Wikipedia:WikiProject Trains/ICC valuations/European and North American Railway

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad of European and North American Railway, herein called the European and North American, is a standard-gage, steam railroad, located in the southeastern part of Maine. Its owned mileage extends northeasterly from Bangor, Me., to Vanceboro, Me., with branches from Enfield to Montague and from Orono to Stillwater. The total length of the main line and branches is 120.369 miles. The European and North American also owns other main tracks totaling 4.611 miles and yard and side tracks totaling 63.247 miles. Its road thus embraces 188.227 miles of all tracks owned. All of its property is leased to and operated by the carrier.

Corporate History
The European and North American was incorporated on October 13, 1880, under the general laws of the State of Maine. It was organized by bondholders of the European and North American Railway Company for the purpose of acquiring the property of the Consolidated European and North American Railway Company, the latter having previously acquired the property of the European and North American Railway Company through consolidation. Since October 1, 1882, the European and North American has been operated under lease by the carrier. The principal office of the European and North American is at Bangor, Me. Further information will be found in Appendix 2. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

The European and North American was preceded by other companies, the earliest of which was incorporated in 1833. The following statement shows facts concerning the incorporation and succession of companies, which were directly or indirectly predecessors of the European and North American.

Development of Fixed Physical Property
The road mileage of the European and North American owned on date of valuation was acquired as follows: The foregoing table includes 5.21 miles of industrial tracks. If these were eliminated, the difference between total recorded mileage and mileage inventoried as of date of valuation would be decreased to 0.701 mile.

Leased Railway Property
The property of the European and North American was leased to the carrier for a term of 999 years from April 1, 1882. The lease provides that the lessee shall pay an annual rental equivalent to 5 per cent on $2,500,000 of authorized capital stock, interest on funded debt, and $500 for organization expenses; and that it shall make all improvements without cost to the lessor, and pay all taxes and insurance.