Wikipedia:WikiProject Trains/ICC valuations/St. Johnsbury and Lake Champlain Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad of The St. Johnsbury and Lake Champlain Railroad Company, herein called the The St. Johnsbury and Lake Champlain, is a single-track, standard-gage, steam railroad, located in the northern part of Vermont. The owned mileage extends westerly from Lunenburg to Maquam, Vt., 120.649 miles, with a branch of 5.386 miles extending northerly from North Concord to Victory, Vt., and a branch of 1.524 miles extending southerly from Granite Junction to Buffalo Road, Vt.

Corporate History
The St. Johnsbury and Lake Champlain is the successor through reorganization of three railroad corporations which defaulted in their joint-bond interest payments, and were placed in the hands of receivers on October 18, 1877, the decree of foreclosure being entered in December, 1879. The holders and owners of a majority in amount of the principal of the joint bonds then caused the carrier to be organized under the provisions of the general statutes of Vermont, to own, maintain, and operate the three properties. The articles of association of the St. Johnsbury and Lake Champlain were dated January 31, 1880, and were filed with the secretary of the State of Vermont on February 6, 1880. The State seal was affixed on February 9, 1880, and organization was perfected on June 30 of the same year. The St. Johnsbury and Lake Champlain acquired the property of the predecessor companies on July 1, 1880. Its principal office is at Lyndonville, Vt.

The carrier controls the St. Johnsbury and Lake Champlain through ownership of 1.2 per cent of its stock, and voting rights in 53.4 per cent additional owned by Boston and Lowell Railroad Corporation, but assigned to the carrier, under lease.

Development of Fixed Physical Property
Of the property owned by the St. Johnsburg and Lake Champlain on valuation date, approximately 7 miles of line were built by it, the remaining 121 miles being acquired from the three predecessor companies. The following table shows the approximate mileage owned on June 30, 1916, and the manner in which it was acquired: The properties of the three predecessor companies, were operated in connection with that of The Portland and Ogdensburg Railway, of Maine, under the joint management, of a board of 11 managers, pursuant to the terms of an agreement, dated December 21, 1875, being generally known as the Vermont division of The Portland and Ogdensburg Railway, until merged under the corporate name of The St. Johnsbury and Lake Champlain Railroad Company. The St. Johnsbury and Lake Champlain constructed the Victory branch as a lumber road. The rails on 6 miles from Victory to East Haven have since been taken up, although the company still owns the land.

Leased Railway Property
Leased solely from others. — The company leases certain equipment from the carrier, as previously enumerated.

Leased solely to others. — That portion of the road between Lunenburg and St. Johnsbury, Vt., and the branch line from North Concord to Victory, totaling 27.59 miles, are leased to the Maine Central, the present agreement being for a term of five years, from January 1, 1915, at a rental of $20,000 per year and taxes.

The branch from Granite Junction to Buffalo Road, Vt., 1.584 miles in length, is leased to the Hardwick & Woodbury, for the period of 25 years, from April 20, 1896, at a nominal rental of $1 per year.

Owned solely but used jointly with other carriers. — The yard facilities at St. Johnsbury are leased by the owner to the carrier, the Connecticut and Passumpsic, and the Maine Central. The Maine Central pays $180 per year rent; the carrier pays two-thirds of wages and supplies of yard crews.

The station facilities owned at Cambridge Junction, Vt., are used by the owner and the Central Vermont. The latter pays $260 per year rent.

The water tank owned at Swanton, Vt., is used by the owner and the Central Vermont. The latter pays $20 per year rent and its proportionate cost of water.

Owned solely by other carriers but used jointly by this company. — The station and yard facilities at Swanton are owned by the Central Vermont, and used by this company and the owner. The former pays rent on the basis of the business handled for it, the expenses of operation and maintenance being divided on the same basis. The amount payable in 1916 was $619.92.

The station and yard facilities at St. Johnsbury, Vt., are owned by the Connecticut and Passumsic and used by this company and the carrier, the latter being the lessee. This company, joint user, pays $1,500 per year, $300 of which, with 25 per cent of the wages of joint employees, is charged to operating expenses. The amount payable in 1916 was $1,200.

Owned and used jointly. — The following property is used jointly by this company and the Central Vermont. No rental is paid or received, the expenses of operation being divided on the basis of the business handled for each carrier. The facilities and percentages of ownership of each company are as follows:

Predecessor Companies
There are no obtainable corporate records or books of account for predecessor companies. However, there are available vouchers and contractors' estimates for the construction period from which certain data concerning the construction of the properties have been compiled.

Essex County Railroad Company
Corporate and financial history. — This company was incorporated on November 1, 1864, under a special act of the State of Vermont, and an amendment thereto of 1866, for the purpose and with the right of building a railroad, either single or double track, from some point near the depot of, and connecting with, the Connecticut and Passumpsic, in St. Johnsbury, thence northerly through Waterford Kirby, Concord, Victory, Granby, and East Haven, to some point of connection with the Atlantic and St. Lawrence in Brighton or Ferdinand. The company built a single-track railroad from St. Johnsbury, to Lunenburg, Vt., 22 miles, which was opened for operation from St. Johnsbury, to West Concord, about 8 miles, on April 1, 1872, and thence to Lunenburg, 14 miles, on August 1, 1877. The authorized capital stock was $300,000.

Montpelier and St. Johnsbury Railroad Company
Corporate and financial history. — This company was incorporated on November 15, 1866, under a special act of the State of Vermont, for the purpose and with the right of building a railroad, single or double track, from some point on the Central Vermont in Montpelier, or Berlin, in Washington County, eastwardly through such towns as might be necessary in the counties of Washington and Caledonia to some point of connection with the Connecticut and Passumpsic, in St. Johnsbury, with the right to build and run a branch road to connect with the Connecticut and Passumpsic, at or near the depot in Wells River. The company built a single-track railroad from St. Johnsbury to Joe's Pond, Vt., about 17 miles, which was opened for operation on January 1, 1872. The authorized capital stock was $2,000,000.

Lamoille Valley Railroad Company
Corporate history. — This company was incorporated under a special act of the State of Vermont of October 25, 1867, for the purpose and with the right of building a railroad, single or double track, from some point in St. Johnsbury or Danville, in the county of Caledonia, westerly down the valley of the Lamoille River, connecting with the Vermont and Canada Railroad.

The company built a railroad from Joe's Pond to Maquam Bay, Vt., about 82 miles, which was opened for operation as follows:
 * January 1, 1873, Joe's Pond to Hardwick, 18 miles
 * In 1876, Hardwick to Johnson, 22 miles
 * August 1, 1877, Johnson to Maquam Bay, 42 miles

Corporate History
These three roads were built under a joint management of the three companies and their financial arrangements were coordinated. They were operated under joint management with The Portland and Ogdensburg Railway, of Maine, through an agreement dated December 21, 1875, and they constituted what was known as the Vermont division of The Portland and Ogdensburg Railway.

On October 18, 1877, the companies having defaulted in payment of interest on their bonds, the roads were placed in the hands of receivers, who operated them until June 30, 1880, when its reorganization as the St. Johnsbury and Lake Champlain became effective.