The Michigan Central Railroad Company
Report of the Board of Directors to the Stockholders for the year ended December 31, 1929
DETROIT MICHIGAN
ORGANIZATION OF THE MICHIGAN CENTRAL RAILROAD COMPANY
DECEMBER 31, 1929
DIRECTORS
FREDERICK W. VANDERBILT EDWARD S. HABKNESS WARREN S. HAYDKN GEORGE F. BAKER ALBERT H. HAKRIS BERTRAM CUTLER WILLIAM K, VANDEHBILT EDMOND D. BRONNER PATRICK E. CROWLEY HAROLD S. VANDEHBILT JACKSON E. REYNOLDS CHARLES B. SKGER FREDERIC J. FISHER
The annual meeting of stockholders for the election of directors is held in the city of Detroit, Michigan, on the Thursday after the first Wednesday in May
EXECUTIVE COMMITTEE
ALBERT II. HARRIS, Chairman GEORGE F- BAKER - CHARLES B. SEGKR WILLIAM K. VANDERBILT JACKSON E. REYNOLDS HAROLD S. VAKDERBILT PATRICK E. CROWLEY
CORPORATE OFFICERS
President PATRICE E. CROWLEY New York Assistant to President HOWARD L. INQERSOLL New York Executive Assistant to President MARTIN J. ALGER New York Assistant to PresidenL FRANK II. HARDIN New York Engineering Assistant to President RICHARD E. DOUGHERTY New York Vice President ALBERT H. HARRIS New York Vice President GEORGE H. INGALLS New York Vice President EEMOMD D. BRONNKR Detroit Vice President CHARLES C. PAULDING New York Vice President JOHN G, WALBER New York Vice President JAMES H. Htrsns New York Vice President MALCOLM R. CONKELL New York Assistant Vice President. CHARLES J. BRISTEH Chicago Assistant Vice President JOHN K. GRAVES New York Assistant Vice President EDWARD HUNCERFORD New York Assistant Vice President and General Manager HBNRY SHEARER Detroit General Counsel FRANK E. ROBSON Detroit. Secretary- EDWARD F. STEPHENSON New York Assistant Secretary JOSEPH M. O'MAHONEY New York General Treasurer HARRY G. SNELLINQ New York Assistant General Treasurer HENRY A. STAEIL New York Assistant General Treasurer RUSH N. HARRT New York Treasurer WALTER E. HACKETT Detroit Comptroller WILLIAM C. WISHABT New York Assistant Comptroller LEROT V. PORTER New York Assistant Comptroller FREDERICK H. MEEDEB. New York
Ctntrtd Treasurer, 4G6 Lexir\$i$n ^wenu*, JVeic York, transfers stack, [jays divide ad* on stock, transfers bands and pays interest on bonds C&ifrat flanovtr ffanfe and Trusi Co- registers stock at 80 Broadway, New York REPORT
To the Stockholders of
THE MICHIGAN CENTRAL RAILROAD COMPANY:
The Board of Directors herewith submits its report for the year ended December 31, 1929, with statements showing the income account for the year and the financial condition of the company. Road operated The following is a comparative table of the mileage operated: 1'J2 The decrease of 2 50 miles in main line and branches is the net result of the sale of 2 70 miles of the Dearborn Branch, the retirement, of 01 mile of the North Midland Branch and the extension of line at Detroit in connection with improvement*. The increase of 2-42 miles of trackage is due to the use of New York Central tracks »o reach the new passenger terminal at Buffalo. The year's business During 1929, the company moved 32,792,343 tons of revenue freight, an increase as compared with 1928 of 691,446 tons, largely the result, of a heavier movement of coal, coke and manufactured articles. Revenue passengers carried were 3,563,176, an increase of 42,637. Interline pas• sengers decreased 21,963, while local and commutation passengers increased 64,600. Annual Report INCOME ACCOUNT FOR THE YEAR Year ended Year ended Dec. 31,1029 Dec. 31, 1928 Increase Decrease 06 mile OPERATING IXCOUE l.SSB 31 miln 1.85S-W miirt opcraltd RAILWAY OPERATION $93,217,493 20 51,501,473 32 Railway oppranng revenue* SW.71S.966 52 2,221,459 45 Hiulivay operating expenses 64,865,394 5G 02.643.935 11 $719,986 13 NET REYEXTJV FAOM BAILWAT OPERATIONS S29,S53,571 96 830,573,558 09 CI-28) Pcrctntoge of exptnws to remtues C68-4S) CC7-201 $6,302,709 81 56.327.936 69 894,773 15 Railway tare accruals 26,064 20 S9.&85 96 Uncollectibl* railway revenues 15,373 24 $775,073 32 RAILWAY OPERATING INCOME S23.445.4S3 HS 824.220.5fi7 20 $404,769 65 Equipment rents, net debit S916.123 40 551,234 13 77,747 78 Joim facility reni*. net debit 625,081 91 51,257,690 75 NET RAILWAY orBRATma INCOME S21.S9S.376 51 $23,155.067 20 MlHCBLLAJOSOUS OPERATIONS 30,022 44 $397,209 51 3103.831 95 Revenues 342.773 39 342,445 30 1328 00 Expense.* and taxes $6,950 53 Mwcm-umom OPERATING INCOME 354.436 32 561.386 65 Sl.2fi4.54t 28 TOTAL OPERATING INCOME ttl.052.Sl2 63 S23.217.353 01 XON-OPERATINO INCOME 528 69 $249 33 $27* 04 Income from lease of road 38,333 64 290.S29 00 327,663 24 Miscellaneous rent income 52.W9 24 73.525 G2 20,536 38 Miscellaneous non-operating physical property 1,752.487 57 811,029 99 8041.457 58 Dividend income 299.S47 47 323,999 33 24,151 So Income from funded securities 705.984 96 4.30,712 61 225.242 35 Income from unfunded nccuritiefl And ArfOUCtfi 12.404 50 15,125 89 2.721 39 Miscellaneous income TOTAL NON-OPERATING INCOME $3.114.792 69 §2,032,364 72 $1,082,427 97 8182,113 31 GROM .NCOUE 525.067.605 32 $25,249,718 53 DEDTCCTOVS moM finoss INCOME 52,693 94 42,733,S94 44 $2,736,593 35 Rent for leaded roads 6.417 23 4,158 76 82.258 47 Miscellaneous rents 64,361 92 17,216 59 Miscellaneous tax accrual* 81,577 51 2,890,543 66 142.474 05 Intr?r«it «HI funded debt 2,748,069 01 9,600 92 Interest on unfunded debt 23,795 63 14,194 71 10,460 97 Amortisation of discount on funded debt 131,088 63 141,549 60 201 45 Maintenance nf investment organization 2,081 04 1.SS3 19 [.450 54 Miscellaneous income charges 5,563 00 7.013 54 $5,860,298 76 8127,80$ 07 TOTAL DEDCCTIONS FROM onoaa INCOMK 35,732.490 69 $54,305 24 NET INCOME 810,335,111 03 $19,389,419 87 (-SIQ Per ornf to capital tlntk outstanding (103 20) (108-49) DISPOSITION or NET INCOME $7,494,560 00 Dividends declared; 40 per cent each year 57,491,560 00 511,840,551 03 Si 1,804,859 87 $54,305-24 SrJRPLfft ml* TIlF. VEAR CARRIED TO PROFIT AND LOSS The Michigan Central Railroad Company Profit and Loss account blllaxce to credit os profit axe loss, dece.ubes 31, 1928 $93,731,606 99 ADDITIONS: Surplus for the year 1Q29 8ll,S40,.W4 63 Profit on property sold »ils,r,.!3 37 Unrafundable overcharges 33,171 0*i 12.7U.-Ht> 06 *106,474,04r, 95 DBMJCTIOHB: Dividend appropriations of aurpluH 818,736.400 00 Depreciation prior to July 1, 1907, on equipment retired during the year 87,782 59 Lost on property retired 119,430 59 Miscellaneous items and adjuatmentj (net) 103,212 59 19.0+6.834 77 Ralawce to chboit op prosit and lose, December 31, 1929 887,427,212 18 Operating revenues Freight revenue amounted to $64,484,363.45, an increase of 3386,219-78. Passenger revenue was $19,883,089.83, an increase of $90,523.06. Mail revenue was §1,653,641.35, an increase of 8538,110.23. Express revenue was $4,314,357.55, an increase of $274,729.14. Switching revenue amounted to 31,802,695.86, an increase of $133,919.79. Other transportation, incidental and joint facility revenues increased $77,971.32, Operating expenses The following table shows the operating expenses by groups: Croup Amount Increase Maintenance of way and structures S10,060,35S 74 $06,806 80 Maintenance of equipment 19,798,575 -II 1,309,163 45 Truffle 1,657,201 53 57,702 86 Transportation 29,916,401 02 501,503 33 Miscellaneous 1,137,396 73 1131,981 14 General 2,092,332 22 90,799 65 Transportation for investment—credit P6.961 09 S2G.5S7 Total 86-1,865,394 50 92,221,459 45 The principal outlay contributing to the increase in expense for maintenance of way and structures is for the removal of snow and ice, the result of the severe weathor in December, 1929. There were partially offsetting decreases in charges for application of track materia] and for maintenance of bridges, trestles and culverts. The increase of $1,369,163.45 in expense for maintenance of equipment is largely in freight car repairs. The number of freight cars repaired increased from 698,672 in 1928 to 787,483 in 1929. Traffic expenses increased $57,702.S6, chiefly in expense of off line representation. Annual Report Transportation expenses veto $501,503.33 more than for 1928, mainly due to the handling of a larger volume of traffic. , The increase of $101,981.1-1 in expense* for miscellaneous operations is chiefly due to additional dining cars operated in regular and special service. The increase of §90,799.55 in general expenses is mainly the result of larger charges lo the pension account and for valuation work prescribed by the Interstate Commerce Commission. Railway tax accruals Railway tax accruals were $6,392,709,84, an increase of $64,773.15, largely the result of under accruals in former years. Equipment rents The net increase in debit to equipment rents was $404,769.65, due to a greater number of foreign cars used in handling freight and passenger traffic and larger number of loco• motives leased from The New York Central Railroad Company. Miseelkm sous operations This account, includes only the operation of the Detroit Stock Yards. Gross income for the year was $397,209.51, a decrease of $6,622,44. Expenses and taxes were $342,773.39, an increase of $328.09; net income $54,436.12, a decrease of $6,950.53. Non-operating income Non-operating income was $3,114,792.69, an increase of $1,082,427.97. Miscellaneous rent income decreased $36,833.64 and rents from miscellaneous physical property decreased $20,536.38. due to cancellation of leases. Dividend income increased $941,457.58. An extra dividend of 40 per cent was received from the Indiana Harbor Belt Railroad Company and a dividend of 5 per cent from the Detroit Terminal Railroad