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Location and general description of properties.—The railroad operated by the Terminal Railroad Association of St. Louis, herein called the Terminal Railroad Association, is a standard-gage, steam, switching, and terminal railroad, located in Missouri and Illinois. It consists of 41.771 miles of first main track with 19.464 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 Terminal Railroad Association consists of 2.262 miles of first main, 2.227 miles of second main, 0.471 mile of third main, and 0.499 mile of fourth main tracks, all located within the city of St. Louis, Mo., and extending from Ranken Avenue to Poplar Street. It also owns the union passenger station and certain other terminal facilities at St. Louis. The property owned but not used by this company consists of certain buildings and lands leased to other carriers. The remaining operated mileage is owned by lessor companies whose common-carrier properties are leased to and operated by the Terminal Railroad Association, as described in the following paragraphs.

The railroad of the Terminal Railroad of East St. Louis consists of a single-track railroad located at East St. Louis, Ill., extending from The Cleveland, Cincinnati, Chicago and St. Louis Railway Company's crossing near Missouri Avenue to Bridge Junction, a distance of 0.927 mile, together with numerous yard tracks and sidings. Its tracks form connections between those of the St. Louis Bridge Company and other railroads having termini at East St. Louis, and extend to various industries.

The railroad of the East St. Louis and Carondelet Railway Company, herein called the East St. Louis and Carondelet, consists of a single-track railroad within the State of Illinois, extending from the National Stock Yards at St. Clair Avenue, East St. Louis, to Carondelet and Falling Springs, 9.985 miles.

The railroad of the St. Louis Terminal Railway Company, herein called the St. Louis Terminal Railway, is located almost entirely within the city limits of St. Louis and all in Missouri. It extends from the St. Louis Car Company's plant near Bittner Avenue to a connection with the tracks of the Wabash Railway Company and the St. Louis Belt and Terminal near Page Avenue, 7.299 miles, of which 6.534 miles is double-tracked.

The railroad of the East St. Louis Belt Railroad Company, herein called the East St. Louis Belt Railroad, is located within the State of Illinois and extends from St. Clair Avenue, East St. Louis, to The St. Louis, Troy and Eastern Railroad Company's crossing at South Venice, with two branches. Its road aggregates 2.821 miles, of which 2.092 miles is double-tracked, and serves as a connection between other terminal companies controlled and operated by the Terminal Railroad Association and trunk lines having termini at East St. Louis.

The railroad of the Illinois Transfer Railroad Company, herein called the Illinois Transfer Railroad, is located within the State of Illinois and extends from a connection with the Conlogue tracks in East St. Louis to The St. Louis, Troy and Eastern Railroad Company's crossing at South Venice, 7.180 miles, of which 5.587 miles is double-tracked.

The railroad of the St. Louis Belt and Terminal Railway Company, herein called the St. Louis Belt and Terminal, is a single-track belt line within the State of Missouri, extending from Easton Avenue, near the city limits of St. Louis, to the Missouri Pacific Railroad Company's crossing near Maplewood, 9.246 miles.

The property of the St. Louis Bridge Company consists of a double-deck railroad and toll bridge over the Mississippi River, with approaches thereto, extending from Third Street and Washington Avenue, St. Louis, Mo., to The Cleveland, Cincinnati, Chicago and St. Louis Railway Company's crossing near Missouri Avenue, East St. Louis. The upper deck is used by street cars, all classes of vehicular traffic, and pedestrians. The lower deck contains a double-track railroad. The road is 1.210 miles long with 1.213 miles of second main track.

The property of the Tunnel Railroad of St. Louis, herein called the Tunnel Railroad, consists of a tunnel with a double-track railroad therein, located under the congested business district of St. Louis, from Third Street and Washington Avenue to Poplar Street, 0.841 mile, and certain property at Washington University, known as Cupples Station, located at Eighth and Spruce Streets, St. Louis, and including 0.651 mile of yard tracks and sidings.

In addition, the Terminal Railroad Association has joint use of tracks of other carriers affording access to certain industries and interchange points, the details of which are given in the chapter on leased railway property in Appendix 2.

The Terminal Railroad Association wholly owns and uses 58.641 miles of all tracks, wholly uses but does not own 157.180 miles of all tracks, and jointly uses but does not own an undivided interest in 0.220 mile 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 2.

The Terminal Railroad Association is controlled jointly by 14



APPENDIX 2

TERMINAL RAILROAD ASSOCIATION

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INTRODUCTORY

The Terminal Railroad Association is a corporation of the State of Missouri, having its principal office at St. Louis, Mo.

It is controlled by 14 proprietary railway companies, whose lines terminate at St. Louis, Mo., and at East St. Louis, Ill., through ownership of over 99 per cent of its outstanding capital stock. Thirteen of the tenant companies each own 6⅔ of the outstanding capital stock and one company, the Missouri Pacific Railroad Company, owns 13⅓ per cent. The name of each proprietary company follows:

On the other hand, the Terminal Railroad Association controls, through ownership of over 99 per cent of their capital stock, the following companies whose properties it operates as part of its own system.

