Wikipedia:WikiProject Trains/ICC valuations/Maine Central Railroad
Interstate Commerce Commission, Valuation Reports, Volume 30
Maine Central Railroad
editLocation and General Description of Property
editThe railroad of Maine Central Railroad Company, hereinafter called the carrier, is a standard-gage, steam railroad, whose owned mileage is located entirely in the State of Maine. Mileage operated under lease is located in the States of Maine, New Hampshire, and Vermont, and includes about 58 miles in the Dominion of Canada not incorporated in this report. The operated mileage consists of a network of railways traversing the southern part of the State of Maine, a single artery crossing the State of New Hampshire, and lines in Vermont.
The carrier also owns and operates a regular marine service for distributing and collecting summer travel between the road's terminal at Rockland and several points on Penobscot Bay and also between its railhead at Mount Desert Ferry and Bar Harbor, and other points on Mount Desert Island and the adjacent coast.
The carrier wholly owns 642.491 miles of road, all of which it uses. It also uses, under lease, 461.409 miles of road owned by its lessor companies, reported upon hereinafter, and 27.590 miles of road owned by the St. Johnsbury and Lake Champlain Railroad Company—a total of 488.999 miles. The total all-track mileage used is 1,612.721, of which the carrier owns 954.884 miles and the lessor companies and the St. Johnsbury and Lake Champlain 657.837 miles. In addition, the carrier owns and uses jointly and equally with other carriers 0.255 mile of first main track and 0.936 mile of yard tracks and sidings—a total of 1.191 miles of all tracks. These mileages are further classified in the trackage table in Appendix 1, where will also be found further description of the properties operated by the carrier.
The carrier leases trackage from the Portland and Ogdensburg, which it subleases to the Portland Terminal Company, as shown in the report on the Portland and Ogdensburg.
The carrier enjoys certain trackage rights, the most important of which are over the lines owned and used by the Portland Terminal Company, whereby the carrier gains entrance into Portland, Me.
Corporate History
editA private act of the Legislature of the State of Maine approved April 1, 1856, and amended March 17, 1862, provided for the consolidation of three railroad corporations, named in Appendix 2. In accordance with this act, two of them, the Androscoggin and Kennebec Railroad Company and the Penobscot and Kennebec Railroad Company, were consolidated under the name of Maine Central Railroad Company on October 28, 1862. From that date the carrier has steadily increased its holdings by purchasing the rights and franchises of other corporations, by leasing railway property, by constructing lines in its own name, and by financing other corporations and subsequently absorbing them. During the 60 years of its corporate existence it has acquired the properties of 12 corporations which, in turn, had succeeded to that of 16 others; so that, either directly or indirectly, the carrier is successor to 28 corporations. The dates of incorporation of predecessor companies and the dates and manner of their succession, will be found in Appendix 2. The principal office of the carrier is at Portland, Me.
The carrier's corporate organization is the result of merger into one system of 12 corporations between the years 1862 and 1914.
A private act of the Legislature of the State of Maine, approved April 1, 1856, provided that the Androscoggin and Kennebec Railroad Company, the Androscoggin Railroad Company, and the Penobscot and Kennebec Railroad Company were authorized at any time to consolidate Into one corporation. On March 17, 1862, a section of the law that had not proven acceptable to the companies was repealed and on October 28, 1862, two of them, the Androscoggin and Kennebec and the Penobscot and Kennebec were consolidated under the name Maine Central Railroad Company.
A private act of the legislature approved February 26, 1873, authorized the Androscoggin Railroad Company, the Portland and Kennebec Railroad Company, the Somerset and Kennebec Railroad Company, and the Leeds and Farmington Railroad Company to consolidate, or such of them as so elected, into one corporation with the carrier. On November 16, 1874, the above-named corporations, with the exception of the first named, were consolidated with the carrier.
Subsequent to this consolidation, the carrier acquired the property, rights and franchises of the several corporations listed below, on the dates indicated and under private acts of the legislature on dates as shown:
| Company | Date acquired | Year of act |
|---|---|---|
| Maine Shore Line Railroad Company. | Oct. 28, 1888 | 1887 |
| Knox and Lincoln Railway | Feb. 20, 1901 | 1901 |
| Washington County Railway Company | July 1, 1911 | 1911 |
| Somerset Railway Company | July 1, 1911 | 1911 |
| Sebasticook and Moosehead Railroad Company | July 1, 1911 | 1911 |
| Androscoggin Railroad Company | Aug. 19, 1911 | 1901 |
| Rangeley Lakes and Megantic Railroad Company | Oct. 27, 1914 | 1909 |
Of the corporations whose properties were acquired by the carrier, the Maine Shore Line Railroad Company reserved certain franchise rights and the Washington County Railway Company, Somerset Railway Company, and the Rangeley Lakes and Megantic Railroad Company continued their corporate organizations.
