REPORT. Of THE MICHIGAN CENTRAL TO THE STOCKHOLDERS, FOB THE YEAR ENDING DECEMBER 31ST, 1887.

Transcription

1 REPORT Of THE BOARD OF DIRECTORS Of THE MICHIGAN CENTRAL RAILROAD COMPANY, TO THE STOCKHOLDERS, FOB THE YEAR ENDING DECEMBER 31ST, DETROIT: JOHN F. EBY & CO., BOOK AND JOB PRINTERS, 1888.

2 REPORT Of the BOARD OF DIRECTORS OP THE MICHIGAN CENTRAL RAILROAD COMPANY, TO T H E STOCKHOLDERS, FOR THE YEAR ENDING DECEMBER 3 1ST, DETROIT : JOHN F. EBY & CO, BOOK AND JOB Printers

3 O R G A N I Z A T I O N. DECEMBER 31ST, DIRECTORS. CORNELIUS VANDERBILT, NEW YORK CITY. HENRY B. LED YARD, DETROIT, MICH. WM. K. EDWIN D. VANDERBILT, NEW YORK CITY. WORCESTER, NEW YORK CITY. SAMUEL P. BARGE R, NEW YORK CITY. CHAUNCEY M. DEPEW, NEW YORK CITY. ASHLEY POND, DETROIT, MICH. WILLIAM L. SCOTT, ERIE, PENN. JOHN V. PARWELL, CHICAGO, III. OFFICERS. CHAIRMAN, PRESIDENT, CORNELIUS VANDERBILT. HENRY B. LED YARD. VICE-PRESIDENT, SECRETARY, EDWIN D. WORCESTER. EDWIN D. WORCESTER. TREASDRER, HENRY PRATT. AUDITOR, D. A. WATERMAN. GENERAL MANAGER, HENRY B. LEDYARD. GENERAL OFFICES. NEW YORK CITY, GRAND CENTRAL DEPOT. DETROIT, MICH., FOOT OP THIRD STREET. CHICAGO, ILL., ADAMS EXPRESS BUILDING. ANNUAL MEETING. THURSDAY FOLLOWING TIIE FIRST WEDNESDAY IN MAY. Stock Transferred, Grand Central Depot, New York. Coupons paid by Union Trust Company, New Yo

4 REPORT NEW YORK, April 2d, The Board of Directors respectfully submit die following report of the Company's business and property, for the year ending December 31st, 1887: CAPITAL STOCK. The Capital Stock remains unchanged ; it is 18,738,204. FUNDED DEBT. The changes in this debt are as follows: Two hundred and twenty-one thousand dollars in Jackson, Lansing & Saginaw Consolidated Mortgage (eight per cent.) Bonds, and $13,000 in Jackson, Lansing & Saginaw Northern Extension (six per cent.) Bonds, making a total of $234,000, have been purchased and cancelled by the Land Grant Trustees, this Company paying the premium thereon, which reduces the annual interest payment of the Company, $18,460. ROAD OPERATED. MILES. Main Track. Second Track. MAIN LINE: Michigan Ceuiral system 1, Canada Southern system ' Total 1,

5 There are miles of side track in addition, making an aggregate track mileage of 2, miles, of which 2, miles arc laid with steel, and miles with iron. The increase in double track on Michigan Central system is 31 miles between Porter and Kensington for which $191,250 was paid from premium on Grand River Valley Bonds, as referred to in the report of last year. CONSTRUCTION. This account has been increased, for additional yard room, station grounds and right of way, as follows: Laud at West Detroit $2, " at Jackson 9, " at Battle Creek 19, " at sundry places 3, $35, Less: Amount received for street openings and right of way crossings Net increase $34, The earnings are as follows: EARNINGS. From freight passengers... mail express miscellaneous $9,309, ,184, , , , $7,938, ,670, , , , Total $14,164, $12,295, From the above table it will be observed that the gross earnings show an increase of $1,868,000 (15.20 per cent.).

6 The freight earnings show an increase of 1,371,000 (17.27 per cent.). This is due almost entirely to the increase of tons (183,000,000) moved one mile, as the increase in the rate per ton per mile is only O.OOS of one cent. The passenger earnings show an increase of $513,000 (13.97 per cent.). This is due to an increase both in the number of passengers (11,000,000) moved one mile, and the rate (0.150) per passenger per mile. EXPENSES. The operating expenses arc as follows: Expenses $9,604, $8,116, , , Expenses and taxes $9,875, $8,404, The above figures show an increase in expenses of 1,470,000, or per cent., also a slight increase in the per cent. (1.37) of expenses to earnings. All betterments to the properties, including additional equipment as shown in the usual statistical tables herewith, except the items of construction above given, are included in the operating expenses. LAND GRANT, JACKSON, LANSING AND SAGINAW CO. Under the amended contract, approved by the stockholders at the list annual meeting, that company agrees that the proceeds of sales of lands in excess of 492,337.50, shall be applied to the redemption of the Northern Extension Bonds, as well as to those of the Consolidated Mortgage, as previously provided. The amount named has been paid over to that company, and the lands unsold, and other assets, are now held by Trustees to be so applied.

