Wikipedia:WikiProject Trains/ICC valuations/Dexter and Newport Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Dexter and Newport Railroad

Location and General Description of Property

The railroad of Dexter and Newport Railroad Company, herein called the Dexter and Newport, is a single-track, standard-gage, steam railroad located in the south-central part of Maine. The owned mileage extends northerly from Newport Junction to Dexter, Me., a distance of 12.698 miles. The Dexter and Newport also owns yard and side tracks totaling 2.269 miles. Its road thus embraces 14.967 miles of all tracks owned. All of its property is leased to and operated by the carrier.

Corporate History

The Dexter and Newport was incorporated on March 30, 1853, under the private laws of the State of Maine, for the purpose of building a railroad between Dexter, Me., and Newport, Me., 14.23 miles. Since November 26, 1868, the Dexter and Newport has been operated by the carrier. The principal office of the Dexter and Newport is at Bath, Me. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

Development of Fixed Physical Property

The property owned by the Dexter and Newport was acquired by construction and was opened and turned over to the carrier for operation on November 26, 1868. Since 1889, that part of the road north of the junction with the railroad of the Dexter & Piscataquis, 1.26 miles, has not been used, although, with the exception of the station at the northern end, which has been removed, the property remains in place. The length of the remainder of the line is 12.698 miles.

Leased Railway Property

On February 24, 1869, the property of the Dexter and Newport was formally leased to the carrier for a period of 30 years from November 25, 1868, and on December 31, 1888, it was leased for a period of 999 years from November 25, 1888. The latter lease provides for an annual rental of $18,000 until November 24, 1898, and the payment thereafter of 5 per cent on the capital stock, interest on the funded debt, and $250 for organization expenses. The lessee pays for all additions and betterments, these being regarded by both parties as additional rental.