E I G H T I E T H

A N N U A L R E P O R T O F T H E B O A R D O F D I R E C T O R S "

or

T H E MICHIGAN CENTRAL RAILROAD COMPANY

T O THe S T O C K H O L D E R S

FoR THE YEAR ENDED

D E C E M B E R 3 1 , 1 9 2 5

DeTROIT MICHIGAN

O R G A N I Z A T I O N O F T H E M I C H I G A N C E N T R A L R A I L R O A D C O M P A N Y

D E C E M B E R 3 1 , 1925

D I R E C T O R S

C H A U N C E Y M . D E P E W F R E D E R I C K W . V A N D E R B I L T G E O R G E F . B A R E R W I L L I A M K . V A N D E R B I L T

H A R O L D S . V A N D E R B I L T K D W A R D S . H A R K N E S S A L B E R T H . H A R R I S E D M O N D D . B R O N N E R H E N R Y M - C A M P B E L L

W A R R E N S. H A Y D E N B E R T R A M C U T L E R P A T R I C K E . C R O W L E Y C H A R L E S B . S E G E R

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 M a y

F I N A N C E C O M M I T T E E

A L B E R T H . H A R R I S , Chairman G E O R G E F . B A K E R H A R O L D S. V A N D E R B I L T W I L L I A M K . V A N D E R B I L T C H A R L E S B . S E G E R

C O R P O R A T E O F F I C E R S

President P A T R I C K E . C R O W L E Y New York Assistant to President H O W A R D L . I N G E R S O L L New York Assistant to President S I D N E Y B . W I G H T New York Executive Assistant to President M A R T I N J . A L G E R New York Vice President IRA A. P L A C E New York Vice President A L H K R T H . HARRIS New York Vice President G E O R G E H . I N G A L L S New York Vice President E D M O N D D. B R O N N E R Detroit Vice President G E O R G E A. I IARWOOD New York Vice President J O H N L. B U R D E T T New York Vice President J O H N G . W A L R K U New York Assistant Vice President C H A R L E S J . B R I S T E B Chicago Assistant Vice President C H A R L E S C. P A U L D I N G New York Assistant Vice President J O H N K . G R A V E S New York Secretary E D W A R D F . S T E P H E N S O N New York Assistant Secretary J O S E P H M . O ' M A H O N E Y New York General Treasurer H A R R Y G - S N E L L I N G New York Assistant General Treasurer E D G A R F R E E M A N New York Assistant General Treasurer H E N R Y A . S T A H L New York Assistant General Treasurer R U S H N . H A R R Y New York Treasurer W A L T E R E . H A C K E T T Detroit Comptroller W I L L I A M C. W I S H A R T New York Assistant Comptroller L E R O Y V , P O R T E R New York Assistant Comptroller F R E D E R I C K H . M E E D E R New York

General Treasurer, New York Central Building, 466 Lexington Avenue, New York, transfers stock, pays dividends on stock, transfers bonds and pays interest on bonds

Central Union Trust Company 0F New York register stock at 80 Broadway, New York

R E P O R T

To the Stockholders of

• T H E M I C H I G A N C E N T R A L R A I L R O A D C O M P A N Y :

The Board oi Directors herewith submits its report for the year ended December 31, 1925, 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;

1925 1924 Increase MILES Miles MILES

Main line and branches owned 1,18471 1,184-71 Line jointly owned •70 •70 Leased lines 576-89 576-89 Lines operated under trackage rights iM ' fn 9 07

Total road operated 1.871-32 1.862-25 9-07

The increase of 9 07 miles is due to trackage rights acquired during the year as follows:

Wheeling and Lake Eric Railway at Toledo, Ohio 587 miles Grand Trunk Western Railway at Jackson, Michigan 303 miles Wabash Railway at Detroit, Michigan 17 mile

The year'i business

During 1925 the company moved 31,053,633 tons of revenue freight, an increase over 1924 of 1,780,461 tons, attributable largely to the greater activity in the automobile industries and in highway construction work.

Revenue passengers carried were 4,490,820, a decrease compared with 1924 of 253,271. Notwithstanding the decrease in the number of passengers Ihere was an increase iu passenger revenue, the average distance each passenger was transported having increased from 124-21 miles i n 1924 to 133-71 miles in 1925.

Annual Report

INCOME ACCOUNT FOR THE YEAR

Year ended Year ended Dec. 31, 1925 Dec. 31, 1924 Increase Decrease

O P E R A T I N G I N C O M E 1,871 32™U«. 9 07 «•(« R A I L W A Y O P E R A T I O N S * periled py«f ar«i

Railway operating revenues S91.S64.377 15 $87,fd4,662 39 $1,249,715 0 0 Railway operating expenses 61,893.039 31 62,159,524 30 $266,485 29

NET R E V E N U E F R O M R A I L W A Y O P E B A H O N S $20 ,971 ,333 11 928,490,1^8 Oil $1,510,200 45

PERCENTAGE OF EXPENSES TO REVENUEI ( 6 7 - 3 7 ) (7 0-95) <3*5fi)

Rai lway tax accruals S5.864.589 76 S5,fS4,5£'0 33 $279,999 38

Uncollectible railway revenues 26.187 2 3 30,515 20 54,327 97

R A I L W A Y OPERATING I N C O M E 5ai,0S0,5oi 1 3 S19,S40,0;.2 51 51,240,025 94

Equipment rents, net credit €337,069 7 6 $512,265 5 2 ' 8539,335 °8

Joint facility rents, netdebit 513,650 3 2 £42.483 65 1,106 37

N E T R A I L W A Y O P E R A T I N G I N C O M E $23,763,981 19 $18,935,283 34 $1,773697 85

M I S C E L L A N E O U S O P E R A T I O N S

Revenues 8385,183 9 4 $420,9*8 72 $35,761 78

Expenses and taxes 341,518 59 587,858 26 46,349 67

M I S C E L L A N E O U S O P E R A T I N G I N C O M E 9*3,066 3 D S33.0SQ 4 0 S 10.581 SO

T O T A L - O P E R A T I N G I N C O M E S 23,807,646 5-1 S 1 Q , 0 1 8 , 3 0 3 S O $1,739 W>. ' 4

nON-Operating I N C O M E

Income from lease of road $10 0 0 $10 0 0

Miscellaneous rent income 191,038 35 171,403 50 519634 So

Miscellaneous non-operating physical property 81,544 38 S4,984 92 $3,440 54 Dividend income 553,361 31 589,881 21 63 9S0 IU Income from funded securities 118,330 33 77,713 80 41 116 53

Income from unfunded securities and accounts 50C.941 4 2 27G.303 24 224 638 IS

Miscellaneous income 39,115 01 3 ,664 29 35 450 72

T O T A L N O N - O P E R A T I N G I N C O M E S1.4S5.340 80 Sl.103,960 9 6 $381,379 U

G R O S S I N C O M E $^5,29i.987 3 4 $20,122,324 76 S j , 170.662 3 8

D E D U C T I O N S F r o m G R O S S I N C O M E

Rent for l e a s e d roads S2,73E,142 3 1 $2,?34,781 83 $36.0 43

Miscellaneous rents 5,997 78 4,507 84 $1,510 06

Miscellaneous tax accruals 17,165 70 21,496 50 4,040 71

Interest on funded debt 3,532,743 0 4 3,641,215 42 8.5C2 38

Interest on unfunded 1C.01L 15 6,360 75 14,041 1 0

Amortization of discount or funded debt 160,245 59 177,927 0 0 8,651 41 Maintenance of investment organization 1,790 44 1,TQ 30 21 14

Miscellaneous income charges 7,500 35 7,187 35 313 5 0

T O T A L D E D U C T I O N S F R O M GROSS I N C O M E $0,486,792 95 $6,494,791 04 $7,9G8 09

N E T I N C O M E $18,806,194 39 $13,827,533 72 $5,178,660 iS7

D I S P O S I T I O N OP N E T I N C O M E

D i v i d e n d s declared: per cent in 1925; 2 0 per cent in 1924 S5.152.510 0 0 $3, '47,280 0 0 $1,405,230 30

S u r p l u s f o r t h e Y E A R C A R R I E D T O P R O F I T AND LOSS $13,653,684 39 $9,880,253 72 $3,773,430 57

" Debit balance i n 1924

The Michxgan Central Railroad Company

Profit and Loss account

B A L A N C E TO CREDIT or profit A N D LOSS , DECEMBER 31, 1924

ADDITIONS:

Surplus for the year 1325 Unrefundable overcharges Profit on property sold Various miscellaneous items (net)

DEDUCTIONS:

Depreciation prior to July 1, 1907, on equipment retired during 192.1 Road property abandoned and not replaced Uncollectible account*

B A L A N C E TO CREDIT OF P R O D I T A N D LOSS. DECEMBER 31, 1925

S13.0S3.ftS4 39 I5,l2it 66 3*886 01 20.897 10

5131,471 10 143,068 22

4.103 21

S50.99G.8S3 42

13,728,593 16

570,725,410 5S

279,212 53 $70,446,174 05

Operating revenues

T h e to t a l operat ing revenues were 891,864,377.45, an increase of $4,249,715.06. F re igh t revenue was $61,859,111.23, an increase of $3,395,144.39. Fluctuat ions in

to:ia carr ied , b y commodi ty groups were:

Products of agriculture Animals and products Products of mines Products of forests Manufactures and miscellaneous Less carload Merchandise

N'-t total

214,623 decrease - 7 62% 129.024 decrease-1241% 857,947 increase *> 6*51% 38,179 decrease - 160%

1,249,309 increase = 13-93% 55,031 increase = 625%

1.780,461 increase - 6 08%

Passenger revenue was $20,810,641.89, an increase of $242,046.69. There were 25,756 more interl ine passengers carried than in 1924 but there was a decrease of 240,885 i n loca l and of 38,142 i n commuta t ion passengers.

M a i l revenue was $958,647.87, a decrease of $10,780.65. Express revenue was $4,327,20(1.74, an increase of $370,200.36, largely due to increased

traffic. S w i t c h i n g revenue was $1,536,514.66, an increase of $255,131.60, resul t ing partly

from increased rates effective J u l y 1, 1924, and par t ly from the heavier traffic handled. Other t ransportat ion and incidental and jo in t fac i l i ty revenues were $2,342,261.06,

an increase of $6,981.67.

Operating expenses The following table shows the operating expenses by groups:

Comparison with 1924 8762,091 27 Decrease Maintenance of way and structures SlO.415,588 00

Maintenance of equipment 17,618,140 SO Traffic 1,306,341 22 Transportation 29,219,146 62 Miscellaneous 1,024,833 69 General 2,399,300 98 Transportation for investment—credit 90,312 36

1.160,178 57 Increase 56,314 96 Increase

1,275,274 45 Decrease 28,374 50 Increase

521,470 53 Increase 4,541 87 Increase

Total S61.893.039 01 $266,485 29 Decrease

Expense for maintenance of way and structures decreased $762,091.27. There was a substantial reduction in the tonnage of rail laid and in tie renewals, the decreased expenditure for these purposes being partially offset by an increase of thirty miles in stone ballasting.

Expense for maintenance of equipment increased $1,160,178.57. In 1925 a larger number of locomotives received heavy repairs than in 1924. Although the total number of freight cars repaired was less than in 1924, there was a considerable increase in the number which received heavy repairs. The increase in depreciation charges is due to new equipment put into service.

Transportation expenses decreased $1,275,274.45, as a result of a reduction in the cost of fuel, the use of heavier and more powerful locomotives, operating economies effected in train, station and similar expenses, and other causes.

General expenses increased $521,470.53. This increase was almost entirely due to the charging to the year's expenses of the total amount estimated to be required for the payment of allowances to employees retired under the pension plan in 1925 during the continuance of such allowances.

Railway tax accruals were $5,S64,589.76, an increase of $279,999.38. Eliminating adjustments in both 1925 and 1924 affecting prior years, the increase was $629,000, which resulted from larger accruals for federal income tax on account of the increased income of the company.

In 1925 there was a net credit of $227,069.76 to equipment rents compared with a net debit of $312,265.52 in the previous year. This change was largely due to the putting in service by the company of 4,000 new cars. Separate tables setting forth the details of equipment and joint facility rents will be found on another page of this report.

