Wikipedia:WikiProject Trains/ICC valuations/Vermont Valley Railroad

Interstate Commerce Commission, Valuation Reports, Volume 30

Vermont Valley Railroad

Location and General Description of Property

The railroad of Vermont Valley Railroad is a standard-gage, steam railroad, situated entirely within the State of Vermont and extending from Brattleboro to Bellows Falls, 24.443 miles. The Vermont Valley Railroad also owns 21.077 miles of other tracks, including 14.434 miles of second main track between Putney and Bellows Falls or a total of 45.520 miles of all tracks. This property is operated by the carrier, as agent, through assignment by the Connecticut River Railroad of its agency agreement with the Vermont Valley Railroad.

Corporate History

The Vermont Valley Railroad was incorporated on July 29, 1871, under the general laws of Vermont, No. 28, as The Vermont Valley Railroad of 1871. Incorporation was by the holders of the second-mortgage bonds of the Vermont Valley Railroad Company 1848, of which the Vermont Valley Railroad, the present company represents a reorganization. By special legislative act of October 27, 1902, accepted December 16, 1902, the corporate name was changed to Vermont Valley Railroad.

The Vermont Valley Railroad is controlled by the carrier through the latter's lease of the property of the Connecticut River Railroad, by whom 99 per cent of the Vermont Valley Railroad's stock is owned. Under the terms of the lease the voting power in this stock is vested in the carrier.

The Vermont Valley Railroad controls, through stock ownership, the Sullivan County Railroad, Montpelier and Wells River Railroad, and Barre and Chelsea Railroad Company, the last being an intrastate road.

The Vermont Valley Railroad's principal office is at Bellows Falls, Vt.

The Vermont Valley Railroad Company, predecessor of the Vermont Valley Railroad, was incorporated under a special act of Vermont of November 8, 1848, as amended October 26, 1849. On September 29, 1855, its property was placed in the hands of trustees for the bondholders, and by decree of court, rendered on October 16, 1869, in favor of the trustees for the second-mortgage bondholders for the sum of $641,923.19, with interest from October 1, 1869, the rights, franchises, and property of the company were vested in fee simple in said trustees, subject only to the lien created by a first mortgage of $500,000, so far as the same remained unpaid. On July 29, 1871, the Vermont Valley Railroad Company was reorganized by the holders of the second-mortgage bonds as The Vermont Valley Railroad Company of 1871.

Development of Fixed Physical Property

The Vermont Valley Railroad acquired in the reorganization of 1871 the single-track, standard-gage railroad of the Vermont Valley Railroad Company, which extended from Brattleboro to Bellows Falls, Vt., approximately 24 miles. This line, the construction of which, under contract, was begun in about April, 1850, was placed in operation on June 23, 1851. During 1913 and 1914 the Vermont Valley Railroad built an extension 0.72 mile in length in the city of Brattleboro. The total mileage of road, after adjustment as of date of valuation measurements, is 24.443. The second main track between Putney and Bellows Falls, Vt., about 14 miles, was constructed between 1901 and 1903.

Leased Railway Property

Since January 1, 1893, the Vermont Valley Railroad's property has been operated by the carrier under the agency agreement with the Connecticut River Railroad. This agreement extends for a period of 50 years from July 1, 1880. Central Vermont trains are operated over the Vermont Valley Railroad's entire length of road. The latter receives all revenues accruing from passenger service and 4 mills per ton per train-mile for all freight hauled and pays to the Central Vermont 30 cents per passenger-train mile and 39 cents per freight-train mile for all trains passing over its track. The Central Vermont uses the Vermont Valley Railroad's yards and terminals at Brattleboro, Vt., for which it pays $600 per annum. It also uses 7.48 acres of the Vermont Valley Railroad's carrier land situated in Brattleboro.

The Vermont Valley Railroad's yards and terminals at Bellows Falls are used jointly with the carrier, for which the latter paid, for the year ended at date of valuation, $122.96.

The Vermont Valley Railroad has joint use of the Central Vermont's yards and terminals at Brattleboro, for which it pays $7,500 per annum. The passenger station at Bellows Falls is owned equally by the Vermont Valley Railroad, the Fitchburg Railroad, and the Rutland Railroad Company. It is maintained on basis of ownership and operated on basis of use.