REPORT BOARD OF DIRECTORS YEAR ENDING DECEMBER 31ST, 1884 DETROIT: FREE PRESS PRINTING HOUSE.

Transcription

1 REPORT BOARD OF DIRECTORS MICHIGAN CENTRAL RAILROAD COMPANY, TO T H E STOCKHOLDERS, YEAR ENDING DECEMBER 31ST, 1884 DETROIT: FREE PRESS PRINTING HOUSE

2 REPORT or THE BOARD OF DIRECTORS OP THE MICHIGAN CENTRAL RAILROAD COMPANY, TO T H E STOCKHOLDERS, FOR THE YEAR ENDING DECEMBER 31ST, DETROIT: FREE PHE88 PRINTING 1IOCSE

3 ORGANIZATION DECEMBER 31ST, 1884 DIRECTORS WM. H. CORNELIUS CHAUNCY M. VANDERBILT, NEW YORK CITY. VANDERBILT, NEW YORK CITY. DEPEW, NEW YORK CITY. WM. K. VANDERBILT, NEW YORK CITY. EDWIN D. WORCESTER, NEW YORK CITY. ANSON STAGER, CHICAOO, III. SAMUEL F. BARGER, NEW YORK CITY. WILLIAM L. SCOTT, ERIE, PENK. HENRY B. LEDYARD, DETROIT, MICH. OFFICERS CHAIRMAN, CORNELIUS VANDERBILT. PRESIDENT, HENRY B. LEDYARD. VICE-PRESIDENT, EDWIN D. WORCESTER. SECRETARY, EDWIN D. WORCESTER. TREASURER, HENRY PRATT. AUDITOR, D. A. WATERMAN GENERAL MANAGER, HENRY B LEDYARD. GENERAL OFFICES. NEW YORK CITY, GRAND CENTRAL DEPOT. DETROIT, MICH., FOOT OF THIRD STREET. CHICAGO, ILL., ADAMS EXPRESS BUILDING. ANNUAL MEETING. THURSDAY FOLLOWING THE FIRST WEDNESDAY IN MAY. Stock Transferred^ Grand Central Depot, New York. Coupons paid by Union Trust Company, New Yo

4 REPORT. NEW YORK, April 1st, The Board of Directors submit the following report of the company's business and affairs, for the year ending December 31st, 1884: ROAD OPERATED. MAIN LINE: Miles. Michigan Central system 1, Canada Southern system Total miles 1, With miles of second track and miles of side track, making in all miles of track, of which miles are of steel.

5 CAPITAL STOCK. No changes have occurred in the Capital Stock; it is $18,738,204. FUNDED DEBT. The Funded Debt remains unchanged. It aggregates $15,976,000, as shown in detailed table on page 16. CONSTRUCTION. The following changes have occurred in this account: DEBITS. Land, purchased at various points $8, Balance cost New Passenger House at Detroit 94, Balance cost Detroit Yard Improvement 6, Total $109, CREDITS. By proceeds land sold Increase in the account being $109, In addition to the above there has beeu expended on the Canada Southern System, and which appears only upon the books of that company, as follows : DEBITS. Land, purchased at various points, including grading $24, New Track 3, New Bridges, principally balance on Kettle Creek 20, Total $47, CREDITS. Sundry small buildings charged Construction account in 1883, now taken out $17, Also for grading Y at Niagara Junction 5, , Net total $24,550 71

6 OPERATION $7,620, $9,472, passengers 3,464, ,007, mail 307, , , ,724 * 77 " miscellaneous 72, , Total Earnings $11,659, $14,009, Operating expenses and taxes 8,959, ,741, $2,699, $4,268, ,638, ,433, $61, $1,834, Paid Canada Southern Ry Co. one-third residue as per agreement 20, , Net Revenue 40, $1,223, , , Surplus $120, $1,290, Decrease in gross earnings $2,350,689 59, or in operating expenses 782,506 05, or % in net earnings 1,568,183 54, or % The freight statistics, as compared with 1883, show a decrease in tons moved of 55,681 tons, or per cent., and^a decrease in the earnings per ton per mile of.184 of one cent or per cent, aud the passenger statistics show a decrease in the number of passengers moved of 328,160 or per cent., and a decrease in the earnings per passenger per mile of.116 of one cent, or per cent.

