Wikipedia:WikiProject Trains/ICC valuations/Concord and Montreal Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad owned by The Concord & Montreal Railroad, herein referred to as the Concord & Montreal, is a standard-gage, steam railroad, situated entirely in the State of New Hampshire. It consists of main lines extending from Nashua to Groveton and from Wing Road to Base Station, 199.750 miles, and of 11 branch lines of an aggregate mileage, including undivided joint mileage, of 153.209 miles, a total of 352.959 miles of road. The main line is double-tracked between Nashua and Concord, 35.529 miles. The branch from Greenfield to Keene, 29.553 miles, is owned jointly and equally with the Boston and Lowell. In addition to the foregoing, the Concord & Montreal owns an electric street railway in Concord and vicinity, and wharf and dock facilities on Lake Winnipesaukee, N. H. All of the property is operated by the carrier, as lessee.

Corporate History
The Concord & Montreal was incorporated under a special act of New Hampshire of July 24, 1889, amended August 14, 1889, which authorized the consolidation of the Boston, Concord and Montreal Railroad and the Concord Railroad Corporation under the corporate name The Concord & Montreal Railroad. This consolidation was effective as of January 1, 1890. The Concord & Montreal subsequently acquired the properties of six other companies.

The Concord & Montreal, through stock ownership, exclusively controls the Nashua & Acton, the Proprietors of Wells River Bridge, and the Mount Washington Railway Company, the last an intrastate carrier. It controls, jointly with the Northern Railroad, the Franklin and Tilton, and through stock ownership and interlocking directorate it controls the New Boston Railroad.

The following table shows the companies whose properties, rights, and franchises were acquired by the Concord & Montreal and the essential facts as to corporate history of each. All of the companies shown were incorporated by special acts of New Hampshire as of the dates indicated.

1 On May 3, 1853, under authority of a special act of New Hampshire of Jan. 8, 1853, the New Hampshire Central Railroad Company was consolidated with the Concord and Claremont to form the Merrimack and Connecticut River Railroad. On July 20, 1855, that part of the Merrimack and Connecticut River Railroad's property that had been acquired from the New Hampshire Central Railroad Company was surrendered to the trustees of the first mortgage, by and for whose account it was operated until the sale indicated above took place.

The Concord & Montreal also acquired on July 17, 1896, the property of the Winnipissiogee Steamboat Company.

Development of Fixed Physical Property
The property of the Concord & Montreal on date of valuation consisted of 352.959 miles of road, which had been acquired as follows: 32 The Manchester and Lawrence held a two-fifths interest in this property at demise of the Concord Railroad Corporation. This interest was later surrendered to the Concord & Montreal as part of the compromise arrangement referred to in the chapter on investment in road and equipment.

33 The track between North Weare and Henniker, N. H., about 5.86 miles, had been removed in 1858, or shortly before the organization of the Manchester and North Weare Railroad. In 1893 this track was replaced by the Concord & Montreal for account of the Manchester and North Weare Railroad.

In addition the Concord & Montreal acquired on July 17, 1896, a steamboat and wharf and dock facilities on Lake Winnipesaukee from the Winnipissiogee Steamboat Company.

Leased Railway Property
The entire property of the Concord & Montreal, including its electric railway property, was leased to the carrier on June 29, 1895, for a period of 91 years dating from April 1, 1895. As annual rental the carrier pays 7 per cent on all classes of the Concord & Montreal's capital stock, interest on funded debt, organization expenses, and taxes. The dividends and interest are remitted directly by the carrier to the stockholders and bondholders. The lessor reimburses the carrier for additions and betterments, except certain increased weight in track structures, from the proceeds of sales of capital stock and bonds at such time as the lessee deems it expedient to issue them. The rental accrued for the year ended at date of valuation is recorded as $873,022.60.

The carrier also assumed all leases held or acquired by the Concord & Montreal, and operates certain other properties controlled by the Concord & Montreal, as hereinbefore explained. The names of these companies and the terms under which their properties are used are set forth elsewhere in this report. [Concord & Portsmouth Railroad, Franklin & Tilton Railroad, Pemigewasset Valley Railroad, and Suncook Valley Railroad]

Under agreement dated February 18, 1891, the Concord & Montreal was granted the use of the “westerly” track of the Old Colony Railroad, lessor of The New York, New Haven & Hartford Railroad Company, between North Acton and Concord Junction, Mass., about 4.21 miles. The annual rental paid is 6 per cent on the cost of construction of the track, $51,369. The amount paid for the year ended at date of valuation was $3,082.20.

One steam locomotive and one passenger-train car, owned by the Concord & Montreal, are used by The St. Johnsbury and Lake Champlain Railroad Company.