Wikipedia:WikiProject Trains/ICC valuations/Gulf, Colorado and Santa Fe Railway

Interstate Commerce Commission, Valuation Reports, Volume 127

Location and General Description of Property
The railroad operated by the Gulf, Colorado and Santa Fe Rail way Company, hereinafter called the Gulf, Colorado and Santa Fe, is a standard-gauge steam railroad, located in the States of Texas, Oklahoma, and Louisiana. The owned mileage has one main artery extending northerly from Galveston, Tex., to a connection with the line of The Atchison, Topeka and Santa Fe Railway Company at Purcell, Okla. Another main line extends from the above line at Temple, Tex., in a northwesterly direction to San Angelo, Tex., with a branch from Lometa, Tex., to Eden, Tex. Other important branch lines owned by the Gulf, Colorado and Santa Fe extend from Cleburne, Tex., to Paris, Tex.; from Somerville, Tex., to Silsbee, Tex.; from Alvin, Tex., to Houston, Tex.; and from Weatherford Junction to Weatherford. The railroad is single tracked with the exception of about 1 mile at Dallas and 4 miles at Galveston, which is double tracked. The lines used by the Gulf, Colorado and Santa Fe under lease are located in Texas and Louisiana, and are described below. The total operated mileage serves a large portion of central and eastern Texas and small portions of Oklahoma and Louisiana, the principal cities reached being Beaumont, Galveston, Houston, Dallas, and Fort Worth, Tex.

The Gulf, Colorado and Santa Fe wholly owns 1,244.010 miles of road, of which 1,238.734 miles are used by it and 5.276 miles are leased to the Houston Belt & Terminal Railway Company for exclusive operation. It also wholly uses 668.288 miles of road owned by other carriers, of which 84.516 miles, extending from Coleman, Tex., to Sweetwater, Tex., represents a portion of the common-carrier property owned by The Pecos and Northern Texas Railway Company. The remaining mileage, owned by companies which lease their entire common-carrier properties to the Gulf, Colorado and Santa Fe, is described in the paragraphs below. In addition to the above, other mileage shown in Appendix 1 is jointly owned by the Gulf, Colorado and Santa Fe with other carriers.

Introductory
The Gulf, Colorado and Santa Fe is a corporation of the State of Texas, having its principal offices at Galveston, Tex. It is controlled by The Atchison, Topeka and Santa Fe Railway Company through ownership of a majority of the outstanding capital stock. On the other hand, the Gulf, Colorado and Santa Fe controls jointly with other companies, through ownership of capital stock to the extent indicated, the following named companies, whose properties are operated as stated:

Corporate History
The Gulf, Colorado and Santa Fe was incorporated for a period of 60 years under an act of the Legislature of the State of Texas, passed May 28, 1873, and various amendments thereto. The line in Oklahoma was built under authority of an act of Congress, approved July 4, 1884. On April 15, 1879, all of the property, rights, and franchises were sold at foreclosure sale to satisfy a note for $250,000 held by George Sealy. This property was bought in by Sealy for $200,000. On April 19, 1879, Sealy and certain associates, as purchasers of the property, reorganized under the old charter of the Gulf, Colorado and Santa Fe. All liabilities of the previous organization were thus controlled and new books were opened on April 19, 1879.

The Gulf, Colorado and Santa Fe acquired the properties of three railroad corporations and they, together with the Gulf, Colorado and Santa Fe, comprise the line of corporate succession culminating in the company as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the data[sic] and manner of succession. All of the above corporations were incorporated in Texas.

Development of Fixed Physical Property
The approximate mileage of road owned by the Gulf, Colorado and Santa Fe on date of valuation was acquired as follows: By purchase 173.33, by construction 1,066.19, total 1,239.52. By direct purchase.—Information concerning the property acquired by the Gulf, Colorado and Santa Fe through purchase, including the location, dates of construction, and mileage of road are shown in the following tabulation:

By construction.—Information concerning properties acquired by the Gulf, Colorado and Santa Fe through construction, including the location, dates of construction, beginning of operation, and mileage of road is shown in the following tabulation:

The line from Galveston to Richmond was purchased before completion from Sealy and associates and construction was then completed by the Gulf, Colorado and Santa Fe. Its mileage is shown only under property acquired by purchase. The total road mileage recorded by the Gulf, Colorado and Santa Fe as acquired through purchase and by construction aggregates 1,239.52 miles, which is 4.49 miles less than that inventoried by us as of date of valuation.

Leased Railway Property
The Gulf, Colorado and Santa Fe uses, on the date of valuation, certain property of other carriers, and other carriers use certain property of the Gulf, Colorado and Santa Fe. The description of the road and the more important facilities so used, together with the considerations paid and received for such use for the year ending on date of valuation, follows: