The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1876-09-01

The fourth annual report OF the railroad COM
missioner for this state. Hon. 9. 6. Cobb, u
Just puollshed. 1t shows that there are So rail-
Road corporations in Michigan and within the
limits OF the state s,sA6 mllss OF road in opera
ton, costing with equipment. el6l,5S2, 6eS'
aud giving employment to lA.6sl persons. The
increase OF mileage for the year has been So, Al
miles. The capital stock OF the So companies
Is S141, 900, 0c0, and their debt S161, 0O0, 900,
making total investment of 800, 100000.
The gross earnings Of all the roads was S4l,-
O65,O the operating expenses c29, 3So, OOO,
and interest Sl2, 537, 900. SO It will be seen
there was an aggregate net loss to the stock
holders OF 1887, 900 on the years business.
| Only two companies have paid divldends, the
| Lake Shore " Michigan Southern 2 per cent,
and the Mineral Range 10 per cent. in stock.
Nine roads we're unable to pay all their interest,
the year amounts OF S2,537.000. Six roads
| failed-to earn even their operating expenses.
| Only five Michigan roads have ever paid divi-
| dends at all. and these with the dates OF the
! western, June. 1878 Detroit q Milwaukee, De-
cember 81, 1862 Lake Shore ~ Michigan
Southern, February 1, 1876 Michigan Central
| (stock diyidend), 1878; Mineral Range (stock),
! 1875.
The low tariff rates for freight In this state
age for all the roads in the state per ton per
mile was ouly ID cents, while the through rate
received by the Boston * Albany road is LII,
and that road, notably, accepts lower rates than
any other in Massachusetts,. On the Lake
Shore d. Michigan Southern the through rate
has averaged 500 mills per ton, and the local
rate 1.09 cents. On the Michigan Central
through S,8 mills. local 200 cents.
The accidents from trains leaving the track
we're. in 1872. II per cent. and in 1875, only 81
n mass hoa hfav. lad d,xr,x.
the year, and only SIX injured, other by their
own careessnese, though over 10000, 600 pas
sengers have been carried an average OF as
miles each. The chances OF injury from acct
dent are thus 80 slight that if person were to
travel 275 miles day for 5000 days in the year,
he would have to travel 625 years IN the ordi-
nary course Of chances before he could depend
on an injury which would give him an opportu-
nifty torecover damages, There were, however,
number OF accidents resulting from people
Jumping from trains in motion or walking on
the track. Twenty-seven employees were Killed
and 81 injured
The commissioner calls the attention af the
legislature to the fact that the 80 years have
expired during which the legislature were cut
off from altering, amending or repeating the
charter Of the Michigan Central and Michigan
Southern railroads. He shows also that those
roads pay considerable more tax under their |
special charters than they would were they in
corporated under the general law.
no one can read the report without seeing:
/. That the railroading business in this state |
is In terribly depressed condition.
2. That our roads suffer far more from COM |
petition thad the generality Of railroads through
out the country.
8. That the roads are creditably managed,
that but comparatively few accidents occur,
and that the public IN general are well served.
4. That $12, 500, 600 and upwards annually
goes out OF the state to pay interest to eastern
bondholders-a heavy drain on our financial
resources.
5. That too expensive roads have been built
through sections that will never support them,
or at least for long time.
G. That very much Of the railroad property
of the state must ultimately fall into the hands
of the bondholders, from failure to meet its in
terest.
Z. That it would have been money in the
pockets OF the stockholders II three-fourths Of
our roads had been built Of three foot gauge,
instead OF the conventional IT. SO in.