Wikipedia:WikiProject Trains/ICC valuations/Boston and Maine Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Boston and Maine Railroad

Description of Properties

The Boston and Maine Railroad, hereinafter called the carrier, and the lines it operates comprise a standard-gage, steam railroad system, with a network of main lines and branches within the States of Maine, New Hampshire, Vermont, Massachusetts, and New York, extending from Rotterdam Junction, N. Y., to Portland, Me., and from Springfield, Worcester, and Boston, Mass., northward through Wells River to Groveton, N. H., and Sherbrooke, Quebec. The carrier operates, as lessee, certain properties in Canada which are not included in this report. Its lines reach most of the important New England industrial centers. Portions of the routes between Springfield and Sherbrooke and Springfield and Bretton Woods, N. H., are operated by the carrier, as agent for the owners thereof. The carrier owns and uses 708.888 miles of first main track, 235.670 miles of other main track, and 435.971 miles of yard tracks and sidings, a total of 1,380.529 miles of all tracks. It jointly owns and uses 1.152 miles of track, uses but does not own 2,756.413 miles of all tracks, and operates 109.069 miles of all tracks, as agent for the owners.

The Montpelier and Wells River Railroad is situated in Northern Vermont. Its main line extends from Montpelier to Wells River, approximately 38 miles, and the total mileage owned and used is 54.199 miles. In addition, it uses but does not own 6.331 miles of track. The St. Johnsbury and Lake Champlain, also in Northern Vermont, extends from Lunenburg to Maquam, 120.649 miles, with 6.910 miles of branch lines. It owns and uses 114.566 miles of track and owns but does not use 32.602 miles.

Location and General Description of Property

The railroad of the Boston and Maine Railroad, herein referred to as the carrier, is a standard-gage, steam railroad, situated in the States of Massachusetts, New Hampshire, and Maine. The carrier also operates as lessee, sublessee, or under other arrangement properties of other companies situated in the three States named and in Vermont, New York, and the Province of Quebec, Canada. In addition, the carrier operates as agent the properties of the York Harbor and Beach Railroad Company, the Vermont Valley Railroad, and The Sullivan County Railroad. Separate reports are made on these three companies. These are, however, included in this docket. The property situated in Canada, on which no report is made, is leased by the carrier through The Connecticut and Passumpsic Rivers Rail Road Company.

The principal main lines extend from Boston, Mass., to the following points: Portland, Me., by two routes, one through Portsmouth, N. H., and the other through Dover, N. H., to Groveton, N. H., Intervale, N. H., Bretton Woods, N. H., Sherbrooke, Province of Quebec, White River Junction, Vt., Bellows Falls, Vt., Troy and Rotterdam Junction, N. Y., and Northampton, Mass.; from Springfield, Mass., to Sherbrooke, Province of Quebec, and from Springfield, Mass., to Bretton Woods, N. H., and from Worcester, Mass., to Portland, Me. Portions of the routes between Springfield and Sherbrooke and Springfield and Bretton Woods consist of the properties of certain of the roads which the carrier operates as agent. There are numerous branches from the foregoing main lines.

The carrier uses under trackage agreements, the tracks of a number of other carriers and likewise permits other carriers to use its tracks. A statement of the properties thus used, together with a summary of the terms of the use, is found in Appendix 2 under the caption Leased Railway Property.

Jointly Used Property

The carrier and the Providence and Worcester Railroad Company and the Norwich and Worcester Railroad Company, lessors of The New York, New Haven and Hartford Railroad Company, own, one-third each, and use jointly, 0.283 mile of main line and 1.152 miles of all tracks situated at Worcester, Mass.

Corporate History

As finally organized on June 3, 1844, the carrier represented a consolidation of three companies, one incorporated in Massachusetts, one in New Hampshire, and one in Maine. The earliest of these companies was the Andover and Wilmington Railroad Corporation, which was incorporated by special act of Massachusetts of March 15, 1833, to construct a railroad from the south parish meeting house in Andover to the Boston and Lowell Rail Road in Wilmington “so as to form a branch thereof.” Subsequently, through changes of name effected by special acts of April 5, 1837, and April 3, 1839, it became the Andover and Haverhill Rail-road Corporation, and later the Boston and Portland Rail-road Corporation. As finally constructed, the road of the Boston and Portland Rail-road Corporation extended from Wilmington to the Massachusetts State line near Haverhill, Mass., a distance of approximately 16.82 miles.

The Boston and Maine Railroad, a New Hampshire corporation, was incorporated by special act of that State of June 27, 1835, for the purpose of constructing a railroad from the State line near Haverhill, Mass., to the State line of Maine. Similarly, The Maine, New Hampshire and Massachusetts Rail Road Corporation was incorporated by special act of Maine of March 30, 1836, for the purpose of constructing a railroad from Portland, Me., to the Maine-New Hampshire State line at Great Falls, there to connect with the Boston and Maine Railroad.

