Wikipedia:WikiProject Trains/ICC valuations/Vermont and Massachusetts Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Location and General Description of Property
The railroad of Vermont and Massachusetts Rail-road Company, herein referred to as the Vermont and Massachusetts, is a partly double-track, standard-gage, steam railroad, situated entirely within the State of Massachusetts. The main line extends from Fitchburg to Greenfield, 56.016 miles, and a single-track branch extends from Turners Falls Junction to Turners Falls, Mass., .755 miles, making a total of 58.771 miles of road. The Vermont and Massachusetts also owns 119.264 miles of other track, including 56.016 miles of second main track, or a total of 178.035 miles of all tracks. Its property is operated by the carrier as lessee through the Fitchburg Railroad.

Corporate History
The Vermont and Massachusetts was incorporated under a special act of Massachusetts of March 15, 1844, for the purposes of constructing a railroad from Fitchburg to Athol, Mass., and beyond Athol to various optional points at or near the Vermont or New Hampshire State line. The Vermont and Massachusetts's principal office is at Boston, Mass.

In 1848 the Greenfield and Fitchburg Railroad Company, which had been incorporated under special act of Massachusetts of May 8, 1848, to construct a railroad from Grout's Corner (now Miller's Falls) to Greenfield, Mass., transferred its corporate rights and franchises to the Vermont and Massachusetts.

On March 19, 1869, the corporate rights and franchises of the Turner's Falls[sic], which had been incorporated under a special act of Massachusetts of February 19, 1866, to construct a railroad from Turner's Falls to Deerfield, Mass., were similarly transferred. This transfer was confirmed by special act of Massachusetts of May 6, 1869.

The Brattleboro and Fitchburg Railroad Company, evidently formed in the interest of the Vermont and Massachusetts, was incorporated under a special act of Vermont of October 31, 1843, for the purpose of constructing a railroad south from Brattleboro, Vt., to the south or east line of Vermont, to connect with the Fitchburg Railroad. In 1851, under authority of special acts of Massachusetts of March 15, 1844, and May 24, 1851, and a special act of Vermont of October 26, 1849, it was united with the Vermont and Massachusetts. On May 1, 1880, the Vermont and Massachusetts sold the property which had been constructed under the charter of this company to the New London Northern Railroad Company.

Development of Fixed Physical Property
The property of the Vermont and Massachusetts was acquired by construction under general contracts, as follows:

The total mileage shown above, after making adjustment for measurements at date of valuation, is 58.771 miles. The second main track between Fitchburg and Greenfield was opened in several sections in the period from 1876 to 1877.

In 1851 the Vermont and Massachusetts acquired the property of the Brattleboro and Fitchburg Railroad Company, which consisted of a line of road extending from Miller's Falls, Mass., to Brattleboro, Vt., 21.31 miles. This line had been opened for operation on February 20, 1849. The accounting for the construction of this property had been included without segregation in the accounts of the Vermont and Massachusetts. On May 1, 1880, the Vermont and Massachusetts sold this property to the New London Northern Railroad Company.

Leased Railway Property
The entire property of the Vermont Valley Railroad is leased to the Fitchburg Railroad for a period of 999 years from January 1, 1874. This lease was assumed by the carrier for a period of 99 years from July 1, 1900. It is provided in the lease to the Fitchburg Railroad, among other things, that the lessor shall pay as annual rental 4 per cent upon the Vermont and Massachusetts outstanding capital stock for the first two years, 5 per cent for the next two years, and 6 per cent thereafter, and $3,000 annually for organization expenses. It is provided in addition that the lessee shall pay all taxes, interest on funded debt, sinking-fund installments, and the principal of bonds at maturity subject to 80 per cent refundment. There is no stipulation in the lease governing the payment for improvements made by the lessee. The rental accrued for the year ended at date is recorded as $250,485.23.