Company. Income from funded securities decreased $24,151.86, the. result of the sale- of Govern• ment securities during the year. Income from unfunded securities and accounts increased $225,242,35, attributable to interest received on larger bank balances. Deductions from, gross income. Deductions from gross income were $5,732,490.69, a decrease of $127,808.07, resulting from the retirement of maturing equipment obligations. Net income before, dividends The net income of the company was $19,335,114.63, a decrease of $54,305.24. The Michigan Central Railroad Company Dividends Dividends declared and charged against the income of the year were as follows: Date declared Date payable Kale per cunt Amount June 12, 1928 July 29, 1929 20 83,747,280 00 December 11,1929 January 29, 1930 20 3,747,280 00 Total for the year 40 87,494,360 00 An extra dividend of 100 per cent, amounting to $18,736,400, was declared March 13, 1929, payable March 28, 1929, and was charged against the accumulated surplus of the company. Surplus After charges for dividends aggregating 40 per cent, there remained a surplus for the year of $11,840,554,63, which was carried to the credit of profit and loss. Total corporate surplus at the end of the year was $94,089,049.30. Capital stock The capital stock of the company remained unchanged during the year, the total amount authorized and issued being $18,738,000, including $1,600 held by the company. Changes in funded debt The changes in the funded debt of the company, in detail, were as follows: The amount on December 31, 1928 ' 864,461,653 25 has been increased as follows: Refunding and improvement mortgage, bonds, Series C. issued to refund and retire a like amount of twenty-year 4 per cent gold debentures which matured April 1, 1929 7.034,000 Q0 §72.095,653 25 and has been reduced as follows: Twenty-year 4 per cent, gold debentures, due April 1. 1929 87,634,000 00 By payments falling due during the year on the company's liability for principal installments under Equipment Trust Agreements as follows: MCHR Trust of 1915, October I. 1929 300,000 00 M C R R Trust of 1917, March 1, 1929 600,000 00 M C R R Co proportion ofN VCRRCn Trust of IH20, April 15, 1929 407,664 75 NYC Lines Trust of 1922, June 1, 1929 373,000 0(1 NYC Lines 4.y2 per cent Trust of 1922, September I. 1929 51,000 00 N Y C Lines Trust of 1923, June 1, 1929 632,000 00 NYC Lines Trust of 1924, June 1, 1929 233,000 00 NYC Lines 4H per cent Trust of 1924, September 15. 19139 173.000 00 NYC Lines Wi per cent Trust of May 15, 1925, May 15, 1929 234,000 00 10,697,004 75 leaving the funded debt on December 31, 1929 SGl.397.9SS 50 s Annual Report Issue of refunding and improvement mortgage bonds, Series C In order to provide for the payment and refunding of $7,634,000 of the company's twenty-year four per cent gold debentures of 1909, which matured April 1, 1929, the company issued during the year 87,634,000 of its i}4 per cent refunding and improvement mortgage bonds of Series C, dated January 1, 1929, due January 1, 1979, Series C of bonds under the refunding and improvement mortgage having been created by resolution of the Board of Directors of the company adopted on March 13, 1929. Property investment accounts Changes in the property investment accounts, as shown in detail elsewhere in this report, were as follows: Road increased 84,019,490 85 Equipment decreased 1,122,972 77 Improvements on leased railway property decreased 603,736 62 Miscellaneous physical property increased 2fi,9I8 47 a net increase of £2.259,699 93 Improvements Important improvements completed or under way during the year were as follows: Grade separation: At West Central Avenue, Toledo, West Fort Street, Detroit, and State Street, Ecorse, work was completed during the year. Perm a writ concrete and steel separation bridges were installed at Green and Central Avenues, Detroit, and substantial progress was made on the grade separation at Outer Drive, Dear born. At Calumet City, Illinois, work was commenced on a concrete viaduct carrying'Burnham Avenue over the tracks of the company and other railroad companies. Station and yard improvements: A two-story brick and concrete produce terminal was constructed at 12th Street, Detroit. A car retarder system was installed and track layout and grade improvements were made in the west• bound classification yard at Junction Yards, Detroit. Niles, Michigan: Three modern trestles were replaced with permanent concrete and steel bridges. Work in Canada: The Kettle Creek Bridge, a double-track steel viaduct at the westerly edge of St- Thomas, was recon• structed as a steel girder bridge on concrete piers. Work was commenced on a modern freight house with paved driveways and team tracks at Windsor, Ontario. Equipment: Of four steel dining cars and 1,000 fifty-five ton steel automobile box ears orrierod during the year, S21I hn\- cars were delivered. The remainder of this equipment will be delivered early in 1930, ff The Michigan Central Railroad Company Chicago—Air Right Development and Freight Terminal Improvement, Randolph Street In 1920 this company joined with the Illinois Central Railroad Company in the acceptance of the so-called Lake Front Ordinance, adopted by the City of Chicago in 1910, pertaining to the establishment of a harbor district and the provision of improved railroad facilities, including electrification, construction of new Illinois Central passenger station and improvement and electrification of the freight, terminal facilities of the company and the Illinois Central near Randolph Street. Subsequent negotiations between the two rail• road companies and the City culminated during the year in the adoption by the City of an amendatory ordinance providing for the construction at the joint expense of the railroad companies and the City of new street viaducts over the railroad freight terminals in order to permit commercial development of the air rights north of Randolph Street. The area of this company's property which will be available for such air right development is approx• imately 264,000 square feet. A high class commercial development appears assured in view of the. proximity of this property to the important development which has recently taken place along this portion of Michigan Boulevard in connection with the removal of the Produce Market and the construction of Wacker Drive. The railroad companies have accepted the amendatory ordinance. In order to construct the viaducts and prepare the property for the air right development it. will be necessary to rearrange this company's local freight facilities, which it is expected will be commenced during 1930 under plans providing for modern freight houses and team yards adequate to meet the requirements of this company's downtown freight station. Electrification of the freight terminals will be accomplished by the operation of Diesel-electric locomotives, four of which have been ordered. Mieh iga n Ra ilroad During the year the company purchased (he Western Division of the Michigan Railroad—an abandoned electric interurban line. This property extends from Grand Rapids, Michigan, to Kalamazoo and Battle Creek, with a branch to Allegan, com• prising about 90 miles. The property was acquired for the purpose of improving the company's situation with respect, to industries and terminal facilities at Grand Rapids, Kalamazoo and Battle Creek, and to provide a branch extension into the onion-producing territory through that portion of the line extending between Richland Junction and Hooper, 9-5 miles, which will be operated as a part of the Chicago Kalamazoo and Saginaw Railway, The remainder of the property is to be disposed of. A connection is to be constructed about. 3 miles long on the southerly outskirts of Grand Rapids between this company's existing Grand Rapids Division and the line of the former Michigan Railroad. Proposed lease of the company's properties to The New York Central Railroad Company By orders dated July 2. 1929, and December 2, 1929, the Interstate Commerce Com• mission authorized the ieasing by this company of its lines of. railroad and properties, including its leased lines, to The New York Central Railroad Company for a term of 99 years, the lease providing for annual rental dividends of $b0 per share upon the stock of this company not owned by The New York Central Railroad Company. On December 11, 1929, the Executive Committee adopted a resolution approving the making effective of the proposed lease on February 1. 