REPORT BOARD OF DIRECTORS TO T H E STOCKHOLDERS, i 1 i YEAR ENDING DECEMBER 31, DETROIT: I896. OF TIIR OF THE FOR THE PRINTF.D BY 8. J.

Transcription

1 REPORT OF TIIR BOARD OF DIRECTORS OF THE MICHIGAN CENTRAL RAILROAD COMPANY, TO T H E STOCKHOLDERS, FOR THE YEAR ENDING DECEMBER 31, DETROIT: PRINTF.D BY 8. J. KKNYON, I896. i 1 i

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3 REPORT BOARD OF DIRECTORS ICHIGAN CENTRA RAILROAD COMPANY, TO T H E STOCKHOLDERS, YEAR ENDING DECEMBER 31, DETROIT: PRINTED BY S..1. KENYON, I896.

4 ORGANIZATION DECEMURR 31 ST, DIRECTORS. CORNELIUS VANDERBILT, NEW YOKK CITY. WM. K. VANDERBILT, NEW YORK CITY FREDERICK W. VANDERBILT, NEW YOKK CITY. H E N R Y B. LEDYARI), DETROIT, MICH. EDWIN D. WORCESTER, NKW YOKK CITY. S A M U E L F. HARGER, NEW YORK CITY C H A U N C E Y M. DEPEW, NEW YORK CITY. A S H L E Y POND, DETROIT. MICH. FREDERICK S. WINSTON, ClIlCACO, If.I,. OFFICERS. CHAIRMAN, CORNELIUS VANDERBILT. PRESIDENT AND GENERAL MANAGER, H E N R Y B. L E D YARD. VICE-PRESIDENT AND SECRETARY, EDWIN D. WORCESTER. TREASURER, DANIEL A. W A T E R M A N. AUDITOR, A. JUDSON BURT. GENERAL OFFICES. N E W Y O R K CITY, GRAND CENTRAL STATION. DETROIT, MICH., FOOT OF THIRD STREET. CHICAGO, ILL., MONADNOCK BUILDING. A N N U A L MEETING. THURSDAY FOLLOWING THE FIRST WEDNESDAY IN MAY. Stock Transferred, Grand Central Station, Nciv York. Coupons Paid by Union Trust Company, New York.

5 REPORT. NEW YORK, April i, To the Stockholders of the Michigan Central Railroad Company: The Board of Directors submit herewith the fiftieth annual report, being for the year ending December 31, CAPITAL STOCK. The Capital Stock Account is $18,738,000, having been reduced during the year $204 by the purchase and retirement of stock scrip. FUNDED DEBT. There has been no change in the Funded Debt of the Michigan Central since the last report. On December 31, 1895, $150,000 of 5 per cent. Jackson, Lansing & Saginaw Extended Consolidated Mortgage Bonds were purchased and canceled by Messrs- Ledyard, Pond & Barnes, Trustees, effecting a reduction in fixed charges of $7,500 per annum from January 1, ROAD OPERATED. M 1 l.es. Mnin Track. i Second Track. MAIN LINE. Michigan Central System Canada Southern System. Total 1, , The table of tracks herewith shows total miles of road to be 1,628.15, which, plus 14 miles of trackage right 011 Illinois Central line from Kensington to Chicago, equals the 1,642.15, as stated above- In addition to the 1, miles of main track and miles of second track included in the joint system, there are miles of side track, aggregating a track mileage of 2, miles, of which 2,554,34 miles are laid with steel, and miles with iron rails. CONSTR UCTION. No charge has been made to this account since the last report.

6 6 The earnings are as follows: EARNINGS. 189s- IS94. showing an increase of $1,067, *9.i $S,314, ,672, ,499, ,SlO , , , S , $n,6m,420 6i $12,584, J> V 'T The freight traffic shows an increase in tons moved one mile of 277,602,000, and in earnings of $864,000, the increase being in both through and local traffic. The rate per ton per mile shows a decrease from to 0.617, o r The passenger traffic shows an increase of 8,097,000 in passengers moved one mile, and an increase of $173,000 in earnings. The rate per passenger per mile shows a decrease from to 2.252, or EXPENSES. The gross operating expenses are as follows: ,880, ,498 S9 $8,803, , $10,183, *9,144, showing an increase of $1,039, The cost of all betterments and additions to the property is included in this account.

