Wikipedia:WikiProject Trains/ICC valuations/Rutland Railroad

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Corporate history.—The carrier was incorporated on March 28, 1867, under a special act of the Legislature of the State of Vermont. The incorporation was effected through a committee acting in behalf of the second-mortgage bondholders of the Rutland and

The carrier acquired formal title to the property of the Rutland and Burlington Railroad Company on November 23, 1867, but it did not secure possession until January 1, 1871. In the meanwhile, the property being in the hands of the trustees for the bondholders of the above-named predecessor company, it was not surrendered by them until the date stated. On December 30, 1870, the carrier leased its property and assigned its leases of other properties to the trustees and managers of Vermont Central Railroad Company and Vermont and Canada Railroad Company for 20 years from January 1, 1871, at an annual rental of $376,000 and an allowance of $3,000 per annum for organization expenses. The lessee paid the rental on the carrier's leased property, a proportion of the taxes on the sliding-scale basis, and all insurance. The lessor paid for all additions and betterments. On December 31, 1890, the carrier leased its property to Central Vermont Railroad Company for 99 years from January 1, 1891, at an annual rental of $345,000, payable in gold, in monthly installments. The lessee was required to pay all taxes and insurance and the lessor to pay for all additions and betterments. The lease was canceled May 7, 1896, because the lessee failed to make the rental payments in the prescribed manner.
 * APPENDIX 2
 * THE CARRIER
 * INTRODUCTORY

The carrier through stock ownership, controls the following companies to the extent indicated: Addison Railroad 99 per cent, The Rutland & Noyan Railroad Company 100 per cent, Ogdensburg Terminal Company 100 per cent, Rutland Transit Company, 100 per cent.


 * CORPORATE HISTORY


 * 1) In Vermont.
 * 2) In New York.

The carrier has constructed no road. Its property was developed by acquiring other railroads and leasing other properties. The dates of succession of each company in the amalgamation of the properties were shown in the corporate-history chart previously given. The names of the companies from which the carrier acquired the road and of the carriers which constructed the mileage of road and the location and dates of completion of construction are shown in the following tabulation:
 * DEVELOPMENT OF FIXED PHYSICAL PROPERTY


 * Acquired from and constructed by the Rutland and Burlington Railroad Company, Bellows Falls to Burlington, Vt., 1849 119.91
 * Acquired from the Ogdensburg and Lake Champlain Railway Company, constructed by The Northern Railroad Company, Rouses Point to Ogdensburg, N. Y., 1850 117.61
 * Acquired from and constructed by the Rutland-Canadian Railroad Company:
 * Burlington, Vt., to Vermont-Canada line, 1900 39.08
 * Alburgh, Vt., to Rouses Point, N. Y., 1900 2.84
 * 41.92
 * Acquired from the Bennington and Rutland Railway Company, constructed by the Western [sic] Railroad Company:
 * Rutland, Vt., to White Creek, N. Y., 1852 54.22
 * North Bennington to Bennington, Vt. 1854 4.52
 * 58.74
 * Acquired from the Chatham and Lebanon Valley Railroad Company, constructed by the Lebanon Springs Railroad Company, Chatham, N. Y., to Vermont-New York line 1865 51.26
 * Acquired from the Lebanon Springs Railroad, constructed by the Lebanon Springs Railroad Company, Vermont-New York line to Bennington, Vt., 1869 6.07
 * Total 395.51

Included in one of the items above is 0.229 mile of joint road at Burlington, Vt., which has not been deducted from the mileage given.


