Wikipedia:WikiProject Trains/ICC valuations/Fitchburg Railroad
Interstate Commerce Commission, Valuation Reports, Volume 30
Fitchburg Rail-road[edit]
Location and General Description of Property[edit]
The railroad of Fitchburg Rail-road Company, herein referred to as the Fitchburg Railroad, is a standard-gage, steam railroad, situated in the States of Massachusetts, New Hampshire, New York, and Vermont. It consists of 3 main lines, aggregating 248.403 miles, and 10 branches, aggregating 145.830 miles, a total of 394.233 miles of road. The principal main line extends from Boston, Mass., northwesterly to Fitchburg, Mass., thence in a generally westerly direction over the line of the Vermont and Massachusetts to Greenfield, Mass., and thence northwesterly over the Fitchburg Railroad's own road, through the Hoosac Tunnel, across the southwestern corner of Vermont to Rotterdam Junction, N. Y., where it connects with the New York Central Lines. Operation through the Hoosac Tunnel is by means of electric locomotives. A second main line extends southwesterly from Johnsonville, N. Y., to Troy, N. Y., where it connects with The Troy Union Rail Road Company. The third main line extends northwesterly from South Ashburnham, Mass., across the Massachusetts-New Hampshire State line near Winchendon, Mass., to Bellows Falls, Vt., where it connects with The Sullivan County Railroad.
Sections of the main line and branches are double-tracked and there are stretches of third and fourth main tracks and extensive yard, terminal, and wharf properties.
All of the foregoing property is operated by the carrier, as lessee.
The carrier, as lessee of the Fitchburg, operates the properties of the Troy and Bennington and the Vermont and Massachusetts, which were leased by the Fitchburg Railroad at the time of the leasing of its own property to the carrier. The carrier also operates the property of the Proprietors of Connecticut River Bridge, controlled through stock ownership by the Vermont and Massachusetts.
Corporate History[edit]
The Fitchburg Railroad was incorporated under a special act of Massachusetts of March 3, 1842, for the purpose of constructing a railroad from a point on the Charlestown Branch Railroad at or near Block Island in West Cambridge, Mass., to Fitchburg, Mass. The Fitchburg Railroad has acquired the properties and franchises of 16 other companies, as well as property from the Commonwealth of Massachusetts.
The Fitchburg Railroad's principal office is at Boston, Mass. Control of the Fitchburg Railroad is vested in the preferred stockholders. The outstanding common stock is owned by the carrier and was acquired for the most part from the Commonwealth of Massachusetts in exchange for the carrier's bonds. This stock can not be voted at stockholders' meetings during the continuance of the carrier's lease of the Fitchburg Railroad's property.
The Fitchburg Railroad owns 59.2 per cent of the capital stock and all of the funded debt of the Conway Electric Street Railway Company, which operates an electric railway between Conway and Deerfield, Mass. The Fitchburg Railroad also owns a 25 per cent stock control of The Troy Union Rail Road Company. The securities of these companies are assigned, with reversionary rights, to the carrier under the latter's lease of the Fitchburg Railroad's property.
