Wikipedia:WikiProject Trains/ICC valuations/Barre and Chelsea Railroad

Interstate Commerce Commission, Valuation Reports, Volume 43

Barre and Chelsea Railroad

The Barre and Chelsea Railroad Company, hereinafter called the carrier, is a corporation of the State of Vermont, controlled by the Vermont Valley Railroad, a lessor of the Boston and Maine Railroad. The carrier owns and operates a single-track, standard-gage, steam railroad, located entirely within the State of Vermont, aggregating 13.819 miles of main track, together with 5.023 miles of yard tracks and sidings, extending from Ayer Street, in Barre, to various granite quarries south of Barre, with a short branch to East Barre. In addition it owns but does not use 1.673 miles of main track, together with 4.878 miles of yard tracks and sidings extending from Tilden Bridge to Ayer Street, leased to the Montpelier and Wells River Railroad.

Introductory

The carrier is a Vermont corporation, having its principal office in Barre, Vt. It is controlled by the Vermont Valley Railroad, a lessor of the Boston and Maine Railroad, through ownership of a majority of its capital stock. The records do not indicate that the company controls any common-carrier corporation.

The carrier is successor, by change of name, of The Barre Railroad Company, which on September 18, 1913, acquired the property and other assets of East Barre and Chelsea Railroad Company. It was provided in "Articles of consolidation", effective as of that date, that the capital stock of East Barre and Chelsea Railroad Company should be reacquired and canceled, and that the capital stock of The Barre Railroad Company should become capital stock of the consolidated company. No accounting records are available for the period from date of organization to April 30, 1903. Therefore, only partial information relative to financial dealings, corporate operations, or investments can be given from the accounts. However, such information has been supplemented with data from reports of the Railroad Commissioners, State of Vermont, for the years 1890 to 1903, inclusive. No new records were opened on September 18, 1913, and neither on that date nor at any time subsequent thereto did the carrier issue any capital stock. For the purpose of this report. The Barre Railroad Company and the carrier will be treated as one continuous corporation.

The property, with exception of the portion from Tilden Bridge to Ayer Street, Barre, Vt., was operated by its own organization from date of acquisition to December 31, 1917. On January 1, 1918, it was taken over for operation by the United States Railroad Administration, which operated it until February 29, 1920. On March 1, 1920, it was returned to the carrier which still operates it on date of valuation. The portion of the road extending from Tilden Bridge to Ayer Street, Barre, has been leased to the Montpelier and Wells River Railroad since June 30, 1894, and was included in the basic valuation of that company, June 30, 1914, as Valuation Section No. 53 Vt.

Location and General Description of Property

The railroad of the Barre and Chelsea Railroad Company, hereinafter called the carrier, is a single-track, standard-gage, steam railroad, located within the State of Vermont. The railroad owned and operated by the carrier aggregates 13.819 miles of main track, together with 5.023 miles of yard tracks and sidings, extending from Ayer Street, in Barre, to various granite quarries in the hills south of Barre, with a short branch projecting to East Barre. In addition, the carrier owns but does not use 1.673 miles of main track, together with 4.878 miles of yard tracks and sidings, extending from Tilden Bridge to Ayer Street, in Barre, leased to the Montpelier and Wells River Railroad.

Corporate History

The Barre Railroad Company was incorporated April 9, 1888, under general laws of Vermont to construct, maintain, and operate a railroad from the village of Barre to the granite quarries in said town of Barre and Williamstown, Vt. The date of organization was April 10, 1888.

Under authority of an act of the General Assembly of the State of Vermont, approved February 3, 1913, and through "Articles of consolidation" filed September 18, 1913, The Barre Railroad Company was merged with the East Barre and Chelsea Railroad Company, and the name was changed to that of the carrier.

The East Barre and Chelsea Railroad Company, the only predecessor, was incorporated July 20, 1892, under general laws of Vermont to construct and maintain a railroad from a point of connection with tracks of The Barre Railroad Company in the town of Barre, to East Barre, Vt. The date of organization was September 11, 1892.

Development of Fixed Physical Property

The owned mileage was acquired partly by construction and partly by merger. The records reviewed indicate that 13.819 miles of road was constructed by The Barre Railroad Company during 1888-89, and 1.673 miles was acquired by merger from the East Barre and Chelsea Railroad Company, constructed by or for that company during 1891-92, or a total of 15.492 miles.

Leased Railway Property

The Montpelier and Wells River Railroad leases for sole operation 1.673 miles of the carrier's tracks, from Tilden Bridge to Ayer Street, Barre, Vt.; term 10 years from June 30, 1S94, and thereafter in perpetuity; stipulated payment originally $4,000 per annum; curtailed to $1,000 per annum as of July 1, 1913. The amount credited to income for year ending on date of valuation as income from lease of road was $1,000.

Predecessor Company

East Barre and Chelsea Railroad Company

No accounting or other records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information stated below was obtained from return to valuation order no. 20, Corporate History, filed by the Boston and Maine Railroad, from the books of The Barre Railroad Company, and from other sources. The records reviewed do not indicate whether this company was controlled by any individual or corporation on September 18, 1913, the date of merger, or, on the other hand, whether it then controlled any common-carrier corporation. The property of this company on date of merger was being operated by The Barre Railroad Company under a 99-year lease dated June 24, 1895. The company owned on date of merger approximately 1.70 miles of single-track, standard-gage, steam railroad, extending from East Barre to Barre, Vt., all of which had been acquired by construction prior to June 24, 1895. The road was built during 1891 and 1892 partly from the proceeds of subscriptions by the citizens of East Barre, which covered the cost of grading, ties, right of way, and land damage, the amount of which has not been determined, and partly by outlays by The Barre Railroad Company. That company furnished the rails and completed the track at a net cost, as shown by its books, of $13,447.82, which amount was charged to its income account. Other sources of information indicate that the East Barre and Chelsea Railroad Company expended $3,751.90, consisting of $3,400 of capital stock and $351.90 of money outlay. The authorized capital stock of this company was $150,000 par value, shares $100 each, classified as common. Of the amount authorized, $3,400 was issued to citizens of East Barre in repayment of subscriptions and was actually outstanding on date of merger. This stock was canceled by the successor upon acquisition of property.