The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1875-11-23
nAuLR0AD COM mmussl0NEm,s me-
PORT.


4
From the Saginaw Republican
The third annual report of the able
railroad commissioned for this State,
Stephen 8. Cobb is just made and pub
lishsd, covering the operations OF our
railroad companies for the period from
Jan. /. 1874. TO Jan. l,1S75. Although
this was period noted for its financial
reverses aud q general prostration Of
business in it various branches, and as
disastrous to railroads as to other en-
terprises, il is found that the compan-
les doing business in our state have so
conducted their affairs that the results
for 1874 will, unexpectedly, perhaps,
bear favorable comparison with those
OF the previous year.
RAILROAD MILEAGE AND CONSTRUCTION.
The miles of road owned by the "a
corportions doing business and report
ing to this department is 5,27836, of
which 3,3149S miles lie within this
state. OF the above there are 4, 4Si.7l |
miles OF main line, and S3l.55 Of
branches. There are 304.55 miles OF
double track, and S9S.S9 miles OF sid |
| luRb, txClublNc VI tne OnlCdRO huu |
Northwestern. which does not report |
this item. Only one road, the Mineral |
Range, 12l miles in length; is of the |
narrow or three feet gauge. Five OF |
our roads report fewer miles of main |
track than last year, but in most il not |
all OF these cases, the decrease is owing |
to new and more accurate measure |
ment.
The increase in the Chicago a North |
4 western has been the construction of |
additional branches to mines in the |
upper peninsula The Detroit a Mil |
waukee has also built short branch TO |
the coal mines at Corunna The only |
railroad construction OF importance |
during the year, however, was the CON- |
pletion Of the Flint 4 Pere Marquette |
TO Ludington, its lake terminus, a dis |
tance of As miles. The MANSFIELD, Cold |
water 4 Lake Michigan should have |
appeared in the report for last year;
but the returns failed to show any por-
ton Of the road open for traffic.
The average number Of miles Of rail-
road constructed per year in this state |
for the last "a years, from 1S41 to 1875, |
is 97i; but il the average be taken for |
the last ten years, from 1866 TO 1876, the |
period that has marked our greatest |
activity in railrod construction, we find |
il has been $50 mile. the greatest num-
ber Of miles built in any one year being
90l In 1872.
This rapid construction OF railroads
has gone on until We find that in the |
four southern tiers of counties Of our
state, embracing 1884 square miles Of |
territory, aad a population. according |
to the census Of 1874, of 997, 7,90l, we |
have 2, 1888 miles Of railroad. This is
equal to ore mile of road to every 427 |
inhabitants; while in Massachusetts,,
where the population is comparatively |
dense, and where, too, the construction |
Of railroads was begun at much earli- |
er date than in our own state, there is |
only one mile of road to every $40 in |
habitants; showing that for the portion |
of our state named, which is by far the |
most densely populated, we have in pro-
portion to the inhabitants more than
two miles OF road to one for that COM
msnweaith. In this reapect also we ex- |
eel Connecticut, which is thickly peo- !
pied, and whose railroad syetem is well |
developed, that state having but one
mile OF railroad to every 62O inhabit-
ants; so that We have within the limits |
Of the territory mentioned, in proper
tion to the population, one and two
fifths miles Of road to one for that |
state.
CAPITAL STOCK.
The several corportions doing busi-
ness in this state report n total paid-in |
capital stock OF S13S, ,S50.374, or SO. $50 |
per mile of road owned. The proper
ton for the miles OF road lying in this |
state is s63, ,529, 9ls. The amount paid |
in per mile varies greatly, the older |
lines showing the largest, and the newer |
lines, or branches, the least amount Of |
capital actually invested. These differ !
ences are susceptible of ready explain |
alton in a majority OF the cases; but in |
the case OF a few Of the roads, of which |
the Michigan Lake Shore, with but |
s7s3 paid in per mile, may be cited as
an example, it would seem that a sound |
financial policy demanded larger in |
vestment of paid-up capital. 1t is a
noticeable fact that the aggregate OF
capital reported the present year is less |
by s59l, 500 than was reported for 1873. |
There is, however, reason TO believe
that the amounts here given are more
nearly accurate than those for the pre-
vious year.
The funded debt Of our roads is re-
ported at sl47, ,905, ,273, and the floating
debt at IS, 753, go, making total debt
liability S157, 46S, 943 Of which the pro-
portion for Michigan is 500, ,674, ,237.
The debt per mile OF rond is $50, 100.
The total investment in our roads
represented by the paid-in stock and
debt is sos, ,345,247, or $50, ,S63 per
mile of road.
IL will be noted that while the paid
in stock reported shows a decrease, the |
total indebtedness has increased during
the year s7,654, ,2i0,-an addition OF
Ii per cent.
The reported cost Of roads aud equip
ments is S2S2, 106,7 ,775, or ys54, 454 per
mile. The cost of road exclusive Of
equipment, for the 80 companies by
whom this item is reported separately,
is s225, l2l, eos, or s46, us per mile;
and OF equipment for the % roads re-
768 per mile OF road operated. III how
ever. the cost OF equipment be charged
wholly TO the mile Of road owned by
the companies owning this equipment,
the cost per mile is 81, $40. As COM
compared with the returns for 1873,
this total cost of roads and equipment
shows an increase Of 3.09 per cent.
GROSS KAPSSGs.
The gross earnings for the year OF all
the roads doing business in this state
were si5, ,s99, 900, or SO, $50 per mile Of
road operated. OF this total s14, 49,
100 represents the earnings from pass
enger trains, of which sl2, ,537. .231 was
for passengers, sl,093, ,4S4 from mail
service. and SS50,365 from express.
The earnings from freight were 3d.
OIL ,591 and from miscellaneous sources
s346,2l8. The proportion which these
various items bear to the total earnings
! is as follows, viz: passengers, "a per
cent; mail, per cent; express. Ia per
J cent; freight, ,6s per cent; miscellaneous
6-l0ths per cent. The total earnings
show q decrease, as compared with
those Of 1873, s2,25S,0 ,074, or 40 per
cent. This decrease in gross earnings
is less than the decrease of that item
on the Lake Shore a Michigan South
em alone, which amounted TO g, 26e,-
37s; and OF this amount, 81, ,549, ,0s0 was
due TO the decrease Of freight rates.
OPERATING ExPHssxs.
The total expense of operating our
xosds Ipv,o< fhn vosr 80 ooo rlo olQ