Detroit, Grand Rapids and Western Railroad
| Dates of operation | 1876–1896 |
|---|---|
| Predecessor | Detroit, Lansing & Lake Michigan |
| Successor | Detroit, Grand Rapids & Western |
| Track gauge | 4 ft 8 1⁄2 in (1,435 mm) standard gauge |
| Length | 338 mi (544 km) (1895) |
| Headquarters | Boston, Massachusetts and Grand Rapids, Michigan |
The Detroit, Lansing and Northern Railroad (DL&N) is a defunct railroad which was formed on December 27, 1876 as a reorganization of the foreclosed Detroit, Lansing and Lake Michigan Rail Road. The segment of its main line from Detroit to Lansing became an important component of the Pere Marquette Railroad, organized in 1900, and is still in use by CSX.
The Detroit, Lansing and Lake Michigan (DL&LM) was incorporated April 11, 1871, as a consolidation of the Detroit, Howell and Lansing Railroad and the Ionia and Lansing Railroad. In 1872, the Ionia, Stanton and Northern Rail Road was added. By 1876 the railroad was obliged for more than $6 million in mortgages at 8%, much of it owed to men sitting on the Board of Directors, and had an operating deficit of more than $1.8 million, much of it representing unpaid interest.
DL&LM's lenders foreclosed in April 1876. George O. Shauttuck and J. Lewis Stackpole of Boston--acting as trustees for the lenders--purchased the railroad for $60,000 at a mortgage sale in Detroit on December 14, 1876. A new corporation was organized on December 27, 1876 under the name Detroit, Lansing and Northern Railroad, with most of its stock going to the lenders in exchange for their forgiving the DL&LM's debts. The only Michigan resident among the eleven directors named to the first board was James Joy, formerly president of the BL&LM. Declared business objectives of the DL&N were:
In 1882, the principal officers were Alpheus Hardy, president; Thomas Fish, general superintendent; and J.J. McVean, engineer. The DL&N had over 1000 employees in Michigan, but none of its 438 stockholders or eleven directors were Michigan residents. Though profitable, the railroad had taken on debts equivalent to $15,897 for every mile of track over which it operated.
The railroad withstood the Panic of 1893, and as late as 1895 was still profitable, with an expense-to-earnings ratio of 81.78. The principal mortgage of $2.67 million at 7% was payable in 1907. Total debt per mile owned and operated (221.57) had climbed to $19,158. President of the railroad as 1896 began was Nathaniel Thayer, general superintendent was J.K.V. Agnew, and chief engineer was J.J. McVean.
...
Wikipedia