Wikipedia:WikiProject Trains/ICC valuations/Fort Worth and Denver City Railway
Interstate Commerce Commission, Valuation Reports, Volume 134
Fort Worth and Denver City Railway
editLocation and General Description of Property
editThe railroad of the Fort Worth and Denver City Railway Company, hereinafter called the Fort Worth and Denver City, is a single-track, standard-gauge, steam railroad, located in northeastern Texas. The owned mileage consists of a main line extending northwesterly from Fort Worth to the Texas-New Mexico State line. The property used under lease is also located in Texas and consists of a branch line extending from Acme to Agatite and terminal facilities at Fort Worth. The Fort Worth and Denver City is controlled by the Colorado and Southern. The properties of these two companies, which are separately operated, form a through line from Fort Worth, Tex., to Denver, Colo., and points beyond. The Fort Worth and Denver City wholly owns 454.130 miles of road, all of which it uses. It also wholly uses 1.610 miles of road and other property owned by two lessors, whose entire common-carrier properties, described in the following paragraphs, are leased to and operated by the Fort Worth and Denver City, with the exception noted below.
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The Fort Worth and Denver City wholly owns and uses 574.483 miles of all tracks, and wholly uses but does not own 15.631 miles of all tracks. These tracks are classified in the trackage table in Appendix 1. The company also jointly owns and uses with another carrier 1.486 undivided miles of all tracks, also shown in Appendix 1.
Introductory
editThe Fort Worth and Denver City is controlled by the Colorado and Southern, through ownership of 99.8 per cent of the outstanding capital stock. On the other hand, the Fort Worth and Denver City, itself, controls, through ownership of all their outstanding capital stocks, except directors' qualifying shares, the Acme Tap Railroad and the Fort Worth and Denver Terminal Railway. The properties of these two controlled companies are leased for operation to the Fort Worth and Denver City. The property of the Fort Worth and Denver City was operated by its own organization from the dates of construction by it to October 22, 1893, by receivers from October 23, 1895[sic - 1893], to October 31, 1896, and again by the company's own organization from November 1, 1896, to December 31, 1917. On January 1, 1918, its common-carrier property was taken over for operation by the United States Railroad Administration, which still operates it.
Corporate History
editThe Fort Worth and Denver City was incorporated by a special act, effective June 6, 1873, of the Legislature of the State of Texas, for the stated purpose of acquiring and operating a railroad to extend from near Fort Worth, Tex., in a northwesterly direction, toward Denver, Colo. The company perfected its organization on August 12, 1873.
Development of Fixed Physical Property
editThe owned mileage of the Fort Worth and Denver City was acquired by it through construction, as follows:
| Termini | Dates constructed |
Recorded miles |
|---|---|---|
| Hodge (old) to Wichita Falls, Tex. | 1881-1882 | 110.30 |
| Wichita Falls to milepost 200 (from Hodge) | 1885-1887 | 90.00 |
| Milepost 200 to Texas-New Mexico State line | 1886-1888 | 248.94 |
| Hodge (new) to Fort Worth, Tex. | 1890 | 5.35 |
| 454.59 | ||
| Less abandoned at Hodge, Tex. | 1890 | .60 |
| 453.99 | ||
| Add; rechaining | .15 | |
| Total recorded mileage | 454.14 | |
| Difference between total recorded mileage and mileage inventoried as of date of valuation | .01 | |
| Mileage inventoried as of date of valuation | 454.13 |
The Fort Worth and Denver City made some surveys and performed other preliminary construction work between Fort Worth and Wichita Falls, Tex., during the year 1873, but no further work was performed until 1881, when a contract for the construction of the road was given to a company organized by G. M. Dodge and associates under the name The Colorado & Texas Railway Improvement Company, later renamed The Texas & Colorado Railway Improvement Company. This company completed the construction of the road from Hodge to Wichita Falls, Tex. The records reviewed do not indicate that Dodge or his associates controlled the Fort Worth and Denver City at the time the above-mentioned construction contract was given. However, the entire original issue of capital stock of the Fort Worth and Denver City was delivered to the Improvement Company in part payment for construction. The road between Wichita Falls, Tex., and milepost 200 was constructed under the supervision of Dodge, or other individuals, acting for the railway company. The grading, masonry, and bridge work on part of this mileage were performed by various contractors, and other work was performed by the railway company's own forces. The road between milepost 200 and the Texas-New Mexico State line was constructed under contract by The Pan Handle Construction Company, organized by Dodge and associates. Dodge was an officer of the railway company when the contract for this construction was executed. The construction from Hodge to Fort Worth, Tex., was performed by the forces of the Fort Worth and Denver City.
