FARMERS' INSTITUTED. 325 



From this table it is seen that the cost per mile varies from $106,854.20 

 on the Michigan Central to $5,399.04 on the Manslield and Coldwater, — wliick 

 however is as yet nnliiiishcd. Tiie cost per mile on tlie Toledo and South 

 Haven, a narrow guage road, was $0,157.40. Of the ordinary guage roads in 

 fair condition tlie Glencoe, Pinconning and L. S. has the lowest cost, $7,017.37. 



It is further to be observed that the following roads are carrying a debt in 

 excess of their estimated cost : 



Chicago and Michigan Lal^e Shove 



Chicago, Saginaw and Canada 



Flint and Pere Marquette 



Northern Central Michigan 



Debt per Mile 

 in Excess of Cost. 



§6,401 05 



4,921 05 



37G 85 



2.814 85 



It is also seen that the following roads have a cost in excess of both stock and 

 debt: Chicago, Detroit and Canada, — Gr. T. R. K,, Detroit and Milwaukee, 

 Detroit, Hillsdale and S. W., Jackson, Lansing and Saginaw, Toledo and 

 South Haven, Grand River Valley, Michigan Air Line E'y, Saginaw Valley 

 and St. Louis, Michigan Air Line 11. li. — Kalamazoo, A. and G. R. 



The cost of the Chicago and Northeastern (as yet not owning its equipment), 

 and of the Hccla and Torcli Lake road, is equal to the stock and debt. Each 

 of the other roads shown lias a valuation less than the sum of stock and debt. 



Of the thirty-nine roads in the State nine of them did not pay during 1877 

 the expenses of running tlie trains and keeping the track in order. Those 

 roads were as follows, and the operating expenses above earnings were : 



Chicago and Canada Southern 821,964 63 



Chicago and Lake Huron 268,097 01 



Detroit, Hillsdale and Lake Shore 112 45 



Glencoe. Pinconning and Lake Shore 581 54 



Hecla and Torch Lake 6,145 70 



Mansfield, Coldwater and L. M. 7 91 



Michigan Air Line 255,812 76 



Michigan Midland and C 820 68 



Toledo, C. S. and Detroit. 96,184 98 



Total $589,727 66 



'V 



Eight more paid no portion of their interest, though able to pay operating 

 expenses, while of the whole thirty-nine but twelve actually paid all liabilities. 



The following constitute the twelve roads that had receipts in excess of 

 operating expenses, interest and rental : 