It controls, through ownership of over 99 per cent of its capital stock, the St. Louis Merchants Bridge Terminal Railway Company, which operates its own property.

It controls, through ownership of its entire outstanding capital stock, the Granite City and Madison Belt Line Railroad Company, whose property is operated by the St. Louis Merchants Bridge Terminal Railway Company.

It indirectly controls The St. Louis Merchants Bridge Company and the Madison, Illinois and St. Louis Railway Company, whose entire outstanding capital stock is owned and whose properties are operated by the St. Louis Merchants Bridge Terminal Railway Company.

Through ownership of over 99 per cent of the outstanding capital stock of the Wiggins Ferry Company, it indirectly controls the St. Louis Transfer Railway Company and the East St. Louis Connecting Railway Company, whose entire outstanding capital stock is owned by the Wiggins Ferry Company and whose properties are each separately operated.

It controls, under the terms of its lease, the St. Louis Bridge Company and the Tunnel Railroad of St. Louis, whose properties it operates.

The property of the Terminal Railroad Association has been operated by its own organization from January 1, 1890, the date it took possession of the property, to December 31, 1917. From January 1, 1918, to date of valuation it has been operated by the United States Railroad Administration.

CORPORATE HISTORY

The Terminal Railroad Association was formed July 30, 1889, under the general laws of the State of Missouri by consolidation of the Terminal Railroad of St. Louis and The Union Railway and Transit Company of St. Louis, for the purpose of transacting the business of said companies as common-carriers. The following chart shows the names of the corporations, the respective dates of incorporation, [...]

No. Name Incorporation Succession
1 Terminal Railroad Association of St. Louis. Under general laws of Missouri, through articles of consolidation, dated July 26, 1889; filed in Missouri July 30, 1889.
2 The Union Railway and Transit Company of St. Louis. Under general laws of Missouri, Apr. 13, 1874. Consolidated July 30, 1889, with 3 to form 1.
3 Terminal Railroad of St. Louis. Under general laws of Missouri, Feb. 25, 1880. Consolidated July 30, 1889, with 2 to form 1.
4 Union Depot Company of St. Louis, The. Under general laws of Missouri, May 9, 1874. Sold to 1, Oct. 3, 1889.
DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Under the terms of an agreement of October 1, 1889, between Jay Gould, (then in control of the Union Railway and Transit Companies of St. Louis and Illinois, the Terminal Railroads of St. Louis and East St. Louis, and the Union Depot Company of St. Louis), and the Missouri Pacific Railway Company, the Wabash Railroad Company, the St. Louis, Iron Mountain and Southern Railway Company, The Cleveland, Cincinnati, Chicago and St. Louis Railway Company, the Ohio and Mississippi Railroad Company, and the Louisville and Nashville Railroad Company, the Terminal Railroad Association acquired the property and rights of the Terminal Railroad of St. Louis, The Union Railway and Transit Company of St. Louis, and The Union Depot Company of St. Louis.

The property acquired consisted of main-line tracks, forming connection between the Tunnel Railroad on the east and other carriers on the west, and yard and sidetracks, constructed by the Terminal Railroad of St. Louis and The Union Railway and Transit Company of St. Louis, also a union passenger station, with tracks extending therefrom to connections with the two companies above named, constructed by The Union Depot Company of St. Louis.

The extent of road constructed by the above-named companies can not now be ascertained.

From January 1, 1890, to date of valuation, the Terminal Railroad Association has constructed additional tracks, at various periods, to meet industrial demands and on date of valuation its owned mileage consisted of 2.262 miles of first main track, 3.197 miles of other main track, and 53.182 miles of yard and sidetracks.

The Terminal Railroad Association also constructed the union passenger station in use on date of valuation. It was completed September 1, 1894, on which date use of the old station acquired from the Union Depot Company of St. Louis was discontinued.

HISTORY OF CORPORATE FINANCING

LEASED RAILWAY PROPERTY

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[...] year ending December 31, 1917, are as follows:

