Wikipedia:WikiProject Trains/ICC valuations/Eastern Maine Railway

Interstate Commerce Commission, Valuation Reports, Volume 30

Eastern Maine Railway

Location and General Description of Property

The railroad of Eastern Maine Railway Company, herein called the Eastern Maine Railway, is a single-track, standard-gage, steam railroad, located in the southern part of Maine. The owned mileage extends southwesterly from Brewer Junction, Me., to Bucksport, Me., 18.919 miles. The Eastern Maine Railway also owns yard and side tracks totaling 4.629 miles. Its road thus embraces 23.548 miles of all tracks owned. All of its property is leased to and operated by the carrier.

Corporate History

The Eastern Maine Railway was incorporated on February 28, 1882, under the general laws of the State of Maine by bondholders of the Bucksport and Bangor Railroad Company, the purpose being to purchase the property of the latter company at foreclosure sale. Since May 1, 1883, the Eastern Maine Railway has been operated under lease by the carrier. Its principal office is at Rockland, Me. Further information on corporate history, and the detailed facts as to the development of the fixed physical property are given in Appendix 2.

The Eastern Maine Railway had two predecessors, the Penobscot and Union River Railroad Company and the Bucksport and Bangor Railroad Company. The Penobscot and Union River Railroad Company was incorporated on March 11, 1870, under the private laws of the State of Maine and by act of February 1, 1873, its name was changed to Bucksport and Bangor Railroad Company. The company was reorganized as the Eastern Maine Railway Company on February 28, 1882.

Development of Fixed Physical Property

On date of incorporation, the Eastern Maine Railway succeeded to the property owned by the Bucksport and Bangor, consisting of 18.80 miles of 3 foot gage railroad between Bucksport and Bangor, Me., which had been constructed by the latter in 1874. The Eastern Maine Railway subsequently added slightly to the mileage, making 18.919 miles of road owned on date of valuation. As originally constructed, the gage of the railroad was 5.5 feet, which was changed to standard in 1877, to 3 feet in 1879, and again to standard in 1883.

Leased Railway Property

On May 1, 1883, the property of the Eastern Maine Railway was leased to the carrier for a term of 999 years at a fixed annual rental of $9,000 and an allowance of $500 per annum for organization expenses. The lessee is obligated to make all improvements without cost to the lessor and to pay all taxes and insurance.