Railway tax accruals

Equipment and joint facility rents

The Michigan Central Railroad Company

Non-operating income Non-operating income was $1,485,340.80, an increase of $381,379.84 The increase in dividend income of $63,980.10 is principally due to the receipt in

1925 of a 6 per cent dividend amounting to $59,052 upon the capital stock of The Toronto Hamilton and Buffalo Railway Company held by the company.

The increase of $41,116.53 in income from funded securities is the result of the accrual of interest on securities of the United States purchased during the year.

The increase of $224,638.18 in income from unfunded securities and accounts is largely due to an adjustment in the accounts with The Canada Southern Railway Company, lessor, in connection with previous years, as a part of which there were credits to this account.

Miscellaneous income increased $35,450.72 due to an award in 1925 to this company by the Ci ty of Detroit in connection with the widening of the Dix-Waterloo highway.

Deductions from gross income Deductions from gross income were $6,486,792.95, a decrease of $7,998.09. There

were no noteworthy fluctuations in the several items of this group.

Net income before dividends The net income of the company was $18,806,194.39, an increase of S5,178,660.67.

Dividends Dividends declared and charged against the income of the year were as follows:

Date payable Rate per ceot Amount $1,373,640 00

Date declared June 10, 1925 December 9, 1925 December 9, 1925

July 29, 1925 January 29, 1926 January 29, 1926, extra

Total

10 10

27>i

1,873,640 00 1.405.230 00

$5,152,510 00

Surplus After charges for dividends there remained a surplus of $18,653,684.39 which was

carried to the credit of profit and loss. A t the end of the year the total corporate surplus was $77,212,918.43.

Capital stock The capital stock of the company remained unchanged during the year, the total

amount authorized and issued being $18,738,000.

s

Changes in-funded debt The changes in the funded debt of the company, in detail, were as follows:

The funded debt outstanding on December 31, 1924, was $77,873,212 69 It has been increased as follows:

N Y C Lines Equipment Trust 4^ per cent certificates of May 15, 1925 1,830,000 00

§79,703.212 69 and has been reduced as follows:

Payments falling due during the year and on January 1, 1926, on the company's liability for principal installments under equipment trust agreements as follows:

N Y C Lines Trust, of 1912, January 1, 1924 $151,710 90 N Y C Lines Trust of 1913, January I, 1926 262,359 51 M C R R Trust of 1915, October 1, 1925 300,000 00 M C R R Trust of 1917. March 1, 1925 600,000 00 Trust No. 4S U020), January 15. 1926 316,400 00 M C R R Co proportion of N Y C R R Co Trust of 1920, April 15,

1925 467,664 75 N Y C Lines Trust of 1922, June 1, 1925 373.000 00 N Y C Lines 4 per cent Trust of 1922, September 1, 1925 51,000 00 N Y C lines Trust of 1923, June 1, 1925 632,000 00 N Y C Lines Trust of 1924, June 1, 1925 233,000 00 N Y C Lines 4 per cent Trust of 1924, September 25, 1925 173,000 00 3,590,135 19

leaving the funded debt on December 31, 1925 $70,113,077 50 a net decrease of $1,760,135.19,

New York Central Lines Equipment Trust of 1925 This trust was established by agreement dated M a y 15, 1925, to which The New York

Central Railroad Company, The Michigan Central Railroad Company and The Cleveland Cincinnati Chicago and St Louis Railway Company are parties, tinder the trust, a total of $22,500,000 of 4} o per cent equipment trust certificates are issuable of which there were issued during the year $10,530,000, maturing in equal annual installments of $702,000 in the years 1920-1940, inclusive, and representing approximately 75 per cent of the cost of equipment leased by the Trustee to the railroad companies- The equipment allotted to this company under the trust, costing approximately $2,500,000, consists of 1,000 box-cam, 5 baggage cars and 2 dining cars. The certificates issued are prorated among the railroad companies in proportion to the cost of the equipment allotted to each, this company's share being $1,830,000.

Termination of New York Central Lines Equipment Trust of 1910 The New York Central Lines Equipment Trust of 1910 having expired on January

1, 1925, the title to the equipment was transferred by the Trustee to the several railroad companies, parties to the trust, in proportion to the amount of the cost thereof paid by each company, respectively. This company's share of the equipment so transferred from

The Michigan Central Railroad Company

trust to railroad owned consisted of 135 locomotives, 35 passenger-train ears and 3:249 freight-train cars.

Automatic train control Orders of the Interstate Commerce Commission require automatic train control

devices to be installed upon two divisions of this company's road by July 18. 1926. Accordingly under date of August 5, 1925, a contract was made for the purchase from the General Railway Signal Company of the materials necessary for the installation of that company's intermittent inductive auto-manual device upon two divisions, Detroit to Jack­son and Jackson to Niles.

Property investment accounts

Increases in the property investment accounts for the year, as shown in detail else­where in this report, were as follows:

Road $2,722,353 45 Equipment 3.246,035 30 Improvements on leased railway property 82.288 6G Miscellaneous physical property, a decrease of 1,768 91

Total 86,048.90S 50

Improvements at Detroit

During the year the sea wall along the harbor line from Third Street to Twelfth Street, Detroit, was extended, adding substantially to the area for team tracks and freight terminal facilities. In this connection the Third Street freight terminal was improved by the construction of a new outbound freight house with the necessary tracks, team track facilities, driveways, etc. A n additional inbound house and a series of covered platforms between the inbound and outbound houses are under construction.

The grades of eight streets on the Bay Ci ty Division in Detroit were separated, thus completing the separation for all streets west of Woodward Avenue on this Division. In most instances the work is of semi-permanent character under agreement with the Ci ty of Detroit and will be replaced by permanent construction at such time as necessity demands.

Removal of old bridge over the Niagara River Following the opening during the year of the new steel arch bridge over the Niagara

River between Niagara Falls, Ontario and Suspension Bridge. New York, described in the annual report for 1924, the old cantilever bridge, which had been in use for 41 years, was removed.

Stock dividend from The Toronto Hamilton and Buffalo Railway Company The company received during the year 1,968-4 shares of the capital stock of The

Toronto Hamilton and Buffalo Railway Company as a 20 per cent stock dividend, making total shares owned 11,8104.

Acquisition of capital stock of The Canada Southern Railway Company

The company acquired during the year 3,501 shares of capital stock of The Canada Southern Railway Company, making its holdings on December 31, 1925, 81,601 shares or 54-4 per cent of the total outstanding.

The company advanced to the Lansing Manufacturers Railroad $9,500, as its stock proportion share of the amount necessary to redeem $19,000 of its First mortgage bonds due July 1,1925, and $370.76 for additions and betterments. The total advances charged by the company to the Lansing Manufacturers Railroad to December 31, 1925, amounted to 8116,590.32.

During the year 80 employees were retired and pensioned: 53 at the age of 70, 23 for disability and 4 voluntarily on service pension. There were 515 pensioners at the close of the year.

The total amount paid in pensions for the year was $235,360.38. The balance in the reserve set up to provide for payments upon pensions granted in 1925 was, at the end of the year, $437,879.97.

Effective September 1, 1925, an amendment to the pension rules permits any employee voluntarily to retire who has had at least forty years of continuous service and is not less than 65 years of age.

The Board records with deep regret the death of Milton S. Barger, General Treasurer, on March 5, 1925.

The Board records the following appointments: Harry G . Snolling, General Treasurer, April 1, 1925; Rush N . Harry, Assistant General Treasurer, Apri l 1, 1925.

The Board wishes to express its appreciation of the loyal and efficient service of the officers and employees of the company during the year.

Advance to Lansing Manufacturers Railroad

Pensions

Changes in organization

For the Board of Directors,

President.

The Michi.gan Central Railroad Company

CAPITALIZATION

Capital stock Number of shares authorized Number of shares issued Number of shares held by company Number of shares actually outstanding Per value per share

IS7.3SO 187.3S0

16 rggg SIOO.OO

l*ar value auitioried Par value issued Par value, held by company Par value actually outstanding Dividend for the year

*i_K,?.l\IMH> OC <l"s.v:s*,iHut 01;

1.600 00 sie,7Ju,406 60

27 $ per cent

mortgage bonds Michigan Central Railroad Co f i r s t Michigan Central Railroad Co refunding and

provement-series A Michigan Central Railroad Co refunding and

provement- s e r i e s B Gold debentures® Grand River Valley Railroad first Detroit & Bay City Railroad first

Kalamazoo & South Haven Railroad first Michigan Air Line Railroad first Jackson Lansing & Saginaw Railroad first Joliet and Northen Indiana Railroad first Bay Ci ty & Battle Creek Railway Co first Toledo Canada Southern & Detroit Railway Co

Less Michigan Central Railroad Co refunding issued and hold by or for the company

Funded debt Dale at D»I« -J

Aeii.' n' )Et-.ii<I mi Rale of

un­

it!! -

1902

1917

1020

1909 1009 I SSI

1SS9 1S0O 1901 1907 1SS9

first® 1906

maturity luLoiiird iau« BO« imlilawbic May I, 1952 $18,000,000 00 SlS.000,000 00

to:efot 3\%

J U L 1. 1947

inly l , :03fi

April 1, .929

Sept. 1, 1959

Mch. 1,1931

Nov. I, 1939 . a n . l , 1940 Sept. 1, 1951 July 10, .957 Dee. 1, :9S9 Jan. 1,1956

0,171,000 00

607,000 00

25,000.000 00 i.500.000 00 4,000,000 00

700.000 00 '.000,000 00 2.000,000 00 3.000.000 00 1,800,000 00 1,500,000 00

6.171.000 30

507,000 00

7,634.000 00 1.500,000 00 4 000.000 >XI

700.000 00 2,600,000 00 1,695.000 0 0 ' 1,500.000 00

H%

49.000 OOT 3T< 3.100.000 00 4%

Total S47.456.000 00 and improvement mortgage bonds nominilly

6,67S,000 00

Total mortgare bonds actually outstanding S40.77S.00O 00

VaywU on l»« in: <Uy o*

Nov and Mav July and Jan

Jan and July

Oct and April Mch snd Sept Juiu-, Srpl, Dec, March May ind Nov July in»l Jan Mch ind Seirt Jan 1), July 10 June and Dec July ind J.in

i ,i r •• • rnuflT OBLIGATIONS Equipment trust certificates ( N Y C Line*)® 1012 Jan. 1, 1027 Sa,375,6fi3 B0 4151,710 00 July and Jan

Equipment trust certificates (N Y C Lines)® 1913 Jan. 1, 192S 3.697,777 50 521,719 10 July snd Jan

Equipmcnt trust certificates ( M C R R ) ® 1915 Oct. 1, 1930 4,500.000 00 1.500,000 00 Apl and Oct Equipment trust certificates ( M C It I t ) ® 1917 l i c k . 1, 1932 t.000.000 00 4.200,000 00 3cpt I U U Mch

Equipment trust notes (Trust No. 4$)® 1920 Jan. 15, 1935 5.190.900 00 3 464,000 00 «r. July 15. Jan 16

Equipment trust certificates ( N Y CRR)® 1920 April 15,1935 7,014,971 25 4676,647 50 Oct l i , Apl 15 Equipment trust certificates Y C Lint*)® 1KB June I,1937 4.595.000 00 i 470.000 00 5*7 Dec and June

Equipment trust certificates (N Y C Lines)® 1922 Sept. 1,1937 765,000 00 612.000 00 41% Mob ind Sept

Bquipmeni trust certificates (N Y C Lines)® 1923 June 1,193S 9.480.000 00 S 216.000 DO s% Dec mid June Equipment trust certificates (N Y C Lines)® 1924 June 1, 1939 3,405,000 00 3262.000 30 5% Dec and June

Equipment trust certificates (N Y C Lines)® 1024 Sept. 15, 1939 2.595,000 00 2,422,000 X) MchlS.Poptlfl

Equipment trust certificates (N Y C Lines)® 1925 May 15, 1910 3,510,000 00 IS30.00G 00 4*% Nov l5 ,Moyl5

Total equipment trust obligations actually outstanding 835,335.077 TQ

Total funded debt actually outstanding S70.113,077 y>

TROSTEES: ® Bankers Trust Company, New York ® Metropolian Trust Company, New York ®Cent ra l Union Trust Company of New York ® Philadelphia Trust Compasy. Philadelphia ® Guaranty Trust Company of New York

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:

N Y C LINES EQUIPMENT TRUST OF 1912

PflB8CDg« Fright moti ves CJira

M C R R 31 1 2,500 N Y C R R 63 96 10,345 C C C i S t L R y 53 27 1,500

Totals 147 721 14,345

N Y C !