1930, Advances to Canada Southern Railway Company Total advances to the Canada Southern Railway Company as of December 31, 1928, amounted to $5,260,439.36. During 1929 there was transferred to this account the sum of 8900,463.77, representing the cost of improvements to the property, formerly charged as improvements on leased railway property. Additional advances were made during the year for improvements amounting to $1,525,955.25. In part payment for a like amount of advances the Canada Southern Railway Company issued and delivered to The Michigan Central Railroad Company in December, 1929, $6.73o,000 of its 50-year 5 per cent gold bonds, Series A, leaving unpaid advances on December 31, 1929, $051,858.38. Pensions During the year 04 employees were retired and pensioned; 43 at the ago of seventy, 32 for disability, and 19 voluntarily on service pension. There were 740 pensioners at the close of the year. The total amount paid in pensions for the year was $474,700.16. Changes in organization The Board records with regret the death on October 3, 1929, of John L. Burdett, Vice, President; and on November 6, 1929, of Robert J. Cary, Vice President and General Counsel. The following appointments were made: October 1, 1929, James H. Hustis, Vice President; Malcolm R. Conn ell, Vice President; November 6,1929, Charles C. Paulding, Vice President, Law and Public Relations. The Board wishes to express its appreciation of the loyal and efficient service of the officers and employees of the company during the year. For the Board of Directors. Pres-idenL The Michigan Central Railroad Company CAPITALIZATION Capital stock Number of shares authorized 187.380 Par value authorized ftlS,73ft.OOO 00 Number of shares issued 187,380 Par value issued 518,73ft, 000 00 Number of shares held by company 16 Par value held by camp any 1,600 00 Number of shares actually outstanding 187,364 Par value actually outstanding $18,736,400 00 Par value per Ah are S100.00 Dividends derlared during the year HO per cent Funded debt UaU of Date cf AT.OU.Dt isi'icJ -n04 Htiu or MORTGAGE BONDS irwuc maturity SMUG ntin" uulalmidJug tint dn v of autborited i • krc.il Michigan Central Railroad Co nrstCj! 1902 May 1, 195*2 S1&,000,000 00 818,030,000 00 Nov and Map Michigan Central Railroad Co refunding and im-" 1917 Jan. 1, 1947 0,171,00(1 00 6,1710OO 00 July and Jan ptoveinenl-series A© J f ^% Michigan Central Railroad Co refunding and irn-1 provemcnt-senes 13© J 1020 July L. 1035 ,107,000 00 507,000 00 b% Jan and July Michigan Central ttailroy.fi Co refunding and itn-J proveuieui-series \ J 929 Jan. 1, 1979 7.034,000 00 7,0-14,000 no **& Jnn :ini" July Grand River Volley Railroad first® 1909 Sept. 1, 1059 4,500,000 00 1,500,000 00 4% Meh and Sept /June, Sept, Detroit & Bay City Railroad, first© I8S1 Mch. 1, 1-331 4,000,000 00 4,0fj0,000 00 3 Jackson Lansing it Saginaw Railroad brzt(i) 1331 Sept. lr 1951 2,000,000 00 1,093,000 00* Mch and Sept Johet arid Northern Indiana Railroad first Total $47,456,000 00 Ltsx Michigan Central Railroad Co refunding and improvement mortgage bonds noniinally issued and held by or for the company 6.G7S,03J 00 Total mortgage bond* actually outstanding $10.77^,000 00 EQUIPMENT TKU5T OBLIGATIONS Equipment trust certificates (M C R R)® 1915 Oct.Oct. 1, 1930 34,500,000 00 $300,000 00 Apl Mid Oct Equipment trust certificates (M C R R>® 1917 Mch. . 1,1931.1932 9,000,000 00 1,,-SOO/lOO 00 <*% Sept and Mch Equipment, trust certificate (PC Y C R R)® 1921020 April 15, 1935 7,014,071 25 2,S05.9!W 30 Oct 15, \pl 15 Equipment trust certificates CN Y C Lines)® 1921W2 June 1,1937 5,595,000 00 2,9*1.000 00 5*3 Dec and June Equipment trust certificates (N V C Lines)® 1922 Sept. 11,193, 1037 765,000 00 40S.0O0 00 4S% Mch and Sept Equipment trust certifieates (N Y C Lines)® 1923 June 1,1931, 193S3 9,4SO.OO0 00 5,CWS,u0O 00 5*5 Dec and June Equipment trust certificates (N Y C Lines)® 1924 JunJunee. 11, 1939 3,495,000 00 2;J3O.00l] 00 5% Ek-c and June Equipment trust certificates (NYC Liues)® 1924 Sept. 1515,103, 1039 2,505,000 00 1,730.000 00 •ih% Mehl5,SeptlS Equipment trust certificates (NYC Lines)® ma1&25 Mayy 15, 1940 3.510,000 00 2,574,0110 00 41% NovlS,Mayl5 Total equipment trust obligations actually outstanding $!20,6lfl,i>S$ HI Total funded debt actually outstanding $0-1,397.*$$ art TRUSTEES: * S30&.000 puiohu«H and. retire <1 by 6be Land Drfciil Trustees f H«ln.n«e remaioioK out COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER 31, 1929 and 1928 ASSETS 1028 INVESTMENTS Comparison 879,741.49-o' U • Investment in road Sfi3,760.0SS 05 N.OIMOO 85 Inc Investment in equipment 60,418,204 f>4 Trust 60,763.242 18 345,037 54 Inc 35.849,050 m Owned 34,381.039 77 1,468,010 31 Dec .T523.SU 34 Improveui«uU oa leased railway properly 2,800.074 92 GS3.736 02 Dec 3.704 50 Deposit* in lieu of mortgaged property sold 3,794 50 — 3.706.209 24 MISMIIMMOIM physical property 3,733.127 71 26,018 47Tnc Investments in nffiliated companies 3-9,^3,030 25 Stocks ?9,94o,407 '25 108,371 00 Inc 568,773 59 Bonds 7.J03.773 5ft 6,735,000 00 Inc 5,700,075 0B Advances ll,&34,6Sd 28 6.134.G11 20 Inc lfi,106.S*4 29,084,867 12 312,977,982 20 Inc Other i« vest mcnts $1,563 42 Stocks S1.563 42 — G.371.482 31 Bonds 60 00 6,371,432 31 De& 13 15 Notes 13 15 — 551,068 V2 Advances 55i,oea 12 — 73,302 OQ Miscellaneous 61,679 45 11,622 55 Dec 6,997,429 013 614,374 14 86,383,054 86 Dec , S206.31Gl3o2 03 TOTAL INVESTMENTS 8215,201.609 30 88,854,627 27 Tne CfBHC-Tl- ASSETS $22,283,884 79 Cash $6,303,235 94 $15,980,648 85 Dec 1,000,000 00 Demand loans; and deposits 500,000 00 500.000 00 Dec 16,982 50 Special deposits 31.590 00 14,607 50 Inc 809,362 26 Traffic and car-service balances receivable 486.970 as 322,301 3d Dec 1,931.312 95 Net balance receivable from agents and conductors 1.793.477 47 137.435 48 Dec 1,915,113 08 Miscellaneous accounts receivable 1,769,057 92 146,055 16 Dec 0,254,903 86 Material and Supplies 5,4S7,G89 34 767,214 52 Dec 292,556 02 Interest and dividends receivable 247,223 14 45.332 W Dec 33,856 85 Other current assets 134,313 35 94.456 60 Inc $34,543,072 31 TOTAL CURRENT ASSETS $16,753,958 04 $17,790,014 '27 Dec DEFETtREb AS*ETti 834,279 Working fund advances *35,7C9 26 41,429 70 lac 159,5&8 66 Other deferred assets 157,371 09 2,217 57 Dee 8193,808 22 TOTAL DEFERRED ASSETS SI 93,080 35 S787 87 Dec UNADJUSTED DEBITS M.256 S5 Rents and insurance premiums paid in advance 14,881 IS 81,624 33 Inc 1,050,440 52 Discount on funded debt 1,255,800 89 205,360 37 Inc 2.137,112 S7 Other unadjusted debits 3.939,00! 12 1,801,888 25 Inc $3,190:S10 24 TOTAL CJfADJrjSTED DEBITS 85,109,683 19 $2,008,872 9filnc 6244,275,532 SO 3237,348,230 8S $6,927,301 92 Dec The Michigan Central Railroad Company COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER 31, 1923 and 1928 LIABILITIES 1028 Stock 1929 CompiirLsa r. $18,736,400 00 Capital stock $1-^,730,400 00 — Lotto term debt Funded debt unmatured 823,083,653 25 Equipment obligations 820,619,988 50 53,063.664 75 Dec 40,778,000 00 Mortgage bonds 40,778.000 00 — 164,461,653 25 total long term debt 861,307,988 50 -*3,063,664 75 Dec 583,198,053 25 TOTAL CAPITALIZATION $80,134,388 50 -S3,0.13.664 75 Dec CtmRENT LIABILITIES 54,646,101 11 Traffic and car-service balances payable $4,111,383 5ii 9534,717 55 Dec 3,910,621 93 AudiLed accounts and wages payable 4,140,512 30 229,890 37 Inc 542.362 19 Miscellaneous accounts payable 705,126 04 162,764 75 Inc 120.690 00 Interest matured unpaid 296.807 50 170,117 50 Inc 6.042 00 Dividends matured unpaid 6,562 00 520 00 Inc -._ Funded debt matured unpaid 15,000 00 15,000 00 Inc 3,747,280 00 Dividend declared, payable January 29h 1930 3,747,280 00 — 484,310 22 Unmatured interest accrued 375,89 5 97 108,420 25 Dec 427,774 87 Unmatured rents accrued • 427,774 87 — 311,116 51 Other current liabilities 434,250 37 123,133 80 Inc 214,202,304 S3 TOTAL CCRBENT LIABILITIES 814,200.593 51 §58,288 63 Inc Deferred liabilities 8202,544 11 Other deferred liabilities 8215,037 68 S12.493 57 Inc 8202.544 11 TO TAX DFFKllHi:]) LIABILITIES S215.037 68 812.493 57 Inc U-SaDJCSTED CREDITS £6,443,447 69 Tax liability S6.529.5H 27 SSC.096 58 Inc 107,135 72 Insurance and other casualty resp.rvps 14^,559 79 11,124 07 Inc 31,709,392 12 Accmed depreciation—equipment 34,902,327 26 3.192,935 14 Inc 150,478 58 Accrued depreciation—miscellaneous physical property 180,559 S5 24,081 27 Lnc 7,827,479 05 Other unadjusted credits 6,888,170 72 939,308 33 Dec 846,244,233 16 TOTAL. TTSADJrjSTKD C HBO ITS S43,649,161 89 S2,404,92S 73 Inc COKPOHATE STJBPLU5 S6,696,700 46 Additional? property through income mid surplus $6,661,837 12 $34,863 34 Dec 93,731,606 99 Profit and lo^s—balance 87,427,212 18 6,304,484 81 Dec $100,428,397 45 TOTAL CQjUPORaTE SURrT.US 594,089,049 30 §G,339,34S 15 Dec $244,275,532 80 3237,348,230 88 86,927,301 92 Dec Annual Report EQUIPMENT TRUSTS The following statement shows the character of the equipment included in Equipment Trusts together with the total amount of certificates or notes issued and the amount now outstanding: MICHIGAN CENTRAL RAILROAD EQUIPMENT TRUST OF 1915 OrtJiieaie* isau« MICHIGAN CENTRAL RAILROAD EQUIPMENT TRUST OF 1917 Cciti-Scmca lajKcd fur not to esce«d BaJrVllCe •SO per cc:il of coal cur'.ihra'.-sa Wo-Pas-senaer FrNiht boarirvg dir.drnd Aanuil C«j:tifiratpif outatniulinji Compuny nvativ*i cars ear* nc G p*r eeiit jnnalltiian-t redeemed E3«c. 31, 1929 U C R R 10 fi« 5,953 3S,S02,00D 6o $600,000 00 37,002,000 00 81.800,000 00 HEW YORK CENTRAL RAILROAD COMPANY EQUIPMENT TRUST OF 1920 Equipment under •cb-Icaoe Irotn Certificates laaacd The New IfMlf Ootttl Railroad Cocr-nany Tar not to ««c4 * BIIHWI T5 per cent oF cost certificate-* F'ussr.Bcr c(". '«.; dii. ir>nd Aonual C*rtihtat*s aurarandinc Camp any mo'-ivea (HI car* at 7 per cent itatallrr.eni Tedcerced Qftc. 192V M CR R 26 40 l,94fl 87,014.971 25 $467,604 75 $4,20&,932 75 J2.S05.988 50 NYC LINES EQUIPMENT TRUST OF 1922 CVjtificfttc* .M.n-d for not Ic MCW! Rakncd 75 per cent uf coat certlllcatva 1 "1 1 • • 1 - • •utatBodinn Lo co• macpa-c r Frrichl branna dividend AnngaJ Company in otivfa can at 5 per cent ii 11 in .ili redeemed Dor 31. 