7 ment : a RESULTS. The result of the year's business is shown by the following state Gross earnings from traffic $14,161, Operating expenses and taxes 9,875, Net earnings $4,289, Interest and rentals 2,535, Residue $1,753, Paid the Canada Southern Railway Company its proportion of the net income, as per agreement Net revenue from traffic $1,213, Net income from investments. 20, Total net revenue (per share, $6.58) $1,232, Dividend : Two per cent., paid August $374, Dividend : Two per cent., paid February 15, , Balance to income account $483, The department statistics, funded debt statement, condensed balance sheet, income account, and report of Land Commissioner, may be found in their usual place. C. VANDERBILT, H. E. LEDYARD, Chairman. President.

8 STATISTICS.

9 LOCOMOTIVE DEPARTMENT. MILES RUN BY LOCOMOTIVES : Passenger trains 4,035,310 Freight trains 6, Working trains 438,244 Switching 3,413,889 Total 14,552,839 COST PER MILE RUN : Repairs cents Service " 5.20 Fuel " 6.76 Oil and Waste ".22 Total " FUEL CONSUMED BY LOCOMOTIVES : Coal-473,165 tons, at 2.04 per too $066, Wood 9,004 cords, at $2.00 per cord Total $984, Miles run per ton of coal LOCOMOTIVES PERFORMING SERVICE : Owned by this Company 276 Owned by the Canada Southern Company 128 All are coal burners. Total 404 The cost of maintenance was $464,910.47, or an average of $1, per locomotive, each making a mileage of 36,022 miles, and includes the following items of renewal: Locomotives entirely new 9 Locomotives receiving heavy- repairs 237 New steel fire boxes 9 New tires 304 New driving wheels 2 New driving wheel axles 75 New truck and tender wheels 3,390 New truck and tender axles 550 New sets flues 12 2 New engine trucks New tender frames 20 New tender trucks 18

10 ft 11 CAR DEPARTMENT. PASSENGER EQUIPMENT. M. C. R. C. S. K. Total Passenger, bnggnge and mail cars Baggage, mail and express cars is SB Total FREIGHT EQUIPMENT. 4, , ,886 Platform cars , ;<<).?p S86 15 a H 88 u , ,415 The equipment, as above enumerated, -WAS maintained at the following coot: Passenger cars.. $228, Freight cars... 70?, and includes the following items: Built NEW Passenger and baggage cars 1 Way cars 10 Merchandise CARS> 50 Stock cars 150 Flatcars 100 Steam shovel 1 Pile driver 1 REBUILT First class passenger cars 18 Baggage and express cars 5 Freight cars 525 NEW WHEELS-iron 17,584 Steel tire 198 re-tired IOI NEW AXI.ES 1,901

11 TRACK DEPARTMENT. MAIN LINE. Miles of Road. MICHIGAN CENTRAL Kensington to Detroit sm or CANADA SOUTHERN Windsor to Suspension Bridge, N. V Total Main Line BRANCHES. MICHIGAN AIR LINE RAILROAD Jackson to South Bend JOUET & NORTHERN INDIANA RAILROAD Lake to Joliet GRAND RIVER VALLEY RAILROAD Rives Junction to Grand Rapids JACKSON. LANSING & SAGINAW RAILROAD JacksoD to Mackinaw City KALAMAZOO & SOUTH HAVEN RAILROAD Kalamazoo to South Haven 3*-50 DETROIT & BAY CITY RAILROAD 10 Bay City Junction to Bay City 2'2 Lapeer Junction to Five Lakes g-jg Denmark Junction to Saginaw Caro Junction to Caro «Bay City Street Railway (leased: SAGINAW BAY & NORTHWESTERN RAILROAD Pinconning Bay to Gladwin (includes Branches) TOLEDO, CANADA SOUTHERN & DETROIT RAILWAY Springwells to Canada Southern J unction CANADA SOUTHERN BRIDGE COMPANY Slocum Junction to Stony Island o D O MICHIGAN MIDLAND & CANADA RAILWAY Ridgeway to St. Clair CANADA SOUTHERN RAILWAY Amherstburg to Essex Centre St. Clair Junction to coutright g Oil City to Oil Springs..... f*']h u o u Welland Junction to Fort Erie ^ ^ SARNIA, CHATHAM & ERIE RAILWAY Petrolia Junction to Petrolia 7.00 ERIE & NIAGARA RAILWAY Niagara to Old Fort Erie SC.60 Total branches 1, Total Miles of Road 1, SECOND TRACK. MICHIGAN CENTRAL Between Kensington and Detroit CANADA SOUTHERN Between Windsor and Suspension Bridge JACKSON, LANSING & SAGINAW Between Lansing and North Lansing 1.00 Total Second Track SIDE TRACKS. MICHIGAN CENTRAL SYSTEM CANADA SOUTHERN SYSTEM Total Side Tracks Total Miles of Single Track > 1 Steel... 2, J Iron RENEWALS. Tons of Steel Rails laid 8,850 Number of Ties replaced 712,000 Miles of Fence rebuilt

