Ex-gov. James M. Ashley

15nt few of our readers wil] need be told who tlie bove picture represente. 1 1) cnnnertinn witli the Toledo, Ann Arlor it Norlhern Michigan II. R. hla name has beoome a li'uisehold wonl tliroii'jhont tlii utiiti'. He luis shown rare punli and "stxylug"qualUie8 excclli-d ly but very few people, in his management of thU ftreat enterprise. And the excellent fiuancial management of tbe road lias placed its bond on a par with the preat road of the country, in fact ahead of many of them. The road is béng pushed further north all tlie time, ind will eventual ly beuome oue of tbe ik st profitable feeders tbat the wide twake city of Toledo possesses. For the past year Ihe gross earniiigs of he T., A. A & N. M. H. I!. h,s been: Krom Krelght $ 3(I8,")I7 IS " Passengers JSJ.ÍWO 4M ¦' Mali 1O,257U Bit ;rou (j,aus U " KenUls and Ml8ccllaneoii8.. 74,141 6S Total for the year t SM.T.Vi ir The operating expenses : ¦or ConductlngTransprirtatlou ...$ 138,510 0 ¦ui1 Miiuitfii .iweol Way and liuüdIngs 4ü,(X148 "or Malntaluance of Motive Power 51,418 8 Fur Mla(.'elluneuu8, IncludlngTaxeH 1WU.U09 44 Tolul { 34Í.6O587 Net Earnlugs for 1887... $ 193,147 as The iuterest account foots up this wuy : On 1.260.000 Southern DivUloD Bonds, 1 yar $ 75.600 00 )ji $1.1)00,000 Main Line Bonda, 1 year 9,000 00 On 8521,000 Mala Line HdiiUh, 2 iiiontliN 5,200 00 On $400,000 Mi Pleasant División Bunds, 4 uiiiiiLliü 8,000,00 Total 184,80000 Balance, surplus carrled to 1S88....S 65,40106 Whlch Is cnoiih to show tbe financial ondition of the road to be ftourishliiff. Diere were 539,093 tons of freijfht caried durinjr 1887, an increase of 149,2(i9 ons over 188(1. The outlook for the coming year is ven better than the last one. From the annual report of Pnntdènt Ashley to the stockholders of the couiany we quote the fullowlng: A (flanee at any recent milroad map ot I icliisfau will show tbat the road is so loafcdasto iécure a 1 trtri? trafile from all ronda now completad -.nul connerting witli it, mul trom uil wliich may hereafter be huilt nortli and nortliwpxt of it. Tlils was the original purpose of lts projectors, and they have methodically and Bteadily puslied the extensión of tlieir road across the state north by west, un til it has now becornr, and beyond question will conlltroe tú be. one of tlie mout mpoi tant factors in handling the railroad oommerce of central and iiorthern Michigan. In Hhort, the Ann Arbor road bas developed luto a "Sygtem" whlch is des tlned to reach and control a larfr territory thao oy other road in the lower peniníiilii. "l'ROFIT SIIMUNO AXI STOCK AT.LOTmi:nt.'' Th plan of "Proflt Sharlng and Stock Allotincnt," adopted by this eoinpany at its last intiiial iiicetiiifr „f BtockbolJert, bg met with go coi dial and general ft receptlon l)y tha um,j tmitlgrm of the company and by niany of the 'foremost thfnkers and wriurs on the labor prohlem In this country, that the Board of Dirtciors tke this occasion to reafflrni thtir faitli in Ita practie.ibility and to reas-iire the offleers and employés of the ompany that tbey do not question its ultiinate SncceU. Latiera bearUly commendlag the plan hiivc betn ie ¦celvcd l)y the President, not only from nmny lalioring men of ability, but Irom writers on the "trne relations of labor and cipital," and on economie (jui-sllons. These volimtary lettersof approval are beyond (juestion a reflex of the individual conviction.s of many thouhtful men of rccog:nized diameter and independent jiidgment, and represent the hopeful and liealthy side of the labor problem. SATI8FACT0RY RKSLI.T OP THE TEAR. The steady increase in our traffic bas made the year 1887 the most prosperous of any in our history. During that time no ])iissener or employé has lo.t his life, nor bas any seri00 accident occurred. To the ofttulalg and employés of the company we are largely indebted for this successl'nl and gratifying result, and it is tittiwg and proper that the recojfnlliin Of this indt blednessshould befrccly and publidy Ifiade bv the Board of Directois.