Wikipedia:WikiProject Trains/ICC valuations/Delaware Railroad

Interstate Commerce Commission, Volume 22, Valuation Reports

The Delaware Railroad
The railroad of The Delaware Railroad Company, herein called the Delaware Railroad, is located in Delaware and Maryland and extends from Wilmington to the Delaware-Maryland State line near Delmar, Del., about 95 miles, most of which is double tracked, with important branch lines projecting from Townsend, Del., to Centreville, Md., Massey, Del., to Chestertown, Md., Clayton, Del., to Oxford, Md., and from Seaford, Del., to Cambridge, Md. This property aggregates 245.188 miles of road, with 94.359 miles of second main track.

Introductory
The Delaware Railroad is a corporation of the States of Delaware and Maryland, having its principal office at Dover, Del. Although the Delaware Railroad acquired title to its original property on January 23, 1899, it did not commence recording the results of the operations of its property in its books until February 1, 1899. The accounting data in this report, therefore, cover the period from February 1, 1899.

The Delaware Railroad is controlled by The Philadelphia, Baltimore and Washington Railroad Company through ownership of a majority of capital stock. On the other hand this company controls, jointly with the Pennsylvania Railroad, The Philadelphia, Baltimore and Washington Railroad Company, and the New York, Philadelphia and Norfolk Railroad Company, through ownership of 21 per cent of the capital stock, the Baltimore, Chesapeake & Atlantic Railway Company, which operates its own property.

The property of this company was operated from January 23, 1899, the date it took over its original road for operation, to December 31, 1917, by the Philadelphia, Wilmington and Baltimore Railroad Company and its successors, the Philadelphia, Baltimore and Washington Railroad Company and The Philadelphia, Baltimore and Washington Railroad Company, under lease agreements. On January 1, 1918, the lease of the latter company was assumed by the Pennsylvania and the common-carrier property of the Delaware Railroad was taken over for operation by the United States Railroad Administration as a part of the operating system of the Pennsylvania Railroad, and it is so operated on date of valuation.

Corporate History
The Delaware Railroad was incorporated under authority of special acts of the States of Delaware and Maryland, April 13, 1887, and May 3, 1882, respectively, through filing on January 23, 1899, an agreement dated December 31, 1898, for the purpose of consolidating the property, rights and franchises of the Delaware Railroad Company, Queen Anne's and Kent Railroad Company, as reorganized, Delaware and Chesapeake Railway and The Cambridge and Seaford Rail Road Company. The date of organization of the Delaware Railroad was January 26, 1899. Pursuant to the above purpose, the Delaware Railroad acquired the property, rights and franchises of the four railroad corporations named. The Delaware Railroad, itself, and those corporations, together with their predecessors, total eight different corporations and comprise the line of corporate succession culminating in the Delaware 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.

Development of Fixed Physical Property
The owned mileage of the Delaware Railroad, amounting to 245.188 miles, was acquired partly by consolidation and partly by purchase. The property acquired by purchase was bought from The Baltimore and Delaware Bay Railroad Company without acquiring the corporate rights and franchises of that company. Of the seven corporations that comprise the line of succession culminating in the Delaware Railroad as at present constituted, three corporations did not construct any road or other common-carrier property. These companies were the Queen Anne's and Kent Railroad Company, as reorganized, Delaware and Chesapeake Railway, and the The Cambridge and Seaford Rail Road Company. The property constructed by the remaining corporations, together with that purchased by the Delaware Railroad and one of its predecessors from companies whose corporate rights and franchises were not acquired, the years when the various portions of the line were constructed, and the manner in which the Delaware Railroad 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 in the consolidation of 1899:
 * From the Delaware Railroad Company—
 * Constructed by that company—
 * Rodney to Seaford, Del., 1852-1856. 83.67
 * Seaford to Delmar, Del., 1859. [included above]
 * Townsend, Del., to Massey's Cross Roads, Md., 1866-1869. 9.25
 * Clayton to Smyrna, Del., 1866. 1.29
 * Seaford to Maryland-Delaware State line, near Oak Grove, Del., 1867-1868. 5.73
 * Constructed by the Philadelphia, Wilmington, and Baltimore Railroad Company, New Castle to connection with its Shell pot branch, north of Christiana River, in Delaware, known as "New Castle Cut-off," 1887-1888, about. 5.45
 * Constructed by The Newcastle and Frenchtown Turnpike and Rail Road Company, New Castle to Rodney, Del., 1831, about. 7.00
 * Constructed by the New Castle and Wilmington Rail Road Company, Wilmington to New Castle, Del., 1852, about. 4.55
 * 116.94
 * From the Queen Anne's and Kent Railroad Company, as reorganized, constructed by the Queen Anne's and Kent Railroad Company, Massey's Cross Roads to Centreville, Md., 1869. 25.90
 * From the Delaware and Chesapeake Railway, constructed by the Maryland and Delaware Rail Road Company, Clayton, Del., to Oxford, Md., 1855-1870, about. 54.30
 * From The Cambridge and Seaford Rail Road Company, constructed by the Dorchester and Delaware Railroad Company, Cambridge, Md., to a point near Oak Grove, Del., 1867-1869. 27.24