 * HISTORY OF CORPORATE FINANCING

and the rental accrued for the year ended on date of valuation:


 * Solely used but not owned, leased from the Addison Railroad, entire property. Leased for 99 years from December 7, 1870, at annual rental of 7 per cent on outstanding capital stock. Lease amended Dec. 27, 1876, reducing rental to 3 per cent per annum on outstanding capital stock. Lease stipulates that lessee shall maintain property and pay all taxes but is silent with respect to payments of additions and betterments --
 * Jointly used but not owned, owned by the—
 * Central Vermont Railway Company—
 * Passenger and freight terminals at Alburgh, Vt., carrier pays 50 per cent of the cost of maintenance and operation. Rental accrued for year $302.80
 * Tracks at Burlington, Vt. Annual compensation is $2,000. Rental accrued for year 800.00
 * The New York Central Railroad Company—
 * Passenger and freight terminals at Norwood, N. Y. Each company pays 50 per cent of maintenance but operation is paid on basis of use. Rental accrued for year 1,090.08
 * For turning engines at Moira, N. Y., by the New York Central, the carrier pays 25 cents per engine turned. Rental accrued for year 38.18

The Rutland and Burlington Railroad Company was incorporated on November 1, 1843, under a special act of the State of Vermont, as the Champlain and Connecticut River Railroad Company. Its name was changed by a special act of the State of Vermont, approved November 6, 1847. Organization was perfected on July 3, 1845. No single stockholder owned a controlling interest in the company.
 * Predecessor companies
 * RUTLAND AND BURLINGTON RAILROAD COMPANY, PREDECESSOR OF THE CARRIER
 * CORPORATE HISTORY

The company owned a single-track, standard-gauge railroad, extending from Bellows Falls to Burlington, Vt., approximately 109.91 miles, that had been constructed under contract, the terms of which were not obtainable, and opened for operation December 18, 1849. The company operated its property until November 19, 1853, when, having defaulted on interest payments, it was placed in the hands of trustees for the second mortgage bondholders. On November 23, 1867, the property was purchased at foreclosure sale by the carrier, but owing to litigation it did not gain possession until January 1, 1871, the trustees continuing operations in the meanwhile.

[...]
 * HISTORY OF CORPORATE FINANCING

The Ogdensburg and Lake Champlain Railway Company was incorporated December 1, 1898, under the general laws of New York, as a reorganization of the Ogdensburg and Lake Champlain Railroad Company. The organization was perfected as of the date of incorporation, on which date it also acquired the property of the latter company, consisting of a single-track standard-gauge railroad from Ogdensburg to Rouses Point, New York, approximately 117.61 miles. This mileage was the same as the owned road mileage at October 28, 1901, the date of merger with the carrier.
 * OGDENSBURG AND LAKE CHAMPLAIN RAILWAY COMPANY, PREDECESSOR OF THE CARRIER
 * CORPORATE HISTORY

The company operated the property with its own organization, until February 1, 1899, when the carrier acquired control of the entire capital stock and assumed the management of the property. The company controlled the Rutland Transit Company, the owners and operators of a line of steamers plying the Great Lakes between Ogdensburg, N. Y., and Chicago, Milwaukee, and Detroit. These steamers were operated in connection with the railroad property, but under separate management.

[...]
 * HISTORY OF CORPORATE FINANCING

The Ogdensburg and Lake Champlain Railroad Company was incorporated on June 10, 1864, under the general laws of New York, (chapter 199, laws of 1857, as amended) by a committee acting in behalf of the bondholders of The Northern Railroad Company. It came into existence as a reorganization of the latter company and for the purpose of taking over and operating the railroad of that company. The organization was perfected on the date of incorporation. Its principal office was at Ogdensburg, N. Y.
 * OGDENSBURG AND LAKE CHAMPLAIN RAILROAD COMPANY, PREDECESSOR OF THE OGDENSBURG AND LAKE CHAMPLAIN RAILWAY COMPANY
 * CORPORATE HISTORY

On August 20, 1896, an agreement was made between the bondholders and the corporation for the purpose of acquiring the property and organizing a successor company to take over and operate the railroad. Under this plan, each holder of $1,000 in bonds of the existing company should receive in exchange $1,000 in bonds and $400 in preferred and $800 in common stock of the successor company. The property of the company was sold under foreclosure and title was passed to the purchasing committee May 10, 1898, and held by them until December 1, 1898, when the property was reconveyed to the successor company.

Control of the company was vested in a number of stockholders, none of whom held a controlling interest. On August 1, 1865, it had acquired the property of the predecessor, whose road extended from Ogdensburg to Rouses Point, N. Y., a distance of about 117.61 miles. No additional road was constructed. No accounting records of the company, prior to April 1, 1877, are obtainable.