The following statement shows facts concerning the incorporation and succession of companies, which were directly or indirectly predecessors of the carrier.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1 | Maine Central Railroad Company. | Under private act of Maine, Apr. 1, 1856, amended Mar. 17, 1862. | |
| 2 | Androscoggin and Kennebec Railroad Company. | Special act of Maine, Mar. 28, 1845. | Consolidated with 3, Oct. 28, 1862, to form 1. |
| 3 | Penobscot and Kennebec Railroad Company. | Special act of Maine, Apr. 7, 1845. | Consolidated with 2, Oct. 28, 1862, to form 1. |
| 4 | Portland and Kennebec Railroad Company. | General laws of Maine, Nov. 5, 1862. | Consolidated with 1, Nov. 16, 1874. |
| 5 | Kennebec and Portland Railroad Company. | Special act of Maine, Apr. 1, 1836. | Consolidated with 4, Jan. 1, 1864. |
| 6 | Somerset and Kennebec Railroad Company. | Private laws of Maine, Aug. 10, 1848. | Consolidated with 1, Nov. 16, 1874. |
| 7 | Leeds and Farmington Railroad Company. | General laws of Maine, May 11, 1865. | Consolidated with 1, Nov. 16, 1874. |
| 8 | Maine Shore Line Railroad Company. | Private law of Maine, Mar. 4, 1881. | Sold to 1, Oct. 28, 1888. |
| 9 | Knox and Lincoln Railway. | See 10. | Merged with 1, Feb. 20, 1901. |
| 10 | Penobscot Shore Line Railroad Company. | Special act of Maine, Mar. 2, 1889. | Name changed to 9, Jan. 21, 1891. |
| 11 | Knox and Lincoln Railroad Company. | See 12. | Sold to 10, Aug. 1, 1890. |
| 12 | Penobscot, Lincoln and Kennebec Railroad Company. | See 13. | Name changed to 11, Mar. 21, 1864. |
| 13 | Penobscot and Kennebec Railroad Company. | Special act of Maine, Aug. 13, 1849. | Name changed to 12, Aug. 15, 1849. |
| 14 | Washington County Railway Company. | General laws of Maine, Dec. 17, 1903. | Merged with 1, July 1, 1911. |
| 15 | Washington County Railroad Company. | Private law of Maine, Mar. 7, 1893. | Transferred to 14, Dec. 17, 1903. |
| 16 | St. Croix and Penobscot Railroad Company. | See 17. | Mortgage transferred to 15, May 15, 1899. Property acquired by 15 through subsequent foreclosure. |
| 17 | Calais and Baring Railroad Company. | See 18. | Name changed to 16, Feb. 26, 1870. |
| 18 | Calais Railroad Company. | See 19. | Name changed to 17, July 26, 1849. |
| 19 | Calais Railway Company. | Private law of Maine, Feb. 17, 1832. | Name changed to 18, Feb. 22, 1838. |
| 20 | Lewy's Island Railroad Company (Me.). | Private law of Maine, Mar. 16, 1854. | Sold to 16, Aug. 11, 1870. |
| 21 | Somerset Railway Company. | See 22. | Merged with 1, July 1, 1911. |
| 22 | Kennebec Valley Railroad Company. | Private law of Maine, Mar. 11, 1903. | Name changed to 21, Aug. 15, 1904. |
| 23 | Somerset Railway. | General laws of Maine, Aug. 15, 1883. | Sold Aug. 4, 1904, to 22. |
| 24 | Somerset Railroad Company. | Private law of Maine, Mar. 19, 1860. | Sold at foreclosure to 23, Sept. 1, 1883. |
| 25 | Sebasticook and Moosehead Railroad Company. | General laws of Maine, July 15, 1886. | Sold to 1, Sept. 13, 1910, but not merged with 1 until July 1, 1911. |
| 26 | Androscoggin Railroad Company. | Special act of Maine, Aug. 10, 1848. | Sold to 1, Aug. 19, 1911. |
| 27 | Rangeley Lakes and Megantic Railroad Company. | Private law of Maine, Mar. 12, 1909. | Sold to 1, Oct. 27, 1914. |
Development of Fixed Physical Property
editThrough the consolidation of the Androscoggin and Kennebec Railroad Company and the Penobscot and Kennebec Railroad Company in 1862, the carrier succeeded to 109 miles of road owned by those corporations, which was increased from time to time until, on date of valuation, 642.491 miles of road were solely owned and used in the United States.
