Wikipedia:WikiProject Trains/ICC valuations/Norwich and Worcester Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad of the Norwich and Worcester Railroad Company, herein called the Norwich and Worcester, is a single-track, standard-gage, steam railroad, located within the States of Massachusetts and Connecticut, and extending from Worcester, Mass., to Groton, Conn., with a branch of about 0.22 mile in the city of Worcester, Mass. The owned mileage on date of valuation consisted of 70.545 miles of first main track, 0.431 mile of second main track, and 43.737 miles of yard tracks and sidings, aggregating 114.713 miles of all tracks.

The Norwich and Worcester owns jointly with the Providence and Worcester (lessor to the carrier), each holding an undivided half interest, 0.756 mile of first main track, 2.120 miles of second and other main track, and 0.841 mile of yard tracks and sidings, aggregating 3.717 miles of all tracks, all of which is leased to and used by the carrier.

It also owns jointly with the Providence and Worcester (lessor to the carrier) and the Boston and Maine Railroad, each holding an undivided one-third interest, 0.283 mile of first main track, 0.784 mile of second and other main track, and 0.085 mile of yard tracks and sidings, aggregating 1.152 miles of all tracks, which the carrier uses jointly with the Boston and Maine Railroad. These undivided joint mileages are not included with the above wholly owned.

All of the property of the Norwich and Worcester is leased to and operated by the carrier, with the exception of certain station facilities at Norwich, Conn., which are exclusively used by the Central Vermont Railway Company.

Development of Fixed Physical Property
On date of valuation the Norwich and Worcester owned 70.545 miles of railroad, extending from Worcester, Mass., to Groton, Conn., with a branch of about 0.22 mile in the city of Worcester. The road was built under contract, and the sections were put into operation as completed, as follows: Total, 71 miles.
 * Worcester, Mass., to Norwich, Conn., 1840, 59 miles.
 * Norwich, Conn., to Allyn's Point, Conn., 1843, 6 miles.
 * Allyn's Point, Conn., to Groton, Conn., 1889, 6 miles.

Leased Railway Property
On February 9, 1869, the entire property of the Norwich and Worcester was leased to the Boston, Hartford and Erie Railroad Company for a term of 100 years from February 1, 1869, at an annual rent of 10 per cent on its outstanding capital stock. It was provided that the Norwich and Worcester should retain the custody of its revenues and disbursements, paying over to the lessee any surplus after the payment of operating expenses, taxes, interest, and dividends, the lessee to make good and deficiency in income to meet these requirements. By an agreement of April 26, 1886, with the New York and New England Railroad Company, successor to the first lessee, the annual rent was reduced to 8 per cent on the stock, but the other provisions of the lease remained in force.

The lease was further amended on December 31, 1897, by an agreement with the New England Railroad Company, successor to the New York and New England Railroad Company, canceling the provision for the custody by the Norwich and Worcester of the income and disbursements, and providing for the payment of the interest on the outstanding funded and floating debt in addition to the 8 per cent dividend. This agreement stipulated that the inventory value of the equipment and personal property of the lessor, $630,620.32, should be a liability of the lessee, to be accounted for at the termination of the lease. Further provision was made for investment in permanent improvements of the proceeds from the sale of property not needed for transportation purposes; and, for the payment by the issue of capital securities for such improvements upon the request of the lessee.

The carrier, as successor to the New England Railroad Company on July 1, 1898, pays an annual rent of 8 per cent on the outstanding preferred stock, the interest on funded and floating debt, the taxes, and contributes annually $2,500 for the maintenance of the investment organization of the Norwich and Worcester. The agreed rent is payable quarterly. The lease provides for the reimbursement of the lessee for any expenditures for additions and betterments agreed to by the lessor.