[...]
 * HISTORY OF CORPORATE FINANCING

The Northern Railroad Company was incorporated on May 14, 1845, under a special act of New York. Construction of a standard-gauge railroad from Ogdensburg to Rouses Point, N. Y., a distance of about 117.61 miles, was begun in 1847 under unknown conditions and the road opened for operations on October 1, 1850. On October 21, 1856, the property was placed in the hands of the trustees of the second-mortgage bondholders, by whom it was operated until August 1, 1865, when it was sold under foreclosure proceedings to W. A. Wheeler, J. S. Eldridge, and W. C. Brown, who conveyed it to the successor company. The company has no obtainable accounting records. The information given below is taken from reports of the New York State engineer, but is not supported by any accounting records.
 * THE NORTHERN RAILROAD COMPANY, PREDECESSOR OF THE OGDENSBURG AND LAKE CHAMPLAIN RAILROAD COMPANY

According to the reports mentioned above, the paid-in capital stock amounted to [...]

The Rutland-Canadian Railroad Company was incorporated on November 4, 1898, under a special act of the Legislature of the State of Vermont, by certain directors of the carrier, for the purpose of building and operating a road from Burlington, Vt., to the Vermont-Canadian line, and from Alburgh, Vt., to Rouses Point, N. Y., to connect the road of the carrier with the Canadian roads on the north and with the Ogdensburg and Lake Champlain Railway on the west, and by controlling the latter to give the carrier a through line, Montreal and to Ogdensburg, N. Y. The organization was perfected November 21, 1898. The Rutland-Canadian Railroad Company was controlled by the carrier through ownership of about 77 per cent of the outstanding capital stock.
 * RUTLAND-CANADIAN RAILROAD COMPANY, PREDECESSOR OF THE CARRIER
 * CORPORATE HISTORY

At January 21, 1901, when the company was merged with the carrier, it owned a single-track, standard-gauge railroad, from Burlington to the Vermont-Canadian line, approximately 39.08 miles, and a branch from Alburgh, Vt., to Rouses Point, N. Y., approximately 2.84 miles, total 41.92 miles. Construction was begun about March, 1899, and completed on December 15, 1900, under contract with The Champlain Construction Company a corporation organized by the incorporators of the Rutland-Canadian Railroad Company, and directors of the carrier for the purpose of constructing the road.

Upon completion the road was operated by the carrier, under an agreement dated July 1, 1899, whereby the carrier included all revenues, expenses, and taxes with its own and made no accounting to the owning company.

[...]
 * HISTORY OF CORPORATE FINANCING

The Bennington and Rutland Railway Company was incorporated and organized on August 9, 1877, under the general laws of the State of Vermont by the bondholders of the Bennington and Rutland Railroad Company. On the date of organization, the former acquired a portion of the property of the New York, Boston and Montreal Railroad[sic] Company, which had been the property of the Bennington and Rutland Railroad Company about seven years before and in the meantime had passed through the hands of two intermediate companies.
 * BENNINGTON AND RUTLAND RAILWAY COMPANY, PREDECESSOR OF THE CARRIER
 * CORPORATE HISTORY

The property acquired consisted of a single-track, standard-gauge railroad, extending from Rutland, Vt., to White Creek on the Vermont-New York State line, approximately 4.52 miles. This mileage was the same on date of demise. On March 1, 1900, the company leased its property to the carrier. On September 6, 1901, the carrier acquired the property.

The New York, Boston and Montreal Railroad[sic] Company, predecessor of the Bennington and Rutland Railway Company, and its predecessors are also predecessors of Chatham and Lebanon Valley Railroad Company and will follow the report on that company.