7 There was laid in the track in 1884 nine thousand tons of steel rail and 693,352 ties ; also miles of fence built. The cost of these and all other expenditures necessary for the full maintenance of the property were charged to operating expenses. Included in bridge repairs ai'e the following betterments: iron bridge over Lake Shore track at Toledo; double-track iron bridge over Welland Canal; replacing Bay City drawbridge with iron structure. GENERAL. The adverse conditions attending the operation of railroads the past year are so well known as to need no comment. The labor of the Company's officers can only be to continue the strictest economy, and thereby produce the best result that circumstances will admit of. The usual tables of statistics will be found herewith. C. VANDERBILT, H. B. LEDYARD, Chairman. President.

8 STATISTICS.

9 LOCOMOTIVE DEPARTMENT. MILES RUN BY LOCOMOTIVES: Passenger trains... 3,875,002 Freight trains 5,967,177 Working trains 392,849 Switching 2,836,523 Total 13,071,551 COST PER MILE RUN: Repairs cents Service " 5.20 Fuel " 7.51 Oil and Waste " 0.33 Total " FUEL CONSUMED BY LOCOMOTIVES: Coal 4l6,051 tons, at $2.30 per ton $956, Wood 11,509 cords, at $2.16 per cord 24, Total $981, Miles run per ton of coal LOCOMOTIVES PERFORMING SERVICE: Owned by this Company 271 Owned by the Canada Southern Railway 125 Total 396 All are coal burners except one. The cost of maintenance was $360,209.52, or an average of $ per locomotive, each making a mileage of 33,008 miles, and includes the following items of renewal: Engines receiving heavy repairs 152 New Boilers and fire boxes 2 New steel fire boxes * New tires 324 New driving wheels New driving wheel axles 14 New truck and tender wheels New truck and tender axles 310 New sets flues New engine trucks * New tender frames

10 CAR DEPARTMENT. PASSENGER EQUIPMENT. M. C- R. C S. R. Total Second class and smoking cars as Baggage cars Baggage and mail cars Mail and express cars FREIGHT EQUIPMENT. Box cars 4,617 1,888 6,500 1, ,175 Platform cars 2, , Way Cars i Boarding cars Wrecking cars and pile drivers Tool cars )5 Total 8,584 2,692 11,276 Total car equipment... 8,771 2,778 11,549 The equipment, as above enumerated, was maintained at the following cost: Passenger oars $243, Freight oars 447, and includes the following items: BUILT NEW Baggage cars 2 Combination cars 1 Express cars 1 Snow plow 1 REBUILT First class passenger cars 6 Way cars 8 Freight cars 22 Coal cars 20 NEW WHEELS Iron 11,231 Paper 80 NEW AXLES 1,961

11 TRACK DEPARTMENT. MAIN LINE. MICHIGAN CENTRAL Kensington to Detroit CANADA SOUTHERN Windsor to Suspension Bridge, N. Y Miles of Road. Total Main Line BRANCHES. MICHIGAN AIR LINE RAILROAD Jackson to South Bend.' JOLIET & NORTHERN INDIANA RAILROAD Lake to Joliet GRAND RIVER VALLEY RAILROAD Rives Junction to Grand Rapids JACKSON, LANSING & SAGINAW RAILROAD Jackson to Mackinaw City KALAMAZOO & SOOTH HAVEN RAILROAD Kalamazoo to South Haven DKTROIT & BAY CITY RAILROAD Bay City Junction to Bay City Lapeer Junction to Five Lakes 6.75 Denmark Junction to Saginaw Caro Junction to Caro Bay City Street Railway (leased) 4.25 ^ ^ SAGINAW BAY & NORTHWESTERN RAILROAD Pinconnfng Bay, west into woods (includes Branches) TOLEDO, CANADA SOUTHERN & DETROIT RAILWAY Springwells to Canada Southern Junction CANADA SOUTHERN BRIDGE COMPANY Slocum Junction to Stony Island 3.06 MICHIGAN MIDLAND & CANADA RAILWAY Ridgeway to St. Clair CANADA SOUTHERN RAILWAY Amherstburg to Essex Centre St. Clair Junction to Courtright Oil City to Oil Springs 2.83 Welland Junction to Fort Erie SARNIA, CHATHAM & ERIE RAILWAY Petrolia Junction to Petrolia 7.00 ERIE & NIAGARA RAILWAY Niagara to Old Fort Erie Total Branches Total Miles of Road SECOND TRACK. MICHIGAN CENTRAL Between Kensington and Detroit CANADA SOUTHERN Between Windsor and Suspension Bridge JACKSON, LANSING & SAGINAW Lansing to North Lansing 1.00 Total Second Track SIDE TRACKS. MICHIGAN CENTRAL SYSTEM JjS'oS CANADA SOUTHERN SYSTEM Total Side Tracks Total Miles of Single Track } Iron'!'.'.^'s&tM 2,126.85

