Wikipedia:WikiProject Trains/ICC valuations/New Iberia and Northern Railroad

Interstate Commerce Commission, Valuation Reports, Volume 29

Location and General Description of Property
The railroad of New Iberia and Northern Railroad Company, herein called the New Iberia and Northern, is a single-track, standard-gage, steam railroad, located entirely within the State of Louisiana. The owned mileage consists of a main line extending from Port Barre to New Iberia, together with several long spurs leading to sugar mills. The main line owned by the New Iberia and Northern is 61.302 miles in length.

The New Iberia and Northern wholly owns and uses 71.959 miles of all tracks and uses but does not own 58.196 miles of all tracks which are classified in the trackage table in Appendix 1. The New Iberia and Northern also jointly owns and uses with the Morgan's Louisiana and Texas Railroad and Steamship Company, an undivided interest in 0.170 mile of yard tracks and sidings at Segura.

Introductory
The New Iberia and Northern is a corporation of the State of Louisiana, having its principal office at New Iberia, La.

The New Iberia and Northern was organized by F. M. Welch, who was instrumental in securing the voting of bonus taxes by certain parishes and municipalities. In July, 1909, the New Iberia Syndicate, which had been organized by B. F. Yoakum and associates, acquired control of the New Iberia and Northern. Under an agreement with the St. Louis and San Francisco Railroad Company to take over and operate the road when completed, the syndicate financed the construction. By virtue of the guarantee previously referred to, control of the New Iberia and Northern passed to the St. Louis and San Francisco Railroad Company. On June 1, 1916, all of the New Iberia and Northern's outstanding capital stock and first-mortgage bonds were acquired by the New Orleans, Texas & Mexico and are so held on date of valuation.

From the date its property was placed in operation, to June 30, 1911, the property of the New Iberia and Northern was operated by the syndicate, and from the latter date to December 31, 1917, by the New Iberia and Northern. On January 1, 1918, the common-carrier property of the New Iberia and Northern was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.

The accounting records of the New Iberia and Northern were found to be incomplete for the period to July 1, 1911, and for this reason only partial information can be given from the accounts in connection with the finances, operations, aids, investments, or original cost. Such information appertaining to that period as is shown by the New Iberia and Northern's records, is described in appropriate sections of this report.

Corporate History
The New Iberia and Northern was incorporated April 2, 1907, under the general laws of the State of Louisiana as the "New Iberia, St. Martin & Northern Railroad Company." By charter amendment dated December 29, 1909, its name was changed to its present designation. The purpose for which the New Iberia and Northern was incorporated was to construct or otherwise acquire, maintain, and operate a standard-gage railroad from a point at or near the city of New Iberia, La., thence in a northerly direction to Port Barre in St. Landry Parish, La.

Development of Fixed Physical Property
The road owned by the New Iberia and Northern on date of valuation was acquired by it as indicated hereunder:

In the construction of the road all branches of the work were done by P. M. Johnston, Son and Allhands, contractors, of St. Elmo, Ill., who were paid by the syndicate organized for the purpose of financing the construction of the road.

Leased Railway Property
As hereinbefore stated, the common-carrier property of the New Iberia and Northern has been operated by the United States Railroad Administration from January 1, 1918, to date of valuation.

The New Iberia and Northern used on December 31, 1917, the property of the Iberia, St. Mary & Eastern, consisting of 47.755 miles of road, extending from New Iberia to Patterson. The terms of the lease provide for the assumption by the New Iberia and Northern of all of the obligations of the Iberia, St. Mary & Eastern to maintain and operate a railroad in conformity with the conditions and stipulations upon which the various tax bonuses voted in its favor are predicated, and likewise in consideration of the assumption by the New Iberia and Northern of the payment of all taxes and assessments that may be legally due by the Iberia, St. Mary & Eastern. The amount paid by the New Iberia and Northern under terms of lease are not separable in its accounts.

On December 31, 1917, the equipment used in the operation of the property of the New Iberia and Northern was owned by the New Orleans, Texas & Mexico and the St. Louis, Brownsville & Mexico. This equipment was not formally leased but was assigned as the operating conditions of the New Iberia and Northern warranted. The rent therefor was paid on a per diem basis. Repairs were pooled and charged out on a mileage basis.

Lessor Company

 * Iberia, St. Mary & Eastern