7 * 7 OPERATING RESULTS. The result of the year's operation is shown by the following statement: Gross earnings from traffic 113,651, Operating expenses and taxes 10,183, Net earnings $3,468, Interest and rentals 2,402, Residue $1,065, Paid the Canada Southern Railway Company its proportion of net income, as per agreement 304, Net revenue from traffic $761, Income from investments 49> Total net revenue (per share, $4.32) 810, the Dividend : Two per cent., paid August 1, 1895 $ Dividend: Two percent., paid February 1, >7^o 00 $749> Balance $60, C. VANDERBILT, II. B. L E D Y A R D, President. Chairman. % _>j<

8 8 EARNINGS AND EXPENSES. X894. EARNINGS. #8,314, Freight * 9»i77>9* * 34 3x7, , Passenger Mail Kxpress 3,672, , , , Miscellaneous... 69, $12,584, Total $13,651, EXPENSES. $1,484, ,565 $9 6,141, ^ Maintenance of way and structures Maintenance of equipment $ 1,819, J ,421, , $8,803, , $ 9,880, , $9,144, $10,183, t ' NET EARNINGS. $ 3,468, PER CENT. OF EXPENSES TO EARNINGS B

9 DETAIL OF OPERATING EXPENSES. Maintenance of Way and Structures Increase Decrease ,402 S6 067* >3'AI ,429 xs 9J ,577 S ,222 r>2 1, , Superintendents and assistants Stationery and printing Renewal of rails Renewal of tics Ballast Repairs of roadway Repairs of bridges and culverts Repairs of fences and cattle guards... Repairs of road crossings and signs.. Repairs of buildings and fixtures Repairs of machinery and tools Repairs of docks Repairs of telegraph Oil, tallow and waste Removing snow, ice and weeds Insurance Miscellaneous $ 6S,2S2 31 1, S.373 $0 179,600 S , ,573 is 36, , , , , I,I& , , ,05s So 30,529 S6 "'-452 5? m $ S4 1, '4^ , * '65 45 'i',655' i Maintenance of Equipment. 57, , ,^9 os 364, ' '65 '3 34 Superintendents and assistants Stationery and printing Repairs of locomotives Repairs of passenger cars Repairs of freight cars Repairs of working cars Repairs of ferry boats. Repairs of shop machinery and Fuel and light for shops Oil, tallow and waste.. Watchmen and laborers Insurance, Miscellaneous tools- 5S /S.5'S ,793 *4 648J u,s Si , o,S53 5S 60, *3,654 5S 1, * 2, S S53 ' Conducting Transportation. 146,08$ ,i2S 74 " 14' 53 [i , s 30, ,992 Sb 656, i.'95 121, ,703 os 57.85S '0, ,611 90» s? S,7oi 20 gito , SS ^7 33.4&' 35 Superintendents and assistants Stationery and printing Station service '. Station supplies Telegraph service and supplies... Locomotive service Locomotive supplies Fuel for locomotives Water for locomotives Train service Train supplies Switchmen, flagmen and watchmen Cleaning and inspecting cars Detroit River crossing Niagara River tolls Clearing wrecks Custom House Oil, tallow and waste Car mileage Loss and damage, freighl and baggage. Damage to property Injuries to persons Outside agencies and advertising Track rentals and terminals Mackinaw Crossing Miscellaneous 151,$ ,169 So S $.$2> ,93" , 65 5, ,096, , * S2 126,391 S; 12, ",956 3' 65, ? ft *' 30, S oS6 74 2, ,5*3 '3 s ,27s 35 10, SS 47 10, '3.414 ' S General Expenses. 162,6s '79 S? 4, S 2,000 OO 66$ 340, , General office salaries... General office expenses... Stationery and printing. Fuel and light Legal expenses Rents Taxes Miscellaneous '61,4*4 77 7, '7$ , S So 4S,j4S os i.i'jft Si Si 3*.i4S S3 $9,144, Total. *io, 183,231 31? 1,

10 INCOME ACCOUNT Operating Expenses and Taxes $10,183, Interest Main Line $660, " Leased Lines 572, " Canada Southern , Rental Leased Lines , $ 2,402, Canada Southern R'y Division of Net Income as per Agreement 304, Dividends: August ist, 1895, 2% 374,76o 00 February ist, 1896, 2% , ,5^0 00 Balance 2,543, Dec. 31 Balance from 1894 $ 2,483, Freight Earnings $9,177, Passenger Earnings 3,672, Mail Earnings 322, Express Earnings 408, Miscellaneous Earnings 69, $13,651, Income from Investments $16,183,575 IS $16,183, D. A. W A T E R M A N, Treasurer.

