Wikipedia:WikiProject Trains/ICC valuations/Cane Belt Railroad

Interstate Commerce Commission, Valuation Reports, Volume 127

The Cane Belt Railroad

Location and General Description of Property

The railroad of The Cane Belt Railroad Company, hereinafter called the Cane Belt, which is leased to and operated by the Gulf, Colorado and Santa Fe, is a single-track standard-gauge steam railroad, located in the southeastern part of Texas. The owned mileage consists of branch lines, of which the principal one extends southeasterly from Sealy to Matagorda, a distance of 90.647 miles. Short branches extend from the above line to points in the same territory.

Introductory

The Cane Belt is a corporation of the State of Texas, having its principal office at Eagle Lake, Tex. It is controlled by The Atchison, Topeka and Santa Fe Railway Company through ownership of the entire outstanding capital stock. On the other hand, the records do not indicate that this company itself controls any other carrier corporation.

The property of the Cane Belt was operated by its own organization from the time it was placed in operation in November, 1898, until July 1, 1905. From the latter date to date of valuation it has been operated under lease by the Gulf, Colorado and Santa Fe.

Corporate History

The Cane Belt was incorporated under the provisions of chapter 1, title 94, of the Revised Statutes of Texas on March 10, 1898, for a period of 50 years. Its stated purpose, as amended, was to construct, own, maintain, equip, and operate a standard-gauge railroad from Eagle Lake, Colorado County, to Bonus, Wharton County, a distance of about 15 miles; from Eagle Lake to or near the town of Sealy, Austin County, a distance of about 15 miles; and from Bonus, in a southerly direction, through the counties of Wharton, Matagorda, and Brazoria to tidewater on the Gulf of Mexico, at a point on the southeastern boundary of Brazoria County between the mouths of the Brazos and Colorado Rivers, a distance of about 74 miles, or a total of about 104 miles; all in the State of Texas.

Development of Fixed Physical Property

The property of the Cane Belt was acquired by direct purchase and by construction. Of the mileage owned, about 5 miles was purchased and the remainder constructed. The line from Bay City to Matagorda, Calhoun to Bonus, and Boedecker Junction to Garwood, a total of about 34 miles, was constructed by the Colorado Construction Company under a contract dated July 28, 1902, the remainder being constructed by the Cane Belt. The following table shows how each section of the property was acquired, the date purchased or placed in operation, and the mileage.

[Description]	Purchased or placed in operation	Mileage
Purchased from—
The Galveston, Harrisburg and San Antonio Railway Company, Eagle Lake Junction to Lakeside, Tex.	Nov., 1898	0.75
William Dunovant, Rayner Junction to Calhoun, Tex.	Feb., 1901	4.37
Total purchased.		5.12
Constructed:
Sealy to Eagle Lake Junction.	Jan., 1900	17.70
Lakeside to Wharton.	Jan., 1900	24.85
Wharton to Bay City.	Jan., 1901	24.90
Eagle Lake Junction to Gulf, Harrisburg and San Antonio Junction at Eagle Lake.	July, 1900	.45
Bay City to Matagorda.	Jan., 1903	21.40
Calhoun to Bonus.	Jan., 1904	9.40
Boedecker Junction to Garwood.	Feb., 1904	2.97
Gulf, Harrisburg and San Antonio Junction to Cane Belt depot, Eagle Lake.	May, 1914	.08
Total constructed.		101.75
Total purchased and constructed.		106.870
Difference between total recorded mileage and mileage inventoried as of date of valuation.		1.058
Mileage inventoried as of date of valuation.		107.928

Leased Railway Property

The railroad property of the Cane Belt, on date of valuation, is being used by the Gulf, Colorado and Santa Fe under lease for sole operation for a period of 50 years from July 1, 1905. The lease provides that the Gulf, Colorado and Santa Fe shall pay for such use 6 per cent per annum on the capital stock, interest on bonds and other obligations existing at commencement of contract or incurred subsequent thereto, and taxes and other governmental assessments. For the use of its property for the year ending on date of valuation, the Cane Belt has received $73,175.39.