By mutually conditional and substantially identical legislation, enacted on July 2, 1841, in New Hampshire, on March 6, 1841, and March 24, 1843, in Massachusetts, and on March 22, 1843, in Maine, these three roads were authorized to unite to form the Boston and Maine Railroad. The union of the Boston and Portland Rail-road Corporation and the Boston and Maine Railroad took place on November 5, 1841. The resulting company and The Maine, New Hampshire and Massachusetts Rail Road Corporation were united on June 3, 1844, to complete the formation of the carrier. Inasmuch as the consolidation was effected through the New Hampshire company of 1835, and since the accounts of that company were continued without break, the carrier is considered for most purposes in this report to have had a continuous existence since 1835 under the corporate name of Boston and Maine Railroad.

The Boston and Maine Rail-road Extension Company was incorporated by a special act of Massachusetts of March 6, 1844, to afford a connection between Wilmington, the terminus of the existing road, and Boston. On September 10, 1845, by authority of a special act of Massachusetts of March 19, 1845, this company was united with the carrier.

At this time, 1845, there was legislative authority for the construction of a continuous line of railroad from the city of Boston to the city of Portland, but the carrier did not reach Portland over its own lines until 1873.

At an early date the carrier entered upon a program of acquiring roads by lease. It leased, jointly with the Eastern Rail-road Company, the line of the Portland, Saco and Portsmouth Railroad Company from 1846 to 1871. During the period from 1854 to 1887 the properties of 8 companies were acquired in this manner. In that number is included the Eastern Rail-road Company, which brought with it 8 other companies which it held under lease. The carrier therefore operated in all the properties of 16 companies, 8 of which it operated as lessee and 8 as sublessee. The carrier subsequently acquired the ownership of the properties of these 16 companies and of that of 1 company which it had not previously held under lease. These 17 companies and their predecessors, numbering 23 together with the 4 original companies and their constituent companies, 2 in number, are the ones directly involved in the carrier's history. Of the total of approximately 707.33 miles of main track owned on date of valuation the carrier acquired, after making allowance for sales and abandonments, about 91.73 miles by construction and 615.60 from other companies.

The principal office of the carrier is at Boston, Mass. On date of valuation, by virtue of the ownership of 52.9 per cent of the carrier's capital stock, control of the carrier was vested in the Boston Railroad Holding Company, organized in the interest of The New York, New Haven and Hartford Railroad Company for the purpose of purchasing and holding any or all of the capital stock of the carrier. The purposes of the holding company and the ends accomplished by it, with its relationship to the carrier and to the New Haven, are set forth fully in our opinion in Financial Transactions of N. Y., N. H. & H. R. R. Co., 31 I. C. C. 32.

The following table shows the companies whose property, rights, and franchises were acquired by the carrier and certain facts relating to the corporate history of each.