The carrier has leased all the property of 13 railway corporations and part of the property of another; some of these lines it later purchased. By leasing these properties, it came into possession of the leasehold interests of their owners in six other properties; that is to say, it subleased them. So that, in all, it leased, directly or indirectly, 19 entire properties and part of another. Each of the 19 it operated for a time under lease, but now and then ownership of one or more of them passed to the carrier by reason of consolidations or purchase, until 4 of the leased and 2 of the subleased properties became its own. Its leasehold interest in the other 13 and its operations of them continued.
The 6 lines formerly leased and subsequently acquired do not constitute all of the carrier's owned property. In addition to them, it has purchased the property of 6 other companies which, during their independent existence, were not operated by the carrier. It has, therefore, succeeded to the property rights of 12 companies. And further, it has constructed lines of its own. The outcome of these transactions is shown in the following summary of mileage of road acquired, all of which is located in Maine.
| Mileage | ||
|---|---|---|
| Acquired by consolidation, merger, or purchase: | ||
| From the Androscoggin and Kennebec Railroad Company, constructed by that company— | ||
| Danville Junction to Waterville, 1848-9. | 54.60 | |
| From the Penobscot and Kennebec Railroad Company, constructed by that company— | ||
| Waterville to Bangor, 1853-5. | 54.90 | |
| From the Portland and Kennebec Railroad Company, constructed by the Kennebec and Portland Railroad Company— | ||
| Portland to Augusta, 1849-52. | 62.30 | |
| Brunswick to Bath, 1849. | 8.90 | |
| 71.20 | ||
| From the Somerset and Kennebec Railroad Company, constructed by that company— | ||
| Augusta to Waterville, 1855. | 19.40 | |
| Waterville to Fairfield, 1855. | 2.60 | |
| Fairfield to Skowhegan, 1856. | 15.63 | |
| 37.63 | ||
| From the Androscoggin Railroad Company, constructed by that company— | ||
| Brunswick to Leeds Junction, 1861. | 25.94 | |
| Crowley's Junction to Lewiston, 1861. | 4.88 | |
| West Farmington to Farmington, 1870. | 0.70 | |
| At Topsham, 1893. | 1.32 | |
| At Lewiston, 1903. | 0.15 | |
| 32.99 | ||
| From the Leeds and Farmington Railroad Company, constructed by the Androscoggin Railroad Company— | ||
| Leeds Junction to Livermore Falls, 1855. | 20.00 | |
| Livermore Falls to West Farmington, 1860. | 15.96 | |
| 35.96 | ||
| From the Main[sic] Shore Line Railroad Company, constructed by that company— | ||
| Brewer Junction to Mount Desert, 1884. | 41.13 | |
| From the Knox and Lincoln Railway, constructed by Knox and Lincoln Railroad Company— | ||
| Woolwich to Rockland, 1871. | 46.63 | |
| At Rockland, 1873. | 1.44 | |
| At Rockland, 1887. | 0.50 | |
| 48.57 | ||
| From the Sebasticook and Moosehead Railroad Company, constructed by that company— | ||
| Pittsfield to Hartland, 1886. | 8.20 | |
| Hartland to Mainstream, between 1889 and 1910. | 7.50 | |
| 15.70 | ||
| From Washington County Railway Company, constructed by— | ||
| Lewy's Island Railroad Company— | ||
| Princeton to Baring, through Canada in 1856. | 16.20 | |
| Less mileage in Canada. | 5.10 | |
| Net total in Maine. | 11.10 | |
| Calais Railroad Company— | ||
| Calais to Salmon Falls, 1839. | 1.97 | |
| Calais and Baring Railroad Company— | ||
| Salmon Falls to Baring and to Kelly's Point, 1851. | 3.66 | |
| Washington County Railroad Company— | ||
| Ayers Junction to Eastport, 1898. | 16.48 | |
| Washington Junction to St. Croix Junction, 1898. | 98.51 | |
| At Machias, 1903. | 0.46 | |
| At Baileyville (Gravel Pit) 1905-11. | 0.18 | |
| Woodland Junction to Woodland, 1905-11. | 1.21 | |
| At Machias (Mill), 1905-11. | 0.10 | |
| At Woodland (diversion) 1905-06. | 4.83 | |
| Total. | 138.51 | |
| Less mileage abandoned, at Woodland (diversion), 1906. | 5.06 | |
| 133.45 | ||
| From Somerset Railway Company, constructed by— | ||
| Somerset Railroad Company— | ||
| Oakland to North Anson, 1874. | 25.20 | |
