Wikipedia:WikiProject Trains/ICC valuations/Portland Terminal Company

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad property of the Portland Terminal Company consists of passenger and freight terminal facilities located in and adjacent to the city of Portland, Me. It also jointly owns and uses with the Atlantic and St. Lawrence Railroad Company (The Grand Trunk Railway Company of Canada, lessee) a passenger station at Portland Junction, Me., the ownership being one-half each. The Portland Terminal Company owns 23.443 miles of first main track, all of which it uses. It also leases 7.784 miles of first main track owned by the Portland and Ogdensburg, a lessor company of the Maine Central Railroad Company, herein referred to as the carrier. The total of all tracks used is 122.436. These tracks are classified in the trackage table in Appendix 1, where will also be found further description of the property of the Portland Terminal Company.

Corporate History
The Portland Terminal Company was incorporated by special act of the State of Maine, approved February 15, 1887, as Portland Union Railway Station Company. Under a special act, approved March 23, 1911, the charter was amended and the company was authorized to change its name to Portland Terminal Company, effective July 1, 1911, to increase its authorized capital stock, and acquire certain railway property located in or adjacent to the city of Portland, Me., for the purpose of transporting passengers and freight and furnishing terminal facilities to any railroad corporation desiring to use them. The principal office is at Portland, Me.

Prior to October 27, 1911, the Boston and Maine and the carrier controlled the Portland Terminal Company through equal ownership of the capital stock. Since that date the carrier, having acquired the Holdings of the Boston and Maine, has had entire control. The detailed facts as to the development of fixed physical property are given in Appendix 2.

Development of Fixed Physical Property
The railroad property owned and operated by the Portland Terminal Company on the date of valuation, consisting of a union passenger station and other terminal facilities located in Portland, Me., with 23.443 miles of road, was acquired by construction and purchase.

The portion acquired by construction comprises the passenger station and 0.70 mile of road. Work was commenced thereon in the spring of 1887 and the station was opened for operation on June 25, 1888. The station building was constructed by James Cunningham, who was not affiliated with the railroad corporation. The train shed was built by the Philadelphia Bridge Works. The forces of the controlling companies were used in constructing the road.

On July 1, 1911, the Portland Terminal Company acquired by purchase the terminal properties of the Boston and Maine and the carrier including about 22 miles of road situated in Portland and the adjoining cities of South Portland and Westbrook.

The mileage of road owned, the method of acquisition, and also the mileage of leased lines, as detailed in the Portland Terminal Company's records, are summarized in the following statement.

Leased Railway Property
The Portland Terminal Company leases from the carrier 7.784 miles of railroad located in Portland and Westbrook, Me. This property is owned by the Portland and Ogdensburg, which leases its entire property to the carrier. Under the terms of the lease the Portland Terminal Company pays an annual rental of $42,719.76, representing 5 per cent of $854,395.81, the agreed value of the property. In addition the Portland Terminal Company, during the period 1912 to date of valuation expended $34,643.42 for additions and betterments, which were treated as rent by the Portland Terminal Company. The expenditures for the year ended on date of valuation amounted to $2,871.72.

The Portland Terminal Company also subleases from the carrier, at an annual rental of $4,545, certain noncarrier lands located in Portland and South Portland, which are owned by Portland and Rumford Falls Railroad.

The property owned by the Portland Terminal Company is used jointly by the Boston and Maine and the carrier. No formal agreement was drawn up between the interested parties. The annual rental paid the Portland Terminal Company for the years 1912 to 1915, inclusive, was $200,000 and for the year 1916 amounted to $180,000, divided equally between the Boston and Maine and the carrier.