12 EARNINGS AND EXPENSES EARNINGS $7,038, ,070, , , , Freight $9,-309, ,184, , , $12,205, $14,164, EXPENSES. $172, Rail renewals 131, ; Tie renewals Repairs roadway and track 151, Repairs bridges, culverts and cattle guards 241, I Repairs buildings and fixtures 19, Repairs docks. 112,970 46! Repairs fences, road crossings and signs... 31, Repairs machinery and tools 543, Repairs locomotives 243, j Repairs passenger cars 578,408 14, Repairs freight cars 675, Locomotive service 159, Passenger train service 361, Freight train service 1,090, Agents and station service Passenger train supplies Freight train supplies. 62, Station supplies j Passenger car mileage 333, i Freight car mileage 222, I General office salaries 33, t Law expenses 105, ; Contingencies 212, Telegraph expenses 60, Stationery and printing 195,002 8l 1 Outside agencies and advertising ; Fuel for locomotives 55, Oil and waste Water supply 24, Damage and loss of freight and baggage. 10, Damage to property, including live stock 37, Personal injuries 16, Insurance 308, Track rental and terminals 8, ' Custom house fees 51, Detroit river crossing $8,146, , $8,404, Niagara bridge tolls $176, , ,230, , , , , , , , , , , ,179, , , , , , , , , , , , , , , , , , , $9,604, , $9,875, $3,891, NET EARNINGS. $4,289, PER CENT. OF EXPENSES TO EARNINGS. 6S.35 Co S5 Including taxes.excluding taxes

13 FREIGHT STATISTICS. i 188* Tons moved. TONS moved one mile. Rate per per ton mile. Earnings. Tons moved. Cents. Tons moved one mile. Rate per ton per mile Cents. Earnings. THROUGH:. 745, ,874, $2,088, , ,972, $1,645, Westward 765, ,278, ,605, , ,891, ,013, Total 1,510, ,153, $3,693, ,197, ,864, $2,658, LOCAL 4,503, ,520, ,616, ,148, ,548, ,280, TOTAL 6,014,233 1,340,673, $9,309, ,345,570 1,157,413, $7,938, , ,260, $1,371,415 00

14 PASSENGER STATISTICS Passengers moved. Passengers moved one mile. Rate per passenger per mile. Cents. Earnings. Passengers moved. Passengers moved one mile. Rate per passenger per mile. Cents. Earnings. THROUGH: ; _ 49,474 24,558, $486, ,006 22,748, $422, Westward 38,534 19,031, , ,180 16,555, , ,216 6,647, , ,898 4,681, , Total LOCAL 100,224 2,662,737 50,237, ,255, $947, ,236, i 85,084 j 2,507,657 43,985, ,332, $762, ,908, TOTAL 2,762, ,492, $4,184, ^ 170,220 11,174, $513,410 84! 2,592, ,317, $3,670, i

15 FUNDED DEBT, INTEREST, RENTS, ETC. DESCRIPTION. DATE OP ISSUE- FUNDED DEBT. DATE OK MATURITY. AMOUNT. THIS COMPANY'S BONDS Jan May 1, 1872 May 1, 1902 Consolidated (first) Mortgage (five per cents) NOT May U ; Sept Sept. 1, 1909 Mar Sept. 1, 1909 Detroit & Bay City First Mortgage... Mar. 1, 1881 Mar. i Total SI,900, ,000, , , , , $16,976, LEASED LINE BONDS. Michigan Air Line Mortgage Grand River Valley Rental Kal. & South Haven First Mortgage Kal. A South Haven Second Mortgage Jackson, Lansing & Saginaw Consol. Mortgage Jackson, Lansing & Saginaw Nor'n Extension Jackson, Lansing & Saginaw Rental Jackson, Lansing & Saginaw Expenses Joliet & Northern Indiana Rental i Oct. Nov. I Nov. Aug. Mar I Nov , 1869 ; Nov. 1, Nov. 1, , 1S71 1, 1881 Sept. 1, 1891 Sept. 1, KK) Oil 640, , , t $3,719, I. GUARANTEED BONDS. May 1, 1872 May 1, 1902 $274, May 1, 1873 May 1, 1903, 150, $421, Total Michigan Central! j $21,119, CANADA SOUTHERN BONDS. First Mortgage Jan. I Second Mortgage Feb. 15, 1883 Jan I $14,000, Mar. 1, 1913 : 6,000, Total Canada Southern! ' $20,000, GRAND TOTAL $41,119,000 00

