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Wikipedia:WikiProject Trains/ICC valuations/Kansas City Terminal Railway

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VALUATION DOCKET NO. 961
KANSAS CITY TERMINAL RAILWAY COMPANY
Submitted November 23, 1927. Decided February 15, 1929

Final value for rate-making purposes of the property of the Kansas City Terminal Railway Company, owned and used for common-carrier purposes, found to be $38,323,000, as of June 30, 1916, of the property owned but not used, $9,066, and of the property used but not owned, $147,222.

W. B. Cast and Samuel W. Sawyer for Kansas City Terminal Railway Company.

REPORT OF THE COMMISSION

DIVISION 1, COMMISSIONERS MEYER, AITCHISON, LEWIS, AND FARRELL

BY DIVISION 1:

By our order of January 28, 1927, entered in the above-entitled proceeding, we completed the tentative valuation as of June 30, 1916, of the property of the Kansas City Terminal Railway Company, hereinafter called the carrier. Notice thereof was duly given to the carrier and other interested parties. The carrier filed a protest within the statutory period. A hearing has been had, briefs have been filed, and oral arguments heard. The Kansas City, St. Louis and Chicago Railroad Company and The Chicago and Alton Railroad Company also filed a protest, but entered no appearance at the hearing. On the date of valuation the carrier owned and operated a standard-gauge, steam railroad, together with a union passenger station and other terminal and switching facilities in Kansas City, Mo., and Kansas City, Kans. The principal main line owned in Kansas City, Mo., extends in a westerly direction from Rock Creek Junction, through the city by way of the passenger station, to the Missouri-Kansas State line. A low-grade line in the Missouri River bottom is used for freight service and extends from Rock Creek Junction along the northerly side of the city to Troost Avenue. A belt line extends from the Missouri-Kansas State line to Clark Junction, in Kansas City, Kans. The total owned main line, yard tracks, and sidings aggregate 135.920 miles of all tracks. In addition, the carrier jointly owns and uses with other carriers 0.187 mile of yard tracks and sidings. It wholly uses but does not own a freight station, together with 0.246 mile of yard tracks and sidings, and has trackage rights over tracks of other carriers. Further details concerning the property of the carrier are given in the order herein.


Location and general description of property.—The railroad owned and operated by the Kansas City Terminal Railway Company, herein called the carrier, consists of standard-gauge tracks, together with a union passenger depot and other property, comprising terminal and switching facilities in Kansas City, Mo., and Kansas City, Kans.

The principal main line owned in Kansas City, Mo., extends westerly from Rock Creek Junction through the city via the passenger station to the Missouri-Kansas State line, a distance of 7.404 miles, most of which is four tracked. A double-track line located west of the station projects from the main line in a northerly direction from Twenty-fifth Street along the bluffs of the Missouri and Kansas Rivers to Ninth Street, affording entrance to the terminal for several roads approaching from the north. Another low-grade line used for freight service projects from the main line at Rock Creek Junction and extends along the northerly side of the city to Troost Avenue. The last two lines are connected by means of trackage rights over another road. A belt line, part of which is double tracked, extends westerly from the Kansas-Missouri State line to Clark Junction, Kansas City, Kans., serving the stockyards and other industries and connecting with various railroads approaching from the west.

The carrier wholly owns and uses 17.576 miles of first main track, 11.932 miles of second main track, 6.350 miles of third main track, 4.980 miles of fourth main track, 0.723 mile of fifth main track, and 94.359 miles of yard tracks and sidings, aggregating 135.920 miles of all tracks, as classified by States in the trackage table in Appendix 1. In addition, the company jointly owns and uses with other carriers an undivided interest in 0.187 mile of yard tracks and sidings. It also wholly uses but does not own a freight station, together with 0.246 mile of yard tracks and sidings, owned by the Kansas City, St. Louis and Chicago Railroad Company (The Chicago and Alton Railroad Company, lessee), and coach buildings owned by the Chicago, Burlington & Quincy Railroad Company. It also has trackage rights over tracks of other carriers, as shown in the Leased railway chapter of Appendix 2.

The carrier is controlled jointly by the 12 proprietor companies named below,



APPENDIX 2
KANSAS CITY TERMINAL RAILWAY COMPANY
INTRODUCTORY

The carrier is a corporation of the State of Missouri, having its principal office at Kansas City, Mo. It is jointly controlled through equal ownership of the outstanding capital stock by the following companies:

On the other hand, the records reviewed do not indicate that this company, itself, controls any common-carrier corporation.

The property of the carrier has been operated by its own organization during its entire life.

