Wikipedia:WikiProject Trains/ICC valuations/Pacific and Idaho Northern Railway

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The railroad of Pacific & Idaho Northern Railway, Edgar M. Heigho, receiver, hereinafter called the carrier, is a single-track, standard-gauge, steam railroad, located in the west-central part of Idaho. The owned mileage extends north from Weiser to New Meadows, Idaho, a distance of 89.853 miles. The carrier also owns yard and side tracks totaling 6.421 miles. Its road thus embraces 96.274 miles of all tracks owned. In Appendix 1 will be found a general description of the property of the carrier.

Corporate history.—The carrier was incorporated February 18, 1899, under the general laws of Idaho, for a period of 50 years. Organization was perfected February 21, 1899, the date on which the first meeting of the stockholders, as well as directors, was held after the articles of incorporation were filed with the secretary of state. The principal office of the carrier is located at Weiser. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

History of corporate financing, capital stock, and long-term debt.—

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property owned by the carrier on date of valuation was acquired as follows:

By purchase.—On March 11, 1899, The Weiser, Idaho and Spokane Railway Company executed and delivered to the carrier a quitclaim deed to certain grades, surveys, rights of way, and improvements located in Washington County, Idaho. In accordance with an agreement between the two companies, The Weiser, Idaho and Spokane Railway Company had incurred an indebtedness of $41,173.90, and assumption of the debt by the carrier became the consideration for this transfer of property, the extent of which is not determinable from the records.

By construction.—Construction of the main line and one branch line was commenced at Weiser, Idaho, in 1899, shortly after the organization of the company. The main line was built in eight sections, which were completed and turned over to the operating department as shown in the following table:

Completed Released for operation about— Miles

Main line:

From Weiser to Cambridge November 9, 1899 December 30, 1899 23.00

Do. December 30, 1899 do. 17.00

From Cambridge to Council December 13, 1900 March 20, 1901 10.00

Do. March 20, 1901 do. 10.00

From Council to Evergreen September 10, 1906 December 22, 1906 10.00

Do. November 17, 1906 do. 3.50

Do. December 22, 1906 do. 3.09

From Evergreen to New Meadows October 16, 1911 October 16, 1911 13.26

Branch line, smelter branch August 30, 1901 Unknown 1.80

Total 91.65

The section of road between Weiser and Council was constructed and partly equipped, under contract, by Lewis A. Hall, of New York City. Hall was associated with Flint and Company, of New York City, who at one time were in control of the carrier. Payment for work performed by Hall was made in first-mortgage bonds and capital stock. The records are not clear as to construction between Council and Evergreen, payment for which was made in securities. Contracts for grading and bridging were let to individual contractors, and participation in the distribution of securities would indicate that the Idaho Construction Company also had a part in this construction, but to what extent has not been ascertained. Between Evergreen and New Meadows the grading and bridge work were done by individual contractors, while the tracklaying, surfacing, and ballasting were done by the forces of the carrier. Payment for the construction of this section of the line was made in cash.

The carrier also graded approximately 6 miles on a proposed branch line known as Seven Devils branch, and approximately 5 miles on a proposed branch line known as Helena branch, but no track was laid and the projected lines have been abandoned.

When the extension of the line north from Council was begun in 1906, a point 1.52 miles south of the former terminus at Council was used as the point of connection, which resulted in the abandonment of 1.52 miles of grade.

Retirements.—The branch line of 1.80 miles, known as the Smelter branch, built to connect with the smelter near the town of Weiser, was abandoned in 1910.

HISTORY OF CAPITAL FINANCING