Wikipedia:WikiProject Trains/ICC valuations/Fort Worth and Denver City Railway

Interstate Commerce Commission, Valuation Reports, Volume 134

Location and General Description of Property
The railroad of the Fort Worth and Denver City Railway Company, hereinafter called the Fort Worth and Denver City, is a single-track, standard-gauge, steam railroad, located in northeastern Texas. The owned mileage consists of a main line extending northwesterly from Fort Worth to the Texas-New Mexico State line. The property used under lease is also located in Texas and consists of a branch line extending from Acme to Agatite and terminal facilities at Fort Worth. The Fort Worth and Denver City is controlled by the Colorado and Southern. The properties of these two companies, which are separately operated, form a through line from Fort Worth, Tex., to Denver, Colo., and points beyond. The Fort Worth and Denver City wholly owns 454.130 miles of road, all of which it uses. It also wholly uses 1.610 miles of road and other property owned by two lessors, whose entire common-carrier properties, described in the following paragraphs, are leased to and operated by the Fort Worth and Denver City, with the exception noted below.

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The Fort Worth and Denver City wholly owns and uses 574.483 miles of all tracks, and wholly uses but does not own 15.631 miles of all tracks. These tracks are classified in the trackage table in Appendix 1. The company also jointly owns and uses with another carrier 1.486 undivided miles of all tracks, also shown in Appendix 1.

Introductory
The Fort Worth and Denver City is controlled by the Colorado and Southern, through ownership of 99.8 per cent of the outstanding capital stock. On the other hand, the Fort Worth and Denver City, itself, controls, through ownership of all their outstanding capital stocks, except directors' qualifying shares, the Acme Tap Railroad and the Fort Worth and Denver Terminal Railway. The properties of these two controlled companies are leased for operation to the Fort Worth and Denver City. The property of the Fort Worth and Denver City was operated by its own organization from the dates of construction by it to October 22, 1893, by receivers from October 23, 1895[sic - 1893], to October 31, 1896, and again by the company's own organization from November 1, 1896, to December 31, 1917. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which still operates it.

Corporate History
The Fort Worth and Denver City was incorporated by a special act, effective June 6, 1873, of the Legislature of the State of Texas, for the stated purpose of acquiring and operating a railroad to extend from near Fort Worth, Tex., in a northwesterly direction, toward Denver, Colo. The company perfected its organization on August 12, 1873.

Development of Fixed Physical Property
The owned mileage of the Fort Worth and Denver City was acquired by it through construction, as follows:

The Fort Worth and Denver City made some surveys and performed other preliminary construction work between Fort Worth and Wichita Falls, Tex., during the year 1873, but no further work was performed until 1881, when a contract for the construction of the road was given to a company organized by G. M. Dodge and associates under the name The Colorado & Texas Railway Improvement Company, later renamed The Texas & Colorado Railway Improvement Company. This company completed the construction of the road from Hodge to Wichita Falls, Tex. The records reviewed do not indicate that Dodge or his associates controlled the Fort Worth and Denver City at the time the above-mentioned construction contract was given. However, the entire original issue of capital stock of the Fort Worth and Denver City was delivered to the Improvement Company in part payment for construction. The road between Wichita Falls, Tex., and milepost 200 was constructed under the supervision of Dodge, or other individuals, acting for the railway company. The grading, masonry, and bridge work on part of this mileage were performed by various contractors, and other work was performed by the railway company's own forces. The road between milepost 200 and the Texas-New Mexico State line was constructed under contract by The Pan Handle Construction Company, organized by Dodge and associates. Dodge was an officer of the railway company when the contract for this construction was executed. The construction from Hodge to Fort Worth, Tex., was performed by the forces of the Fort Worth and Denver City.

Leased Railway Property
The Fort Worth and Denver City on December 31, 1917, had various arrangements with other companies covering the sole or joint use of property. The more important arrangements, which have been continued by the United States Railroad Administration to date of valuation, are indicated hereunder. 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: