Wikipedia:WikiProject Trains/ICC valuations/Gulf, Texas and Western Railway

The railroad of Gulf, Texas & Western Railway Company, hereinafter referred to as the carrier, lies wholly within the State of Texas. It is a single-track standard-gauge steam railroad extending from Salesville, Tex., in a general northwesterly direction to Seymour, Tex., a distance of 98.463 miles. The carrier also has 8.928 miles of other tracks, including 0.191 mile at Mineral Wells, Tex., or a total of 107.391 miles of all tracks. It uses under a trackage agreement the tracks of The Weatherford, Mineral Wells & Northwestern Railway Company between Salesville and Weatherford, Tex., a distance of about 30 miles. That part of this mileage which lies between Mineral Wells and Weatherford, a distance of about 22 miles, it uses for freight trains only.

Corporate history.—The carrier was incorporated on November 2, 1908, under the general laws of the State of Texas for a period of 50 years. The principal office designated by the charter was Dallas, Tex., but the principal place of business is Jermyn, Tex. Its stated purpose was to acquire the property formerly owned by the Dallas & New Mexico Railway Company and to construct, own, maintain, and operate a railroad in Texas from Burrs Ferry, Newton County, northwesterly to Benjamin, Knox County, and from Fort Worth northwesterly to an intersection with the first-described line at or near Cottondale, Wise County. The carrier is controlled by J. J. Jermyn, of Scranton, Pa. The detailed facts as to the development of the fixed physical property of the carrier are given in Appen- pendix[sic] 2.

Part of the road owned on date of valuation was built under contract by the Texas Building Company, hereinafter referred to as the building company, which was not, so far as could be determined, affiliated with carrier or its officers. The carrier contracted with the Scranton Construction Company, hereinafter referred to as the construction company, in which J. J. Jermyn was interested, for the construction of the other portions of the road. While the construction company financed the construction of these portions of the road, there is nothing in the records to indicate that it actually performed the construction work covered by the contract. All disbursements in connection with the work were made by the carrier and charged to its road investment account.
 * APPENDIX 2
 * GULF, TEXAS & WESTERN RAILWAY COMPANY
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The following table shows the development of the road:
 * Jacksboro to Olney Construction company October, 1908 Oct. 18, 1909 40.00
 * Olney to Seymour do. Oct. 18, 1909 May 24, 1910 34.53
 * Extension at Seymour do. June 30, 1910 .70
 * Salesville to Jacksboro Building company August, 1912 Mar. 26, 1913 23.24
 * Total 98.47

On November 2, 1908, the carrier purchased from R. C. Megargel, who also was interested in the construction company, about 70 miles of right of way with partially graded roadbed thereon extending from Dallas, Tex., northwesterly to Jack County, Tex. This property, which had formerly been owned by the Dallas & New Mexico Railway Company, was purchased by Megargel on October 9, 1908, at receiver's sale. It has never been used for carrier purposes.


 * HISTORY OF CORPORATE FINANCING

No records of the Dallas & New Mexico Railway Company, whose property was sold to the carrier by R. C. Megargel, were obtainable. The only information obtained concerning this company is that found In the articles of incorporation and other records of the carrier, in which it is recited that the property, rights, and franchises of the Dallas & New Mexico Railway Company, formerly owned by the Dallas, Pacific & Southeastern Railway Company, were sold by the receiver and commissioner on October 9, 1908, to R. C. Megargel, who, in turn, sold them to the carrier on November 2, 1908, for $275,000 par value of the carrier's capital stock. The physical property of this company consisted of a right of way with partially graded roadbed thereon, extending from Dallas, Tex., northwesterly to a point in Jack County, Tex., a distance of about 70 miles. This property has never been used by the carrier for carrier purposes.
 * Predecessor Companies
 * DALLAS & NEW MEXICO RAILWAY COMPANY

Dallas, Pacific & Southeastern Railway Company.—No records of this company, whose property was acquired by the Dallas & New Mexico Railway Company, as stated above, were obtainable.