11 CONDENSED BALANCE SHEET. Construction Accounts: Capital Stock $18,738, Main Line ^31,116, Leased Lines 7i33'i5'4 9 Proprietary Lines 3-93 > $42,378,411 II Investments 670, Fuel and Supplies 1,348, Accounts Receivable 774,5^7 81 Bond Accounts: Consolidated 7s #$,000, Consolidated 5s 2,000, Michigan Air Line 4s 2,600, Grand River Valley 6s 1,500, Detroit & Bay City 5s 3,576, Kalamazoo & South Haven 5s 700, ,376, Accounts Payable 1,689, Cash Assets: Accrued Intere&t: Uncollected earnings 246, Cash 1,196, Of 1S95, payable in 1S , Dividends Payable February ist, ,/6o 00 1,442, Income Account: To January ist, 1S79 4,009, From Jnnuary ist, 1S79. 2,543, , T 52, $46,614, $46,614, December 31, D. A. W A T E R M A N, Treasurer

12 12 FUNDED DEBT, INTEREST, RENTS, ETC. F U N D E D DEBT. DESCRIPTION. DATE OF ISSUE. DATE OF MATURITY. AMOUNT. THIS COMPANY'S BONDS. Consolidated First Mortgage May h 1S72 May i, 1902 #$,000, Consolidated First Mortgage (five per cents). Nov. It 1$$2 May 1, ,000,000 OO Grand River Valley First Mortgage Grand River Valley First Mortgage Detroit & Bay City First Mortgage Kalamazoo & South Haven First Mortgage- Michigan Air Line First Mortgage Total Sept. S/9 Sept. Ii , Mar. 1SS6 Sept. 1,1909 1,000, Mar. 1SS1 Mar. 3,576, Nov. h 1SS9 Nov. h ,000 OO Jan. h 1S90 Jan. 1, ,600,000 OO #18,376, L E A S E D L I N E BONDS. Bay City & Battle Creek First Mortgage Dec. 1, 1SS9 Dec. 1, 19S9 # 250, Battle Creek & Sturgis First Mortgage Dec 1, 1SS9 Dec. 1, 19S9 421, Jackson. Lansing & Saginaw Extended Consols.. Sept. 1, 1S91 Sept. 1, ,054, Jackson, Lansing & Saginaw Rental Jackson, Lansing & Saginaw Expenses Grand River Valley Rental Joliet & Northern Indiana Rental Total SJ,725, G U A R A N T E E D BONDS. Detroit & Bay City May 1, 1S72 May i, 1902 # 274, Detroit & Bay City (Bridge) May 1, 1S73 May , Total * 424, Total Michigan Central : 1,525, C A N A D A S O U T H E R N BONDS. First Mortgage Jan. 1, 1S7S Jan. 1, 190S $14,000, Second Mortgage Feb. 15, 1SS3 Mar. i, ,000, Leamington & St. Clair Oct. 1, 1S95 Oct. 1, 194s 130,000 OO Total Canada Southern. $20,130, G R A N D T O T A L #41,655,000 00

13 FUNDED DEBT, INTEREST, RENTS, ETC. INTEREST AND RENTS PAYABLE. RATE. AMOUNT. Jan. 1st. Mar. 1st. May ist. June ist. July ist. Sept. ist Nov. ist. Dec. 1st. 7# #560,000 OO 2 $0, ^ * 100,000 OO 50, , % 30,000 OO 15, , % 60, , , % i7s,sco SO * S% 35, , , % 104, , , ,067, * # 7, , % 12, * , S% 102, ^ I , , , , , Jan. loth. So, I3,2So OO July 10th. 44, s% %2lf)20 OO ICSO6O 00 10, sr, I2,000 OO 6, , *33i9«> 00 *i,4os^6o 00 ios,7so , io$,7so , , % 5% #696,768 S4 34S.72S 95 34S, ^2, , Apr. ist. 5, , Oct. ist. 2, *«>*4-4<* S4 34S,7*S S >N039 «9 "43.S50 00 *3.393jaS S s , , SI9 $ , D. A. W A T E R M A N, Treasurer.

