Wikipedia:WikiProject Trains/ICC valuations/Bangor and Aroostook Railroad

Interstate Commerce Commission, Valuation Reports, Volume 97

Location and General Description of Property
The railroad of Bangor and Aroostook Railroad Company, hereinafter called the carrier, is a partly double-track standard-gauge steam railroad, located entirely within the State of Maine. Its main line extends from South Lagrange to Derby, a distance of 12.996 miles; from Derby to Brownville, 6.490 miles; from Brownville to Oakfield, 78.633 miles; from Oakfield to Caribou, 82.017 miles; from Caribou to Van Buren, 33.691 miles; and from Canadian Junction to Van Buren Bridge, 0.208 mile. It also owns a second main line from Derby to Brownville, a distance of 0.814 mile, and from Brownville to Oakfield, 6.461 miles. Its total main-line mileage is 221.310 miles. In addition to main-line tracks owned, the carrier owns branch-line tracks aggregating 358.832 miles. The carrier also owns yard and side tracks totaling 167.190 miles. Its road thus embraces 747.332 miles of all tracks owned.

In addition to this mileage, the carrier controls and operates the property of Northern Maine Seaport Railroad Company, hereinafter called the Northern Maine Seaport, whose mileage is as follows:

The carrier also operates, as agent, the property of Van Buren Bridge Company, extending from a connection with the carrier at Van Buren to the United States-Canada boundary line, a distance of 0.078 mile.

By means of tracks owned and operated as above, a north-and-south system is provided which serves a large section of eastern and northern Maine. In Appendix 1 will be found a general description of the property of the carrier.

Corporate History
The carrier was incorporated under the general laws of the State of Maine on February 13, 1891, and was organized on March 14, 1891. By special acts dated February 28 and March 5, 1891, the carrier was given the right to purchase or lease the railroad of the Bangor and Piscataquis Railroad Company, including the latter company's leased property, and the Bangor and Katahdin Iron Works Railway Company. It subsequently acquired these properties by purchase as of April 1, 1899, and November 6, 1901, respectively. The act of February 28, 1891, among other things, prohibited for 30 years any railroad from building a line parallel to the carrier which should at any point be less than 15 miles from its line.

In addition to the above-mentioned railroads, the carrier acquired by purchase on December 27, 1901, the Patten and Sherman Railroad Company; on December 31, 1901, the Aroostook Northern Railroad Company; on November 18, 1903, the Fish River Railroad Company; and on July 26, 1907, the Schoodic Stream Railroad. Each of these companies was separately incorporated and organized, but the properties of the two last named were built by interests controlled by, and to be operated as a part of, the carrier's system. Separate corporations were organized because of doubt as to legal authority in the charter of the carrier to locate and construct the railroads as projected.

The Aroostook Construction Company owns a majority of the common stock of the carrier, by reason of which fact it controls the carrier. The Aroostook Construction Company, is in turn, controlled by Brown Brothers and Company, of New York. The principal office of the carrier is located at Bangor, Me. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

The details of the incorporation and organization of the carrier are set out in the text of the report.

Development of Fixed Physical Property
The carrier has reached its present state of physical development by constructing railroad lines, by purchasing railroad properties, and by leasing the property of other companies. Its existence as an operating company dates from April 1, 1892. At that time it leased from the Bangor and Piscataquis Railroad Company 76.13 miles of line between Old Town and Greenville, and from the Bangor and Katahdin Iron Works Railway Company 19.03 miles of line between Derby and Katahdin Iron Works. These properties it subsequently purchased and merged with its own property, April 1, 1899, and November 6, 1901, respectively.

The carrier also leased the properties of the several companies listed below. These properties, with the exception of that of the Northern Maine Seaport, which it still operates under lease, the carrier subsequently purchased and merged with its own lines.
 * Aroostook Northern Railroad Company from Caribou to Limestone, 15.67 miles, leased November 27, 1897, purchased December 31, 1901.
 * Patten and Sherman Railroad Company from Patten Junction to Patten, 5.87 miles, leased January 1, 1901, purchased December 27, 1901.
 * Fish River Railroad Company from Sheridan to Fort Kent, 51 miles, leased December 14, 1902, purchased November 18, 1903.
 * Schoodic Stream Railroad from Schoodic Stream Junction to Medway, 9.40 miles, leased December 26, 1906, purchased July 26, 1907.
 * The Northern Maine Seaport from Searsport to South Lagrange, and from Cape Junction to Cape Jellison, together with transfer tracks at Northern Maine Junction, 57.82 miles, leased November 20, 1905.

Since May 1, 1915, the carrier has operated as agent of the Van Buren Bridge Company the latter company's bridge, with 1.07 miles of track, from Van Buren, Me., to St. Leonards, New Brunswick, Canada.

The carrier began construction of its own lines in 1893. Since that time it has built its main line, extensions, and branches, which aggregate about 390.86 miles of road.

As a result of the foregoing the carrier now operates approximately 626.91 miles of railroad property, 568.02 miles of which it owns, 57.82 miles of which it operates under lease, and 1.07 miles of which it operates as agent. A tabular statement of the operated mileage, as indicated by the records, follows:

1Date of purchase.

