Wikipedia:WikiProject Trains/ICC valuations/Houston and Brazos Valley Railway

Interstate Commerce Commission, Valuation Reports, Volume 29

Location and General Description of Property
The Houston & Brazos Valley Railway Company, herein called the Houston & Brazos Valley, is a single-track, standard-gage, steam railroad, located in the southeastern part of Texas. The owned mileage extends in a southerly direction from Anchor to Freeport, Tex., a distance of 25.095 miles. The Houston & Brazos Valley owns and uses 33.976 miles of all tracks, and uses but does not own 2.457 miles of yard tracks and sidings, all of which are classified in the trackage table in Appendix 1.

Introductory
The Houston & Brazos Valley is a corporation of the State of Texas, having its principal office at Freeport, Tex. The entire capital stock of this company, except directors' qualifying shares, is held one-half by the Missouri, Kansas & Texas Railway Company and one-half by E. P. Swenson, who is president of the Freeport Texas Company. On the other hand, the records reviewed do not indicate that the Houston & Brazos Valley controls any common-carrier corporation. The property of this company has been operated as follows: By its own organization from the dates acquired by it until October 27, 1915; by H. O. Wooten, receiver appointed by the District Court of Brazoria County, Tex., from October 27, 1915, to February 12, 1916; and by George C. Morris, receiver appointed by the Federal Court for the Southern District of Texas, since February 12, 1916.

Corporate History
The Houston & Brazos Valley was incorporated April 3, 1907, under the general laws of the State of Texas, for the stated purpose of acquiring and operating a railroad in Texas to extend from Freeport, via Anchor, to a connection near Hempstead with the railroad of the Houston & Texas Central Railroad Company.

The Houston & Brazos Valley acquired from D. T. Bomar on May 9, 1907, the property formerly owned by The Velasco, Brazos & Northern Railway Company, which had been incorporated July 8, 1901, under the general laws of the State of Texas. The property of the company last mentioned was placed in the hands of a receiver on February 3, 1906, and was sold after foreclosure to Bomar on October 1, 1906.

The Velasco, Brazos & Northern Railway Company acquired from H. Masterson on July 10, 1901, the property formerly owned by The Velasco Terminal Railway Company, which had been incorporated July 29, 1891, under the general laws of the State of Texas. The property of the company last mentioned was placed in the hands of a receiver on July 27, 1899, and was sold after foreclosure to Masterson on May 7, 1901.

Development of Fixed Physical Property
The mileage owned by this company was acquired partly by purchase and partly by construction, as indicated below: The mileage shown above as acquired by construction was constructed by this company's own forces or by independent contractors.

Leased Railway Property
The Houston & Brazos Valley on date of valuation has sole or joint use of certain property owned by other companies, and other companies have joint use of certain property owned by the Houston & Brazos Valley, 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 ending on date of valuation, are as follows:

The Velasco, Brazos & Northern Railway Company
Introductory

The accounting records of The Velasco, Brazos & Northern Railway Company are incomplete. Therefore, only partial information can be given from the accounts regarding its financial dealings, corporate operations, or investments. Supplementary data have been obtained from the company's corporate records and from its annual reports to this commission, as pointed out hereinafter. The entire capital stock of this company was held by C. H. Alexander of Dallas, Tex., on October 1, 1906, date of sale of its property to D. T. Bomar, who later transferred the property to the Houston & Brazos Valley. The records reviewed do not indicate that this company controlled any common-carrier corporation on the date of sale.

The property of this company was operated by its own organization from the dates acquired by it until February 3, 1906, and was operated by a receiver until the date of sale. The property of this company consisted of about 20.2 miles of single-track, standard-gage, steam railroad, located in Texas. It consisted of a main line extending from Anchor to Velasco.

Development of Fixed Physical Property

The mileage owned by this company was acquired by purchase from H. Masterson on July 10, 1901. It comprised the property formerly owned by The Velasco Terminal Railway Company, which Masterson had purchased at foreclosure sale on May 7, 1901.

The Velasco Terminal Railway Company
Introductory

A majority of the capital stock of The Velasco Terminal Railway Company was held by the Texas Land and Immigration Company on May 7, 1901, date of sale of its property to H. Masterson. The records reviewed do not indicate that The Velasco Terminal Railway Company controlled any common-carrier corporation on the date of sale. The property of this company was operated by its own organization from the dates acquired by it until July 27, 1899, and was operated by a receiver from July 27, 1899, to July, 1901. The property of this company consisted of about 20.2 miles of single-track, standard-gage, steam railroad, located in Texas. It consisted of a main line extending from Chenango Junction (now Anchor) to Velasco.

Development of Fixed Physical Property

The mileage owned by this company was acquired by construction, which was completed about February, 1892. A contract for the construction was given to E. S. Dryer, a broker and banker of Chicago, Ill., but the work was performed by Burkett, Burns and Company, contractors, of Houston, Tex. The Texas Land and Immigration Company supplied the funds for this construction, and received cash and securities from The Velasco Terminal Railway Company in settlement therefor. E. S. Dryer was a member of the board of directors of The Velasco Terminal Railway Company, and officers and directors of the Texas Land and Immigration Company were incorporators of the railroad company.