The following table shows the companies whose properties, rights, and franchises were acquired by the Fitchburg Railroad:
| No. | Name | Incorporation1 | Succession |
|---|---|---|---|
| 1. | Fitchburg Railroad Company. | In Massachusetts, Mar. 3, 1842. | |
| 2. | Charlestown Branch Railroad Company. | In Massachusetts, Apr. 9, 1836.2 | Sold to 1 on Jan. 31, 1846. |
| 3. | Lancaster and Sterling Branch Rail-road Company. | In Massachusetts, Apr. 16, 1846. | Franchises transferred to 1 on June 2, 1846. |
| 4. | Watertown Branch Rail-road Company. | In Massachusetts, Apr. 16, 1846. | Franchises transferred to 1 on June 2, 1846. |
| 5. | Waltham and Watertown Branch Rail-road Company. | In Massachusetts, May 2, 1849. | Franchises transferred to 1 on July 17, 1851. |
| 6. | Peterborough and Shirley Rail-road Company. | In Massachusetts, Mar. 22, 1845. | Sold to 1 on Jan. 30, 1860, effective as of Jan. 1, 1860. |
| 7. | Peterborough and Shirley Railroad Company. | In New Hampshire, July 8, 1846, and June 24, 1858. | Sold to 1 on Mar. 21, 1860, effective as of Jan. 1, 1860.3 |
| 8. | Marlborough and Feltonville Branch Railroad Company. | In Massachusetts, Mar. 27, 1858. | Sold to 1 on Apr. 15, 1862. |
| 9. | Marlborough Branch Railroad Company. | In Massachusetts, Apr. 30, 1852. | Sold at foreclosure in 1860 to 8. |
| 10. | The Ashburnham Railroad Company. | In Massachusetts, Apr. 13, 1878. | Sold to 1 on Apr. 22, 1885. |
| 11. | Ashburnham Railroad Company. | In Massachusetts, May 5, 1871. | Sold on Jan. 16, 1878, under foreclosure by trustees of mortgage and conveyed by purchaser, W. H. Morse, to 10. |
| 12. | Boston, Barre and Gardner Rail-road Corporation. | See No. 13. | Merged with 1 on July 1, 1885. |
| 13. | Barre and Worcester Railroad Company. | In Massachusetts, Apr. 26, 1847.4 | Name changed to 12 by special act of Massachusetts of Mar. 24, 1849. |
| 14. | Commonwealth of Massachusetts. | . | Properties of 15 and 16 sold by Commonwealth of Massachusetts to 1 on Feb. 1, 1887, and Jan. 7, 1891, respectively. |
| 15. | Troy and Greenfield Rail-road Company. | In Massachusetts, May 10, 1848. | Property surrendered to 14 on Oct. 13, 1862, under conditions of mortgage covering loans made for construction purposes. |
| 16. | Southern Vermont Rail Road Company. | In Vermont, Nov. 13, 1848.5 | Sold to 15 on Apr. 21, 1860, and conveyed by mortgage to 14. |
| 17. | Troy and Boston Railroad Company. | In New York, Apr. 4, 1848.6 | Merged with 1 on May 3, 1887. |
| 18. | Cheshire Rail-road Company. | In Massachusetts, Mar. 13, 1845; in New Hampshire, July 1, 1845. | Merged with 1 on Oct. 1, 1890. |
| 19. | Winchendon Rail-road Corporation. | In Massachusetts, Mar. 13, 1845. | Consolidated with 20 on May 19, 1846, to form 18. |
| 20. | Cheshire Railroad Company. | In New Hampshire, Dec. 27, 1844. | Consolidated with 19 on May 19, 1846, to form 18. |
| 21. | Monadnock Railroad Company. | . | Merged with 1 on Oct. 1, 1892. |
| 22. | Monadnock (N. H.) Railroad Company. | In New Hampshire, Dec. 13, 1848.7 | Consolidated with 23 in 1869 to form 21. |
| 23. | Monadnock (Mass.) Railroad Company. | In Massachusetts, Mar. 27, 1869. | Consolidated with 22 in 1869 to form 21. |
| 24. | The Boston, Hoosac Tunnel and Western Railway Company. | In New York, Apr. 19, 1880, and Nov. 26, 1878. | Merged with 1 on Oct. 1, 1892. |
| 25. | The Boston, Hoosac Tunnel and Western Railway Company (Vt.). | In Vermont, Apr. 17, 1878. | Consolidated with 26 on Apr. 19, 1880, to form 24. |
