The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1875-11-12

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owned The proportion for the miles OF road
lying in this State is s63, $40, 9l7.S6. The
amount paid in per mile varies greatly the
older lines showing the largest, aud the newer
lines or branches, the least amount OF capital
actually invested.
The funded debt OF our roads il reported at
Sl47, 905. 273.40, and the floating debt at So
5I3, $40. 06 making the total debt liability $780,
46S, S62.46, of winch the proportion for AIichl-
gan is eos, GA. 237.07. The debt per mile Of
road il $50, 1913. So.
The total investment in our roads represented
by the paid-ln stock and debt is 1926, 34S 2i7 H.
or $50, S6277 per mile Of road.
IL will be noted that while the paid-in stock
reported shows decrease, the total indebted
ness has increased during the year 81, 65i-
239 Can addition of IA 100 per cent.
COST.
The reported cost of roads and equipments
is 1892, LOG, 775.36, or S54, 1891 per mile. The
cost of road exclusive of equipment, for the
thirty companies by whom tins item il reported
separately, is $685. l24 COS 80, $40 715. 13 per
mile and OF equipment for the twenty-five
roads reporting this item, S37, 37S 05S. 80 or
SO, 7GS. 66 per mile of road operated. IL, how
ever, the cost OF equipment be charged wholly
to the miles OF road owned by the companies
owning the equipment, the cost per mile is
81, S92,03
GROSS EARNINGS.
The gross earnings for the year of all the
roads doing business in this State was S45, $780,
2S9.79, or %, 1894 per mile Of road operated.
or the above total, s14 4S1, 100 IL represents
the earnings for passenger trains, OF which
So, 537 23O.74 was for passengers, IL, 093,-
4S4.54 from mail service, and $3.50 374. SO from
express The earnings from freight were S3l,-
OIL 59l.01, and from miscellaneous sources
@346, 1852. The total earnings show a de-
crease rs compared with those OF 1873, of
81 259, 073.94, or 4 69-100 per cent.
OPERATING EXPENSES.
The total expense of operating our roads
during the year was $50 543 249 -, or So 442. 50
per mile. This total expenditure is divided as
follows: Maintenance of way, buildings etc.
~, 255, 1l0.1O, OF 23.S per cent of the whole;
motive power and cars, So $50, ~, or 1877;
miscellaneous expenses, ST, 500. SO2.55, or 57.5
per cent. The expense of operating, AZ COM
pared with 1873, shows decrease of s3,0lS,-
1860. That the roads have been carefully and
economically operated during the past year may
be inferred from the fact that, while there has
been decrease of 90, 259, GA in the gross
earnings, the operating expenses have been
lessened %, 01S, 23G.09; thus more than keep
ing pace with the decrease III earnings.
INTEREST.
The total interest liability of our roads is
approximately SO 904, 490.46, of which So
673, 445.4 6 reported paid during the
year, while ~ 23l, 044.76 remain unpaid. II,
now, we add to the expense OF operating the
interest which accrued during the year, we have
as the total cost of operation and investment
Sal, All. 739.35.
But out of the thrty-four corporations doing
business in this State, fourteen failed TO pay
either the whole or a part of their interest.
Eight companies failed TO report any part of
their interest as paid, which, for these COM
panies, amounted to $3.50, 900.
NET EARNINGS.
The gross earnings, when compared with the
total expense of operation, show as the net
earnings for the year SIS, 356 0i0.6l, or 81
1912 per mile of road operated. This is an
increase above the net earnings for 1873. of
$3.50, 26305, or 81 per cent
The gross earnings for the year being, a. be-
fore mentioned, S45, 800, 289.74, he total of
operating expenses $50. 543, 2i9. 13, and the
total of interest @10, 1904, 400. AZ we have, the
net income resulting from the years business
S4451 $40 ga sum equal to :795.02 per mile
of road operated, and 80 per cent. on the paid
up capital stock. As compared with the pre-
vious year, the net income shows falling oil
of Sl2S 563. "a, or 2.S per cent.
FREIGHT TARIFF RATES.
As was surmised in my report for 1873, there
has been general and steady reduction in rates
of freight during the year. among the most no
table OF which will be found the reports of the
Lake Shore and Michigan Southern and the
Michigan Central. The reduction of the aver
age rate on the Lake Shore and Michigan
Southern from / 33-100 to l 1900 cents per
ton per mile, a decrease of 155-1000 of one cent
per ton per mile, caused loss in the net earn
ings of that company of 81, 5i9, 079.59, or more
than 3 per cent upon its entire capital stock.
The report of the Michigan Central shows a
still greater reduction in rates, being from
l $1,000 to / $40 cents, decrease of 27-100 of
l cent per ton per mile.
The report OF the Detroit and Milwaukee
shows a reduction on its through business from
9 7-l0 mills to CLIO mills per ton per mile.
The results of this reduction of rates may be
seen by even a casual observer OF our railroad
system. First, it has had the effect to deprive
the stockholders Of any dividends on their in
vestment; second, it has compelled the COM
panies to cease improving their property by
such additions as double track and steel rail-
improvements mpeiatively demanded in order
that the companies may be able to successfully
prosecute their business, not only in their own
interest, but for the interest of their patrons;
aud third. it has brought about an extreme re-
duction in the expense of operating the roads,
as is shown in the of the Lake Shore
and Michigan Southern, their operating eX-
penses being p, 59i, 226.9S less in 1874 than i'll
1873 Now, while this may be, to certain ex-
tent, beneficial, the fact must not be lost sight
of that. although the rates for carrying may
continue to decrease, the expense of operating
must lind some limit beyond which it cannot be
reduced. The expenditures for repairs and
permanent improvements may be cut of for a
single year, it may be, but the property must
eventually receive such care Az to bring the av-
erage to the mean of healthy and vigorous OPP
Grafton.
ACCIDENTS TO PERSONS.
The table OF accidents to persons shows a
total for the year OF 1876, falling OIL from the
number reported for 1873 of 1871 per cent. OF
the above total so, or 41.8 per cent. OF the
whole, were from causes beyond the control OF
the persons injured, the remainder resulting;
from their own misconduct or carelessness.
The accidents to passengers were 80, of which
were fatal. OF the &c passengers reported
injured, 22 were from causes beyond their owl
control.
The accidents to employees we're 1903, or 52.5
per cent. of the whole or these, 33 were fatal
but 20 of this number were from their OWL
lack of care for or discretion in securing theii
personal safety OF the whole number 3S were
either killed or injured while coupling cars
and were struck by overhead bridges.
The accidents to persons not connected Will
the railroads, either az passengers or employees
number GO, or 30.G per cent. of the whole. OF
these. 43 were fatal. There were 80 killed ant
injured from being on the track, 5 killed ant
injured from getting on or of moving
trains, and 5 killed and 2 injured at highway
crossings.