Wikipedia:WikiProject Trains/ICC valuations/Connecticut and Passumpsic Rivers Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Introductory
The railroad of The Connecticut and Passumpsic Rivers Railroad Company, herein referred to as the Connecticut and Passumpsic, is a single-track standard-gage steam railroad, lying wholly within the State of Vermont and extending from White River Junction north to the Vermont-Canada border at Beebe Junction, Province of Quebec, Canada, 109.605 miles. The Connecticut and Passumpsic also owns 52.006 miles of yard tracks and sidings, a total of 161.611 miles of all tracks. The Connecticut and Passumpsic has a leasehold interest in the property of the Massawippi Valley Railway Company. The road of this company, on which no report is made, extends from Beebe Junction to Lennoxville, Province of Quebec, Canada, a distance of about 31.95 miles, with a branch extending from Beebe Junction to Stanstead, Province of Quebec, about 3.51 miles. The property owned and leased by the Connecticut and Passumpsic is operated by the carrier as lessee through the Boston and Lowell.

Corporate History
The Connecticut and Passumpsic was incorporated under a special act of Vermont of November 10, 1835, revived October 31, 1843, and amended November 5, 1845, for the purpose of constructing a railroad to extend from the southern boundary of Vermont to the northern boundary. Its principal office is at St. Johnsbury, Vt.

The Connecticut and Passumpsic owns all of the capital stock of the Massawippi Valley Railway Company and the Newport and Richford Railroad Company, the one a Canadian and the other a Vermont property, and, together with the Concord & Montreal, owns the greater part of the capital stock of the Lake Champlain & St. Lawrence Junction Railway, a Canadian company. The properties of the two companies last mentioned are leased to the Montreal and Atlantic Railway Company, a part of the Canadian Pacific Railway system.

Development of Fixed Physical Property
All of the property owned by the Connecticut and Passumpsic was acquired by construction and opened for operation as follows:

Leased Railway Property
The property of the Connecticut and Passumpsic was leased to the Boston and Lowell on June 1, 1887, for a period of 99 years dating from January 1, 1887. The property was operated by the Connecticut and Passumpsic in the interest of the Boston and Lowell from January 1 to May 30, 1887, and thereafter by the Boston and Lowell and the carrier. The annual rental for the first 10 years of the lease, or until 1897, was 5 per cent on the capital stock, interest on funded debt, and $3,000 for maintenance of investment organization. Since 1898 the rate paid on the capital stock has been 6 per cent. The carrier maintains the property and pays all taxes and assessments. The rental accrued for the year ended at date of valuation is recorded as $243,562.45, of which $14,562.45 represents expenditures for improved track material, etc., assumed by the carrier and taken to account as additional rental.

On December 27, 1871, in accordance with a previous agreement or understanding, the Connecticut and Passumpsic leased the property of the Massawippi Valley Railway Company, a Canadian line, for a term of 999 years dating from July 1, 1870. From this date to December 31, 1886, the property was operated by and for the Connecticut and Passumpsic; from January 1, 1887, to May 30, 1887, by the Connecticut and Passumpsic in the interest of the Boston and Lowell; from June 1, 1887, to October 10, 1887, by the Boston and Lowell in the interest of the carrier; and thereafter by the carrier as lessee of the Boston and Lowell. The annual rental consists of interest on the funded debt, which amounts to $24,000 per year, and payments to the stockholders equal to the dividends paid per share on the preferred stock of the Connecticut and Passumpsic.

Four steam locomotives owned by the Connecticut and Passumpsic are used by The St. Johnsbury and Lake Champlain Railroad Company.