Solely owned or solely leased, but jointly used:
Owned by—
Terminal Railroad of East St. Louis, East St. Louis and Carondelet, East St. Louis Belt Railroad, Illinois Transfer Railroad, St. Louis Terminal Railway, and St. Louis Belt and Terminal. (The entire property of each of the above-named companies is operated as part of the operating system of the Terminal Railroad Association, but no rental is accrued or paid. Some portion of the property of each of these companies is jointly used by other companies as indicated below.)
St. Louis Bridge Company, entire property for an indefinite period from Jan. 1, 1890; annual rental equal to interest on outstanding securities and cost of corporate maintenance, taxes, and insurance $591,900.00
Tunnel Railroad, entire property for an indefinite period from Jan. 1, 1890; annual rental of 6 per cent on $1,250,000 par value of outstanding capital stock, maintenance (including corporate maintenance), taxes, and insurance 75,000.00
(The entire property of the Tunnel Railroad and the portion of the property of the St. Louis Bridge Company devoted to railroad traffic is jointly used for passenger traffic by tenant companies whose lines terminate at East St. Louis, Ill.)
Used with—
Missouri Pacific Railroad Company, certain tracks of the Illinois Transfer Railroad for an indefinite period from Mar. 15, 1902; fixed annual rental of $3,750, plus proportion of taxes on basis of use 4,257.31
Chicago, Rock Island and Pacific Railway Company, tracks of St. Louis Terminal Railway and the St. Louis Belt and Terminal for an indefinite period from Mar. 15, 1902; annual payment of 2 per cent on cost and additions and betterments, proportion of maintenance, operation, and taxes on car basis 32,218.18
Chicago, Burlington & Quincy Railroad Company and Missouri, Kansas & Texas Railway Company main line tracks of Terminal Railroad Association from Eighth and Gratiot Streets to union station, annual payment of 14.5 per cent of $16,666.67 3,866.64
Chicago, Burlington & Quincy Railroad Company, Baltimore and Ohio Southwestern Railroad Company, Louisville and Nashville Railroad Company, Mobile and Ohio Railroad Company, The Cleveland, Cincinnati, Chicago and St. Louis Railway Company, and St. Louis National Stock Yards Railroad, tracks of East St. Louis Belt Railroad and the East St. Louis and Carondelet, between Relay Depot and the National Stock Yards in East St. Louis, no written agreement, proportion of maintenance and operation on car basis $20,124.50
Illinois Central Railroad Company, tracks of the Terminal Railroad of East St. Louis between Bridge Junction and Relay Depot in East St. Louis; no written agreement, proportion of maintenance and operation on car basis 6,119.84
St. Louis Merchants Bridge Terminal Railway Company, tracks of various leased companies; no written agreement, proportion of maintenance and operation on car basis—
East St. Louis Belt Railroad 98,312.00
Illinois Transfer Railroad 409,915.20
St. Louis Terminal Railway \121,344.80
St. Louis Belt and Terminal /
Wabash Railway Company, tracks between Bridge Junction and Relay Depot; no written agreement, proportion of maintenance and operation on car basis 642.40
St. Louis Transfer Railway Company, tracks of Illinois Transfer Railroad; no written agreement, proportion of maintenance and operation on car basis 7,025.99
Mobile and Ohio Railroad Company, tracks of the East St. Louis and Carondelet; no written agreement, proportion of maintenance and operation on car basis 25,924.00
East St. Louis Connecting Railway Company, tracks of the East St. Louis and Carondelet; no written agreement, proportion of maintenance and operation on car basis 121,101.39
Chicago and Eastern Illinois Railroad Company, tracks of various companies between Lenox, Ill., and Twenty-third Street, St. Louis, Mo., via The St. Louis Merchants Bridge or the St. Louis Bridge Company and tracks of the St. Louis Merchants Bridge Terminal Railway Company and its leased lines or the Terminal Railroad Association and its leased lines; no written agreement, proportion of maintenance and operation on car basis 106,088.98
Seventeen tenant companies, union station facilities and trackage thereto, for an indefinite period from Jan. 1, 1890; each tenant company pays proportion of maintenance, operation, and taxes, less rental and other revenues, on basis of cars handled 154,164.94
Miscellaneous items, transfer of passenger-train cars over tracks of St. Louis Bridge Company and the Tunnel Railroad 1,644.23
Jointly used, but not owned, owned by—
St. Louis Merchants Bridge Terminal Railway Company, tracks between Tenth Street and various interchange points, no written agreement, proportion of maintenance and operation on car basis $18,628.40
Wabash Railway Company, tracks to exchange elevator; no written agreement, proportion of maintenance and operation on car basis [anything missing here?] 83
The Cleveland, Cincinnati, Chicago and St. Louis Railway Company, yard tracks at East St. Louis, Ill., for an indefinite period from Dec. 1, 1903; fixed annual rental of $3,000 plus taxes 4,045.57
Missouri Pacific Railroad Company, tracks between Eighteenth Street and Twenty-third Street, St. Louis, for 25 years from Dec. 1, 1903; fixed annual rental 2,969.80
Solely controlled but not used, leased to St. Louis Merchants Bridge Terminal Railway Company; entire property of the Granite City and Madison Belt Line Railroad Company; no written agreement, annual rental 10,000.00
There are other facilities of minor importance, such as buildings, yard tracks, and sidings, which the Terminal Railroad Association grants the sole or joint use or receives joint use, that are not listed in this chapter.
GENERAL BALANCE SHEET STATEMENTS

Lessor Companies

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TERMINAL RAILROAD OF EAST ST. LOUIS

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INTRODUCTORY

The Terminal Railroad of East St. Louis is a corporation of the State of Illinois, having its corporate office at East St. Louis, Ill., and its general administrative office at St. Louis, Mo. Its accounting records were discontinued after December 31, 1889, when its property was taken over for operation by the Terminal Railroad Association.

The Terminal Railroad of East St. Louis is controlled by the Terminal Railroad Association 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 from the date of completion to June 30, 1881, jointly, under lease, by the St. Louis Bridge Company and the Tunnel Railroad. From July 1, 1881, to December 31, 1889, it was operated under lease by the Missouri Pacific Railway Company and the Wabash Railroad Company. From January 1, 1890, to December 31, 1917, it was operated by the Terminal Railroad Association, and 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 Terminal Railroad Association.