19W M C K R 10 3,497 $5,595,000 00 $373,000 00 52,611,000 00 &J,^Sl,i>DD 00 NYCR R 5,011 S,5S0r000 00 572.000 00 4.001,000 00 4,570.000 00 C C C A St L Ry H 4,024 5,025.000 00 375,000 00 2,625,000 00 3,000,000 00 CNRR 1,008 1,155.000 00 77,000 00 .S39.000 00 615,000 00 P 4 L E R R 2,510 3,345,000 00 223,000 00 1,561,000 00 1,784,000 00 3,3*5,000 00 P McK A Y R R 2,508 223,000 00 1,561.000 00 1,784,000 00 Tot J* la 7= 1R.55S 527,645,000 00 81,843.000 00 512,901,000 00 $14,744,000 00 N Y C LINES FOUR AND ONE-HALF PER CENT EQUIPMENT TRUST OF 1922 Certificates bailed for not to ciect-d liaLance 75 pet Cftr.i eJ font cojl55caiea Loco- bearing cv.d-fti'- Annual outatandir.f Company motives a* 4} per rent iaataVirncata Tcdceroed Dec. 31, IKfl MCRK 15 $765,000 00 351,000 00 S357.00G 00 $408,000 00 NYCRR 160 R.535,000 00 5«9,000 00 3,983,000 00 4,552,000 00 C C C £ St L Ry 65 3,360,000 00 2S4.OO0 00 1,568,000 00 1,792,000 00 Totals 240 Si 2,660.000 00 $844,000 00 J5,9OS,O00 00 56,752,000 00 The Michigan Ceyiiral Railroad Company EQUIPMENT TRUSTS {concluded) NYC LINES EQUIPMENT TRUST OF vm Certificates iffUtd far nut 14 aicfitd UnlAcce p 7S per cent of co%t certifies u-« Loeo- Pownfter Freight bearing divided Cert ifi ML ti"S out Htfinii rift Company ?*ri at- 5 per ecm LDstaUmeatd . r#dtewi(f-d D<-c 31. IH20 MCRR - 39 3,982 89,430,000 00 $632,000 00 $3,792,000 00 *5,SSS,000 00 N YCRR s 184 2,013 6,930.000 00 462,000 00 2,772,000 00 4,158,000 00 GCCAStLay - 48 — 030.000 00 62,000 00 372,000 00 558,000 00 Totals 8 271 217,340.000 00 Sl.156,000 00 56,936,000 00 $10,404,000 00 . . i NYC LINES EQUIPMENT TRUST OF 1924 Ctsrtfficatoe CsBiwd {or oat to exo«e Totals 13 i 127 8,737 825,050,000 00 S 1,670,000 00 SS,350,000 00 §36,700,000 00 NYC LINES FOUR AND ONE-HALF PER CENT EQUIPMENT TRUST OF 1921 Cwtineaiea uaued for oot La ricecd Balance 76 per cent" oS cci*t ceniGeaies Loco- P«»M»s«r 1 : ,. bl bMiinj dividend Annual Certificates outstanding Company motives evi iiiadsllmeitta redeemed Dec. 31. IfcW enra at 44 per cent MCRR 25 3L73.000 00 SSflo.OOO 00 St.730,000 00 5 998 £2,595,000 00 N Y C R R 189 4,215 S48.0QO 00 4,240,000 00 •S,4S0,000 00 12,720,000 00 376,000 00 C C C & St L Ry 5 55 2.303 5,640,000 00 1.SSO.O0U 00 3,760,000 00 Totals 53 7,5 L 6 $20,955,000 00 Sl.397,000 00 3VJS5.W0 00 -513.970,000 00 NYC LINES EQUIPMENT TRUST OF 1926 C£rtifi6(L&ri iKSii-cd (ti not i-o e«ceo-d 7S pcx «at of cwt ecTtiStffttra P&888DCQT Freight bcuiiuj dividend Annual Cffrtific.it™ OMitlacdinir Compnoy cura c&ra »«, 4 p^r ieitatlmoQW rede em* d Dee. 31. MCRR 12 1,957 £3,398,000 00 6234,000 00 $524,000 00 82,574,000 00 N YCRR 257 3,693 10,526,000 00 734,000 00 2,452,000 00 8,074.000 00 C C C & St L Ry 65 4,792 7,778,000 00 532,000 00 1,926,000 00 5,852,000 O0 Totals 334 10.442 $21,702,000 00 13,500,000 00 35,202,000 00 810,500,000 00 Annual Report INVESTMENTS lUrttOVEUENTB OS LEAStiD HAILWAY PROPERTY Battle Creek it Sturgia Railway J29,994 29 Bay City BeLt Lino Railroad 4,193 64 Canada Saul horn bridge Credit 3,740 74 Detroit Manufacturers Railroad S4.470 as Detroit Toledo & Milwaukee Railroad 87,588 80 Indiana Harbor Belt Railroad 0,81 ft 80 Jolict A Northern Indiana. Railroad 2,630,413 96 New York Central Railroad—Beaton Harbor Extension 11,774 09 St Joseph South Bend & Southern Railroad 100.312 87 St Clair & Western Railroad Credit 10.743 04 Tot*: 32,860.074 92 DEPOSITS tN LIEU or MORTGAGED PROPERTY SOLD Account land at Jackson $3,794 60 INVESTMENTS IN MISCELLANEOUS PHYSICAL PROFEHTT Peninsular Stove Co—property d 82,000,002 31 Detroit stock yards 1,023,013 43 Detroit land—Uoion Trust Company 254,740 83 Detroit lands—special 15,460 00 Bay City, land for freight house 26,532 93 Real estate—Backus property 165,312 37 Land, Woodward Avenue 130,702 07 Quarry, Joliet 1 00 Rail leased to sundry parties 11,649 09 Jackson, land for Dew belt line nnii coach yard 36.182 95 Land for right of ray. Calumet Park 24,848 11 Grand Rapids, land for new freight yard 1,309 38 Gravel pit, Toledo 12,613 88 I*nnd for new yard, Toledo 12.CKIS 94 Land Grant lands—Union Trust Company 1 00 Land for new track, Jackson 9,200 00 Land for new yard. Nil** 1,168 19 Land at VpsUanti 1.501 28 Total 83,733.127 71 K*ld by tbu company INVESTMENTS IN AFFILIATED COMPANIES—STOCK* Total oiiUtanilioc Shoe** Par value Battle Creek it Sturgis Railway Co SfiOO.OOO 00 4.175 $417,500 00 Canada Southern Railway Co 15.000,000 00 83,449 $,344,900 00 Chicago Kalamazoo & Saginaw Railway Co 450,000 00 2.700 270,000 00 Detroit Manufacturers Railroad 300,000 00 1.773 177,300 00 Detroit River Tunnel Company 3.000,000 00 30.000 3,000,000 00 Detroit Tetminal Railroad Cu 2.000,000 00 5,000 500,000 00 Detroit Toledo A Milwaukee Railroad Co 1,060,000 00 5,300 530,000 00 Indiana Harbor belt Railroad Co 7,600,000 00 22,800 2,280,000 00 Juliet A Northern Indiana. Railroad Co 300,000 00 3,000 300,000 00 rinsing Manufacturers Railroad 1UO.OO0 00 500 50,000 00 Lansing Transit Railway Co 2,000 00 10 (.000 00 Mnrkinac Transportation Company 05,000 00 21,066 67 Railway Express Agency, lac 1,000 shares 31 No par value Toledo Terminal Railroad Co 4,000,000 00 3.872 387,200 00 Toronto Hamilton & Buffalo Railway Co £,416,000 00 11,810 1,181,000 00 Total $17,460,666 67 INVESTMENTS (concluded) Efrid by Tom 1 INVESTMENTS IN AFFILIATED COMPANIES—BONDS (bis corapiiny •"• i I - I • r.i!ii. ![ Battle Creek A Sturgia Railway Co first, mortgage 5500,000 00 $24,000 00 Canada Southern Railway Co first mortgage 29,2*5,000 00 6,735,0M 00 Chicago Kalamazoo & Saginaw Railway Co first mortgage 4">9,000 00 281.000 00 Toledo Terminal Railroad Co first mortgage 5,500,000 00 137,000 00 Toronto Hamilton & Buffalo Railway Co consolidated gold mortgage 2,000,000 00 250.000 00 Total $7,427,000 00 INVESTMENTS IS AFFILIATED COMPAKIICS—ADVANCES Canada Southern RaElvray Co S951.S5S 38 Detroit River Tunnel Company 37,220 S3 Lansing Manufacturers Railroad 318,744 SI Lansing Transit Railway Co 9.936 02 Mackinac Transportation Company 192,226 24 New York Central Railroad Co 10,500,000 00 Railway Express Agency Inc 21.800 00 Total 311,834,086- 28 OTHER INVESTMENTS—STOCKS Kansas Oklahoma At Gulf Railway Co SI,035 49 Birch Hill Country Club, Detroit, Michiga 100 00 Total Sl.iaS 4fl OTHEB INVESTMENTS—BONDS United States of America First Liberty Loan converted ±M% £50 00 OTHER INVESTMENTS Jewell Polar Co—Note S13 15 Cos Terminal Warehouse Company—Advances 55 LOOS 12 Membership Ceriificate—CbicaRO Board o! Trade 1 00 Dixie Fuel and Supply Company -Lund Contract 0.200 00 Geo. F. Alger Co—Land Contract 23.700 fti Standard Club of Chicago 1 00 Columbian Storage & Transfer Co—Land Contract •18,900 00 John and Maria raters—Lend Contract 0,342 3-2 Park Ridfie Country Club 1,500 00 Detroit Golf CLub 4,480 00 Pontchartrain Club 545 45 Total 5012,700 72 SUMMARY OF INVESTMENTS Rood and equipment 8176,905,270 91 Improvements on Lcasftfl or controlled railway property 2.SG0.074 02 Deposit* in lieu of mOrtpaSL-d properly sold 3,794 50 Miscellaneous physical property 3,733,127 71 Investments in affiliated eompflnies—Stocks-, par value $17,400,500 A7 ledger value 0,407 25 Bonds, par value 7,427.000 00 ledger value 7,303,773 5$ Advances 11,834,080 2S 213,034.867 12 Other investments— Stories, par value SI, 135 40 ledger value $l,iW3 42 Bonds, par value 50 00 ledger value 50 00 Miscellaneous 112,700 72 014,374 14 Total investments $215,201,509 30 EXPENDITURES FOR ADDITIONS AND BETTERMENTS Owned railway Ltfaacd ikilwuy ROAD properly propcrty Knginccriog $8,264 23* $670 25* Land for transportation purposes 982,045 16 3,401 S2 Grading 179,376 21 6,359 90* Bridges., trestles-and culverts 07$,30l S5 123,596 70 Ties" 35,026 55 25.0*1 58- Rails 223,217 50 232,221 37* Other track material 301,300 46 50,314 09* Ballast 5.298. 81 224,624 74* Track Living and surfacing 53,079 G4 86,240 90* Right-of-way fences 129 39* 92 55- Crossings and &igus 77,256 82 34,852 72* Station and office buildings 910,528 03 18,657 00* Roadway buildings 6,534 92" 1,376 88* Water stations 3.4G7 57 28,638 98* Fuel stations 03,570 90 1,843 73- Shops and enginehouses 22,150 98 16,258 91" Grain elevators 54 46" Wharves and docks 3,000 00 Telegraph and telephone lines 4,340 35 25,629 77- Sijjnals and inlerloekcrs 323,819 15 7,876 96* Power plant buildings 1,016 50 Power txansmisfiiau systems 298 90* Power distribution systems 2,008 92 926 88* Power line poles and fixtures 597 07 970 95- Miscellaneous structures 3,107 16- 16,597 00- Paving 706 28- Roadway machines 629 70 43 00 Asdpsdiiicnts for public improvements 35,035 30 14,982 69 Other expenditures—road 163 17* 8,5ft7 43* Shop machinery 111,619 315 43,305 Sl- Power plant machinery 254 24 TotJil rotud expenditures £4,0l6,3$ft 72 $664,376 19' KQUIPMENTt Steam locomotives $14,436 49 Freight-train cars 3,212,970 43* PasMinRer-train cars 04^74 28 Work equipment 4,044 50 Miscellaneous equipment 0,642 39 Total equipment expenditures SI, 122,972 77" GENERAL EXPENDITURES Intercut during const ruction ;3,102 13 $639 57 Expenditures for the year $2,896,518 OS $663,736 62* Investment in roajl and equipment as of December 31, 1928 176,008,752 83 3,523,811 54 Totals to December 31, 1920, $178,905,270 61 $2,860,074 92 t Iiji-lu.dir.fl; I nut. equipment The expenditures for leased lice improvements were made upon the following named properties: Battle Creek & c'turpas Railway SS,rj51 23 Bay City Belt Line Railroad " - 225 39* Canada Southern Bridge 58 gi Canada Southern Railway 900 463 77* Detroit Manufacturer* Railroad 450 93* Detroit Toledo A Milwaukeo Railroad 7,754 80" Indiana Harbor Belt—ATRO Yard 15 00*" Johet A Northern Indiana Railroad 236,344 65 New York Central Rail raid—Benton Harbor Extension 1,284 92 St Joseph South Bend A Southern Railroad 7,851 45 St Clair A Western Railroad 9,017 59* Total S6U3,736 62* *Cc<"Jib adjustment 77(e Michigan Central Rvilroad Company EXPENDITURES FOR ADDITIONS AND BETTKRMKNTS {concluded) Analysis of changes in Equipment Investment account BQUUMEWT ADUEIJ, including betterments; TBI'S T U UN Eli TOTAL Steam locomotives S461.202 10 3205,088 56 Freight-train ears 41.765 J1 140,776 36" FasacnEcr-train cars S41 56 £0,fi55 05 81,497 23 Work equip merit 74,57* 95 74,578 95 Miscellaneous equipment 25.0L0 57 25,010 57 Totals SS03.S08 SO SM3.3G2 55 S7t>7,201 35 EQUIPMENT RETIRED Steam locomotives S126.921 70 S5&5.S32 77 5712,454 47 Freight-train cars 83.649 5(5 1,040.344 SI 1,072,194 07 Passenger-train ears Work equipmtmt. 