The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1881-12-30
MICHIGAN RAILROADS.
Abstract Of COmsnissi0ner williams
Report.

| Report.
w. b. Williams, Commissioner OF
Railroads for Michigan. has issued his
ninth annual report The report covers
the business of fifty different corpora
tions, under the control OF thirty-six diff.
ferent homogeneous. The most of the
roads operated by other than their owa
corporate organizations have become the
property OF the companies now manag-
ing them, either by the acquisition of
controlling interest of their stock and
bonds, or of long leases amounting
virtually to ownership. The fifty corpo-
rations reporting for the year 1880 give
aggregate number of miles owned as
5,Sl00S, as against $3.50 miles for the
previous year, an increase of 451.58
miles. OF double tracks the report
shows 331. 20 miles. Within the State
are 3, Ell miles OF steel rails. The capt.
tai stock of the railway corporations
paid in and invested in the
properties controlled by them
shows an increase. The report
preceding this fixed the capital stock of
the aggregated companies at 1852, 49,
16i.47, or az, 50577 per mile of road.
At the close of 1880 the figures had in
creased toSl60, $50, 320. %, IN excess over
the previous report Of 81, S32, 155. 70.
! But while the stock of the roads has in
creased, the stock per mile of road
shows de crease OF 81, 1929, which Is
J partly In the disqualification and partly
IN the greatly lower average stock per
mile for the new road constructed during
the year. The Indebtedness OF the rail-
roads of the State shows an increase
During the year there Was decrease of
liabilities OF 81, 625, 1853 %. The stock
and debt accounts show q footing of
1913, 952, 62595, be ng an EXCESS OF the
amount carried in the last report of
5000, 997.65. Calculated on the mile
age basis, the total investment in the
railroad property of the State is S204,-
| 673 520.43. The commissioner says that
the stock and debt accounts still MAIN
tain an undesirable excess over the
reported costs of the properties that
enter into this report, anu constitute the
most unfavorable feature IN the exhibits
Of our railroad corporations. Such ex-
cess figures at $9,07S, 665. Ii, or about
| $2,375 per mile of the entire system
within the Safe. This excess arises
very largely from the fact that the re-
sources OF the corporations have not
! been sufficient TO meet interest ON the
bonded debt and expenses, thereby in
curing floating debt, which is includ-
/ ed in the amount of indebtedness This,
| however, does not account for the fuilex
cess, and it is very evident that there
is still outstanding stock that does not
represent any true value. Taking into
account tn aggregates of the entire
capital and property accounts OF the diff
fere Mt roads travelsing this State, in
in whole or n part, the excess of stock
and debt is SIC, 500, II 50, a diminution
from last year of $528, 2t4.0S. The total
receipts of the abroad companies re-
porting to the Commissioner for the year
1880 aggregate $57, 373, 657 Is; the total
expenses, including taxes, are returned
at S32. 272, 931. %, leaving 10 the credit
of income $25, 100, 1880. Alter pay
ment OF various items the amount
carried forward to 1881 was So
500, 1928 The total receipts for
the period exceed those Of the
previous year III the sum of SIC, 654, 480.
Eight compani-s only were lii a condi-
ton to pay dividends, and of these six
did declare and pay them, amounting in
the aggregate to $S,300,952. Only
seven companies, and they local in char
acter, failed to tarn expenses, and twelve
made insufficient earnings to pay ex-
penses and interest on their indebted
ness. The railroads failing to make
sufficient earnings TO cover operating
expenses, with the amount of their de-
! ticiencies, were the Chicago and Canada
Southern, Michigan Air Line, Michigan,
Midland and Canada, Hecla and Torch
Lake, Hobart aud Manistee River line,
Lake George and Manistee River and
Muskegon and Rose Lake There is in
the State nearly thirty eight miles of
bridge structure. or fraction over one
bridge for every two miles of railroad.
! The Commissioner was authorized 10y
the State Legislature to provide and en-
force uniform system of signals at
the seventy-four railroad crossings
in Michigan. This, however, has not
been done; the Commissioner stating
that the managers claim that the
adoption of system of signals different
from that in use on the same line in
other States would lead to confusion
that could hardly fail to result in acct
| OClOo Va d otllOuS ClldlutItI. lHtIe
were transported by the railroads within
the State during the year 13, 5O7, 200
passengers and 55, 1924 tons of
freight. The Commiss oner states that
the rate per ton per mile charged for
1880 was only s Clio mills, while but
few years ago it was thought that cents
per ton per mile was the lowest rate that
could be accepted by railroad companies.
The number OF persons killed or injured
during the year was 272. The total
amount of taxes assessed against the
railroads of the State was S52l, 513.34
Commissioner Williams, in conclus sion,
says that under the present management
regarding rates, the producers and ship
pers of Michigan do not have an equal
chance in the markets of the seaboard
with those farther west. Complaint
is not that the rate is too high in
| N,al,;roo l,,,t 4l.o4 - 10 % 60