324 



STATE BOARD OF AGRICULTURE. 



during the same time was 44.53 miles, of which the total cost probably did not 

 exceed $100,0UU, or about §23,000 per mile. Tliis would show, deducting cost 

 of new roads a stock and debt account increasing by more than 7f millions 

 each year above the cost of construction. You can readily see where this must 

 lead to — bankruptcy, sale and reduction of debt to the true value is inevitable. 



The total debt, over and above the par value of stock, carried by our roads 

 at the close of 187G was $104,540,118.76, and at the close of 1877, $167,371,- 

 421.65, thus showing an increase of obligations on which interest must be paid 

 of 82,725,302.89, whereas, the actual construction of new roads would not 

 warrant the increase of this debt by more than $100,000. The stock and debt 

 together represent an amount 121,817,054.86 in excess of the estimated cost of 

 our roads, and yet the estimated cost is in most instances much above the real 

 value, so that it is certain that our roads are struE^irling under obligatious 

 more than twenty-two millions of dollars in excess of their value. 



In regard to the capital stock our railroad commissioner states, ** that in 

 many of our companies it represents no value in the road : it is a fiction ; the 

 bonded debt as a rule, is greater than the actual cost of construction and 

 equipment; there may be a few exceptions to this rule, but they are very few.'' 

 "Under such circumstances it is not surprising that the unfunded debt should 

 be constantly increasing, and that bankruptcy is so generally inevitable." 



The following table, compiled from the lieport of the K. 11. Commissioner 

 for 1877, gives the condition of 34 out of 39 of the lines of railroad iu 

 the State : 



TABLE. 



ROAD. 



Chicago & Canada Southern 



Cliicugo & Lake Huron 



Chicago & Michigan Lake Shore 



Chicago & Nortli Eastern t 



Chicago, Detroit &C.—G.T.R.K. 



Detroit & Bay City 



Detroit & Milwaukee -.- 



Detroit, IliUsdale & S. W 



Detroit, Lansing & N _ 



Kalamazoo, Allegan & G. 114--- 



Flint & Pere Marquette 



Ft. "Wavne, Jackson & Saginaw. 



<;ran<t Uiver Valley tt 



(iranil Uaniiis & I... 



llecla & Torch Lake 



I-ake Shore & Mich. Southern 



Mansflekl, Coldwater & L. M... 



Michigan Central 



Jackson, Lansing & Saginawft- 



Michigan Lake Shore 



Michigan Midland & C 



Mineral Range 



Toledo, C. S. & D(!troit 



Toledo & South Haven 



Northern Central Michigan t--- 



<;iiicago, Saginaw & Canada 



Glencoe, Penconning & L. S 



Grand Ranids, Newaygo & L. S. 



Detroit, Monroe & Tolcde t 



Marquette, Houghton & O 



Mich. Air Line It'y 



Mich. Air Line R. R. tt 



Saginaw V. &St. Louis 



Length. 

 Miles. 



67.6 

 23-2 

 246 



.50 



.VJ.37 

 118.5 

 18!) 



64.8 

 18L5 



58 



279.8 

 100 



82.4 



332. 1 



4.5 



1,176.8 



19.5 

 270 

 233. G 



57.5 



15 



12.5 



54.5 

 9 



61.14 



20 



13 



46 



64 95 



88.52 



20.80 

 114. 



2S.70 





Cost 

 Per Mile. 



570,927 53 

 54,936 34 

 28,902 64 



* 45,000 00 

 59,511 32 



* 31, 144 80 

 65,046 63 

 20,575 63 

 39,267 20 

 2.1,000 00 

 31,118 4;i 

 31,238 22 

 34,466 40 

 33,397 11 

 43,2»^ 23 

 87.908 03 



5,.399 {t4 

 106,854 26 

 29,622 37 

 25,962 59 

 39, 175 94 

 3I,32;J 48 

 54,444 03 

 6,1.57 46 



* 22, 185 15 

 12,052 63 



7,017 37 

 ,32,8.)6 0« 

 2<),799 48 

 93,()0ti 9,t 

 15,052 00 

 27,.59J 6<) 

 28,457 89 



Debt 

 Per Mile. 



150,286 65 

 44,682 20 

 35,303 69 

 25,000 00 

 18,443 m 

 24,618 96 

 50,438 61 

 425 05 

 16,413 93 

 14,482 78 

 31,495 23 

 24,710 00 

 18,203 88 

 29,590 58 

 18,265 2.3 

 41,348 GO 



92,2.58 00 

 17,268 83 

 24,618 00 

 27,6fiO 33 

 22,6.5.5 81 

 41,799 45 

 874 00 

 2.5,000 00 

 ll),973 68 

 6, 153 84 

 22,757 00 

 14,833 84 

 73,984 77 

 99 57 

 21,3!I3 64 

 15,570 66 



Stock and 



Debt 

 Per Mile. 



S89,74.5 23 

 69,515 82 

 41,460 87 

 45,000 00 

 34,933 50 

 35,802 01 

 63,756 81 

 20, 170 42 

 40,2<!5 26 

 24,!>99 85 

 43,281 30 

 32,209 50 

 23,165 04 

 38,021 74 

 43,2(W) 23 

 99,182 81 



113,658 75 

 25,725 97 

 32,444 08 

 47,6(iO 33 

 33,005 81 

 70,396 92 

 3,111 33 

 3-4,977 12 

 24,500 00 

 7,017 40 

 34,344 00 

 21,481 77 



139,1.52 12 

 14,570 72 

 24,449 87 

 24,800 76 



1877. 

 Operating 

 Kx])eii.se 

 Per 511! e. 



51,203 17 

 3,411 48 

 1,658 03 



6,585 28 



2,229 86 



4,184 22 



840 13 



2,785 75 



1,556 23 



2, 147 05 



1,792 85 



2,42.3 12 



2,254 10 



10,965 26 



7,617 23 



515 56 



11,627 15 



1,8.59 16 



72,5 23 



392 86 



4,751 65 



6,788 34 



117 20 



1,0(57 24 



766 24 



930 60 



995 22 



3,273 12 



3,724 23 



1,311 12 



3, 162 26 



1877. 

 Earnings 

 Per Mile. 



S878 25 

 2,076 00 

 1,986 92 



7,142 96 

 3,050 45 

 4,894 82 



8;}8 39 

 4,344 69 

 2, 161 87 

 3,468 75 

 2,. 543 :U 

 2,711 93 

 3,304 54 

 9,428 83 

 11,476 17 



514 88 



18,746 95 



3,044 41 



973 38 



344 82 

 7,477 34 

 5,023 47 



(U4 48 

 1,295 ;«) 



869 60 



886 86 

 2,396 3.5 

 .5,102 41 

 7,6;J3 66 

 1,4.52 89 



932 37 



1S77. 

 Int and 

 Operating 

 Expenses 

 Per Mile. 



* Not equipped, 

 t Operated hy C. & L. H. 

 {Ouerated by M. S. L. S. 

 tt Operated bv M. C. 



S3,858 20 

 .5,264 08 

 5,519 28 



8,375 88 



3,802 20 



6,206 70 



871 57 



4,080 25 



3,3;}5 54 



4,;«0 19 



3,392 85 



4,503 90 



4,182 40 



10,9(>5 26 



10,120 13 



5,122 50 



18,267 04 



3,579 58 



2, 165 42 



1,902 19 



6,5.36 45 



z.rm 60 



117 04 



1,413 75 

 1,545 91 

 2,.{01 31 

 4,274 83 

 8,829 25 

 1,311 12 

 4,626 69 

 1,599 01 



