Wikipedia:WikiProject Trains/ICC valuations/New York, New Haven and Hartford Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad of The New York, New Haven and Hartford Railroad Company, herein called the carrier, is situated in the States of Connecticut, Massachusetts, Rhode Island, and New York. The carrier's lines are standard gage throughout, 58 per cent of the mileage being single track, about 37 per cent double track, and about 5 per cent four track. An important terminal section of the road between New Rochelle, N.Y., and Harlem River (Willis Avenue and One hundred thirty-third Street), New York City, about 12 miles in length, is laid with six tracks. The railroad is steam operated, with the exception of about 169.7 miles, which is equipped for electrical operation. The operated property is a network of tracks covering the States of Connecticut, Rhode Island, southern and southeastern Massachusetts, and extending into southeastern New York. The principal termini are New York City and Boston.

The carrier wholly owns 1,250.227 miles of road, of which it uses 1,215.067 miles and leases 35.160 miles to other carriers. It also wholly uses 751.158 miles of road owned by its lessors and described hereinafter in the reports on those companies. The carrier wholly owns and uses 2,604.340 miles of all tracks, wholly owns but does not use 90.715 miles of all tracks, and wholly uses but does not own 1,796.800 miles of all tracks. It also jointly uses but does not own 1.152 miles of all tracks. These tracks are classified according to ownership and use and by States in the trackage table in Appendix 1. In that appendix, also, is given further description of the properties operated by the carrier.

Corporate History
The carrier was formed as a consolidation of the Hartford and New Haven Railroad Company and the New York and New Haven Railroad Company on August 6, 1872, with a principal office at New Haven, Conn., under a law of incorporation of Connecticut passed July 26, 1871, and of Massachusetts, passed April 5, 1872. These acts gave authority to the Hartford and New Haven Railroad Company "to sell, transfer, merge, and consolidate its corporate rights, powers, and estate to, into and with" the New York and New Haven Railroad Company. On May 17, 1893, "the stockholders of the New York, New Haven and Hartford Railroad Company" were made a corporation by that name in Rhode Island.

The following chart shows the titles of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each of these corporations is made in the last column by its respective number shown in the first column.

A special law of Connecticut, approved June 14, 1889, gave authority for the issue of stock by the carrier, in exchange for the stock of any railroad company whose property was held by the carrier under lease for a term as long as 50 years. All of the properties now owned, which have been merged or purchased by the carrier, have been held under lease except those of the four small companies owning terminal or water-front property in New Haven, two companies owning wharf and terminal property in Boston, the terminal property at Providence, and that of the Newport and Wickford Railroad and Steamboat Company. The various mergers and purchases were effected as shown In the above schedule.

The carrier acquired certain rights and properties of The Consolidated Railway Company, The Torrington and Winchester Street Railway Company, The Meriden, Southampton and Compounce Tramway Company, The Village Water Company of Suffield, The Stafford Springs Street Railway Company, and The Farmington Street Railway Company, which owned, leased, and operated urban and interurban electric railways, gas and electric lighting plants, water and power plants, and steamships and wharf property used in the operation thereof. The physical properties of these six companies have been sold, but the carrier is liable for various mortgages and other debts assumed, and may have some franchise or other rights originally enjoyed by these companies or their predecessors, but not conveyed with the physical property when sold by the carrier. For these reasons they are included in the corporate succession.

Development of Fixed Physical Property
The following tabulation shows for mileage owned by the carrier on date of valuation, the termini, the company by whom constructed, and the date put into operation. The properties of the Hartford and New Haven Railroad Company and the New York and New Haven Railroad Company were acquired in the consolidation forming the carrier; the remaining properties were acquired by merger or purchase. Total owned mileage, 1,251.695 miles.
 * Hartford and New Haven Railroad Company, Sept. 30, 1872, 80.82 miles:
 * Constructed by that company, New Haven to Hartford, Conn., 1839, 36.50 miles.
 * Constructed by Hartford and Springfield Railroad Corporation, Hartford, Conn., to Springfield, Mass., 1844, 26.00 miles.
 * Constructed by The Branch Company, Hartford, Conn., to Connecticut River, 1847, 0.87 miles.
 * Constructed by The Middletown Railroad Company, Berlin to Middletown, Conn., 1850, 9.00 miles.
 * Constructed by Middletown Extension Railroad Company, Middletown, Conn., to Connecticut River, 1860, 1.00 miles.
 * Constructed by New Britain and Middletown Railroad Company, Berlin to New Britain, Conn., 1865, 3.00 miles.
 * Constructed by Windsor Locks and Suffield Railroad Company, Windsor Locks to Suffield, Conn., 1870, 4.45 miles.
 * New York and New Haven Railroad Company, Sept. 30, 1872, constructed by that company, New Haven, Conn., to Woodlawn Junction, N.Y., 1848, 62.00 miles.
 * The Stamford and New Canaan Railroad Company, Oct. 1, 1890, constructed by New Canaan Railroad Company, Stamford to New Canaan, Conn., 1868, 8.30 miles.
 * The Hartford and Connecticut Valley Railroad Company, Dec. 21, 1892, constructed by Connecticut Valley Railroad Company, Hartford to Fenwick, Conn., 1872, 45.00 miles.
 * New York, Providence and Boston Railroad Company, Feb. 3, 1893, 80.54 miles:
 * Constructed by that company—
 * Providence, R.I., to Stonington, Conn., 1857[sic - 1837], 49.11 miles.
 * Auburn to Providence, R.I., 1848, 3.58 miles.
 * Oakland Beach to Buttonwoods, R.I., 1881, 1.60 miles.
 * Constructed by The New Haven, New London and Stonington Railroad Company—
 * Stonington to Groton, Conn., 1858, 13.00 miles.
 * Ferry, Groton to New London, Conn., 1858.
 * Constructed by Warwick Railroad Company, Auburn to Oakland Beach, R.I., 1875, 8.50 miles.
