Consolidating p26

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A union station typically involves trackage rights; the company that owns the station and associated trackage is typically owned in part by the railroads that use it, which operate over it by trackage rights.In some rights deals, the owner of the tracks runs no trains of its own.The Seekonk Branch Railroad in East Providence, Rhode Island (then part of Seekonk, Massachusetts) tested this by in 1836 building a short branch of the Boston and Providence Railroad to their own dock and using the full line of the B&P.Massachusetts passed a law prohibiting this, and the B&P bought the branch in 1839.The Liverpool and Manchester Railway of 1830 opened with purely steam locomotive haulage, and the need for greater co-ordination meant that the railway had to operate the trains.Private wagons hauled by company trains were tolerated. Canals were and still are operated like turnpikes, where the canal company was prohibited for anti-monopoly reasons, from operating boats on the canal.This kind of arrangement can also be done via a partial lease.In the United States, all trackage rights agreements are filed with the Surface Transportation Board and are available as a matter of public record.

A deal in which the owner grants only the right to run trains but not to stop for passengers or freight is called overhead or incidental trackage rights.This agreement may continue as the former railroad expands, or may be temporary until the line is completed.If the operating company goes bankrupt, the contract ends and the operated company must operate itself.If the lessee goes bankrupt, the lessor is released from the lease.Most railroad companies are publicly traded with stocks.The railway operated in this manner until passenger services ceased in 1826 or 1827 due to the construction of a turnpike road parallel to the railway.

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