70.534 45 70,534 45 Miscellaneous equipment LS.36S IS IA,3O\S is Total* $158,771 26 $1,731,402 Afi $II£90,l74 12 Net incrraw in trust pnuipmenfc $345:03 7 54 Net decrease in owned equipment 3,4G*,01O 31 Net deere.we in equipment investment $1,122,072 77 Ocdil DETAIL OF RAILWAY OPERATING REVENUES REVF.NUES FROM TRANSPORTATION 1929 102* Increase Deere a,w Freight 564,184,303 45 864,094,1 13 07 S3S0.2I9 78 19.SS3.0&I 83 19.792.5iW 77 90.523 06 Excess baggage 121,942 6fi 133,072 37 $12,029 69 Parlor and chair car 3,143 43 3,100 54 30 SO Mail 1,053,041 35 1,115,531 L2 53S.110 23 EvpresK 4,314.357 55 4,039,028 41 274,729 11 Other passenger train 274.225 05 242,314 M 31,911 II Milk 24S,S73 50 101,773 46 57.100 04 Switching 1,302.695 56 1,663.770 07 113,019 79 13.544 IR 14.219 16 074 Special service train 692,700,383 7S 391,300,035 41 31,499,545 37 Total INCIDENTAL AMD JOINT FACILITY Diuing and buffet -SL,099,494 75 $1,071,043 52 «27,SM 23 Hotel and restaurant 40,528 05 3731 SO 3.236 19 Station .in d train privileges 7t5,0S7 Oil 74,01(5 79 2,070 27 Parrel ruflUi 30,149 60 30,095 20 54 40 Stora^e—Freight 47,403 47 42,323 9S 5,074 49 Storage—baggage 14,323 19 10,377 97 S1.549 7S Demurrage 317,495 ii 343,908 73 3.9S6 71 Telegraph and telephone! 2,456 90 2.4S4 40 S 2r5 Stockyard 4..SS9 31 331 +s 4,557 S3 Rents o( buildings and other property 97,023 40 55,702 32 11,321 14 Miscellaneous 147,393 92 159,039 2S Joiat facility—O. 20,072 97 34,910 02 5.237 fi5 Joint facility—Dr. 18,7-44 6S 11,253 42 7,431 26 Total $l,9lfl,0S2 7-4 $1,917,4*7 79 Total railway operating revenues 304,718,966 52 803,217,493 20 Sl.50l.473 32 DETAIL OF RAILWAY OPERATING EXPENSES MAINTENANCE OF WAY AND STRUCTURES 1020 192S Increase Decrease Superintendence 56-51,543 38 5632,118 74 822,424 64 Roadway maintenance 989,378 13 988,307 61 1,010 82 Tunneh. a ad subways 20,453 16 18,107 42 2,205 74 Bridges, trestles and culverts 251,731 10 332,213 19 $80,482 09 Bridges, trestles and culverts—depreciation 30,100 00 30.100 00 Tig* 981,534 44 1,157,902 -26 170,367 82 Rails 7S0,SfiS 99 8215,891 M 46,023 00 Other track material 743,019 91 754,344 3fi 0,324 45 Ra.ILa.st 310,945 17 423,870 74 108,934 57 Track laying and surfacing 2,077,143 89 2,005,928 35 71,215 54 Right-of-way fences * 39.049 37 43,842 74 4,793 37 Snow and sand feuees and snmvshedg 2,010 85 1,335 42 G75 43 Crossings and signs 254,837 17 209,591 87 14,754 70 Station and office building f 427,007 S3 393,050 26 33,957 27 Roadway buildings 31,895 05 22.087 21 9,207 8+ Water stations 121,116 6S 100,847 2fi 20,268 43 Fuel stations 53,933 21 52:8C5 12 1,066 m Shops and enginehouses 395,734 26 304,184 11 8,449 85 Wharves and docks 15,516 93 2,031 13 13,485 SO Telegraph and telephone lines 77,713 m 67,924 SO 9,788 89 Signals and interlockers 342,694 7ft 329.558 58 13,136 17 Power plant buildings 5,288 SI 20,074 42* 25.963 23 Power substation buildings 497 17 970 74 473 57 Power (ranRini^ion systems L,7G3 18 1,585 46 177 72 Power distribution systems 21,213 07 23,773 GG 470 01 Power line poles and fixtures 2,743 75 7,582 7a 4,838 9S Underground conduits 70 41 87 41 11 Miscellaneous structure* 7,350 45 5,553 07 1,797 38 Paving 5S1 nil 3,991 GO 3.409 04 Roadway machines 48:725 44 43,539 91 5,155 53 Small Lools and supplies 150.617 02 141,670 85 S.976 17 Removing snow, icf- aud sand 388,7-25 G9 139,537 98 249,187 71 Assessments for publii: improvement* 4,196 07 3.225 8G 970 21 Injuries to persons 79,855 35 39,^81 33 40/174 02 Insurance 53,108 GO 47,957 OS 5.151 61 fcCaliOnery and printing 18,873 29 17.597 63 1.275 06 Other expenses 214 57 166 27 48 30 Maintaining joint, track?, yards and other facilities—Dr. 555,o07 10 530,844 90 24,742 20 Maintaining joint tracks, yards and ether facilities—Or. 394,301 19 351,166 73 43,134 4i5 Total S10,OGO,35S 7-1 39,993,4^1 9i 366.895 SO MA[NTEXAN'CE OF EQlTPfllENT Superintendence 3556,126 48 $569,577 43 $13,450 95 Shop machinery 337.777 07 318,224 85 $19,552 S2 Power plane ma chine ry 20,096 28 11,744 S.352 22 Power substation apparatus 1.986 75 2,388 Li • 401 29 St para locomotives—repairs 5,523,210 94 5.39+.H5 87 129.095 07 Steum locomotive?—depreciation, 70S. 178 liS 0*9,419 39 38,759 29 Steam locomotives—retirpm*nts 281,107 G9 373.191 09 92,083 40 Other lo com o l i ves —re p a i i s 35,038 36 27,806 37 7,231 99 Orhf-r locoTootive? -deprcciatiod '20,505 70 20,855 70 Carritd fonrarii $7,484,378 61 87,387,322 86 •Crt-dit The Michigan Central Railroad Company DKTA1L OF RAILWAY OPERATING EXPENSES (continued) MAINTENANCE OF KQUIPMKNT (.concluded) 102ft Increase Decrease Rrwiffht farxtxtrd 11 87,3B7,3'22 $3 I'reight-train ears—repairs 7,171,008 53 6.000,330 16 31,170,1)72 37 Freight-train cars—depreciation 2,431,312 77 2,515,884 04 *&4,571 27 Freight-train cars—retirements 453,436 r,'i 229.141 74 224,29* H Passenger-train ears—repairs 1,291,821 1,244,467 07 47.354 58 Paaaengftr-troirt cars—drprceiation 391,134 51 398,01 L 09 15.575 68 Passenger-tram cara—retirements 4,937 42* 99,410 \J0 104:34& 02 Work equipment—repairs 260,892 k9 2W.2S? 00 5,359 62 Work equipment—depreciation H8.255 84 00,961 35 1,294 19 Work equipment - retirements 1,074 97 7,393 47 5,418 50 Miscellaneous equipment rrpaus 5,043 41 5,504 62 las Til Miscellaneous equipment—depreciation 6.249 82 6.437 11 1S7 32 Miscellaneous equipment—retirements 1.0S4 83 ol (53 1.049 89 Injuries to persona 70,218 33 24.012 03 4d.205 |9 Insu ranee 47,198 12 49.750 12 2,551 70 Stationery and printing 33.157 35 30.S65 33 2.292 02 Other expenses 9.2SG M 8.457 45 82? 20 Maintaining joint equipment—l>r, 115,975 25 113,875 30 2,0«> OS Maintaining joint equipment — Cr. 39,816 24.705 f>4 15,111 30 Total 319,798.575 41 818,439.411 'j.i 51,309,133 45 TRAFFIC F.XPENSE.S Superintendence S613.409 38 3591,832 50 S21.57*3 Outside agencies 7Q1.775 G7 655.537 42 40,238 25 Advertising 143301 at 144,7*1 44 $1,430 40 Traffic associations. 52,033 30 43.927 07 X.705 03 Fast freight lines 2.333 23 •2,520 $4 187 01 Industrial and iunuigr.it ion bureaus 20.703 It 20,025 eft 77 49 Insurance 1.184 09 005 87 51o *} Stationery and pnntinji 121,537 00 139.679 S2 16,142 Other expenses 414 n 17 40 396 71 Total SI.657,291 53 £1.593,588 f>7 £57,702 SO TRANSPORTATION EXPENSES Superintendence 3987,942 63 S0.3S.199 &2 3287 20 DLspatching Trains 210.55& 04 203.50'-! 74 S7,0&G 30 Station employees 3.S95.S45 48 3.8W.444 55 31.400 93 Weighing, inspection and demurrage bureaus 5S 6M B3 55.705 37 2.904 86 Station supplies and expends 272,01G 72 267,688 19 4.42S 53 Yardmasters and yard clerks I,lS3.7o2 t/ 1,144.8*6 ST 3> S75 79 Yard conductors and brake men 3,391,102 31 3,191,302 51 100.S59 BO Yard switch and. signal tender* 336,113 11 375.214 92 9.&QS 22 Yard enginemcn 1.974.032 07 1,894,057 ii9 2s Yard uiutormcn 82.319 51 10,030 in 7 2,2*0 35 Fuel for yard locomotives l,G10,5Sd 35 1.005.292 00 35.294 38 Yard switching power produrpd 04,418 08 11.77o S3 52.041 25 Water (or yard locomotives 71,044 10 U7.349 34 3,094 ft Lubricants for yard locomotives 31,132 37 29.5S6 3? 1,545 99 Other supplies for yard locomotives 10.534 9,769 16 7116 74 Enginchuusc expenses— yard 399 524 372,045 31 21VS70 2T Yard supplies and expenses 57,351 10 tf$.45$ 11 11.107 01 Operating joint yards and tenninuls—Hr. l,4uV,2tfS 12 1,427,524 21 30.774 01 Operating joint yards and Icnmunls—Or. 40-2,521 u 3liS,520 13 34.001 SI Train cUKitLClnca 2,472,016 (Hi 3,439,343 52 43.272 54 Train motormcn 20,027 84 90,207 30 7(1 L79 Ml Fuel for train locomotives 4.713.82S 92 4,729,3&9 69 15.500 77 Carried foruwd S22.9S7.255 85 $22,467,754 53 •Credit Annual Report DETAIL OF RAILWAY OPERATING EXPENSES {concluded) TRANSPORTATION" EXPENSES (Wwbd) 1029 1928 Increase Decrease Brought frnmd$22,987,25 5 85 $22,467,764 53 Train power product*] 14,055 0& 47,750 59 833.704 51 Woter (or train locomotives 256,771 30 244,731 42 812,030 88 LubricnQt* for train Locomotives 94,469 37 90,722 72 3,746 65 Other supplies for train Locumotivcs 45,670 22 40,798 01 4,872 21 Enginphniue expenses—train tM5(993 74 610,001 54 35,302 20 Trainmen 2,833,001 38 2,817,601 68 15,309 70 Train supplies and expenses 1,385,595 25 1,264,152 64 121,442 61 Signal and intcrlockir operation 390,465 77 375,7tU 37 14,704 40 Crossing protection 321,931 36 32(5/207 66 4,276 30 Drawbridge operation 20,035 37 1S,82S 73 L,206 64 Telegraph and telephone operation 272,423 42 201,304 48 10,9 L8 94 Stationery and printing 239,008 57 225,813 65 10,704 92 Other expenses 32,957 02 24.825 41 8,131 61 Operating joint tracks and facilities—Dr. 205,582 81 188,290 34 17,292 47 Operation joint tracks and facilities—Or. 240,508 83 242,303 44 1,794 61 Insurance 37,078 32 38,503 13 1.430 81 Clearing wrecks 5S;I74 LB 32,747 £4 25,426 34 Damage to property 50,134 02 27,170 52 22,963 50 Damage to live stock on right of way 2,562 05 2.767 07 205 02 Loss and damage—freight 63,309 74* 216,053 03 284,362 77 Loss and damage.