Wikipedia:WikiProject Trains/ICC valuations/Boston and Albany Railroad

Interstate Commerce Commission, Valuation Reports, Volume 27

Boston and Albany Railroad

Location and General Description of Property

The railroad of the Boston and Albany Railroad Company, herein called the Boston and Albany, is located in the States of New York and Massachusetts and extends from Boston, Mass., to Rensselaer, N.Y., a distance of about 199 miles, all of which is double tracked, with additional main tracks between certain points. Branch lines project from Cottage Farm to East Boston, Brookline Junction to Riverside, Natick to Saxonville, Framingham to Milford, Millbury Junction to Millbury, South Spencer to Spencer, Athol Junction to Athol, Riverside to Newton Lower- Falls, all within the State of Massachusetts, and from Chatham to Hudson, N.Y. This property aggregates 303.629 miles of road, with 218.897 miles of second, 84.906 miles of third, and 24.929 miles of fourth main tracks. The entire railroad is steam operated, while that portion of the line between Riverside and Newton Lower Falls is equipped with an overhead trolley system for the electrical operation of suburban passenger trains. A building located at Worcester, Mass., owned by this company is leased to the American Express Company.

Introductory

The Boston and Albany is a corporation of the States of Massachusetts and New York, having its principal office at Boston, Mass. The records reviewed do not indicate that the Boston and Albany is controlled by any individual or corporation. On the other hand, the records reviewed do not indicate that this company, itself, controls any common-carrier corporation. The property of the Boston and Albany was operated by its own organization from December 1, 1867, to June 30, 1900. From that date to date of valuation it has been operated by The New York Central and Hudson River Railroad Company and its successor, the New York Central.

Corporate History

The Boston and Albany was incorporated May 24, 1867, by special act of the State of Massachusetts, and November 2, 1870, under the general laws of the State of New York. It was originally incorporated in Massachusetts for the purpose of acquiring the property, rights, and franchises of the Boston and Worcester Railroad Corporation and of the Western Railroad Corporation.

Pursuant to this purpose, the Boston and Albany acquired as of December 1, 1867, the property, rights, and franchises of the corporations named. The Boston and Albany, itself, and those corporations, together with their predecessors, total 12 corporations, 3 of which underwent a change of name, and comprise the line of corporate succession culminating in the Boston and Albany as at present constituted. The following chart shows the names of the corporations, the respective dates of incorporation, and for each predecessor the date of succession, the immediately succeeding corporation, and the manner of succession. Reference to each corporation is made in the last column by its respective number shown in the first column.

No.	Name	Incorporation	Succession
1.	Boston and Albany Railroad Company.	Under special act of Massachusetts, through articles of consolidation; filed Sept. 4, 1867. Under general laws of New York, Nov. 2, 1870.
2.	Boston and Worcester Railroad Corporation.	By special act of Massachusetts, June 23, 1831.	Consolidated, Dec. 1, 1867, with 3 to form 1.
3.	Western Railroad Corporation.	By special act of Massachusetts, Mar. 13, 1833.	Consolidated, Dec. 1, 1867, with 2 to form 1.
4.	Albany and West Stockbridge Railroad Company.	See 5.	Merged Nov. 2, 1870, with 1.
5.	Castleton and West Stockbridge Railroad Company.	By special act of New York, May 5, 1834.	Name changed May 5, 1836, to 4.
6.	The Hudson and Boston Railroad Corporation.	Under general laws of New York, Apr. 26, 1832[sic - Feb. 23, 1855].	Merged Nov. 2, 1870, with 1.
7.	Hudson and Berkshire Railroad Company.	Under general laws of New York, Apr. 26, 1832.	Sold at foreclosure Nov. 21, 1854, and acquired Feb. 23, 1855, by 6.
8.	East Boston Freight Railroad Company.	By special act of Massachusetts, Mar. 22, 1862.	Purchased May 19, 1869, by 1.
9.	Grand Junction Railroad and Depot Company.	See 10.	Purchased July 16, 1862, by 8.
10.	Chelsea Branch Railroad Company.	By special act of Massachusetts, Apr. 10, 1846.	Name changed Apr. 24, 1847, to 9.
11.	Union Railroad Company.	By special act of Massachusetts, May 10, 1848.	Merged Feb. 25, 1854, with 9.
12.	The Springfield and North-eastern Railroad Company.	By special act of Massachusetts, May 6, 1878.	Sold July 8, 1880, to 1.
13.	Springfield, Athol and North-eastern Railroad Company.	See 14.	Sold at foreclosure May 22, 1879, and acquired July 31, 1880, by 12 [sic-acquired date after 12 was sold].
14.	Athol and Enfield Railroad Company.	By special act of Massachusetts, Apr. 17, 1869.	Name changed Feb. 6, 1873, to 13.
15.	Spencer Railroad Company.	Under general laws of Massachusetts, May 8, 1878.	Sold Apr. 29, 1889, to 1.