Loeo- l'anseoge r Freight Company inoti v« cam cara

M C R It 88 82 740 Is Y C It R 249 314 2,000 C C C & St L Ry — 47 1.000 P & L E R R - - 4,000 T & 0 C Ry -

Totals 340 ~443 11.240

Certificates issued lor not to MMed

Company 90 per oem of oo« service bearing; dividend emrs *t 4 J per font

82,275.663 50 10,325,983 50 2,398,353 00

150

Annual install meet* $151,710 90 688,398 90 159,890 20

redeemed $2,123,952 60 9,637,584 60 2,238,462 80

II a lance cert id cat's outstanding

Dec. 31. 192-5 $151,710 90 688,398 90 159,890 20

150 $15,000,000 00 $1,000,000 00 814,000,000 00 51,000,000 00

Y C LINES EQUIPMENT TRUST OF 1913 Certificates issued for not to «icced

30 per cent of co)t benrID? dividend

at 41 per cent 23,097,777 50 10,734,681 38

1,706,775 32 3,981,991 SO 3,057,774 30

Annua) iutallrr.cn In $262,359 54 742,117 Gl 116,733 71 265,466 10 213,323 04

C«r!i fic*tci redeem ed

83,173,058 40 9,250,446 10 1,473,307 92 3,491,059 30 2,631,128 25

riftlfir.ee CCt titles 143 ou tst audi mj

Dec 31. 19*5 S524/3J9 10 1,484,235 2S

233,407 40 530,932 20 426,646 02

823,179,000 00 81,600,000 00 819,979,000 00 S3,200,000 00

C'ainpsiDy M C R R

MICHIGAN C E N T R A L RAILROAD EQUIPMENT TRUST OF 1915

Freight enr*

4.045

Coitifleates issued far not to exceed

AO per con* of cost bearing divioond

at 5 per cent A nr.nil

ins tall me a l CcrUScctes redeemed

DJIISOCI' certificate* •juMtandittjr

Dee. 31. 1923 54,500,000 00 8300,000 00 53,000,000 00 Sl.500,000 00

Company M C R R

MICHIGAN C E N T R A L RAILROAD EQUIPMENT TRUST OF 1917

Loco­motives cars

10 50

Freight can

6,000

Certifiissued for not to ciceed

SO per e*nt o( cost bearing dividend

at (1 per cent £8,802,000 00

Annual installment

Certifiratei redeemed

Ualance cfr:ifi-,>Tfi oJUlaudirm

D M . 31. 1925 8600,000 00 84,602,000 00 S4,200,000 00

Company M C R R

Loc-o-molivcs

30

EQUIPMENT TRUST No. 48 (1920)

Fre-ffht cur*

2.CC0

.Notes iMufd for not to exceed

75 per cent of cost bean nit interest

at li per cent 55,190,800 00

AnnulJ inalsllisicnt Notes redeemed

Balance note*

outstanding Dee. 31. 1920

8346,400 00 81,726,800 00 $3,464,000 00

NEW Y O R K C E N T R A L RAILROAD COMPANY E Q U I P M E N T TRUST OF 1920 Equipment uudcr ftib-teoic from

The New York Central Railroad Company

f'»iiaprtr.y M C R R

Loco- Passenger Fr <i R h t motives ears cars

26 1,950

Certificates Issued for not to esceed

75 per cent of cost bearing dividend

at 7 per cent 87,014,971 25

Annual installment

Cert" Ilea les redeemed

certificates! oulsl undine

Dec. 31. 1925 8467,664 75 82,335,32:1 75 S4.070.647 50

N Y C LINES EQUIPMENT TRUST OF 1922

Company M C R R N Y C R R C C C & St L Ry C N R R P & L E R R P McK & Y R R

Totals

Loco­motives

10 50 15

75

Freight

3,500 5,000 4,000 1,000 2,500 2,500

18,500

Certificates issued fox not to eicced

75 per cent of cent hearing dividend

at &p«r <*nt $5,595,000 00 8,580,000 00 5.625,000 00 1,155,000 00 3,345,000 00 3,315,000 00

Annual installments

$373,000 00 572,000 00 375,000 00 77,000 00

223,000 00 223,000 00

Certificates red aero ad

81,119,000 00 1,716,000 00 1,12 ,000 00

231,0U0 00 669,000 00 669,000 00

balnncc certificates • • 11 • i ..'.J'-..:

Dee. 31. 1075 34,476,000 00

0,864,000 00 4,500,000 00

924,000 00 2,676,000 00 2,676,000 00

827,64fi,000 00 $1,843,000 00 S5,529,000 00 822,116,000 00

The Michigan Central Railroad Company

EQUIPMENT TRUSTS {concluded)

N Y C L I N E S F O U R A N D O N E - H A L F P E R C E N T E Q U I P M E N T T R U S T OF 1922

Company M C R R N Y C R R C C C & St L R y

Totals

Loe-c-raotivei

15 ISO 65

240

Certificate* issued (or ool 10 eaeeed Balance

75 per cent of cost c«.-ru3catM bearing dividend Annuel Certificates outstanding at 41 per cent in*t»Hmente redeemed Dec. .11. 1925 8765,000 00 851,000 00 5153.000 00 8612,000 00

8,535,000 00 569.000 00 1,707,000 00 0,828,000 00 3,360,000 00 224,000 00 672.000 00 _2,088,000_00

812,660,000 00 8844.000 00 $2,532,000 00 810,123,000 00

N Y C L I N E S E Q U I P M E N T T R U S T O F 1923

Company M C R R N Y C R R C C C & St L Ry

Totals

Loeo-motivca

s earn 36

184 48

268

Freight cars

4,000 2,000

6,000

Certi6cAte* Uaued for not to eieeod

75 per cent of ooyl beorine dividend

at 5 per cent $9,480,000 00

6.930,000 00 930,000 00

Annual installments 8632,000 00

462,000 00 62,000 00

Cent *i<ste* redeemed

81,264.000 00 <*24,000 00 124,000 00

Quliaee c«itinc«l«>

outstanding Dee. 31. 1025

88.216,000 00 6,006,000 00

806.000 00

817,340,000 00 $1,156,000 00 82,312,000 00 815,028,000 00

N Y C L I N E S E Q U I P M E N T T R U S T O F 1924

Company M C R R N Y C R R C C C & St L Ry C N R R

Totals

Loco­motives

61 45

131

Paaaenser cara

15 110

Freight cara

1,000 5,240 2.210

250

125 8,700

Certificate* issued for not to exceed

73 per cent of cost beano* dividend Annua! Ceijihwtes

at 5 per cent installments redeemed 83,495,000 00 8233,000 00 3233.000 00 14,745,000 00 983,000 00 983,000 00 6.405,000 00 427.000 00 427,000 00

405,000 00 27,000 00 27,000 00

S257050.000 00 Si,670,000 00 81,670,000 00 823,380,000 00

Bnbuee certificates

Out£tsn-iin« Dec. 31. 1923

$3,262,000 00 13,762.000 00 5,978,000 00

378,000 00

N Y C L I N E S F O U R A N D O N E - H A L F P E R C E N T E Q U I P M E N T T R U S T OF 1924

Loco- Passe ncer Freight Company motive* enra ears

M C R R 5 23 1,000 N Y C R R 48 190 4,200 C C C & St L Ry 5 55 2,290

Totals 5S 208 7,490

Certificates issued foi not to exceed

75 per cent ol cost bearing dividend

nt 4) per cent 82,595,000 00 12,720.000 00 5,610,000 00

Annual installments

$173,000 00 848.000 00 376,000 00

Certificates redeemed

S173,000 00 848,000 00 376.000 00

Balance certificates oute'aiidinii

Deo. 31. 19:13 $2,422,000 00 11,872,000 00 5.264.000 00

$20,955,000 00 $1,397,000 00 $1,397,000 00 819,558,000 00

N Y C L I N E S E Q U I P M E N T T R U S T O F 1925

Company M C R R N Y C R R C C C & St L Ry

Totals

Panentter cara

7 64 35

Prefcht e»ra

1.000 1,200 2.800

IOo 5,000

Certificate, iasued for not to e*«cd

75 per cent of cost bearing dividend at 44 per cent

81,830,000 00 3,750,000 00 4.950,000 00

810,530,000 00

Annual install meots 8122.000 00

250,000 00 330,000 00

S702.000 00

Ccrtlticites redeemed

Certificates Outstanding

Dee. 31, 192-1 S1.S30.000 00

3,750,000 00 4,950,000 00

$10,530,000 00

u

COMPARATIVE CONDENSED GENERAL RAI.ANCR SHEET, DECEMBER SI, 1995 and 19S+

A3SKTS

1924 $71,I*S,98S )6

75,810,125 55 12,9X8.239 59 3.147.9S5 70

9,334 I8 1,7*3.026 M

14,715,792 36

A2S2 67

INVESTMENTS

Investment in road Invest menl in equipment

Truot tamed

Imp-ovements ?n leased rsihvay property Deposits in lieu of mortgaged property sold MUcslUneoue pnydcal property Invtvtmcnti in atTiliattd companies

S8.8A4.S94 50 Stocks ,631 80 Binds

7tt.SflT 06 N'ot« 4.2<K,738 10 Advance*

Oth«r invea'.ments 8 If.004 00

1.264 fi­l l 15

1 00

8179.658.776 35

Stocks Bond* Note* Miscellaneous

S9.057.077 25 siajojj tu 778,033 04

4.414,127 £5

$16,004 CO 4,100,005 15

13 1ft 26,201 CO

1925 873,891,142 41

Ti,800,0 W 10 20.273,7AI fiR 3,230,274 3 6

44,015 77 1,740,557 43

'S.lfJ?,P8fl 54

$2,722.35; 45In<

4.039 30c 09 De: 7.9M841 W l n r

82,28* 66Inc 35.2SC 99 Inc

170* 91 De;

202182 75 Ice 58 BSC OOInc

4 881 03 Doc 100J89 45lnc

$410 508 IS Inc

4,104,740 03IQC

26,200 OOInc

4.147.223 30 $4,130,940 63Inc

$1«0.300,«74 65 $10,83 1 60S 30Ino

S8.253.017 15 Ca*h 243,319 10 Special deposit*

3,314 75 i.oar.3 and tills receivable i ; i 08 Traffic and car lerviccbaUncea rec*i*abli

1,851,633 43 ?let f iance receivtblc frosa ascnls a i d conductors 2,551,012 *1 Miamllaneo-is accoantf receivable 6,6-i0.A76 25 Matrrta anl supplies

2.3.613 85 ItitM*«t anri di<-id«r»dsroe»ivftbl© 370,3)6 05 Other cirient a«setj

820.9i9.218 17 T-ITAT. (TUTIPOT «***:T»

8:5,332,786 SS 24,068 45

1.0M.C38 90 937,$ 13 87

1.902.599 7ft 2,533,(08 62 5,973,799 09

311,(48 66 135.S43 20

$7,020,730 269,260

1,|]05,324 203,360 .10.017 48,633

467,077 69/135

264,303

43 Ino 95 Dec I5Inc 89 Inc B B I S M 99 Dec 16 Dee 01 Inc 75 Dee

$>8,070.300 33 $7,131*70 06Ino

930,134 37 3.171 05

$53 325 12

Wuikiiift fnod tnlvtuictu Other deferred assets

TOTAL n : rE iHEi n'nr.-o

$29,697 00 176,(4$ 02

$2)0,844 08

$Z5tj 71 Dec 173,775 87 Ino

$173,319 lOIuc

$6,131 C5 1,560,873 27 3.002,7*2 50

$4,689,817 42

$3f*.31l,157 56

UNADJUSTED DEBITS

Rents and insuiance piemiumi paid i.i acvanee Disount OD fuoded debt Othff unadjusted dchii* ($6,679,400) Securities issued or assumed—unpledged (16,679,600)

TjTAL UKADJOStTD DEBITS

$5,768 46 1,474,444 24 3,455,1Q3 18

$3.9W, 40ft Wt

$393 19 Dec 100,429 03 Dec 547,580 32 Deo

Sftft4.4H 8 4 D M

$M2,6K3,034 44 $17,271,876 68Ioc

The Michigan Central Railroad Company

COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DECEMBER 31, 1925 and 1924

