Wikipedia:WikiProject Trains/ICC valuations/Gulf, Beaumont and Great Northern Railway
Interstate Commerce Commission, Valuation Reports, Volume 127
Gulf, Beaumont and Great Northern Railway
[edit]Location and General Description of Property
[edit]The railroad of the Gulf, Beaumont & Great Northern Railway Company, hereinafter called the Gulf, Beaumont & Great Northern, which is leased to and operated by the Gulf, Colorado and Santa Fe, is a single-track standard-gauge steam railroad, located in the extreme eastern part of Texas, extending northerly from Roganville to Center, a distance of 77.787 miles.
Introductory
[edit]The Gulf, Beaumont & Great Northern is a corporation of the State of Texas, having its principal office at Beaumont, Tex. It is controlled by The Atchison, Topeka and Santa Fe Railway Company through ownership of its entire outstanding capital stock. On the other hand, the records reviewed do not indicate that this company itself controls any other carrier corporation.
The Gulf, Beaumont & Great Northern was incorporated under the provisions of chapter 1, title 94, of the Revised Statutes of Texas, on August 5, 1898, for a period of 50 years. Its stated purpose was to construct, own, maintain, equip, and operate a standard-gauge railroad from a point on the Gulf of Mexico, near Sabine Pass, Jefferson County, Tex., northwardly to Paris, Lamar County, Tex., a distance of about 350 miles.
Corporate History
[edit]The Gulf, Beaumont & Great Northern was incorporated under the provisions of chapter 1, title 94, of the Revised Statutes of Texas on August 5, 1898, for a period of 50 years. Its stated purpose was to construct, own, maintain, equip, and operate a standard-gauge railroad from a point on he Gulf of Mexico, near Sabine Pass, Jefferson County, Tex., northwardly to Paris, Lamar County, Tex., a distance of about 350 miles.
Development of Fixed Physical Property
[edit]The property owned by the Gulf, Beaumont & Great Northern was constructed in two sections by contractors not affiliated with the company. The section from Roganville to San Augustine was constructed by the Old Colony Contracting Company and the section from San Augustine to Center by L. J. Smith. The statement following shows the termini of the two sections, the dates construction was commenced, the dates the sections were placed in operation, and the mileage on date of valuation:
| [Section] | Construction commenced |
Placed in operation |
Main track miles |
Other track miles |
|---|---|---|---|---|
| Roganville to San Augustine. | Jan. 1, 1901 | July 1, 1903 | 58.223 | 11.986 |
| San Augustine to Center. | Feb. 1, 1902 | In 1905 | 19.564 | 3.667 |
| Total. | ...... | ...... | 77.787 | 15.653 |
Leased Railway Property
[edit]The railroad of the Gulf, Beaumont & Great Northern on date of valuation is being used by the Gulf, Colorado and Santa Fe under lease for sole operation for a term of 10 years from July 1, 1914. The lease provides that the Gulf, Colorado and Santa Fe shall pay for such use:
- Interest on outstanding bonds.
- Interest at 6 per cent per annum on the cost of additions and betterments.
- Interest on all other indebtedness.
- Taxes, assessments, and governmental charges, which shall accrue under any lawful authority.
- All rentals or other sums which the lessor shall become liable to pay under any agreement existing July 1, 1914.
- All expenses necessarily incurred by the lessor for the purpose of maintaining and perpetuating its organization.
For the use of its property for the year ending on date of valuation, the Gulf, Beaumont & Great Northern has received $65,856.26.