—haggagp 2,970 64 2,060 36 910 28 Injuries to person* 328,483 87 329,539 41 1,055 54 Total 820,016,4-01 02 S29.414,g97 69 8501,503 33 MISCELLANEOUS OPERATION'? Dining and buffet service 51,3915,654 40 $1.23S,nA4 10 $158,070 30 Hotels and restAurauLs 37,630 13 36,321 71 1,308 42 Stockyards 3,112 20 50O 78 2,602 42 - Total 81,437,396 73 Slt27S,415 59 $161,981 14 GENERAL EXPENSES Salaries and expenses of general officers $2rj3,$58 51 S195.6H 24 $8,344 27 .Salaries and expenses of cterks and attendants 1,112,562 17 1,096,63$ 13 15,024 04 General office supplies and expenses 85,079 10 82,440 18 2,639 01 Law expenses 184,885 37 193.458 47 §8,573 10 Insurance 2,037 16 1.975 97 61 19 Pensions 253,596 SO 107,524 02 56,072 87 Stationery and printing 76,010 82 71.737 IS 4,273 64 Valuation expanses 108,697 78 00,172 25 9,525 53 Other expensea 65,269 10 62.816 12 2,452 98 Gcnccal joinL facilities- Dr. 335 'J3 256 11 70 12 Total 32,092,332 22 $2,001,632 67 $90,799 55 TRANSPORTATION FOR INVESTMENT-CR. 296,901 09 870.373 41 826,587 68 Total radway op<:ralinir expenses 364,865,394 50 $62,643,935 11 $2,221,469 45 * Cr-rtht RATIO OP RAILWAY OPERATING EXPENSES, BY GROUP?, TO RAILWAY OPERATING REVENUES 1920 1928 Maintenance of way and structures 1002 1072 Maintenance of equipment 20 90 10'77 Traffic expenses 175 1 72 Transportation expenses 31 58 31 55 Miscellaneous operations 152 I 37 General expenses 2-21 2 15 Transportation for investment—Cr. •10 'OS Total 08-48 67 20 TAXES ACCRUED 1929 1928 Increase Dee lease On the value of rral and personal property 33,880,448 71 $4,167,168 *2 $286,720 11 Railroad Commissioners' assessments, Ohio 4,103 12 3.225 4k S877 64 Federal Government income tav 1,950,240 53 1,539,788 00 410,451 S7 Canadian income tax 557,017 48 017,753 73 59,536 25 Total t'oibvay ta%*es accrued $6,392,709 84 86,327,936 m 864,773 15 Taxes charged u» "Miscellaneous operations 30,075 38 25,527 43 5,447 05 Miscellaneous tax accruals 81,57 7 51 04,3*1 02 17.215 50 Total 36,505,202 73 36,417.S2G 04 537,430 69 HIRE OF EQUIPMENT ACCOUNT R.KCTIYKD 1929 192S Comparison Freight cars: Leased $361,264 S3 S3S7.961 23 326.096 30 Dee Interchanged 7,039,325 07 6,823,905 35t 215,3.39 72lne §7.400,590 00 57,211,926 581 S18S,CG3 42 1 no Lo no motives 33,987 6S 32.1)5 85 1.S71 83lne Passenger Cars 440.715 49 437.270 40 9,445 09Ii« Work equipment Hi ,97 3 77 Totals 37,902.065 92 $7,698,236 mi -5203.770 32 Inc PAID Freight cars: Leased 87,6153 10 $7X63 lOlne Interchanged 0,044,783 83 36,093,703 9&J 551.079 80 in.- Private 1,443,179 S3 1.490.528 72; 53,348 StfHec SS.005.62fi 75 37,500.232 6Si 3505,394 07 Inr Locomotives 141.150 8 4 81.216 92 59,903 921nc Passenger cars 572,305 51 537.931 50 34.433 05 In* Work, equipment 11,048 28 2.231 SO S.S10 4SJnc Floating equipment 55* 55 Inc Totals 88,820,191 3ft 83,211,842 41} SGOS^iS 971nc {'ompaiiMiPi its nfTr>*-liiig IV ET BALANCES 1929 1928 Freight cars: Leased Credit balance $353,601 S3 Credit balance S3S7,961 23 834.359 40lne Interchanged Credit balance 394,541 25 Credit balance 730.261 39J: 335.720 14 1ne Private Debit balance 1,443,179 S3 Debit balance 1,490,528 721 53,343 S9Due Total freight cars Debit balance .$605,036 75 Debit balance $378,306 10 S316,730 05 Inc Loeomntivea Debit balance 107,163 16 Debit balance 19.131 07 5S.032 091 no Passenger car a Debit balance 125,050 02 Debit balance 100,(561 16 24,988 S61nc Work equipment Credit balance 9,724 47 Credit balance 14,741 97 5,017 50 Inc Floating equipmenl Credit balance 55 55 Inr Net debit balance $9LS,12a 46 Net debit balance S513.355 SI 3404,760 65 Inr * Ciedit J "Rcvinud tar compaiative puipo*" JOINT FACILITY RENT ACCOUNT 1929 1928 Cflroparisitn Amount paid for use of facilities maintained by other companies 5976,092 46 89*4,441 55 351,650 01 Inc Amount received for use of facilities maintained by this company 347,110 55 373,207 42 26.096 S7 Dec Debit balance $026,931 91 9551.234 13 877,747 7S Inc Annual Report DEDUCTIONS FROM GROSS INCOME Rent for leased roads BATTLE CREEK AND STURGIS RATWAT Interest at 3% on §421,000 first mortgage bonds $12,630 00 Interest at on $52,500,000 consolidated mortgage bonds SI.125,000 00 Interest at 4% on $130,000 r^arningtou & St Clair mortgage bonds 5,200 00 Cash rental, 3^, on $15,000,000 capital stock 450.000 00 1,580,200 00 DKTHOIT HAS-yFACTOHEHS' RAlLItOAB- Cs&h rental 15,150 00 DETROIT RIVER TU>?N"EL Interest at i\% on 31S.000.000 first mortgage bonds 5310,000 00 Cash rental. 8% on 13,000.000 capital stock 240,000 00 1,050,000 00 JOLIET AND NORTHERN IX1HAN& KAILKOAD Dividend at 5% on 8300,000 capital stock 15,000 00 NEW TOUK CENTRAL RAILROAD (BEMTON HARBOR KXTK.V-JION, ETC) Cash rental 5,000 00 ST JOSEPH SOXTH BEtfP AND SOUTHERN RAILROAD Cash rental 20,000 00 VAKIOXJH COMPANIES for sidings, team and yard tracks 35,014 44 Total rent for Leased roads 82.733,894 44 Interest on funded debt MOTlTCJACE BONDS Michigan Central Railroad Co first mortgage 8*56 5630,000 00 Refunding and improvement mortgage bonds 171,765 00 Grand River Valley Railroad first mortgage 4% 60,000 00 Jackson Lansing it Saginaw Railroad first mortgage 59,325 0O Michigan Air Line Railroad first mortgage i% 104,000 00 Detroit & Bay City Railroad first mortgage 5% 200,000 00 35,000 00 Kalamazoo & South Haven Railroad first mortgage 5% 1,170 00 Bay City & Battle Creek Railway Co first mortgage 3% 124,000 00 Toledo Canada Southern & Detroit Railway Co first mortgage 4% 60,000 00 Juliet & Northern Indiana Railroad first mortgage 4% 76.340 00 Gold debentures of 1009 4% $1,521,900 00 -NEGOTIABLE DEBT TO AFFILIATED COMPANIES - York Central Railroad Company, advances 81.027 40 EQUIPMENT TftCST OBLIGATIONS Equipment trust certificates of 1515 5% S26.250 00 Equipment trust certificated of 1917 114,000 00 Equipment trust certificates of April 15, 1920 205.967 42 Equipment trust certificates of June I, 1022 5% 156.970 83 Equipment trust certificates ol September 1, 1922 4J% 19.S90 00 Equipment trust certificates of June 1, 1023 5% 297,56ft 67 Equipment trust certificates of June 1, 1021 5% 121,354 17 Equipment trust certificates of September 15, 1024 83-364 37 Equipment trust certificates of May 15, 1925 119,778 75 1,345,142 21 Total interest on funded debt $2,748,060 61 DIVIDENDS No. 137, 20 per cent on 187,364 shares, declnred June 12, lft29, payable July 20, 1920 43,747,280 00 No- 138, 20 per cent on 187,364 shares, declared December 11, 1029, payable January 29, 1030 3,747,280 00 Total for year, 40 per cent *7,4S>4,560 0O !>TOTT Dividend N*o. 116. 100 p>-r rer.-. an I ft7,3ftJ mharcs, declared March 13, Z020, pny*.bln Match 2S, 1020, nnd charged La nurplus, 11.6.73.5,400 The Michigan C&itral Railroad Company EQUIPMENT IN SERVICE CjN'CbODING" JSQDIPHKKT OF LEASED UVK) DECEMBER 3L, 192B DECEMBER 31. i4M Avenge Installed Retired N-j.rr.b*r >'umbor Average »ii.eu vc duping during held u.K>r hMrf undo* ira-ettre Locrwwfiiwa Grand power UU ike Grand V*ml»« *qiiir>^r.t Mh*r U'VL M«" total GUi yr*r year tnUl owned* trusts uf cillv (Ibsj For freight service 26V 48,709 '20 46 241 m 35 20 51,210 For passenger service 124 30,391 15 9 130 90 30 10 31,762 For switching service 39,539 25 16 23« '212 26 - 40,901 Electric locomotives 12 55,125 - 12 12 - - 55,125 ToUlfl 632 - 60 7L 621 91 30 - Freight-train can capacity (foni) CCOIlfr) Box cara 27,727 46-7 529 651 27,905 10.6W 16,392 829 47-2 Klat cars 1,324 41 5 - 37 3,287 1.2S7 - 41-5 Stock cars 945 36'8 - - 945 4U& 447 - 36-8 Coal cars 7,236 514 - 176 7,060 3.64S 3.512 - 51 4 Refrigerjitor mid produce ctrs - - - 25 - - 25 20 4 Caboose cars 315 - - 3 312 2hS 25 1 - Totals 37,547 - 354 S67 37,534 16.303 20,376 S55 - AVCHKC Passenger-train cars ec*tijig capacity rapacity- Coaches 252 84 1 5 249 117 S6 16 SI Combination passenger cars .44 41 2 1 15 3d 10 - 42 Dining cars 29 3 - 32 1? L3 - - Baggage and express cars 191 - - 2 192 110 76 . - 6 - Other combination cars 20 - - - 20 12 S - - Postal cars 13 - - - 13 11 •) - - Other passenger-train ears 3 - - - 3 2 - - Totals 535 - 7 S 554 337 195 22 - Company service equipment Officers' cars S - 2 6 6 - - Ballast cars AS! - - 3S1 3B1 •- > - Derrick cars 3 - L 2 - - V Wrecking cars J 8 — — a & - - Other company service cars 712 102 4-2 792 790 - 2 Totals 1. L32 ] 02 -i.S 1,189 1.187 - 2 * Owned by TliG luiohijcan Central Railroad Company, TIiG Canada Southern rtailnay- Cociiwny oi Dctioit Riicr Tunnrl Cornpuny and Si Joseph South Bend and Smrt^oin K«U«aj company EQUIPMENT OWNED OK LEASED &Y RUT NOT IN SERVICE OF COMPANY 2.977 RefrigeratOT cars leased to Merchant* Despatch, Incorrwrated TABLE OF TRACKS MILES or MAIN TIUCK Y*rd« VAIN LIMB OWNED gtBti' ytni StMiid Third Fourth ftidirt«a Tou! Michigan Central Railroad Detroit 19966' W of New Buffalo Mich 222 S3 222-49 5-18 4-35 413-97 889-32 W of New Buffalo. .2556' W of Hammond Ind 42-46 42-46 1-3& 1-37 40' 68 12S-35 W of Hammond Kensington III 6-52 6-52 1-36 1^32 54-12 69-84 Total main line owned 271-81 271-47 7-92 7-54 528-77 1,087-51 BRANCHES OWNED Air Line Branch Mich 107 6C 384 - — 37-44 148-94 South Bend Branch Niles . . .6116' S of Bertranc! 