Wikipedia:WikiProject Trains/ICC valuations/Houston East and West Texas Railway

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The railroad of The Houston East and West Texas Railway Company, herein called the Houston East and West Texas, is a single-track, standard-gage, steam railroad, located in the southeastern part of Texas. The main line extends in a northeasterly direction from Houston to the Texas-Louisiana State line, a distance of 190.606 miles. The Houston East and West Texas also wholly owns 57.816 miles of yard tracks and sidings. It road thus embraces 248.422 miles of all tracks wholly owned. In addition, it jointly owns and uses with other carriers an undivided interest in 0.293 mile of yard tracks and sidings, classified herein as major joint facilities, as detailed in the summaries by accounts in Appendix 1.

CORPORATE HISTORY

The Houston East and West Texas was incorporated February 28, 1893, under the charter of a predecessor of the same name. This predecessor by special act approved March 11, 1875, of the Legislature of Texas had been incorporated for a period of 50 years from the date of completion of its road. The Houston East and West Texas was incorporated and took over the property of the predecessor company which had been purchased by E. S. Jemison on August 2, 1892, at a foreclosure sale and by him assigned to the Union Trust Company of New York.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The railroad was acquired by purchase from the Union Trust Company, trustee, of New York, on May 8, 1893. The entire road was built by the Houston East and West Texas Railway Company, predecessor of the present company. Work was begun in 1876 and in 1879 the line was in operation as far as Goodrich, about 63 miles. Additional sections of the line were completed and put into operation as follows:

Date of completion Mileage

Year 1880 24

Year 1881 23

Year 1882 28

Year 1883 16

Year 1884-1885 (completed by receiver) 37

Total 128

When sold the road was 3-foot gage, but was to be changed to standard gage at the expense of the seller, which was done during the year 1894.

HISTORY OF CORPORATE FINANCING