Development of Fixed Physical Property

The owned mileage of the Boston and Albany, amounting to 303.629 miles, was acquired partly by construction, partly by consolidation, partly by merger, and partly by purchase. Of the 11 corporations that comprise the line of succession culminating in the Boston and Albany as at present constituted, 4 corporations did not construct any road or other common-carrier property. These four corporations were:

The Hudson and Boston Railroad Corporation.
East Boston Freight Railroad Company.
Union Railroad Company.
The Springfield and North-eastern Railroad Company.

The data with respect to the miles of road constructed by the seven remaining corporations, the years when the various portions of the line were constructed, and the manner in which the Boston and Albany acquired the property, are indicated in the following table, wherein to facilitate comparison with the table showing the corporate succession, previously given, the same order of corporations is maintained.

Acquired by construction: 3.28 miles
- The Boston and Albany—
  - Newton Highlands to Riverside, Mass., 1884, 3.28 miles.
Acquired by consolidation of Dec. 1, 1867: 183.35 miles.
- From the Boston and Worcester Railroad Corporation, 66.27 miles—
  - Constructed by that company—
    - Boston to Worcester, Mass., 1835, 44.33 miles.
    - Millbury Junction to Millbury, Mass., 1837, 3.28 miles.
    - Natick to Saxonville, Mass., 1846, 3.89 miles.
    - Riverside to Newton Lower Falls, Mass., 1847, 1.25 miles.
    - South Framingham to Milford, Mass., 1848, 11.97 miles.
    - Brookline Junction to Brookline, Mass., 1848, 1.55 miles.
- From the Western Railroad Corporation—
  - Constructed by that company—
    - Worcester, Mass., to the Massachusetts-New York State line, 1836-1841, 117.08 miles.
Acquired by purchase: 117.00 miles.
- From The Hudson and Boston Railroad Corporation—
  - Constructed by the Hudson and Berkshire Railroad Company—
    - Hudson to Chatham, N.Y., no details, 17.12 miles.
- From the Albany and West Stockbridge Railroad Company—
  - Constructed by that company—
    - Greenbush, N.Y., to New York-Massachusetts State line, completed in 1841, 37.85 miles.
- From the East Boston Freight Railroad Company—
  - Constructed by the Grand Junction Railroad and Depot Company—
    - East Boston to Brookline, Mass., 1852-1855, 9.50 miles.
- From The Springfield and North-eastern Railroad Company—
  - Constructed by the Springfield, Athol and North-eastern Railroad Company, 45.21 miles—
    - Athol to Barrett's Junction, Mass., 1869-1871, 30.40 miles.
    - Barrett's Junction to Springfield, Mass., 1873, 14.81 miles.
- From the Spencer Railroad Company—
  - Constructed by that company—
    - South Spencer to Spencer, Mass., 1879, 2.26 miles.
- From The New York and New England Railroad Company—
  - Portion of road from Brookline to Newton Highlands, Mass.—
    - Constructed by the Charles River Branch Railroad, 1852, 5.06 miles.
Difference between total recorded mileage and mileage inventoried as of date of valuation, 0.001 miles.
Mileage inventoried as of date of valuation, 303.629 miles.

