Wikipedia:WikiProject Trains/ICC valuations/Pecos River Railroad

Interstate Commerce Commission, Valuation Reports, Volume 127

Location and General Description of Property
The railroad of The Pecos River Railroad Company, hereinafter called the Pecos River, which is leased to and operated by the Panhandle and Santa Fe, is a single-track standard-gauge line, extending from a connection with the railroad of The Atchison, Topeka and Santa Fe Railway Company at the Texas-New Mexico State line in southerly direction to Pecos, Tex., a distance of 54.263 miles. The railroad of the Pecos River does not physically connect with the remaining mileage operated by the Panhandle and Santa Fe.

Introductory
The Pecos River is a corporation of the State of Texas, having its principal office at Pecos City, Tex. From its inception to January 24, 1901, the Pecos River was controlled by the Hagerman interests through the Pecos Valley Railway Company and its successor, The Pecos Valley and Northeastern Railway Company, which owned all the Pecos River's outstanding capital stock. On date of valuation, all of the Pecos River's capital stock is owned by the Eastern Railway Company of New Mexico, which is the successor to The Pecos Valley and Northeastern Railway Company, and is itself controlled by The Atchison, Topeka and Santa Fe Railway Company so that the latter is in effect in control of the Pecos River. On the other hand, the records do not indicate that the Pecos River itself controls any other carrier corporation.

The property of the Pecos River is operated exclusively by the Panhandle and Santa Fe and is connected with other lines of that company in northwestern Texas by means of lines in New Mexico owned and operated by The Atchison, Topeka and Santa Fe Railway Company.

Corporate History
The Pecos River was incorporated on March 1, 1890, under chapter 1, title 84, of the Revised Statutes of the State of Texas, for a period of 50 years. Its purpose, as stated by its articles, was to construct, own, and operate about 50 miles of standard-gauge railroad, from Pecos City, Tex., northwesterly through the counties of Ward, Loving, and Reeves, to the boundary line between the State of Texas and the Territory of New Mexico.

Development of Fixed Physical Property
The common-carrier property of the Pecos River was constructed by the Pecos Construction and Land Company, which was incorporated in Colorado on May 10, 1890, by J. J. Hagerman and associates, for the purpose of constructing a railroad from Pecos City, Tex., to Eddy (now Carlsbad), N. Mex. Hagerman and associates were also the incorporators of the Pecos River as well as large holders of irrigable lands in the Pecos River Valley. The dates of beginning and completing the construction of the railroad are not of record. Its operation was begun on January 1, 1891, and from that date to July 1, 1913, was carried on in the name of the Pecos River. On the latter date, the property was leased to the Panhandle and Santa Fe for exclusive operation for a period of 10 years. [...]

Leased Railway Property
All of the property of the Pecos River is leased to the Panhandle and Santa Fe for exclusive operation for a period of 10 years from July 1, 1913. The lease provides for a fixed rent of $5,000 per annum, payable semiannually, and interest at 6 per cent per annum on the cost of improvements and additions and betterments. In addition, the Panhandle and Santa Fe pays all taxes, assessments, and governmental charges. For the year preceding date of valuation, the Pecos River received $5,104.04 from the lease of its property.