CORPORATE HISTORY

The carrier was incorporated July 10, 1906, under the provisions of article 2, chapter 12, Revised Statutes of Missouri of 1899 and amendments thereto, for the purpose of constructing, acquiring, and operating a standard-gauge railroad, with one or more main tracks, and with such switches, spurs, and side tracks as might be requisite or desirable, in Jackson and Clay Counties, Mo., and Wyandotte County, Kans. The incorporators were nominees of 10 of the 12 present proprietor railroad companies. Pursuant to the above purpose, the carrier acquired sometime after its incorporation the property, rights, and franchises of The Kansas City Belt Railway Company and the Union Depot Company. The carrier, itself, and those corporations, together with their predecessor[sic] total seven different corporations and comprise [...]

No. Name Incorporation Succession
1 Kansas City Terminal Railway Company. Under general laws of Missouri, July 10, 1906.
2 The Kansas City Belt Railway Company. Under general laws of Missouri and Kansas through articles of consolidation, dated Mar. 3, 1886; filed in Missouri and Kansas on Mar. 13, 1886. Sold to 1, Mar. 1, 1910.
3 Kansas City Belt Railway Company. Under general laws of Missouri, June 27, 1882. Consolidated Mar. 13, 1886, with 6, to form 2.
4 Union Transit Company. Under general laws of Missouri, Mar. 8, 1880. Sold to 3, May 31, 1884.
5 Union Belt Line. Under general laws of Missouri, 1882. Sold to 3, in 1882.
6 Kansas City Belt Railroad Company. Under general laws of Kansas, Mar. 28, 1885. Consolidated Mar. 13, 1886, with 3, to form 2.
7 Union Depot Company. Under general laws of Missouri, Nov. 29, 1875. Sold to 1, Nov. 1, 1910.
DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The owned mileage of the carrier, amounting to 17.576 miles of first main track, was acquired partly by purchase and partly by construction. Of the six corporations that comprise the line of succession culminating in the carrier as at present constituted, two corporations did not construct any road or other common-carrier property. These companies were the Union Belt Line and the Kansas City Belt Railroad Company. One other corporation, the Union Depot Company, constructed certain common-carrier property other than that classed as main line on date of valuation.

The property constructed by the remaining corporations, the years when the various portions of the line were constructed, in so far as the records reviewed indicate, and the manner in which the carrier acquired the property are indicated in the following table, wherein, to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.

Acquired through purchase:
The Kansas City Belt Railway Company, constructed by that company and its immediate predecessor, Kansas City Belt Railway Company, not separable, during the period 1883 to 1910 10.22
Constructed by the Union Transit Company, 1880 1.28
11.50
Acquired through construction and reconstruction of road purchased, constructed and reconstructed by the carrier during the period 1910 to June 30, 1916 6.076
Mileage inventoried as of date of valuation 17.576
HISTORY OF CORPORATE FINANCING


The carrier maintains its property for the joint use of the tenant companies, under an operating agreement dated June 12, 1909, supplemented January 24, 1910, and running 200 years from the date the terminal facilities were placed in operation. Each tenant company pays an annual rental equal to one-twelfth of the bond interest and taxes, pays for switching service at established rates, and for other services pays a proportion, based on use, of the expenses assignable thereto.

Solely used, but not owned, leased from—
The Chicago and Alton Railroad Company, lessee of Kansas City, St. Louis and Chicago Railroad Company, freight station and 0.246 mile of track, First Street, Kansas City, Mo.; agreement for indefinite period from Nov. 1, 1914; annual rental equal to 5.5 per cent on agreed valuation $12,633.96
Chicago, Burlington & Quincy Railroad Company: Coach building, Kansas City, Mo. Rental not obtained --
Jointly used, but not owned; owned by—
The Atchison, Topeka and Santa Fe Railway Company, about 0.4 of a mile of yard tracks from Chicago Junction to A. T. & S. F. Junction in Kansas City, Mo.: Letter agreement dated Oct. 26, 1914, formal contract pending; stipulated payment equal to $1 per train 4,414.50
Chicago Great Western Railroad Company, about 0.2 of a mile of yard tracks, as a crossover for Union Station connections; informal agreement dated Oct. 28, 1914; stipulated payment equal to 50 cents per train 1,081.00
The Kansas City Southern Railway Company, about 0.19 of a mile of yard tracks, for moving cars to and from hog pens of Cudahy Packing Company; agreement for indefinite period from Feb. 17, 1916; stipulated payment equal to $1 per loaded car $605.79
St. Louis and San Francisco Railroad Company—
About 0.29 of a mile of yard tracks, Santa Fe Street, Kansas City, Mo., for interchange purposes; agreement for indefinite period from Nov. 1, 1914; stipulated payment equal to 50 cents per loaded car 2,393.60
Other yard tracks for interchange purposes; agreement for indefinite period from Nov. 1, 1914; stipulated payment equal to $1 per train 6,003.75
Various tenant companies, the carrier reports that it jointly uses 6.797 miles of main tracks and 0.549 of a mile of other tracks owned by various tenant companies, for which use there is no agreement and no rents are paid
GENERAL BALANCE SHEET STATEMENT
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