Leased Railway Property

The Boston and Albany leased its entire property to The New York Central and Hudson River Railroad Company for a term of 99 years from July 1, 1900. On July 1, 1915, the lease was assumed by the New York Central. The terms of the lease and the rental accrued for the year ending on date of valuation are given in the chapter on leased railway property in the report on the New York Central.

Under the terms of the lease, the Boston and Albany transferred to The New York Central and Hudson River Railroad Company certain assets and liabilities and charged the latter with the sum of $2,075,819.27, which amount is treated by the Boston and Albany as a deferred asset to be settled at the termination of the lease. The items making up this amount were as follows:

Description	Amount
Debits:
Capital stock Hudson River Bridge Corporation	$125,000.00
Capital stock Windsor Company	563.00
Advances to Hudson River Bridge Corporation	350,485.00
Cash	932,430.94
Material and supplies	518,867.10
Traffic and car-service balances receivable	569,655.75
Excess over book value of equipment	644,363.42
Total	$3,141,365.21
Credits:
Traffic and car-service balances payable	428,033.34
Interest matured unpaid	4,880.00
Dividends matured unpaid	504,302.00
Unmatured interest accrued	84,495.00
Other current liabilities (unpaid rentals)	39,000.00
Deferred liabilities (due Pittsfield and North Adams Railroad Corporation)	4,835.60
Total	$1,065,545.94
Net
Debit balance	$2,075,819.27

Predecessor Companies

Boston and Worcester Railroad Corporation

Introductory

The Boston and Worcester Railroad Corporation was incorporated June 23, 1831, by special act of the State of Massachusetts. The records reviewed do not indicate whether the Boston and Worcester Railroad Corporation was controlled by any individual or corporation on December 1, 1867, the date of consolidation, nor on the other hand, whether it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of its completion in 1835 to date of consolidation. The railroad owned by the Boston and Worcester Railroad Corporation was a standard-gage, steam railroad located in Massachusetts, aggregating 66.27 miles, and consisted of a main line extending from Boston to Worcester, with several small branches diverging therefrom.

Development of Fixed Physical Property

The 66.27 miles of road owned by the Boston and Worcester Railroad Corporation on the date of consolidation was acquired by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Boston and Albany.

Western Railroad Corporation

Introductory

The Western Railroad Corporation was incorporated March 15, 1833, by special act of the State of Massachusetts. The records reviewed do not indicate that the Western Railroad Corporation was controlled by any individual or corporation on December 1, 1867, the date of consolidation, or, on the other hand, whether it then controlled any common-carrier corporation.

The property of this company was operated by its own organization from the date of its completion in 1839 to date of consolidation. The railroad operated by the Western Railroad Corporation was a standard-gage, steam railroad located in Massachusetts and New York, aggregating 190.64 miles. The owned mileage amounted to 117.08 miles and consisted of a main line extending from Worcester, Mass., to the Massachusetts-New York State line.

The mileage operated under lease amounted to 73.56 miles and consisted of 37.85 miles of main line extending from the Massachusetts-New York State line to Rensselaer, N.Y., with two branch lines diverging therefrom.

Development of Fixed Physical Property

The railroad owned by the Western Railroad Corporation consisted of a standard-gage, steam railroad, extending from Worcester, Mass., to the Massachusetts-New York State line, a distance of 117.08 miles. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Boston and Albany.

Albany and West Stockbridqe Railroad Company, formerly named Castleton and West Stockbridqe Railroad Company

Introductory

The Albany and West Stockbridge Railroad Company was incorporated May 5, 1834, by special act of the State of New York. The accounting records of the Albany and West Stockbridge Railroad Company are incomplete subsequent to December 31, 1849. Therefore, only partial information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information given below was obtained from the available records of this company and those of the Western Railroad Corporation. The Albany and West Stockbridge Railroad Company was controlled on November 2, 1870, the date of merger, by the Boston and Albany through ownership of its entire capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The property of this company was operated by the Western Railroad Corporation from December 21, 1841, when it was opened for operation, to November 2, 1870, and by the Boston and Albany from the latter date to date of merger. The railroad of the Albany and West Stockbridge Railroad Company consisted of a standard-gage, steam railroad, extending from the New York-Massachusetts State line to Greenbush (now Rensselaer), N.Y., a distance of 37.85 miles.

