Wikipedia:WikiProject Trains/ICC valuations/Newport and Richford Railroad

Interstate Commerce Commission, Valuation Reports, Volume 106

Montreal and Atlantic Railway

Location and General Description of Properties

The Montreal and Atlantic Railway Company, hereinafter called the carrier, is a corporation of Canada operating, through its agent, the Canadian Pacific Railway Company, the Newport and Richford Railroad Company. The only property owned by the carrier in the United States, and included in this report, consists of certain lands.

The railroad of the Newport and Richford Railroad Company is a single-track standard-gauge steam railroad located in the north-central part of Vermont and extending into the Dominion of Canada. The owned mileage extends from Newport to the international boundary near Elkhurst, Vt., thence in the Dominion of Canada to the international boundary near Missisquoi, and thence in the United States to the international boundary near Richford. Only that part of the property located in the United States is included in this report.

The Newport and Richmond Railroad

Introductory

The Newport and Richford Railroad Company is a corporation of the State of Vermont, having its principal office at Lyndonville. On date of valuation it was controlled by The Connecticut and Passumpsic Rivers Rail Road Company through entire stock ownership.

Corporate History

The Newport and Richford Railroad Company was incorporated under the general laws of Vermont on December 16, 1880.

Development of Fixed Physical Property

The property owned by the Newport and Richford Railroad Company on date of valuation was acquired December 9, 1880, under foreclosure sale from the Missisquoi and Clyde Rivers Railroad Company, which had constructed the property and opened for operation on March 1, 1875, that portion between Newport and the Canadian border.

Leased Railway Property

The agency agreement under which the Canadian Pacific Railway Company operates the property stipulates an annual rental of $18,000, payable to the trustees of the company's first-mortgage bonds at the office of The Connecticut and Passumpsic Rivers Rail Road Company. The Newport and Richford Railroad Company records only $17,500 per annum as rental received for lease of road. The remainder, $500, is absorbed in the earnings of the Boston and Maine Railroad, lessee of The Connecticut and Passumpsic Rivers Rail Road Company.

Predecessor Company

Missisquoi and Clyde Rivers Railroad

Corporate History

The Missisquoi and Clyde Rivers Railroad was incorporated under a special act of Vermont on November 11, 1869. From March 1, 1875, to April 10, 1878, the property was operated by The Connecticut and Passumpsic Rivers Rail Road Company and the Boston, Concord and Montreal Railroad, as lessee, and from the latter date to December 9, 1880, by the Southeastern Railway Company, under an agreement with The Connecticut and Passumpsic Rivers Rail Road Company. The property was acquired on December 9, 1880, under foreclosure of the mortgage, by the Newport and Richford Railroad Company.

Development of Fixed Physical Property

The Missisquoi and Clyde Rivers Railroad Company constructed a single-track standard-gauge railroad about 21.50 miles in length, located in the State of Vermont, extending from Richford to the international boundary, near Missisquoi, about 6.50 miles, and from the international boundary near Troy to Newport, about 15 miles. The construction of that portion between Newport and the border was completed and opened for operation on March 1, 1875. The date of the construction of the balance of the road is not of record.