 * Constructed by Pontiac Branch Railroad Company, Auburn to Pontiac, R.I., 1880, 4.75 miles.
 * The Contractors to Rebuild and Support Union Wharf and Pier in New Haven, Oct. 18, 1895, wharf rebuilt.
 * The Union Wharf Company in New Haven, Oct. 18, 1895, constructed by that company (and incorporators), Union Wharf at New Haven, Conn.
 * The Company for Erecting and Supporting a Toll Bridge from New Haven to East Haven, Conn., constructed by that company, Tomlinson bridge and land (bridge sold in 1886 to city of New Haven, Conn.),
 * Shore Line Railway, Mar. 18, 1897, constructed by New Haven and New London Railroad Company, New Haven to New London, Conn., 1852, 50.00 miles.
 * Housatonic Railroad Company on Mar. 29, 1898, 89.05 miles, constructed by—
 * Housatonic Railroad Company—
 * Bridgeport to New Milford, Conn., 1840, 35.00 miles.
 * New Milford to Massachusetts State line, 1842, 38.90 miles.
 * Botsford to Huntington, Conn., 1888, 9.79 miles.
 * New York, Housatonic and Northern Railroad Company, Brookfield to Danbury, Conn., 1868, 5.36 miles.
 * Shepaug, Litchfield and Northern Railroad Company on July 9, 1898; constructed by Shepaug Valley Railroad Company, Hawleyville to Litchfield, Conn., 1872, 32.00 miles.
 * The Danbury and Norwalk Railroad Company on Oct. 26, 1905, constructed by that company, 36.42 miles:
 * Danbury to South Norwalk, Conn., 1852, 23.80 miles.
 * South Norwalk to Wilson's Point, Conn., 1882, 2.65 miles.
 * Branchville to Ridgefield, Conn., 1870, 3.97 miles.
 * Hawleyville to Bethel, Conn., 1872, 6.00 miles.
 * Providence and Springfield Railroad Company on Oct. 30, 1905, constructed by that company, 30.00 miles.:
 * Providence to Pascoag, R.I., 1873, 23.00 miles.
 * Pascoag to Douglas Junction, R.I., 1893, 7.00 miles.
 * Woonsocket and Pascoag Railroad Company on Nov. 3, 1905, constructed by that company, Woonsocket to Harrisville, R.I., 1891, 9.50 miles.
 * New Haven and Derby Railroad Company on Nov. 3, 1905, constructed by that company, 16.97 miles:
 * New Haven to Ansonia, Conn., 1871, 13.00 miles.
 * Derby Junction to Huntington, Conn., 1888, 3.97 miles.
 * The Middletown, Meriden and Waterbury Railroad Company on Nov. 3, 1905, constructed by, 22.07 miles.—
 * The Meriden and Waterbury Railroad Company, Meriden to Waterbury, Conn., 1888, 17.57 miles.
 * The Meriden and Cromwell Railroad Company—
 * Meriden to Westfield, Conn., 1885, 4.50 miles.
 * Westfield to Cromwell, Conn., 1885 (6 miles later abandoned).
 * The Rockville Railroad Company on Nov. 6, 1905, constructed by that company, Vernon to Rockville, Conn., 1863, 4.43 miles.
 * Rhode Island and Massachusetts Railroad Company (of R.I.) on Nov. 3, 1905, constructed by that company, Valley Falls, R.I., to Massachusetts State line, 1877, 8.90 miles.
 * Colchester Railroad Company, Dec. 16, 1905, constructed by that company, Colchester to Turnersville, Conn., 1877, 3.50 miles.
 * The Naugatuck Railroad Company, Jan. 31, 1906, 60.99 miles:
 * Constructed by—
 * The Naugatuck Railroad Company, Deven[sic] to Winstead, Conn., 1849, 56.55 miles.
 * The Watertown and Waterbury Railroad Company, Watertown to Waterbury, Conn., 1870, 4.44 miles.
 * The Providence Terminal Company, Dec. 29, 1906, constructed by that company, tunnel and bridge at Providence, R.I., 1904, 1.14 miles.
 * Boston and New York Air Line Railroad Company, Jan. 30, 1907, constructed by New Haven, Middletown and Willimantic Railroad Company, New Haven to Willimantic, Conn., 1873, 50.00 miles.
 * Pawtuxet Valley Railroad Company, Feb. 5, 1907, constructed by that company, 5.80 miles:
 * Hope to River Point, R.I., 1874, 3.20 miles.
 * River Point to Pontiac, R.I., 1880, 2.60 miles.
 * The Manufacturers' Railroad Company, Apr. 30, 1907, 2.00 miles:
 * Constructed by—
 * The Manufacturers' Railroad Company—
 * Freight tracks in New Haven, Conn., 1905, 0.50 miles.
 * Freight extension, New Haven, Conn., 1902, 0.136 miles.
 * The Manufacturers' Street Railway Company, freight tracks in New Haven, Conn., 1896, 1.364 miles.
 * The New England Railroad Company, Apr. 1, 1908, 377.37 miles:
 * Constructed by—
 * The New England Railroad Company, West Roxbury to Needham, Mass., 1906, 4.53 miles.
 * The New York and New England Railroad Company—
 * Elwood to near Dedham, Mass., 1882, 1.08 miles.
 * St. James Avenue to Sumner Street, Springfield, Mass. (purchased from Boston and Albany Railroad Company), 2.00 miles.
 * Dedham Junction to Dedham, Mass., 1.53 miles.
 * Dorance Street at Providence, R.I., 0.62 miles.
 * Freight branch at Hartford, Conn., 0.67 miles.
 * The Hartford, Providence and Fishkill Railroad Company—
 * Willimantic to Hartford, Conn., 1849, 31.50 miles.
 * Hartford to Bristol, Conn., 1850, 18.00 miles.
 * Providence, R. I., to Willimantic, Conn., 1854, 58.50 miles.
 * Bristol to Waterbury, Conn., 1855, 14.50 miles.