Development of Fixed Physical Property

The 37.85 miles of road owned by the Albany and West Stockbridge Railroad Company on the date of merger was acquired by construction. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report of the Boston and Albany.

The Hudson and Boston Railroad Corporation

Introductory

The Hudson and Boston Railroad Corporation was incorporated February 23, 1855, under the general laws of the State of New York. No accounting records of The Hudson and Boston Railroad Corporation were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information given below was obtained from the records of the Western Railroad Corporation and from other sources. The Hudson and Boston Railroad Corporation was controlled on November 2, 1870, the date of merger, by the Boston and Albany through ownership of its capital stock. On the other hand, the records reviewed do not indicate that this company controlled any common-carrier corporation.

The railroad of The Hudson and Boston Railroad Corporation consisted of a standard-gage, steam railroad, extending from Chatham to Hudson, N.Y., a distance of 17.12 miles.

Development of Fixed Physical Property

The 17.12 miles of road owned by The Hudson and Boston Railroad Corporation on date of merger was acquired from the Hudson and Berkshire Railroad Company. Details with respect to the construction of this property are given in the chapter on development of fixed physical property in the report on the Boston and Albany.

Hudson and Berkshire Railroad Company

The Hudson and Berkshire Railroad Company was incorporated April 26, 1832, by special act of the State of New York. No accounting records of the Hudson and Berkshire Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information given below was obtained from other sources. The records reviewed do not indicate whether this company was controlled by any individual or corporation on November 21, 1854, the date its property was sold at foreclosure. On the other hand, the records reviewed do not indicate that this company then controlled any common-carrier corporation.

The Hudson and Berkshire Railroad Company constructed and owned about 31.5 miles of standard-gage, steam railroad, extending from Hudson, N.Y., to the New York-Massachusetts State line. Construction was begun in 1835 and in September, 1838, the road was completed and opened for operation.

On November 21, 1854, the property was purchased at foreclosure sale by C. W. Chapin, president of and acting for the Western Railroad Corporation. On February 23, 1855, Chapin divided the property acquired and deeded certain portions thereof to the following companies:

The Hudson and Boston Railroad Corporation:
- Hudson to Chatham, N.Y., 17.12 miles.
Western Railroad Corporation:
- Chatham to New York-Massachusetts State line, 9.00 miles.
Albany and West Stockbridge Railroad Company:
- "All of the land occupied by it as a railway or otherwise, and all the land owned by him (Chapin) between Chatham and the State line which the Albany might thereafter find convenient to use.", 5.38 miles.

The use of the 9 miles of road which was deeded to the Western Railroad Corporation was discontinued as a railroad, that company never having availed itself of the rights conveyed to it by Chapin. The 5.38 miles of road acquired by the Albany and West Stockbridge Railroad Company was used by that company as second track.

East Boston Freight Railroad Company; Grand Junction Railroad and Depot Company, formerly named Chelsea Branch Railroad Company — Predecessor of the East Boston Freight Railroad Company

The East Boston Freight Railroad Company and the Grand Junction Railroad and Depot Company were incorporated March 22, 1862, and April 10, 1846, respectively, by special acts of the State of Massachusetts. No accounting records of these companies were obtained. Therefore, no information can be given from their accounts regarding their financial dealings, corporate operations, or investments. However, certain data given below were obtained from the files of the Boston and Albany and from other sources.

The Grand Junction Railroad and Depot Company was organized for the purpose of connecting all the railroads entering Boston by construction of a belt line about 9 miles in length, and to establish wharves at East Boston, Mass. The records reviewed indicate that the Grand Junction Railroad and Depot Company constructed about 7 miles of railroad and owned about 1½ miles of right of way and certain other real estate in East Boston, Mass.

It mortgaged all of its completed road and by 1855 operation of the Union Railroad branch, about 3 miles in length, had been discontinued owing to lack of repairs, and about 3 miles of the road from Somerville to Chelsea, Mass., was in possession of, and claimed by, the Eastern Railroad Company.

