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Valuation Docket No. 1057

St. Louis Merchants Bridge Terminal Railway Company and its Leased Lines

LOCATION AND GENERAL DESCRIPTION OF PROPERTIES

The railroad operated by the St. Louis Merchants Bridge Terminal Railway Company, herein called the Merchants Terminal, is a standard-gage, steam, switching, and terminal railroad, located in Missouri and Illinois. It consists of 15.063 miles of first main track with 15.556 miles of additional main tracks, together with numerous yard tracks and sidings and a double-track bridge over the Mississippi River.

That part of the operated railroad which is owned by the Merchants Terminal consists of 3.827 miles of first main, 5.738 miles of second main, 0.905 mile of third main, and 1.322 miles of fourth main tracks, all located within the city of St. Louis, Mo., and extending from Eighth and Gratiot Streets to Carrie Avenue. In addition this company jointly owns and uses with another carrier 0.520 mile of first main track and 0.134 mile of second main track.

The remaining mileage is owned by lessor companies whose entire common-carrier properties are leased to and operated by the Merchants Terminal, as described in the following paragraphs.

The railroad of The St. Louis Merchants Bridge Company, herein called the Merchants Bridge, consists of a double-track railroad extending from Bremen Avenue, St. Louis, Mo., to State Street, Venice, Ill., together with an important bridge across the Mississippi River, aggregating 2.547 miles of first main track and 2.532 miles of second main track.

The railroad of the Madison, Illinois and St. Louis Railway Company, herein called the Madison, Illinois and St. Louis, consists of a double-track railroad within the State of Illinois, extending from State Street, Venice, to Twentieth Street, Granite City, 5.621 miles, with 4.925 miles of second main track.

The railroad of the Granite City and Madison Belt Line Railroad Company, herein called the Granite City Belt Line, consists of a single-track railroad located at Granite City, Ill., extending from M to Twenty-third Street, 2.548 miles.

In addition, the Merchants Terminal has joint use of tracks and facilities of other carriers, the details of which are given in the chapter on leased railway property in Appendix 2.

The Merchants Terminal wholly owns and uses 48.628 miles of all tracks, jointly owns and uses an undivided interest in 0.890 mile of all tracks, and wholly uses but does not own 83.555 miles of all tracks. These tracks, consisting of first, second, third, and fourth main tracks and yard tracks and sidings, are classified by States in the trackage table in Appendix 1.

The Merchants Terminal is controlled by the Terminal Railroad Association of St. Louis. It performs switching service for numerous industries and furnishes trackage and bridge facilities for carriers reaching St. Louis, Mo.

APPENDIX 2

MERCHANTS TERMINAL

INTRODUCTORY

The Merchants Terminal is a corporation of the State of Missouri, having its principal office at St. Louis, Mo. It is controlled by the Terminal Railroad Association of St. Louis through ownership of 99 per cent of its outstanding capital stock. On the other hand, the Merchants Terminal controls, through ownership of their entire outstanding capital stock, The St. Louis Merchants Bridge Company and the Madison, Illinois and St. Louis Railway Company, whose properties it operates.

It also operates the common-carrier property of the Granite City and Madison Belt Line Railroad Company, which is controlled by the Terminal Railroad Association of St. Louis.

The property of the Merchants Terminal was operated by its own organization from the date of its completion to December 31, 1917, and by the United States Railroad Administration from January 1, 1918, to date of valuation.

CORPORATE HISTORY

The Merchants Terminal was incorporated August 18, 1887, under the general laws of the State of Missouri, for the purpose of constructing and operating a standard-gage railroad, of about 14 miles, within the corporate limits of the city of St. Louis, Mo.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire road owned by the Merchants Terminal, consisting of 3.827 miles of first main track, 7.965 miles of other main track, and 36.836 miles of yard tracks and sidings, was acquired by construction. The work was done in part by the forces of this company and in part by the forces of the Terminal Railroad Association of St. Louis and the Phoenix Bridge Company. The main line, 3.827 miles, and about 15 miles of yard tracks and sidings were completed April 10, 1890. Additional have been constructed, to meet industrial demands, at various periods to date of vaulation.