L I A B I L I T I E S

1924 STOCK 1925 Com miI'II'IH

$18,736,400 00 Capital stock 318,736,400 00 —

L O N G TERM DEBT

Funded debt unmatured $37,095,212 69 Equipnenl obligations $35,335,077 50 31,700,135 19 Dec 40,778,000 CO Mortgage bords 40,778,000 00 —

177,873.212 69 TOTAL LC.NO TEJIM DEBT $76,113,077 50 §1,760,135 19 Dec

$96,609,612 69 TOTAL CAPITALISATION $94,849,477 50 §1,760,135 19 Dec

C U R R E N T LIABILITIES

$4,289,867 75 Traffic and car-*ervicc balances payable 84,7*8,741 i)2 8498,873 27 Iuc 5,40', 5 3 2 48 Audited accounts and wages payable 4,7(7,024 i:S 039,£<I3 05 Due 1,039.924 *2 Miscellaneous accounts payable 1,1)3,669 01 73,744 19 Inc

W.BOS CO Tnlnrpst itlft'iirH impAld 1.6,852 50 1.C53 .50 Dec 5,450 (0 D.vidends matured unpaid 5,034 XI 184 OOlnc ?,000 CO Funded debt matured unpaid 2,000 JO

1,873,640 00 Dtvidend declared, payable January 29, 1926 3,2;g,S70 }0 1.405,130 0 0 Iuc

696,438 18 Unmatured interest accrued 666,442 25 2»,*96 33 Dec 427.774 *7 427,774 i" —

. 639,910 02 Other current liabilities 361.983 J5 277,926 07 Dec

$14,520,443 52 TCTPAL cvanevT •.- • •:nTtta> $15,549,592 03 $1.029.:48 o l lnc

DEFBHREt LI A DILI TIES

$247,263 27 Other deferred liabilities 5207,330 {14 $39,712 3 3 Dec

$247,263 27 TOTAL DEFERRED LIABILITIES 8207,550 94 $39,712 33 Dec

UNADJUSTED CREDITS

$6,397,26 1 30 T i x liability S6.935.54S 99 S53S.-237 GOlnc 13,182 63 iLsurance and oilier casualty reserves 19.547 45 6,364 $2 Inc

18,208.389 46 A:crued deprecation- equipment 21,377.558 61 3,169,169 15 Inc 43,438 19 Accrued dtpii ' t .aUuii- tuia>ct-Iluricou» p h y s i c a l property 65,107 47 ai,osa S B I B C

5,444,65 3 01 Other unadjusted credits 6,285,733 02 841.080 Ol lnc

*3U,106,9i!4 59 TOTAL L ' N A U J L S O i H l i m i l * 334,033.490 : , 4 34,570,370 95 Inc

CORPORATE S D R P - C S

$6,750,090 07 Additions to property through income and surplus $6,766,744 38 $ 16.o54 31 Inc 56,096,823 42 Profit and loss—balance 70.446,174 05 13.4-19,150 03 Inc

$63,746,913 49 TOTAL COKPOIIATK S O I P L U S $77,212,918 43 $13,466,301 94 Inc

$205,231,157 56 §222,503,034 44 S17.271.S76 88 Inc

Annual Report

INVESTMENTS

IMPROVEMENTS ON L E A S E D RAILWAY PROPERTY Baltic Creek & Sturgis Railway Canada Southern Bridge Canada Southern Railway Detroit Manufacturers Railroad Detroit Toledo & Milwaukee Railroad Indiana Ha*bor Belt Railrc&d Joliel & Northern Indiana Railroad New York Central Railroad—Ren ton Harbor Extension St Joseph S^utli Rend & Southern Railroad St Clair & Western Railroad

Total

DEPOSITS I N L I E U O P MORTGAGED P R O P E R T Y SOLD Accouutlard at Jackson Account trust equipment

I N V E S T M E N T S IN M I S C E L L A N E O U S P H Y S I C A L PHaPEirrr Detroit stockyards Detroit land- -Union Trust Company Detroit lands- special Bay Ci ty , land for freight house Real (Mtato— Backus- propc.-ty Land, Woodward Avenue Quarry, JoLet

Rail leased to sundry parties Jackson, land for new belt '.ine and coach jard Grand Rapids, land for new freight yard Gravel pit, Toledo Land Grant lands—Union Trust Company

I N V E S T M E N T S IN A F F I L I A T E D COMPANIES -STOCKS Battle Give; A- Sturgis R 21 way Co Canada Southirn Railway Co Chicago Kulflmazoo & Saginaw Railway Co Detroit Manufacturers Rairoad Detroit River Tunnel Company Detroit Terminal Railroad Co Detroit Toledo & Milwaukee Railroad Co Indiana Harbor Belt Railroad Co Joliet & Northern Indiana Railroad Co Lansing Manufacturers Railroad Lansing Transit Railway Co Mackinac Transportation Company Toledo Terminal Railroad Co Toronto Hamilton & Buffalo Railway Co

Total

Tola) outstanding $500,000 00

15,000,000 00 450,000 00 300,000 00

3.000,000 00 2,000,000 00 1,060,000 00 5,000,000 00

300,000 00 100,000 00

2,000 00 66,000 00

4,000,000 00 5.415,000 00

Total

$ 13.440 90 707 88

900,463 77 64,432 84 76.105 44 9,715 20

2,049,209 49 8,583 32

108,019 32 Credit 1,423 80

WP*i80.-r/4

83,794 50 40,821 27

844,615 77

$942,814 09 295,813 96

15,450 00 31,852 1*.

160,630 77 130,702 07 47,030 80 48,047 39 35,801 36 10.510 00 12,613 88

1 00

$1,740,257 43

BeM ty Ihi* company Por value

4,175 3417,500 00 81,601 8,160,100 00

2,700 270,000 00 1,773 177,300 00

30,000 3,000,000 00 5,000 500,000 00 5,300 530,000 00

15.000 1,500,000 00 3.000 300,000 00

500 50,000 00 10 1,000 00

216% 21,666 67 3,872 387,200 00

11,810^ 1,181,040 00

816,4.95,806 67

INVESTMENTS IN A P P I L I A T E D COMPANIES—BONUS Battle Crec!< & Sturgis Rai.way Co first mortgage Chicago Kalamazoo & Saginaw Railway Co first mortgage Toledo Terminal Railroad Co first mortgage Toronto Hamilton & Buffalo Railway Co consolidated gold mortgage

Total outimndmQ $500,000 00 1,268,030 00 5,241,0)0 00 2,000,000 00

Hi-id by Lltl» iviiil'iiri,

pnr value 824,000 00 761,000 00 137,000 00 250,000 00

Total $1,172,000 00

The Michigan Central Railroad Company

INVESTMENTS (concluded) IIM by

I N V E S T M E N T S I N A F F I L I A T E D C O M P A N I E S — N O T E S ' y

Indiana Harbor B e l l Railroad Co $778 623 04

I N V E S T M E N T S I N A F F I L I A T E D C O M P A N I E S — A D V A N C E S

Canada Southern Railway Co $4,070,643 23 Detroit River Tunnel Company 27,380 83 Lansing Manufacturers Railroad 118,500 32 Lanaing Transit Railway Co 9,739 25 Mackinac Transportation Company 139.704 92

Total $4,414,127 55

O T H E R I N V E S T M E N T S — S T O C K S

Clifton Hotel Company, Limited $15,000 00 Detroit Chamber of Commerce 1 0 0 0 0

Sundry inactive corporations 61,400 00

Total 876,500 00

O T H E R I N V E S T M E N T S — B O N D S

Kansas Oklahoma & Gulf Railway Co 6% mortgage, series A $$00 00 Kansas Oklahoma & Gulf Railway Co income, scries B 1.16 59 United States of America First Liberty Loan converted 4li% 50 00 United States of America Second Liberty Loan converted 4}4% 100 00 United States of America Fourth Liberty Loan 4 K % 2.000,000 00 United States of America Treasury bonds, 4% 2,000.000 00 Canada Victory Loan of 1917, 5 H % 200 00 Park Club of Buffalo, 5% 100 00

Total $4,001,336 59

OthER INVESTMENTS—NOTES AND MISCELLANEOUS

Various notes 813 15 Miscellaneous 1 00 Dixie Fuel and Supply Company 20,200 00

Total $20,214 15

SUMMARY OF INVESTMENTS Road and equipment Improvements on leased or controlled railway property Deposits in lieu of mortgaged property sold Miscellaneous physical property Investments in affiliated companies-—Stocke, par value

Bonds, par value Notes, par value Advances

Other investments— Stocks, par value Bonds, par value Notes, par value Miscellaneous

$16,495,806 67 1,172,000 00

778,623 94

$76,500 00 4,001,386 59

13 15

ledger value ledger value ledger value

ledger value ledger value ledger value

$9,057,077 25 912,531 80 778,623 94

4,414,127 55

$15,004 00 4,106,005 15

13 15 26,201 00

8165.905,713 25 3,230,274 36

44,615 77 1,740,257 43

15,162,360 54

4.147.223 30

Total investments $190,290,474 65

Annual Report

EXPENDITURES FOR ADDITIONS AND BETTERMENTS

Owned ruilo-iiy Leased railway d property properly

Engineering $12,74-1 50 $237 60" Land for transportation purposes 52,197 12 517 75 Grading 6713,627 07 2,149 96 Bridges, trestles ami culverts 527,005 S2 21,781 47 Ties 22Sm 31 410 01 Rails 265,750 41 27,130 70 Other track material 244,717 56 18,510 OS Ballast 74,444 93 57 72' Track laying and surfacing 597,507 35- 87 58* Right-of-way fences 1,564 49* Crossings and signs 112,759 10 693 66 Station and office buildings 369,311 78 1.020 86* Roadway buildings 13,373 2S* Water stations 48,744 24 9,224 65 Fuel stations 21,109 77*

9,224 65

Shops and engine houses 21,497 57 4,908 11* 'Wharves and docks 325,160 50

4,908 11*

Telegraph and telephone lines 75,569 56* 126 60 Signals and interlockers 193,245 99 608 06 Power transmission systems 2,527 51 3,348 93 Power distribution systems 17,807 09 563 43 Power line poles and fixtures 64,741 34 9 51 Underground conduits 3,905 71 Miscellaneous structures 4:1&S 17 101 61 Paving 59,816 46 1,151 04 Roadway machines 3,278 43

1,151 04

Assessments for public improvements 111.702 04 1,569 92 Other expenditures—road 12,496 45

1,569 92

Shop machinery 152,592 96 381 39 Power plant machinery 6,549 10

Total road expenditures &2.0S6.7G4 01 882,017 60

Equipment Steam locomotives Freight-train cars Passenger-train cars Work equipment Miscellaneous equipment

Total equipment expenditure?

