, 1874-08-02

pAQY, Tue IcpOEL 6atb tAo t4Uco VaA AA4oEo u ~A0
main limo and leased lines for the year hare
| been:
From passengers. $50 o4s g
freight. 49l8,93i. .ss
Miscellaneous ...........-...... 3H, ,l.0.y1
Total. s., ,634, ,os1. 10
Being in excess Of the earning OF the year be-
fore 1891, ,o63.64-
The operating expenses during the same time
exclusive OF taxes, uere $3.50, 81, and the
ta1cy have been S207 ,092.75. Toial, $685.
G42.39. These expenses hare been in excess IT
those Of last year by s53G, 706.o3. The net earn-
iugs of the property have been during tho year
81 no. $50 81. being less than the year before by
! S204 1920.
Ibis is 3 statement doubtless Encouraging to
stockholders at it's first aspect, though when the
causes are considered in connection with tho
| business Of the year, there will be found
MUCH GROUND OF HOPE IN THE FUTURE
FIRST, thcIo has been an increase OF tonnage
on the nam line above the prior year OF 1T, ,163
tons, or 12>1 per cent. Though the earnings
from this business have increased only 6 100
per cent the inc-eaEe in through-freighs carried
| over the roal has been 2c0,392 ions, being
81 S7-lU0 per cent. The increase Of East-bound
throuG Gh-!relSbt has been 262 sea tons. or
| aboyo that OF the same kind Of freight Of the
prior year OF 43 25-100 Per cent. There has
freight OF 2.17l tons aud h large falling-ofr in
local freights Of the road OF 8 400 tons; but, on
the whole.
THE INCREASE or BUSINESS HAS BEEN LARGE,
Notwithstanding the disturbance aud dopres-
sion on every class OF business during
ing m fIom 0 the financial trouble OF
the country. Tie very large increase in the
East bound tonnage of the road is wholly the re~
suit Of the large Improvements which hare been
made during the past TWO years, which enables
1t to do that krd Of business with 3 facility md
dispatch fully equal to those Of all other lines,
and which it is believed will enable it at all times
to comm,nd full share Of all the bust
neSB between the West and the East. But
while the business in the aggregate has
SO largely increased, tho earnings the1efrom
have not increased in proportion, and especially
the net earnings. In tbe east-bound cattle bus!-
ness, which Is very large, and waa formerly
very valuable one, the
RATES HAVE BEEN ALMOST TOTALLY DESTROYED
fur the past year through the effect Of causes
connected with Eastern roads, and which this
and that whole business has been done
during that time At not much, il any, above
cost, and is now going at much leaH than the
cost OF doing it. All the other business from
tho West eastward since the crisis OF September
has been irregular; for q time after the COM
melcement Of the panic suspended, then gradu-
ally res1ving. but neTer in volume to I'LL the
capacity Of tho roads. Between Chicago and
New York the competition for it. therefore,
has been active, and rates have not been MAIN
talued,
THE AVERAGE RATE OF ALL FnE1oHr
carried over the lines Of the Company has been
during the year only 1.29 cents per ton per
mile, against 1.57 before. Thie difference
ia the ratio has made loss to this COMPANY upon
the business which It has done of aC06, ,950.12,
all of wl!ch il taken from the net earnings, or
what should bo such. OF the Company.
STEEL RAILS.
There have been laid with steel rails upon the
main line 7211 miles Of double track which,
xiff, +ha fr-1, ntRa fau all -
double track between Detroit and Chicago. or
this 2s3 5-100 miles haEo been laid during the
first half Of the present fiscal yesr-
THE BRIDGES AND cuLvEE1s
generally under this track are OF masonry, and
constructed in the most permanent aud subEtan-
tial manner. The main line has been laid with
steel rail tie entire length of it, with the e1-
ception OF IS miles, and the whole track re-
balanced 30 far as was necessary. Tho whole
line OF both single and double tracks is probably
in as good condition AZ ia possible With tracks
not wholly steel
The shops are substantially completed, and
are both convenient and adequate. a new
station or passenger house has been built at
Jackson, adequate to the convenience Of the
putlic and the Company. Smaller ones have
been built at other points along the road, but
only whero the necessity had become go urgent
AZ to he imperative.
During the past. year additional sidings to the
extent Of 2s miles have been laid. The
entire e,t siding now Laid. 1aid intending
123 mllcs, or about 20 miles less than half the
entire length OF the road. A large ,ard at
Michigan City. aud also at Jackson, with ade-
quate siding for standing and distribution Of
cars, and making up Of trains, has been con-
structed, and an additional eug.ne-house at the
former place.
The works for tho supply Of water at the
various statiops hare been enlarged to
meet the increased demand upon them.
1t will DO seen that tho result has been almost
complete reconstruction as we'll as enlargement
of capacity, and this was Inevitable once the de-
termination being had, to make the road ade-
qnate to the business it might reasonably expect
With the development OF the West, which mas bce1
so 1apid, and will DO 80 continuous. Another
and principal cause OF tho large ratio Of ex-
pcnse OF dong the business the past year to the
earnings in the diminished rates at which the
business has been done for the reasons above
stated. Had not the rates been almost totally
country and partly BY the dissentions among the
managers OF railroads, the earnings OF this
Company would have been from the Same busi-
ness, s6oS, ,95o.12 greater than they nere
;ions, dan ss so. e sSe 'as Rso sf If 10 s2peass a
in proportion to earnings would have been yc1y
much reduced. The ratio OF expenses to earn
iugs during the year before last on the main
4ne, includine taxes was 6S 96-1qo and e1-
cluding taxes. aud 65 45-100 exclusive
OF them. but during the year there hare been
carried the whole length Of the road 26O, ,392 tons
more freight, With only s320, 404.1 increase OF
year as did during the prior year, the ratio of
expenses to earnings wonld have been. with
taxes included, $G24.08; deed taxes excluded,
$60.05. There has been