New-York tribune., 1874-08-03
THE MICHIGAN CENTRAL RAILROAD.

lHE NIAAIDAN LIN llsAD IiliitOshO'
THE ANNUAL REPORT OF THE CONDITION oF THE
CoMPANY-THE EARNINGS, EXPENDITURES AND
PROSPECTS, OF THE ROAD.
Boston, Aug. 2.-The annual report OF the
Michigan Central Railroad is Just After recaptu-
iating the lines owned by the Company. says:
The gross earnings Of the line and leased lines for
the year ending May have been:
Prom pzsseng 94s IS
f'u ire 46Is sygi ~
hsce.aueous '''''''''. "'fIV -
Total Osl 70
Being IN the earnings OF the year before
o. sSi i;s s & 5,o "a and fsx,s n' s97
C2 rs: total s. C42 g. Jne.s expenses have been III
o those of last wear OY S36 100 9 The net earn
ing Of the property have during the t2lO
40 81 being less than the year before by s2474o 2s
stockholders at It's first aspect, though. when
she causes are considered IN connection
will be found much ground OF hope in the future. There
has been increase OF tonnage on the main line above
earnings from th- business have Increased only 1900
per The increase in through freight carried over
the road hts been 260392 tons. The Increase in east
bound through freight has been 22 j63 tons or above
that Of the same kind Of freight the prior year OF
A. 27lJ per cent There has been sght falling off in
ves-b0uuC freight o2l tons, and the large falling Of in
local tights OF the road Of $3.50 tons. But the
standing tie disturbance and depression IN class
OF bushes, during tbreefourths OF the year resulting
from the financial troubles Of the country. But while
the business IN ne aggregate has 50 largely Increased,
the earnings therefrom have not increased
fngs. THIS also has resulted from several
causes. Among them Is the fact that from July
20 January 10 differences between the roads from
Ncw-NOrk vest, al westDOund freight carried at
less than half the regular rates and from the same
causes all immigrants have been carried all this
season for about one third OF the regular rates
Tue average rate OF al freight carried the lines
OF the Company las been durIg the year only / 29
cent? per ton per me against l57 Of the year before
THIS difference the rate has made loss to tins
Company upon the business which it has
done OF S5O69j0 l2, all OF which is taken from
the net earnings. or what should be such, OF the
Company TINS loss mas not resulted from depreciation
OF rates, such set fOr IL aS years report from
the creation OF ue~ lines, but simply from dssensOns
between existing lines, which, II eieved tempo.
rary only; 70 which should De added the result
ing from the panic, which equally temporary Self
preservation compelled the Michigan Central Company
70 DO whatever necessary TO put ITS road cOu-
clifton To double rs track, 10 ay 10 with steel rails
double us power and rolling stock, TO construct new
bbOpe, Doth Tor the repair OF and locomotives had
become an indispensable necessity There been ex-
pended Tor cOnstruc during the year s. 60636 G.
Among the Items Of expenditure the grading
Tor double rack and on main
lue 81 l,JJS44 o., for additiOua
al Detroit cnglne-hOuses at Jackson. Detrof and
Michigan CITY, passenger dePOts coal shutes and paS
seDger cars S235J7 n Though all the Contaminated
Improvements ~ the permanent property lie
paBv were substantially completed before the manic
occurred, there a large debt remaining unDaId
IN various forms This been partly paIr by the sale
OF the bonds OF the Company anu but for the disturb
ance IN the business OF the country by the financial
crisis aud the effect upon the OF the COMPANY
the remainder would have been now almost entirely
hqudate1 leaving the future earnings above expenses
and interest applicable 70 dividends.
TIE Board regret 10 that 10 now, probable that
the earnings until January may be required ~ eLtlu
Ruish the remaining floating deDt.