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&73,000 A Year For Dividends

&73,000 A Year For Dividends image
Parent Issue
Day
22
Month
September
Year
1899
Copyright
Public Domain
OCR Text

The conapressed air line between Detroit and Arm Arbor being prornoted by Thos, Muir & Son, of Detroit, which was iirst exclusively mentioned by the Daily Argus, lias caused tbat firm to be interviewed by the Detroit Evening News, wbich says: "The water franehises at Pikes Peak have been secured and the compressed air plant of the road will be located there. The farmers along the proposed line have granted rights of way sufliciently wide for a 100-foot boulevard from Detroit to Ann Arbor. Thos. Muir said today: "Most of the stoet has been subscribed for and the road is sure to be a success. It will run through a territory not touched by either the present Ann Arbor line or the line that run3 to North6eld. We will cut right in between these two roads. Compressed air is proving ao succesful in the east tbat there is no reason why it should not be put into operation here. It is cheaper and more effective tlian electricity." "The proposed line will secure entrance to the city for its cars over the Detroit-Citi'.ens' lines. The prospectus which the promoter issued was given in Wednesday's Argus, excepting the estimates of the cost of construction, the receipts and expenditures. These are interesting The cost of construotion is given as follows: Rails 60 ft. 70 Ibs. 4180fT' $30 $125.400 loint plates, boits and spikes --. 7,500 Ties 66875 40 cents. 20,700 Track laying and ballasting $500 per mile t.OOO Bridges. tressellB. culverts, etc 40.000 Power house, car s led shop, in house 8,000 Extra land, dam, ater wheel, etc... 25,000 Freiaht house sheds, sidings, etc., it Detroit - --- 15.000 Power House Plant and selling stock (Üompressed Air System) 150,000 16,650 The prospectus in flguring out the reciepts says: "There are eight mail stations on ttíe route between Detroit and Ann Arbor, which according to report of the Asst. Postmaster General, should yield a revenue of $20 80 for carrying but one mail per day. The milk trafflc alone will average at least 500 cans and should give the company $75, besides revenue from other light freight probably aggregating $100 daily. The passenger rates will range from five ?ents to 40 cents and an average of 1,250 passengers daily at 20 cents, this traffic should yield $250 per day." These figures are trabulated as "pllows: "tfail Services - 20.no Milk and Freight 100.00 ?asengers 250.00 Total Ï37C.O0 The expenses per day are tabulated is follows: " Motormen $ 15.76 " Conductora H-UO 2 Engineers --- 5.00 :car men fi-00 : trackmen - ï-00 i station liands 7.5U Manager and Superintendent 12 no Ti-pasurer and two clerks 8.50 Office rent stationary, etc 3.0 Faxes, insurance, etc 4.25 Jeneral malntenance of rolling stook and power house fi.00 $ K7.00 [nterest ou bonds Í57O.O0O fí 5 per cent. 78.00 Total -- 1G5.Ü0 -"This leaves a margain of $200 from daily revenues (after providing for operating expenses, interest on bonds Laxes, etc.) which would provide a surplus of $73,000 jearly for dividends on stock, sinking fuud, enlargemsnt of plant or extensión of system.