Wikipedia:WikiProject Trains/ICC valuations/Rock Island Memphis Terminal Railway

Interstate Commerce Commission, Valuation Reports, Volume 24

Rock Island Memphis Terminal Railway

Location and General Description of Property

The Rock Island Memphis Terminal Railway Company, herein called the Rock Island Memphis Terminal, owns terminal facilities in Memphis, Tenn., consisting of a freight station and 2.721 miles of yard tracks and sidings, and leases certain terminal property of the Arkansas & Memphis Railway Bridge & Terminal Company.

Corporate History

The Rock Island Memphis Terminal was incorporated on August 19, 1913, in the interest of the carrier. Control is vested in the latter through ownership of the entire issue of capital

Development of Fixed Physical Property

The property owned by the Rock Island Memphis Terminal was acquired and constructed between the years of 1912 and 1915. Most of the property was placed under operation in July, 1914. Under the terms of an agreement with the Arkansas & Memphis Railway Bridge and Terminal Company, dated April 21, 1915, the Rock Island Memphis Terminal acquired the right to use certain terminal facilities which the Rock Island Memphis Terminal had conveyed to that company on April 1, 1915.

Leased Railway Property

All the property owned or leased by the Rock Island Memphis Terminal is used by the carrier under implied lease. The lease of the property owned by the Arkansas & Memphis Railway Bridge & Terminal Company to the Rock Island Memphis Terminal expires April 1, 1934, and provides that the Rock Island Memphis Terminal shall pay a nominal rental, all taxes and the interest on the Rock Island Memphis Terminal bonds outstanding against the property. As the carrier owns all the outstanding bonds of the Rock Island Memphis Terminal, including those secured by property conveyed by the Arkansas & Memphis Railway Bridge and Terminal Company, no interest is accrued or paid thereon. The carrier pays all cost of maintenance and operation and taxes.