This company was organized in the interest of the St. Louis Bridge Company and the Tunnel Railroad. Prior to the organization of this company the Union Railway and Transit Company (of Illinois) had been incorporated in the same interest and for the same purpose. When the latter company leased its property to the St. Louis Bridge Company and the Tunnel Railroad, it also assigned the right of further construction of its property to the lessees. The lessees were unable to issue securities to cover further expenditures and this company was created to provide adequate terminal facilities for handling the growing business of the St. Louis Bridge Company.

CORPORATE HISTORY

The Terminal Railroad of East St. Louis was incorporated February 23, 1880, under the general laws of the State of Illinois, for the purpose of constructing and operating a railroad to connect with tracks of the St. Louis Bridge Company, the Union Railway and Transit Company (of Illinois), and all other railroads having termini at East St. Louis, Ill., and to extend its tracks to various industries. On March 2, 1880, the Terminal Railroad of East St. Louis purchased the property of the Union Railway and Transit Company (of Illinois). The Union Railway and Transit Company (of Illinois) was incorporated under the general laws of Illinois April 14, 1874.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

On March 2, 1880, the Terminal Railroad of East St. Louis purchased the property of the Union Railway and Transit Company (of Illinois) consisting of about 47 acres of land on which that company had constructed about 0.25 mile of main track and about 0.13 mile of sidetracks. Addition yard and sidetracks have been constructed to meet industrial demands at various times to date of valuation. From March, 1880, to December 31, 1889, construction work was done by forces of the Missouri Pacific Railway Company, and from that date to date of valuation by the forces of the Terminal Railroad Association. The extent of construction by each company could not be determined; however, on date of valuation, this company owned 0.927 mile of main track and 40.226 miles of yard and sidetracks.

HISTORY OF CORPORATE FINANCING

EAST ST. LOUIS AND CARONDELET, FORMERLY NAMED THE AMERICAN BOTTOM LIME, MARBLE AND COAL COMPANY

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INTRODUCTORY

The East St. Louis and Carondelet is a corporation of the State of Illinois, having its corporate office at East St. Louis, Ill., and its general administrative office at St. Louis, Mo. Its accounting records 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 its minute books and other records in possession of the Terminal Railroad Association.

The East St. Louis and Carondelet is controlled by the Terminal Railroad Association 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 its own organization from the date of completion to February 28, 1894. From March 1, 1894, to February 28, 1902, it was operated by the Terre Haute and Indianapolis Railroad Company. From March 1, 1902, to December 31, 1917, it was operated by the Terminal Railroad Association, and 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 Terminal Railroad Association.

CORPORATE HISTORY

The East St. Louis and Carondelet was incorporated under special act of the State Legislature of Illinois, approved February 18, 1857, as The American Bottom Lime, Marble and Coal Company, for the purpose of acquiring lands, quarrying marble, mining coal, manufacturing every material permitted by the State, and constructing a railroad.

This company was inactive until July 20, 1867, when the stockholders decided to construct a railroad but not engage in mining, quarrying, and manufacturing. On April 19, 1873, the name was changed to East St. Louis and Carondelet Railway Company.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The road owned by the East St. Louis and Carondelet on date of valuation consisted of 9.985 miles of main line and 11.817 miles of yard and sidetracks, all in St. Clair County, Ill. Construction from the city of East St. Louis to Falling Springs was completed September 26, 1872, and to East Carondelet on July 1, 1873. An extension to the National Stock Yards was completed April 3, 1875. The records obtained indicate that the entire line was acquired by construction, but it could not be determined by whom the work was done prior to March, 1902. Since that date additional construction has been done by the forces of the Terminal Railroad Association.

HISTORY OF CORPORATE FINANCING

ST. LOUIS TERMINAL RAILWAY

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INTRODUCTORY

The St. Louis Terminal Railway is a corporation of the State of Missouri, having its principal office at St. Louis, Mo. It is controlled by the Terminal Railroad Association, 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 from the date of completion, to December 31, 1917, by the Terminal Railroad Association and 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 Terminal Railroad Association. Separate accounts were maintained by this company to March 31, 1894, when its assets and liabilities were transferred to the books of the Terminal Railroad Association.

CORPORATE HISTORY

The St. Louis Terminal Railway was incorporated November 9, 1892, under the general laws of the State of Missouri for the purpose of constructing and operating a standard-gage railroad in and about the city of St. Louis, Mo., and in St. Louis and St. Charles Counties, a total distance of about 35 miles. By three ordinances passed by the city of St. Louis, April 1, 1893, April 10, 1895, and April 5, 1899, this company was authorized to construct and operate its railroad over, along, and across streets and alleys and through city blocks within its proposed route.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property of this company was all acquired by construction. This company, itself, began to acquire right of way and to construct the property in December, 1892. Construction of its main line was completed about May 1, 1904, by the Terminal Railroad Association. The Terminal Railroad Association has constructed an additional yard and sidetracks, to meet industrial demands, to date of valuation, when the road was composed of 7.299 miles of first main track, 6.534 miles of second main track, and 24.045 miles of yard and sidetracks.

