Wikipedia:WikiProject Trains/ICC valuations/Montpelier and Wells River Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Montpelier and Wells River Railroad

Description of Property

The railroad of Montpelier and Wells River Railroad is a single-track, standard-gage, steam railroad, located in the northerly portion of Vermont. The main line extends a little over 38 miles from Montpelier easterly to the town of Wells River, on the Connecticut River, which forms the boundary between Vermont and New Hampshire. Besides the main line, the company operates a branch extending a little over 5 miles, from Barre Transfer, the junction of the branch with the main line, to Barre, of which the portion within the town of Barre, from Tilden Bridge to Ayer Street, is leased from the Barre and Chelsea Railroad Company.

Corporate History

The Montpelier and Wells River Railroad is the successor to the Montpelier and Wells River Railroad Company and the Barre Branch Railroad. The company is controlled by the carrier. The intercorporate relationship is set forth in Appendix 2.

The Montpelier and Wells River Railroad was incorporated under the general laws of Vermont on January 1, 1877, by the holders of the first-mortgage bonds of the Wells River Railroad[sic], who succeeded to the property of that company under a decree of the court of chancery for Washington County, Vt. The Wells River Railroad[sic] had defaulted in payment of interest on its bonds and was sold under the mortgage. The Barre Branch Railroad was merged with the Montpelier and Wells River Railroad on September 13, 1913. The property acquired from these two predecessors comprises all the line owned on date of valuation.

The Montpelier and Wells River Railroad is controlled by the carrier through a lease of the property of the Connecticut River Railroad Company. The property of the latter company includes 99 per cent of the stock of the Vermont Valley Railroad, which in turn owns 99.9 per cent of the stock of the Montpelier and Wells River Railroad.

Leased Railway Property

This company maintains and operates that portion of the line of the Barre and Chelsea Railroad Company from Tilden Bridge to Aver Street in Barre, Vt., 1.67 miles, which is leased in perpetuity from June 30, 1894, subject to termination on six months' notice. The rent is $1,000 a year. It uses jointly with the carrier, lessee, freight and passenger facilities owned by the Connecticut and Passumpsic at Wells River, Vt., and the freight and passenger terminals owned by the Concord & Montreal at Woodsville and White Mountain Transfer, N. H.

Predecessor Companies

Montpelier and Wells River Railroad Company

Corporate History and Development of Fixed Physical Property

This company was incorporated on November 6, 1867, under a special act of Vermont, which was amended November 16, 1869, and October 13, 1870. Under a decree of the court of chancery for the county of Washington in Vermont it was reorganized January 1, 1877, as the Montpelier and Wells River Railroad.

The accounting records are not complete. The minute books and the incomplete accounting records indicate that control was held by D. R. Sortwell. The data given herein, with reference to the company, are taken from these incomplete records.

On January 1, 1877, the property was composed of a railroad from Montpelier to Wells River, 38.22 miles, and from Montpelier to Barre Transfer, 1.79 miles, a total of 40.01 miles. The road, which was built under contract, was begun about November 1, 1870, and was opened for operation in two sections on September 15 and November 24, 1873.

The road was operated by its owners from September 15, 1873, to September 30, 1874; by the trustees under the mortgage to March 6, 1876, and by receivers to December 31, 1876.

Barre Branch Railroad

Corporate History and Development of Fixed Physical Property

This company was incorporated on June 15, 1888, under the general laws of Vermont, to build and operate a railroad from Montpelier to Barre, Vt.

Work was begun under contract in July, 1888, and the road, 3.38 miles, was opened for operation on June 1, 1889.

The property was leased to the Montpelier and Wells River Railroad for 99 years from the date of completion, June 1, 1889, for $4,800 per year. On September 18, 1913, it was merged with the Montpelier and Wells River Railroad.