Wikipedia:WikiProject Trains/ICC valuations/Portland and Ogdensburg Railway

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad of The Portland and Ogdensburg Railway, herein called the Portland and Ogdensburg, is a standard-gage, steam railroad, located in the States of Maine, New Hampshire, and Vermont. The owned mileage extends northwesterly from Portland, Me., across the State of New Hampshire, to Lunenburg, Vt. The Portland and Ogdensburg owns but does not use 159.540 miles of all tracks. Of this trackage, 101.594 miles of first main track and 31.137 miles of yard tracks and sidings—a total of 132.731 miles of all tracks—is leased to and used by the carrier; and 7.784 miles of first main track, 4.232 miles of second main track, and 14.793 miles of yard tracks and sidings, all located in Portland and Westbrook, Me., and totaling 26.809 miles of all tracks—is leased to the carrier and subleased by the latter to the Portland Terminal Company for its use.

In addition to the foregoing, the Portland and Ogdensburg owns jointly with The Concord and Montreal Railroad 0.222 mile of main track and 0.493 mile of yard tracks and sidings—a total of 0.715 mile of all tracks—at Fabyans, N. H. These tracks are leased to and used jointly by the carrier and the Boston and Maine Railroad.

Corporate History
The Portland and Ogdensburg was incorporated on June 8, 1886, under the general laws of the State of Maine. It resulted from a reorganization of the Portland and Ogdensburg Railroad Company after foreclosure of a mortgage upon the property of that company. Although the Portland and Ogdensburg acquired the property of the Portland and Ogdensburg Railroad Company on January 25, 1887, the property remained in the hands of its receiver and was operated by him until August 30, 1888. Since that date the property of the Portland and Ogdensburg has been leased to the carrier. The principal office is at Portland, Me. Further information on corporate history, and the detailed facts as to the development of the fixed physical property are given in Appendix 2.

The following statements show facts concerning the incorporation and succession of companies which were directly or indirectly predecessors of the Portland and Ogdensburg.

Development of Fixed Physical Property
The mileage owned by the Portland and Ogdensburg on date of valuation is recorded as 110.36 miles, of which 91.40 miles is shown acquired by purchase and 18.96 miles by construction, as detailed below:

Leased Railway Property
The property of the Portland and Ogdensburg was leased to the carrier for a term of 999 years from August 30, 1888, at an annual rental equivalent to 1 per cent on the capital stock of the Portland and Ogdensburg for the first three years and 2 per cent thereafter, interest on its funded debt, and $500 per annum for organization expenses. It was also provided that the lessee should make all improvements to the property without cost to the lessor and pay all insurance and taxes.