, 1874-02-08
Heavy Falling off in Receipts Due
to the Panic.
The Money Has Been Expended In lay
ing Track, Etc.
Freight Troubles with the Union Pa.
cifc Road.


NO DIVIDEND.
1t meeting OF the Directors OF tho A{ichirau
Ceptr4l Railroad Company, held at Boston, the
eth c: January, 1874, tho Presidents report
sad account Of The Treasurer we're presented
aad accepted, and, in Consideration Of tho net
earnings Of the past yoar having been REQUIRED
fsr end expended upon the permanent improye-
ncnts of the road, it was voted that the usua]
semi-annual dividend be passed.
The Presidents rapo;t is as follows:
gehc Stockholders Of the M,chica, Centra, Railroad
Company:
Thoeo who hnye read the Inst two annual reports
tzvs trcn Inado fully aware Of the extensive inproyc
cn;a which had become necessary in copseouenco Of
the tn:sahed and increasing volume Of business pass
tuG the Toad. They also :cuuainted with the
REDUCTION RATS
1o.fed within the last six or seven years bcsore 1879
Is the multiplication Of competing nes Of roada to
less TIN cne-haf tho amount, upon IN average they
1865 rendering it necessary to transport three
ps four, eren five times the tonuaeo Of the las-
s.med year 70 make tue net earnings much larger
a.u those OF that year, involving double tracks steel
rails enlarged grounds At terminal sations, additions.
tcd greatly enlarged equipment ct botl. power and
tLtir o4isz This work has been 0oinr on durine
the wholo season, and Is now nearly fnished. The
tsak 80 far as hsd been contemplated hss been
the OLD Inc IS Of steel, except 65 miles. The double
tack IL steel. The machine-ahops aud accompany-
uu!h0i11bs NJ JACEhO0 are 1Q1S1nd, and. It
Erre sse as perfectly adapted to their work they
tossilI! be. There remain to be expended
upon Ito ca1shops l. the junction near Detroit dur
irg the neSt .ear Probably from $50 900 oo
snpif tao roof of building and repair damages
to:cc.oer CAUSED by terrible gale in December.
made hut ~ bciavsT seTt ss be S
aud thoroughly done. The road is now in condition
to i's enlarged business with ard economy,
yeas 10 come.
FALLING OFF OF nrcEmrs-
,. Owing to . several Causes the business Of the
might reasonably have been expected From
diica!es arising between the trunkroads soieallea
1Foa s'nw Iosk west. ali west-bound business from
that ci. has been dono very low rates, aud for
tse :orsion of the time at considerably 1ess than
falling Q. Ii both The gross and net receipts from
that business. Tho rates upon al wes:hound freighs
ere zed entirely by these teunkines, and beyond
tonni ii tho month Of Aususr md tile early part o9
S:Ee ber promised to be very large, aad It wns SO
ecana week the increase Of business correspond
ang Stek CT the year before WIS nearly $4,000.
At that lime the pnn1c occurred, aud tho whole iu
e:.sc sas lost the next week The business Of the
country and the rosd for the rest Of that month and
0c:otc- md November, did not from the par
sys:s sused By theEe financial disturbances It has
Iot to'!T recovered from them now. though Do
c:nbtr and January hare shown much more favorable
results.
Th. increase II the gross business ct ths road for
lie e. months ending with November, notw1thstand
oSar nas sa Hse1 " :
oat, tho causes being considered, is .perhaps
II ti,at could be expected OF this increase
been freight and miscellaneous earnings. During
the same time, The earnings on westbound through
Acre oro ia On through Eastern business, and during
tA:t sr1od s293 9l3s7 With tho customary zates
o7 th1 uEual west-5o,lId business and ordinary local
nIi.I:o,
Tim month Of December and the first tlree week1 in
1aaurs the main liEe showed reviv1ng business
Dusl iat ceyen wesks tie increase Was $.12 $685.
q hl ST. osG.97 from Passengers and s19s, ol
isom freight. Tbs gross increase Of business for tho
rumser Ct Of freight for the Inst Elk months,
cnding Nov. So moved over the road 905281, be-
~; ssss q rs tons The9e Las ee ge.