No.	Name	Incorporation	Succession
1.	Boston and Maine Railroad.	In New Hampshire, July 2, 1841; in Maine, Mar. 22, 1842; in Massachusetts, Mar. 24, 1843.
2.	Boston and Maine Rail-road.1	In Massachusetts, Mar. 6, 1841; in New Hampshire, July 2, 1841.	Formed by union of 3 and 4 Nov. 5, 1841. This company in turn was united with 8 on June 3, 1844, to form 1.
3.	Boston and Maine Railroad.	In New Hampshire, June 27, 1835.	United with 4 on Nov. 5, 1841, to form 2.
4.	Boston and Portland Rail-road Corporation.	In Massachusetts, Mar. 15, 1833.	United with 3 on Nov. 5, 1841, to form 2.
5.	Andover and Haverhill Rail-road Corporation.	See 4.	Name changed to 4 Apr. 3, 1839.
6.	Andover and Wilmington Rail-road Corporation.	See 5.	Name changed to 5 Apr. 5, 1837.
7.	The Dover and Winnipissiogee Rail Road.	In New Hampshire, July 2, 1839.	Franchise rights acquired by 2 on Sept. 1, 1841.
8.	The Maine, New Hampshire and Massachusetts Rail Road Corporation.	In Maine, Mar. 30, 1836.	United with 2 on June 3, 1844, to form 1.
9.	Boston and Maine Rail-road Extension Company.	In Massachusetts, Mar. 16, 1844.	Merged with 1 on Sept. 10, 1845.
10.	Medford Branch Rail-road Company.	In Massachusetts, Mar. 7, 1845.	Franchise rights acquired by 9 on May 31, 1845.
11.	Eastern Rail-road Company.	In Massachusetts, Apr. 14, 1836.	Sold to 1 May 8, 1890, effective June 30, 1890.
12.	Salisbury Branch Rail-road Company.	In Massachusetts, Mar. 15, 1844.	Franchise rights acquired by 11 July 20, 1846.
13.	Saugus Branch Railroad Company.	In Massachusetts, Apr. 28, 1848.	Sold to 11 on Nov. 2, 1853.
14.	Essex Rail-road Company.	In Massachusetts, Mar. 7, 1846.	Sold to 11 on June 28, 1864.
15.	Rockport Railroad Company.	In Massachusetts, Feb. 20, 1860.	Sold to 11 on Feb. 25, 1868.
16.	Asbury Grove Railroad Company.	In Massachusetts, Apr. 9, 1870.	Franchise rights acquired by 11 on Oct. 6, 1870.
17.	Marblehead and Lynn Railroad Company.	In Massachusetts, Apr. 8, 1865.	Franchise rights acquired by 11 on Oct. 1, 1872.
18.	Essex Branch Railroad Company.	In Massachusetts, Apr. 22, 1869.	Franchise rights acquired by 11 on Oct. 3, 1872.
19.	Portsmouth, Great Falls and Conway Railroad.	In New Hampshire, June 30, 1865.	Sold to 1 on May 9, 1890.
20.	Great Falls and South Berwick Branch Rail-road Company.	In Maine, Mar. 31, 1841.	Sold to 19 on Dec. 26, 1865.
21.	Great Falls and Conway Railroad.	In New Hampshire, June 19, 1844.	Sold to 19 on Dec. 26, 1865.
22.	Chelsea Beach Railroad Company.	In Massachusetts, Apr. 22, 1881.	Sold to 1 on June 15, 1892.
23.	The Wolfeborough Railroad.	In New Hampshire, July 1, 1862.	Sold to 1 on June 30, 1892.
24.	Dover and Winnipiseogee [sic - Railroad].	In New Hampshire, July 1, 1862.	Sold to 1 on June 30, 1892.
25.	Cocheco Railroad Company.	In New Hampshire, July 2, 1847.	Reorganized as 24 on Apr. 22, 1863.
26.	South Reading Branch Railroad.	In Massachusetts, Apr. 26, 1848.	Sold to 1 on July 20, 1892.
27.	Newburyport City Railroad Company.	In Massachusetts, June 12, 1869.	Sold to 1 on Jan. 16, 1893.
28.	Orchard Beach Railroad Company.	In Maine, Feb. 7, 1876.	Sold to 1 on Jan. 25, 1893.
29.	West Amesbury Branch Railroad Company.	In New Hampshire, June 26, 1872; in Massachusetts, Jan. 30, 1873.	Sold to 1 on Nov. 15, 1893.
30.	West Amesbury Branch Railroad.	In Massachusetts, May 8, 1868.	United with 31 to form 29 on Apr. 29, 1873.
31.	The West Amesbury Branch Railroad.	In New Hampshire, June 30, 1868.	United with 30 to form 29 on Apr. 29, 1873.
32.	Eastern Railroad in New Hampshire.	In New Hampshire, June 18, 1836.	Sold to 1 on June 1, 1899.
33.	Portland, Saco and Portsmouth Railroad Company.	In New Hampshire[sic - Maine], Mar. 14, 1837.	Sold to 1 on Jan. 1, 1900.
34.	Portsmouth and Dover Railroad.	In New Hampshire, July 7, 1866.	Sold to 1 on Jan. 1, 1900.
35.	Portland and Rochester Railroad.	In Maine, Feb. 3, 1881.	Sold to 1 on Jan. 1, 1900.
36.	Portland and Rochester Railroad Company.	In Maine, Mar. 25, 1864; in New Hampshire, July 2, 1866.	Reorganized on May 1, 1882, as 35.
37.	York and Cumberland Railroad Company.	In Maine, July 30, 1846.	Reorganized on Nov. 1, 1865, as 36.
38.	Central Massachusetts Railroad Company.	In Massachusetts. Mar. 23, 1883.	Sold to 1 on June 30, 1901; deed executed Feb. 20, 1902. Nominally existent.
39.	Massachusetts Central Railroad Company.	In Massachusetts, May 10, 1869.	Sold at public auction on Sept. 1, 1883, and conveyed to 38 on Jan. 21, 1884.
40.	Wayland and Sudbury Branch Railroad Company.	In Massachusetts, Feb. 21, 1868.	Franchise rights acquired by 39 on May 10, 1869.
41.	Newburyport Railroad Company.	In Massachusetts, Mar. 11, 1846.	Sold to 1 on Oct. 30, 1906, effective as of Dec. 31, 1906. Nominally existent.
42.	Georgetown Branch Rail-road Company.	In Massachusetts, Mar. 11, 1844.	Franchise rights acquired by 41 on Mar. 11, 1846.
43.	Danvers and Georgetown Railroad Company.	In Massachusetts, May 7, 1851.	Sold to 41 on Feb. 22, 1855.
44.	Danvers Railroad Company.	In Massachusetts, Mar. 15, 1852.	Sold to 1 on Oct. 30, 1906. Nominally existent.
45.	Worcester, Nashua and Rochester Railroad Company.	In Massachusetts, Apr. 15, 1883; in New Hampshire. Sept. 7, 1883.	Sold to 1 on June 13, 1911. Nominally existent.
46.	Worcester and Nashua Railroad Company.	In Massachusetts, Mar. 5, 1845; in New Hampshire, June 26, 1845.	United with 49 to form 45 on Dec. 1, 1883.
47.	Groton and Nashua Railroad Corporation.	In New Hampshire, Dec. 24, 1844.	Franchise rights acquired by 46 on Nov. 6, 1846.
48.	Worcester Branch Rail-road Company.	In Massachusetts, Mar. 17, 1841.	Sold to 46 on July 21, 1847.
49.	The Nashua and Rochester Railroad.	In New Hampshire, June 24, 1868.	United with 46 to form 45 on Dec. 1, 1883.
50.	Nashua and Epping Railroad Company.	In New Hampshire, Dec. 29, 1848.	Franchise rights, together with part of those of 35, united, under special act of June 24, 1868, in formation of 49.

