Wikipedia:WikiProject Trains/ICC valuations/Lodi Branch Railroad
Interstate Commerce Commission, Valuation Reports, Volume 33
The Lodi Branch Railroad
[edit]Location and General Description of Property
[edit]The railroad of The Lodi Branch Railroad Company, herein called the Lodi Branch Railroad, consists of 0.359 mile of single-track line at Lodi, N. J.
Introductory
[edit]The Lodi Branch Railroad is a corporation of the State of New Jersey, having its principal office at Jersey City, N. J. No accounting records of the Lodi Branch Railroad were obtained. Therefore, no information can be given from its accounts regarding its financial dealings, corporate operations, or investments. However, certain data indicated hereinafter were obtained from a balance sheet statement, as of date of valuation, certified by the comptroller of the company, filed with this commission, and from other sources. Although the Lodi Branch Railroad did not acquire title to its original property until June 28, 1880, the records reviewed indicate that it began the operation thereof on June 14, 1880.
The company is controlled by the New York, Susquehanna and Western through ownership of its entire outstanding capital stock. The records reviewed do not indicate that this company controls any common-carrier corporation.
The property of the Lodi Branch Railroad was operated by its own organization from the date it acquired possession of its original property, June 14, 1880, to April 14, 1883. From that date to December 31, 1917, it was operated by the New York, Susquehanna and Western under lease. The common-carrier property of the company was taken over for operation by the United States Railroad Administration on January 1, 1918, as part of the operating system of the New York, Susquehanna and Western, and it is so operated on date of valuation.
Corporate History
[edit]The Lodi Branch Railroad was incorporated July 15, 1880, under the general laws of New Jersey, for the purpose of acquiring the property, rights, and franchises of The Lodi Branch Railroad Company (first corporation), which was done. The latter company was incorporated February 16, 1870, under special act of New Jersey. Its property, rights, and franchises were sold at foreclosure on May 26, 1880, to interests which conveyed them to the Lodi Branch Railroad by deed dated June 28, 1880.
Development of Fixed Physical Property
[edit]The owned mileage, 0.359 mile, was all acquired by purchase after foreclosure from the predecessor company. The mileage originally acquired from the latter company amounted to 1.34 miles, of which 0.637 mile was abandoned and 0.344 mile has been reclassified by the company as sidings. The 1.34 miles referred to above was partly constructed in 1862 by The Hackensack and New York Railroad Company, and was completed in 1863 by Robert Rennie.
Leased Railway Property
[edit]The common-carrier property of the Lodi Branch Railroad is operated on date of valuation by the United States Railroad Administration as part of the operating system of the New York, Susquehanna and Western. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the New York, Susquehanna and Western.