Wikipedia:WikiProject Trains/ICC valuations/Trans-Mississippi Terminal Railroad

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The Trans-Mississippi Terminal Railroad Company, herein called the carrier, operates a standard-gage, steam, terminal railroad, in the city of New Orleans, La., and vicinity. The owned property consists of 0.536 mile of single-track road, together with passenger and freight stations, warehouses, and other facilities, all at New Orleans; and 2.492 miles of single-track road located on the west side of the Mississippi River between Gouldsboro and a point near Westwego, La. In addition to the foregoing, the carrier operates, under lease, 5.777 miles of main track, of which 2.944 miles is double-tracked, extending from Gouldsboro to Mile Post 9, near Westwego, La., together with extensive yards, grain elevators, storage warehouses, wharves, transfer boats for ferrying cars across the Mississippi River, and other facilities, all owned by The Texas and Pacific Railway Company. It also leases from the same carrier 0.377 mile of main track and other facilities at New Orleans, including a car-ferry incline on the Mississippi River.

The carrier wholly owns and uses 9.315 miles of all tracks, wholly uses but does not own 54.374 miles of all tracks, and jointly uses but does not own 2.639 miles of all tracks. These tracks are classified in the trackage table in Appendix 1.

It is controlled jointly by The Texas and Pacific Railway Company and the St. Louis, Iron Mountain and Southern Railway Company, through equal ownership of the capital stock.

CORPORATE HISTORY

The carrier was incorporated October 26, 1914, under the general laws of Louisiana for the purpose of acquiring, completing, and operating the railroad and terminal properties owned by the Trans-Mississippi Terminal Company. Pursuant to the above purpose, the property of the Trans-Mississippi Terminal Company was acquired by purchase November 27, 1914.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Most of the land and part of the then uncompleted terminal facilities were purchased from the Trans-Mississippi Terminal Company November 27, 1914. On January 20, 1915, an agreement was entered into with J. W. Thompson, contractor, under the terms of which he was to construct the required terminal facilities at cost plus 10 per cent for material and tools, and cost plus 12½ per cent for labor, insurance, and incidentals. The records reviewed do not indicate that Thompson was affiliated with the railroad company or its officials. Operation of the terminal facilities began February 15, 1916.

HISTORY OF CORPORATE FINANCING

Predecessor Company

TRANS-MISSISSIPPI TERMINAL COMPANY

INTRODUCTORY

The Trans-Mississippi Terminal Company was incorporated July 20, 1912, in the State of Louisiana. It was controlled on November 27, 1914, the date of sale, jointly by the Texas and Pacific and the St. Louis Iron Mountain and Southern through equal ownership of the outstanding capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation. The property had not been operated to date of sale. It, on date of sale, consisted of certain lands in the city of New Orleans, La., on which freight and passenger terminal facilities were being constructed.

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

Prior to the incorporation of this company the Texas and Pacific, through an agent, secured options on certain real estate which were afterward transferred to the Trans-Mississippi Terminal Company for its terminal facilities. While the company's construction program had not been advanced sufficiently at the date of sale to permit operation of the property, there had been expended thereon nearly $4,000,000.

HISTORY OF CORPORATE FINANCING