5'47 - - 3-40 8-93 Ind 0-97 - _ - - 5-36 11'33 South Haven Branch Mich 39-34 - 7 36 46-70 Lansiug Branch 114-37 13*1-8 7- - 75 53 20408 Mackinaw Branch n 182-04 1 04 — -- i>5-07 27905 Clad inn Branch PineonDing Gladwin A 27-00 - - - ft>36 33-26 Mt Forest Bentley a 4-60 - - _ 4 -69 Twin Lakes Branch Grayling 4f 27-20 - — — 7-57 34-93 M Bafcl«y Branch Johsnnestnu-R 13-78 • lj-46 19-34 North Midland Branch Bay Citv WS Midland •i 18-17 - - - 7-06 2523 East Jordan Branch East Jordan u 42-65 - - 5-45 48-10 Grand Rapids Branch Rives Junction- -,. Grand Rapids R £3'82 - - 24-49 108-31 Bay City Branch Detroit Bay Citv '1 10744 755 - 86-37 201 36 Coro Branch n 33 54 - -— - 0-61 43-15 Saginaw Branch Denmark Junction Saginaw W S It 15-76 — $-79 24-55 ii - Bay City Belt At Bay City. 5-31 - 3 07 8-SS it Water Street Spur At Bay City 3-01 - - - 5-92 8-93 Detroit Belt At Detroit it 0-36 4-98- - 34-99 4A-33 Toledo Branch Detroit ...236 57' S of Vienna D •6-82 343 - - 99-39 149-64 S of Vienna C S Jet Toledo Ohio S-56 - 42-92 51-48 —- Toledo Belt At Toledo a 3'45 ISO- - 21-78 26-77 Dearborn Branch Toledo branch to main line... Mich 4 14 4-14 -28 856 West leg of wye at -64 - — -- 3-S1 4-45 Oalcwood Junction. DAI Crossing •I t-36 — - - 23 1 59 Total branches owned 910 05 40 56 - - 097-77 1,548 38 Total main line and hranches owned 1,181-86 312-03 7-92 7-54 I.12&-54 2,635-39 LTPTE JOINTLY QWXED St Charles Air Line 111 70 •70 - 1-28 268 Mackinaw Branch Mich - - - - -42 •42 Total line jointly owned 70 •70 - - 1-70 mo • • LEASEU LINKS Jnliet. & Northern Indiana E R 1201'W of Dyer Ind 15-65 - - 14-17 20-82 in 2S--20 - 27-19 55 39 ft 1-37 1-35- 1-33- 1-31 7rt ft-12 fct Joseph So Bend Mil F.S ,)!•' UK.IN Th..-K Tli;c«l L-ounh illl (1 TOM I Stale "LrHr-ir. LEASED UNSS (COnWlftfe*) Brought forward 197-01 4-61 1-33 151 501-85 30G-11 Canada. Southern Rftihv&Y Niagara Falls Windsor Oct 226-10 224-58 107 24 647 S12 Bridgehurg Wetland 16 86 16-86 - 51?7 64 no —- — Amh'erstburg: Eases 16-04 - - 2-35 10-29 St Cljtir Junction Courtright 62-21) - 5-42 67 71 Oil City Eddys 5-30 - - 7o Gif.i Petrolia Junction Petrolia 662 - —- I-5G 8-IS Coml>or Leamington 16-05 - - 573 21-70 Fort Eric Niagara Junction 3-10 - - - -L8 328 Niasara Junction NLagara-on-tb«-Lflk« 25 15 - - —- 6-34 31-40 London Terminal 50 - - 130 ISO Paradise Grove Spur ">) - -— _ -26 - - — — Niagara River Bridge Co Niagara- Falls, Ont.. .456' E of Niagara Falls •09 •09 - •1* E or Niagara Falls Suspension Bridge. N Y 'IS •15 - 30 India™, Harbor Belt Railroad Argo yard , ill — - 578- 5-7S Toronto Hamilton k Buffalo - - - Railway Coyle yard >. > Oat _ _ _ _ 3-42 3-42 At Attcrcliffe - 04 m Delaware Lackawanna & Western - - - Railroad At Black Rock M Y _ _ _ 1-211 1 2!* Illinois Central Railroad At Chicago . Hi - - - - 2-02 24)2 Total leased lines 576-43 216-29 1-33 1 31 366-63 l.m-90 UNEfr QBILSLkTEJJ OSD*!H TRACKAGE BLtltTS Pere Marquette Railroad At Bay City (South Water St) Mich •16 •16 Illinois Central Railroad Kensington So Water St Stulioa, Chicago HI 1400 14-00 — •'SOU — - At Chicago u 74 - '74 Canadian National Railways Hridgeburg International Boundary Ont •32 — - - •32 International Boundary , Black Rock N V 53 - - - 1 41) Grand Trunk Western Ky At Battle Creek {Ball St).. Mich •20 _ -_ -_ -_ 20 To new prison, Jackson ...... •i 3-03 _ _ _ _ 3 03 Indiana Harbor Belt Railroad Calumet r/ark Union Stockyards 111 30 04 30 04 — 60 OS At Gibson...... Ind — - 11*3- i\n At Hammond n - - — - 1-41 1 11 Manistee A North Eastern Ry Grayling Jet. Portage like Branch Mich - —- _ - New York Central Railroad Suspension Bridge BuffaLo NY 27-10 21170 _ —- 53-8•m0 Mich _ 2 -S2 _ - 2.-2 Vinewood Ave Beaubien St, Detroit • River Rouge Mich-Ohio state line — 43-38 — - 43-3S Mich-Ohio slHte line Toledo pasa sto Ohio 10-07 9 44 - - - SP&S Junction Olivers Ind 1 57 - - 1-0S- 3-55 Wheeling & I-ake Brie Railway Oak Street, Ironville Toledo Ohio 5-S7 - — - u-S7 Wabash Railway Di* and Waterman avenues Detroit Mich 17 -_ _ - •03- 20 •I Detroit & Mackinac Railroad At Cheboygan., , 216 _ _ - 3-rrfl 075 Toledo Terminal Railroad At Toledo..... Ohio - - - - 2-02 2-02 Total trackage rights 93 35 126-91 - - 20-36 247-23 Total operated mileage S53-34 H1S5 Li3 9-25 8-85 1 G1.VS3 4.07$ 20 RECAPITULATION Ount-d Lias-: J TutaL STATE OB L'HOVINCK H! traeU All \r&<\zn Lsl ir^ck AIL IWIM AH irarki Ut (nefc All iM.'kJ Eoi trifl: AU iruulu itnlCS r-nlL-_- mile mile** milce mi Irs mi If* miles rm [«•* M i ch i Ran 1,114-80 2,348-12 42 136-LI L94T2 S-6S 56 '50 1,250-65 ym 16 Illinois 6-52 60-&4 70 2-G8 2957 69 31 H-78 SS'82 81-57 230-0-3 Indiana 48-43 130-68 20 as 47-51 1-57 ltyS!> 70-S.S 201- 06 Ohio 12 05 7S-25 _ - — 1-5-9* 27 40 27-90 10-V65 New York _ - 1ft 159- 28 015 2S-21 5G-S8 Province of Ontario - — 3S0-72 379-46 -32 •32 381-04 87978 To laid 3,161'Sfi 2,635-89 •70 3-10 576-43 1,191-99 99-35 2-17-22 L,S5B-34 4; 078-2D MILES OP.EKATED IN Passenger service only 33-63 38-83 Freight service only 24-81 -70 1)4-93 35-84 120-2S Annual Report MILEAGE STATISTICS TRAIN MILEAGE REVENGE SEifVICE 1929 1928 Increase Decrease Freight trnin-iniles. 6,405,018 6,431,872 2o,854 PasB*ngw train-miles 6.854,055 6,497.103 367,852 Other passenger train-miles 801,837 798,550 3,287 Mixed iruin-niile* 413.668 457,547 43,870 ISjHJcial train-miles 3.037 3,494 457 Total revenue train mileage 14.4SS.515 14,188,566 299,949 Non-revenue train-miles 179.527 190,274 10,747 Total train mileage 14.668.042 14,37*,S4U 286,202 LOCOMOTIVE MILEAGE REVENUE SERVICE Freight locomotive-mile? 6,667,374 6,934,557 267,183 Passenger locomotive-miles 8.043,fifl8 7,611,403 432,295 Mixed locomotivcMnilcs 422,048 470,111 48,063 Sj>ecial loeornotive-milcs 3,069 3,716 647 Train switching locomotive-miles 336,582 345.924 9,342 Yard stvitrhing locomotive-miles 6,569,821 6,021,475 548,146 Total revenue locomotive mileage 22,032,592 21,387,380 655,206 Nou-revenue locomotive-miles 417,543 403,015 14.533 Tornl locomotive mileage- 22,460.140 21,790,401 6G9.739 - CAR MILEAGE HF'VENtTZ SERVICE Freight-train ear-miles Freight enrs—Loaded 234,276,621 233,297,269 079.352 Freight cars—empty 149.259,290 150,603.684 1,344,394 Caboose enrg 6,564,793 G.510.71G 54.077 Total freight-train car-miles m, 100.704 390,411,6i}9 310.9G5 Passenger-train cnr-miles Pasnenger cars 15,147,730 14,861.267 286.463 Sleeping, p^rlnr and observation ears 31,80-1,570 30,408,700 1,335,870 Dining cars 3.470.407 2,869,490 600,917 Other passenger-tram cars 55,236.218 24,013,192 1,573,026 Total p-awenger-trflin car-miles 75,708.925 72,212.649 3.490.276 Mixed-train car-miles Freight cars -luadtxi 2,514,330 3,120,164 005,634 Freight ears empty 1.096.233 1,480,708 384,475 Oahoose cars 113.226 134,671 21,445 Passmigercars 383,215 401,405 18,190 Sleeping, parlor and observation e^re 44,250 41,458 2,702 Dining cans 107 - 107 O^her passenger-train cars 401.475 383,203 18,272 Total mived-trflin car-miles 4,553,136 5,561,609 1,008,473 Special-train car-miles Freight ears—loaded 33.350 37,608 4,249 Freight ears—empty — SO 80 Cahoot* cars 3.037 3,404 457 Passenger cars 12,355 635 Total special-train car-miles 43,721 54,042 Total revenue car mileage 470,411.486 408,239,969 2,171,517 Non-revenue car-miles 1,345,383 1,358,648 13,265 Total ear mileage: 471,756,869 489,593,817 2,158,252 The Michigan Central Railroad Company TRAFFIC STATISTICS FREIGHT \m im Increase Decrease Tong of revenue freight carritid 32,792,343 - 32,100,897 69L.446 Tons of company freight carried 2,757,825 2,961,068 203.243 Total tons of freight carried 35,&5 Total freight revenue S64r4S4,383.45 $64,098,143.67 S3SG.21&.7S Average amount received for each Ion of freight 81.97 82.00 S0.O3 Average revenue per ton per mile cents 1-413 cents 1417 cent 004 Average revenue per mile of road 535,440.51 535,179.91 4260.69 Average revenue per train milcQ S9.46 £9.30 S0.1G PASSENGER Number of interline passengers carried l,S18,871 1,&W,S34 21,963 Number of local passengers carried 1,614,0S1 1.57S.913 35,168 Number of commutation passengers carried 130.224 100.792 23,43 2 Total number of revenue passengers carried 3,563,170 3,5"iO,53& 42,037 Total number of revenue passengers carried one mile 503,770.312 Ml 411.043 2,359,769 Miles of road operated in passenger service 1,73806 1,762-61 2455 Number of revenue passengers carried one mUe peT mile of road 324,36S 318,511 5.S57 Average digbince each revenue posseinger carried miles 35S-23 miles 159-47 . miles 125 Average number of passengers per train mile® 77 SI 4 Average number of passengers per car mile 12 12 Average number of passenger cars per passenger train mil* 9^ Total*passenger revenue S19.SS3.0S9.83 $19,792,566.77 S90..523.06 Average amount received from each passenger S5.5S $5.62 50.04 Average revenue per passenger per mile cents 3-527 ccaU 3 520 cent -001 Total passenger service train revenue . 526,499,280.29 £25.51S,S90.51 59S0.3S3.76 Average passenger service train revenue per mile of road $15,246.47 $14,477.90 Average passenger service train revenue pet' -train milC(V> S3.2S &3.20 80.01 TOTAL TRAFFIC • Operating revenues 894,718,966 52 £93,217.493 20 SI,501,473 32 Operating expenses e4.Sti5.39l 56 fi2.G43.035 11 2,221,459 45 Net operating reveluws $30,573,55* 0& S719,«jyo 13 Average mileage of road operated 1,85334 1,858-42 08 Operating revenues per mile of road $£0,969 66 $50,159 54 12 Operating expensea per mile of road 34,005 02 33.70S 17 Net operating revenue per mile of road SI 6,064 04 $10,451 37 S3S6 73 ©••Freight tniih milea" Include «oi*l •'mixed train mile*" ®"pMBC08Br trt-ia miles" iJMUd'* '01*1 " misled traui niilw" Annual Report TRAFFIC STATISTICS {continued) DESCRIPTION" OF REVENUE FREIGHT MOVED IN L029 NT/MEBR OT CARLOADS COMMODITY KUMBEH OF TOWS |2,0I» pound*! Decrease Increase 1028 1929 PRODUCTS OF AGRICULTURE 1929 1928 Increase Decrease m. 3,655 2,787 Whral 111.317 133,053 26,746 1.-U31 8,631 6,980 Corn 260,376 328,717 50,341 30-1 2,944 ' 2,549 Gats 77,291 S8r284 10,973 aos 1,436 831 Barley and rye 2S,SS6 51,570 22,634 24S 155 703 Rice 16,911 10,050 6,861 03 274 181 Grain, o. s. 1.465 0r9S8 2,523 212 10,823 10,611 Flour, wheat 329,128 342h664 13,536 17 m 141 Meal, corn 3.348 4.937 1,589 1.378 1,860 482 Flour and meal, ceiibLe, X. O. 3. 