Leased Railway Property
On November 21, 1905, the carrier leased the railroad, franchise, and all other property of the Northern Maine Seaport for 999 years from November 20, 1905. Operation of the property commenced on November 27, 1905, and has continued to date. The lessor has never had an independent operating existence. As rental the carrier pays the interest on the lessor's funded debt, which now amounts to 5 per cent on $4,720,000, or $236,000 per annum, and the necessary expenses for maintenance of the organization of the lessor. Following is a statement of joint facilities participated in by the carrier:

Owned by the carrier and used jointly with the Maine Central Railroad Company

Station platform between tracks of the above companies and one room in office building located at Northern Maine Junction, Me. For the year ended on the date of valuation the carrier received the sum of $212, based on cost and upkeep.

Owned by the Maine Central Railroad Company and used jointly with the Carrier

Passenger station on south side of the Maine Central Railroad Company's tracks at Northern Maine Junction, Me. The carrier pays a yearly rental of $230, based on the cost of enlarging the station for joint use, 20 per cent of the agent's salary, 50 per cent of the baggagemaster's salary, and one-half the cost of heating and lighting the station.

Passenger station at Foxcroft, Me., the platform of which extends across the carrier's tracks

The expense of this station is borne equally between the two companies.

Passenger station and about 225 feet of main-line track at Old Town, Me.

The carrier pays $1,000 per annum as its proportion of the joint-agency expense and $120 of the agent's yearly salary.

Owned by the Canadian Pacific Railroad Company and used jointly by the carrier

Passenger station and about 1,500 feet of track at Greenville, Me., built on land owned by the carrier in accordance with award of the Railroad Commissioners of Maine providing for interchange of traffic. The carrier pays one-half of the cost of maintaining the property.

Bangor and Piscataquis Railroad
Introductory

The railroad of the Bangor and Piscataquis Railroad Company extended from a point of connection with the European and North American Railway, in the city of Old Town to the shore of Moosehead Lake, in the town of Greenville, a distance of approximately 76.13 miles. It is now known as the Bangor and Piscataquis division of the carrier.

Corporate History

Bangor and Piscataquis Railroad Company was incorporated under private and special laws of Maine on March 5, 1861, the charter being extended or amended by further acts in 1866, 1867, 1868, 1869, 1871, 1876, 1880, and 1883. It was organized April 22, 1867. The accounting records of the company were not available, the carrier stating that these records were destroyed by fire in 1911, but its annual reports to the commission on file for 1888 to 1899, inclusive, were used in making this report.

Development of Fixed Physical Property

The approximate mileage of the various sections of the road, and the dates they were constructed and placed in operation, are shown in the following table:

The railroad between Old Town and Blanchard, a little over 62 miles, was constructed to a gauge of 5 feet 6 inches. The gauge was changed to standard by the Bangor and Piscataquis Railroad Company on September 13, 1877.


 * Bangor and Piscataquis Railroad Company operated its railroad:
 * From Old Town to Foxcroft, from December 14, 1868, to April 1, 1873.
 * From Foxcroft to Guilford, from December 20, 1871, to April 1, 1873.


 * The Consolidated European and North American Railway Company operated the railroad as lessee:
 * From Old Town to Guilford, from April 1, 1873, to October 27, 1875.
 * From Guilford to Abbot, from December 21, 1874, to October 27, 1875.


 * Benjamin E. Smith, assignee of the lease of the Bangor and Piscataquis Railroad Company to the Consolidated European and North American Railway Company, lessee, operated the railroad:
 * From Old Town to Abbot from October 27, 1875, to October 2, 1876.


 * Hannibal Hamlin and William B. Hayford, trustees of the European and North American Railway, operated the railroad:
 * From Old Town to Abbot from October 2, 1876, to November 29, 1876.


 * Bangor and Piscataquis Railroad Company again operated its railroad:
 * From Old Town to Abbot from November 29, 1876, to April 1, 1892.
 * From Abbot to Blanchard from May 7, 1877, to April 1, 1892.
 * From Blanchard to Greenville from July 14, 1884, to April 1, 1892.


 * The carrier operated the railroad:
 * From Old Town to Greenville, as lessee, from April 1, 1892, to April 1, 1899.
 * From Old Town to Greenville, as owner, from April 1, 1899, to date of valuation.

Leased Railway Property

Bangor and Piscataquis Railroad Company leased its railroad for 999 years from April 1, 1873, to the Consolidated European and North American Railway Company. On October 27, 1875, this lease was assigned to Benjamin E. Smith, surviving trustee under a mortgage dated December 5, 1872, given by the Consolidated European and North American Railway Company to said Smith and Samuel F. Hersey as trustees. On October 2, 1876, Smith abandoned the property as leased above. From October 2, 1876, to November 29, 1876, the property of the company was operated by Hannibal Hamlin and William B. Hayford, trustees, under a mortgage given by the European and North American Railway Company (of Maine). On November 29, 1876, the company took formal possession of its property, operating the same until it was leased to the carrier on April 1, 1892.