Miscellaneous expenditures Interest during construction

Expenditures for the year

Investment in road and equipment ns of December 31, 1924

Totals to December 31, 1925

8380,011 32 2,197,816 69

516,345 62 151.017 94

840 73

53.246,035 30f

$35,5S9 44

S5,9G8,3SS 75 159,997.354 50

3271 06

882,288 66 3,147,985 70

S165.965.743 25 83,230,274 36

• Credit t including Irutl equipment

The expenditures for leased line improvements were made upon the following-named properties: Battle Creek & Sturgis Railway Detroit Manufacturers Railroad Detroit Toledo & Milwaukee Railroad Joliet & Northern Indiana Railroad

New York Central Railroad—Benton Harbor Extension St Joseph South Bend & Southern Railroad

$780 87 21,835 49 6.431 37

49,571 12 1,995 04 1.674 77

Total $82,288 66

The Michigan Central Railroad Company

Analysis of changes in Equipment Investment account

E Q U I P M E N T A D D E D , including betterments: Steam locomotives Freight-train ears Passenger-train cara Work equipment Miscellaneous equipment

EQUIPMENT RETIRED Steam locomotives Freight-train cars Passenger-train cars Work equipment Miscellaneous equipment

TRUST 8605,892 62 2,287,580 13

224,873 W

OWNED $90,691 78 961,959 79 509,730 40 201,496 34

4,432 55

TOTAL 8696,584 40 3,249.539 91

734,054 00 201,496 34

4,432 55

By u»n»(« on mslumy o( Trail I>1 1910

$2,943,105 28 3,713,046 30

450,532 S9

Totals 53,118,346 34 $1,768,360 86 84.S36.707 20 $7,106.687 47

IB t'ST

$51,165 56

OWNED $316,573 08 1,000,557 66

218,305 38 50,478 40 3,591 82

TOTAL $316,573 OS 1,051,723 22

218,305 38 50,478 40 3,591 82

Totals Net decrease in trust equipment Net increase in owned equipment Net increase in equipment investment

$51,165 66 $1,689,506 34 $1,640,671 90

By -.THMti on ciMuntv at TriiH of 1930

$2,943,108 28 3,713.046 30

480,532 89

$7,106,687 47 $4^039,506 69 7,285.641 99

S3.2tfl.035 30

DETAIL OF RAILWAY OPERATING REVENUES

R E V E N U E S F R O M TRANSPORTATION Freight Passenger Excess baggage Mail Express Other passenger train Milk Switching

Special service train

Total

1925 $01,859,111 21

20,840,641 89 145.S67 27 058,647 87

4,327.200 74 220,119 12 156,304 13

1,536,514 60 9.309 12

1924 $58,463,966 84

20,598,595 20 162,934 48 978,437 52

3,957,000 38 204,767 21 140,695 13

£,281,383 06 16.660 08

Increase $3,395,144 39

242,046 69

370.2O0 30 15,351 01 15,609 00

255,131 60

Decrease

$17,067 21 19.789 65

7.350 96

$90,053,716 03 $85,304,439 90 84,249,370 13

I N C I D E N T A L A N D JOINT F A C I L I T Y Dining and buffet Hotel and restaurant Station and train privileges Parcel room Storage—freight Storage—bnggagc Demurrage Telegraph and telephone Stockyard ' Rents of buildings and other property Miscellaneous Joint Facility—Cr. Joint facility— Dr.

Total

Total railway operating revenues

8935,279 86 $887,321 07 S47.95S 79 99,202 37 103.283 39 72,985 13 86.692 28 34,942 90 34,716 20 226 70 57,201 68 60,494 00 20,599 63 20,824 11

402,415 69" 400,058 91 2,356 78 2,650 72 2,450 34 200 38

538 67 572 41 81,436 35 79.495 59 1,940 76 59.015 79 110,684 13 56,769 39 51,110 16 5,659 23 12,436 76 27,480 10 15.043 34

$1,310,661 42 $1,810,222 49 &43S 93

$91,804,377 45 $87,014,602 39 84,249,715 00

021 02 13,707 15

3,292 32 224 48

33 74

51,668 34

DETAIL OF RAILWAY OPERATING EXPENSES

M A I N T E N A N C E O F W A Y A N D S T R U C T U R E S 1026 1024 Increase Decrease

Superintendence 8582,253 40 8565,361 26 $16,892 14 Roadway maintenance 937,423 03 897,541 31 39,881 72 Tunnels and subways 18,274 50 24,137 95 $5,803 45 Bridges, trestles and culverts 491,953 29 515.66S 75 23,715 46 Bridges, trestles and culverts depreciation 26.337 46 26,337 46 Ties 1,466,123 02 1,790,002 58 324,470 56 Rails 297,297 11 753,519 87 450.222 56 Other track material 761.816 01 1,053,445 38 206,628 47 Ballast 478.750 01 398.562 98 30,187 03 Track laying and surfacing 3,023,298 22 2.831.441 69 101,856 53 Right-of-way fences 66,346 85 63,149 92 3,196 93 Snow and sand fences and snowsheds 3.748 33 2,157 03 1,590 70 Crossings and signs 230,200 17 213,536 74 16,723 43 Station and office buildings 370,420 68 301,676 47 68.744 21 Roadway buildings 24,553 02 24,794 58 241 56 W a t e r stations 200,752 22 160,403 55 40,343 07 Fuel stations 43,374 48 62,644 40 10,269 92 Shops and enginehouses 308,412 13 304,152 72 4,250 41 G r a i n elevators 50 67 6,010 97 5.060 30 Wharves and docks 13.453 39 6,082 84 7,370 55 Telegraph and telephone lines 107,592 02 83,346 01 24,246 01 Signals and interlockers 360,185 66 352,024 30 8,161 36 Power plant buildings 13,141 35 3,954 83 4,186 52 Power substation buildings 1,555 88 94 82 1.461 06 Power transmission systems 7,384 08 087 72 6.306 36 Power distribution systems 26,621 26 28,428 77 1,807 51 Power line poles and fixtures 105 97 766 34 660 37 Miscellaneous structures 1,176 04 2,183 16 1,006 52 Paving 26.130 01 35,728 32 9,698 31 Roadway machines 35,077 41 34.023 96 1,053 45 Small tools and supplies 134,152 23 134,974 55 822 32 Removing snow, ice and sand 186,702 12 248,343 10 01,550 98 Assessments for public improvements 4,1)03 22 3,520 57 1,382 65 Injuries to persons 94,401 02 44,572 61 40.823 41 Insurance 33,171 04 33,046 23 124 31 Stationery and printing 17,238 95 16,426 81 812 14 Other expenses 2.750 00 2,750 00 Maintaining joint tracks, yards and other facilities—Dr. 520,949 73 572,353 70 51,403 97 Maintaining joint tracks, yards and other facilities—Cr. 508,639 48 407,987 92 100,651 56

Tota l 310,415,588 00 811,177,679 27 $762,001 27

M A I N T E N A N C E O F E Q U I P M E N T

Superintendence Shop machinery Power plant machinery Power substation apparatus Power substation apparatus—depreciation Steam locomotives—repairs Steam locornotives—depreciation Steam locomotives—retirements Other locomotives—repairs Other locomotives—depreciation

• Credi! Carried forward

$471,019 95 $457,352 03 813.667 87 352,062 66 361,841 58

I3.S74 98 14,728 52 4,912 77 11,358 87* 16,271 64 o.ooo on 6,000 00

4,934,016 99 4,353,082 81 080,934 15 623.307 67 587,541 47 35,766 20 144,853 72 183,386 57 23,180 32 35,006 81 14.221 56 14,221 56

$6,537,450 62 $6,001,802 56

89,778 92 853 54

38,532 85 11,826 49

The Michigan Centrat Railroad Coynpany

DETAIL OF RAILWAY OPERATING EXPENSES (continued)

M A I N T E N A N C E OF E Q U I P M E N T (concluded) Brought forward

Freight-train cars—repair* Freight-train cars—depreciation Freight-train curs— retirements Passenger-train cars—repairs Passenger-train cars—depreciation Passenger-train cars—retirements Work equipment—repairs Work equipment—depreciation Work equipment— retirements. Miscellaneous equipment—repairs Miscellaneous equipment—depreciation Miscellaneous equipment—retirements Inj uries to persons Insurance Stationery and printing Other expenses Maintaining joint equipment—Dr. Maintaining joint equipment—Cr.

Total

10 25 1924 Increase $6,587/150 62 36.001,802 56

5,970,937 57" 5,56«,568 66 8402,368 91 2,377,727 02 2,141,764 30 235,962 72

356,639 81 391,421 98 1,443.189 07 1,513,390 13

277,239 55 227,824 13 49,415 12 41,028 38 47,556 43

205,950 61 184.01 I 54 21,939 07 52,641 38 49,360 21 3,272 17 25,980 69 52,832 42

6,405 31 6,187 93 217 3S 4,040 42 3,624 39 4i6 03 1,249 16 4,525 23

95,453 88 80.104 90 15,348 98 41,105 37 33.467 66 7,637 71 30,842 37 35.470 75

6,058 04 8,447 48 118,472 24 111,289 74 7,182 50 24,271 53 3,697 75

817,618,140 86 81«,457,962 29 81,100,17S 57

Decrease

834,782 17 70.200 40

6,528 05

26,831 73

3,276 07

4,628 38 2,389 44

20,573 78

T R A F F I C E X P E N S E S Supcrinten den ce 4470,128 97 3457,839 62 812,289 35 Outside agencies 548,354 95 519,891 77 28,103 18 AdvertisinR 102,138 62 86,304 74 io.S:i:i ss Traffic associations 2-8,786 77 23,145 32 5,641 45 Fast freight lines 6.526 00 2,797 11 Industrial and immigration bureaus 23,354 56 28,451 50 S5,096 94 Insurance 604 45 301 5S 302 87 Stationery and printing 120,346 90 130,412 32 4.065 12 Other expenses SS2 30 8S2 30

Total Sl,3O0,341 22 31,250,026 26 356,314 96

T R A N S P O R T A T I O N E X P E N S E S Superintendence 5928,052 07 5930,019 52 52,3G7 45 Dispatching trains 201,235 04 202.203 56 96$ 52 Station employees 3,825,977 10 3,898.556 31 72,579 21 Weighing, inspection and demurrage bureaus 60,308 05 50,013 82 $1,494 23 Station supplies and expenses 265,271 40 344,517 S7 79,246 47 Yardmasters and yard clerks 1,068,837 23 1,044,303 45 24.533 78 Yard conductors and brakemen 2.S70.452 SO 2,797.457 78 81,995 02 Yard switrh and signal tenders 350,229 61 345.356 92 34P872 69 Yard enginemcn 1,717,773 36 1,731,000 24 16,773 12 Yard motorroeu 0,346 IS S.973 36 272 S3 Fuel for yard locomotives 1,700,095 15 1,775,401 47 75,306 32 Yard switching power produced 12.S40 79 12.029 9G 810 S3 Water for yard locomotives 105,948 22 100.743 38 5,201 81 Lubricants for yard locomotives 28,722 SI 1S.I90 90 10.526 01 Other supplies for yard locomotives 11,230 98 6.302 16 4.934 82 Enginehouse expenses—yard 390,478 71 440,298 32 49,519 fil Yard supplies and expenses 53,910 00 50,002 10 2,692 10 Operating joint yards and terminals—Dr. 1,369,917 S4 1,391,696 02 21.77S IS Operating joint ya.rds and terminals—Cr. 315,815 91 26S.563 76 47,252 15 Train engine-men 2,269,986 00 2,405.400 22 135.479 32 Train motor men 79,659 53 77,859 23 1,800 30

394,213 48 Fuel for train locomotives 4,722,233 36 5,116,448 74 394,213 48

Carried forward 821,795,797 33 822,494,4*1 57

DETAIL OF RAILWAY OPERATING EXPENSES (concluded)

T R A N S P O R T A T I O N E X P E N S E S (concluded) 1025 1924 Increase Decrease Brought forward t

$21,795,707 33 822,494,481 57 Train power produced 51.117 2 0 48,235 78 S3.181 42 Water for train locomotives 240,106 32 233,166 21 7,000 11 Lubricants for train locomotives 107.071 32 104,040 70 2,130 0 2

Other supplies for train locomotives 45,490 4 9 43,838 1 0 $3,347 61 Engine-house expenses—train 700,520 0 2 7 S S . 7 3 7 17 88,217 15 Trainmen 2,710,506 52 2,828,604 6S 109,098 16 Train supplies and expenses 1,088,078 62 1,407,499 87 319.421 25 Signal and inter'locker operation 331.073 9 7 325,421 5 9 5.652 38 Crossing protection 372,813 41 38O.S0S 66 3.085 25 Drawbridge operation 26,618 36 21.574 1 0 5,044 26 Telegraph and telephone operation 240,299 7 9 246.4S7 50 6,187 71 Stationery and printing 232,057 10 221,073 CO 10,083 41 Other expenses 27.49S 13 47,724 01 20.225 88 Operating joint tracks and facilities—Dr. 241,336 2 1 304,376 40 63.040 10 Operating joint tracks and facilities—Cr. 222,642 50 240,583 24 17,945 7 4 Insurance 31,113 63 30,542 57 571 06 Clearing wrecks 56.55S 5 3 7 6 . 3 S 3 67 19,825 15 Damage to property 40,235 4 3 57,695 53 8.460 10 Damage to live stock on right of way 3,742 48 3.060 60 681 79 Loss and damage—freight 75S,i)32 00 762,143 51 6.7SS 4 9 Loss and damage—baggage 5.460 38 4,267 68 1,192 70 Injuries to persons 306,011 89 29S,165 63 8,746 26