| Somerset Railway— | ||
| North Anson to Embden, 1874. | 5.30 | |
| Bangs to Quarry, 1888. | 0.99 | |
| Embden to Bingham, 1890. | 10.93 | |
| Somerset Railway Company— | ||
| Austin Junction (Bingham) to Deadwater, 1905. | 9.00 | |
| Deadwater to Landers, 1906. | 10.10 | |
| Landers to Kineo Station, 1907. | 31.51 | |
| Somerset Junction (Gravel Pit), 1906. | 0.89 | |
| At Somerset Junction, 1907. | 0.19 | |
| 94.41 | ||
| From the Rangeley Lakes and Megantic Railroad Company: | ||
| Constructed by Rumford Falls and Rangeley Lakes— | ||
| Oquossoc to a point west of Kemankeag, 1902. | 2.22 | |
| Constructed by Rangeley Lakes and Megantic Railroad Company— | ||
| Point west of Kemankeag to Kennebago, 1912. | 8.43 | |
| 10.65 | ||
| Total. | 631.19 | |
| Less— | ||
| Purchased mileage sold to Portland Terminal Company— | ||
| At Portland, 1911. | 6.56 | |
| Purchased mileage abandoned— | ||
| Near Waterville, 1911. | 1.00 | |
| 7.56 | ||
| Net total. | 623.63 | |
| Acquired by construction: | ||
| Danville Junction to Cumberland Junction, Me., 1871. | 19.40 | |
| Gardiner to Copsecook, Me., 1899. | 1.15 | |
| Mainstream to Harmony, Me., 1912. | 2.06 | |
| Branch lines to industrial plants, between 1888 and 1912. | 5.95 | |
| 28.56 | ||
| Less constructed mileage abandoned— | ||
| Near Royal Junction, Me., 1911. | 1.70 | |
| 26.86 | ||
| Total recorded mileage. | 650.49 | |
| Difference between total recorded mileage and mileage recorded as of date of valuation. | 7.999 | |
| Mileage inventoried as of date of valuation. | 642.491 | |
Leased Railway Property
editThe carrier uses on date of valuation property owned by other companies and other companies use property owned by the carrier to the extent indicated in the statement below. The description of the property, the period and terms of use, and the rentals accrued for the year ended on date of valuation are as follows:
| Rentals | |
|---|---|
| Solely used, but not owned: | |
| Entire property owned by the Dexter and Newport, including 12.698 miles of road. Lease dated Nov. 25, 1868, and renewed from Nov. 25, 1888, for 999 years. Annual rental $18,000 for the first 10 years and thereafter payments of 5 per cent on the capital stock, interest on the bonds, and $230 for organization expenses. | $14,025.12 |
| Entire property owned by the Belfast and Moosehead Lake, including 32.896 miles of road. Leased for 50 years from May 10, 1871, at annual rental of $36,000. | 37,909.47 |
| Entire property owned by the European and North American, including 120.369 miles of road. Leased for 999 years from Apr. 1, 1882. Lease provides for annual rental of $125,000, payment of interest on bonds, and $500 for organization expenses. | 178,914.24 |
| Entire property owned by the Eastern Maine Railway, including 18.919 miles of road. Leased for 999 years from May 1, 1883, at annual rental of $9,000 and $500 for organization expenses. | 9,929.70 |
| Property owned by the Portland and Ogdensburg, including 101.594 miles of road. Entire property, including 109.378 miles of road, is actually leased, but 7.784 miles of road is subleased to Portland Terminal Company, as detailed hereinafter. Entire property leased for 999 years from Aug. 30, 1888, at annual rental of 1 per cent on capital stock for three years and 2 per cent thereafter, interest on bonds, and $500 for organization expenses. | 193,169.81 |
| Entire property owned by the Dexter & Piscataquis, including 16.621 miles of road. Leased for 999 years from Dec. 13, 1888, at annual rental of $13,350. | 17,525.07 |
| Entire property owned by the Upper Coos Railroad (N. H.), the Upper Coos Railroad (Vt.), and the Coos Valley Railroad including 55.393 miles of road. Property of Upper Coos Railroad (N. H.) is leased directly and property of the other two carriers is subleased from the Upper Coos Railroad (N. H.). Property leased or subleased for 999 years from May 1, 1890, at annual rental of 6 per cent on capital stock, interest on bonds, and $500 for charter obligations. | 71,439.61 |
