Wikipedia:WikiProject Trains/ICC valuations/Gulf and Interstate Railway of Texas
Interstate Commerce Commission, Valuation Reports, Volume 127
The Gulf and Interstate Railway Company of Texas
[edit]Location and General Description of Property
[edit]The railroad of The Gulf and Interstate Railway Company of Texas, hereinafter called the Gulf and Interstate, 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 southeastern part of Texas, extending northeasterly from Port Bolivar to Beaumont, a distance of 70.310 miles.
Introductory
[edit]The Gulf and Interstate is a corporation of the State of Texas, having its principal office at Galveston, Tex. C. J. Jones and N. C. Jones and associates were instrumental in the creation of the Gulf and Interstate. The control thereof rested with them until June, 1898, when it passed to L. P. Featherstone and Fox Winnie and associates. On September 21, 1900, a receiver was appointed to take over the affairs of the Gulf and Interstate but the property was later restored to its owners without sale. On January 17, 1908, the control passed to the Santa Fe Land Improvement Company, which is controlled by The Atchison, Topeka and Santa Fe Railway Company. On date of valuation control of the Gulf and Interstate rested with the company last named. On the other hand, the records reviewed do not indicate that the Gulf and Interstate itself controls any other carrier corporation.
On July 1, 1914, the Gulf and Interstate leased all its railroad property to the Gulf, Colorado and Santa Fe for sole operation for a term of 10 years, and the property is so operated on date of valuation. The general books of the Gulf and Interstate and of its receiver for the period from the date of its incorporation to March 14, 1904, could not be found; therefore but little information with respect to its activities prior to the latter date could be obtained.
The Gulf and Interstate suffered heavily as a result of the storm along the Gulf coast during September, 1900, which devastated 28.35 miles of its railroad between Port Bolivar and High Island. This part of the road was reconstructed and operations resumed on October 1, 1903. During August, 1915, another violent storm occurred with the result that 22.1 miles of its railroad between milepost 9.7 and milepost 31.8 were destroyed. This part of the road was again reconstructed in a slightly changed location and operations were not resumed until October, 1916, subsequent to date of valuation.
Corporate History
[edit]The Gulf and Interstate was incorporated under the provisions of chapter 1, title 94, of the Revised Statutes of Texas on May 19, 1894, as the Gulf and Interstate Railway Company, for a period of 50 years. By charter amendment dated September 20, 1894, its name was changed to The Gulf and Interstate Railway Company of Texas. Its stated purpose, as amended, was to construct, own, maintain, and operate a railroad in the State of Texas, extending from Galveston to Beaumont.
Development of Fixed Physical Property
[edit]The Gulf and Interstate acquired its property through construction. Its main tracks extend from Port Bolivar to Beaumont, about 70.31 miles. It also owns 9.298 miles of other tracks. The road was completed March 15, 1896.
Leased Railway Property
[edit]The railroad of the Gulf and Interstate 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 that the Gulf, Colorado and Santa Fe shall pay for such use:
- Rental of $70,000 per annum.
- Interest at 6 per cent per annum on the cost of additions and betterments.
- All other interest which shall accrue upon any indebtedness incurred with the written consent of the Gulf, Colorado and Santa Fe.
- All taxes, assessments, or other governmental charges.
For the use of its property for the year ending on date of valuation, the Gulf and Interstate received $70,155.30.