IN the lumber trac during the whole year,
t2d -aost to suspension during the months Of Sep
Tint business haa 10. get felt the stimulus Of the
siy:z confidence, and the bleiness Of tLn branches
aaa Lot increased 80 rapidly the min line.
THE BRANCH ROAD.
It I'll be seen by tho Treasurers Abatement that the
o7aca against tbs branch zoaLs including tie Joliet
or ;as siz asoaLns is sl7s, 49, which h1c been de-
irctd from tho act earnings Of the road in stating
a1e aunt to credit ot income account. Perhaps 1t
sho1l be stated again, that hess roads under
70 large extent Of recent construction, and TINT this
Company has acquired the control Of them aa defensive
::r:eatary to tbo main Inc The amount q
5rs:aess reserved from them al during the
months ns snang Es TSD f95 ths
1o:sr Branch and whle pEsses over the whole rnain
ae, VIE saS5 G1 From the other branches there
wee received LIS The northern 100 rni1es Of
the jackson, Lansing ! Saginaw Rsiroad was only
o aed during the past yesr 1s business, therefore,
Y: ds7elop into yaiaabla tr.c. Ind thst, q itsef
u it, and grant Of 1000 acres, more than third
81 Which telorga TO this Company the road VIII b"-
Should tho contemplated ro.d from AacktnAe to
n*tquette be built, the Jscknon. lansing 4 Saginaw
x I'd will Eecnue thoroug1fare for bnstneEs and |
::-Tel, hardly second to any il the West.
TIE GREAT WESTERN.
Ihe improvements upon tho Great Western Railway,
:xaash CONNECTS the Michigan Central with the New
d Central and the Enc, and IL the natural ally Of
1a3 Company from its positio aud location, have
cn fts new roaa from Gleneoe @ Connects m our Inc
With all roa1s terminating at Buffalo, aad has also
injection with its own airline near the Bridge, md
8 Bridge It il therefore both double track md
1'* road to Buffalo. Its dob}e truck besween Glen
q. sod nso + alss ansr LIS %
4s equipment and power have been enlarged to meet
ia neee<sites OF the caee and all tta appointments
sae Il is believed, adequateto tbs demands upon IT.
ia Enole track i'll both nne is OF stoel and both that
pad, and ,st Of this Company, now IN every 70
,pt equ. to tie best III the country Tho trains On
-A of freight AID passengers, again able TO run
~ regularity and with punctuay: The business OF
II: road has OF course, suffered by reason Of the
Fe.tcs equally With that Of the Alchlgao Central
Though the 1ooal business Of this Company h.s
oon, ~ stated, unusually small and weat-hound bus1-
a* naa been Light there lo2 never bee pasaauS ose1
oe ancs Of each company 30 heavy Tonnage as st tue
7eens time, and At period IN tho history OF ne
oads would it have b.on possible to have handled
!nd an amount Of freight as now passes 1
oss. eecnnaentiy expects that with prosperity
gan fr1iy restored to tho Company, aud iss !
,otlness reestabshed, the great advantages OF the
1hes % of the Michigan Central and Great Western
ds Tor travel ind business, and the excellent cohd
aoa OF both 1osds n all respects. Will enab1e them 10
their full share Of all the business, both pns
Fest,
Per order Of the Directors, 1Axxs F. Jor,.
Sos1ok, Jan, q, 1874. President !
TRKAsUREBfs REPORT. :
Ihe following ID the report Of the T1easurer: &
y it Pss,dent ard Directors # hs HIehtoan Ct'-
tyal Railroad Company:
a1S7tEAEa: The following report presents ths =
SO: 6
- =. Ixcon< dceotint, II. c. R. r. ca. T. :
~. ", 1s'3-To operating 9
acct Main and Air Lnes, q
exclusive ct interest. 16o os9.41 | I
interest acct. ~, ,42199 81 3s6,o11A =
Q ba!auce Of Branch roads =
ts7naferred
Met y. I. r. Rx.. 279s1-s6
fsnd Eiver Valley .......... 1G,'W.15
a2.n1zoo South HRYeu 4.x71,81 t
Uu4c4 DiY!eior TSSl "a !,