Wikipedia:WikiProject Trains/ICC valuations/Texas City Terminal Company

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The Texas City Terminal Co., herein called the carrier, owns no physical property other than furniture and fixtures in the customhouse and in other buildings at Texas City, Tex. It operates, under lease, a single-track, standard-gauge, steam railroad owned by the Texas City Transportation Company, extending from Texas City to Terminal Junction, Tex., 6.388 miles. The property leased also includes 29.461 miles of yard tracks and sidings, together with extensive warehouses, piers, a grain elevator, and other miscellaneous terminal facilities. The carrier's operated road thus embraces 35.849 miles of all tracks wholly used but not owned. The carrier is controlled by the Texas City Transportation Company and provides terminal and transfer facilities in connection with the exchange of traffic between connecting railroads and water carriers serving the port of Texas City which is located on the west shore of Galveston Bay.

The carrier operated its property as owner from the date of acquisition to May 25, 1904, the date it conveyed title therein to the Texas City Transportation Company. From that date to date of valuation it has operated the property under lease.

CORPORATE HISTORY

The carrier was incorporated February 4, 1898, under the general laws of the State of Texas, for the stated purpose of acquiring, constructing, owning, and operating at, or near, Texas City, Tex., a deep-water channel connecting the Gulf of Mexico along and across Galveston Bay; docks for vessels and cargoes on the west shore of Galveston Bay; suburban or belt lines of railways; elevators and union depots. The date of organization of the company has not been determined. The carrier acquired the property, rights, and franchises of the Texas City Terminal Railway from J. L. Greatsinger by deed dated March 7, 1898. The records reviewed did not indicate in what manner they were acquired by Greatsinger.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The carrier owns no railroad or equipment. It operates 6.388 miles of first main track and 29.461 miles of yard tracks and sidings owned by the Texas City Transportation Company. A part of this property, including 2.53 miles of road, was formerly owned by the carrier. This property, without definite description, was acquired by purchase from J. L. Greatsinger on March 7, 1898. The same property was sold by the carrier May 25, 1904, to the Texas City Transportation Company.

HISTORY OF CORPORATE FINANCING