 * Boston, Hartford and Erie Railroad Company, completed by The New York and New England Railroad Company—
 * Waterbury, Conn., to New York line, 1882, 36.47 miles.
 * Fishkill[sic - Fishkill Landing], N.Y., to Connecticut line, 1882, 39.78 miles.
 * Boston, Hartford and Erie Railroad Company, Mechanicsville to Willimantic, Conn., 1872, 26.23 miles.
 * Southern Midland Railroad Company, completed by Boston, Hartford and Erie Railroad Company, East Thompson, Conn., to Southbridge, Mass., 1867, 17.60 miles.
 * Boston and New York Central Railroad Company, Boston to South Dedham, Mass., 1835, 12.50 miles.
 * Southbridge and Blackstone Railroad Company, completed by Boston and New York Central Railroad Company, Blackstone, Mass., to Mechanicsville, Conn., 23.20 miles.
 * Norfolk County Railroad Company, Dedham to Blackstone, Mass., 1849, 25.75 miles.
 * Boston, Hartford and Erie Ferry [sic] Railroad Company, ferry and land.
 * Medway Branch Railroad Company, Medway to North Wrentham, Mass., 1852 (3 miles later abandoned).
 * The New York and Boston Railroad Company, Needham, Mass., to Woonsocket, R.I., 1863, 24.77 miles.
 * Charles River Branch Railroad Company—
 * Cook Street to Needham, Mass., 1853, 3.10 miles.
 * Brookline to Cook Street, Mass., 1853 (5.30 miles later sold by The New York and New England Railroad Company).
 * Springfield and New London Railroad Company, Springfield, Mass., to Connecticut State line, 1876, 7.50 miles.
 * Connecticut Central Railroad Company—
 * Melrose to Rockville, Conn., 1876, 7.30 miles.
 * East Hartford, Conn., to Massachusetts State line, 1876, 20.24 miles.
 * Newport and Wickford Railroad and Steamboat Company, Nov. 1, 1909, constructed by that company, 3.30 miles:
 * Wickford Junction to Wickford Landing, R.I., 1871, 3.30 miles.
 * Steamboat, 1870
 * New Haven and Northampton Company (of 1862), Oct. 26, 1910, 126.32 miles:
 * Constructed by—
 * Newport[sic] and Northampton Company (of 1862)—
 * Northampton to Williamsburg, Mass., 1868, 8.00 miles.
 * Collinsville to New Hartford, Conn., 1876, 6.15 miles.
 * Northampton to Shelburn Junction, Mass., 1881, 17.69 miles.
 * South Deerfield to Turner's Falls, Mass., 1881, 9.20 miles.
 * New Haven and Northampton Company (of 1836)—
 * New Haven to Granby, Conn., 1850, 46.50 miles.
 * Farmington to Collinsville, Conn., 1850, 8.00 miles.
 * Simsbury to Tariffville, Conn., 1850 (1 mile later abandoned).
 * President, directors and company of the Farmington Canal, canal property.
 * Hampshire and Hampden Canal Company, canal property, 1835.
 * Hampshire and Hampden Railroad Corporation, Northampton, Mass., to Connecticut State line, 1856, 25.28 miles.
 * Farmington Valley Railroad Company, Granby, Conn., to Massachusetts State line, 1855, 4.50 miles.
 * Rhode Island and Massachusetts Railroad Company (of Mass.), Oct. 26, 1910, constructed by that company, Franklin, Mass., to Rhode Island State line, 1877, 5.00 miles.
 * Berkshire Railroad Company (1905), Oct. 28, 1910, 46.59 miles:
 * Constructed by—
 * West Stockbridge Railroad Corporation, West Stockbridge, Mass., to New York State line, 1844, 2.75 miles.
 * Berkshire Railroad Company (1837), West Stockbridge, Mass., to Connecticut State line, 1842, 21.14 miles.
 * Stockbridge and Pittsfield Railroad Company, Pittsfield to Vandeusenville, Mass., 1849, 22.70 miles.
 * Milford, Franklin and Providence Railroad Company, Dec. 19, 1910, constructed by that company, Franklin to Bellingham, Mass., 1883, 4.60 miles.
 * Milford and Woonsocket Railroad Company, Dec. 19, 1910, 15.48 miles:
 * Constructed by—
 * Milford and Woonsocket Railroad Company, Milford to Bellingham Junction, Mass., 1868, 3.88 miles.
 * Hopkinton Railroad Company, Hopkinton Branch Railroad Company, Hopkinton and Milford Railroad Company, Milford to Ashland, Mass., 1872, 11.60 miles.
 * Deduct for remeasurements and reclassifications, 26.655 miles.

Total owned but not used, 35.160 miles.
 * Leased to the Boston and Maine Railroad:
 * Main track at Northampton, Mass., 0.176 miles.
 * Trackage agreement to the Central New England Railway Company (sole use on date of valuation):
 * Danbury, Conn., to Hopewell, N.Y., and Wicopee Junction to Beacon, N.Y., 34.984 miles.

Total owned and used, 1,216.535 miles.

The road mileages given in the foregoing table are taken from the records of the constructing companies. The New York and New England Railroad Company reduced its recorded road mileage 7.85 miles. The New England Railroad Company also reduced its recorded road mileage. Certain of the mileage acquired was reclassified as terminal property or yard tracks and sidings.

