Michigan Railroads

The report of the railroad commissioner Williams, just published, covers the business for 1880 of 50 different corporations, under the control of 36 different managements. MILEAGE AND CONSTRUCTIOX. The 50 corporations reporting for 1880 give the aggregate number of miles owned as 5,810.08, as against 5,358.50 for 1879- an increase of 451.58 miles. A table is introdaced mg uiö progresa or rauroad construction in Michigan each year, from 1838 to 1881. Condensing it to decades, it isasfollows: 1838, 63 miles; 1848 326 miles; 1858, 703 miles; 1868 1124 miles; 1878, 3,564 miles; 1880, 3 823 miles. Of doublé track, the reports show ÓÓ1.29 miles, being an increase of 17.67 miles for the year. Siding facilities have been increased 141.80 miles, and the entiro length of track computed single is 7,538.97 miles of which 3 671 - 91 miles were laid with steel rails and 3,876.06 miles with iron, being 153 29 miles more of the former material ;han was reported at the close of CAPITAL STOCK AND DEBT. The capital stock paid in and invested shows an increase. Last year the capital stock of the aggregated cornpanies was $152,748 164.27, or$28 505 - 77 per mile of road. At the close of roa o the fiSures had increased to $160,580,320.05- an excess over previois report of $7,832,155.78, or a triíle over o per cent. But while the stock has increased upon an increased mileage of 451.58, the stock per mile of road shows a decrease of $1,129.29, or almost 4 per cent, a result which the commissioner says is explainable partly in recapitalization and partly in the greatly lower average of stock per mile for the new roads constructecl during the year. At the clase of 1879 the total funded ana tioating debt was $151,997,467 13 -oo01086 oL 188 ifc flgured at $153,o,d08.90. Calculated upon the mileage basis, the reports show a total investment in the railroad property of the state of the sum of $204,673,520.43. Five roads have deoreased their bóiided debt without affecting their capital stock, as follows: Lake Shore & Michigan Southern, Detroit & Bay City Grand Haven, Saginaw & Canada, and the Saginaw & Mt. Pleasant, Grand Rapids, Newaygo & Lake Shore, Jackson, Lansing & Saginaw, and Toledo & bouth Haven have decreased their indebtedness by a slight increase of capital stock. Only seven commnies. atifl they local in character, failed to make their expenses, and 12 made insufficient earmngs to pay expenses and interest on their indebtedness. EAENINGS. ïhe aggregate earnings of the railroads doing business in this state during 1880 were $56,650,054.10- exceedmg the amount reported for 1879 bv $40,707,193.87, or 23.30 per cent Per mileof road operated. the earmngs were $8,731.51, or 11,281.37 more than last year- an increase of 17.20 per cent. As divided between the passenger and freight departments, the amounts are $15,213,792.39, or 26.85 per cent to the former, and $41,436,261.71, or 7315 per cent to the latter. Per train mile run, passenger earnmgs figure at $1.48 and freight earnings at $1.80; the average for both being $1.64. The receipts from other sources than IÏÏ? rTooand freight trañic regate $i,bll., an inerease over 1879 of $47,860.53, or about 7 per cent. EXPENSES, INTEREST AND EENTALS. -.oJi10 total operating expenses for 1880 were $32,268,996.74, of wuich $15,017,090.87, oj 46 53 per cent is chargeable to Michigan. The total auiount of interest was $9,346,123 52 - a diminution from last ydar of $431,300.16, the result of a reorganizaron and a scaling down of the f unded debts rather than from large payments on principal account. The rental account foots up at $1,905,171.57- an inerease from 1879 of $49,268.10. This item is mostly made up from uavments on ar. count of interest on bonds or guarantees of stock issued by roads, now passed by lease or purchase into the control of other companies. The total operating expense, interest and rentáis combined reachecl the sum of $43,524,276 23 as against $38,540,012.65, for 1879, or an increase of about 13 per cent. Per mile of road, the accounts figure at $6 - 772.71, or 76.83 of the earnings- a décrease of 7.05 per cent. from 1879. INCOME AND DIYIDENDS. The net income of the companies reporting, after deducting operating expenes and taxes, was $25,100,755.90 equal to $3,905.51 per mile of road operated. Michigan's asportionment of that amount is $14,928.815. Deducting interest and rentáis írom balance to income leaves a credit of $13,849,470.81. From this balance six companies paid dividends, the Chicago & North western amounting to $2,412,715.25 ; D. L & K, $284,723.59 ; Ft. W. & J., $135,602 ; L. S. & M. S., $3,957,320 ; M. C, $1,499,056.32 ; Mineral Range, $11,635 50 Deducting $53,989,12, received by Ft! Wayne & Jackson company from old organization. the total dividends for the year were $8,11,963.45, leaving a balance to the credit account for the year's business of 15,607,497.37. The whole number of passengere carried during the year was 13,507,200 an increase from 1879 of 2,541,583, or about 22 per cent. The average rate of fare collected was a trifle over 2Jcents per mile. The average distance traveled bv each passenger was 414 miles. TAXES. The total amount of taxes assessed on railroads during the period included in the report was $521,513.34. The gross receipts on which the assessment was made were $23,901,110.34, or $6252 per mile. The tax levied averaged $138.99 per mile of road, and 2.18 per cent on gross receipts as reported. RAILKOAD TRANSrORTATION. To this subject Commissioner Williams devotes several pages, and censures the present practices in regard to tariffs severely. He relates that in the winter of 1880-81 wheat was 35 cents from Chicago to New York. In April it was cut to 25 cents, and seven days after it was increased to 30 cents under a pooling arrangement without the usual notice required, thus giving an advantage of üve cents a hundred to all who made contracts at the cut rate, to the great detriment of the general snipper. In a short time a f reight war comnienced, and ratea feil, at one time, probably as low as eight cents. What contraéis may have been made for future delivery at these rates is unknown. Michigan shippers got a rate of 15 ets., but received no benefits from the low cut rates. Afterwards it advar.ced to 20 cents a hundred, and now 25 cents is the Chicago nominal rate, while the actual rate is far below, thua giving Chicago shippers an advantage of five, eight.or ten cents a hundred over Michigan shippers, which is very injurious. uuciertne pooling system the cost of placing products in seaboard markets is entire'y speculative, aa rates are made to-day to be broken to-morrow iiïider one and another pretense. The commissioner thinks almost any system of management would be an improvement. FENCING AND EQTTIPMENT. The total fence construetion foots about 5,010 miles, of which 641 miles were built or renewed this year. The cost of this fencing was $1,385 142 51 and 1,246.46 miles are still required tó cnclose the entire right of way of the roads of the state. The comunssioner indicates that the advance in lumber, caused by the rapid exhaustion of thé forests, has obliged railroad companies to seek other material. Wire is thus f ar the favorite, but it is doubtful i f tlie barbed wire will meet with favor on account of the difflculty of seeintr ir and its liability to injure stock