Wikipedia:WikiProject Trains/ICC valuations/Detroit Manufacturers Railroad
Interstate Commerce Commission, Valuation Reports, Volume 28
Detroit Manufacturers Railroad
[edit]Introductory
[edit]The accounting records of the Detroit Manufacturers Railroad are incomplete in respect to details of certain transactions. Therefore, only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. However, certain of its income has been taken from its reports filed with this commission.
The Detroit Manufacturers Railroad is a corporation of the State of Michigan, having its principal office at Detroit, Mich. It is controlled by the Michigan Central through ownership of a majority of the outstanding capital stock. On the other hand, the records reviewed do not indicate that this company, itself, controls any common-carrier corporation.
The property of the Detroit Manufacturers Railroad was operated under lease by the Michigan Central from the date its property was placed in operation until December 31, 1917. On January 1, 1918, all the common-carrier property of the Detroit Manufacturers Railroad, under contract with the Michigan Central, was taken over for operation by the United States Railroad Administration, which operates it on date of valuation.
Corporate History
[edit]The Detroit Manufacturers Railroad was incorporated January 30, 1902, under the general laws of the State of Michigan, for the purpose of constructing and operating a railroad from Orleans Street in the city of Detroit, to Belle Isle bridge, Detroit, Mich., a distance of about 2 miles. The date of organization of the Detroit Manufacturers Railroad has not been ascertainable from the records reviewed. The Detroit Manufacturers Railroad acquired the property, rights, and franchises of the Detroit Terminal Railway. The Detroit Manufacturers Railroad and its predecessors total three corporations, and comprise the line of corporate succession culminating in the Detroit Manufacturers Railroad 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 of these corporations is made in the last column by its respective number shown in the first column.
| No. | Name | Incorporation | Succession |
|---|---|---|---|
| 1 | Detroit Manufacturers Railroad. | Under general laws of Michigan, Jan. 30, 1902. | |
| 2 | Detroit Terminal Railway. | Under general laws of Michigan, July 26, 1901. | Sold to 1 Mar. 31, 1902. |
| 3 | Detroit Transit Railway. | Under general laws of Michigan, Sept. 21, 1872. | Sold to 2 Sept. 23, 1901. |
Development of Fixed Physical Property
[edit]The owned mileage of the Detroit Manufacturers Railroad, 1.517 miles, was all acquired by purchase from the Detroit Terminal Railway on March 31, 1902. The railroad was constructed by the Detroit Transit Railway, a predecessor of the Detroit Terminal Railway, during the period from 1873 to 1876.
Leased Railway Property
[edit]The entire property of the Detroit Manufacturers Railroad is leased to the Michigan Central for a term of 25 years from January 1, 1903, at a stipulated rental of $15,000 per annum, and $150 per annum for organization expenses; also all taxes and maintenance.