In 1862 the Grand Junction Railroad and Depot Company became insolvent and under date of May 31 of that year, its directors stated that "all of the property of the corporation, both real and personal, is mortgaged and the right of redeeming the same and the franchises of its railroad have been alienated by sale or is under attachment and the corporation has no other business or property requiring its organization to be kept up after the present year."

The East Boston Freight Railroad Company was organized for the purpose of acquiring by lease or purchase the property of the Grand Junction Railroad and Depot Company or any part thereof, and on July 16, 1862, it acquired such franchises, rights, and property of the Grand Junction Railroad and Depot Company as the latter was able to convey to it, for a deed consideration of $13,085. Available records indicate that the property acquired by the East Boston Freight Railroad Company consisted of about 1½ miles of location, upon which no tracks had been built, and about 200 feet of tracks, all in East Boston, Mass.

On May 22, 1866, the State of Massachusetts passed an act which "authorized and empowered the Boston and Worcester Railroad Corporation to take, occupy, and control the railroad property, franchises, lands, and materials belonging to the Grand Junction Railroad and Depot Company and the East Boston Freight Railroad Company, and to locate, construct, and maintain a railroad on the property thus taken.

In 1867 the property, rights, and franchises of the Boston and Worcester Railroad Corporation were acquired by the Boston and Albany and, after extensive litigation, the latter settled all claims against the property formerly owned by the Grand Junction Railroad and Depot Company taken by the Boston and Worcester Railroad Corporation under the authority of the act referred to above, and the East Boston Freight Railroad Company conveyed its franchises and all interest in its property to the Boston and Albany.

Union Railroad Company — Predecessor of the Grand Junction Railroad and Depot Company

The Union Railroad Company was incorporated May 10, 1848, by special act of the State of Massachusetts, for the purpose of constructing and operating about 3 miles of railroad between Somerville and Brookline, Mass. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information stated below was obtained from other sources. The records reviewed indicate that the Union Railroad Company issued no securities and owned no physical property. On February 25, 1854, this company was merged with the Grand Junction Railroad and Depot Company which constructed the road authorized to be built by the former's charter.

The Springfield and North-eastern Railroad Company

The Springfield and North-eastern Railroad Company was incorporated May 6, 1878, by special act of the State of Massachusetts. No accounting records of The Springfield and North-eastern Railroad Company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain information stated below was obtained from the records of the Boston and Albany and from other sources. The records reviewed do not indicate whether this company was controlled on July 8, 1880, the date of merger, by any individual or corporation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The railroad owned by The Springfield and North-eastern Railroad Company consisted of approximately 45 miles of standard-gage, steam railroad, extending from Athol to Springfield, Mass., all of which was acquired from the Springfield, Athol and Northeastern Railroad Company.

Springfield, Athol and North-eastern Railroad Company, formerly named Athol and Enfield Railroad Company

The Springfield, Athol and North-eastern Railroad Company was incorporated April 17, 1869, by special act of the State of Massachusetts. No accounting records of this company were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. Certain information stated below was obtained from other sources. The records reviewed do not indicate whether the Springfield, Athol and North-eastern Railroad Company was controlled on July 31, 1880, the date of merger, by any individual or corporation, nor, on the other hand, whether it then controlled any common-carrier corporation.

The railroad owned by the Springfield, Athol and North-eastern Railroad Company consisted of approximately 45 miles of standard-gage, steam railroad, extending from Athol to Springfield, Mass., which it had acquired by construction.

Spencer Railroad Company

Introductory

The Spencer Railroad Company was incorporated May 8, 1878, under the general laws of the State of Massachusetts. The records reviewed do not indicate that the Spencer Railroad Company was controlled on April 28, 1889, the date of merger, by any individual or corporation, nor on the other hand, that it then controlled any common-carrier corporation. The property of this company was operated by the Boston and Albany during its entire life. The railroad owned by the Spencer Railroad Company consisted of 2.26 miles of standard-gage railroad, extending from Spencer to South Spencer, Mass.

Development of Fixed Physical Property

The 2.26 miles of road owned by the Spencer Railroad on the date of merger was acquired by construction. The road was built by contract (no details obtainable) and opened for operation on June 23, 1879.