Wikipedia:WikiProject Trains/ICC valuations/Rhode Island Company

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The Rhode Island Company, hereinafter called the carrier, owns a network of electric lines in Rhode Island, but the carrier operates a steam railroad under lease, the tentative valuation of which is herein given. This railroad is a single-track standard-gauge steam railroad, located in the southern part of Rhode Island, owned by The Narragansett Pier Railroad Company, hereinafter called the Narragansett, and leased to the carrier. The road extends in a southeasterly direction from Kingston to Narragansett Pier, R. I., a distance of 8.361 miles and has yard tracks and sidetracks totaling 2.427 miles, an aggregate of 10.788 miles of all tracks.

Corporate history.—The Narragansett was incorporated on June 10, 1868, under a special act of Rhode Island and was organized on April 20, 1875. The principal office is at Peacedale, R. I. The property is leased to and operated by the carrier, which operates chiefly by electric power a system of urban and interurban railways. The Narragansett has issued 1,338 shares of its capital stock, which is held by 39 stockholders, of whom John C. Hazard, trustee, and the Hazard Estate, Incorporated, both of Peacedale, together hold 691 shares.

The detailed facts as to the development of the fixed physical property are given in Appendix 2.

APPENDIX 2

THE NARRAGANSETT PIEB RAILROAD COMPANY (The Narragansett)

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The railway of the Narragansett was built partly by contract and partly by its own forces. The work was begun February 3, 1876, and the road opened for operation on July 17 of that year.

HISTORY OF CAPITAL FINANCING