Wikipedia:WikiProject Trains/ICC valuations/Port Arthur Canal and Dock Company
Interstate Commerce Commission, Valuation Reports, Volume 75
Port Arthur Canal & Dock Company
[edit]Location and General Description of Property
[edit]The property of the Port Arthur Canal & Dock Company, hereinafter referred to as the Canal & Dock, is located within the state of Texas. Its property originally consisted of a ship canal something over 7 miles in length, 183 feet in width at the water line, and 25 feet in depth; a turning basin; docks with a grain elevator and extensive sheds for the handling of lumber, etc.; and about 5 miles of track, a portion of which was built by the predecessor of the Canal & Dock, the Port Arthur Channel & Dock Company. On August 1, 1906, the Canal & Dock conveyed to the United States its ship canal, turning basin, the slip on which its wharves and docks were constructed, together with a strip of land 150 feet wide on the west side of the canal in consideration that Port Arthur should be made a port of entry. In Appendix 1 will be found a general description of the characteristics of the property of the Canal & Dock.
Corporate History
[edit]The Canal & Dock, hereinafter styled the Canal & Dock, was incorporated on January 7, 1902, for a period of 50 years under the provisions of Title 21, Revised Statutes of Texas. It was incorporated at the instance of The Kansas City Southern Railway Company, through individuals nominated by it, for the immediate purpose of acquiring the property, rights, and franchises of the Port Arthur Channel & Dock Company, which were sold at foreclosure on January 7, 1902, to purchasing trustees. Their bid was later assigned to the Canal & Dock, and it took possession of the property on March 1, 1902.
Development of Fixed Physical Property
[edit]The property thus acquired included the ship canal extending from Taylors Bayou to Sabine Pass; the turning basin and slips at Taylors Bayou, with the grain elevator, wharves, warehouses, etc.; lands; and certain terminal tracks described in the report upon the Port Arthur Channel & Dock Company.
By deed dated August 1, 1906, the ship canal, the turning basin, and the artificial slip on which the lumber wharf was located, together with a strip of land 150 feet in width along the west side of the canal, were conveyed to the government of the United States in consideration of the establishment of an additional collection district in the state of Texas and a port of entry at Port Arthur. Part of the terminal tracks also were sold to the Texarkana & Fort Smith Railway Company.
The railway owned by the Canal & Dock on June 30, 1914, consisted of 2.664 miles of track on the wharves, etc.
Control of the Canal & Dock was vested in The Kansas City Southern Railway Company on June 30, 1914, through its ownership of all the outstanding stock and bonds.
Predecessor Company
[edit]Port Arthur Channel & Dock Company
[edit]Corporate History
This company, hereinafter styled the Channel company, was incorporated on February 8, 1897, for a term of 50 years, under the provisions of Title 21, Revised Statutes of Texas, 1895. Its principal office was at Port Arthur, Tex. Its stated purposes were to construct, own, and operate a deep-water channel from the Gulf of Mexico at Sabine Pass, along and across Sabine Lake, to a point at or near the town of Port Arthur, Tex., for the purposes of navigation and transportation, and to construct, own, and operate docks at or near the said channel for the protection and accommodation of ships, boats, and other kinds of vessels. The completed project was to provide a connection with deep water for traffic developed by the Kansas City, Pittsburg & Gulf Railroad system.
Its incorporators, A. E. Stilwell, E. L. Martin, and others, were nominees of the Kansas City, Pittsburg & Gulf Railroad Company, the majority of them acting at the time as officers or directors of that company and of the Missouri, Kansas & Texas Trust Company. The other incorporators were connected with the Texarkana & Fort Smith Railway Company.
Under the general plan of reorganization undertaken by the so-called Philadelphia reorganization committee of the Kansas City, Pittsburg & Gulf Railroad Company the affairs of the Channel company were placed in the hands of a receiver on September 10, 1900, and on January 7, 1902, the property, rights, and franchises were sold to purchasing trustees representing the interests of The Kansas City Southern Railway Company. Their bid was later assigned to the Port Arthur Canal & Dock Company, which was incorporated at the instance of The Kansas City Southern Railway Company to take over the property. The Port Arthur Canal & Dock Company secured possession on March 1, 1902.
Development of Fixed Physical Property
The facilities of the Channel company were constructed by it during the years 1897, 1898, and 1899, and consisted of:
- A ship canal extending from the mouth of Taylors Bayou along the shore of Sabine Lake to Sabine Pass, with a turning basin and slips at Taylors Bayou: Length of canal, 7.1 miles; width at water line, 183 feet; depth, 25 feet.
- A grain elevator at the mouth of Taylors Bayou: Capacity, 500,000 bushels.
- Docks, wharves, etc.: Lumber wharf fronting on Taylors Bayou, length 1700 feet; warehouse and wharf fronting on slip at the mouth of Taylors Bayou, length 700 feet, width 90 feet; wharf on opposite side of slip, length 1,210 feet; temporary pier extending into Sabine Lake, north of turning basin, length 3,300 feet.
- Yard and terminal tracks, aggregating about 5.66 miles, connecting the canal and elevator with the tracks of the Texarkana & Fort Smith Railway Company.
The land used for the canal and terminal facilities, with adjacent tracts not so used, aggregating 2,633.57 acres, was acquired partly from the Port Arthur Land Company and partly from the Port Arthur Townsite Company, both of which were incorporated at the instance of the Missouri, Kansas & Texas Trust Company and its affiliated construction companies. Of the land acquired by the Channel company, conveyances for only 1,004.49 acres were executed by the grantors above mentioned, and the remainder was held in trust for the Channel company, its charter not permitting it to deal in lands except as necessary to conduct its operations.
The construction program was executed by sundry contractors. No extensive improvements were undertaken by the Channel company or its receiver.
During 1900 and 1901, the Channel company abandoned certain of its facilities, the cost of which, as shown in the returns of The Kansas City Southern Railway system, was $73,452.92. No credit was given to the investment account in connection with this abandonment.