Wikipedia:WikiProject Trains/ICC valuations/White River Railroad

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The railroad of White River Railroad Company, hereinafter called the carrier, is a single-track standard-gauge steam railroad, located in the central part of Vermont. Its mileage extends west and north from Bethel to Rochester, both in the State of Vermont, a distance of 18.908 miles. In addition to its main-line mileage, the carrier owns 2.199 miles of yard tracks and sidings. Its road thus embraces 21.107 miles of all tracks owned. In Appendix 1 will be found a general description of the property of the carrier.

Corporate history.—The carrier, whose principal office is located at Rochester, was incorporated November 21, 1902, by a special act of the Vermont Legislature, for the purpose of acquiring the property of the White River Valley Railroad Company, which had been sold under foreclosure on August 19, 1902. The property was acquired as of December 30, 1902. The corporation is controlled by C. D. Parker, of the banking firm of C. D. Parker & Company, of Boston, Mass. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

History of corporate financing, capital stock, and long-term debt.—

APPENDIX 2

DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The predecessor of the carrier, the White River Valley Railroad Company, was incorporated November 23, 1896, by a special act of the Vermont Legislature. The charter was twice amended, authorizing a change in corporate title only. On May 6, 1898, the name was changed to White River Valley Electric[sic] Company, and on November 27, 1900, its original title was restored.

On February 23, 1900, when about 6 miles of the road had been completed, the property owned was placed in the hands of receivers, and on August 19, 1902, the railroad was sold under foreclosure for $55,000 and the assumption of the receivers' liabilities. The purchasers were Samuel Williams, Ernest P. Jose, and James A. Styles, all of Boston, Mass., who were the principal creditors. On December 30, 1902, the franchises, property, and rights were conveyed by the purchasers to the carrier.

The accounting records were not obtainable and the foregoing information has been secured from the White River Valley Railroad Company's annual report to the Board of Railroad Commissioners of the State of Vermont and from available files of the receivers who operated the property.

In the railroad commissioners' biennial report for the years 1901-1902, it is stated that the construction of the present line was begun in June, 1899, and, although not completed, a through service was inaugurated in January, 1900. The report also stated "that its (the road's) condition is such as to raise a question whether its operation does not endanger the safety of the traveling public. It is being constructed by receivers appointed by the United States Court for the State of Vermont, and this court must take the responsibility for the conducting of its affairs."

HISTORY OF CORPORATE FINANCING