12 EARNINGS AND EXPENSES (9,472, , , , ,009, Freight Passenger.Mail Express.Miscellaneous.Total. EARNINGS $7,620, ,464, , , , ,659, $941, , ,108, , , , , , , , , , ,875 3! 397, ,172, ,308 0? 2, , , , , , , , ,139, , , , , , , , ,192G7 129, , ),485, , $9,741, EXPEK8ES..Rail renewals.tie renewals.repairs roadway and track.repairs bridges, culverts and cattle guards..repairs buildings and fixtures.repairs docks.repairs fences, road crossings and signs.repairs machinery and tools.repairs locomotives Repairs passenger cars..repairs freight cars.locomotive service Passenger train service.freight train service.agents and station service. Passenger train supplies.freight train supplies.station supplies.passenger car mileage.freight car mileage.general office salaries Law expenses.contingencies.telegraph expenses.stationery and printing.outside agencies and advertising.fuel for locomotives.oil and waste.water supply. Damage and loss of freight and baggage.damage to property, including live stock....personal injuries.insurance.track rental and terminals. Custom house fees.detroit river crossing.international bridge tolls.niagara bridge tolls.repairs ferry boats Total Taxes.Total, including Taxes 162, , ,057, , , , , , , , , , , , , , , , GO M 67,475 SO 281, , , , , S , , , , , , $8,695, $4,268, NET EARNINGS. 2,699, PER CENT. OP EXPENSES TO EARNINGS Including taxes.. Excluding taxes

13 FREIGHT STATISTICS Tons moved. Tons moved one mile. Rate per ton per mile. Cents. Earnings. Tons moved. Tons moved one mile. Rate per ton per mile. Cents. Earnings. THROUGH: 876, ,241, $1,628, , , $2,705, , ,207, ,147, , , , Total 1,446,261 LOCAL 3,695, ,448, ,744, $2,775, i i 4,845, ,329,523 3,867, , ,384, $3,635, ,836, TOTAL 5,141,597 1,179,193, $7,620, ,197,278 1,141,282, $9,472, ,910,963 55, $1,851,478 48

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: Eastward 38, , $361, ,588 16,552,758 2,025 $335, Westward 38,204 19,383, , ,709 14,354, Emigrant 15,892 7,983, , ,554 7,664, , , , $768, ,851 38,571, $676, LOCAL 2,488, ,657,141 2,292 2, , ,177, ,330, TOTAL 2,581, , $3,464, ,909, ,749, $4,007, I j 15,840, $542,988 55

15 FUNDED DEBT, INTEREST, RENTS, ETC. DESCRIPTION. THIS COMPANY'S BONDS. Consolidated (nowfirst)mortgage Detroit & Bay City First Mortgage LEASED LINE BONDS. Michigan Air Line Mortgage Grand River Valley First Mortgage DATE OF ISSUE. Jan. 1, 1870 May 1, 1872 Nov. 1, 1882 Sept. 1, 187$ Mar. 1, 1881 Oct. 10, 1870 Oct FUNDED DEBT. f DATE OP MATURITY. Jan. 1, 1800 May 1, 1902 May I, Sept. 1, 1909 Mar. 1, 1931 Nov. 1, 1890 July 1, 1886 AMOUNT. $1,900, ,000, ,000, , ,576, $15,976, $200, ,000, Jackson, Lansing & Saginaw First Mortgage Jackson, Lansing & Saginaw First Mortgage Jackson, Lansing & Saginaw Consol. Mortgage Jackson, Lansing & Saginaw Nor'n Extension Nov. 1, 1869 Nov. 1, 1870 May 26, 1865 April 1, 1867 Aug. 31, 1871 Mar. 1, 1881 Nov. 1, 1889 Nov. 1, 1890 July 1, 1885 July 1, 1885 Sept. 1, 1891 Sept. 1, , , *1, , , ,100, $6,230, GUARANTEED BONDS. Detroit & Bay City (Bridge) May 1, 1872 May 1, 1873 May 1, 3902 May 1, 1903 $274, , $424, $22,630, CANADA SOUTHERN BONDS. Second Mortgage Jan. 1, 1878 Feb. 15, 1883 Jan. 1, 1908 Mar. 1, $14,000, ,000, $20,000, $42,680, * These Bonds ($1,277,000), when due. will be paid from the J., L. & S. Land Grant Fund, and this Company will be thereafter released from $102,160 annual interest. t Total authorized. The interest shown on these issues is the amount actually paid for that account during the year; the total of bonds authorized not having been issued.

