Wikipedia:WikiProject Trains/ICC valuations/European and North American Railway

Interstate Commerce Commission, Valuation Reports, Volume 30

European and North American Railway

Location and General Description of Property

The railroad of European and North American Railway, herein called the European and North American, is a standard-gage, steam railroad, located in the southeastern part of Maine. Its owned mileage extends northeasterly from Bangor, Me., to Vanceboro, Me., with branches from Enfield to Montague and from Orono to Stillwater. The total length of the main line and branches is 120.369 miles. The European and North American also owns other main tracks totaling 4.611 miles and yard and side tracks totaling 63.247 miles. Its road thus embraces 188.227 miles of all tracks owned. All of its property is leased to and operated by the carrier.

Corporate History

The European and North American was incorporated on October 13, 1880, under the general laws of the State of Maine. It was organized by bondholders of the European and North American Railway Company for the purpose of acquiring the property of the Consolidated European and North American Railway Company, the latter having previously acquired the property of the European and North American Railway Company through consolidation. Since October 1, 1882, the European and North American has been operated under lease by the carrier. The principal office of the European and North American is at Bangor, Me. Further information will be found in Appendix 2. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

The European and North American was preceded by other companies, the earliest of which was incorporated in 1833. The following statement shows facts concerning the incorporation and succession of companies, which were directly or indirectly predecessors of the European and North American.

No.	Name	Incorporation	Succession
1	European and North American Railway.	Under general laws of Maine, Oct. 13, 1880.
2	Consolidated European and North American Railway.	In Maine, Dec. 1, 1872.	Portion of property in Maine reorganized into 1 Sept. 30, 1880, although latter was not incorporated until Oct. 13, 1880.
3	European and North American Railway Company (N. B.)	[empty; March 15, 1851 or April 13, 1864]	Consolidated with 4 to form 2, Dec. 1, 1872.
4	European and North American Railway Company (Me.)	Private laws of Maine, Aug. 20, 1850.	Consolidated with 3 to form 2, Dec. 1, 1872.
5	Oldtown and Lincoln Railroad Company.	Private law of Maine, Mar. 8, 1852.	Sold to 4, Dec. 21, 1864.
6	Penobscot Railroad Company.	See 7.	Sold to 4, July 15, 1863.
7	Bangor and Orono Railroad Company.	Private law of Maine, Aug. 2, 1847.	Name changed to 6, Aug. 21, 1850.
8	Bangor, Oldtown and Milford Railroad Company.	See 9.	Acquired by 4 in August, 1870; later abandoned.
9	Bangor and Piscataquis Canal and Railroad Company.	Private law of Maine, Feb. 8, 1833.	Name changed to 8, Mar. 14, 1855.

Development of Fixed Physical Property

The road mileage of the European and North American owned on date of valuation was acquired as follows:

		Mileage
Reorganization:
Consolidated European and North American Railway Company—
Constructed by Bangor and Piscataquis Canal and Railroad Company—
Bangor to Old Town, before 1840.	11.50
Old Town to Shad Rock, 1849.	0.50
Shad Rock to Milford, 1854.	.50
		12.50
Abandoned by the European and North American Railway Company (Me.), 1870.		12.50
Construction begun by Penobscot Railroad Company in 1853, completed by European and North American Railway Company (Me.), 1868—
Bangor to Milford.		13.40
Constructed by the European and North American Railway Company (Me.)—
Milford to Mattawamkeag, 1869.	44.70
Mattawamkeag to Vanceboro, 1871.	56.20
Orono to Stillwater, Me., 1872.	3.01
Industrial tracks, 1872.	1.38
		105.29
Construction, between 1880 and date of valuation:
Enfield to Montague.	3.03
Montague to Hawland.	0.73
Industrial tracks.	3.83
		7.59
Total recorded mileage.		126.28
Difference between recorded mileage and mileage inventoried as of date of valuation.		5.911
Mileage inventoried as of date of valuation.		120.369

The foregoing table includes 5.21 miles of industrial tracks. If these were eliminated, the difference between total recorded mileage and mileage inventoried as of date of valuation would be decreased to 0.701 mile.

Leased Railway Property

The property of the European and North American was leased to the carrier for a term of 999 years from April 1, 1882. The lease provides that the lessee shall pay an annual rental equivalent to 5 per cent on $2,500,000 of authorized capital stock, interest on funded debt, and $500 for organization expenses; and that it shall make all improvements without cost to the lessor, and pay all taxes and insurance.