HISTORY OF CORPORATE FINANCING

EAST ST. LOUIS BELT RAILROAD

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INTRODUCTORY

The East St. Louis Belt Railroad is a corporation of the State of Illinois having its corporate office at East St. Louis, Ill., and its general administrative office at St. Louis, Mo. This company, itself, had no accounting records. However, certain data given below were obtained from the accounting records of the Terminal Railroad Association.

The East St. Louis Belt Railroad is controlled by the Terminal Railroad Association 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 Terminal Railroad Association from the date of its completion to December 31, 1917, and from that date to date of valuation it was operated by the United States Railroad Administration as part of the operating unit of the Terminal Railroad Association.

CORPORATE HISTORY

The East St. Louis Belt Railroad was incorporated June 15, 1898, under the general laws of the State of Illinois for the purpose of constructing and operating a railroad from a point in Madison County to a point in St. Clair County, Ill., opposite the city of St. Louis, Mo.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property of this company, consisting of 2.821 miles of main track, 2.092 miles of second main track, and 3.050 miles of yard and sidetracks, was constructed for it by the Terminal Railroad Association during 1898 and 1899. It consists of three separate branches or lines, one in Madison County and two in St. Clair County, Ill., forming connections between other terminal companies controlled and operated by the Terminal Railroad Association.

HISTORY OF CORPORATE FINANCING

ILLINOIS TRANSFER RAILROAD

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INTRODUCTORY

The Illinois Transfer Railroad is a corporation of the State of Illinois, having its corporate office at East St. Louis, Ill., and its general administrative office at St. Louis, Mo. This company, itself, has no accounting records. However, certain data given below were obtained from the accounting records of the Terminal Railroad Association.

The Illinois Transfer Railroad is controlled by the Terminal Railroad Association 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 from the date of its completion to December 31, 1917, by the Terminal Railroad Association, and from January 1, 1918, to date of valuation by the United States Railroad Administration as part of the operating unit of the Terminal Railroad Association.

CORPORATE HISTORY

The Illinois Transfer Railroad was incorporated October 27, 1899, under the general laws of the State of Illinois, for the purpose of constructing and operating a railroad extending from a point on the Mississippi River in Madison County, through the counties of Madison and St. Clair, to a point south of Missouri Avenue in the city of East St. Louis, Ill. By three ordinances passed by the city of East St. Louis, Ill., April 9, 1900, May 12, 1902, and September 8, 1902, the Illinois Transfer Railroad was authorized to construct its tracks on and across certain city streets and alleys.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire road owned by the Illinois Transfer Railroad, consisting of about 7.180 miles of main track, about 5.587 miles of second main track, and about 15.884 miles of yard and sidetracks, was constructed for it by the Terminal Railroad Association. The latter company began securing right of way in October, 1899, and the road was completed in 1904. Its main line extends from a connection with the East St. Louis Belt Railroad, north of the National Stock Yards, in East St. Louis, in a southerly direction to a connection with the Illinois Central Railroad.

HISTORY OF CORPORATE FINANCING

ST. LOUIS BELT AND TERMINAL

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INTRODUCTORY

The St. Louis Belt and 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 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 Terminal Railroad Association from the date of its completion to December 31, 1917. From that date to the date of valuation, it has been operated by the United States Railroad Administration as a part of the operating unit of the Terminal Railroad Association.

CORPORATE HISTORY

The St. Louis Belt and Terminal was incorporated March 14, 1902, under the general laws of the State of Missouri, for the purpose of constructing and operating a railroad from the west bank of the Mississippi River in St. Louis County, south of the city of St. Louis, thence west, north, and east to the west bank of the Mississippi River within or north of the city of St. Louis, and to connect its tracks with those of individuals or corporations.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire road owned by the St. Louis Belt and Terminal, 9.246 miles, extending from a connection with the St. Louis-San Francisco Railway Company in St. Louis County, thence north and east to a connection with the St. Louis Terminal Railway west of the city of St. Louis, Mo., was acquired by construction. The records reviewed indicate that the construction, which began in July, 1902, has all been done by forces of the Terminal Railroad Association. The dates of completion of the various sections of the road could not be determined; however, operation began in 1903.

HISTORY OF CORPORATE FINANCING

ST. LOUIS BRIDGE COMPANY

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INTRODUCTORY

The St. Louis Bridge Company is a corporation of the State of Missouri, having its principal office at St. Louis, Mo. It is controlled by the Terminal Railroad Association, its lessee, which, under the terms of its lease, holds power to vote the entire issue of common stock of this company which is held in trust by the Bankers Trust Company of New York. On the other hand, the records reviewed do not indicate that this company controls any common-carrier corporation.