Leased Railway Property
The carrier uses, on date of valuation, property owned by other companies and other companies use property owned by the carrier to the extent indicated in the following statement. The description of property, the period and terms of use, and the rentals accrued and charged or credited to income for the year ending on date of valuation are as follows:
 * Solely used but not owned, leased from—
 * Old Colony Railroad:
 * The property of the Old Colony Railroad is leased to the carrier under date of Feb. 15, 1893, effective from Mar. 1, 1893. The property was operated separately until July 1, 1893, thereafter the results of its operations were included in the carrier's accounts. Under terms of the lease, equipment and personal property to the amount of $3,623,975.69, of which $3,161,518.83 represents equipment, was transferred to the carrier, for which sum it is liable to the lessor at the termination of the lease. Under the terms of the lease the rent, payable quarterly, is annually 7 per cent on the capital stock, interest on the debt and a reasonable amount for the maintenance of the lessor's organization. The lease provides also that all taxes and maintenance be paid by the lessee. Expenditures for additions and betterments by the lessor are repaid by the issue of securities by the lessor at the request of the lessee. At date of valuation $720,880.97 of such expenditures had been repaid. The carrier holds capital stock of the lessor to the par value of $9,813,200, with a book value of $13,065,341.80, amounting to 44 per cent of the total stock outstanding. The taxes were $560,464.62. For the year ended on date of valuation the rent paid was: $1,560,580, interest on capital stock; $539,070, interest on funded and unfunded debt; and $7,543.83 for maintenance of lessor's organization, aggregating $2,107,193.83.
 * Boston and Providence (Mass.):
 * The complete property of the Boston and Providence (Mass.), including its interest in other corporations, was leased to the Old Colony Railroad under date of Apr. 7, 1888, effective from Apr. 1, 1888, for 99 years. Under terms of the lease of the Old Colony Railroad to the carrier under date of Feb. 15, 1893, effective from Mar. 1, 1893, the carrier assumed the obligation of the Old Colony Railroad of the above lease by the Boston and Providence (Mass.). The lessee is liable to the lessor at the termination of the lease for equipment taken to the amount of the agreed value of $871,234.35. The Old Colony Railroad made a payment of $1,300,000 for the lease of the Boston and Providence, which sum was distributed to the stockholders, amounting to 32 per cent on the capital stock. The taxes for the year were $97,340.33. Under the terms of the lease the lessee is required to make all improvements at its own expense, such improvements to become and remain the property of the lessor. The lessee enjoys the benefit of the lessor's investments in the securities of other companies. If the securities are sold during the term of the lease it is provided that the lessee shall be liable to the lessor for the proceeds of the sale. The capital stock of the Boston and Providence (R.I.) is excepted from the provision for sale. The carrier holds $524,600 par value of the capital stock of the Boston and Providence (Mass.) out of a total issue of $3,996,000, which is carried at a book value of $1,582,443.18. Under the terms of lease the lessee pays as rent, payable quarterly, $400,000; interest on the funded debt; and not to exceed $5,000 to maintain the lessor's organization. For the year ended on date of valuation the payment was: Rent, $400,000; interest on funded debt, $86,800; and maintenance of organization, $3,000, aggregating $489,800.00.
 * Boston and Providence (R.I.):
 * On June 3, 1835, the property of the Boston and Providence (R.I.) was leased to the Boston and Providence (Mass.) in perpetuity, under which the lessee agreed to maintain the property and pay all expenses arising from its use and occupation, and to pay as rental an amount equal to the rate of profit which may be annually divided by the Boston and Providence (Mass.) among the holders of its capital stock. The agreed value on which this payment was made was finally fixed at $150,000. Under the terms of the lease of the Boston and Providence (Mass.) to the carrier, its interests in this lease of the Boston and Providence (R.I.) are transferred to the carrier. Under charter provisions the Boston and Providence (Mass.) and the Boston and Providence (R.I.) are permitted to consolidate. The provisions of consolidation have never been carried out, but the returns to this commission are made as for a single property. Reference is made to the leased railway property chapter of the Boston and Providence (Mass.) for further details. The Boston and Providence owns jointly with the Providence and Worcester 4.970 miles of road, which is included under this lease. The Providence and Worcester's portion is also leased to the carrier.
 * Providence, Warren and Bristol:
 * The property of the Providence, Warren and Bristol was leased under date of Dec. 1, 1892, to the Old Colony Railroad Company effective from July 1, 1891, for 95 years and 9 months. Under the provision of the lease of the Old Colony Railroad to the carrier, the carrier assumed the rights and obligations under above lease as of the date of Mar. 1, 1893. The results of the operation of this property were not included in the carrier's accounts until July 1, 1893. Under the terms of the lease the lessee is liable to the lessor for an agreed value of $92,417 of equipment. The carrier owns $486,700 par value of the capital stock of the Providence, Warren and Bristol, with a book value of $730,432.67. Under the terms of the lease the rent, payable semiannually, is for an annual rate of 6 per cent on the capital stock and the interest on the debt. The obligations and additions include the payment of taxes and the maintenance of the property. The rent for the year ended on date of valuation comprised 6 per cent on $874,600 of capital stock and 6 per cent on $352,397.30 of notes, aggregating $73,619.84.
 * Harlem River and Port Chester:
 * The entire property of the Harlem River and Port Chester, a 6-track, standard-gage, electrically operated railroad, extending from New Rochelle, N.Y., on the carrier's New York division, to the Harlem River, was leased on Sept. 29, 1873, for a term of 99 years, with the privilege of renewal. Under the terms of the lease the lessee pays 7 per cent on the capital stock, interest on all indebtedness, principal of bonds when due, cost of maintenance, and all taxes and assessments. The carrier owns all of the stock of the lessee. The officers of the lessee are also officers or employees of the carrier. The total equipment of the lessee was transferred to the carrier under terms of the lease at an agreed value of $3,349,186.50, for which sum the lessee is liable to the lessor at the termination of the lease. While the lessee is bound under the lease to pay the principal of the debt when it falls due, there is no fund provided by current accounts to accomplish this. The carrier owns all of the stock, notes, and bonds outstanding, the rent is offset by corresponding credits in income, and there is no actual money payment. The taxes for the year were $345,526.07. The rent for 1915 comprised dividends at 7 per cent on $1,000,000 of capital stock, $70,000; interest at 4 per cent on $15,000,000 of notes, $600,000; 5 per cent for 2 months on $13,000,000 of 15-year bonds, $108,333.34; 5 per cent for 10 months on $10,000,000 of notes, $416,666.66; and 6 per cent for 10 months on $3,000,000 of notes, $150,000, aggregating $1,345,000.00.