[...]
 * HISTORY OF CORPORATE FINANCING

The Chatham and Lebanon Valley Railroad Company was incorporated on September 23, and organized on September 26, 1899, under the general laws of the State of New York by Francis A. Palmer, trustee for the bondholders of the former Lebanon Springs Railroad. The purpose of the organization was to acquire that part of the Lebanon Springs Railroad extending from Chatham, N. Y., to the New York-Vermont State line, a distance of about 51.26 miles. That property had been sold on September 20, 1899, to Francis A. Palmer, trustee for the bondholders and was conveyed by him on September 23, 1899, to the Chatham and Lebanon Valley Railroad Company.
 * CHATHAM AND LEBANON VALLEY RAILROAD COMPANY, PREDECESSOR OF THE CARRIER
 * CORPORATE HISTORY

After acquiring the above property, the company began its rehabilitation. This was completed as far as Petersburg, N. Y., a distance of about 33 miles. The road was opened for operation on January 1, 1900. The remainder of the road from Petersburg to the New York-Vermont State line, a distance of about 18.26 miles, was opened for operation on June 18, 1900.

The property was operated by the carrier from June 13, 1901, under agreement dated March 1, 1900, without profit or loss to the owner. The income from operations for this period was not recorded in the owner's records. On December 24, 1901, the company was merged with the carrier, which had previously acquired the entire outstanding capital stock.

[...]
 * HISTORY OF CORPORATE FINANCING

The Lebanon Springs Railroad was incorporated on June 9, 1893, under the general laws of New York by the bondholders of the former Lebanon Springs Railroad Company for the purpose of acquiring the property formerly belonging to that company, but at that time vested in the New York, Rutland and Montreal Railroad[sic Company. The organization was perfected as of the date of incorporation, on which date the Lebanon Springs Railroad acquired the former company, consisting of a standard-gauge railroad, extending from Chatham, N. Y., to Bennington, Vt., a distance of about 57.33 miles. This was the entire road mileage of this company at its demise. It also was the entire road mileage of the Lebanon Springs Railroad Comapny at its demise.
 * LEBANON SPRINGS RAILROAD, PREDECESSOR OF THE CHATHAM AND LEBANON VALLEY RAILROAD COMPANY
 * CORPORATE HISTORY

While the Lebanon Springs Railroad acquired title to the road on June 9, 1893, the operations were continued under the receiver of the former Lebanon Springs Railroad Company until July 30, 1896, when at the direction of the New York State Board of Railroad Commissioners, operations were discontinued on account of the unsafe condition of the roadbed until April 3, 1897, when, after considerable repairs to road and equipment, that portion of the road between Petersburgh Junction and Berlin, N. Y., approximately 18.97 miles, was reopened for operations. On September 20, 1899, that portion of the road within the State of New York, extending from Chatham to the Vermont State line, was sold to Francis A. Palmer, trustee for the bondholders, and on April 25, 1900, that portion of the road within the State of Vermont, extending from New York State line to Bennington, Vt., was sold to W. C. Roberts. The portion of the road acquired by Palmer was conveyed on September 23, 1899, to the Chatham and Lebanon Valley Railroad Company and that portion acquired by Roberts was conveyed on June 26, 1901, to H. Van Sinderen, who on September 18, 1901, conveyed it to the carrier. The obtainable records contained the results of operations by the receiver, but do not show the investment in property.

[...]
 * HISTORY OF CORPORATE FINANCING

The New York, Rutland and Montreal Railroad Company was incorporated December 31, 1883, under the general laws of the State of New York, by the bondholders of the former Lebanon Springs Railroad Company for the purpose of acquiring the property formerly belonging to that company, which at the incorporation date constituted a part of the first-named company. The property consisted of a standard-gauge railroad, extending from Chatham, N. Y., to Bennington, Vt., about 57.33 miles, that had been constructed by the Lebanon Springs Railroad Company. On February 27, 1888, under orders of the Supreme Court of New York, the property was restored to the receiver of the former Lebanon Springs Railroad Company, and by him operated until June 9, 1893, and then formally conveyed to the Lebanon Springs Railroad by William Foster, jr., trustee for the bondholders, who purchased the property at foreclosure sale on May 16, 1892. The only obtainable records are ledgers and journals, recording the results of operation by the receiver.
 * NEW YORK, RUTLAND AND MONTREAL RAILROAD COMPANY, PREDECESSOR OF THE LEBANON SPRINGS RAILROAD
 * CORPORATE HISTORY

