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 REPORT OF THE DIRECTORS- 
 
 YEAR 18Q6. 
 
 The Directors herewith submit their report on the operations of 
 the railway for the year 1896. 
 
 The gross receipts, working expenses, nci revenue and net revenue 
 charges for the year were as foUoMrs : — 
 
 1895 Receipts. 
 
 $ 20,388 00 From Passengers 
 
 56,221 26 " Freight and Live Stock 
 
 7,748 00 " Mails and Express Freight 
 
 $ 84,357 26 
 
 102,808 69 Working Expenses 
 For 1895 
 
 ■. 121.87 Pejr cent of the receipts 
 
 For 1896 
 14501 
 
 $ 18.451 43 Net Revenue 
 
 (a debit) 
 (Interest on 
 $1,636,000 
 
 of bonds. ) Interest for the year on $1 ,649,000 of lx>nds out^tand- 
 $ 81,800 00 ing at 5 per cent, per annum 
 
 $10 0.251 43 Deficiency 
 
 Bond interest due for the year 1896, as alx>ve 
 
 Amount of interest paid for thai year, being amounts received under 
 the agreement of lotb May, 1888, with the following Companies :• 
 
 From Grand Trunk Railway Co $20,556.57 
 
 " Chicago & Grand Trunk Railway Co . I3«903.25 
 
 Hond interest short paid for the year 1896 
 
 " 1895 • . 
 
 11 
 
 «« 
 
 1896 
 $21,83504 
 
 54- 135 75 
 7.774 00 
 
 $ 83.744 79 
 121.44476 
 
 $ 37.69997 
 (a debit) 
 
 $ 8245000 
 $120,14997 
 
 $ 82,450 00 
 
 34,459 8a 
 $47.990 '8 
 $ 45.841 05 
 
 The increase in working expenses is chiefly for renewals of ties, 
 bridges and fences. 
 
 Passenger Train mileage , . 
 
 Freight and Mixed Train mileage 
 
 Train miles earning revenue 
 Piloting, Shunting and Light Running Engine miles 
 
 1896. 
 
 56.434 
 
 90.809 
 
 I47.a43 
 a^.347 
 
 169,590 
 
 »895. 
 77,220 
 
 9a.»79t 
 
 169.399 
 43.06a 
 
 212,461 
 
 t Includes train mileage for carriage of Company's material, there bein^ no credit to expenies for 
 Kaiiie since iM January 1696. 
 
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REPORT OP THC niRSCTORS. 
 
 Nothi^ig was expended on Capital Account during the year. The 
 $13,000 of bonds issued in 1896 weit on account of Capital Expendi- 
 ture in 1895 as per the report for that year. 
 
 if 
 
 Dr. 
 
 GENERAL BALANCE SHEET AT 3isT DECEMBER, 1896. 
 
 Cr. 
 
 Interest on bonds unpaid. . . .$286,204 93 
 
 Traffic charges due by the 
 Company 5,36482 
 
 Chicago & Grand Trunk RyCo. 
 for wages and stores from 
 1st April 1894 to 31st De- 
 cember 1896.. $150,913.65 
 
 LessT.S.&M.Ry. 
 bonds pledged 
 as security ... . 89.00000 61,913 65 
 
 Grand Trunk RaiVway Co. 
 (paid in January 1897) 
 
 State of Michigan (taxes).. . . 
 
 Sundry small accounts due by 
 the Company 
 
 Cirand Trunk Ry. Co., for 
 advances under traffic agree- 
 ment 
 
 Chicago & G. T. Ry. Do. 
 
 4,221 34 
 1,895 46 
 
 930 05 
 
 219.591 38 
 103,618 95 
 
 $683,740 58 
 
 Capital Recount over spent.. $ 365 50 
 
 Net revenue account (Defi- 
 ciences 
 
 Cash in Bank 
 
 W. V. McCracken & Co., 
 
 Contractors, New York . 
 Chicago & Grand Trunk 
 
 Rv. Co., (paid in January 
 
 1897) 
 
 Sundry small accounts due 
 to the Company . . 
 
 Grand Trunk Ry. Co.. lor 
 T. S. & M. Ry. bond 
 interest coupons pledged 
 as security for advances 
 under traffic agreement . . 219,591 38 
 
 C. tv G. T. Ry., Do. 103,618 95 
 
 342.356 33 
 
 329 00 
 
 13.24s 04 
 
 3.995 92 
 
 238 46 
 
 $683,740 58 
 
 On behalf of the Directors, 
 
 (Signed) CHAS. M. HAYS, 
 
 President. 
 Detroit, 26th February 1897. 
 
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