¹ This company was designated Boston and Maine Rail-road Company in the Massachusetts act and Boston and Maine Rail Road in the New Hampshire act.

Development of Fixed Physical Property

The property of the carrier on date of valuation consisted of approximately 707.33 miles of road, of which approximately 91.73 miles were acquired by construction and 615.60 miles from other companies, as follows:

Owned:			Mileage
Acquired by construction.			96.14
Less mileage sold to Portland Terminal Company, July 1, 1911.			4.41
Total constructed.			91.73
Acquired by purchase.		645.03
Less—
Abandonments.	15.54
Mileage used as sidetracks.	1.83
Mileage sold to Portland Terminal Company, July 1, 1911.	12.06
		29.43
			615.60
Total owned.			707.33

The above mileage account is further analyzed as follows:

			Mileage
Acquired by construction:
Main line—
Massachusetts-New Hampshire State line to New Hampshire-Maine State line, Jan. 1, 1840, to Feb. 2, 1843.		34.62
Wilmington Junction, Mass., to North Andover, Mass., July 3, 1848.		8.21
Point in South Berwick, Me., to Portland, Me., Feb. 15, 1873.	44.06
Less mileage, Portland to Rigby, Me., sold to Portland Terminal Company.	4.41
		39.65
Part of extension, North Conway, N. H., to Intervale, N. H., 1892.		.50
			82.98
Branch lines—
Rollingsford to Somerworth, N. H., July 24, 1843.		2.75
Medford Junction to Medford. Mass., Mar. 1, 1847.		2.00
South Lawrence, Mass., to Massachusetts-New Hampshire State line, Aug. 27, 1849.		3.75
Lowell and Lawrence Branch, Lowell, Mass., to Lowell and Andover Railroad Company.		.25
			8.75
Total.			91.73
Acquired from other companies:
From the Boston and Portland Rail-road Corporation, Nov. 5, 1841—
Constructed by that company, Wilmington, Mass., to Massachusetts-New Hampshire State line, Aug. 8, 1836, to Jan. 1, 1840.		16.82
Less mileage abandoned.		6.54
			10.28
From The Maine, New Hampshire and Massachusetts Rail Road Corporation, June 3, 1844—
Constructed by that company, New Hampshire-Maine State line to a point in South Berwick, Me., Feb. 2, 1843.		2.58
Less mileage abandoned.		2.30
			.28
From the Boston and Maine Rail-road Extension Company, Sept 10, 1845—
Constructed by that company, Wilmington Junction to Boston, Mass., July 1, 1845.			18.07
From the Eastern Rail-road Company, May 8, 1890—
Constructed by that company—
Boston, Mass., to Massachusetts-New Hampshire State line, Aug. 28, 1838, to Nov. 9, 1840, and Apr. 1, 1854.	44.73
Less mileage abandoned, 1.55, and mileage used as sidetracks, 1.73.	3.28
		41.45
Salem to Marblehead, Mass., Dec. 10, 1839.		3.52
Beverly to Gloucester, Mass., Dec. 1, 1847.		13.05
Salisbury to Amesbury, Mass., Jan. 1, 1848.		3.79
Swampscott to Marblehead, Mass., Oct. 21, 1873.		3.96
East Somerville to Charlestown, Mass., Oct. 1, 1874.		1.09
Essex to Conomo, Mass., 1887.		.52
Malden to Saugus Branch Railroad, Mass.		1.55
Hamilton to Asbury Grove, Mass.	1.06
Less mileage abandoned, 0.96, and mileage used as sidetracks, 0.10.	1.06
Total.		68.93
Constructed by Saugus Branch Railroad Company—
Malden to West Lynn, Mass., Feb. 1, 1853.	8.40
Less mileage abandoned by Eastern Railroad Company.	.40
		8.00
Constructed by Essex Rail-road Company, Salem to North Andover, Mass., Jan. 19, 1847, to Sept. 4, 1848.		19.89
Constructed by Rockport Railroad Company, Gloucester to Rockport, Mass., Nov. 4, 1861.		3.89
Constructed by Essex Branch Railroad Company, Hamilton and Wenham to Essex, Mass., July 1, 1872.		5.48
Total acquired from Eastern Rail-road Company.			106.19
From the Portsmouth, Great Falls and Conway Railroad, May 9, 1890–
Constructed by that company, Union Village (now Union) to North Conway, N. H., December, 1871, and June–September, 1872–1874.		46.74
Constructed by Great Falls and South Berwick Branch Rail-road Company, Conway Junction (now Jewett), Me., to Somersworth, N. H., Feb. 5, 1855.		6.02
Constructed by Great Falls and Conway Rail-road, Somersworth to Union Village (now Union), N. H., From Chelsea Beach Railroad Company, June 15, 1892.		20.11
			72.87
From the Chelsea Beach Railroad Company, June 15, 1892–
