, 1873-07-22

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y @ 10 ] no,,es how how rsass11ly Dut eer!anl rases
Y follows Tint o!ng Nil freight business, In:
very nenry half what lilo rates wore eight years ago
To ILLUSTRATE tho OBJECT Of this ukc Tho yoar 19GB
ratHs 3 Tns ~ pg , Az and len o
1866 to 45-1oo IN tint yenr.
Ths groaa earnings from freight in that year wero
81, ,leo074. III tlat year the surplus to 10 divided
among stockholders after paying cxpcnGcs and inter-
est wns s944 3?9. Now, hatl lho Company been COM
year. viz, b8-100 Per; ion per nc, tic gross re-
sotp.s wonl hnyo been $1t7o72a instead Of g. 4eo
eIa nnd tho difference would have been sool, ,2sl,
credited 10 Income ACCOUNT II VIC Ind nlBo been cor
rccd to do tho through passenger business If that
then ratc there would lingo leen deficit III earnings
oven to pay incrcat Oh tho thou debt Of tho COM
Al that tima tho road rms taolcd 10 a full capacity
10 do its buancss II la not increased its power for
ten years, and fts rolling stuo but little. Ta through
both power and earn wcro Inadequate to tho business
and tho value of It could not bo increased, with tho
then standard. The result would havo been aui,a
deficit for tho Inst two thrco years. hut increaaing
with each year, and tho Company would l,ayo been
bankrupt.
Now roverao tho case and eko the h1ancas Of 1872.
The FREIGHT earnings of That year ws,o ss19 with
nbo to realize tho aun Of aA50G per ten per nile tho
rate Of 1so9 tho earnings from that business would
iAvo heen or ,93o,4o7 moro thar wss seal-
lnrge Increase ovcr .at d Iu5t year, tho ,erenco Is
nss from iroshts 70 s III sae s'
ror milo was I57-1o0. At te anmo rato o. in 1865 lilo
Mpaa are wss as:a TeszsS 4a
amount has been saved to tho producer in single
ysss BY TIC eopotioa which hna spruns up oy
por me not redueca during tho list year, t,di-
worst IL fact It is dlflcuit to conceive .at business
can 10 done cheaper: With my reasonably adequate
profit to tho railroad companies.
an certain as Il can possibly be- tat to have remained
nnssy 70 for s pa nye n, Ga 1 have neoa
Of ght yoara past to enable tho rond TO oven
much ss It did age years ago. it must do very much
half much In 1865 But to carn only that would
not avail, because to PIT tho read II condition to
Se double sons.oss s Cuisines; ;,.sai IL It's and capacity o
which will enable tho road to double tho htHfncsB, and
even then should bo earning money than
much mora .han double as vii puy the increased cost
required to bring tle road and oil is appointments up
to lint degree Of ability which shall cnablo 1t 10 do
tanly three Or four, or more tn,ca TIC busneas Of
count, nny bo credted to tho increased economy in
tho management Of SO largo business oyor perfect
and ample track Of steel rail- Ainpe stationgrouuds,
convenient and adequate repair shops. boh for loco
motives anu cars.
yet been ono In bringing tho road W to tho ncceasi-
tics Of tho saso nna preparing II for tho Increased vol
even yet inadequate. Worry much tho JnrEcat share
Of tho evident md imperative necessity have
boon accomplished, and 10 extont the benefits
It will require much less, however, to double tho
present volume than It has needed to reach It, and 1t
aim At that result and 10 prepared for it, Tho preaunt
low rates will never bo higher, and there Is this COM
rensaton ia them, Viz. lint they turn and win con-
and those which eha bc abu to take IT, and lnndc It
With economy may he, and probably. will SC. 10,
But u clear that 10 accomplish ills nvolvca double
aud perfect traek ana moro than double power, and
not III been necompished in ti.o iast two or three
years the Michigan Central, very long Bop has
been taken towards 1T. Both power and roung-stock
have been much moro than doubled; tho capacity Of
tho track hos been moro than iii proportion increased
md tue business n the laHt hvo yeara much mora than
doubled, mud III tho last eight reblcd Tho increased
hayo boon, ~ aboye stated, $500. .7U5.bo.
This result however, III by adequate to tho
neccssitea Of tho cssc, and tho increnao might aa veil
have been nearly double AZ to hayo been what II as
but for causes which have been alluded to In former
pany has observed tho tendency Of rates. and apprcci
ete1 Tie imperative necessity of enlargtng tic capacity
OF business required to muintair and augment its rev
enues, has had ability to control tho connecting
road cast Of IT, aud over which all our through bus,
neag, fur MS 1t could move at n must pass. We al
ludo to the Great Western Road OF Cauada It viii DO
impossible to make our stockholders appreciate or
70 ndaee tho1 @ @ rosa IN ne R
such notion would cnab1e 1t TO recoiyo aud carry
forward easily thu business we should deliver to It.
III sars IN IN he paot have eaSs Until pssa 1s
comfy been unayalng, anl yot 1t is not too much
cgsed up bsns ho
work upon its loopllne, 1t has done almost nothing
Mhs M seaF tay wss to Proe empo a sngs
stock should hayo been not only ampo to ovo rapidS
business of Michigan anu tho other roads centcring at
Dotrolt 1t has h N worked with half tho number Of
found insufficient upon your road i undertakes to
do the ferry business at Detroit but tho means hayo
hoen wholly inaae1lste, even before tho winter act m
During several mouths, the cars could not DO taken
across ~ rapidly as waH requisite and for that period
ali tho time, largo numbera Of loaded cars, often
many as from seven hundred to one thousand, wero
waiting In yards to bo moved across Whcn
winter came onand Waa the met seyors by tsr
sss ogh 6e foshs live "as s1ossea
Il could not haye boon got over that road For
about threo months, whom bua!nesa pressed most,
this Company compelled to rcfnse freight from Its
Western sesnlnus to 50 through and for tWothira Of
thst time there from 2o00 to 1000 waiting tho
Passage Ct tic rlyer, aud, when they finally passed. it
commence earning money upon your road. The re-
suit wRa to ",r business both unavoidable and disaa-
tro,Bt So - equally to the Great Wcatern,
Thia Compan1 robub!y lost during the winter, from
ths CAUSE alo1e bublness amounting to about half
million Of dolars md that Company nearly as much
Ing tho winter loss suffered very largely more than
that from the inability Of tho Great Western to uc
tho demands upon It, and carry tho business Of Its
road without delay, who the cost Of doing it ss also
Deen 20 to both Companies very greatly cnhsnced.
The oreas M wessen re hoaa T. managed by board Of
They aro conservative, and very How to appreciate
the rapid changes 1n tl.ia country. Thoy cannot
railroad liko theirs aud ours, might bo totally
ruined by remaining stationary IN Its