| 26. | Boston, Hoosac Tunnel & Western Railway Company. | In New York, Apr. 16, 1877. | Consolidated with 25 on Apr. 19, 1880, to form 24. |
| 27. | Troy, Saratoga & Northern Railroad Company. | In New York, Sept. 2, 1886. | Merged with 1 on Oct. 1, 1892. |
| 28. | Hoosac Tunnel and Saratoga Railway Company. | In New York, Feb. 23, 1881. | Consolidated with 29 on Sept. 2, 1886, to form 27. |
| 29. | Saratoga Lake Railway Company. | In New York, Aug. 13, 1880. | Consolidated with 28 on Sept. 2, 1886, to form 27. |
| 30. | Brookline Railroad Company. | In New York[sic - New Hampshire], Mar. 31, 1891. | Merged with 1 on June 5, 1895. |
| 31. | Brookline & Milford Railroad Company. | In New Hampshire, Feb. 22, 1893. | Merged with 1 on June 5, 1895. |
| 32. | Brookline and Pepperell Railroad Company. | In Massachusetts, Oct. 1, 1891. | Merged with 1 on June 5, 1895. |
1 The companies shown in this summary were, as a rule, incorporated under special acts of the dates mentioned. Exceptions are all companies incorporated in the State of New York, one of which, The Boston, Hoosac Tunnel and Western Railway Company, was also incorporated under special act of Apr. 4, 1848, The Boston, Hoosac Tunnel and Western Railway Company, incorporated under the general laws of Vermont, and the Brookline & Pepperell Railroad Company, incorporated under the public statutes of Massachusetts.
2 Authorized by special act of Mar. 17, 1841, to extend road.
3 Title transferred to the Fitchburg Railroad by the Peterborough and Shirley Rail-road Company, by whom its capital securities were owned. To validate transfer of title a new company, the Peterborough and Shirley Railroad Company, was organized by officers of the Fitchburg Railroad under authority of a special act of New Hampshire of June 24, 1858. The transfer was formally accomplished on Aug. 14, 1861, under authority of special act of New Hampshire of July 3, 1861, authorizing the union of the two companies.
4 Authority to extend line granted by special acts of Feb. 24, 1872, and Feb. 6, 1873; several extensions of time for completion of its road also granted.
5 Time for completion of road extended by special acts of Nov. 13, 1849, Nov. 12, 1850, and Nov. 13, 1854.
6 Life extended in 1875 from 50 to 1,500 years.
7 Revived by special act of July 6, 1866.
In addition to the foregoing the Fitchburg Railroad and the carrier acquired certain railroad property formerly owned by the Lancaster Railroad Company. The Lancaster Railroad Company had been incorporated by special act of Massachusetts of April 30, 1870, and had constructed some property. This was sold on or about November 1, 1883, at the request of a majority of the bondholders, to R. Codman, who evidently acted in behalf of the Fitchburg Railroad and the Worcester and Nashua Railroad, the latter a predecessor of the carrier. The road was abandoned and the rails and ties were removed. Such property as the Lancaster Railroad Company had passed to the Fitchburg Railroad and the earlier, through their ownership, nearly one-half each, of the Lancaster Railroad Company's bonds.
The Fitchburg Railroad also acquired certain dock properties from the Hoosac Tunnel Dock and Elevator Company.
Information as to the predecessors of the Fitchburg Railroad, in addition to that given in the present report, is given in the respective reports on them which appear as a part of the accounting report on the Fitchburg Railroad.