 * Acquired by purchase from The Baltimore and Delaware Bay Railroad Company, Oct. 2, 1902, constructed by The Kent County Railroad Company and completed about 1870—
 * Massey to Chestertown, Md. 20.50
 * Worton to Nicholson, Md. 3.72
 * 24.22
 * Total. 248.60
 * Less mileage abandoned by the Delaware Railroad, previously acquired from The Baltimore and Delaware Bay Railroad Company. 3.72
 * Net total. 244.88
 * Difference between net recorded mileage and mileage inventoried. 0.308
 * Mileage inventoried as of date of valuation. 245.188

Leased Railway Property
The property of the Delaware Railroad was solely operated by The Philadelphia, Baltimore and Washington Railroad Company and its predecessors, as hereinbefore explained, from January 23, 1899, to December 31, 1917, under lease agreement. On January 1, 1918, the lease was assumed by the Pennsylvania Railroad. From that date to date of valuation the common-carrier property of the Delaware Railroad has been operated by the United States Railroad Administration as a part of the system of the Pennsylvania Railroad. Details with respect to the operation of this property are given in the chapter on leased railway property in the report on the Pennsylvania Railroad.

Delaware Railroad Company
Introductory

This company was incorporated under special acts of June 20, 1836, and February 22, 1849, of the State of Delaware. The property of the company was conveyed to its successor by consolidation on January 23, 1899, but the accounts for results of corporate operations continued to January 31, 1899, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period to January 31, 1899. The company was controlled by the Philadelphia, Wilmington and Baltimore Railroad Company on January 23, 1899, the date of consolidation, through ownership of a majority of the outstanding capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property was operated by the Philadelphia, Wilmington and Baltimore, under lease agreements from the date of completion, January 1, 1857, until it was surrendered to the Delaware Railroad, February 1, 1899. The railroad consisted of 116.94 miles of standard-gauge, steam railroad, located in Delaware and Maryland, and comprised a main line, three branch lines, and a cut-off. The main line extended from Wilmington to Delmar, Del.; the branch lines from Townsend, Del., to Massey's Cross Roads, Md., Clayton to Smyrna, Del., and Seaford to the Maryland-Delaware State line, near Oak Grove, Del. The cut-off or connecting link, known as the New Castle Cut-off, extended from New Castle to north of Christiana River, in Delaware.

Development of Fixed Physical Property

Of the road owned by the company, it had acquired by purchase about 17 miles from the Philadelphia, Wilmington and Baltimore, without acquiring the rights and franchises of that company, and 99.94 miles by construction. The records reviewed indicate that a contractor was employed in the construction work, but the extent of construction work performed by contractor, or whether the contractor was affiliated with the company, is not indicated by the records. Further details with respect to the construction of this property are given under development of fixed physical property in the report on the Delaware Railroad.

Queen Anne's and Kent Railroad Company, as Reorganized
Introductory

This company was incorporated March 28, 1876, under a special act of the State of Maryland. Although the company acquired title to its property on May 2, 1877, and began the operation thereof on that date, its accounting records cover only the period from September 1, 1877, when the books that were obtained were opened, and although its property was conveyed to its successor by consolidation on January 23, 1899, its accounts for the results of corporate operations continued to January 31, 1899, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period September 1, 1877, to January 31, 1899.

The property of this company was operated by its own organization from the date it was acquired, May 2, 1877, to October 1, 1881. From the latter date the property was operated by the Philadelphia, Wilmington and Baltimore Railroad Company, under agreements dated October 15, 1881, and April 29, 1896, until it was surrendered to the Delaware Railroad February 1, 1899.

The railroad owned amounted to 25.90 miles. It consisted of a standard-gauge, steam railroad, extending from Massey's Cross Roads to Centreville, Md., which had been acquired from the Queen Anne's and Kent Railroad Company through foreclosure and reorganization of the latter company on May 2, 1877.

Queen Anne's and Kent Railroad Company
This company was incorporated under special acts of March 8, 1856, and March 21, 1867, in the State of Maryland. No accounting records were obtained. Therefore, no information can be given regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on July 14, 1874, the date of sale, nor, on the other hand, whether it then controlled any other common-carrier corporation.