[...]
 * HISTORY OF CORPORATE FINANCING

The original cost of the property of the company to date of demise can not be ascertained as the accounting records are not obtainable. It appears that the property of the Lebanon Springs Railroad Company passed in succession through the hands of several companies before it was acquired by the New York, Rutland and Montreal Railroad Company, but that none of these companies added anything in the way of extensions or additions and betterments to the property. The property acquired by the New York, Rutland and Montreal Railroad Company was the identical property which will be treated in the section devoted to the Lebanon Springs Railroad Company.
 * ORIGINAL COST TO DATE OF DEMISE

The New York, Boston and Montreal Railway Company was incorporated on January 21, 1873, under the general laws of New York. It was organized on the same day by the consolidation of The Harlem Extension Railroad Company (2) and New York, Boston and Northern Railway Company.
 * NEW YORK, BOSTON AND MONTREAL RAILWAY COMPANY, PREDECESSOR OF THE BENNINGTON AND RUTLAND RAILWAY COMPANY AND THE NEW YORK, RUTLAND AND MONTREAL RAILROAD COMPANY

The property of the first named of the two consolidating companies was acquired January 30, 1873, but that of the second was taken by the holders of a prior lien, and is not further considered herein. The road formerly of The Harlem Extension Railroad Company (2), about 116 miles in length, which is fully described under the name of that company, was operated from the date of acquisition, January 30, 1873, to November 30, 1873, by its owner, and from December 1, 1873, to August 10, 1877, by Central Vermont Railroad Company, under lease. At August 9, 1877, that lessee bought a part of the road, as hereinafter described, and continued operation of the remainder until September 16, 1877. The unsold portion was then taken by Harlem Extension Railroad South Coal Transportation Company under lease and so held until October 1, 1880, when a receiver took possession and operated the road until August 29, 1885.

There are no obtainable records to show the results of operations or other accounting information in respect to this ownership. The part extending from Rutland, Vt., to White Creek, N. Y., a distance of 54.22 miles, and the Bennington branch, 4.52 miles in length, were sold on August 1, and conveyed on August 9, 1877, to the Bennington and Rutland Railway Company. The road from Chatham, N. Y., to Bennington, Vt., a distance of 57.33 miles, was sold on August 29 and deeded on October 23, 1885, to the New York, Rutland and Montreal Railroad Company.

The Harlem Extension Railroad Company (2) was incorporated December 18, 1872, under the general laws of New York. It was organized on the same day by the consolidation of the Harlem Extension Railroad Company (1) and the Pine Plains and Albany Railroad Company. The first named of the consolidated companies owned a railroad extending from Rutland, Vt., to White Creek, N. Y., about 54.22 miles, and from Chatham, N. Y., to Bennington, Vt., about 57.33 miles, with a branch from Bennington to North Bennington, Vt., about 4.52 miles, a total of about 116.07 miles of road. The Pine Plains and Albany Railroad Company had no physical property and none of its rights or privileges was exercised by its successor. The road of The Harlem Extension Railroad Company (2) was sold under foreclosure of a mortgage January 20, 1873, and on January 30 following, was conveyed to the New York, Boston and Montreal Railroad[sic] Company. No accounting records of the company are obtainable.
 * THE HARLEM EXTENSION RAILROAD COMPANY (2), PREDECESSOR OF THE NEW YORK, BOSTON AND MONTREAL RAILWAY COMPANY

The Harlem Extension Railroad Company (1) was incorporated under the general laws of New York and by authority of a special act of Vermont of November 21, 1867. It was formed by the consolidation of the Lebanon Springs Railroad Company and the Bennington and Rutland Railroad Company. The incorporation was effected in Vermont January 1, 1870, the date fixed by the agreement of consolidation, and in New York on April 23, 1870, when the agreement was filed with the secretary of state. The property acquired was that herein described under the name of the consolidating companies, a railroad of about 116 miles. Upon the union of this company and the Pine Plains and Albany Railroad Company, the property passed to The Harlem Extension Railroad Company (2). No accounting records of the company are obtainable.
 * HARLEM EXTENSION RAILROAD COMPANY (1), PREDECESSOR OF THE HARLEM EXTENSION RAILROAD COMPANY (2)

