The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1877-11-13

Chicago, Detroit q Canada Grand
Trunk Junction, 10 the Grand Trunk
railway OF Canada; one, the kalama-
zoo, Allegan a Grand Rapids, 10 the
Lake Shore & Michigan Southern rail-
way, and four, the Grand River Valley,
the Jackson, Lansing a Saginaw, the
Kalamazoo & South Haven, and the
Michigan Air Line railroad, to the
! Michigan Central railroad. Three cor
porations, viz, the Detroit. Monroe 4
Toledo, the Kalamazoo & White Pig
con, and the Northern Central Michi-
gan, have only nominal existence
their slock and property being owned
by the Lake Shore x Michigan South
ern.
One new corporation-the Glencoe,
Pinconning * Lake Shore-began bus
mess during the year. and reports to
this Office now for the first time. It's
line Of road is located in Bay county,
from point on Saginaw Bay nearly
due east OF Pinconning, on the Jack
son, Lansing & Saginaw road, where il
crosses the latter road, and thence
vest, in all line Of ID miles in length.
This road has been built exclusively
for the lumber traffic-the bringing of
logs TO the mills at Pinconning, and
lumber 10 the lake shore, for direct
shipment by water.
MILEAGE AND CONSTRUCTION.
The 36 corporations above mention
cd own a total Of ., ,252 miles OF road,
and operate a total OF $500 miles: a
net gain over the previous year of 2jg
miles. OF the above total, there are in
this State 1861 miles Of the operated
road, 10 which must he added that Of
the Chicago & Northeastern, from Ian
sing 10 Flint, 30 miles, completed in
the closing days Of 1876, and making
Bali miles of completed road in this
State.
CAPITAL STOCK.
The total paid-up capital invested in
our roads is Sl42, ,033. 233, or an average
per mile of road of S27. .0i3.
DEBT.
The funded debt is reported at $780,
594, ,09l, aud the unfunded debt at Sl3,-
9j2. OBS, making q total Of debt liabili-
~ Of Sl6i, $40. ll9. or an average per
mile Of road OF S3l, 1913. These totals
show an increase for the year Of ] 81
100 per cent. The aggregate Of
STOCK AND DEBT
amounts TO slO6. 579, ,352, or an average
Of S5s, $40 per mile OF road, and an in
crease Of Si,05l ,2j2, or ! 33-1O0 per
cent. over the preyioLs year
COST.
The cost Of roads aud equipments
amounts in the aggregate 20 S2s7, ,022,-
S3S, an increase of -, 2,06S, 2Os, or ~
100 Of ! per cent. over the previous
year. This total cost equals Sji, So
per mile owned, and the proportion Of
the same invested in Michigan is $780,
81, l32, an increase for the year Of So
7ss, 466.
GROSS EARSINos.
The aggregate earnings Of the sever
al roads in this State for the year were
$40, 3S3, 300; n decrease from the re-
suits Of the previous year OF S7O2, ,00l.
The proportion of the above total cred
ted to this State is Sl7,704, ,GO7. The
earnings from passengers were Sill
263, ,94i: from freight. S26, ,S45, 752;
from mails, Sl,074, 7s5; from express,
$3.50, 72j; from ether sources, S339, ,0li.
The earnings per mile Of road were
S7,09L39. The gross earnings of our
roads have rapidly decreased from Sls. =
l5S, ,364 in 1873 to Sl5, ,S99. 800 in 1874,
81 ,0S5, ,22l in 1875, and $40. .3S3, 800 in
1875; n falling OF in four years of ST.
i75, ,l43. The
INCOME IN ADDITION To EARNINGS
amountes to S2l1, 100. an increase over
the previous year Of Si1 ,5Sl. This in
crease is derived, in the case OF the
three companies TO whom il accrued.
from trent Of property other than road
or equipment, from Interest on land
sales, and interest and dividends on
assets" The above items Of income,
added to the gross earnings, gives as
THE TOTAL INCOME
for the year, $40, 5,O10. a sum $500,
il6 less than that for the year previous.
OPERATING EXPENSES.
! The total amount expended for tho
/ operation of our roads for the year was
| S2G, $50. l03, a snm less by 81, 700, SIS
than the previous year The proper
/ tion Of the above total chargeabIe to
Michigan is Sl3, ,230, lSG. and the aver
age expense Of operation per mile OF
road was S.6SS. The classified expen-
ses we're, for maintenance Of way and
/ buildings, &c, ,ljl ,527, n decrease OF
n ,3i2 ,372 from the previous year; for
maintenance Of motiye power and cars.
/ 3 ,262, ,53i. decrease OF sl56. 026; for
general trafiice expenses. SlG, ,27l ,Oi3, a
decrease Of SS95, col. IS from the pre-
vious year.
The percentage OF operating expen-
sea to earnings was 6j.07, as against
] 1l.2s for the previous year.
In 1873 seven roads failed 20 make
their earnings equal the expense Of op-
| Grafton: IN 1874 four roads. in 1875 Sly
roads, and in 1876 five roads are re.
ported as under similar embarrass.
ment.
INTEREST AND RENTAL.
The interest and rental liability o
)ur roads for 1876 aggregated the sun
ur-cl2 ,S3l 1876, an increase over tn,
year previous Of s294,ll OF th,
above total. S9.G7j, ,3ji are reported Il
have been paid, aud q, l55, $40 as re
rnaiuing unpaid.
The total interest and rental liability
amounted TO 81, 253 per mile Of road
and was 81 7s-l0O per cent. of th'
earnings.
Seven companies report their entir
interest unpaid.
The operating expenses, interest
aud rental Of % roads exceed their in
come 10y amounts which together max
total deficit for the year Of 50, 734,
jSS, less deficit by SJ4, ,9G9 than 70
the previous year.
: COMPARED WITH INCOME.
The aggregate OF operating expen
ses, interest, aud rental for the yea
amounted TO S39, 9,5l6, ,29s, a decreas
| from the same account for the previou
year OF g., ,476, ,402. This aggregate q
expenses amounted % a6, 943 per mil
II the road, and were 67 S6-1O0 po
cent. Of the earnings
The notable decrease in the oporat
ing expenses Of more than 10 per CEN
from the previous year was more tha
an Offset for the decrease in earning,
and we find that there was a
TOTAL NET INCOME
as tho result Of the years business {
n, 100, 7l2,. as against n total net dcfic
= ] /. A a11-- fuN ~