Wikipedia:WikiProject Trains/ICC valuations/Nashua and Lowell Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Nashua and Lowell Rail-road

Introductory

The railroad of Nashua and Lowell Rail-road Corporation, herein referred to as the Nashua and Lowell, is a double-track, standard-gage, steam railroad, extending from Nashua, N. H., to Lowell, Mass., 14.250 miles. It is operated by the carrier as lessee through the Boston and Lowell.

Corporate History

The Nashua and Lowell was organized on May 30, 1836, as a consolidation of the Nashua and Lowell Railroad Corporation (N. H.), which had been incorporated under a special act of New Hampshire of June 23, 1835, to construct a railroad from the New Hampshire-Massachusetts State line to Nashua, N. H., and the Nashua and Lowell Rail-road Corporation (Mass.), which had been incorporated under a special act of Massachusetts of April 16, 1836, to construct a railroad from Lowell, Mass., to the Massachusetts-New Hampshire State line, there to connect with the road first mentioned. The consolidation was confirmed by special acts of Massachusetts and New Hampshire approved April 10, 1838, and June 26, 1838, respectively. No financial transactions or construction work appear to have been carried on under these charters prior to the consolidation. The principal office of the Nashua and Lowell is at Boston, Mass.

Development of Fixed Physical Property

Construction, under contract, of the road of the Nashua and Lowell was begun in March, 1837, and the entire road from Nashua, N. H., to Lowell, Mass., a distance of about 14.50 miles, was completed and opened for operation on December 23, 1838. The construction of the second track, with the exception of about 2,000 feet in the city of Nashua, constructed in 1867, was completed in 1845. During the three years preceding date of valuation extensive improvements, consisting principally of the elimination of grade crossings, were made by the carrier.

Leased Railway Property

Under an agreement dated November 10, 1880, the entire property of the Nashua and Lowell was leased to the Boston and Lowell for a period of 99 years, dating from October 1, 1880. This lease was assumed by the carrier under an agreement dated June 22, 1887. As amended by agreement of June 22, 1887, effective as of April 1, 1887, this lease provides for the payment of an annual rental of $73,000, in which is included $1,000 for maintenance of investment organization. The Nashua and Lowell is obligated to pay at the termination of the lease for additions and betterments made to the property by the carrier. Some have been made by the carrier and accounted for as additional rental. The rental accrued for the year ended at date of valuation is recorded as $73,951.64.

The Nashua and Lowell leases four tracts of carrier land from the Proprietors of Locks and Canals on Merrimack River. The terms under which these lands are used are, respectively, as follows: 999 years from October 1, 1874, annual rental $300 and taxes; 85 years and 4 months from December 6, 1900, annual rental $1,670 and taxes; 76 years and 9 months from June 26, 1908, annual rental $87.37 and taxes; 73 years and 3 months from January 9, 1913, annual rental $200 and taxes.