The property of this company was operated by its own organization from the date it was put in operation, about August, 1869, to date of sale. From that date the property was operated in the name of the company until it was surrendered to the Queen Anne's and Kent Railroad Company, as reorganized, May 2, 1877. The company owned on the date of sale 25.90 miles of railroad, extending from Massey's Cross Roads to Centreville, Md. This property was all acquired by construction. It is not known whether the construction work was performed by the forces of the company or by contract. Details with respect to the construction of this property are given under development of fixed physical property in the report on the Delaware Railroad.

Delaware and Chesapeake Railway
Introductory

This company was incorporated in the States of Delaware and Maryland on March 7, 1877, and April 5, 1878, respectively. The accounting records cover the period from July 1, 1882, when new books were opened. The records for the period prior to that date are of such a fragmentary nature that nothing of value could be obtained from them concerning the financial dealings, corporate operations, or investments. Although the property of this company was conveyed to its successor by consolidation on January 23, 1899, the accounts of the company for the results of corporate operations continued to January 31, 1899, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period July 1, 1882, to January 31, 1889. The records reviewed do not indicate that the company was controlled by any individual or corporation on January 23, 1899, the date of consolidation, nor that it then controlled any other common-carrier corporation.

The property of this company was operated by its own organization from the date it was acquired, February 10, 1880, to June 14, 1882. From the latter date the property was operated by the Philadelphia, Wilmington and Baltimore Railroad Company, under an agreement until it was surrendered to the Delaware Railroad, February 1, 1899. The railroad owned on date of consolidation and operated by the Philidelphia[sic], Wilmington and Baltimore amounted to about 54.30 miles. It consisted of a standard-gauge, steam railroad, extending from Clayton, Del., to Oxford, Md., which had been acquired from the Maryland and Delaware Rail Road Company through deed dated February 10, 1880.

Maryland and Delaware Rail Road Company
This company was incorporated in Maryland and Delaware on March 10, 1854, and February 13, 1857, respectively. No accounting records were obtained. Therefore, no information can be given from the accounts regarding its financial dealings, corporate operations, or investments. The records reviewed do not indicate whether the company was controlled by any individual or corporation on December 20, 1877, the date of sale, nor whether it then controlled any common-carrier corporation.

The property was operated by its own organization from the date it was placed in operation, about 1870, to date of sale. From that date the property was operated in the name of the company until it was surrendered to the Delaware and Chesapeake Railway, February 10, 1880. The company owned on the date of sale approximately 54.30 miles of railroad, extending from Clayton, Del., to Oxford, Md. This property was all acquired by construction in 1855-1870. It is not known whether the construction work was performed by the forces of the company or by contract.

The Cambridge and Seaford Rail Road Company
Introductory

This company was incorporated May 3, 1882, in Maryland. Although the company did not acquire title to its original property until October 13, 1883, it commenced recording the results of the operations of its property in its books on June 1, 1883. The property of this company was acquired by its successor on January 23, 1899, the date of consolidation, but the accounts of the company for the results of corporate operations continued to January 31, 1899, and other accounts were not closed until that date. The accounting data in this report, therefore, cover the period from June 1, 1883, to January 31, 1899. The records reviewed do not indicate that the company was controlled by any individual or corporation on the date of consolidation, nor that it then controlled any common-carrier corporation.

The property was operated under an agreement dated May 16, 1883, by the Philadelphia, Wilmington and Baltimore Railroad Company from June 1, 1883, to date of consolidation. The railroad owned consisted of 27.24 miles of standard-gauge, steam railroad, extending from Cambridge, Md., to a connection with the railroad of the Delaware Railroad Company near Oak Grove, Del., which had been acquired from the Dorchester and Delaware Railroad Company through foreclosure and reorganization, under deed dated October 13, 1883.

Dorchester and Delaware Railroad Company
Introductory

This company was incorporated in Maryland and Delaware, February 6, 1866, and January 30, 1867, respectively. There were no available general accounting records of the company and its receivers for the period subsequently to November 30, 1881. The accounting records that were available do not record the results of corporate operations for the four-months' period August 1, 1879, to November 30, 1879. For these reasons only partial information can be given from the accounts in connection with its financial dealings, corporate operations, or investments. The records reviewed do not indicate that this company was controlled by any individual or corporation on January 3, 1883, the date of sale, nor that it then controlled any common-carrier corporation.

The property was operated by its own organization from the date of completion, November 8, 1869, until the receivership, November 1, 1882. From that date the property was operated by receivers until it was surrendered to The Cambridge and Seaford Rail Road Company, June 1, 1883, although it was sold on January 3, 1883, to interests who conveyed it to the latter company by deed dated October 13, 1883. The railroad operated by the receivers of and owned by the company on date of sale amounted to 27.24 miles. It consisted of a standard-gauge, steam railroad, extending from Cambridge, Md., to a connection with the railroad of the Delaware Railroad Company near Oak Grove, Del., and had been acquired by construction in 1867-1869. The construction work was performed by George A. Parker, a contractor.