Wikipedia:WikiProject Trains/ICC valuations/Galveston Wharf Company

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The railroad of the Galveston Wharf Company, hereinafter called the carrier, is a standard-gauge steam railroad, located almost entirely in the city of Galveston, Tex. The wholly owned and used first main track, located along the shore of Galveston Channel, has a length of 3.001 miles. The carrier owns further second and other main tracks, yard, and side tracks aggregating 42.201 miles, making a total of 45.202 miles of wholly owned tracks. In addition it jointly owns and uses with other carriers 3.505 miles of yard tracks and sidings.

CORPORATE HISTORY

The carrier was incorporated by an act of the Legislature of the State of Texas, approved February 4, 1854, as Galveston Wharf and Cotton Press Company. By an amendatory act, approved February 11, 1860, its name was changed to Galveston Wharf Company. Its specific business purpose was not defined in the original act. An act passed August 4, 1870, provided that the carrier should have the right to construct, own, and operate a railroad in the city of Galveston, also to have the right to make connection with the Galveston, Houston and Henderson Railroad Company's line, in case of any change in the terminus or depot of that railroad, and with any and all other railroads which might, at any future time, enter the city of Galveston, in accordance with the general railroad law of the State.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Prior to the incorporation of the carrier, the wharves and wharf privileges on Galveston Island were separately owned and operated by various individuals. Certain individuals who owned or controlled three of the wharves, namely, the Palmetto, the Central, and the Brick, pooled their interests and caused to be incorporated the carrier, accepting its capital stock in payment for their respective properties. The company purchased the Western wharves in 1854-55; the Labadie and Commercial wharves in 1856; the Merchants wharf in 1858; and that of the Houston and Galveston Wharf and Press Company in 1869. Construction of the marine ways or dry docks was begun in 1887 and completed and placed in operation in April, 1888. They were sold in May, 1917. One grain elevator was constructed in 1892, the other in 1897. The sacking elevator was completed in 1910. The carrier began construction of the railroad connecting its wharves with the tracks of the Galveston, Houston and Henderson Railroad Company in 1870, and placed it in operation in January, 1872. No records were obtained as to the railroad property constructed from 1872 to 1908. The carrier reported 20 miles of tracks owned from 1870 to 1897, 24 miles in 1898, and 30 miles in 1899. On date of valuation it owns and uses 3.001 miles of road and 40.815 miles of track according to the inventory, and also jointly owns and uses 3.505 miles of track with other carriers.

HISTORY OF CORPORATE FINANCING