Development of Fixed Physical Property[edit]
The property of the Fitchburg Railroad on date of valuation consisted of approximately 394.233 miles of road, as follows:
| Mileage | ||
|---|---|---|
| Acquired by construction: | ||
| Main line— | ||
| West Cambridge to Waltham, Mass., Dec. 20, 1843. | 5.70 | |
| Waltham to Concord, Mass., June 17, 1844. | 10.20 | |
| Concord to West Acton, Mass., Oct. 1, 1844. | 6.71 | |
| West Acton to Shirley, Mass., Dec. 30, 1844. | 12.70 | |
| Shirley to Fitchburg, Mass., Mar. 5, 1845. | 8.72 | |
| Charlestown to Boston, Mass., Aug. 9, 1848. | .72 | |
| Total. | 44.75 | |
| Branch lines— | ||
| West Cambridge to Watertown, Mass., 1847. | 3.77 | |
| South Acton to Feltonville, Mass., July, 1850. | 8.47 | |
| Watertown to Waltham, Mass., December, 1851. | 2.86 | |
| Charlestown to Hoosac Tunnel Docks, Nov. 11, 1863. | .66 | |
| Total. | 15.76 | |
| Total recorded mileage constructed. | 60.51 | |
| Acquired from other companies: | ||
| Main line— | ||
| From the Charlestown Branch Railroad Company, Jan. 31, 1846, constructed by that company, Charlestown to West Cambridge, Mass.— | ||
| June 1, 1839. | 1.40 | |
| In 1842. | 4.60 | |
| Total. | 6.00 | |
| Less reduction of mileage incident to straightening of road in 1844. | 1.10 | |
| 4.90 | ||
| From the Commonwealth of Massachusetts, Feb. 1, 1887— | ||
| Constructed by the Troy and Greenfield Railroad Company, North Adams, Mass., to Massachusetts-Vermont State line, Apr. 1, 1859. | 6.95 | |
| Constructed by the Commonwealth of Massachusetts— | ||
| Greenfield to Shelburne Falls, Mass., Jan. 1, 1868. | 13.28 | |
| Shelburne Falls to Hoosac Tunnel, Mass., Aug. 15, 1868. | 16.35 | |
| Hoosac Tunnel to North Adams, Mass., Apr. 5, 1875. | 7.43 | |
| 44.01 | ||
| From the Southern Vermont Rail Road Company, Jan. 7, 1891, constructed by that company, Massachusetts-Vermont State line to Vermont-New York State line, Apr. 1, 1859. | 6.20 | |
| From the Troy and Boston Railroad Company, May 3, 1887, constructed by that company— | ||
| Troy to Hoosick Falls, N. Y., March and August, 1852. | 26.00 | |
| Hoosick Falls, N. Y., to New York-Vermont State line, April, 1859. | 8.10 | |
| 34.10 | ||
| From the Cheshire Rail-road Company, Oct. 1, 1890, constructed by that company, South Ashburnham, Mass., to Bellows Falls, Vt., October, 1847, to January, 1849. | 53.85 | |
| From The Boston, Hoosac Tunnel and Western Railway Company, Oct. 1, 1892— | ||
| Constructed by that company, Mechanicville to Rotterdam Junction, N. Y., 1855. | 23.19 | |
| Constructed by The Boston, Hoosac Tunnel and Western Railway Company (Vt.), Massachusetts-Vermont State line to Vermont-New York State line, Jan. 1, 1879. | 6.50 | |
| Constructed by the Boston, Hoosac Tunnel & Western Railway Company, New York-Vermont State line to Mechanicville, N. Y., Jan. 1, 1879. | 31.55 | |
| 61.24 | ||
| Total main line. | 204.30 | |
| Branch lines: | ||
| From the Peterborough and Shirley Rail-road Company, Jan. 1, 1860, constructed by that company, Ayer, Mass., to Massachusetts-New Hampshire State line— | ||
| Jan. 1, 1848. | 11.64 | |
| July, 1850. | 2.42 | |
| 14.06 | ||
| From the Peterborough and Shirley Railroad Company, Jan. 1, 1860 (see note 3 in preceding chapter), constructed by that company, Massachusetts-New Hampshire State line to Mason (now Greenville), N. H., Jan. 1, 1851. | 9.58 | |
| From the Marlborough and Feltonville Branch Railroad Company, Apr. 15, 1862, constructed by the Marlborough Branch Railroad Company, Feltonville (now Hudson) to Marlborough, Mass., 1855. | 3.88 | |
| From the Ashburnham Railroad Company, Apr. 22, 1885, constructed by the Ashburnham Railroad Company, Ashburnham Centre to Ashburnham, Mass., Jan. 1, 1874. | 2.59 | |
