Wikipedia:WikiProject Trains/ICC valuations/Salt Lake City Union Depot and Railroad Company

[Interstate Commerce Commission, Valuation Reports, Volume 149]

The Salt Lake City Union Depot and Railroad

Location and General Location of Property

The Salt Lake City Union Depot and Railroad Company, herein called the carrier, owns and operates a passenger station and appurtenant facilities at Salt Lake City, Utah. Its property includes 1.655 miles of first main track, 0.655 mile of second main track, and 2.069 miles of yard tracks and sidings, aggregating 4.379 miles of all tracks owned and used. The carrier is controlled by The Denver and Rio Grande Railroad Company, and it operates its property for the joint use of the controlling company and The Western Pacific Railroad Company under a joint-tenant arrangement.

Introductory

The carrier is a corporation of the State of Utah, having its principal office at Salt Lake City, Utah. It is controlled by The Denver and Rio Grande Railroad Company, through ownership of a majority of capital stock. The records do not indicate that the carrier controls any common-carrier corporation. The property of the carrier was operated by its own organization from August 20, 1910, the date its property was placed in operation, to December 31, 1917. On January 1, 1918, the common-carrier property of the carrier was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History

The carrier was incorporated May 29, 1907, under the general laws of the State of Utah, for the purpose of constructing or purchasing and operating passenger terminal facilities at Salt Lake City, Utah. The date of organization was June 3, 1907.

Development of Fixed Physical Property

The owned common-carrier property of the carrier comprising 1.655 miles of main-line railroad, 0.655 mile of second main track, 2.069 miles of yard tracks and sidings, a passenger station, and certain other terminal facilities at Salt Lake City, Utah, was acquired partly by purchase from The Denver and Rio Grande Railroad Company and partly by construction. The construction work of the carrier was performed by company forces during the period November, 1908, to August, 1910, but the property constructed is not separable from that purchased from the Denver and Rio Grande.

Leased Railroad Property

The property of the carrier, devoted to common-carrier purposes, was taken over for operation by the United States Railroad Administration on January 1, 1918, and is so operated on date of valuation. The arrangements of the carrier with the Denver and Rio Grande and The Western Pacific Railroad Company, herein referred to as the tenants, in effect December 31, 1917, covering the joint use of its property by those companies, have been continued by the railroad administration during the period January 1, 1918, to date of valuation.

The terminal facilities of the carrier are used jointly by the tenants under an agreement effective for a period of 60 years from December 16, 1908, whereby the tenants pay the net expense of maintaining and operating the property, divided on a wheelage basis, and an annual rental, divided one half each, equal to the interest on first-mortgage bonds and an investment of $20,000 per annum to a sinking fund for the retirement of the bonds. The tenants are also to pay (one-half each) the principal of any first-mortgage bonds of the carrier outstanding at the maturity thereof.

During the period January 1, 1918, to date of valuation the carrier has accrued rental as due from the United States Railroad Administration for use of its road amounting to $105,652.32.