 * Holyoke and Westfield:
 * The carrier acquired lease of the property of the Holyoke and Westfield from the New Haven and Northampton Company (of 1862) when the carrier leased the property of that company. The original lease to the New Haven and Northampton Company (of 1862) dated from Oct. 26, 1871. On Jan. 30, 1908, a new lease in perpetuity was made, to be effective from June 1, 1907. The carrier owns $20,000 par value of the capital stock of the lessor, upon which it received in 1915 a dividend of 14 per cent. The towns of Holyoke and Westfield hold 2,265 shares. The total issue is 2,600 shares. The lessee pays $46,000 a year in semi-annual payments as rent, maintains the property and pays taxes. Expenditures for additions and betterments are not recoverable. Taxes for the year ending on date of valuation were $12,100.20. The accrual on date of valuation was $46,000.00.
 * Providence and Worcester:
 * The entire property of the Providence and Worcester is leased to the carrier. This includes 4.970 miles of road which the Providence and Worcester owns jointly with the Boston and Providence. The portion owned by the Boston and Providence is also leased to the carrier. The original lease of this property was acquired by the carrier from the New York, Providence and Boston Railroad Company, on Apr. 1, 1892, when the property of the New York, Providence and Boston Railroad Company was leased to the carrier. The original lease of the Providence and Worcester to the New York, Providence and Boston Railroad Company was dated May 1, 1888. A new lease dated Dec. 17, 1892, and effective from July 1, 1892, for 99 years, was executed. Under the terms of the lease the equipment and personal property was taken over by the carrier at an agreed valuation of $909,635.37, of which figure $828,887.40 represents equipment, for which first-named amount the lessee is liable to the lessor at the termination of the lease. Under the terms of the lease the lessee pays as rent, payable quarterly, each year, 10 per cent on the lessor's capital stock, interest on the bonded indebtedness, and $6,000 a year for maintenance of the organization of the lessor. The lessee is obligated to maintain the property, pay the taxes, and all other lawful charges. The taxes for the year were $123,135.88. Additions and betterments made to the leased property by the lessee become the property of the lessor without obligation of payment therefor. In the year ended on date of valuation the rent comprised $350,000 dividend on stock, $60,000 interest on debt, and $6,000 for maintenance of the organization, aggregating $416,000.00.
 * Chatham Railroad:
 * The property of the Chatham Railroad from date of its completion was leased to the Old Colony Railroad, which lease was transferred to the carrier under terms of the lease of the Old Colony Railroad to the carrier. The property of the Chatham Railroad was operated under such lease until Mar. 15, 1911, when a new lease was made effective from Jan. 1, 1911, to run for 81 years 2 months. Under the terms of this lease the lessee pays annually as rent $5 per share of 682 shares of stock and $200 for maintenance of the organization of the lessor. The agreed annual rental is payable semi-annually. The lessee pays all taxes and maintains the road. The taxes for the year ended on date of valuation were $1,351.18. There is no provision for additions and betterments except that if expenditures for improvements are required by law the lessee shall have the option of surrendering the property. The total payment for the year ended on date of valuation was $8,610.00.
 * Norwich and Worcester:
 * The property of the Norwich and Worcester was originally leased Feb. 9, 1869, effective Feb. 1, 1869, to the Boston, Hartford and Erie Railroad Company, which was succeeded in turn by transfer by The New York and New England Railroad Company, The New England Railroad Company, and the carrier, the latter becoming the successor of the lessee July 1, 1888. The term of the lease is for 100 years. The rent was originally fixed at 10 per cent on the capital stock. When The New York and New England Railroad Company assumed the lease the rent was reduced on Apr. 26, 1886, to 8 per cent. On Dec. 31, 1897, after The New England Railroad Company had become the lessee, a further adjustment of the lease was made, and under the lease as maintained at that date the carrier now holds the property. The lessee pays 8 per cent on the capital stock, interest on all debt, and $2,500 per year for maintenance of the lessor's organization. The lessee also maintains the property and pays the taxes. The agreed rent is payable quarterly. The taxes for the year were $72,905.39. Expenditures for additions and betterments made by the lessee are repaid by the issue of securities by the lessor on the request of the lessee. On the date of valuation $820,729.04 of the amount so expended had not been provided for by the issue of securities. The lessee is liable to the lessor at the termination of the lease for equipment and personal property taken to the amount of $630,620.32, of which $469,100 represents equipment. The carrier owns $97,100 par value of the lessor's capital stock, out of a total of $3,000,000. For the year ended on date of valuation the rent comprised $240,000 on capital stock, $48,000 on funded debt, and $22,500 for maintenance of organization, aggregating $290,500.00.
 * The Connecticut Company:
 * On Dec. 19, 1906, The Connecticut Company leased all of its property to The Consolidated Railway Company for 99 years, effective from Aug. 1, 1906. The property consisted of approximately 193 miles of urban and interurban electric railways (trolleys) and other public-utility property. Under terms of the lease the lessee agreed to pay the taxes, maintain the property, and to pay as rent stated amounts beginning with $975,000 for the first year and increasing until the ninth year, when the rent became fixed at $1,400,000. On May 31, 1907, by merger, the carrier became the lessee. The property was divided, the electric railways going to The Connecticut Company and the remainder to the Housatonic Power Company for operation, as agents for the carrier. On Feb. 28, 1910, a sublease was made to the two agents, both being controlled by the carrier, and they became the lessees. By these subleases The Connecticut Company agreed to pay three-quarters of the rent due The Connecticut Company under the original lease and the Housatonic Power Company pays the remaining one-quarter. The taxes paid are similarly divided. The carrier charges its income as rent for leased roads with the total rent payable. The taxes are charged as railway tax accruals, and the sum of these amounts being the amount received by the carrier from the subleases is credited to income as income from leases of road. These items seem to have no proper place in the carrier's income accounts. The effect of the erroneous accounting in the year ended on date of valuation was to overcharge railway tax accruals $232,446.66 and rent for leased roads $1,397,334.67, which were the amounts for which the lessee was liable under the lease of Dec. 19, 1906. The accounting income from lease of road was over-credited by the sum of the amounts named, which was payable by the sublessees. ......
