Wikipedia:WikiProject Trains/ICC valuations/Central Vermont Railway
Interstate Commerce Commission, Valuation Reports, Volume 30
Central Vermont Railway
[edit]Location and General Description of Property
[edit]The railroad of Central Vermont Railway Company, herein called the carrier, is a standard-gage, steam railroad, located principally in the State of Vermont but extending a short distance into the State of New York. It also has wharf property in New York City. It is single track, with the exception of about 6 miles of double track. The owned mileage extends in a general northerly direction from Windsor, Vt., to the Vermont-Canada line, and to Rouses Point, N. Y. In addition to its owned mileage, the carrier operates, under lease, lines in the States of Connecticut, Massachusetts, and Vermont, the principal main line being that of the New London,[sic] Northern Railroad Company, which extends in a northerly direction from New London, Conn., to Brattleboro, Vt. The carrier has trackage rights from Brattleboro, to Bellows Falls, Vt., over the line of the Vermont Valley Railroad, and from Bellows Falls, Vt., to Windsor, Vt., over the line of The Sullivan County Railroad, both of these railroads being operated under agency agreement by the Boston and Maine Railroad.
The railroad of the carrier, therefore, forms but a part of the railroad system operated by it, the principal main line of which extends from New London, Conn., to Rouses Point, N. Y., and East Alburgh, Vt.
The carrier owns 241.815 miles of road, of which it uses 241.089 miles and leases 0.726 mile to The Sullivan County Railroad. It also uses, under lease, 165.975 miles of road owned by the lessor companies, which are reported upon hereinafter. The total road mileage used is 407.064. The total all-track mileage used is 566.615, of which the carrier owns 351.591 miles and the lessor companies 215.024 miles. These mileages are further classified in the trackage table in Appendix 1, where will also be found further description of these properties.
In addition, the carrier operates under an agreement 23 miles of main track and 100 miles of branch track in the Dominion of Canada. These properties are not included in this report.
Corporate History
[edit]The carrier was incorporated under the general laws of the State of Vermont, and organized on April 20, 1899, with principal office at St. Albans, Vt. The purpose of incorporation was to acquire the properties and exercise the rights and franchises of the Central Vermont Railroad Company, the Missisquoi Valley Railroad Company, and the Burlington and Lamoille Valley Railroad Company; to lease the New London Northern; and to acquire the securities of and purchase, lease, or operate other roads, either within or without the State. On April 30, 1899, the Central Vermont Railroad Company and the other two predecessor companies were consolidated to form the carrier. Further information in regard to corporate history and the development of fixed physical property is given in Appendix 2.
The corporate predecessors of the carrier, together with succession, is shown in the following table.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1 | Central Vermont Railway Company. | In Vermont, Nov. 16, 1898. | |
| 2 | Central Vermont Railroad Company. | In Vermont, Nov. 23, 1872. | Consolidated Apr. 30, 1899, with 8 and 10 to form 1. |
| 3 | Consolidated Railroad Company of Vermont. | In Vermont, Nov. 28, 1882. | Merged Dec. 14, 1891, with 2. |
| 4 | Vermont Central Railroad Company. | In Vermont, Oct. 31, 1843. | Sold to 3, June 30, 1884. |
| 5 | Vermont and Canada Railroad Company. | In Vermont, Oct. 31, 1845. | Merged with 2, Dec. 14, 1891. |
| 6 | Lamoille Valley Extension Railroad Company. | In Vermont, Oct. 25, 1872. | Acquired by 2, Dec. 7, 1887. |
| 7 | Montpelier and White River Railroad Company. | In Vermont, Nov. 8, 1867. | Merged with 2, Dec. 14, 1891. |
| 8 | Burlington and Lamoille Valley Railroad Company. | In Vermont, Apr. 20, 1889. | Consolidated Apr. 30, 1899, with 2 and 10 to form 1. |
| 9 | Burlington and Lamoille Railroad Company. | In Vermont, Feb. 24, 1875. | Sold to 8, May 1, 1889. |
| 10 | Missisquoi Valley Railroad Company. | In Vermont, Dec. 24, 1886. | Consolidated Apr. 30, 1899, with 2 and 8 to form 1. |
| 11 | Missisquoi Railroad Company. | In Vermont, Nov. 14, 1867. | Sold to 10, Jan. 1, 1887. |
Development of Fixed Physical Property
[edit]The carrier acquired the properties of the Central Vermont Railroad Company, Burlington and Lamoille Valley Railroad Company, and Missisquoi Valley Railroad Company by consolidation and purchase on April 30, 1899. The following statement shows the mileage acquired from each company, the termini, and the years when the various lines were constructed.