HISTORY OF CORPORATE FINANCING

year ending December 31, 1917, are as follows:

Solely owned, but jointly used, used with—

Missouri, Kansas & Texas Railway Company and Chicago, Burlington & Quincy Railroad Company, main-line tracks from Clinton Street to Eighth and Gratiot Streets, for an indefinite period, annual payment of $11,400 by each company $22,800.00

Chicago and Eastern Illinois Railway Company and Wabash Railway Company, yard tracks and sidings, no written agreement, rental based on trans-Mississippi traffic rates 187,387.21

Terminal Railroad Association of St. Louis, East St. Louis Connecting Railway Company, and St. Louis Transfer Railway Company, yard tracks and sidings, no written agreement, maintenance, operation, and taxes on car basis 124,617.98

St. Louis Transfer Railway Company, Hall Street tracks, agreement, annual rental 850.50

Solely leased, but jointly used (leased from Merchants Bridge), used with, all lines terminating at East St. Louis, Ill., entire property; the Merchants Terminal collects fixed rate for transportation of passenger-train business of various companies over the property of the bridge company and credits such collections to account Joint-Facility Rent Income 217,319.66

Jointly used, but not owned, owned by—

Rock Island-Frisco Terminal Railway Company, yard track, for an indefinite period from Jan. 2, 1911, annual rental of 78.70

Toledo, St. Louis and Western Railroad Company, yard tracks, no written agreement, proportion of maintenance, operation, and taxes on car basis 383.95

Terminal Railroad Association of St. Louis, Union depot facilities, for an indefinite period from Sept. 1, 1894, proportion of maintenance, operation, and taxes on car basis 136.10

Terminal Railroad Association of St. Louis and its leased lines, yard tracks and sidings at St. Louis, Mo., and East St. Louis, Ill., for an indefinite period from Sept. 1, 1894, maintenance, operation, and taxes on car basis 631,324.40

St. Louis Transfer Railway Company:

Yard tracks, no written agreement, proportion of maintenance, operation, and taxes on car basis 644.80

Hall Street tracks, no written agreement, annual payment 4,819.50

Solely used, but not owned, owned by—

Granite City Belt Line, entire property, for an indefinite period, fixed annual rental of $10,000 paid direct to the Terminal Railroad Association of St. Louis, owner of all the outstanding capital stock of the Granite City Belt Line $10,000.00

Madison, Illinois and St. Louis, entire property; no written agreement; no rental is recorded; the Merchants Terminal owns all of the outstanding capital stock of the Madison, Illinois and St. Louis

Solely leased, but jointly used, leased from Merchants Bridge, entire property, for an indefinite period from May, 1890. The Merchants Terminal maintains the property and pays all taxes. It also pays the interest on the outstanding funded debt which is charged to account Rent for Leased Roads 120,000.00

GENERAL BALANCE SHEET STATEMENTS

Lessor Companies

MERCHANTS BRIDGE

INTRODUCTORY

The Merchants Bridge is a corporation of the State of Illinois, having its corporate office at Venice, Ill., and its general administrative office at St. Louis, Mo. It is directly controlled by the Merchants Terminal through ownership of its entire outstanding capital stock and it is indirectly controlled by the Terminal Railroad Association of St. Louis, owner of 99 per cent of the outstanding capital stock of the Merchants Terminal. On the other hand, the records do not indicate that this company controls any common-carrier corporation. The property of the Merchants Bridge was operated by the Merchants Terminal from the date of its completion to December 31, 1917. From January 1, 1918, to date of valuation, it has been operated by the United States Railroad Administration as part of the operating unit of the Merchants Terminal.