| From the Boston, Barre and Gardner Rail-road Company, July 1, 1885, constructed by that company, Worcester to Winchendon, Mass., Sept. 4, 1871, to Jan. 1, 1874. | 35.74 | |
| From the Monadnock Railroad Company, Oct. 1, 1892, constructed by that company, Winchendon, Mass., to Peterborough, N. H., December, 1870, to June 10, 1871. | 15.93 | |
| From the Troy, Saratoga & Northern Railroad Company, Oct. 1, 1892— | ||
| Constructed by the Hoosac Tunnel and Saratoga Railway Company— | ||
| Mechanicville to Wayville, N. Y., July 1, 1882. | 6.87 | |
| Schuyler Junction to Schuylerville, N. Y., July 1, 1882. | 8.32 | |
| 15.19 | ||
| Constructed by the Saratoga Lake Railway Company, Wayville to Saratoga Springs, N. Y., July 1, 1882. | 10.63 | |
| 25.82 | ||
| From the Brookline Railroad Company, June 5, 1895, constructed by that company, Brookline, N. H., to New Hampshire-Vermont[sic - New Hampshire-Massachusetts] State line, Sept. 7, 1892. | 3.71 | |
| From the Brookline & Milford Railroad Company, June 5, 1895, constructed by that company, Brookline to Milford, N. H., Nov. 15, 1894. | 8.46 | |
| From the Brookline and Pepperell Railroad Company, Jan. 5, 1895, constructed by that company, Squannacook Junction, Mass., to Massachusetts-New Hampshire State line, Sept. 7, 1892. | 9.56 | |
| Total branch lines. | 129.33 | |
| Total acquired from other companies. | 333.63 | |
| Grand total, recorded mileage. | 394.14 | |
| Difference between recorded mileage and mileage inventoried as of date of valuation. | .093 | |
| Total mileage inventoried as of date of valuation. | 394.233 | |
In addition, the Fitchburg Railroad acquired certain railroad property from the Lancaster Railroad Company, as explained in the preceding chapter, and certain dock properties from the Hoosac Tunnel Dock and Elevator Company.
Leased Railway Property[edit]
The entire property of the Fitchburg Railroad was leased to the carrier on June 30, 1900, for a period of 99 years from July 1, 1900. All leases held or acquired by the Fitchburg Railroad were also assumed by the carrier. The annual rental is 5 per cent on the Fitchburg Railroad's preferred stock and 1 per cent on its common stock held by the public, interest on the funded debt, and organization expenses. Under the terms of the lease the carrier obligated itself to acquire $5,000,000 par value of the Fitchburg Railroad's common stock from the Commonwealth of Massachusetts and the additional outstanding common stock of the Fitchburg Railroad amounting to about $500,000. The lease agreement also provides that permanent improvements to the Fitchburg Railroad's property made by the lessee are to be paid for through issuance of capital securities by the Fitchburg Railroad. The rental accrued for the use of the Fitchburg Railroad's property during the year ended at date of valuation is recorded as $2,025,777.22.
The carrier operates as lessee through the Fitchburg Railroad the properties of the Troy and Bennington and the Vermont and Massachusetts, and, through the latter's control, the property of the Proprietors of Connecticut River Bridge. The terms under which these properties are used are set forth in the chapter on leased railway property in the report on the carrier and in the subsequent reports on the respective lessor companies.
Two steam locomotives and two passenger-train cars owned by the Fitchburg Railroad are used by The St. Johnsbury and Lake Champlain Railroad Company.
Jointly owned property. The only property, aside from minor facilities, owned by the Fitchburg Railroad with others is 0.761 mile of other than main track owned jointly and equally with two industrial establishments along its line of road.