Wikipedia:WikiProject Trains/ICC valuations/Canadian Pacific Railway

Interstate Commerce Commission, Valuation Reports, Volume 108

Canadian Pacific Railway

Location and General Description of Property

The Canadian Pacific Railway Company, hereinafter called the carrier, operates in the United States four disconnected pieces of road located in the northern and central parts of the State of Maine and the northern part of the State of Vermont. The only property owned by the carrier in the United States, and covered by this report, consists of lands, telegraph and telephone lines, signals, roadway machines, and shop machinery located at various points along the road, and rolling stock assigned to certain parts of the railroad. A general description of the property of the leased lines will be given in the text of the report upon the respective companies.

Leased Railway Property

The terms under which the carrier operates its railroad systems in the States of Maine and Vermont are as follows:

On January 12, 1878, the property of the Aroostook River Railroad Company was leased to the New Brunswick Railway Company (of Canada) for a period of 999 years, at an annual rental of $1. Since July 1, 1890, the property has been operated by the carrier through its lease of the New Brunswick Railway Company (of Canada).

Under an agreement dated July 1, 1890, the property of the Houlton Branch Railroad Company was leased to the New Brunswick Railway Company (of Canada) for a period of 999 years, at an annual rental of $3,120. Since July 1, 1882, the property has been operated by the carrier through its lease of the New Brunswick Railway Company (of Canada). The rental paid by the latter for the year ending on date of valuation was $3,120.

The property of the International Railway Company of Maine, since date of completion in June, 1889, has been leased to the carrier at an annual rental of $144,500, which was the amount of rental paid by the carrier for the year ending on date of valuation.

The Midland Railroad Company is controlled and operated by the carrier through ownership of the former's entire capital stock. The carrier does not keep a separate record of the results of operations.

The carrier uses, under joint-facility arrangements, certain property of The Connecticut and Passumpsic Rivers Railroad Company (Boston and Maine Railroad, lessee), at Newport, Vt. The property in question consists of a passenger station, freight shed, engine house, turntable, and water supply for locomotives. For the use of these facilities the carrier pays $500 per annum, its proportion of switching expenses on basis of cars handled, local freight shed expenses on basis of tonnage handled through shed, and passenger-station expenses on basis of number of tickets sold by each company. No charges were made to joint-facility rents by the carrier for the year ending on date of valuation.

The carrier also has trackage rights over the tracks of the Maine Central Railroad Company between Mattawamkeag and Vanceboro, Me., at an annual rental of $23,800 and its proportion of taxes and improvements. The rental paid by the carrier for the year ending on date of valuation amounted to $28,755.20.

The Maine Central Railroad Company has joint use of the station buildings, platforms, and freight shed of the International Railway Company of Maine at Somerset Junction, Me. The amount of $637 stated in the joint-facility rent income for the year ending on date of valuation represents the rental received by the carrier for the two years ending on date of valuation.