The property of the St. Louis Bridge Company was operated by the purchasing trustee and its own organization from March, 1879, to June 30, 1881. From July 1, 1881, to December 31, 1889, it was operated under joint lease by the Missouri Pacific Railway Company and the Wabash Railroad Company, and from January 1, 1890, to December 31, 1917, it was operated under lease by the Terminal Railroad Association. 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 Terminal Railroad Association.

CORPORATE HISTORY

The St. Louis Bridge Company was incorporated December 18, 1878, under the general laws of the State of Missouri, for the purpose of constructing and operating a bridge over the Mississippi River, in the city of St. Louis and opposite thereto. The St. Louis Bridge Company was organized under the terms of an agreement, dated August 28, 1878, between the bondholders of the Illinois and St. Louis Bridge Company (No. 2), J. S. Morgan and Co., of London, England, and a committee appointed to purchase the property and rights of the Illinois and St. Louis Bridge Company (No. 2) at foreclosure sale. Pursuant to the above-mentioned purpose and the agreement of August 28, the property, rights, and franchises of the Illinois and St. Louis Bridge Company (No. 2) were purchased at foreclosure sale, December 20, 1878, by A. J. Thomas, trustee, and by him conveyed to the St. Louis Bridge Company on March 29, 1879.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire property owned by the St. Louis Bridge Company, consisting of a double-deck toll bridge over the Mississippi River with approaches thereto, extending from a connection with the Tunnel Railroad of St. Louis at Third Street and Washington Avenue at St. Louis, Mo., and from a connection with the Terminal Railroad of East St. Louis, at East St. Louis, Ill., was acquired by purchase at foreclosure sale of the Illinois and St. Louis Bridge Company (No. 2), December 20, 1878. It was constructed by the latter-named company during the period from August 20, 1867, to July 4, 1874.

HISTORY OF CORPORATE FINANCING

TUNNEL RAILROAD

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INTRODUCTORY

The Tunnel Railroad is a corporation of the State of Missouri, having its office at St. Louis, Mo. The accounting records of the Tunnel Railroad 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. The Tunnel Railroad is indirectly controlled by the Terminal Railroad Association through the terms of its joint lease of the property of the Tunnel Railroad and the St. Louis Bridge Company. On the other hand, this company does not control any common-carrier corporation.

The property of the Tunnel Railroad was operated from the date of purchase to July 1, 1881, by the St. Louis Bridge Company, from July 1, 1881, to December 31, 1889, jointly by the Missouri Pacific Railway Company and the Wabash Railroad Company. From January 1, 1890, to December 31, 1917, it was operated by the Terminal Railroad Association, and from January 1, 1918, to date of valuation it was operated by the United States Railroad Administration as part of the operating unit of the Terminal Railroad Association.

CORPORATE HISTORY

The Tunnel Railroad was incorporated December 18, 1878, under the general laws of the State of Missouri, for the purpose of constructing, maintaining, and operating a railroad extending from the terminus of the bridge over the Mississippi River to a place near Poplar Street, and to the western limits of the city of St. Louis, Mo., to make connections with tracks of the Union Depot Company of St. Louis and other railroads having termini in said city of St. Louis. The Tunnel Railroad was organized by bondholders of the St. Louis Tunnel Railroad Company and the property, rights, and franchises of that company, which were purchased at foreclosure sale July 1, 1878, by C. E. Tracy, trustee, were conveyed to the Tunnel Railroad December 19, 1878. The St. Louis Tunnel Railroad Company was incorporated under the general laws of Missouri, November 8, 1872.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

All of the property owned by the Tunnel Railroad was acquired at foreclosure sale. It consists of a double-track, standard-gage, tunnel railroad 0.841 mile long, extending from a connection with the St. Louis Bridge Company at Third Street, west under Washington Avenue to Seventh Street, south under Eighth Street to Spruce Street, and then west to Poplar Street at Ninth Street, in the city of St. Louis, Mo.

HISTORY OF CORPORATE FINANCING

Predecessor Companies

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THE UNION RAILWAY AND TRANSIT COMPANY OF ST. LOUIS—PREDECESSOR OF THE TERMINAL RAILROAD ASSOCIATION

The Union Railway and Transit Company of St. Louis was incorporated April 13, 1874, under the general laws of the State of Missouri. The accounting records of the Union Railway and Transit Company of St. Louis 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 records in possession of the Terminal Railroad Association. The Union Railway and Transit Company of St. Louis was controlled July 30, 1889, the date of its consolidation with the Terminal Railroad of St. Louis to form the Terminal Railroad Association, by Jay Gould through ownership of a majority of its capital stock. The property of this company was operated jointly under lease by The Tunnel Railroad and the St. Louis Bridge Company from the date of its completion to June 30, 1881, and from July 1, 1881, to December 31, 1889, it was operated jointly under lease by the Missouri Pacific Railway Company and the Wabash Railroad Company.

The extent of construction by this company was not disclosed by the records reviewed. The property owned on date of consolidation consisted of tracks forming a connection between the Tunnel Railroad and other railroad companies having termini in the city of St. Louis, and other yard and sidetracks. Its main tracks were reported completed in July 1874. There were six ordinances passed by the city of St. Louis granting this company authority to construct tracks in certain city blocks and in and across streets and alleys.