| Entire property owned by the Portland and Rumford Falls Railroad, the Portland and Rumford Falls Railway, and the Rumford Falls and Rangeley Lakes, including 102.919 miles of road. The Portland and Rumford Falls Railroad owns no carrier property, but leases the property of the other two carriers, which it subleases to the carrier. The annual rental is $328,000 and interest on $300,000 in debenture bonds. | 599,914.99 |
| Portion of property of The St. Johnsbury and Lake Champlain Railroad Company including 27.590 miles of road, leased from Jan. 1, 1912, and lease canceled on Jan. 1, 1915. Again leased for five years from Jan. 1, 1915, or until canceled by either party giving 6 months' notice. Annual rental $20,000. | 20,000.00 |
| Jointly used, but not owned: | |
| Facilities in and near Portland, Me., owned by Portland Terminal Company. Used jointly by the carrier, Portland Terminal Company, and the Boston and Maine. | 90,000.00 |
| Freight station at Danville Junction owned by Grand Trunk Railway and used jointly with the carrier. | ...... |
| Passenger and freight station at Somerset Junction, Me. Owned by the Canadian Pacific Railway Company and used jointly with the carrier. | 318.50 |
| Tracks and facilities at Fabyans, N. H. Owned by The Concord & Montreal Railroad Company. Used jointly by the carrier and the Boston and Maine. | 250.00 |
| Passenger station at Scott's Junction, N. H., owned by The Concord & Montreal Railroad Company. Used jointly by the carrier and the Boston and Maine. | 125.80 |
| Passenger and freight station at St. Johnsbury, Vt., owned by The Connecticut and Passumpsic Rivers Railroad Company. Used jointly by the carrier, the Boston and Maine, and the St. Johnsbury and Lake Champlain Railroad Company. | 180.00 |
| Facilities at St. Johnsbury, Vt., including 0.11 mile of main track owned by The St. Johnsbury and Lake Champlain Railroad Company. Used jointly by the carrier, The St. Johnsbury and Lake Champlain Railroad Company, and Boston and Maine. | 816.95 |
| Solely owned, but jointly used: | |
| Interchange tracks and appurtenances at Yarmouth Junction, Me. Used jointly with the Grand Trunk Railway Company of Canada. | ...... |
| Interchange tracks at Danville Junction, Me., used jointly with the Grand Trunk. | ...... |
| Passenger station at Northern Maine Junction, Me., used jointly with the Bangor and Aroostook Railroad Company. | 271.97 |
| Passenger and freight station at Farmington, Me., used jointly with the Sandy River & Rangeley Lakes Railroad. | ...... |
| Passenger station at Warrens, Me., used jointly with Georges Valley Railroad Company. | ...... |
| Owned by lessors of the carrier and jointly used by the carrier and other carriers: | |
| Tracks and appurtenances at Mechanic Falls, Me., owned by the Portland and Rumford Falls Railway. Used jointly by the carrier and Grand Trunk Railway. | ...... |
| Passenger station at Foxcroft, Me., owned by the Dexter & Piscataquis. Used jointly by the carrier and Bangor and Aroostook Railroad Company . | ...... |
| Passenger and freight station at Old Town, Me., owned by the European and North American. Used jointly by the carrier and Bangor and Aroostook Railroad Company. | ...... |
| Tracks, buildings, and substantially all facilities between Mattawamkeag and Vanceboro, Me., about 56 miles, owned by the European and North American. Used jointly by the carrier and the Canadian Pacific Railway Company. | 23,800.00 |
| Passenger and freight station at Intervale, N. H., freight station at Fabyans, N. H., and passenger platform at Hazen's Junction, N. H. Owned by the Portland and Ogdensburg. Used jointly by the carrier and the Boston and Maine. | ...... |
| Leased from others and subleased to others: | |
| Portion of property owned by the Portland and Ogdensburg, including 7.784 miles of road extending from Portland to West Brook, Me. Leased by the carrier and subleased to Portland Terminal Company. Terms of lease to carrier enumerated in matter concerning lease of property of the Portland and Ogdensburg above. Sublease is for period from Aug. 30, 1887, to July 1, 1911, and provides for annual rental of 5 per cent on valuation of $854,395.81. | 42,719.76 |