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

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad of Boston and Lowell Rail Road Corporation, herein referred to as the Boston and Lowell, is a standard-gage, steam railroad, situated in the States of Massachusetts and New Hampshire. It consists of a double-track main line, extending from Boston to Lowell, Mass., 25.764 miles, of eight branch lines situated in Massachusetts, aggregating 70.571 miles, of which about 15.16 miles are double-tracked, and a half interest with the Concord & Montreal in a line extending from Greenfield, N. H., to Keene, N. H., 29.553 miles. There are extensive yards and terminals at Boston, Mass., and at other points.

All of the foregoing property is operated by the carrier as lessee.

Corporate History
The Boston and Lowell was incorporated under a special act of Massachusetts of June 5, 1830, and by acts supplementary thereto, and authorized to construct a railroad from Boston to Lowell, Mass. Its charter provided that for a period of 30 years from the date thereof no other railroad should be permitted to build a road from Boston, Charlestown, or Cambridge to Lowell, or from the aforesaid points to any place within 5 miles of Lowell, and that after a period of 10 years from date of the beginning of operation the “Government” should have the right to purchase its property. The latter provision was extended to 20 years by a special act of March 5, 1832.

The Boston and Lowell has acquired the property and franchises of 10 other companies. The names of these companies are given in Appendix 2. Of the approximately 126.06 miles of road owned by the Boston and Lowell, including the joint mileage, about 50.19 miles were acquired by construction and 75.87 miles from others. Detailed information as to the development of the Boston and Lowell's fixed physical property is given in Appendix 2.

The principal office of the Boston and Lowell is at Boston, Mass. The Boston and Lowell owns 53.4 per cent of the capital stock of The St. Johnsbury and Lake Champlain Railroad Company and the entire outstanding capital stock of the Essex Marine Railway Company.

The following table shows the companies whose properties, rights, and franchises were acquired by the Boston and Lowell and the essential facts as to the corporate history of each. Information as to these companies, other than that contained in this report, is given in the respective reports on them which appear as a part of the accounting report on the Boston and Lowell.

Development of Fixed Physical Property
The property of the Boston and Lowell on date of valuation, including joint mileage, consisted of approximately 126.06 miles of road, of which 50.19 miles were acquired by construction and 75.87 miles from other companies. The dates when opened for operation and the manner acquired are as follows: 22 The construction of this branch was begun by the Lowell and Lawrence Railroad Company and completed by the Boston and Lowell.

With exception of the Lexington and Arlington Railroad Company and the Manchester and Keene Railroad, all of the above properties had previously been leased by the Boston and Lowell.

The Boston and Lowell also acquired land from the Mystic River Railroad and wharf and dock properties from the Ocean Terminal Railroad Company and allied companies, the Mystic River Corporation, and the Ocean Terminal Railroad Dock and Elevator Company.

Leased Railway Property
The entire property of the Boston and Lowell was leased to the carrier on June 22, 1887, for a period of 99 years, dating from April 1, 1887. As annual rental the carrier pays 8 per cent on the capital stock of the Boston and Lowell (7 per cent prior to 1898), interest on the funded debt, and organization expenses. The amount paid for the year ended at date of valuation was $888,435.73. The payments for the use of the properties leased by the Boston and Lowell and sublet by it to the carrier are made direct by the latter and do not appear in the accounts of the Boston and Lowell.