Constructed by that company, Saugus River Junction to Revere, Mass., July 2, 1881, and 1889.			3.34
From Wolfeborough Railroad, June 30, 1892–
Constructed by that company, Wakefield (now Sanbornville), to Wolfeborough, N. H., Aug. 19, 1872.			12.03
From Dover and Winnipissiogee Railroad, June 30, 1892—
Constructed by Cocheco Railroad Company, Dover to Alton Bay, N. H., Sept. 1, 1849, and September, 1851.			29.00
From South Reading Branch Railroad, July 20, 1892—
Constructed by that company, South Danvers (now Peabody), to Wakefield Junction, Mass., Sept. 2, 1850.			8.12
From Newburyport City Railroad Company, Jan. 16, 1893–
Constructed by that company, freight tracks in Newburyport, Mass., Sept. 14, 1872.			1.97
From Orchard Beach Railroad Company, Jan. 25, 1893–
Constructed by that company, Camp Ground to Camp Ellis, Me., June 26, 1880.			3.27
From West Amesbury Branch Railroad Company (1872), Nov. 15, 1893–
Constructed by—
West Amesbury Branch Railroad (1868), West Amesbury (now Merrimac), Mass., to New Hampshire-Massachusetts State line, Jan. 9, 1873.		2.13
West Amesbury Branch Railroad, New Hampshire-Massachusetts State line to Newton Junction, N. H., Jan. 9, 1873.		2.32
			4.45
From Eastern Railroad in New Hampshire, June 1, 1899–
Constructed by that company, Massachusetts-New Hampshire State line to New Hampshire-Maine State line, Dec. 31, 1890.			16.08
From Portland, Saco and Portsmouth Railroad Company, Jan. 1, 1900–
Constructed by that company, Portland, Me., to Maine-New Hampshire State line, Feb. 8 and Nov. 25, 1842.		51.21
Less mileage, Portland to Rigby, Me., sold to Portland Terminal Company.		3.84
			47.37
From Portsmouth and Dover Railroad, Jan. 1, 1900–
Constructed by that company, Portsmouth to Dover, N. H., Feb. 1, 1874.			10.88
From Portland and Rochester Railroad, Jan. 1, 1900–
Constructed by that company, Union Branch, in Portland, Me.		1.12
Constructed by Portland and Rochester Railroad Company, Bar Mills, Me., to Rochester, N.H., July 1, 1871.		33.51
Constructed by York and Cumberland Railroad Company, Portland to Bar Mills, Me., February, 1851, and unknown date.		18.99
Total.		53.62
Less mileage abandoned, 1.11 miles; mileage Portland to Westbrook, Me., sold to Portland Terminal Company, 8.22 miles, plus unexplained difference in mileage of 0.63 mile.		8.70
			44.92
From The Central Massachusetts Railroad Company, Feb. 20, 1902–
Constructed by that company—
Jefferson to Ware, Mass., 1887.	26.53
Ware to Northampton, Mass., 1888.	29.93
		56.46
Constructed by Massachusetts Central Railroad Company, North Cambridge to Jefferson, Mass.		42.31
Total.		98.77
Less mileage, West Berlin to Oakdale, Mass., abandoned.5		7.01
Total.		91.76
Plus road acquired from Commonwealth of Massachusetts, West Berlin to Clinton Junction, Mass.5		3.93
			95.69
From The Newburyport Railroad Company, Oct. 30, 1906—
Constructed by that company—
Newburyport to Georgetown, Mass., May 23, 1850.	9.00
Georgetown to Bradford, Sept. 23, 1851.	5.87
		14.87
Constructed by Danvers and Georgetown Railroad Company, Georgetown to Danvers Junction, Mass., Oct. 1, 1854.		12.11
			26.98
From Danvers Railroad Company, Oct. 30, 1906—
Constructed by that company, Danvers Junction to Wakefield Junction, Mass., Oct. 23, 1854.			9.26
From Worcester, Nashua and Rochester Railroad Company, June 13, 1911—
Constructed by The Worcester and Nashua Railroad Company, Worcester, Mass., to Nashua, N. H., July 3 to Dec. 18, 1848.		45.46
Constructed by Worcester Branch Railroad Company, in Worcester, Mass.		.70
Constructed by The Nashua and Rochester Railroad, Nashua to Rochester, N. H., Apr. 1, 1876.		48.39
			94.55
Total mileage acquired from other companies.			615.60
Total mileage inventoried as of date of valuation.			707.33

⁵ These changes in the location of the carrier's road were made in 1902 to provide a location for a reservoir constructed by the Commonwealth of Massachusetts.

With the exception of the Boston and Portland Rail-road Corporation and the Portland and Rochester Railroad, all of the foregoing properties had been operated at different times by the carrier, under lease.

