Wikipedia:WikiProject Trains/ICC valuations/Iberia, St. Mary and Eastern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 29

Location and General Description of Property
The railroad of Iberia, St. Mary & Eastern Railroad Company, herein called the Iberia, St. Mary & Eastern, which is leased to and operated by the New Iberia and Northern, is a single-track, standard- gage, steam railroad, likewise located entirely within the State of Louisiana. The main line extends from New Iberia to Patterson, 47.755 miles.

Introductory
The Iberia, St. Mary & Eastern is a corporation of the State of Louisiana, having its principal office at New Iberia, La. It is controlled by the New Orleans, Texas & Mexico Railway Company through ownership of its entire outstanding capital stock. From the date its property was placed in operation to December 31, 1917, the property of the Iberia, St. Mary & Eastern was operated by the New Iberia and Northern under lease agreement. On January 1, 1918, the common-carrier property of the Iberia, St. Mary & Eastern was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

Corporate History
The Iberia, St. Mary & Eastern was incorporated October 8, 1909, for a period of 99 years, under the general laws of the State of Louisiana. The purpose for which the Iberia, St. Mary & Eastern was incorporated was to construct, acquire, maintain, and operate a standard-gage railroad from New Iberia to Patterson, La.

Development of Fixed Physical Property
The road owned by the Iberia, St. Mary & Eastern on date of valuation was acquired by it as indicated hereunder:

Leased Railway Property
The property of the Iberia, St. Mary & Eastern devoted to common-carrier purposes has been operated by the United States Railroad Administration from December 31, 1917, to date of valuation.

All of the common-carrier property owned by the Iberia, St. Mary & Eastern was operated from date of completion to December 31, 1917, by the New Iberia and Northern under lease for sole operation.

Under the terms of the lease agreement the New Iberia and Northern assumed all the obligations of the Iberia, St. Mary & Eastern to maintain and operate its railroad in conformity with the conditions and stipulation upon which the various tax bonuses voted in its favor are predicated and assumed payment of all taxes and assessments that may be legally due by the Iberia, St. Mary & Eastern.