Wikipedia:WikiProject Trains/ICC valuations/El Paso and Southwestern Company
Interstate Commerce Commission, Valuation Reports, Volume 45
El Paso and Southwestern Company
[edit]Location and General Description of Properties
[edit]The El Paso and Southwestern Company, hereinafter called the El Paso and Southwestern, owns no railroad property except equipment, roadway machines, and telephone equipment. It operates under lease a single-track, standard-gage, steam railroad, located entirely in New Mexico, and consisting of two disconnected sections of main line, one extending from Dawson to Tucumcari and the other from Santa Rosa to the New Mexico-Texas State line near El Paso, Tex., together with branches to Zora, Russia, and Capitan.
The disconnected sections of main line are connected by means of trackage rights over the road of The Chicago, Rock Island and Pacific Railway Company between Tucumcari and Santa Rosa, 59.65 miles, thus enabling the El Paso and Southwestern to operate a continuous line from Dawson to the New Mexico-Texas State line. This railroad, together with separately operated lines owned by controlled companies, constitutes the El Paso and Southwestern system and forms a through route extending from Dawson, N. Mex., via El Paso, Tex., to Tucson, Ariz. Further, this system, through connections with The Chicago, Rock Island and Pacific Railway Company at Tucumcari, N. Mex., and with the Southern Pacific Company at Tucson, Ariz., forms a part of a transcontinental route between Chicago, Ill., and the Pacific coast.
The El Paso and Southwestern uses but does not own 441.815 miles of road and 97.992 miles of yard tracks and sidings aggregating 539.807 miles of all tracks, and comprising the entire mileage owned by four lessor companies whose entire common-carrier properties it leases and operates, as detailed in the following paragraphs. This mileage is further classified in the trackage table in appendix 1.
Introductory
[edit]The El Paso and Southwestern is a corporation of New Jersey, having its corporate office at Hoboken, N.J., and its general offices at New York, N.Y.
The El Paso and Southwestern is controlled by no individual or corporation. Its principal stockholders are also stockholders of the Phelps, Dodge Corporation and a majority of its directors and officers are also directors and officers of that corporation. The Phelps, Dodge Corporation owns mines and smelters in Arizona and New Mexico, which are served by the railroads that are operated or controlled by this company.
On the other hand, the El Paso and Southwestern controls directly through ownership of their entire outstanding capital stock, the following common-carrier corporations: El Paso & Southwestern Railroad Company, Burro Mountain Railroad Company, Morenci Southern Railway Company, Nacozari Railroad Company (operating in Mexico). It also controls in like manner the El Paso and Northeastern Company, a noncarrier corporation.
The company indirectly controls, through direct control stated above, common-carrier corporations as follows: Entire outstanding capital stock owned by the El Paso & Southwestern Railroad Company, the El Paso & Southwestern Railroad Company of Texas. Entire outstanding capital stock owned by the El Paso and Northeastern Company; El Paso and Rock Island Railway Company, El Paso and Northeastern Railway Company, The El Paso and Northeastern Railroad Company, Alamogordo and Sacramento Mountain Railway Company; the Dawson Railway Company, whose entire outstanding capital stock is owned by the Dawson Railway and Coal Company, a noncarrier corporation indirectly controlled as above by the El Paso and Southwestern.
The properties of the El Paso and Rock Island, the El Paso and Northeastern Railway, the Alamogordo Railway, and the Dawson Railway are operated under lease by the El Paso and Southwestern.
The other common-carrier corporations named above, except the Burro Mountain Railroad Company whose property is operated under lease by the El Paso & Southwestern Railroad Company, each operates its own property.
The El Paso and Southwestern acts as fiscal agent for all of the above-named corporations, except the Morenci Southern Railway Company and the Nacozari Railroad Company. It makes collections and disbursements for and periodically charges or credits those companies in open accounts.
The El Paso and Southwestern and the New Cornelia Copper Company jointly control through equal ownership of its entire capital stock, the Tucson, Cornelia and Gila Bend Railroad Company, which operates its own property.
The El Paso and Southwestern owns no railroad property other than equipment, roadway machines, and certain telephone equipment. It has solely operated under leases since April 1, 1908, 441.815 miles of railroad owned by four other companies, named above, and has trackage rights over about 59.65 miles of road of The Chicago, Rock Island and Pacific Railway Company, all in the State of New Mexico.
Corporate History
[edit]The El Paso and Southwestern was incorporated March 28, 1901, under the general laws of New Jersey, as the Southwestern Investment Company. The name was changed April 30, 1908. Its purpose was to construct and operate railroads, to purchase and sell all classes of railroad property and equipment, to deal in stocks and bonds of corporations, and hold or convey real and personal property, except within the State of New Jersey. Pursuant to the above purpose, the El Paso and Southwestern has acquired certain equipment for its own account, it has constructed certain railroad properties for and dealt in securities of affiliated or controlled companies, and has operated the railroad properties of certain companies under lease.
Leased Railway Property
[edit]The El Paso and Southwestern used on date of valuation property owned by other companies 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:
| Rentals | ||
|---|---|---|
| Solely used but not owned, leased from— | ||
| El Paso and Northeastern Railway, entire property, for an indefinite period from Apr. 1, 1908, annual rental of $189,000, maintenance and taxes. | $189,000.00 | |
| Dawson Railway, entire property, for an indefinite period from Apr. 1, 1908, annual rental $170,300, maintenance and taxes. | 170,300.00 | |
| Alamogordo Railway, entire property, for an indefinite period from Apr. 1, 1908, annual rental $19,300, maintenance and taxes. | 19,300.00 | |
| El Paso and Rock Island, entire property, for an indefinite period from Apr. 1, 1908, annual rental $168,600, maintenance and taxes. | 168,600.00 | |
| Solely leased, but jointly used, owned by Dawson Railway, used with— | ||
| The Chicago, Rock Island and Pacific Railway Company, terminal facilities at Tucumcari, N. Mex., for an indefinite period from Apr. 1, 1908, rental 2 percent per annum on investment and maintenance on basis of use. | 5,989.67 | |
| Jointly used, but not owned, owned by— | ||
| The Chicago, Rock Island and Pacific Railway Company, line of railway, 59.65 miles, between Santa Rosa and Tucumcari, N. Mex., for an indefinite period from Apr. 1, 1908, annual rental 2 percent on agreed valuation and one half of taxes and assessments. Maintained by the El Paso and Southwestern and 60 percent of owner's revenues from operation on this line paid to the El Paso and Southwestern. | 54,907.82 | |
| Atchison, Topeka and Santa Fe Railway Company, station facilities at Colfax, N. Mex., for an indefinite period from Apr. 1, 1908, one half of maintenance paid by each company. | ...... | |