The Bennington and Rutland Railroad Company was incorporated on August 1, 1865, under the general laws of the State of Vermont, following foreclosure proceedings by the bondholders of the Western Vermont Railroad Company. The Bennington and Rutland Railroad Company acquired the property of that company, a single-track, standard-gauge, railroad, extending from Rutland to White Creek, N. Y., a distance of approximately 54.22 miles, and a branch line extending from Bennington to North Bennington, Vt., approximately 4.52 miles, a total of 58.74 miles. The carrier held the property [huh?] until April 13, 1870, when the Bennington and Rutland Railroad Company and the Lebanon Springs Railroad Company were consolidated to form the Harlem Extension Railroad Company (1). T. W. Park controlled the company through the ownership of over 50 per cent of the capital stock. From December 25, 1866, the property was operated by the Central Vermont Railroad Company under a lease to J. Gregory Smith, at an annual rental of $48,000. The Bennington and Rutland Railroad Company was sole lessee of the property owned by the Lebanon Springs Railroad Company and described in the section devoted to that company. The capital obligations of the Bennington and Rutland Railroad Company consisted of $500,000 in capital stock and $500,000 in 7 per cent bonds. The latter were issued to T. W. Park in exchange at par for first-mortgage bonds of the Lebanon Springs Railroad Company. The charter provided that the capital stock of the Bennington and Rutland Railroad Company should be issued in exchange for bonds of the Western Vermont Railroad Company on the basis of $125 of stock for $100 of bonds. No accounting records of the company are obtainable.
 * BENNINGTON AND RUTLAND RAILROAD COMPANY, PREDECESSOR OF THE HARLEM EXTENSION RAILROAD COMPANY (1)

The Western Vermont Railroad Company was incorporated on November 5, 1845, under a special act of the Legislature of the State of Vermont, for the purpose of building and operating a railroad from Rutland, Vt., to Pownal, on the Vermont-New York State line. The company owned a standard-gauge railroad, extending from Rutland, Vt., to White Creek, N. Y., about 54.22 miles, and a branch from Bennington to North Bennington, Vt., about 4.52 miles, a total of 58.74 miles. The main line was opened for operation on July 1, 1852, and the branch in 1864. The road was operated by the Western Vermont Railroad Company until November 3, 1853, when it was leased for three years to Myron Clark under unknown conditions. On January 16, 1857, through default in payment of interest, the property was placed in the hands of trustees for the bondholders, and operated by them until August 1, 1865. At that date it was sold under foreclosure proceedings to the Bennington and Rutland Railroad Company, a corporation organized for the purpose of acquiring the property. No accounting records of the company are obtainable.
 * WESTERN VERMONT RAILROAD COMPANY, PREDECESSOR OF THE BENNINGTON AND RUTLAND RAILROAD COMPANY
 * CORPORATE HISTORY

The Lebanon Springs Railroad Company was incorporated on March 25, 1852, under the general laws of the State of New York. Its organization was perfected on March 26, 1852. Construction of the road was begun in 1853, under contract with W. H. Douglas & Company, but was discontinued in 1857, when the contractor forfeited the contract. It was resumed in June, 1867, under contract with T. W. Park, completed and opened for operations in 1869. Park was director of the company, and controlled it through ownership of a majority of the outstanding capital stock. The company succeeded in 1867 to the rights, franchises, and property of the Vermont and New York Railroad Company by a deed of assignment of that company, for which it appears the grantee paid nothing. At date of demise the Lebanon Springs Railroad Company owned a standard-gauge railroad from Chatham, N. Y., to Bennington, Vt., a distance of about 57.33 miles. The property was operated from the beginning of operations by the Bennington and Rutland Railroad Company under a lease dated January 22, 1869. The income was not taken up in the accounts of the Lebanon Springs Railroad Company. On April 13, 1870, the company was consolidated with the Bennington [sic] Railroad to form the Harlem Extension Railroad Company (1).
 * LEBANON SPRINGS RAILROAD COMPANY, PREDECESSOR OF THE HARLEM EXTENSION RAILROAD COMPANY (1)