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The Michigan Central

The Michigan Central image
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The Michigan Central held lts annual meeting Thursday and re-elected its old board of directors. The annual report sbows some interesting statistics. The gross earuings irom all sonrces amonnted to $14,046,148.91 an increase of $348,909. O over the preceding year and the net earningp of the year were $3,500,l?(j. ï'l. Of tbis a pro rata share had to be turned over to the Canada Sonthern rilway company per agreement and the total net income froni traffic and rentáis per share $4.40 amonnted to 1824,253.54. Two dividends were declared, and these with the .$70,000 set aside for doublé trackiug the road from Dexter to Ypsilanti, left a balance over all of $4,733.64. This would have been much larger bnt that the taxes of the road were jurnped 7S,000, in round numbers, over those of 1897. The freight statistics show a material improvemeut over the previous year, hut the passenger business feil off. The toinage moved was 8,682,110 last year, as agaiust 7,027,176 in 1897, and :he increase in earuings ainounted to $488,996.29. The passenger dppartment suffered n traffic bothways; on eastern business iecause the road would not particípate n the cut rate that was maintained from St. Paul and other points to the east, and the business was diverted ; and on western business because the other lines cut underthe rate on Pacific coaet business, and the -oad did not get ts share. The total nurnber of passengers moved shows an increase of 143,771, the year's figures being 2,600, 032. The compntatiou as to the uuinber of passengers moved one mile show a lecrease of 9,899,567 as comparecí with 1897. The decrease in earnings on east bound business was $105,007.68, and on west bounci business it amountd iu rouud numbers to $125,000. Purely local business showed a substau;ial increase, jumping very uearly S90.000. The cost of moving each passenger per mile snows an increase in mee. In 1897 the cheapest sort of i-affic was the immigrant business, and the road moved this class for 1.02 cents per iniK Last year it was ■educed in number of passengers and the receipts twere 1.18 cents per mile. The rato per passenger per mile shows a very close approach to the egular two-cent-a-mile rate, as the east bouud business paid 2.061 per nile, and the west bound business 2.05 per mile. This made the total average of all 2.029 for 1898, as compared with 1.948 in 1897. The road bas 1,642.53 miles of track, right of trackage of 14 miles more iu Chicago and 254 miles of second track, besides 922 miles of side tracks, making a total of 2,820.52 miles all of which is laid with steel rails except 172 miles. To conduct its passenger business the road has and used 3G4 cars of all sorts, from the buffet sleeper to the baggage car, and itjcost last year f168,558 to maintain these cars. For its freight business it used 13,862 cars, and they were maintaincl at an expense of $13,557. To haul all the cars, and do the switching and the like, requires 461 locomotives and these ran an average of 36,094 miles. They cost 15 cents ana a fractiou per mile for each mile they were run for waste, fuel and the like, and each ran about 27.7 miles on a ton of coal.