Wikipedia:WikiProject Trains/ICC valuations/Northern Maine Seaport Railroad

Interstate Commerce Commission, Valuation Reports, Volume 97

Northern Maine Seaport Railroad

Location and General Description of Property

The railroad of the Northern Maine Seaport is a partly double-track standard-gauge steam railroad, located in the south-central part of Maine. The owned mileage extends northwardly from Mack's Point, Me., to South Lagrange, Me., a distance of 55.566 miles, and from Cape Jellison, Me., northwardly to Cape Junction, Me., a distance of 2.113 miles. The Northern Maine Seaport also owns a second main track from Mack's Point to South Lagrange embracing 23.916 miles. Its total main-track mileage is 81.595. It also owns yard and side tracks totaling 44.827 miles. Its road thus embraces 126.422 miles of all tracks owned. In Appendix 1 will be found a general description of the property of the Northern Maine Seaport.

Corporate History

The Northern Maine Seaport was incorporated under the general laws of the State of Maine on December 1, and organized December 9, 1904, by interests in control of the carrier, in order to give the latter an outlet by sea and to make it more independent of the rail lines with which it had connections. The building of the Northern Maine Seaport was evidently part of a project which has not yet materialized, part of which was the building of a line down the valley of the Allegash River, a region now inaccessible, where is found the greatest forest growth remaining in New England. The railroad, franchise, and all other property of the Northern Maine Seaport were leased to the carrier on November 20, 1905, for 999 years. The northern Maine Seaport is controlled by the carrier through ownership of all of its outstanding capital stock. Its principal office is located at Bangor, Me. The detailed facts as to the development of the fixed physical property are given in Appendix 2.

Development of Fixed Physical Property

Construction of the Northern Maine Seaport was begun early in 1905 and the road was opened for traffic on November 27, 1905. Heavy construction continued for more than four years after the commencement of operation, in connection with the terminals and coaling plant at Northern Maine Junction, harbor terminals, and double tracking.

The railroad was built by the Aroostook Construction Company as contractor, while the Northern Maine Seaport constructed its terminal facilities at Kidders and Cape Jellison, including wharves, docks, and power plant, coaling plant and terminal facilities at Northern Maine Junction, and second track, and also provided its own equipment.

Leased Railway Property

As stated in the text of the report, the Northern Maine Seaport is leased to the carrier for 999 years from November 20, 1905. Under the terms of this lease the Northern Maine Seaport received an amount sufficient to pay the interest on its funded debt, which for the past four fiscal years has amounted to $236,000 per annum.