14 FREIGHT STATISTICS Tons moved. Tons moved one mile. Rate per ton per mile. Cents. Earnings. Tons moved. Tons moved one mile. Rate per ion per mile. Cents. Earnings. T H R O U G H : 1,042, ,704,825 O.468 #2,177, , ,379, $1,828, , ,441,090 O , , ,165, , Total 1,501, ,145,915 O.462 3,125, ,160, ,545, $2,705, L O C A L 5,969, ,843,915 O.746 6,052, ,014, ,842, $5,608, T O T A L 7*47o>9S* 1,487,989,830 O.617 9,177, ,175,215 1,210,387, $8,314, ,295, ,602, , O

15 PASSENGER STATISTICS. 1* Passengers moved. Passengers moved one mile. Rate per passenger per mile. Earnings. Passengers j moved. Cents. Passengers moved one mile. Rate per passenger per mile. Cents. Earnings. T H R O U G H : 36,084 17,850, * 344, ,45* *7>3 T 4i9" I.877 $325, ,323 19,664,115 2.OO5 394,221 4S 35>8i9 i7,72s." , , So , i, Total 75r49^ 37,561,680 I.968 * 739, ,652 35,2i7,79<> t 670, L O C A L 2.587, ,531,' ,933, ,578,063 "9,777, ,828, ,663, ,092, $3,672,501 so 2, , *3,499-34* 34 13,426 8,097, ,160 16,

16 16 TRACK DEPARTMENT. MICHIGAN CANADA CENTRAL MAIN LINE. Miles of Road. Kensington to Detroit SOUTHERN Windsor to Suspension Bridge, N. Y MICHIGAN AIR LINE Total Main Line RAILROAD BRANCHES. 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 Grayling to Twin Lakes KALAMAZOO & SOUTH HAVEN RAILROAD Kalamazoo to South Haven 39-5 DETROIT & BAY CITY RAILROAD Bay City Junction to Bay City Detroit Belt Line 4-39 Denmark Junction to Saginaw Caro Junction to Caro Bay City Water Street (spur) 5.10 Bay City Belt Line (spur) 7-OI SAGINAW BAY & NORTHWESTERN RAILROAD Pinconning Bay to Gladwin (includes Branches) TOLEDO, CANADA SOUTHERN & DETROIT RAILWAY West Detroit to Canada Southern Junction Toledo Belt Line CANADA SOUTHERN BRIDGE COMPANY Slocum Junction to Stony Island 3.66 MICHIGAN MIDLAND & CANADA RAILWAY Ridgeway to St. Clair 1468 CANADA SOUTHERN RAILWAY Amherstburg to Essex Centre St. Clair Junction to Courtright Oil City to Oil Springs 5-5 Welland Junction to Fort Erie

17 TRACK i7 DEPARTMENT. BRANCHES. CONTINUED. Miles of Ro»d. SARNIA, CHATHAM & ERIE RAILWAY Petrolia Junction to Petrolia 7- ERIE & NIAGARA RAILWAY Niagara to Old Fort Erie LEAMINGTON & ST. CLAIR Comber to Leamington RAILWAY 13-So BAY CITY & BATTLE CHEEK RAILWAY West Bay City to Midland BATTLE CREEK & STURGIS RAILWAY Battle Creek to Findlay 33-& 0 DETROIT, DELRAY & DEARBORN RAILROAD Delray to Dearborn 4.84 Total Branches M3I-9 Total Miles of Road 1, MICHIGAN CENTRAL SECOND TRACK. Between Kensington and Detroit I3&-4 0 CANADA SOUTHERN Between Windsor and Suspension Bridge JACKSON, LANSING & SAGINAW Between Lansing and North Lansing and West Bay City DETROIT & BAY CITY Bay City Junction to Milwaukee Junction 4.77 TOLEDO, CANADA SOUTHERN & DETROIT West Detroit to Exposition Switch 2.35 Total Second Track SIDE TRACKS. MICHIGAN CENTRAL SYSTEM CANADA SOUTHERN SYSTEM Total Side Tracks S76.S6 Total Miles of Single Track j g^ 1"-; *>*grm 2, RENEWALS. Tons of Steel Rails laid 6,98s Number of Ties replaced 392,872 Miles of Fence rebuilt Miles of New Fence built 10.37

