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

Interstate Commerce Commission, Valuation Reports, Volume 127

Location and General Description of Property
The railroad of The Texas and Gulf Railway Company, hereinafter called the Texas and Gulf, which is leased to and operated by the Gulf, Colorado and Santa Fe, is a single-track standard-gauge steam railroad, located in the extreme eastern part of Texas. The owned mileage consists of one line extending northerly from Center to Longview, a distance of 67.397 miles and a branch from this line extending southerly from Gary to Grigsby, a distance of 27.156 miles. This company thus owns an aggregate of 94.553 miles of road.

Introductory
The Texas and Gulf is a corporation of the State of Texas, having its principal office at Longview, Tex. It is controlled by The Atchison, Topeka and Santa Fe Railway Company through ownership of its entire outstanding capital stock. On the other hand, the records do not indicate that this company itself controls any other carrier corporation.

The property of the Texas and Gulf was operated by its own organization from the date of acquisition of its original road by purchase, December 27, 1904, to June 30, 1914. From the latter date to date of valuation it has been operated under lease by the Gulf, Colorado and Santa Fe. The Texas and Gulf kept no general books from the date of its incorporation, September 14, 1904, to March 31, 1906.

Corporate History
The Texas and Gulf was incorporated under the provisions of chapter 1, title 94, of the Revised Statutes of Texas on September 14, 1904, for a period of 50 years. Its stated purpose, as amended, was to construct, own, maintain, and operate a railroad in the State of Texas from Timpson, Shelby County, in a southeasterly direction through the counties of Shelby, San Augustine, Jasper, Orange, and Jefferson, to some point on the Gulf of Mexico, a distance of about 150 miles; from a point at or near Longview, Gregg County, in a northwesterly direction through the counties of Upshur, Wood, Franklin, Hopkins, Delta, and Lamar, to a point on the line between Texas and the Indian Territory (now Oklahoma), a distance of about 100 miles, and a branch line from Zuber (now Gary) Panola County, in a southwesterly direction, to the town or city of Center, in Shelby County, a distance of about 17 miles, in all about 267 miles.

The Texas and Gulf acquired the properties of three railroad corporations, as indicated in the chart below. The Texas and Gulf itself and those corporations, together with their predecessors, total six different corporations, and comprise the line of corporate succession culminating in the Texas and Gulf as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

Development of Fixed Physical Property
The Texas and Gulf acquired its property by purchase and construction. Information concerning the property acquired through purchase and construction, including the location, dates of construction, and mileage of road are shown in the following tabulation: The line from Timpson to Grigsby was constructed by the Grigsby Construction Company and the line from Gary to Center by John Scott and Sons, both independent constructing firms.

Leased Railway Property
The railroad of the Texas and Gulf is being used on date of valuation by the Gulf, Colorado and Santa Fe under lease for sole operation for a term of 10 years from July 1, 1914. The lease provides for an annual rental of $52,000, 6 per cent interest on any additions and betterments, and all interest which shall accrue upon any indebtedness, together with all taxes, assessments, and governmental charges during the term thereof. For the use of its property during the year ending on date of valuation, the Texas and Gulf has received $53,055.80.