Total S20.219,I4i) 62 $30,494,421 07 $1,275,274 45

M I S C E L L A N E O U S O P E R A T I O N S Dining and buffet service $027,339 93 $896,062 09 $30 ,377 84 Hotels and restaurants 07,058 42 OS.546 33 31,487 01 Stockyards 435 34 950 77 515 43

Total Sl ,024 ,S33 69 $996,459 19 $28;374 50

G E N E R A L E X P E N S E S Salaries and expenses of general officers 8158,755 47 $159,105 96 $350 49 Salaries and expenses of clerks and attendants 1,020,635 65 989.867 07 $30,768 58 General office supplies and expenses 71,616 1 0 71.094 63 378 44 Law expenses 152,675 9 5 1SI.6S3 5 2 29,007 57 Insurance 942 1 2 042 0 1 11 Pensions 676.468 29 219,715 58 456,752 71 Stationery and printing 73,214 24 65,407 4 3 7.S06 76 Valuation expenses 154,323 05 88,041 7 4 66,231 3 1 Other expenses 88.077 66 93,527 45 5,440 79 General joint facilities— Dr. 2,592 36 7,545 01 4,052 66

Total $2,399,300 98 $1,877,830 4 5 8521,470 53

T R A N S P O R T A T I O N F O R I N V E S T M E N T — C R . 800,312 36 $ 9 4 , 8 5 4 23 $4,541 87

Total railway opcratiog expenses $61,893,039 0 1 $62,139,524 30 3260,485 29

R A T I O OF R A I L W A Y O P E R A T I N G E X P E N S E S , B Y G R O U P S . T O R A I L W A Y O P E R A T I N G R E V E N U E S 1925 1924

Maintenance of way and structures 11-34 12-76 Maintenance of equipment 1918 18-78 Traffic expenses 1 42 1-43 Transportation expenses 31-81 34-81 Miscellaneous operations M l 114 General expenses 2'61 2 ' H Transportation for investment—Cr. •10 •11

Total 67-37 70-95

The Michigan Central Railroad Company

TAXES ACCRUED

On the value of real and personal property Railroad Commissioners' assessments, Ohio Federal Government income tax Federal Government tax on capital Canadian war tax

Total railway taxes accrued Taxes charged to "Miscellaneous operations"

Miscellaneous tax accruals

Tota l

1925 3024 Increase Decrease $3,422,032 93 53,624,49$ 32 $202,465 39

3,011 10 3,5SS 90 577 SO 1,949,370 99 1,624,806 03 8325,064 96

113,427 50 79,442 50 33,985 00 376.247 24 252,254 63 123,092 6 l

$5,364,589 76 35,584,590 38 •$279,999' 38 26,697 29 21,462 84 5.234 45 17,455 79 21,490 50 54,044) 71

$5,908,742 84 35,627,549 72 8231,193 12

HIRE OF EQUIPMENT ACCOUNT

R E C E I V E D

Freight cars: Leased Interchanged

Locomotives Passenger cars Work equipment

P A I D

Freight cars: Leased Interchanged Private

Locomotives Passenger cars Work equipment Floating equipment

N E T B A L A N C E S

Freight cars: Leased Interchanged Private

Total freight cars Locomotives Passenger cars Work equipment Floating equipment

Totals

1925 1024 Comparison 8452,610 55 $442,780 52 $9,830 03 Inc 8,7S0,767 04 8,4SS,I60 OS 292,606 96 Inc

$9,233,377 59 $8,930,940 60 3302,436 99 Inc 65,666 20 87,800 31 22,134 11 Dec

348.101 61 333,697 20 14,404 41 Inc 19.940 66 2S.330 25 8,880 50 Dec

$0,667,086 06 $9,381,2(58 36 S285.S17 70 Inc

Totals

1925 Credit balance $375,048 05 Credit balance 1,469,840 32 Debit balance 1.402.064 80 Credit balance 8382,823 57 Debit balance 20,958 54 Debit balance 136,137 25 Credit balance 1,554 35 Debit balance 212 37

$77,562 50 7,310,926 72 1,462,064 SO

58,8S0,5~5V"tF> 86,624 74

4S4.23S 811 IS,386 31

212 37

$77,775 00 7,092,956 65 1.343.696 81

<9,]M,4iS 10 94,212 16

472.702 86 11,086 26

204 H

S212 50 Dec 382,029 93. Dec 118.367 99 Inc

S2G3.S74 44 Dec 7,587 42 Dee

11,536 OOInc 6,400 0.5 lac

S 23 Inc

$9,440,016 30 $9-693,533 88 $253,517 53 Dec

Net credit balance $227,069 76

Credit Credit Debit Debit Debit Debit Credit Debit Debit

balance balance balance balance balance balance balance balance balance

1024 8365.005 52

43 SI

79.5,203 1.343,606 SIS3.4S7 86

6,411 Sfl 139,005 '06 10,843 90

204 14

Comparison* nc: (ri-iiii bnlnoM S10.O42 53 Inc 674,030 SO Inc 118.307 09 Inc

$566,311 43 Inc 14,546 69 Inc 2,36S 41 Dec

15,289 64 Dec S 23 Inc

$312,265 52 $539,335 28 Inc

JOINT FACILITY RENT ACCOUNT

Amount paid for uae of facilities maintained by other companies Amount received for use of facilities maintained by this company

Debit bal ance

1025 $863,592 u

319,942 09 $543,650 02

1924 Comparison $825,140 74 $3S,45l 37 Inc

282.657 09 37,285 _0O Inc $542,483 65 $1,166 37 Ine

DEDUCTIONS FROM GROSS INCOME

Rent for leased roads B A T T L E C R E E K A N D STURGIS RAILWAY 112,610 00

Iatcrest at sr« on 1421,000 first mortgage boids

C A N A D A S O U T H E R N RAILWAY . . . . H1I28 0C0 00 Interest at 5% on $22,500,000 consolidated rrortgage wnds ' 5 w ) 00 Interest at 4% on M30.000 Leamington * St Clair mortgage btt.05 ^ ^ ^ 0 0

Cash rental 3% on SI5.00O000 capital stock 1

D E T R O I T M A N U F A C T U R E R S ' RAILROAD 15,150 00

Cash rental D E T R O I T R I V E R T U N N E L AND T E R M I N A L _ - ^ N Q

Interest at l\% on$18(000.000 first mortgage bonds • 1050,000 00 C w h rental, 8 % on 33,000,(00 capital stock \

J O L I E T A N D NORTHERN INDIANA R A I L R O A D IS.OflO 00 Dividend at S% on $300,000 capital ataek

N E W YORK C E N T R A L RAILROAD (BENTON HARBOR E X T E N S I O N . ETC) 5 I O 0 O 0 0

Cash rental S T JOSEPH SOUTH BEND A N D S O U T H E R N RAILROAD 20,000 00

c a s h r e n r t a l , 1 6 2 31 V A R I O U S COMPANIES FOR SIDING, team and yard tracks

Total ren; (or leased roads 13,735,1*2 31

Interest an funded debt MORTGAGE BONDS

Michigan Central Railroad Co first mortgage Grand River Valley Railroad first mortgage Jaekscn Lansing A Saginaw Railroad firsi mortgage Michigan A i r Line Railroad first mortgage Detroit A Bay Ci ty Railroad first mortgage Kalauaioo ft South Haven RaiL-oad first mortgage Bay Ci lv & Battle Creek Railway Co first mortgage Toledo Canada Southern A Detioit Rai l ray Co first mortgage Jnliot. * Northern InHiann R*ibw<d first -nortg.g' Cold debentures of 1909

EQUIPMENT TRUbT OBLIGATIONS Bqulpnwnt trust e a c l u W u uf 1912 Equipment trust certificates of 1913 Equipment trust certificates of 1915 Equipment trust certificates of 1917 Equipment trust notes of January 15, 1920 Equipment tnwt certificates of April IS, LOTQ Equi[«icnt trust certificates of June 1, 1922 Equipment trust ccMihrsles of feptember 1, 1922 Equipment trust certificates of June 1, 1923 Equipment trust certificates of June 1. 1924 Equipment trust eartJKcatM of f*ptemb« 15, 1924 Equipment trust certificate;, of May 15, 1925

3 i ^ 4" . 3^0

5 S

4?c

4 * %

sr< <••• i on 7 7 . •ft 4 | fo 5% &% 4\% 4 1 %

$630,000 00 eo.oon no 59,325 00

104,003 00 200,003 00 35,003 00

1,473 00 124,003 00 60,000 00

305,30) 00

813,003 03 35,413 54 86,25) 00

358,005 00 208,701 00 330,91* 48 231,57) 84 29,073 00

423,963 67 167,954 16 114,501 37 47.5S0 00

81.579.1S5 00

Total interest on funded debt

1,953,8*8 04

$3,532,713 04

DIVIDENDS N o 127 10 per cent oa 187,364 shares, declared Tune 10,1925, payable July 29, 1826 No r » 10 per ccai o . 187 364 shares, declared December 9. 1925, payable January 29, 1926

7 i £ « n t oa 187;364 shares, declared December 9, 1925. payable January 29, 1926 (extra)

Total for vear. 271 per cent

H.873,040 00 1,873,0*0 00 1,405,230 00

15.152.510 00

The Michigan Central Railroad Company

EQUIPMENT IN SERVICE (INCLUDINg equipment OF LEASED LINES)

Locomotives For freight service For passenger service For switching service Electric locomotives

Freight-train cars

Totaii

DEC. 31. 1024

OlPDd total

386 141

238 10

' 775

INCREASE Py transfer

Number or chant* Milled of el sax

DECItEASE By (rw>ifcr

Number or rhino? ictiroU ol elm

14

3

S 1

22

Gran.! iclat

372

143

232

10

757

27 ,105 1,011 - 007 • 3 27,477 Flat cars 911 543 S5 8 1.361 Stock cars 1,033 2 0 0 - 3 _ 1.230 Coal cars 7,094 16 — 112 3 6 ,900 Refrigerator and produce cars - - l i 1 I _

Other transport cars 3 - - a _ _ Caboose cars 3 4 6 - - la 1 3 3 2

Total 3 6 , 5 5 2 1,770 11 634 1 M 37 .390

Passenger-tnain cars Coaches 252 — a 6 244 Combination passenger cars 47 - - 3 1 43 Emigrant and excursion car 1 _ _ 1 Dining cars 29 2 — s 23 Baggage and express cars ISA i 1 5 _ Hi. Other combination cars 1 0 2 _ _ I M

14 — - : i Other passenger-train cars 1 6 - — 5 _ 1C In joint servicef (Toronto-Buffalo Line) 41 - 19 - . 22

Totals 5 7 7 1! 1 87 9 543

Company service equipmmt Officers' cars 7 - _ i _ c ballast c a r s ftM 7 _ 888 Derrick cars a _ _ _ 3 Wrecking cars 7 - - - _ 7 Other company service cars 65E 1 1 1 7 M - iW

1.01C 54 117 102 _ 1,082

DECEMHEH. i l ,mj N'nmbcr Number

b'M under held under Number equipment otbw firm owned' lru*U of UCe

E Q U I P M E N T O W N E D O R L E A S E D B Y B U T NOT I N S E R V I C E O F C O M P A N Y 2,986 Refrigerator cars leased to Merchants Despatch, Incorporated

2 7 3 100 9.5 4 8

140 sa M -

5 1 7 2 4 0

7,667 19.654

1,361 -499 447

2,450 4.540

286 4 7

12,262 24,688

120 115 3:5 8

18 1 3

0] 101 7 M

1 2

10 -7 -

278 252

8 3S3 -

3 -7 -

086 -1.0S3 -

IM

2S4

16

1 8

Annual Report

TA8LE OF TRACKS

Mibu o i . u i T M . r a

Air L Q B Ewnrsi Bract B e d 3r8r>ri

fcuth Enwa Br inch T o Ti j i ti ft BixnrJi Hflckluw

Twin Lakci Brnc;h. Biflty Qrfcrjjli Nartli Midland 3raoeh EMt -fordo n B«ac j GrflTiti Itipidi Branch Btv City Ci r j Hmiwli BBtnt** Br inch BiyCciyB&h Branch WitV Slllflt Sew Bruuh l^reit Beit Bunao Toledo Brmch