Leased Railway Property

There are here presented the principal provisions of the leases and other arrangements under which the carrier operates the entire properties of the 26 leased companies. For the use of these properties rentals were accrued during the year ended at date of valuation in the aggregate amount of $5,470,128.95.

	Rentals
Boston and Lowell:
125.888 miles of road and 313.09 miles of all tracks, including undivided joint mileage; term, 99 years from Apr. 1, 1887; annual rental, 8 per cent on capital stock (7 per cent prior to 1898), interest on funded debt, and organization expenses.	$888,435.73
Nashua and Lowell, through the Boston and Lowell:
14.250 miles of road and 49.395 miles of all tracks; term, 99 years from Oct. 1, 1880; amended on June 22, 1887; annual rental, $73,000, including $1,000 for organization expenses; improvements made by lessee to be reimbursed by lessor at termination of lease. Some expenditures of this character have been borne by lessees.	73,951.64
Stony Brook Railroad, through the Boston and Lowell:
13.254 miles of road and 21.523 miles of all tracks; term, 99 years from Jan. 1, 1890; annual rental, 7 per cent on capital stock and $500 for organization expenses; improvements made by lessee are to be settled for at termination of lease. Some expenditures of this character (increase in weight of rail, etc.) have been borne by the lessee ($1,591.06 for year ended Dec. 31, 1913).	23,091.06
Wilton Railroad, through the Boston and Lowell:
15.405 miles of road and 21.131 miles of all tracks; term, 99 years from Oct. 1, 1883; annual rental, 8.5 per cent on capital stock (7 per cent prior to Jan. 1, 1891); improvements made by lessee to be settled for at termination of lease. Some expenditures of this character (increase in weight of track material) have been borne by lessee ($45.24 for year ended at date of valuation).	20,445.24
Peterborough Railroad, through the Boston and Lowell:
10.642 miles of road and 12.094 miles of all tracks; term, 93 years from Apr. 1, 1893; annual rental, 4 per cent on capital stock and $300 for organization expenses; improvements made by lessee to be reimbursed by lessor. Some expenditures of this character (increase in weight of track material) have been borne by lessor ($134.75 for year ended at date of valuation).	15,834.75
Connecticut and Passumpsic, through the Boston and Lowell:
109.605 miles of road and 161.611 miles of all tracks; term, 99 years from Jan. 1, 1887; annual rental, 6 per cent on capital stock (5 per cent to 1897), interest on funded debt, and $3,000 for organization expenses; improvements made by lessee to be settled for at termination of lease. Some expenditures of this character (for improved track material, etc.) have been borne by lessee.	243,562.45
Northern Railroad through the Boston and Lowell:
82.346 miles of road and 108.341 miles of all tracks; term, 99 years from Jan. 1, 1890; annual rental, 6 per cent on capital stock (5 per cent prior to 1897), $5,000 for organization expenses and interest on funded debt of the Concord and Claremont and the Peterborough and Hillsborough, mentioned below (5 per cent on $500,000 in case of the Concord and Claremont, 4.5 per cent on $100,000 in case of the Peterborough and Hillsborough); no provision governing settlement for improvements made by lessee.	226,039.17
Concord and Claremont, through the Northern Railroad and the Boston and Lowell:
71.561 miles of road and 85.079 miles of all tracks; term, 99 years from Jan. 1, 1890; annual rental, see the Northern Railroad above.
Peterborough and Hillsborough, through the Northern Railroad and the Boston and Lowell:
18.056 miles of road and 20.397 miles of all tracks; term, 99 years from Jan. 1, 1890; annual rental, see the Northern Railroad above.
Connecticut River Railroad:
87.301 miles of road and 201.909 miles of all tracks; term, 99 years from Jan. 1, 1893; annual rental, 10 per cent on capital stock, interest on funded debt, and organization expenses; improvements made by lessee to be reimbursed by lessor. Some expenditures of this character (for increase in weight of rails) have been borne by the lessee.	547,506.50
Concord and Montreal:
352.959 miles of road and 546.308 miles of all tracks; including undivided joint mileage; also about 29 miles of electric street railway property; term 91 years from Apr. 1, 1895; annual rental, 7 per cent on capital stock, interest on funded debt, and organization expenses. Improvements made by the lessee (with exception of certain increased weight in track structures, expenditures for which are borne by lessee) are to be reimbursed by the lessor from the proceeds of sales of capital stock and funded debt at time optional with lessee.	873,022.60
