/ICC valuations/Union Railway (Memphis, Tennessee)

Interstate Commerce Commission, Valuation Reports, Volume 40

Union Railway (Memphis, Tennessee)

Location and General Description of Property

The railroad operated by the Union Railway Company (Memphis, Tenn.), herein called the Union Railway of Memphis, is a single-track, standard-gage, steam switching road, forming a belt line in and around the city of Memphis, Tenn.

The Union Railway of Memphis wholly owns 17.891 miles of road, extending from Kentucky to Auction Streets, with branches, and jointly owns with another carrier 0.913 undivided mile of road, all of which it uses. It also wholly uses 1.081 miles of road owned by a lessor whose entire common-carrier property it leases and operates.

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The Union Railway of Memphis is controlled by the Missouri Pacific Railroad Company. It is a part of the latter carrier's system, providing access to the many industries located at Memphis.

The Union Railway of Memphis wholly owns and uses 44.767 miles of all tracks, jointly owns and uses 4.544 undivided miles of all tracks, wholly uses but does not own 7.874 miles of all tracks, and jointly uses but does not own 1.131 undivided miles of all tracks. These tracks, consisting of main track and yard tracks and sidings, are classified in the trackage table in Appendix 1.

Introductory

The Union Railway of Memphis is a corporation of Tennessee, having its principal office at Memphis, Tenn. There were no available accounting records of the Union Railway of Memphis for the period from the date of its incorporation to October, 1902. Certain information pertaining to the period mentioned above has been taken from sources other than the accounting records of the company. The Union Railway of Memphis is controlled by the Missouri Pacific Railroad Company through ownership of 99.82 per cent of its capital stock. The records reviewed do not indicate that this company controls any common-carrier corporation. The property of the Union Railway of Memphis has been operated by its own organization from the date of its completion, February 1, 1905, to December 31, 1917. From January 1, 1918, to date of valuation it has been operated by the United States Railroad Administration.

Corporate History

The Union Railway of Memphis was incorporated January 20, 1886, under the general laws of Tennessee, for the purpose of constructing a belt line of railroad in and around the city of Memphis, Tenn.

Development of Fixed Physical Property

The wholly owned mileage of the Union Railway of Memphis, amounting to 17.891 miles of main track and 26.876 miles of yard tracks and sidings, was all acquired by construction which was performed in part under contract by Guy Phillips, contractor, and in part by its own forces. The jointly owned mileage, amounting to 0.913 mile of main track and 3.631 miles of yard tracks and sidings, was acquired by construction and purchase. The first section of line was completed and placed in operation February 1, 1905. Subsequently additions were made to the property and interest obtained in certain tracks of other carriers, the exact details of which were not determined.

Lessor Company

Iron Mountain

Leased Railway Property

The Union Railway of Memphis used on December 31, 1917, facilities owned by other companies and other companies used facilities owned by the Union Railway of Memphis 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 ended December 31, 1917, are as follows:

	Rentals
Solely used, but not owned:
Iron Mountain Railroad, entire property, term indefinite from Oct. 1, 1909, terminable on 90 days' notice. Rental, interest on bonds, and 5 per cent on additions and betterments. Taxes, maintenance, and other expenses paid by lessee. Not separable in its accounts.	$30,000.00
Missouri Pacific Railroad Company, seven steam locomotives; period and terms not definitely ascertained.	......
Solely owned, but jointly used, used by—
Missouri Pacific Railroad Company, tracks, on Broadway, Kentucky Street to Sargent Yard, 0.725 mile, and from north end of north wye to yard connection, 2.856 miles, for freight trains only, and shop facilities. The period and terms of use were not definitely ascertained.	107,627.31

In addition, the Union Railway of Memphis jointly uses certain yard and connecting tracks owned by other railroad companies and other railroad companies jointly use certain yard and connecting tracks owned by the Union Railway of Memphis. A description of the properties and the period and terms of use thereof was not obtained. The amounts charged and credited to income for the year ended December 31, 1917, for joint use of these minor facilities was $633.13 and $878.45, respectively.