16 FUNDED DEBT, INTEREST, RENTS, ETC. INTEREST AND RENTS PAYABLE. JIATE. AMOUNT. Jan. 1st. Mar 1st. May 1st. June 1st. July 1st. Sept. 1st Nov. 1st. Dec. 1st. 8* 1 f. 5* 6? 5* $152, , , , , , , , , UV WW 60, , $1,080, , , , , , , Bjf 8* 8 J«6* $16, ;, , , , , , , $460, ,0)0 00 8, , , , Jan. 10th. 44 GOO 00 2, , , , , , , July 10th. 44, ft $21, , $33, , , , , $1,574, , , , , , , , * $696, , S , , CO $95:, , S ,500 CO $2,523, , , S ,875 OOJ 480, ,890 CO 383, I HENRY PRATT, Treasurer.

17 CONDENSED BALANCE SHEET. Construction Accounts: Main Line $30,911, Leased Lines 0,28-3, Proprietary Lines 3,S02,G3l 02 $40,997, Investments 594, Fuel and Supplies 655, Accounts Eeceivable 551, Cash Assets: Uncollected earnings... $687, Cash 1,092,405 92,779, $44,578, Capital Stock 1,738, Bond Accounts Consolidated 7 per cents $8,000, Consolidated 5 per cents 2,000, Air Line 1,900, Grand River Valley 1,500, Detroit & Bay City 3.576, $16,976, Accounts Payable Dividend Payable February 16th, 1888 Income Account: 1,505, , To January 1st, , From January 1st, ,977, , $44,578, HENRY PRATT, Treasurer.

18 INCOME ACCO Operating Expenses $9,875, Dec. 31. Interest Main Line $660, Interest Leased Lines 740, Rental Leased Lines 184, Interest Can. South'n 951, $2,535, Premium on J., L. & S. R. R. bonds cancelled 32, Can. Southern R'y Division of Net Income as per Agreement 540, Dividends: August 15th, 1887, $374, February 15th, 1888, 2 374, $749, Balance 1,977, $15,711, Balance from 1886 $1,494, Freight Earnings $9,309, Passenger Earnings 4,184, Mail Earnings 215, Express Earnings 383, Miscellaneous Earnings 70, $14,164, Interest and Dividends from Investments.. 52, $15,711, HENRY PRATT. Treasurer.

19 R E P O R T OF THE L A N D COMMISSIONER OP THE JACKSON, LANSING & SAGINAW RAILROAD COMPANY. MR. HENRY B. LEDYARD, PRESIDENT MICHIGAN CENTRAL RAILROAD, DETROIT, MICE. : LANSING, MICH., Jan. 31st DEAR SIR I respectfully submit herewith my annual statement of the business of the Land Department of this Company for the year ending December 31st, 1S87: LANDS AND SALES. LANDS. Acres. Amount. Unsold January 1st, 1887, according to patents 304, Sold during the year 7, Unsold at the close of the year 296, SALES. Lauds $43, Timber 97, Total $140, The sales for tie last five years are as follows:! ,57:2 5,936 8,088 7,222.,.i $7 24 $4 72 $7 19 $11 70 $0 00 $18, $42, $94, $43, , , , , $105,389 G9 $2-3, $97, $ $140,451 6S

20 RECEIPTS. Cash on hand January 1st, 1887 $33, From Payments on Land Contracts and Sales 153, From Interest 13, From Trespass 2, From S. H. Taylor (Unadjusted Taxes) 6,956 2.> Prom James F. Joy and John N. Dennison, Trustees 6, From Bond Premium 30, Total $246, DISBURSEMENTS Deposited with Detroit National Hank of Detroit, to the credit of James F. Joy and John N. Deuuison, Trustees.. $25, Deposited with Commercial National Bank of Detroit, from February 1st to December 31st, 1897, to the credit of Ledyard, Pond and Barnes, Trustees 159, For Taxes 34, For Salaries 8, For Advertising and Explorations 2, Miscellaneous 2, Balance 13, Total $246, ASSETS OTHER THAN LANDS UNSOLD* Amount due on Land Contracts $318, Ledyard, Pond and Barnes, Trustees 139, Joy and Dennison, Trustees 5, Furniture and Fixtures 1, Britton & Gray, Attorneys H. Taylor (Uuadjusted Taxes) Cash ou hand December 31st, , Total $473, * See page 7. O. M. BARNES. Land Commissioner.