Proprietors of Wells River Bridge, through the Concord & Montreal:
Bridge property; term, in perpetuity; annual rental, none; controlled by the Concord & Montreal.
Concord and Portsmouth, through the Concord & Montreal:
39.699 miles of road and 55.821 miles of all tracks; term, 99 years from Jan. 1, 1862; annual rental, 7 per cent on capital stock and $500 for organization expenses; no provision governing settlement for improvements made by lessee. Some expenditures of this character (for increased weight of rail) have been borne by lessee.	25,000.00
Suncook Valley Railroad, through the Concord & Montreal:
17.674 miles of road and 20.746 miles of all tracks; term, 2 years from Jan. 1, 1914; annual rental, 3 per cent on capital stock and $300 for organization expenses; no provision governing settlement for improvements made by lessee.|	10,551.00
Nashua & Acton, through the Concord & Montreal:
20.110 miles of road and 23.766 miles of all tracks; operated for account of the Concord & Montreal, by whom entire capital stock is owned.
Pemigewasset Valley Railroad, through the Concord & Montreal:
21.412 miles of road and 29.565 miles of all tracks; term, 99 years from Feb. 1, 1883; annual rental, 6 per cent on capital stock and $300 for organization expenses; no provision governing settlement for improvements made by the lessee.	32,790.00
New Boston Railroad, through the Concord & Montreal:
5.183 miles of road and 5.851 miles of all tracks; term, 99 years from June 19, 1893; annual rental, 4 per cent on cost of construction not to exceed $70,000; improvements made by lessee to be reimbursed by lessor at termination of lease.	2,800.00
Franklin and Tilton, through the Concord & Montreal:
4.957 miles of road and 7.925 miles of all tracks; term, 91 years from Apr. 1, 1895; annual rental, $1 and actual organization expenses; no provision governing settlement for improvements made by the lessee.
Lowell and Andover:
7.402 miles of road and 20.642 miles of all tracks; term, 99 years from Dec. 1, 1874; annual rental, 7 per cent on cost of construction not to exceed $750,000, and taxes; improvements made by the lessee to be reimbursed by the lessor at termination of lease.	55,239.37
Kennebunk and Kennebunkport:
4.532 miles of road and 5.388 miles of all tracks; term, 99 years from May 15, 1883; annual rental, 4.5 per cent on capital stock; improvements made by the lessee are to be settled for by the lessor at termination of lease.	2,925.00
Proprietors of Portsmouth Bridge:
Bridge property; term, in perpetuity; annual rental, none; controlled by the carrier through ownership of entire capital stock.
Manchester and Lawrence:
23.723 miles of road and 37.371 miles of all tracks, including undivided joint mileage; term, 50 years from Sept. 1, 1887; annual rental, 10 per cent on capital stock and $500 for organization expenses; improvements, with exception of increased weight of track material, to be reimbursed by lessor at termination of lease.	113,271.99
Fitchburg Railroad:
304.233 miles of road and 857.925 miles of all tracks; term, 99 years from June 30, 1900; annual rental, 5 per cent on preferred stock and 1 per cent on common stock held by the public, interest on funded debt, and organization expenses (the carrier also obligated itself under terms of lease to acquire $5,000,000 of the Fitchburg Railroad's common stock held by the Commonwealth of Massachusetts and $500,000 of common stock held by others); permanent improvements made by lessee to be paid for through issuance of capital securities by the Fitchburg Railroad. Some expenditures of this character have been borne by the lessee.	2,025,777.22
Troy and Bennington, through the Fitchburg Railroad:
5.249 miles of road and 6.296 miles of all tracks; term, in perpetuity; annual rental, $15,400.	15,400.00
Vermont and Massachusetts, through the Fitchburg Railroad:
58.771 miles of road and 178.035 miles of all tracks; term, leased to the Fitchburg Railroad for 999 years from Jan. 1, 1874, assumed by the carrier for a period of 99 years from July 1, 1900; annual rental, 6 per cent on capital stock (4 per cent for first two years and 5 per cent for second two years), $3,000 for organization expenses, interest on funded debt, sinking-fund installments, and the principal of bonds at maturity subject to 80 per cent refundment at each maturity; no provision governing settlement for improvements made by the lessee. Some expenditures of this character have been borne by the sublessee.	250,485.23
Proprietors of Connecticut River Bridge, through the Fitchburg Railroad:
Bridge property; term, 999 years; annual rental, none; controlled by the Vermont and Massachusetts through ownership of entire capital stock.