The records reviewed do not indicate that any syndicating arrangements were made in connection with the issuance of securities.

The authorized capital stock [...]

TERMINAL RAILROAD OF ST. LOUIS—PREDECESSOR OF THE TERMINAL RAILROAD ASSOCIATION
INTRODUCTORY

The Terminal Railroad of St. Louis was incorporated February 25, 1880, under the general laws of the State of Missouri. The Terminal Railroad of St. Louis was controlled July 30, 1889, the date it was consolidated with The Union Railway and Transit Company of St. Louis to form the Terminal Railroad Association by Jay Gould through ownership of a majority of its capital stock. The property of this company was operated jointly under lease by The Tunnel Railroad and the St. Louis Bridge Company from the date of its completion to June 30, 1881, and from July 1, 1881, to December 31, 1889, it was operated jointly under lease by the Missouri Pacific Railway Company and the Wabash Railroad Company.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The entire road owned by the Terminal Railroad of St. Louis on date of consolidation was acquired by construction. Its main line formed a connection between The Union Railway and Transit Company, The Union Depot Company and other railroad companies, terminating in the city of St. Louis, Mo. However, the extent of construction, or length of its road, could not be determined. Its line was opened for operation in 1881.

HISTORY OF CORPORATE FINANCING
THE UNION DEPOT COMPANY OF ST. LOUIS—PREDECESSOR OF THE TERMINAL RAILROAD ASSOCIATION
INTRODUCTORY

The Union Depot Company of St. Louis was incorporated May 9, 1874, under the general laws of the State of Missouri. The Union Depot Company of St. Louis was controlled on October 3, 1889, the date of sale of its physical property, by the Terminal Railroad Association through ownership of its entire outstanding capital stock. The property of The Union Depot Company of St. Louis was operated by its own organization from July 1, 1875, to date of its sale.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property owned by The Union Depot Company of St. Louis on the date of sale was all acquired by construction. From the date of its incorporation to date of sale this company continued the acquisition of real estate and construction of yard and sidetracks as the increase in its business required. There were four ordinances passed by the city of St. Louis granting this company authority to construct its tracks across streets and alleys and to extend its tracks to the western city limits. The depot building constructed by this company, and the tracks connecting with The Union Railway and Transit Company of St. Louis were completed and placed in operation July 1, 1875. The extent of track construction could not be determined. Under the terms of an agreement, for the reorganization of terminals at St. Louis, Mo., between Jay Gould and the railroad companies having termini at St. Louis, Mo. and East St. Louis, Ill., dated October 1, 1889, the property of this company was sold to the Terminal Railroad Association.

HISTORY OF CORPORATE FINANCING
UNION RAILWAY AND TRANSIT COMPANY (OF ILLINOIS)—PREDECESSOR OF THE TERMINAL RAILROAD OF EAST ST. LOUIS

The Union Railway and Transit Company (of Illinois) was incorporated April 14, 1874, under the general laws of the State of Illinois. Its accounting records were not obtained; therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information given below was obtained from other records in possession of the Terminal Railroad Association. The records reviewed do not indicate that this company was controlled by any individual or corporation on March 2, 1880, the date of sale of its property. On the other hand, the records do not indicate that this company, itself, controlled any common-carrier corporation. The property of this company was operated, jointly under lease, from the date of its completion to March 2, 1880, by The St. Louis Bridge Company and the Tunnel Railroad.

During the year 1874 this company acquired about 47 acres of land, in the city of East St. Louis, Ill., on which it constructed about one-quarter mile of main track, and about 0.13 mile of sidetrack, to connect the St. Louis Bridge Company tracks with those of other companies having termini at East St. Louis. On March 2, 1880, the property it acquired was sold to the Terminal Railroad of East St. Louis.

The financial requirements of the Union Railway and Transit Company [...] As the accounting records of the Union Railway and Transit Company (of Illinois) were not obtained, its investment in road and equipment can not be given.

ILLINOIS AND ST. LOUIS BRIDGE COMPANY (NO. 2)—PREDECESSOR OF THE ST. LOUIS BRIDGE COMPANY
INTRODUCTORY

The Illinois and St. Louis Bridge Company (No. 2) was formed by the consolidation, effective July 9, 1868, of the Illinois and St. Louis Bridge Company (No. 1) and the St. Louis and Illinois Bridge Company. Certificate of consolidation was filed in Missouri on March 11, 1869. The accounting records of tho Illinois and St. Louis Bridge Company (No.2) are a continuation of those kept by its predecessor, the Illinois and St. Louis Bridge Company (No. 1), and cover the transactions of both companies, which are not separable. The records reviewed do not indicate that the Illinois and St. Louis Bridge Company (No. 2) was controlled by any individual or corporation on December 20, 1878, the date of its foreclosure sale. On the other hand, this company controlled the St. Louis Tunnel Railroad Company through ownership of 99 per cent of its outstanding capital stock.