11,817 53.183 41,30* 98 11,358 11,450 Cereal food preparations, edible, H. O. a. 163,487 159,850 3,637 153 13,612 13,765 Mill products, N. O. S. 319,571 310,360 9,211 385 2,937 3,322 1 fay ,ind alfalfa 39,967 36,233 3,731 IDS 313 511 Straw 6,655 4,173 2,482 73 760 833 Tobacco, leaf 12,066 10,105 1,961 1,413 2,894 4,307 Cotton in bales 51,167 34,033 17,134 6b 201 267 Cotton liattrs, noils and reffins 4,203 3,158 1,045 11 IS 7 Cottonseed 123 431 3GB 00 519 639 Cottonseed meal and cake 18,685 15,444 3,241 5S4 4,127 1,711 Oranges and grape fruit 83,244 70,890 12,354 175 638 513 Lemons, lime* and citrus fruits, K. O- ». 7,589 10,014 2,425 3,308 2,316 Apples, fresh 37,753 51,007 16,254 1,148 5,477 4,334 Bananas 46,49S 53,849 12,351 30fi 397 • •4^33 4,441 products of agriculture, N, O, S. 90,041 94,815 4,774 U:0C1 115,522 100,471 TOTAT. 2,148,425 2,470,212 321,787 v. o. *.—Not otherwise specified TRAFFIC STATISTICS {continued) DESCRIPTION' OF REVENUE FREIGHT MOVED IN 1929 (aalin^j .NUMBEn or CARUUD3 coiotoniTV OK TOXS iv.ooo |.I.I.-.UI Decrease 192* 1929 ANIMALS AND PRODUCTS 1&29 192S Increase Decrease 121 329 453 Horsea, mules, ponies and asses 5,336 3,056 ! .G7S 329 0,730 6,501 Cattle and calves, single-deck 7«,5SS 78,72* 2,140 35 105 200 Calves. double-deck 2.594 2,020 574 23 1,106 l.OsO Sheep and goats, single-deck 9,191 9,484 203 553 1,226 1,784 Sheep and goats, double-deck 17>V1 12,660 5.231 408 3,732 3,327 Hogs, single-deck 34,420 36.712 2,292 1,174 0,816 5,672 Hogs, double-deck 70.G95 35,811 IS.Llfl 921 20,362 19,441 Fresh mpars, N. O. .&. 240,139 249 283 0 144 171 4,037 4,208 MeaLt, cured, dried or smoked 1(2,935 61,107 1,828 42 277 319 Butterinc and margarine 3.812 2,907 905 1,839 4,831 3,042 Packmg-bousc products, edible, If, 0. not including canned mcaU 6S.1S5 £2,733 24.548 2ft 315 290 Poultry, live 3.140 3,311 171 1,369 1,141 Poultry, dressed 13.232 16,344 3,062 727 4,091 3,961 Eg£8 45,363 53,741 8,378 276 3,036 4,261 Butter 52.077 48,460 3,617 67 545 478 Cheese 5.676 6,477 001 63 1,006 943 Wool 14.003 15,435 1,452 81 1,003 972 Hides, green 21.321 21,646 325 49 2S0 235 leather 4,155 4.616 Wl 37 129 106 Fish or sea-aiuiuul nil 4.154 3,071 1.0S3 4 40 42 Animals, live, N. O. &. 572 613 41 14 1,476 1,402 Animal products, sc. o. s. (other than fertiliaerd and fertiliser materials) 28.284 27,112 1.172 4,008 61,589 59.9M TOTAL 773,713 825,979 52,206 PKODUCTS OF MINES 3,123 20,056 23f770 Anthraeite coal 1.011,351 SS7.725 123,026 11,371 137,494 148.865 Bituminous coal 7.933.023 7.349,481 5S3.542 2,843 22,223 25,000 797,438 70S 965 68,473 L3 61 18 Iron ore L,709 2,155 446 21 29 H Copper ore and concentrates 336 5S7 251 & 10 6 Lead ore and concentrates 223 ttl 174 1 a a Zinc ore and concentrates so 55 25 •;,) 1,519 2,073 Ores and concentrates, N. O. a. 94.913 68,743 20,170 517 48,138 47,021 Gravel and sand (other than glass or moulding) 2,661,146 2,627,682 33,464 7,773, 19,369 11.590 Stone, brokrn. ground or crushed 654,383 1,099,241 444,860 25 1,878 1.903 Stoue, rough) K. o, S. 81,333 80,110 1,223 1,551 3,146 U595 Stone, finished, K. O. a. 59,167 115,167 56,010 429 747 318 Petroleum, crude 9.213 23,034 13.S21 328 2.311 2.013 Asphalt (natural, by-product or petroleum) 70.769 82.267 11.493 195 3,565 3,070 Salt 03,603 102.691 9,0*3 62 232 17(1 Phosphate rock, crude (ground or not grouodj 6,619 9.191 2,572 1 345 346 Sulphur (brimstone) 14,274 13,607 667 5,014 22,243 27,257 Products of mines, x. o. a. 1,373,258 1,089,673 2S3.695 11,738 283,998 295,730 TOTAL 14,867,830 14,260,771 607,065 X- O- * —-Not 0lhe*"i«» »pCPfi«l Annual Report TRAFFIC STATISTICS {continued) DESCRIPTION OF REVENUE FREIGHT MOVED IN 1929 (amlinivii) NUMBER or CAHM>A1>3 OOMMODlir NUMBUn OF TON'S 13.000 |>OUbdfl> Dpcre Lse Increase 1928 1929 PRODUCTS OF FORESTS 1920 192S Increase Deere*** 8,M2 7,075 3,173 Logs 90,583 194,023 103,440 1,217 3,681 4.79S Posts, poles and piling 129,122 94,543 34,574 507 1.375 m Wood (fuel] 24.S63 42,914 18.051 315 1.047 732 TIPS, railroad 19,992 29.0oft 9,074 1,730 3.475 1,739 Pulp wood i 54.751 101.979 47.226 1,312 46.427 45,115 Lumber, shingles and lath 1.207.129 1,242.355 35.256 120 1,732 1,861 Box, crate and cooperage materials 38.971 35,704 3.177 JS5 253 Veneer end built-up wood 5,528 3.S32 1,696 23 272 295 Rosin 7,534 7,277 307 1 117 118 Turpentine 2,944 2,927 17 7 719 726 Crude rubber (not reclaimed) 19,518 19,464 54 2.663 2.011 Product! of forests, N. O- SL 69,517 56,527 2,990 5,789 6S,67S 62,SS9 TOTAL 1,660,502 1,830,736 170,234 MANUFACTURES AND MISCELLANEOUS 1.(136 31.866 35,902 Petroleum oils, refinpil, uml all oLher gasolines 1,040,633 1.001,585 39,048 1.00-1 4.021 5 625 Fuel, rond and pHtrolcum residual oils, N". <"J. b. 169,693 141.S35 27.S5S 405 3.287 3,752 Lubricating oils and greases SI. 099 70,628 30,471 30 !71 201 Petroleum products, .v o. s. 4.301 3,661 440 86 202 116 Cottonseed oil 2,832 5,380 2,648 50 372 127 Li weed Oil 11,570 9,846 1,724 L73 355 52$ Vegetable oils, N. O. S. • 14,822 9,415 5,407 587 3,292 4,705 Sugar (beet or cane") 130.633 146,395 15,762 15G aS9 S45 Table syrups and edible molasses 27.460 21.810 5,644 123 162 2S5 Molasses, blackstrap and beet residual 11.824 7,354 4,470 1.344 6,468 5,124 Iron, p.-; , 263,722 317.7S6 54,063 8S4 1,145 2,032 Iron and steel, rated bth class in official classincBtiun, s. o. *. 99,726 51,032 3B,u94 -'I 571 553 Rails, fastening^, frogs and switche* 15,727 17,532 1,805 2 163,093 165,789 Cwrierl forirard 5,400,594 5,104.483 n. o. S. — Not 6thi'jwinp ipe:;atd The Michigan Central Railroad Company TRAFFIC STATISTICS (concluded) DESCRIPTION OF REVENUE FREIGHT MOVED IN 1920 (concluded) NUMBER OP CASLOASS COMMODITY JfWBBfl OF TON* Increa&o 1926 1929 MANUFACTURES AND MISCELLANEOUS (wncludcd) 1929 1928 Increase Decrease 168,093 168,789 firouQkt forward 5,1.60,594 5,104,483 025 3,701 4,626 Agricultural implements and parts, u. o. s. f8,UM 30.932 17,263 263 665 928 Vehicles, horse-drawn, and parts, «. o. s. 15,772 11.593 4.179 72 734 806 Tractors and parts 13,230 10.715 2.515 165 247 412 Railway car wheela, utlos and trucks 13,697 8,034 5.663 2,793 161,944 159,151 Automobiles (poaaenger) 939,580 969.525 29,915 404 4,503 4,099 Autotrucks 33,960 36,967 3.007 7,462 46,323 53,785 Automobile* and autotrucks, knocked down, and parts, N O e. 829.228 712,414 116,614 746 7.100 6,354 Automobik: and autotruck tires $0,631 S6.54S 7,917 M 752 817 Furniture, metal 10.273 9.280 993 500 5.198 5.698 Furniture, other than metal 45,390 3fl,fl30 5,460 99 1,256 1,164 Beverages 20.998 24,233 3,635 157 1,403 1,565 lee 52.452 49,299 3,153 639 5 648 5,009 Fertilisers, N. O. a. 138,622 144,210 5,6SS 9,287 10,171 12,468 Newsprint paper 315,916 253,098 62,848 46ft 6,311 6,769 Printing paper, N. O. a. 113,932 137,708 6,224 33 569 602 Alcohol, denatured or wood 13.171 12.000 1,171 00 404 335 Hulphuric acid 14.6*6 16,581 1,936 30 146 110 Explosive*, N. 0. s. 2,200 2,705 605 17 534 551 Cotton cloth and cotton fabrics. o. s. 6.207 5.053 1,144 305 1,069 764 Bagging and bage, burlapj gunny or jute 13.&53 1953& 5.535 578 7,603 8,179 Canned food product*. N- 0- 159,405 173,769 15.636 136 505 459 Tobacco, manufactured products 7,083 S.6S9 1,606 23 1,496 1,519 Paints in oil and varnishes 20,697 32,000 2,103 391 716 325 Furnace slag 17.095 37,052 19.057 1,501 10,635 12,136 Scrap iron and scrap steel 505.723 450.597 55.126 147 3,571 3,718 Paper bags and trapping paper S1.S74 7S.293 tfM 1,465 5,941 7.406 Paperboard, pulpboard and wallboard (paper; 157.501 133.092 24,4011 420 2,283 2,703 Building paper and prepared roofing material* 01.727 50.S66 10,861 231 635 SGG Building woodwork (millwork) 14.455 10,431 1,021 143 2,607 2,650 Soap and washing compounds 55,35.0 52,937 2,il3 67 •253 171 Glass, flat oilier than plnte 1,313 !:.'-0" 2,596 524 l.fiSl 2,204 Glass: bottles, jars, and jelly glasses 11.217 30.479 10,766 10,910 139,184 150,133 Manufactures and miscellaneous, O. S. 3.396,414 3,001,025 297,389 23.336 603.SS1 627,267 TOTAL 12.4QXUS0 ll.7S3.04S 623,332 9,676 1,136,668 1,146,944 (- iu\r> TOT\L, CARLOAD TRATTIC 3LS56.S56 31,170.746 636,110 — All L. C. L. freight 935,4$J 930,151 5,336 GRAXD TOTAL, CAHLOAD AKD L. c. L. TBAPFIO 32,792,343 3-?,I0G,t>9/ 691,446 N a ».—Not otherwise ipreift*H JACKSON LANSING & SAGINAW RAILROAD LAND GRANT FUND or THE MICHIGAN CENTRAL RAILROAD COMPANY DETROIT, MICHIGAN, January 10, 1930 PATRICK E. CROWLEY, President The Michigan Central Railroad Company NEW YORK BEAK Srn: T respectfully submit herewith annual statement of the business of the Land Department of this company for the year ended December 31, 1929: LAND AND SALES ACCOUNT Arm Amount Unsold January 1, 1929, according to Lands sold during the year None patents 5,335'65 Sold during the year None . , e lotal amount due on contracts at close Unsold at close of the year 3,335-65 of year S646.60 The sales for the last five years-were as follows: 1825 1926 1927 1028 1929 Acres sold 598 64 2,143-96 ltl76-58 118 80 None Land sales SI, 197.28 S970.00 81,555.00 S30.00 None Average per acre S2.00 80.45 SI.32 S0.25 CASH ACCOUNT RECEIPTS DISBURSEMENTS Cash on hand January 1, 1929 82,582 64 Cash on hand December 31, 1929 32,046 01 From interest 63 37 82,646 01 S2,646 01 WILLIAM HUTCHINSON, Commissioner. LAND GRANT FUND MESSRS. BROWNER, RODSOK AND BLAIR, Trustees Balance on hand at end of 1928, as shown by report for that year S404 49 Interest on deposits 13 21 Cash on hand December 31, 1929 $417 70