 * Owned but not used, leased to—
 * Central New England Railway Company:
 * The carrier leases to the Central New England Railway Company a portion of its property, consisting of road from Danbury, Conn., to Hopewell, N.Y., and from Wicopee Junction to Beacon, N.Y., the trackage thereof amounting to 34.984 miles of first main track, 33.403 miles of second main track, and 22.070 miles of yard tracks and sidings, aggregating 90.457 miles of all tracks. Under this agreement these tracks were to be used jointly on the basis that the rent of the whole use of the property be at the rate of $10,000 per month. The payments to be made for this are the taxes and cost of maintenance and operation in proportion to the use by both companies. On date of valuation the Central New England Railway Company used the property solely and paid the full amount of the rent, including taxes, maintenance, and operating expenses. The accrual on date of valuation was $120,000.00.
 * Boston and Maine Railroad:
 * The carrier leases for exclusive use to the Boston and Maine Railroad 0.176 mile of main track and 0.082 mile of yard tracks and sidings, aggregating 0.258 of a mile of all tracks at Easthampton, Mass. No rental is paid.
 * Wholly owned but jointly used, used with—
 * New York, Westchester and Boston Railway:
 * 3.71 miles of road, Harlem River to One hundred and seventy-fourth Street, New York City, N.Y.; payment, proportion of fixed charges, maintenance, and operation on basis of car miles operated, rental $59,405.94.
 * Shore Line Electric Railway Company of New York:
 * 16.08 miles of road, stations, etc., Tafts to Central Village, Conn.; payment, $6,050 per year; 1.5 cents per car-mile, wages of pilots, wages of one night man at Tafts, one night man at Jewett City, one night man at Central Village, and one-third of the wage of one day man at Central Village. Rental $6,050.00.
 * The Connecticut Company:
 * 6.90 miles of road, Meriden to Westfield, Conn.; basis of payment, proportion of maintenance, and renewals of bridges on the basis of the length of its use of the line to the total length of line. ......
 * 8.54 miles of road, stations, etc., Westfield to Middletown, Conn.; basis of payment, 1.5 cents per car-mile, and additional expense due to its operation, including wages of pilots. ......
 * 2.02 miles of road, stations, etc., Middletown to Cromwell, Conn.; basis of payment, 1.5 cents per car-mile, and additional expense due to its operations. ......
 * 14.00 miles of road, stations, etc., East Hartford to Rockville, Conn.; basis of payment, 1.5 cents per car-mile, and additional expense due to its operations, including wages of pilots. ......
 * Boston and Maine Railroad:
 * 0.76 mile of road, Worcester to South Worcester, Mass. ......
 * 4.36 miles of road, exclusive use of westerly track from Concord Junction to North Acton, Mass.; on basis of payment for maintenance and 50 per cent of wages of crossing men and of maintenance and supplies at crossing cabins. Rental $3,082.20.
 * Passenger station at Acton, Mass.; on basis of payment of 75 per cent of net operating expenses and fixed charges. Rental $2.49.
 * Joint tracks at Springfield, Mass.; on basis of use of similar facilities furnished by the Boston and Maine Railroad at this point. ......
 * Yard for passenger equipment and tower at Southbridge Street, Worcester, Mass.; payment, proportion of expenses and fixed charges on basis of cars handled. Rental $2,840.61.
 * Engine terminal at Worcester, Mass.; payment, proportion of expenses on basis of engines handled. ......
 * Passenger station at Easthampton, Mass.; on basis of receipt of 42.26 per cent of receipts and payment of 42.26 per cent of expenses on basis of passenger and freight business handled. The carrier credited $1,552.11 and charged $2,191.62 to joint-facility rents. ......
 * Driveway to station at Sterling Junction, Mass.; payment, rental on agreed value and proportion of cost of maintenance. Rental $7.05.
 * Interchange tracks at Lowell, Mass.; payment, 76.58 per cent of maintenance and fixed charges. ......
 * Central New England Railway Company:
 * 0.56 mile of road and passenger station, Hartford, Conn.; payment per year for access to and use of station. Rental $1,500.00.
 * 2.50 miles of road, Hartford to East Hartford, Conn.; on basis of use of road as means of access to East Hartford yards, with expense. ......
 * Passenger station at Danbury, Conn.; payment proportional to expenses and fixed charges on basis of ticket sales. ......
 * Freight house and yard at Danbury, Conn.; payment, proportion of expenses and fixed charges for freight house and office on basis of tonnage handled; for yard, on basis of cars handled. ......
 * Engine terminal at Danbury, Conn.; payment, proportion of expenses and fixed charges on basis of engines handled. Rental for all facilities at Danbury, Conn., $9,326.64.
 * Passenger station at Winsted, Conn.; payment, $3,173.93 yearly and 45 per cent of wages, maintenance, and supplies. Rental $2,380.44.
 * Passenger station at Pine Meadow, Conn.; payment, 50 per cent of wages, maintenance, and supplies. ......
 * Passenger station at Simsbury, Conn.; payment, 40 per cent of maintenance and supplies. ......
 * Central Vermont Railway Company:
 * Passenger station at Willimantic, Conn.; yearly payment, $900.00.
 * Engine terminal at Willimantic, Conn.; payment, $120 per year for water and 30 cents for each engine turned. Rental $120.00.
 * Boston and Albany Railroad Company:
 * Tower at B. and A. Crossing, Worcester, Mass., jointly used with the Boston and Albany Railroad Company, and Boston and Maine Railroad; no expense to tenant companies. ......
 * New York, Westchester and Boston Railroad Company:
 * Interlocking station, West Farms Junction, New York City, N.Y.; payment, entire cost of maintenance and operation. ......
 * The Narragansett Pier Railroad Company:
 * Passenger station at Kingston, R.I.; payment, $300 yearly and furnishes a small amount of labor for handling baggage at station. Rental $300.00.
