Wikipedia:WikiProject Trains/ICC valuations/Boston Terminal Company

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Location and general description of property.—The property of The Boston Terminal Company, hereinafter called the carrier, constitutes the principal passenger terminal in the city of Boston, Mass., of the New York, New Haven & Hartford Railroad Company, and the New York Central Railroad Company (lessee of Boston & Albany Railroad Company).

Aside from lands the property consists in the main of a large terminal station and office building, commonly known as the South Station, together with various accessories, tracks, and other terminal facilities, which were constructed to provide an adequate passenger terminal for various lines entering the city from the south and west. The owned and used mileage is as follows:

Main track 0.694

Second and other main tracks 7.272

Yard tracks and sidings 5.037

Total 13.003

Corporate history.—The carrier was incorporated by a special act of the Massachusetts Legislature approved June 9, 1896, its organization being completed on June 10, 1896. It was authorized to construct and maintain a union passenger station in the southerly part of Boston, to provide and operate adequate terminal facilities for the several railroad companies therein named as stockholders, and for the accommodation of the public in connection therewith. The five charter stockholders were: Boston & Albany Railroad Company, the New England Railroad Company, Boston & Providence Railroad Corporation, Old Colony Railroad Company, and the New York, New Haven & Hartford Railroad Company. The New York Central Railroad Company, as lessee, now operates the property of Boston & Albany Railroad Company, and has acquired from the latter its shares of capital stock of the carrier.

Control of the carrier is vested in New York, New Haven & Hartford Railroad Company, the owner of 40 per cent of the capital stock, and in Boston & Providence Railroad Corporation, Old Colony Railroad Company, and the New York Central Railroad Company, each the owner of 20 per cent of the capital stock. The property is operated by a board of five trustees, of which the New York, New Haven & Hartford Railroad Company, having acquired the property of the New England Railroad Company, one of the original stockholders, appoints two, and one is appointed by each of the other three stockholders. The principal office is located in Boston. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

APPENDIX 2

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The property of the carrier was acquired by construction, which was begun January 12, 1897. Norcross Brothers were the principal contractors. Much of the grading and tracklaying was done by the New York, New Haven & Hartford Railroad Company. Trains of the Old Colony Railroad Company and of the New England Railroad Company began running into South Station on January 1, 1899; trains of the Boston & Albany Railroad Company on July 23, 1899, and those of the Boston & Providence Railroad Corporation on September 10, 1899.

HISTORY OF CORPORATE FINANCING