1 Average cost per mile as found by dividing aggregate of column by number of companies.

NOTE.-In some cases where the company has reported the estimated value, but not the cost, it is assumed that the cost is at least equal to the estimated value. The estimated value is, in nearly every case, an estimate made and reported by the company.

1 From report to Hon. William Humphrey, Auditor General. 2 Mainly earned in Indiana. Covers earnings of entire line in five States. Report does not show apportionment for Michigan, but aggregate reported as earned by Michigan branches within the State, is $628,350 11.

6 Computed according to the number of miles of track laid, although in several cases only a part of the road is in operation.

*These are roads where the whole line was not operated. In this calculation, however, the earnings reported are made to cover the number of miles reported in Table V., whether operated or not. The office has no official information as to the number of miles in actual operation.

16,589 24

6,263 97

2,721 02

2,886 53

$742,299 72 $8,591 43

3 From April.

1 Report imperfect because books are missing. 2 From April 12th.

3 Computed according to the number of miles of track laid, although in several cases only a part of the road is in operation.

*These are roads where the whole line was not operated. In this calculation, however, the earnings reported are made to cover the number of miles reported in Table V., whether operated or not. The office has no official information as to the number of miles in actual operation.

The figures in the

This Company reports operating expenses for the entire line, $6,792,763 82; but does not give the proportion for Michigan. table ($675,000) are a rough estimate, based upon an average of the operating expenses per mile of other roads in the Upper Peninsula, and upon an average of the operating expenses per mile of this entire road during the years 1870-1872, as shown in Poor's Manual for 1873-4, p. 251. The length of line operated in the Upper Peninsula, is not far from one-tenth of the whole line.

8 The items in this statement cover the period from August 1871 to April 1, 1878. The earnings for the year ending Dec. 81st, amounted to $598,869 57. It will be seen by a comparison of the expense table and the balance sheet that there is a serious discrepancy between them as to the item of earnings, and that in the latter case, the footing is not correct. The item of operating expenses is also differently stated in each.

This includes interest. 5 Deficits are indicated by the minus sign. 6 Adding customs, charges, etc., $406.98, this deficit becomes as reported, $66,888.01. The transportation expenses and gross earnings, as shown in the balance sheet, form the basis for this calculation.

TABLE IV.-Expenses Compared with Earnings.-Continued.

1 Deficits are indicated by the minus sign.

2 Road not opened for business. These earnings are by construction trains only. Aggregate of net earnings.

Aggregate of deficits.