Bangor and Katahdin Iron Works Railway
Corporate History

Bangor and Katahdin Iron Works Railway Company was incorporated under the general laws of Maine on August 2, and organized August 13, 1881, to build a railroad from a point of connection with the Bangor and Piscataquis Railroad Company in the town of Milo, formerly known as Milo Junction, and now Derby, to what were formerly the works of the Katahdin Iron Company, a distance of 19.03 miles.

Development of Fixed Physical Property

Bangor and Katahdin Iron Works Railway Company constructed its own railroad, as follows:
 * Milo to Brownville, constructed in 1881 and opened for operation December 3, 1881. Miles 6
 * Brownville to Katahdin Iron Works, constructed in 1882 and opened for operation June 18, 1882. 13.03
 * Total. 19.03

The company's property was operated as follows:
 * By the company, as owner, from December 3, 1881, and June 18, 1882, for the respective sections, to June 30, 1887.
 * By the Bangor and Piscataquis Railroad Company, as lessee, from July 1, 1887, to April 1, 1892.
 * By the carrier, as lessee, from April 1, 1892, to November 6, 1901.
 * By the carrier, as owner, from November 6, 1901, to date of valuation.

Bangor and Katahdin Iron Works Railway Company had leased its railroad, franchise, and all other property to the Bangor and Piscataquis Railroad Company for 999 years from July 1, 1887. Under the terms of this lease, the latter-named company agreed to pay the former annually an amount sufficient to pay the interest on its mortgage bonds amounting to $6,000, together with an annual rental of $4,000, and also to pay the expense of maintaining its organization.

Patten and Sherman Railroad
Patten and Sherman Railroad Company was incorporated under the general laws of Maine on October 8 and organized October 17, 1895, for the purpose of building a railroad from a point of connection known as Patten Junction with the main line of the carrier, in the town of Sherman, Aroostook County, to the village of Patten, Penobscot County, a distance of 5.87 miles, and all within Maine.

Development of Fixed Physical Property

The company's property was operated as follows:
 * By the company, as owned[sic], from September 1, 1896, to December 31, 1900.
 * By the carrier, as lessee, from January 1, 1901, to December 27, 1901.
 * By the carrier, as owner, from December 27, 1901, to date of valuation.

Aroostook Northern Railroad
Corporate History

Aroostook Northern Railroad Company was incorporated under the general laws of Maine on July 12, and organized July 20, 1897, to build a railroad from a point of connection with the carrier in the town of Caribou to the village of Limestone, a distance of 15.67 miles.

Development of Fixed Physical Property

Aroostook Northern Railroad Company constructed its own railroad in 1897, operation beginning on December 1 of that year. It was operated by the carrier, as lessee, from the beginning of operation to December 31, 1901, and, as owner, from December 31, 1901, to the date of valuation. On November 27, 1897, the Aroostook Northern Railroad Company leased its railroad to the carrier for 999 years from December 1, 1897, the consideration being an annual rent of $1. In addition, the carrier paid the interest of $11,250 on the company's bonds and a further sum of $50 for maintenance of the organization of the company. This lease was canceled by indenture between the company and the carrier, dated December 31, 1901, and the railroad, franchise, and all other property of the company were conveyed to the carrier in perpetuity.

Fish River Railroad
Corporate History

Fish River Railroad Company was incorporated September 13, 1901, under the general laws of the State of Maine, and organized September 23, 1901, to build a railroad from a point of connection with the extension of the Ashland branch of the carrier in Sheridan to a point in the village of Fort Kent, near the junction of the St. John and Fish Rivers, a distance of 51 miles.

Development of Fixed Physical Property

Aroostook Construction Company built the road under contract. Surveys were made in 1901, and construction, commenced in January, 1902, was completed in 1903. Operation began December 15, 1902. Fish River Railroad Company was operated by the carrier, as lessee, from December 15, 1902, to November 18, 1903; as owner, from November 18, 1903, to date of valuation.

Schoodic Steam Railroad
Corporate History

Schoodic Stream Railroad was incorporated on May 21, and organized June 4, 1906, to build a railroad from a point of connection with the carrier in Millinocket, known as Schoodic Stream Junction, to a point near the junction of the east and west branches of the Penobscot River, in the town of Medway, a distance of 9.46 miles. The railroad was built primarily to provide facilities for handling business for the Great Northern Paper Company. Upon receiving assurances that the railroad would be constructed, the paper company built its mill at East Millinocket.

Development of Fixed Physical Property

Schoodic Stream Railroad was in reality an extension of the carrier, but it was a separately organized corporation, the carrier stating it was so organized because constructed in territory where the carrier had no authority to build under its then existing charter rights. It was built by the Aroostook Construction Company in 1906 under contract with the Schoodic Stream Railroad and opened for operation January 21, 1907. It was operated by the carrier, as lessee, from January 21, 1907, to July 26, 1907, and as owner, from July 26, 1907, to date.