MICHIGAN. 



517 



of prohibition. The Legislature of 1881 will 

 be pressed to adopt and submit a constitutional 

 amendment to the people, prohibiting the man- 

 ufacture and sale of spirituous, malt, and vi- 

 nous liquors, except for mechanical, medicinal, 

 and sacramental purposes, and declaring that 

 there shall be no property-right in such liquors 

 made or held for any other purpose. 



The following extract from the message of 

 Governor Jerome to the Legislature, at the 

 opening of the session for 1881, is a favorable 

 statement of the railroad interests of the State : 



The forty-nine railroad corporations doing busi- 

 ness in this State own a total of 5,358i miles of rail- 

 road, and operate 6,166'71 miles. Within the State 

 on January 1st last there were 3,657'74 miles. During 

 the year there have been constructed 260 miles, mak- 

 ing a total at present of 3,918 miles. The increase 

 since 1878 in miles of road is 353, and the number of 

 corporations has increased eight. The portion of these 

 roads in Michigan represented on January 1, 1880, a 

 capital stock of $104,266,695.15, and a debt of $105,- 

 802,008, or a total stock and debt liability of $210,- 

 068,703.15,_ an average of $57,431.28 per mile. These 

 roads are improving financially, yet twenty -nine out 

 of the forty-nine are unable to pay their interest obli- 

 gations after paying current expenses. The volume 

 of business for 1879 was very large, and the freight- 

 rates were the lowest ever reached, the average being 

 nine and two tenths mills per ton per mile. While 

 the business has largely increased, the reduction in 

 freight-rates has made the gross earnings much smaller 

 than they were on a smaller traffic hi 1873. The gross 

 receipts "for 1880, partly estimated, but from reliable 

 data, will show an increase over the amount for 1879 

 of about 18 per cent. The increase in specific taxes to 

 be assessed on the business for 1880 will be still more 

 marked. These taxes for 1878 amounted to $410,- 

 453.06 ; for 1879, to $445,399.80 ; and, for 1880, will 

 probably reach from $550,000 to $575,000. 



The total income of the reporting roads from 

 all sources, for the year 1879, was $46,619,- 

 207.05, an increase over the previous year of 



$3,582,960.38. The total operating expenses of 

 the year were $26,906,685.44, an increase over 

 the previous year of $1,272,950.77. These rail- 

 roads employed in the State 14,774 persons, 

 and have within the State 809 stations one 

 for each 4*52 miles of road. The following is 

 a statement of the extension of track and new 

 road built during 1880: 



Chicago and, Northwestern : Mile. 



Menominee River, Quinnesec northwest to Wisconsin 



line 7| 



Chicago and West Michigan: 



Hart branch, Hoar's northeast to Hart 8J 



Detroit, Butler and St. Louis, Detroit southwest to 



Adrian 57 



Detroit, Lansing and Northern : 

 Stanton branch, extending from Mecosta northwest to 



Big Rapids 15 



Detroit, Mackinac and Marquette : 



Point St. Ignace northwest 84 



Marquette 25 



Flint and Pere Marquette : 



Clare County branch extending north to Harrison 6 



Round Lake branch, Butler Junction north to Webber 4 

 Michigan Air Line, extending from Rochester west by 



south to Pontiac 10 



Port Huron and Northwestern (three-feet gauge), ex- 

 tending from Croswell to Sand Beach 44J 



Extension in Port Huron 1 j 



Marietta branch, Baluier's northwest to Marlette 33$ 



St. Joseph Valley, Buchanan northwest 2 



Tawas and Bay County, extending from Camp Watson 

 southwest 11 



Total 255 



The report of the Commissioner of Insurance 

 shows a large increase of fire and marine risks 

 during the year (about $7,000,000). The capi- 

 tal represented by the stock companies doing 

 business in the State is $46,077,290 ; admitted 

 assets, $126,267,148 ; surplus as regards policy- 

 holders, $82,343,172; and a surplus over capi- 

 tal and all other liabilities of $36,298,781. But 

 a single company doing business in the State 

 shows an impairment of capital. The business 

 done in the State during the year was: 



MICHIGAN BUSINESS, 1880. 



The report does not cover the local mutual 

 fire-insurance companies incorporated under 

 the laws of this State. Fifty such companies 

 were in operation in 1879, with a membership 

 of 69,000 and risks in force aggregating $120,- 

 000,000. Michigan has one stock life-insurance 

 company, with risks amounting to $8,000,000. 

 The life insurance risks held by other com- 

 panies on the lives of citizens of this State 

 exceed $30,000,000. A large number of co- 

 operative life companies are in operation, with 

 an aggregate of risks not ascertainable. 



The reports of the fifteen savings-banks of 

 the State, dated October 4, 1880, show : capital, 

 $1,160,000; surplus, $116,131.64; due deposi- 

 tors, $8,236,094; due other banks, $114,926.- 

 24 ; total liabilities (including lesser items), 



$9,772,941.19. Their leading resources were : 

 loans and discounts. $4,505,715.90; bonds and 

 mortgages, $2,732,488.55 ; due from banks and 

 bankers, $1,158,535.49 ; cash, $968,395.18; real 

 estate and fixtures, $377,231.83. 



The reports of the thirteen State banks bear 

 date July 1, 1880, and show : capital, $873,750 ; 

 surplus, $167,809.39 ; due depositors, $2,533,- 

 833 ; total liabilities, $3,744,129.38. Leading 

 resources: loans and discounts, $2,464,756.27; 

 bonds, $84,671.17; cash, $422,648.76; real 

 estate and fixtures, $82,329.83 ; due from banks 

 and bankers, $656,702.21. The banking busi- 

 ness of the State is very largely done by the 

 national banks, whose latest reports are not 

 accessible. 



From the second annual report of the Secre- 