16 FUNDED DEBT, INTEREST, RENTS, ETC. INTEREST AND RENTS PAYABLE. RATE- AMOUNT. Jan. 1st.\ Mar. 1st. May 1st. June 1st. July 1st. Sept. lsr.jnov. 1st. Dec. 1st. 3 % $152, % 560, * 100, * 30, * 178, , , , , , , , j. 59, ,575OOt I , (29, $1,020, % 816, % 80, , * 51, * 5, * 88, * 13, * 155, M 66, , , , , , Jan. 10th. 44, , , , , , , i 12, , , ; July ioth! 44, ,720OOi 33,000 00! 35, , ,600 00: *, $660, # $21, # 12, $33, , , OOi 6, $1,715, , ,360 00f 29, :220, , , % $688, * $923, $2,638, HENRY PRATT, Treasurer.

17 CONDENSED BALANCE SHEET. Construction Accounts: Capital Stock 18,738, Main Line 880,863, Leased Lines 5,189, Proprietary Lines 3,614, J., L, & S. R. R balance Northern Extension,667, , Bond Accounts: Air Line $1,400, Consolidated 7 per cents 8.000, Consolidated 5 per cents 2,000, Grand River Valley 500, Investments 638, Detroit & Bay City 3,576, ,976, Fuel and Supplies 605, Accounts Receivable: Accounts Payable , Canada Southern R'y Co., for balance due on Niagara Falls Branch 275, Other accounts receivable 3,390, $1,666, Income Account: To December 31st, ,956, Cash Assets: From January 1st, 1679., 827, , Uncollected earnings. 521, Cash 489, ,010, $43,640, $43,640, HENRY PRATT, Treasurer.

18 INCOME ACCOUNT Dec. 31. Operating Expenses.....$8,959, Dec. 81. Balance from 1883 $706, , Freight Earnings $7,620, Interest Leased Lines. 871, Passenger Earnings 3,464, Rental Leased Lines.. 184, Mail Earnings 207, Interest Can. South'D 923, Can. Southern R'y, as per agreement. $11,597, Express Earnings 292, Miscellaneous Earnings. 72, ,659, one-third of net income 20, Interest and Dividends from Invest- 79, , $12,445, $12,445, HENRY PRATT, Treasurer.

19 REPORT LAND COMMISSIONER OP THE JACKSON, LANSING & SAGINAW RAILROAD COMPANY. MK. HENRY B. LEDYARD, PRESIDENT MICHIGAN CENTRAL RAILROAD, DETROIT, MICH. 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, LANDS AND SALES. LANDS. Unsold January 1st, 1884, according to patents. Sold during the year Unsold at the close of the year Acres. 320,998 3, ,126 Amouut. Lands... Timber... Total. SALES. 18, , The sales for the last five years are as follows: ,124 45,667 30,573 12, $14 46 $14 14 $13 49 $7 24 $4 72 $68, $645, $412, $88, , Timber sales. 89, , , , , $770, $758, , $105, $28,897 08

20 RECEIPTS. Cash on hand January 1, $ 19, From payments on Land Contracts and Sales 183, From interest 57, From Lansing National Bank (overdraft) 3, Total $264, DISBURSEMENTS. Deposited with Detroit National Bank of Detroit, to the credit of James F. Joy and John N. Denoison, Trustees..$218, For Taxes 27, For Salaries 14, For Advertising and Explorations 2, Miscellaneous 2, Total $264, ASSETS OTHER THAN LANDS UNSOLD. Amount due on Land Contracts $ 396,035'96 Bills Receivable Joy and Dennison, Trustees 1,481, Total $1,879, LIABILITIES. Lansing National Bank (overdraft to pay Taxes) $ 3, O. M. BARNES, Land Commissioner.