| Mileage | ||
|---|---|---|
| Central Vermont Railroad Company (no construction): | ||
| Constructed by the Vermont Central Railroad Company— | ||
| Connecticut River Bridge to Windsor, Vt. | 0.726 | |
| White River Junction to Connecticut River Bridge, Vt., 1849. | 14.700 | |
| White River Junction to Northfield, Vt., 1848. | 53.300 | |
| Northfield to Essex Junction, Vt., 1848. | 42.700 | |
| Essex Junction to Winooski Bridge, Vt., 1848. | 5.800 | |
| Montpelier Junction to Montpelier, Vt., 1848. | 1.500 | |
| Burlington to Winooski Bridge, Vt., 1848, (2.50 miles, abandoned in 1862) | ...... | |
| Constructed by the Vermont and Canada Railroad Company— | ||
| Essex Junction to St. Albans, Vt., 1850. | 24.500 | |
| St. Albans to Fonda Junction, Vt., 1851. | 6.200 | |
| Fonda Junction, Vt., to Canada line, 1864. | 10.800 | |
| Winooski Bridge to Burlington, Vt., 1861. | 2.200 | |
| Fonda Junction, Vt., to New York line, 1851. | 16.900 | |
| Constructed by the Lamoille Valley Extension Railroad Company— | ||
| Maquam, Vt., to New York line, 1883 (6 miles, abandoned in 1887). | ...... | |
| Constructed by the Montpelier and White River Railroad Company— | ||
| Montpelier to Barre Junction, Vt., 1875. | 5.000 | |
| Barre Junction to Barre, Vt., 1875. | 1.200 | |
| Barre Junction to Williamstown, Vt., 1888. | 8.400 | |
| 193.926 | ||
| Burlington and Lamoille Valley Railroad Company (no construction): | ||
| Constructed by the Burlington and Lamoille Railroad Company— | ||
| Essex Junction to Cambridge Junction, Vt., 1877. | 26.000 | |
| Essex Junction to Burlington, Vt., 1877 (9 miles, abandoned in 1889). | ...... | |
| 26.000 | ||
| Missisquoi Valley Railroad Company (no construction): | ||
| Constructed by the Missisquoi Railroad Company, St. Albans to Richford, Vt., 1873. | 28.800 | |
| Total recorded mileage. | 248.726 | |
| Difference between total recorded mileage and mileage inventoried as of date of valuation. | 6.911 | |
| Mileage inventoried as of date of valuation. | 241.815 |
Leased Railway Property
[edit]The carrier uses railroad property of others and other carriers use property of the carrier. The following tabulation shows the property used either solely or jointly, the periods and terms of use, and the rentals accrued for the year ended on date of valuation:
| Rentals | |
|---|---|
| Solely used but not owned, leased from— | |
| New London Northern and West River Railroad— | |
| Entire properties. The West River Railroad is controlled by the New London Northern. Both operated under lease taken over by carrier from the Consolidated Railroad Company of Vermont. Lease runs for 99 years from Dec. 1, 1891, at annual rental of $210,000 and $1,000 per annum for organization expenses, lessee to make additions and betterments to property and pay taxes and insurance. Annual rental increased by $2,252.50 on Aug. 1, 1899, which represents 4 per cent on cost of an extension built by lessor. In addition, carrier pays annual interest of $3,000 on $75,000 in bonds of the West River Railroad, issued to carrier in payment of construction advances. | $216,552.50 |
| Bethel Granite Railway— | |
| Entire property. Revenue derived from operations included in the income account of the carrier. | ...... |
| City of New York— | |
| Wharf and dock property, Pier 29, East River. | 26,250.00 |
| New London Northern and Norwich and Worcester Railroad Company— | |
| Passenger station at Norwich, Conn. | ...... |
| Solely owned but not used, leased to The Sullivan County Railroad (Boston and Maine Railroad, agent): | |
| Road from Connecticut River bridge to Windsor, Vt., 0.726 mile; for terms of use see next item. | ...... |
| Solely owned but jointly used, used with— | |
| Sullivan County Railroad (Boston and Maine Railroad, agent)— | |
