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

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad of the Providence and Worcester Railroad Company, herein called the Providence and Worcester, is a standard-gage, double-track, steam railroad, located in the States of Massachusetts and Rhode Island. The owned mileage extends from Providence, R. I., to Worcester, Mass., with a branch line from East Providence to Valley Falls, R. I., and consists of 43.083 miles of first main track, 43.342 miles of second and other main tracks and 61.171 miles of yard tracks and sidings, aggregating 147.596 miles of all tracks.

The Providence and Worcester owns jointly with the Boston and Providence (R. I.), lessor to the carrier, each holding an undivided one-half interest, 4.970 miles of first main track, with 15.538 miles of second and other main tracks, and 30.908 miles of yard tracks and sidings, aggregating 51.416 miles of all tracks, all of which is leased to and used by the carrier.

It also owns jointly with the Norwich and Worcester, a lessor to the carrier, each holding an undivided one-half interest, 0.756 mile of first main track, 2.120 miles of second and other main tracks, and 0.851 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 Norwich and Worcester 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 tracks, 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 in the wholly owned mileage given above. All of the property of the Providence and Worcester is leased to and operated by the carrier.

Corporate History
The Providence and Worcester was formed November 25, 1845, as a consolidation of the Providence and Worcester Railroad Company (Mass.), incorporated in Massachusetts by special act March 12, 1844, and the Providence and Worcester Railroad Company (R.I.), incorporated in Rhode Island by special act May 10, 1844.

Development of Fixed Physical Property
The property of the Providence and Worcester was constructed by its own forces, and construction completed, as follows: Total, 49.00 miles.
 * Providence, R.I., to Millville, Mass., 1847, 19.00 miles.
 * Millville to Worcester, Mass., 1847, 23.00 miles.
 * Valley Falls branch, R.I., 1874, 7.00 miles.

The Providence and Worcester deeded to the Boston and Providence (R.I.) a half Interest in the 4.970 miles of road from Massachusetts State line to Boston Switch, R. I. The remainder of the mileage, which constitutes the road mileage wholly owned, is now surveyed to be 43.083 miles.

The Providence and Worcester has joint interest in 0.756 mile of road with the Norwich and Worcester; and in 0.283 mile of road at Worcester, Mass., with the Norwich and Worcester and the Boston and Maine Railroad.

Leased Railway Property
On May 1, 1888, the Providence and Worcester leased its property to the New York, Providence and Boston Railroad Company for 99 years. On April 1, 1892, the New York, Providence and Boston Railroad Company leased its property to the carrier, which also took over the Providence and Worcester's road under the lease of May 1, 1888. A new lease was made on December 17, 1892, to be effective from July 1, 1892, and to run for 99 years. The lessee pays as rent each year 10 per cent on the lessor's capital stock, interest on the debt and $6,000 a year for maintenance of the Providence and Worcester's organization. The rent is payable quarterly. The lessee maintains the property and pays all taxes. Additions and betterments to the leased property made by the lessee become the property of the lessor without liability for payment therefor. The lessee is liable to the Providence and Worcester at the termination of the lease for equipment and personal property taken by the former lessee to the amount of $909,635.37, of which $828,887.40 represents equipment. For the year ended on date of valuation the payments to the lessor under provisions of the lease amounted to $416,000.