Tol«do BKL Brunei! IJwtrbsra Branch

Detrait Mitt-Icd tut* Una Mi:fc-Ind trite Sn* lb£-Ui i u i * l a * It J III ttiU . . . . . . . lMoanCroB

Tntpl I M ^ I lin* cwpirJ

Jaeksoc XIW , Wicfc-iri I U K line SLflh-lad itBts JOB. . - South Bend K J B C U I O • South. E i i w s

. . . . . . . . r . . . . . . . -B"s Cii? a»y C^ly AlBPkiMir C % Knowoiat Gladwic M i -OM.1 B«r.«l»y G™vliag,, , r , , ,.Leirii-,aii StUng Jur ies Jobunieitww Hiy C. tyW9 Midlind Frcdair Koe .Vrslnn Bin* J(i=;iioe , . . (Jrand Rapida IV-reM Boj City V * H » M - R O « n d * l « D u a u h Al ta ic- J ^ f r - w 5 MUtf Ciw Al \Uf CSt/., AtOtfWLt , , „ . , . , „ , Drttoh Miol.-cn.io-ii.t.lir* XlicV Qiiu fllaM ImO......, ,0 8 Jot Toledo AlTolrto r _ . . . To>do brocth u mus "in* 'Vw. lcj af wjti KI bkhi iiiM Oik wand fucctine Deariwn

ToUl JOJUA Lm ind ImncliM owned

£1NB JOINTT.I OBTJfRD 3*. Cbiriw Air L J J B

TTlW 222 117 252-44 5-ie 4-8S 493-55 M5-4B 42-48 :-as 3-3T SB 51 J 27-81

m 8G2 Hfl2

271 -M 271 4 2 524+1 l.oaa-Bi

M K * . 1 0 T - W 3T-55 5*7 - - - 3--10

Lad s w _ S-53 11-43

- - - ?34 MES • IMS - - ••• 82 2C*-37 r - - 140CT7 • •" - - - 5-52 U-42 • - — - - •t-:'j • - - - 21M • 4 i « • :a?& m - - 31CW : J " •• • - - a-u 2 7 « • 4J« j - — — *J7 J i02 • H « - - Ira-*r

:»-•« - - HI-40 - 33** - - — 9-97 43 23

15-75 - — — S 91 34 B7 • 1B1 - m - S i l l Q-00

M l - - - M# ic-aa - 6-31 - -I *fl-B2 3 43 - - W - J T 148 03

•3^1 D d-Bl - - - 42BS B3-H4 • 3-40 150 - - a.T9 MT7

Hi A 4-M 414 _ _ -i> 8 6 1 E l — - - 3-A3

LJ

- - - 412

s ft to - 3.G2B 23

UM-71 S l l » 7-8* 2 .TO-17

111 •70 •70 _ _ lit.

ix^rtD use.* Jflliil i NorthAm I&diara H R Knd (J»ry. . . . . . . . . . . . . . Iod-2U rttg iino

Ind-lU otBi line Jrlur AeJaliM.

S-.Joirph&sSfiadtE^jtlffTnKR 6&flth.Biad. lo&-M*h state ana (no-Mich Hsu ! X K ..6t Jouph. St .Totcpli Juat;ica Btaton HaAaT B i f - j C r w i M » - « A c l u u | . . .. Al l.BDB)Df

3>traU TrJfdr 4 Milwiukw n P. IAORUE T i B B E t Boihr&7 I*ntnp M i Q U s c t u i i c a RjLiiKBi! b y C l l y B r i l l , l i * R R (Suutii

W»J,r ttrnt tri:k; Bairk Creel: i r . J i i i F.v

AtB*yCw* T3ot-Jo CeBrti, „ , .Fiocler StGair . . . . . Rxhatind Slocuit Juaetwa . GTCHC IU Ai>tmL-.

Lad - - - B7-33 I I - - - 2.7-79

• 1-37 I'S3 1 31 •76 e-ii lad :*B3 - . — — 17-73 M l 2o Oft - - - 7-7! H2SA

1 62 - - - ••«>» 261 47 OL _ _ _ 12-7 S fi9-78

• 77 - - — •M IBS * B-23 - - — S'64 13-W

• vso _ _ - 3-12 5-12 • 33 99 - — - 2'91 38-HQ 1 l lfifl - - - •4fl 13-35

2'SO - - — •B2 3-42 - V52 - - - 2-BT 1-48

LEASED LINES (concluded)

Detroit River Tunnel Co

Canada Southern Railway

The Michigan Central Railroad Company

TABLE OF TRACKS (concluded)

Niagara River Bridge Co

Ind iana Harbor B e l t Railroad Toronto Hamilton & Buffa lo

Railway

Delaware Lackawanna & Western

Railroad Ilinois Central Railrotd

Coyle yard Bridgeburg yard . . .

A t B1ack Rock. A t Chicago. . . .

Tota l leasod lints

3reuaht forward Detroit International Bounlaty Mich Internatianal Boundary Windsor Got Niagara Falls . .Windsor '' Bridgeburg WeDand " Branches and spars • " Niagara Falls International Boundary " Internatiional Boundary.. .Suspension Bridge N Y Arco yard . Ill

Cnt

N Y II

M I L E ; or a*i« •.

19375

181 1-35 1*33 j'8l -

131

1-45 1-45 223-10 224-55

15-88 16S5 133 68 - 1

•15 1

Yard*

85-36 233- 1C 14-26 17-88

0 7 2-97

24718 &63-2t!

- IS

- •3C 578 5-7S

3 12 3-42 852 8-85

1-2S --7 •97

57B-89 246-29 1-33 1-31 367 15 I.'.9297

LIVES OPERATED UNder TRACKAGE rIGHTs Pere Marquette Railroad Illinois Central. Railroad Canadian National Railways

Grand Trunk Was torn R y

Indiana Harbor B e l t Railroad Manistee & North Eastern R y London & Port Stanley Railway New York C e r t r i l Rnilrnari

Whooling & Lake Erie Railway Wflbach Railway

A t 3ay City (South Watar St) Kersir.gton 13th St station, Chicago Bridgcburg International Boundary h: I 1i to 11I A B •••• BaC<C Rock

A t Battle Crook (Boll S O T o new prison. J a c k s o o . . . . . . . . . CaUuretPark . . . U n n n ftn'k-j-arrl* Grayling . . . -Trf rf Poring. v-nti> R r a » i * ?l Thnma* Su«pr»r*icn RrHgo Vin*wiiod Ave

l i i v r Rnug^ Miob—Ohio state line. 8 S- * 8 ,"ucctron . . Ook Strwt, Iron-rill.'

I l i n d e n

Buffalo RpNiihien Sr., Detroit Xlirrh-Ohio state line

T n W i r/ww «')> Oliver* T c W ' n

D i v n r H IVitprrrvin avenue.* . . . .Detroit

Toia l truckage righls

Tctal openiltd mileage

M i * III Ont N Y M i *

•

til M i * Cnt. K Y Mich

<

Oh in Tnd Ohio M i *

•16 H O )

•3* •87 •20

vm svoi

2-flfi It-99 24 77

1*1-07 1-57 VS7

•17

14-00

•53

Sfl-fU

24 37 2 82

43-38 4-44

10J02 124-5S

1-98

•le 9S0C

•39 1- 4f •2f

303

BO-OS 2- 96

149? 4914

2- 82 43-3S 19-51

3- 5S 5-87

-20

201 asa-oi 1,871-32 082 90 9 2.*. 3 S3 1,037 00 4,;3S

6 TATE OR FBOTIN9E

Micugan Illinois Indiana Ohio New York P r o » i n ; c ot Ontario

rat track Ail traeke railet

1,117-36 6'52

48-43 1210

mil <i* 2,420 ; y

89 "87 139-10

TSt-1

1,164-71 2,708 17

RECAPITULATION lointl) ovui-j

latlrs:k All (tools mi lei niilea

•70 2-GS

2<

' . • I L . . , - •. I oaoftTM WJES* All track* lit track AU '.racks lit track All tricks WJES* miles rrilet nUlea imlea nii<* 13011 19J-82 0*52 02-74 1,359-09 2,007-1C

29-57 05-50 44 a S S O i 8333 22S 4$

29 68 43-05 1-37 3-53 79-88 .37 70

- - 15-94 25 33 23 ai :oa oe 15 1-59 20 01 00 04 25 7D S M S

3S1-1S 883-05 10 31 10 31 390 43 89606

576-SO 1,102-07 100-02 235-61 1.871-3' 4,13943

Passenger serv:ce only -Freight sendee or.ly 56-93 -70 13-50

33 41 OS 72

36-41 10?.-71

2 8

Annual Report

MILEAGE STATISTICS

T R A I N M I L E A G E

R E V E N U E S E R V I C E 1925 1924 Increase Decrease Freight train-miles 6,274,010 0,254.842 19,174 Passenger train-miles 6,125,082 6,167,874 42,792 Other passenger train-miles 906,540 954,207 47,667 Mixed train-miles 573.570 671,192 97,622 Special train-miles 1,376 4,572 z.m

Total revenue train mileage i3,SS0,5S4 14,052,687 172,103 Non-revenue train-miles 196,619 166,756 20,803

Total train mileage 14,077,203 14,219,443 142,240

L O C O M O T I V E M I L E A G E

R E V E N U E S E R V I C E Freight locomotive-miles 6,673,277 6,698,425 25,148 Passenger locomotive-miles 7,311,741 7,408,401 96.G60 Mixed locomotive-miles 585,167 688,385 103,218 Special locomotive-miles 1,516 4,825 3.309 Train switching locomotive-miles 360,940 416,923 55,983 Yard switching loeomotive-miles 6,126,778 6,117,492 9,286

55,983

Total revenue locomotive mileage 21,059,419 21,334,451 275,032 Non-revenue locomotive-miles 355,186 399,212 44,026

Total locomotive mileage 21,414,605 21,733,663 319,058

C A R M I L E A G E

REVENUES S E R V I C E Freight-train ear-miles

Freight cars—loaded 223,043,105 213,879,269 9,163,836 Freight cars—empty 128,634,711 119,005,680 9,629,031 Caboose care 6.304.829 6,297,155 7,674

Total freight-train car-miles 357,982,645 339.182.104 18.800.541 Passenger-train car-miles

Passenger cars 15.888,470 16,060,459 171,989 Sleeping, parlor and observation cars 22,318,749 21,636,879 081,870 Dining cars 2,381,739 2,281,896 99,843 Other passenger-train cars 22.819,998 22,566,168 253,830

Total passenger-train car-miles 63,408,956 62,545.402 863,554 Mixed-train car-miles

Freight cars—loaded 4,548.899 5,422,304 873,405 Freight cars—empty 1,773,450 2,581,302 807,942 Caboose cars 69,027 122,329 53,302 Passenger cars 653,245 754,983 101,738 Sleeping, parlor and observation cars 2,839 5,657 2,818 Other passenger-train cars 654,317 697,566 43.249

Total mixed-train car-miles 7,701,777 0,584,231 1.882,454 Special-train car-miles

Freight cars—loaded 22,681 54,591 31,910 Freight cars—empty 402 402 Caboose ears 1,376 4,459 3,083 Passenger cars 8.984 17,876 8,892

Total special-train car-miles 33,041 77,328 44,287 Total revenue car mileage 429,126,419 411,389,065 17,737,354

Non-revenue car-miles 2,577,267 1,186,700 1,390,557 Total car mileage •(31,703,676 412,575,765 10.127,911

The Michigan Central Railroad Company

TRAFFIC STATISTICS

F R E I G H T 1025 1021 loerocso Decroae© Tons of revenue freight carried 31,013,633 29,273,172 1,780,461 Tono of company freight carried •j.o.is.fini fi5,3fi3

Toial tors of freight carried 33.0i6.772 32,218.674 1,718.098 Tpnn of revenue freight :orricd ouc mile •1,303,677,097 -J,-265,93 J, 377 37,742,920 Tons of company freight carried one mile 187.133,303 201,774,121 4,07CS18

Total tO»S of fiotght tarried emu mill- 4,500,730.600 4.4fl7.7il8,49fl :4r-.o7:?. m-j