CORPORATE HISTORY

The Merchants Bridge was incorporated May 11, 1886, under the general laws of the State of Illinois, for the purpose of constructing a bridge and approaches thereto, over the Mississippi River to the city of St. Louis, Mo., from a suitable point between the north line of St. Clair County, in Illinois, and a point opposite the mouth of the Missouri River in Missouri. Authority for construction of the bridge was granted by an act of Congress, approved February 3, 1887, and the plans for the bridge were approved by the Secretary of War, November 15, 1888.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property owned by the Merchants Bridge, consisting of a double-track railway bridge over the Mississippi River and approaches thereto, with 2.547 miles of first main-line track, 2.532 miles of second main-line track, and 0.148 mile of sidetracks, was acquired by construction. The bridge was constructed under contract by the Union Bridge Company of New York, and the approaches were constructed by the Merchants Terminal and by contractors who were not affiliated with this company. The bridge was completed in May, 1890.

HISTORY OF CORPORATE FINANCING

MADISON, ILLINOIS AND ST. LOUIS, FORMERLY NAMED ELECTRIC CITY AND ILLINOIS RAILWAY COMPANY

INTRODUCTORY

The Madison, Illinois and St. Louis is a corporation of the State of Illinois, having its corporate office at Venice, Ill., and its general administrative office at St. Louis, Mo. The accounting records of this company were discontinued about August, 1893, when about one-fifth of the total outlay for its property had been made. However, certain data given below were obtained from the records of the Merchants Terminal. The Madison, Illinois and St. Louis is directly controlled by the Merchants Terminal through ownership of its entire outstanding capital stock. It is indirectly controlled by the Terminal Railroad Association of St. Louis, owner of 99 per cent of the outstanding capital stock of the Merchants Terminal. The property of this company was operated by the Merchants Terminal from the date of its completion to December 31, 1917. From January 1, 1918, to the date of valuation, it was operated by the United States Railroad Administration as part of the operating unit of the Merchants Terminal.

CORPORATE HISTORY

The Madison, Illinois and St. Louis was incorporated March 4, 1889, under the general laws of the State of Illinois, as the Electric City and Illinois Railway Company, for the purpose of constructing and operating a railway over and across the bridge of Merchants Bridge over the Mississippi River at St. Louis, Mo., and from the eastern approach of the bridge through Madison County to Alton, Ill., and Edwardsville, Ill., and through St. Clair County to East St. Louis, Ill. On September 29, 1891, the name was changed to Madison, Illinois and St. Louis Railway Company.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire road, 5.621 miles of first main line, 4.925 miles of second main line, and 62.118 miles of yard and sidetracks, owned by this company was acquired by construction, which was done by the Merchants Terminal. The first seciton of road, extending from the bridge to Granite City, was completed about July 1, 1890.

HISTORY OF CORPORATE FINANCING

GRANITE CITY BELT LINE

INTRODUCTORY

The Granite City Belt Line is a corporation of the State of Illinois, having its corporate office at Granite City, Ill., and its general administrative office at St. Louis, Mo. The accounting records of the Granite City Belt Line were not obtained, therefore no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data given below were obtained from other records in possession of the Terminal Railroad Association of St. Louis. It is controlled by the Terminal Railroad Association of St. Louis through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation. The property of this company was operated by the Merchants Terminal from the date of its completion to December 31, 1917. From that date to June 30, 1919, the date of valuation, it was operated by the United States Railroad Administration as part of the operating unit of the Merchants Terminal.

CORPORATE HISTORY

The Granite City Belt Line was incorporated December 27, 1892, under the general laws of the State of Illinois, for the purpose of constructing a railroad connecting other railroads in Madison County, Ill.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire railroad owned by the Granite City Belt Line, consisting of 2.548 miles of main line and 3.116 miles of yard tracks and sidings, was acquired by construction during the years 1892 to 1895, inclusive. The records reviewed do not indicate whether the initial construction was done by the forces of this company or by others. Additions and betterments to the property since 1900 have been made by the Terminal Railroad Association of St. Louis.

HISTORY OF CORPORATE FINANCING