18 i8 CAR DEPARTMENT. P A S S E N G E R E Q U I P M E N T. First class cars Second class and smoking cars Passenger, baggage and mail cars. Baggage, mail and express cars..., Baggage and express cars, Postal cars Dining cars Buffet cars M. C. R. C. S. R. Total 119 S* 170 3' 21 S3 ' " ia 13 S 3 II 1 4 s * Total F R E I G H T E Q U I P M E N T. Box cars Stock cars Refrigerator cars. Platform cars Coal cars Oil cars Way cars Boarding cars Tool cars Stone cars *3 3'4 1,050 S S 2,62s 473 3,i0i * 42,67 So * So ' ** * 13,027 Total car equipment SSS '3.3S7 The equipment, as above enumerated, was maintained at the following cost: Passengei Cars $190, Freight Cars 648, and includes the following items: CARS, NEW (to replace old cars, worn out) 26 Flat cars, 3 Way cars, 100 Box cars, 1 Coal car, 202 Furniture cars, 5 Baggage and Express cars, 3 Horse Express cars, 3 Snow plows 34* NEW WHEELS Iron 20,122 Steel tire 114 Re-tired 40 Midvale tires 273 Krupp tires 4 NEW AXLES CARS RECEIVING GENERAL REPAIRS. 2,379 2,347

19 l 9 LOCOMOTIVE DEPARTMENT. MILBS RUN BY LOCOMOTIVES: Passeuger trains 4,66S^SS Freight trains. cy)i$,254 Working trains 218,603 Switching 3«3 5'4-o Total 15,110^65 Average miles run per locomotive ~ 32,773 COST PER MILK RUN: Repairs. cents Service «u Fuel u Oil and waste u.22 Total u FUEL CONSUMED BY LOCOMOTIVES: Coal 529,857 tons, at $2.0.2 per ton #1,068, Wood 12,774 cords, at #2.17 per cord 27,717 3S Total #i,a<s Miles run per ton of coal LOCOMOTIVES PERFORMING SERVICE : Owned by this Company 310 Owned by the Canada Southern Company 151 Total 461 The cost of maintenance WAS txfi&sfih or an average of $ per locomotive, each making a mileage of 32,778 miles, and includes the following items of renewal: Locomotives received heavy repairs 234 New steel boilers, complete 2 New steel fire boxes 11 New tires New driving wheels 2$ New driving wheel axles 76 New truck and tender wheels 1,408 New truck and tender axles 235 New tender frames New tanks 1 Airbrake equipment 16 Steam heater equipment 3 Water scoop equipment 2

20 R E P O R T OF THE LAND COMMISSIONER OF THE JACKSON, LANSING & SAGINAW RAILROAD COMPANY. LANSING, MICH., FER. ist, MR. HENRY B. LEDYARD, PRESIDENT MICHIGAN CENTRAL RAILROAD, DETROIT, MICH.: 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, 1S95 : LANDS AND SALES. LANDS. Acres. Amount. Unsold Jan ist, 1895, according to patents.. 236, Restored to market in 1S Sold during the year Unsold at the close of the year. SALES. Lands Timber... Total S S.23 $I2,800 $0 3, $16, The sales for the last five vears are as follows: Acres sold Average per acre. Land sales... Timber sales. Total. 9, S3 " ,504.7s 3,'5-4 2 *6 19 *5 74 *3 7 $4 06 *S4^SoS3 #83, $7"i496 H 1il2,Soo 50 32, , >'75 7, <x>7 So *59t ] SS S3 *So,02i 02 $79,396 H $ 16,40s 00

21 21 RECEIPTS. Cash on hand January ist, 1895 % 6, From Payments on Land Contracts and Sales 25, From Interest 3»7 7 r Interest (Land Fund) 5* Miscellaneous Total *5 > DISS URSEMENTS. Deposited with Commercial National Bank of Detroit to the credit of Ledyard, Pond and Barnes, Trustees $28, For Taxes 7»o 9 27 For Salaries 7, For Explorations For Miscellaneous Expenses 2, Balance 4. S3 I 3 x Total $50, ASSETS OTHER THAN LANDS UNSOLD. Amount due on Land Contracts $105, Ledyard, Pond and Barnes, Trustees* 3*434 4 T Joy and Denison, Trustees 5, Furniture and Fixtures 1, Sundry Accounts Cash on hand December 31st, > 53 I 3 J Total f"9>579! 5 T (). M. BARNES, Land Cowwissioi/er. *Afessrs. Ledyard, Pond and Barnes, Trustees. Balance on hand end of 1894, as shown by report for that year $124, Paid to them during , Interest on Land Fund to date 5* , Amount to account for.$153, Bonds purchased and cancelled during , Cash on hand December 31st, 1895 $ 3*