Miles of road operated h freight service 1,33491 I.S55-84 907 Tons nf revenue f'f if*hf. *arrieiT one nile per mile of road 2.315.44-1 2.33C.423 9.021 Tons all freight carried one mile per mile of road 2,4.52,862 2,446,933 5,929 Average distance haul of one tan of revenue freight miles 139 miles 146 miles 7 Average disiance haul o: one trjn of nil freight miles 133 mile? 130 mile; (i Average number cf tons of revenue freight per train rni.e<£. 628 616 12 Average number ff tons of all freight per train milciXi G.-.7 G4-J 12 Avertge number cf tons of revenue freight per loaded car mile 18-91 19-45 -54 Avcrtgc number <f tuna of al l freight per loaded :ar milo 10-78 50 37 •50 Avercge number cf freight cars per train ir i lc® 53-21 CO 15 346 Average number of loaded cars per train rtiilcCo 33-2-4 ;i-66 1-5.S Average nu:nber of empty cars per train mile<T> 1905 17 56 1-40

Tnta.1 freight, revpnue 861.859,111.23 S5S 463.9C6.S4 83.395,144.39 Avertge aroount received for each ion of fieight $1.00 S2.00 $0.01 Average revenue per tor. per mile cents 1-437 cents 1-370 cent -C67 Average revenue per jni'.c of read §33,712.34 S32.020.3l $1,692.03 Average revenue per train mile® SO. 03 SS.44 $0.50

P A S S E N G E R Number of interline passengers carried 1,916,3 IS 1,920,562 25.750 Number of local passengers carried 2,305,035 2,546,920 240,885 Number of commutation passengers carried 239,467 277,609 38,142

Tc ia l number of revenue passengers carried 4,49Q,82C 4,744,091 •>os:s< 1 Total number of levenus passengers carried one mile liOQ,i50,7SS 589,285.035 11,165,753 Mile* of road operated in pnssjnger aervicc- 1,762-61 1,762 61 Nuniocr of revenue passengers carried one mile per mil? of road 340,66C 334,325 0,335 Average distance each revenue passenger carried oiihra 133 71 uiileit 124 21 miles 9v0 Average number of passengers per train mile© 90 86 4 Average number of paswngors per oar mile i ." 15 Average number of passenger ?ars per passenger train mile a 9

Tota'. paoocngcr revenue S20,840,641.Sfi SM.5gs.ws.20 §212,01669 Average amount received from each passenger $4.64 S4.34 SO 30 Average revenue ier passenger per mile cents 3-471 cents 3-496 cent 025 Tota. passenger service train revenue S26,64S,731.02 326,042,429.92 8656,35110 Avenge passenger service train revenue per mile of road S15.118.95 S14,7?4.91 Avenge passenger service tram revenue i*r train mile(s; 83..&I 83-3-1 SO 17

T O T A L T R A F F I C Openting revenues S91.864.377 45 SS7.614,662 39 84,249,715 06 Openting expenses 61,803,03 9 01 62,150.524 30 5260.1*5 29 Net operating revenue S29.971.33S 44 S25.455.13S 09 $4,5:6,200 35

Avenge mileage of roac operated 1,871 3: 1.862*25 9 07

Openting revenues per mile of road 849,390 OS 847,047 74 82,042 94 Openting expenses per mile o; road 33,374 54 33.378 72 S3C4 IS Net operating revenue per ruifc of read 816,016 14 813,669 02 82,347 12

train milcu" include^ total "tn(»»4 tro<D IBiles" <£"Pa»cijcr triin mi let" Includes loltl "i:iixid trait miles"

30

Annual Report

TRAFFIC STATISTICS (continued)

DESCRIPTION O F R E V E N U E F R E I G H T M O V E D

N 3 K B E R OF CARLOADS COMMODITY NTJU3KR O? TONS (2.000 poinds)

Decrease Increase 102-1 1026 P R O D U C T S O F A G R I C U L T U R E 1025 1024 IncrcoAO Dccrcaoc

•106 5,705 5,297 Wheat 204.624 215,467 10,843 1.110 7,941 Core 304.S33 343,664 38,831

931 7,440 6,509 Oats 206,184 232,783 28,599 ;:?o 1,010 1,760 Other grain 58,517 54,160 4,357

2,006 13,842 •-1,837 Flour and meal 354,241 406,212 £1,971 920 27,09? 26,163 Other mill products 508,367 526,062 17,695

3,323 7.603 4,280 Hay straw and tlfalfa 53,531 93,038 39,507 8 87 S 870 Tobacco 11,841 11,864 23

*3o 1,377 2,212 Cotton 23,940 16,267 7.G73 101 476 , 369 Cotton seed and products, except oil 8,904 11,569 2,665

1.204 5.764 4,560 Citrus fruits 75.075 96,523 51,448 792 10,973 :G,181 Other fresn fruits 209,776 218,664 8,888 754 6.330 5,576 Potatoes 99,847 114,037 14,190 336 9,161 8,825 Other fresh vegetables 111,877 118,479 6,602

159 4,001 4.160 Dried fruits and vegetables '•! 657 S6.723 4,9'4 70 9,943 '.0,013 Other products of agriculture 377457 209.782 7,673

10,720 127,271 116,553 Total 2.600 Q71 2,815.294 214,623

A N I M A L S A N D P R O D U C T S

77 i 26 349 Hores and mules 4.023 4,313 790 S9 S.536 S,456 Cattle and calves 9S057 98,243 186

128 2.374 3,00? Sheep and goats ''7 006 77,187 800 3,603 14,592 10,899 Hogs 118 021 158,209 40,188

G09 22,323 22,932 Fresh meats 272 146 267.119 5,027 4,397 15,226 10,829 Other packing-house pioducti 17fi;329 255,566 79,237

157 1,438 I.2S1 Poultry 15366 16,932 1,566 04 3,918 3.S54 Eggs 43,100 43,142 42

2 4,770 4,772 Butter and cheese 58700 58803 103 414 1,150 73fi Wool 10417 15734 5,317

25 I.S47 1.822 Hides and leather 39 522 39 599 77 4S1 2,983 2,502 Other animals atd products 4G581 53:935 7,354

S.640 S0,083 71.434 Total 010 258 1,039 282 1^9,024

PRODUCTS OF M I N E S

•1,206 22,275 19.069 Anthracite coal 850.003 1,019100 389 mm 130,278 Bituminous coal 6,942 324 6,816296 126.038

5,926 14,786 20,712 .coke- 637.637 446 278 101.350 60 51 101 Iron Ore 4.092 1 631 2,461

ICS 1,555 1,753 Other ores and concentrates 70,848 61690 9,158 3 111 10S Base bullion and matte 4.687 4512 175

12,771 91,560 104.331 Clay, gravel, sand and stone 5,310,512 4,628241 682,271 71 161 235 Crude petroleum 7.204 4 938 2,286

324 W£t 1.151 AAsphaltum .'18,803 27 080 11,723 4 SO 5,333 4,847 Salt 133.163 140171

335 SS9 1,12-1 Other products of mines 38,3-12 20,731 8,6! 1

i 5.266 26S.44J 253,709 Total 14,037,615 13,179,668 357,947

The Michigan Central Saihoad C o m / « m y

TRAFFIC STATISTICS (concluded)

D E S C R I P T I O N O F R E V E N U E F E E I G H T M O V I D (conclWcd)

NUMIICII OP c * R L O A n t

Decrease Increase 1.725

2,337

122 1,051

1 . 326

7 2 1

1924

23,494 1,277 3,230

58,948

3,342

90,291

1925

C O M M O D I T Y

P R O D U C T S OF FORESTS

21,700 Loss, posts, poles and cord wood 1,399 Ties 6,181 Pulp wood

56,551 Lunber, timber, box shoots, staves and headings

4.667 OtLer prod-JCt* of faresfa

1,370 Total

1925 582,060 36.542 145.023

N U M B E R O P T O S S (2 .0CO j.oun<l»

1924 Increase Decrease

646,645 33,562 96,614

1,478.080 1,539,578 105,862 72,347

2.980 40.109

J6.515

2,i50,567 2,388,746

64,585

61,498

3S.179

M A N U F A C T U R E S A N D M I S C E L L A N E O U S

175

1,239 803

2 , 3 2 3 29,095 32,018 Kcilncd petroleum and its products 594,467 ,«jo,i48 SH.jiy 69 1,092 1,161 Vegetable ciU 28.159 25.504 2,055 48 8,089 8,137 Sugar, syrup, glucose and molasses 324.111 227^62 3.751 4') 86 132 Boi ls and vessel supplies 8/2 613 25/

3,918 4,509 7,427 Iron, pig and bloom J51,753 212.982 188,771 521 346 Rails and fisteningi 12,037 18,242 6,205

10,844 31,333 42,177 Bar and shret iron- structural iron and iron pipe 1.163,869 1.004.241 3S9.628

405 3,371 3,776 Other roetala, pig, bar and sheet 110.912 95,462 15.450 i,128 13,558 16,686 Castings, n achiner/ and boilers 345.GS6 276.B39 68.S47 i,128

13,394 12,155 Cement 466.857 502,064 36,107 12,094 11,291 Bri;k and artificial stone 419,845 440.S46 21.201

978 4,957 5,035 Lime and plaster .U2.016 136,016 26,000 12 3,705 3,717 Sewer pipe and drain tile 62.656 64,004 1,348 98 5,547 5.640 A mi cultural implements and vehicles, otter

tian automobiles 91,383 89,082 2.301 38.846 169,637 208,483 Automobiles and autotrucks ],520,5S9 1,200,829 319,700

SIR 7fi4 U r > t . " l i ptod* and sernrd-hand furniture 5.924 6,078 153 187 5.777 5,914 Furniture (new) 46.459 45.334 1.125 288 1,318 1,554 Be wages 28,336 23.727 4.009 058 872 1.S30 It* 62.553 31,496 S 1.057 904 4,531 5,435 Fertiliser* tall kinds) .32.0S0 111,143 20,937 309 14,650 15,019 Paper, printed mar.er and oooks 360,375 351,858 8,517

1,276 22,103 23.379 Chamioalo «nd ©xploeivee 744,027 700.380 J4.017 215 1,841 2.056 TexlUea 33,837 28,103 5.434 S88 6,215 0,563 Canned goods (all (aimed fjod products) : 49.896 141,922 7,074

*,180 114,397 123,593 Other nmnufneturea and miacellanoUB 2,600.772 2,429,387 171,386

72,202 473,508 545,770 Total 10,210,271 8,969,902 1,219,300

«7.438 I 039,598 1,107,036 GrUMl T O T A L C A R L O A D T M W C 3U.:ib,382 25.392,952 1,724,430

Merchandue—All L C L freight ?35,25I SS0.22O 55,031

G R A N T T O T A L T R A F F I C 31.053.633 29.273.172 1,780,461

The Michigan Central Railroad Company

JACKSON LANSING & SAGINAW RAILROAD LAND GRANT FUND OF

THE MICHIGAN CENTRAL RAILROAD COMPANY

D E T R O I T , M I C H I G A N , March 17, 1926 P A T R I C K E . C R O W L E Y , President

The Michigan Central Railroad Company

N E W Y O R K

D E A R S I R :

I respectfully Submit herewith annual statement of the business of the Land Department of this company for the year ended December 31, 1925:

L A N D A N D S A L E S A C C O U N T

Unsold January 1, 1925, according to patents

Sold during the year

Unsold at close of the year

The sales for the last five years v

Acres sold L a n d sales Average per acre

Acres Amount Lands sold during the year $1,197 28

0,373-63 598-64 „, . ,

l o t a l amount due on contracts at close 8,774-99 of year None

vere as follows:

1921 1922 1923 1924 1925

117-00 366'58 69-06 None 598-64 $511.00 81,220.00 $479.50 None SI,197.28

$4.37 S3.33 $6.94 32.00

C A S H A C C O U N T

R E C E I P T S

Cash on hand January 1, 1925 From payments on land contracts and

sales From interest

$334 85

1,422 28 43 92

SI.801 05

DISBURSEMENTS

For expenses For taxes Cash on hand December 31, 1925

$26 50 61 80

1,712 75

81,801 05

W I L L I A M H U T C H I N S O N ,

Commissioner.

L A N D G R A N T F U N D

M E S S R S . B R O N N E R , R O B S O N A N D B L A I R , Trustees

Balance on hand at end of 1924, as shown by report for that year Interest on deposits

Cash on hand December 31, 1925

$352 13 12- 41

$364 54