The carrier also operates exclusively 0.176 mile of main track and 0.258 mile of all tracks at Easthampton, Mass., the property of The New York, New Haven, and Hartford Railroad Company. No rental is paid.

The carrier leases 6.83 acres of carrier land, situated in Vermont, from the New London Northern Railroad Company.

In addition to the properties included in the foregoing summary the carrier operates under lease the property of the Massawippi Valley Railway Company, comprising about 35.46 miles of road situated in the Province of Quebec, Canada. The Connecticut and Passumpsic owns all of the capital stock of this company and has a leasehold interest in its property for a term of 999 years, dating from July 1, 1870. This lease was assigned to the carrier as sublessee on December 13, 1892. The carrier pays an annual rental of 6 per cent on the capital stock of the company (5 per cent for first 10 years of operation) and interest on funded debt. The amount paid for the year ended at date of valuation was $24,000.

The Newport and Richford Railroad Company, a controlled line in Vermont, and the Lake Champlain & St. Lawrence Junction Railway, a controlled line in Canada, are leased to the Concord & Montreal and Atlantic Railway Company, of the Canadian Pacific Railway System. The Connecticut and Passumpsic owns all of the capital stock of the first of these companies. The lease of this property is for a period of 99 years, dating from June 8, 1881, and calls for an annual payment of $18,000. This rental is collected by the carrier and from it is paid $17,500 per annum for interest on the company's bonds. The remaining $500 is retained by the carrier. The Connecticut and Passumpsic and the Concord & Montreal own about 75 per cent of the capital stock of the Lake Champlain & St. Lawrence Junction Railway. The lease of this property provides for the payment of the interest on the funded debt as the annual rental.

The carrier and certain of its lessor companies own 275.90 miles of telegraph and telephone pole line, and in addition certain wires and miscellaneous telegraph equipment on many sections of the road on which The Western Union Telegraph Company owns the pole lines. All of the aforementioned pole lines, wires, and equipment are leased to and operated by the telegraph company. Certain wires are reserved for exclusive railroad use.

Four steam locomotives and 14 passenger-train cars, owned by the carrier, are used by The St. Johnsbury and Lake Champlain Railroad Company.

	Rentals
Jointly used, but not owned, owned by—
Boston and Albany Railroad Company—
Passenger station and less than 1 mile of track at Springfield, Mass.; $22,000 per annum.	$13,200.00
Tracks 0.26 mile, at Winchendon, Mass.; $700 per annum.	700.08
Passenger station at Worcester, Mass.; 20 per cent of 6 per cent on cost of station and 4 per cent on cost of land.	---
The Delaware and Hudson Company—
Tracks, eastbound, 6.80 miles, Coons to Crescent, N. Y.; Proportion of expenses and maintenance on basis of trains handled.	---
Tracks, 0.98 mile, passenger and freight facilities, at Mechanicville, N. Y.; proportion of expenses on basis of trains, passengers, and tonnage handled.	---
Tracks, 5 miles, Troy to Albany, N. Y., 25 cents per train or engine mile.	219.00
The New York, New Haven and Hartford Railroad Company—
Tracks, 4.36 miles of westerly track exclusively used, Concord Junction to North Acton, Mass.; 6 per cent on cost of tracks ($51,369).	3,082.20
Passenger station at Easthampton, Mass.; no rental.
Tracks, 0.76 mile, and yard for passenger equipment, Worcester to South Worcester, Mass.; proportion of expenses and fixed charges on basis of cars handled.	3,658.03
Portland Terminal Company—
Passenger terminal, freight terminal, and 31 miles of tracks at Portland, Me.; $100,000 per annum and taxes.	102,532.29
Rutland Railroad Company—
Less than 1 mile of road at Bellows Falls, Vt.; $1,142.04 per annum.	1,142.04
The Troy Union Rail Road Company—
Tracks, 2 miles, and terminal facilities, at Troy, N. Y.; 25 per cent of cost of operations.	8,857.08
Note.—In addition, the carrier has joint use of numerous other minor facilities owned by other companies, for which it paid $3,681.11 during the year ended on date of valuation.
Solely owned, but jointly used, used with—
The Delaware and Hudson Company—
Tracks, 22.04 miles, Troy to Eagle Bridge, N. Y.; $20,000 per annum.	20,000.00
The New York Central Railroad Company—
Freight yard at Rotterdam Junction, N. Y.; interest on cost of improvements and cost of yards.	12,938.93
The New York, New Haven and Hartford Railroad Company—
Tracks, 4.59 miles, Shelburne Junction to Shelburne Falls, Mass.; $7,500 per annum.	7,600.00
Tracks, 1.65 miles, and freight yards, at Worcester, Mass.; 4 per cent on cost of land.	6,028.26
Tracks, 11.74 miles, Worcester to Sterling Junction, Mass.; $25,000 per annum.	25,000.00
Note.—In addition, the carrier owns numerous other minor facilities used jointly by it and other companies, from the use of which it received $15,157.55 during the year ended on date of valuation.
Jointly owned and jointly used, owned by—
The carrier and the New York, New Haven and Hartford Railroad Company—
Passenger station at Concord Junction, Mass.; ownership three-fifths and two-fifths, respectively.
Freight station at Concord Junction, Mass.; ownership two-fifths and three-fifths, respectively. Revenues and expenses divided on basis of passenger and freight business.
Tower at Concord Junction, Mass.; ownership one-half each; the New Haven pays 40 per cent of expenses.
Tracks, 1.152 miles, express buildings, cover sheds, intertrack fences, platforms, paving, and signs, at Worcester, Mass.; ownership one-third and two-thirds, respectively; expenses based on number of tickets sold and amount of ticket revenue.
Fitchburg Railroad, Rutland Railroad Company, and Vermont Valley Railroad—
Passenger station at Bellows Falls, Va.; ownership one-third each; maintained on basis of ownership and operated on basis of use.
Connecticut and Passumpsic, Northern Railroad and Central Vermont Railway Company—
Station facilities at White River Junction, Vt.; ownership one-third each; carrier pays two-thirds of cost of maintenance and operation.