Wikipedia:WikiProject Trains/ICC valuations/Gulf, Beaumont and Kansas City Railway
Interstate Commerce Commission, Valuation Reports, Volume 127
Gulf, Beaumont & Kansas City Railway
[edit]Location and General Description of Property
[edit]The railroad of the Gulf, Beaumont & Kansas City Railway Company, hereinafter called the Gulf, Beaumont & Kansas City, 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, extending northerly from Beaumont to Roganville, a distance of 62.587 miles.
Introductory
[edit]The Gulf, Beaumont & Kansas City is a Texas corporation having its principal office at Beaumont, Tex. It is controlled by The Atchison, Topeka and Santa Fe Railway Company through ownership of a majority of its 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 Gulf, Beaumont & Kansas City was operated by its own organization from the time it was placed in operation in 1893, until July 1, 1914. From the latter date to date of valuation it has been operated under lease by the Gulf, Colorado and Santa Fe.
The early records of the company were very poorly kept. The accounting for the financial transactions was done in Boston. The ledgers and journals were so kept that very few details could be obtained from them. The journals carry no explanations of the entries and many of the supporting records are missing. The majority of these that could be found contained little or no detail. Due to such conditions, complete information regarding the affairs of this company could not be obtained.
Corporate History
[edit]The Gulf, Beaumont & Kansas City was incorporated under provisions of the Revised Statutes of Texas on March 21, 1893, for a period of 50 years. Its stated purpose was to construct, own, operate, equip, and maintain a standard-gauge railroad commencing at a point on the Neches River, near Beaumont, Jefferson County, Tex., and extending to a point in the northern part of Jasper County, Tex., known as Rock Quarry, a distance of approximately 70 miles.
Development of Fixed Physical Property
[edit]The property of the Gulf, Beaumont & Kansas City was acquired by purchase and construction. That part of the line from Fords Bluff to Buna, about 9.5 miles, was purchased from the Beaumont Lumber Company for $45,500 of first-mortgage bonds. The remainder of the line between Beaumont and Roganvllle, about 53 miles, was constructed by contractors not affiliating with the company. Construction was commenced in 1893 and the property was placed in operation at various dates between 1893 and 1896.
Leased Railway Property
[edit]The Beaumont Wharf and Terminal Company, under a 99-year lease of April 15, 1898, has equal right in and joint undivided use and control of certain lands, property, and premises of the Gulf, Beaumont & Kansas City, at Beaumont, Tex. The consideration to be paid for such use, as stated in the lease, is $10,000 cash and $1,200 annual rental; also the payment of all state and county taxes and all municipal charges of every kind assessed against the property after the expiration of two years from date of lease, and the entire cost of maintenance of all railroad tracks and connections covered by this lease after the expiration of three years from date. The records of the Gulf, Beaumont & Kansas City do not show what considerations have actually been received for the use of its property by the Terminal Company.
The railroad of the Gulf, Beaumont & Kansas City on date of valuation is being used by the Gulf, Colorado & Santa Fe under lease for sole operation for a term of 10 years from July 1, 1914. The lease provided that the Gulf, Colorado and Santa Fe shall pay for such use:
- Interest on first and second mortgage bonds outstanding.
- Interest at 6 per cent per annum on additions and betterments and improvements.
- All taxes, assessments, and governmental charges.
- All rentals for use of any facilities or appurtenances.
For the use of its property for the year ending on date of valuation the Gulf, Beaumont & Kansas City has received $100,315.82.