The property of this company was operated by its own organization from the date of its completion to April 14, 1875, when it was taken over by J. P. Morgan and S. Humphreys, trustees, who were on May 31, 1875, appointed receivers. The receivers continued to operated the property until March, 1879, when it was turned over to the successor company. The property owned on date of sale consisted of a double-deck toll bridge over the Mississippi River, extending from the levee at Washington Avenue in St. Louis, Mo., to the levee at the foot of Crooks Street in East St. Louis, Ill., with approaches thereto.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The records reviewed indicate that the entire property owned by the Illinois and St. Louis Bridge Company (No. 2) on the date of sale was acquired by construction and that the work was done by various contractors, none of whom appear to have been affiliated with this company. Construction was completed October 1, 1874.

HISTORY OF CORPORATE FINANCING
ILLINOIS AND ST. LOUIS BRIDGE COMPANY (NO. 1)—PREDECESSOR OF THE ILLINOIS AND ST. LOUIS BRIDGE COMPANY (NO. 2)

The Illinois and St. Louis Bridge Company (No. 1) was incorporated by special act of the Legislature of Illinois, February 21, 1867, for the purpose of constructing and operating a toll bridge over the Mississippi River from any point opposite the city of St. Louis, Mo. On February 16, 1865, by special act, the Legislature of Illinois granted authority, for construction of a bridge, to the St. Louis and Illinois Bridge Company, which had been incorporated in Missouri, February 5, 1864. To avoid litigation as to rights of the companies under the two charters granted by the State of Illinois and to avoid delay in constructing the bridge, this company and the St. Louis and Illinois Bridge Company, were, on July 9, 1868, consolidated to form the Illinois and St. Louis Bridge Company (No. 2). Construction of the bridge was started on August 20, 1867.

The amount of capital stock [...]

ST. LOUIS AND ILLINOIS BRIDGE COMPANY—PREDECESSOR OF THE ILLINOIS AND ST. LOUIS BRIDGE COMPANY (NO. 2)

The St. Louis and Illinois Bridge Company was incorporated by special act of the Legislature of Missouri, approved February 5, 1864, for the purpose of constructing and operating a toll bridge over the Mississippi River at St. Louis, Mo. By special act of the Legislature of Illinois, approved February 16, 1865, authority was granted for the construction of the bridge over the portion of the river in Illinois. By act of Congress, July 25, 1866, authority was granted for construction of a bridge over the Mississippi River from St. Louis, Mo., to East St. Louis, Ill., by this or any other company incorporated in the States of Missouri and Illinois. The records obtained do not show that this company owned any property.

Although the Illinois Legislature had by the act of February 16, 1865, authorized this company to construct the bridge, it did on February 21, 1867, by special act incorporate the Illinois and St. Louis Bridge Company (No. 1) whose purpose was the same. To avoid litigation as to rights of the companies under the two charters granted by the State of Illinois and to avoid delay in constructing the bridge, this company and the Illinois and St. Louis Bridge Company (No. 1) were consolidated July 9, 1868, to form the Illinois and St. Louis Bridge Company (No. 2).

ST. LOUIS TUNNEL RAILROAD COMPANY—PREDECESSOR OF THE TUNNEL RAILROAD OF ST. LOUIS
INTRODUCTORY

The St. Louis Tunnel Railroad Company was incorporated November 8, 1872, under the general laws of the State of Missouri. The accounting records of the St. Louis Tunnel Railroad Company 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 carrier. The St. Louis Tunnel Railroad Company was controlled, July 1, 1878, the date of its sale, by the Illinois and St. Louis Bridge Company (No. 2) through ownership of 99 per cent of its outstanding capital stock.

The property of the St. Louis Tunnel Railroad Company was operated by the Illinois and St. Louis Bridge Company (No. 2) from the date of completion, to May 30, 1875, and from May 31, 1875, to date of sale, by its receivers. The St. Louis Tunnel Railroad Company and its lessee, the Illinois and St. Louis Bridge Company (No. 2) defaulted in payment of interest on its funded debt and on May 31, 1875, J. P. Morgan and S. Humphreys were appointed receivers. Its property, rights, and franchises were sold at foreclosure July 1, 1878, to C. E. Tracy, trustee, and on December 19, 1878, conveyed to the Tunnel Railroad of St. Louis, which had been organized in the interest of the bondholders.

DEVELOPMENT OF FIXED PHTYSICAL PROPERTY

The property owned by the St. Louis Tunnel Railroad Company on the date of foreclosure sale, consisting of a double-track, standard-gage, tunnel railroad, about 1 mile in length located in the city of St. Louis, Mo., was acquired by construction. The construction work was performed by various contractors, none of whom appears to have been affiliated with this company. Construction of the property, which is essential in the operation of the lower or railroad deck of the bridge now owned by the St. Louis Bridge Company, began in December, 1872, and was completed October 1, 1874. When the main tunnel was constructed a connecting tunnel extending to the post office building at Eighth and Olive Streets was built. This connecting tunnel was used for delivery and receipt of United States mail for a short time and then abandoned on account of smoke and gas from trains entering the post office building.

HISTORY OF CORPORATE FINANCING
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