Leased Railway Property
editThe Fort Worth and Denver City on December 31, 1917, had various arrangements with other companies covering the sole or joint use of property. The more important arrangements, which have been continued by the United States Railroad Administration to date of valuation, are indicated hereunder. The description of the property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation are as follows:
| Rentals | |
|---|---|
| Solely owned, but jointly used, used with — | |
| Wichita Falls & Northwestern of Texas, tracks at Wichita Falls, Tex., agreement running from Apr. 8, 1907, annual rental of $2,500. | $240.00 |
| Wichita Falls & Oklahoma (Wichita Valley Railway, lessee); tracks at Wichita Falls, Tex., agreement running from Sept. 1, 1907, no rental as the Fort Worth and Denver City receives free use of other tracks at same place. | ...... |
| The Missouri, Kansas & Texas Railway Company of Texas. The Wichita Falls & Northwestern Railway Company of Texas. (The Missouri, Kansas & Texas Railway Company of Texas, lessee.) Wichita Falls Railway Company. (The Missouri, Kansas & Texas Railway Company of Texas, lessee.) The Wichita Falls & Southern Railway Company. (Missouri, Kansas & Texas Railway Company, lessee.) Tracks and stockyard facilities at Jolly and Wichita Falls, Tex., agreement running from Aug. 1, 1911, no rental, since Fort Worth and Denver City receives free use of land. | ...... |
| Quanah, Acme & Pacific Railway Company— | |
| Tracks, 3.967 miles from Quanah to Acme, Tex., agreement running from July 8, 1913, annual rental of $3,000. | 1,884.60 |
| Switching rights and use of stock pens at Quanah, Tex., agreement running from July 8, 1913, $0.25 rental for each car switched to and from pens, plus $1 for each car loaded in and out of pens. | 77.64 |
| St. Louis Southwestern Railway Company of Texas, tracks across Trinity River bridge at Fort Worth, Tex., agreement running from Nov. 1, 1915, annual rental equal to 3 per cent on 1915 valuation of $97,000 to be increased by additions and betterments, plus a proportion, based on use, of maintenance. | 3,168.41 |
| The Trinity and Brazos Valley Railway Company, tracks and terminal facilities at Fort Worth, Tex., agreement effective Oct, 18, 1915, rental equal to a user's proportion of 5 per cent annually on 1915 valuation of $776,242 to be increased by additions and betterments, plus same proportion of operating expenses and taxes. | 4,679.47 |
| Solely used, but not owned, leased from — | |
| Acme Tap Railroad, entire property, including 1.51 miles of main tracks serving the plant of the American Cement Plaster Company near Acme, Tex. Operated under provisions of a contract dated Jan. 16, 1899. The lessee maintains the property and pays the taxes, but pays no rental. However, it has agreed to handle freight to and from the plant of the American Cement Plaster Company without accruing any charges while on tracks of the Acme Tap Railroad. | ...... |
| Fort Worth and Denver Terminal Railway, entire property, including 13.707 miles of terminal tracks and facilities in and near Fort Worth, Tex.; agreement running 99 years from Dec. 1, 1907; the lessee maintains the property, pays the taxes, and pays an annual rental equal to the interest accruing on the lessor's outstanding first-mortgage 6 per cent bonds. (The lessor has outstanding $728,000 par value of these bonds, of which $428,000 are held by the Fort Worth and Denver City. Rental and interest is accrued only on the $300,000 par value not held by the lessee; no rental or interest is accrued in connection with the $428,000). | 18,000.00 |
| Jointly used, but not owned, owned by — | |
| The Texas and Pacific Railway Company passenger station and other facilities at Fort Worth, Tex.; agreement running from Nov. 1, 1917; annual rental of $11,928.57, plus a proportion, based on use, of maintenance. | 8,865.36 |
| Wichita Falls & Oklahoma (The Wichita Valley Railway, lessee), tracks at Wichita Falls. Tex.; agreement running from Sept. 1, 1907; no rental as the Fort Worth and Denver City grants free use of its tracks at same place. | ...... |
| The Chicago, Rock Island and Gulf Railway Company — | |
| Tracks at Amarillo, Tex., agreement running from Nov. 1, 1907, rental equal to 50 cents for each turn on wye tracks. | ...... |
| Stockyards and switching tracks at Dalhart, Tex., agreement running from June 30, 1909; rental for yards equal to $1 per car moved by lessor or 25 cents if moved by lessee, plus switching charges at tariff rate. | 91.00 |
| Quanah, Acme & Pacific Railway Company, switching tracks at Quanah, Tex., agreement running from July 8, 1913, rental of 25 cents per loaded car moved. | ...... |
| Solely controlled for operation, but used jointly, used with— | |
| Quanah, Acme & Pacific Railway Company, a part of the tracks leased from the Acme Tap Railroad, agreement running from Feb. 1, 1914, monthly rental of $10. | 75.36 |