 * South Manchester Railroad Company:
 * Passenger station at Manchester, Conn.; payment per annum of $250.00.
 * Wood River Branch Railroad Company:
 * Passenger and freight stations at Wood River Junction, R.I.; no expense to tenant company.
 * The New England Steamship Company:
 * North First Street Terminal, Brooklyn, N.Y.; payment, proportion of expenses on basis of tonnage handled. ......
 * Pier No. 70, East River, New York City, N.Y.; on basis of payment for its labor and wages of clerks during summer season. ......
 * Steamboat wharf, New Bedford, Mass.; payment, 17 per cent of wages of agent's clerks and of cost of lighting the office; 50 per cent of cost of lighting the wharf and of cost of handling through freight on a tonnage basis. ......
 * Steamboat wharf, Newport, R.I.; payment, 55 per cent of clerk hire and of cost of light and water for offices; 50 per cent of wages of other joint employees; proportion of cost of lighting wharf. ......
 * Fall River Line Pier, Fall River, Mass.; payment, 49 per cent of wages of agent's clerks, 2 per cent of water bills, 50 per cent of lighting bills, 50 per cent of cost of handling through freight on a tonnage basis, and the total cost of handling all rail freight on a tonnage basis. ......
 * Wharf at Norwich, Conn.; payment, portion of expenses for labor during summer months. ......
 * Jointly used but not owned, owned by—
 * The New York Central Railroad Company:
 * 11.010 miles of first main track, 33.427 miles of second and other main tracks, 1.028 miles of yard tracks and sidings, aggregating 45.465 miles of all tracks, Woodlawn Junction to Fifty-ninth Street, New York, N.Y.; on basis of payment of a rate per passenger, depending on the number of passengers carried and the class of ticket; and dividing of 40 per cent of earnings on mail, express, and excess baggage on basis of mileage hauled. Rental $407,363.29.
 * 0.785 mile of first main track, 2.355 miles of second and other main tracks, and 24.033 miles of yard tracks and sidings, aggregating 27.173 miles of all tracks, at Grand Central Terminal, New York City, together with 13.973 miles of yard tracks and sidings at the Mott Haven yard; payment, proportion of all expenses, including fixed charges, on the basis of cars and locomotives entering the terminal. The carrier received $55,501.42 and paid $1,604,477.03, net amount paid being $1,548,975.61.
 * The Boston Terminal Company:
 * Boston and Albany Railroad Company:
 * 0.694 mile of first main track, 7.272 miles of second and other main tracks, 5.037 miles of yard tracks and sidings, aggregating 13.003 miles of all tracks, at Boston, Mass., of The Boston Terminal Company, together with passenger terminal of the Boston and Albany Railroad Company; payment, 75 per cent of all expenses, not including taxes. Rental $600,455.09.
 * Boston and Albany Railroad Company:
 * 20.78 miles of road, South Framingham to Boston, Mass.; payment, 30 cents per train-mile and 50 per cent of revenue from local traffic. Rental $16,101.11.
 * 0.76 mile of road, Springfield, Mass.; on basis of equal right to use of similar facilities furnished at Springfield by tenant company. ......
 * Cook Street passenger station, Newton Highlands, Mass.; payment per annum $600.00.
 * Cook Street tower, Newton Highlands, Mass.; payment, 50 per cent of wages and supplies. Rental $462.50.
 * Passenger station at Pittsfield, Mass.; payment, $2,500 per year rental, $420 for sale of tickets, $973.44 for handling baggage, $1,007.24 for telegraph service. Rental $2,000.01.
 * Passenger station at Framingham, Mass.; payment $1,500 per annum; rental $1,125.00.
 * Passenger and freight stations, State Line, Mass.; payment, of $60 per annum and 45 per cent of station expenses. Rental $60.00.
 * Passenger station at Huntington Avenue and Trinity Place, Boston, Mass.; payment, $2,000 per annum. Rental $1,400.00.
 * Passenger station at Westfield, Mass.; payment per annum, $4,000. Rental $4,000.00.
 * Tower at Westfield, Mass.; payment, 33⅓ per cent of maintenance and cost of current; the carrier credited its joint-facility rent income with $3,008.00.
 * Boston and Albany Railroad Company:
 * Boston and Maine Railroad:
 * Passenger station at Worcester, Mass.; on basis of proportion of receipts and expenses, 20 per cent of ticket sales and revenues. Rental $15,997.24.
 * Boston and Maine Railroad:
 * 4.59 miles of road, Shelburne Junction to Shelburne, Mass.; payment, $7,500 per annum. Rental $7,012.56.
 * 11.74 miles of road, Worcester to Sterling Junction, Mass.; payment, $25,000 per annum, 25 per cent of cost of maintenance, and 50 per cent of taxes. Rental $25,298.87.
 * 1.65 miles of road and freight yard at Worcester, Mass.; proportion of expenses and fixed charges on basis of cars entering the yard. ......
 * 0.57 mile of road, Lowell to Lowell Junction, Mass.; proportion of receipts and expenses, 11.30 per cent, based on ticket sales. ......
 * Passenger station at Springfield, Mass.; payment, $22,500 per annum as rental and $1,311.36 for wages of operators. Rental $13,500.00
 * Engine terminal at Worcester, Mass.; proportion of expenses on engines handled. Rental $1,095.73.
 * Tower at Worcester, Mass.; no expenses. ......
 * Tower at entrance of Millbrook, Worcester, Mass., no expenses. ......
 * At Lowell, Mass., passenger station and freight facilities, payment, 23.42 per cent of fixed charges, maintenance, and operations; for engine terminal, payment, proportion of expenses of engines handled; amount receivable, $889.36; amount payable, $963.15; net amount payable $73.79.
 * Passenger station at Fitchburg, Mass.; payment, proportion of expenses and receipts, 29.78 per cent, on basis of ticket sales. Rental $4,151.76.