| Sole use of the 0.726 mile mentioned above modified by another agreement with the Boston and Maine Railroad, as agent for The Sullivan County Railroad and the Vermont Valley Railroad, as shown hereinafter. Under the agreement for the operation of these three pieces of track the Boston and Maine Railroad receives all revenues accruing from passenger service and 4 mills per ton per train-mile for all freight hauled; it pays the carrier 30 cents per passenger-train mile and 39 cents per freight-train mile for all trains passing over track. | ...... |
| Grand Trunk Railway Company of Canada— | |
| Trackage from East Alburgh to Swanton, Vt., 6.661 miles. Rental 5 per cent per annum on appraised value of $10,000 per mile of track used. | 3,330.00 |
| Rutland Railroad Company— | |
| Trackage at Burlington, Vt. Terms of use $2,000 per annum credited to operating expenses. | ...... |
| Yards and terminals at Alburgh, Vt. Terms of use 2 per cent per annum on appraised value of $15,140, plus 50 per cent of maintenance and operation. | 302.80 |
| Boston & Maine Railroad— | |
| Station facilities at Belchertown, Mass. Terms of use, payment of 66⅔ per cent of maintenance and operation, of which $6,608 was credited to operating expenses. | 133.32 |
| Station facilities at Brattleboro, Vt. Terms of use $7,500 per annum, of which $4,126 was credited to operating expenses. | 3,375.00 |
| Station facilities at Windsor, Vt. Terms of use $5,000 per annum, of which $2,999.96 was credited to operating expenses. | 2,000.04 |
| Trackage from Windsor to White River, Vt., 13.9 miles. | ...... |
| White River Railroad Company (of Vermont)— | |
| Station facilities at Bethel, Vt. Terms of use, $1,000 per annum, credited to operating expenses. | ...... |
| The St. Johnsbury and Lake Champlain Railroad Company— | |
| Station and yard facilities at Swanton, Vt. Terms of use, payment of maintenance, and operating expenses, based on business handled for each company. | 389.58 |
| Mt. Mansfield Electric Railway— | |
| Station facilities at Waterbury, Vt. Terms of use, $144 per annum, credited to operating expenses. | ...... |
| Jointly used but not owned, owned by— | |
| The Sullivan County Railroad and the Vermont Valley Railroad— | |
| Trackage from Bellows Falls, Vt. to Connecticut River Bridge 24.3 miles, owned by The Sullivan County Railroad, and trackage from Brattleboro to Bellows Falls, Vt. 24.4 miles, owned by the Vermont Valley Railroad. Agreement made with the Boston and Maine Railroad, as agent for these two companies, also includes use of the carrier's tracks previously leased for sole use to The Sullivan County Railroad, as stated heretofore. Traffic on these three pieces of track governed by agreement with the Boston and Maine Railroad, previously stated in this chapter. | ...... |
| Boston and Maine Railroad— | |
| Terminal facilities at Brattleboro, Vt. Terms of use, $600 per annum. | 600.00 |
| The St. Johnsbury and Lake Champlain Railroad Company— | |
| Station facilities at Cambridge, Vt. Terms of use, $250 per annum, 50 per cent of operation, 33⅓ per cent of maintenance and supply of water. Of the total paid, $200 was charged to operating expenses. | 60.00 |
| Water tank at Swanton, Vt. Terms of use, $20 per year and in addition proportion of water used. | ...... |
| Boston and Albany Railroad Company— | |
| Station facilities at Palmer, Mass. Terms of use, $2,460 per annum, of which $1,230 was charged to operating expense. | 1,230.00 |
| Rutland Railroad Company— | |
| Approaches to jointly owned bridge across Lake Champlain at Rouses Point, N. Y. Terms of use, $1,000 per annum, charged to miscellaneous rents. | ...... |
| The Delaware and Hudson Company— | |
| Station facilities at Rouses Point, N. Y. Terms of use, $3,300 per annum, of which $2,139 was charged to operating expenses. | 1,161.00 |
| The New York, New Haven and Hartford Railroad Company— | |
| Terminal facilities at Willimantic, Conn. Terms of use, $900 per annum and additional amounts in accordance with use. | ...... |