New-York daily tribune., 1857-04-28
MICHIGAN SOUTHERN AND NORTHERN INDIANA
RAILROAD,
From The Railroad Journal.

From The Railroad Journal
The meeting of the stockholders of this road was
held at Adrian ON the 22d inst. We have obtained
from the report of the Company submitted at that
time q copy OF their general account, when VIII De
found annexed hereto. This statement with the re-
mort of the Company has been looked forward to with
Unusual interest for the that nearly two years
have elapsed since full statement of the affairs OF
the Company has been given, and from the extremely
deprecisted price of the Company shares implying
very considerable disrust of their value on the part OF
the stockholders Of this av0rlte security ltwas
natural that there should be great anxiety to learn the
actual condition Of the Company and for anyevldence
which should tend to show the correctness OF previous
estimates of the value of this property.
While we would be very careful not to bolster up,
or attempt to give undue credit 10 company or TO
shield Board Of Directors from the just consequences
of any improper acts, !: equally duty not 10 aow
a causeess panic to discredit or embarrass them.
ANY discred or inconvenience thrown upon one COM
pany reaches to all Others. The confidence withdrawn
from the Michigan Southern and Northern Indiana
Railroad Company will, TO very nearly the same ex-
tent be withdrawn from the whole railway interest.
This cannot take place, in slight degree, without
great loss and injury TO every class In the community,
from the person who depends entirely upon the income
from his property for support, to him who abors for
his daily bread-and TO all our moneyed institutions,
whose business and solvency depends in great de-
gree upon that of oJr railroads. 1t is for the interest
of all classes therefore, to see things just as they are
and TO be removed as far possible from sympathy
with parties whose whole efforts are taken up in at
tempting to give to particular stock reputation
good or bad, 10 which it is not entitled
With regard 10 the Michigan Southern and Northern
Indiana Railroad it is certain that the public have
never been mistaken to the value OF the route OF Its
main line. Chicago the focal point tor the travel OF
a belt of country extending south from Lake Superior
TO Central Illinois, with breadth Of 6O0 or I00 miles,
containing many hundred thousand square miles, hav-
ING population of 1900 900, and which Is increasing
AT the rate of 400 000 annually. The greater part OF
the travel of this extensive territory must be conducted
east and west by the two Michigan roads The dis
tance is no greater the Michigan Southern, from
Detroit 10 Chicago, than over the Michigan Central
placing the former in favorable relations with the
Great Western Of Canada and the line OF which It Il
part But large portion of the travel between the
East and the West will take the south shore of Lake
Erie for the that il is studded with important
commercial towns which every man travelling for bus-
ness or pleasure must take on his route, while there
are none the north shore. In fact we know OF no
more favorable route one the value OF which must
more steadily increase with the great general progress
of the country.
The cost of the road has not been excessive. Near
ly 52S miles are completed at cost not exceeding
sl7 900 900 $32 900 per mile The cost OF the New
York Central for SIS miles is 5000 600 that OF
the Illinois Central nearly $26OVt0 0OO for 1O4 miles
The of the Michigan Southern does not equal that
of most other Western roads at corresponding periods
A. upon all roads, something has unquestonaby been
wasted in the construction this but probably not so
much as upon the average of roads, nor sum SUI
fcent 10 provoke remark from parties hostile to IT,
The cost per mile shows reasonable degree OF ndeh-
ty on the part of the Directors.
Nor is il probable that any considerable proportion
of this road will be unproductye Ii Is made up o
Al. ~. Vln.-