 * Passenger station at Sterling Junction, Mass.; payment, proportion to receipts and expenses, 29.32 per cent, on basis of passenger and freight business. Rental $423.35.
 * Passenger and freight stations at Shelburne Falls, Mass.; payment, proportion of receipts and expenses, 26.24 per cent, on basis of passenger and freight business. Rental $248.08.
 * Passenger and freight stations at Clinton, Mass.; payment, 52.625 per cent on basis of passenger and freight business; amount receivable, $2,164.91; amount payable, $7,774.99; net amount payable, $5,610.08.
 * Passenger and freight stations at North Acton, Mass.; payment, proportion of receipts and expenses, 26.63 per cent, on basis of passenger and freight business handled; amount receivable, $2.38; amount payable, $54.38; net amount payable, $52.00.
 * Passenger station at Northampton, Mass.; payment, proportion of receipts and expenses, 2.53 per cent, on basis of ticket sales. ......
 * Freight station and yards at Northampton, Mass.; payment, 31.32 per cent of all expenses on basis of business handled; amount receivable, $1,850.37; amount payable, $1,193.38; net amount receivable, $656.99.
 * Central New England Railway Company:
 * 0.80 mile of road, Winsted, Conn.; considered equivalent to tracks furnished by tenant company.
 * Freight station, Beacon, N.Y.; payment, 25 per cent of costs of labor and supplies. ......
 * The New York Central Railroad Company:
 * Woodlawn passenger station, New York City, N.Y.; payment, $420 per annum. Rental $243.60.
 * Passenger station at One Hundred Twenty-fifth Street, New York City, N.Y.; proportion of $66,000 per annum on basis of number of trains stopped at station. Rental $10,690.14.
 * The Connecticut Company:
 * Overhead wiring and bonding, Meridan to Westfield, Conn.; payment, at rate of 15 cents per train-mile for freight movements and wages of pilots. ......
 * The New England Steamship Company:
 * Wharf at Wickford Landing, R.I. ......
 * Pequonnock dock, Bridgeport, Conn.; payment, 15 per cent of wages of clerks and 25 per cent of assistant agent's salary, 50 per cent of wages of other joint employees, and 25 per cent of cost of lighting. ......
 * Fox Point wharf at Providence, R.I.; payment, 29 per cent of wages of agent's clerks, 2 per cent of cost of water, 50 per cent of cost of handling through-freight, on a tonnage basis, and total cost of handling all rail freight, on a tonnage basis. ......
 * New London Line wharf, New London, Conn.; payment, 40 per cent of the wages of agent's clerks and one-half cost of handling through freight, on tonnage basis. ......
 * Belle dock, New Haven, Conn.; payment, 51 per cent of wages of clerks, light, and water for offices; 50 per cent of wages of other joint employees; current for light at rate of 5 cents per k.w.h. ......
 * Minor facilities (included with wholly owned property), jointly owned and used with—
 * Boston and Maine Railroad:
 * Passenger and freight station at Concord Junction, Mass.; carrier owns 40 per cent of passenger station and 60 per cent of freight station; its proportion of receipts and expenses is 34.81 per cent; amount payable, $711.40; amount receivable, $1,558.71; net amount receivable, $847.31.
 * Yards at Concord Junction, Mass.; payment, 66⅔ per cent of cost of maintenance. ......
 * Tower at Concord Junction, Mass.; carrier's share 50 per cent; payment, 40 per cent of expenses. ......
 * 1.152 miles of all tracks, together with express building, cover sheds, inter-track fence, platforms, paving, and signs, Worcester, Mass.; carrier's share 66⅔ per cent; revenue divided according to percentage of ownership; expenses based on number of tickets sold and amount of ticket revenue. ......
 * Passenger and freight stations at South Sudbury, Mass.; carrier's share 50 per cent; carrier's proportion of receipts and expenses is 24.08 per cent, on basis of packing and freight business. ......
 * Tower at Fitchburg, Mass.; carrier's share 50 per cent; expenses divided on percentage of ownership. ......
 * Central New England Railway Company:
 * Interlocking tower at Simsbury, Conn.; carrier's share 50 per cent; owned jointly and used jointly. ......
 * Passenger station at Canaan, Conn.; carrier's share 50 per cent; payment, 37 per cent of employees' wages and 50 per cent of cost of supplies and maintenance. ......
 * Central Vermont Railway Company:
 * Passenger station and grounds at Norwich, Conn.; carrier's share 50 per cent; used exclusively by the carrier. ......
 * Land, grading, fences, and crossings at Willimantic, Conn.; carrier's share 50 per cent. ......
 * Passenger station at New London, Conn.; carrier's proportion 66⅔ per cent; proportion of expenses based on number of tickets sold and ticket revenue. Rental $2,934.39.
 * The New York Central Railroad Company:
 * Tower No. 20 at Framingham, Mass.; carrier's share 40.6 per cent, payment, 50 per cent of signalman's wages and 40.6 per cent of cost of oil. ......
 * Tower at Westfield, Mass.; carrier's share 25 per cent; carrier pays 25 per cent of cost of maintenance. ......
 * Tower and plant, battery house and equipment, Woodlawn Junction, New York City, N.Y.; carrier's share 72 per cent; carrier pays 28 per cent of maintenance and expenses and 50 per cent of wages of operators. ......
 * The Rhode Island Company:
 * Passenger station at Wickford, R.I.; carrier's share 50 per cent; expenses divided on percentage of ownership. ......
 * New York, Westchester and Boston Railroad Company:
 * Footwalk and subway at Columbus Avenue, Mount Vernon, N.Y.; carrier's share 50 per cent. ......
 * Western Union Telegraph Company:
 * Telegraph and telephone property: Under an agreement of an extensive character dated Sept. 14, 1896; none of the property owned by the telegraph company is included in this report. ......

Lessor Companies

 * Old Colony Railroad
 * Harlem River and Port Chester
 * Holyoke and Westfield
 * Providence and Worcester
 * Norwich and Worcester
 * The Connecticut Company