Railroad Commissioner Inspection 1889
Frankfort & South Eastern
This line reaches from the terminus of the Toledo, Ann Arbor and North Michigan, at its junction with the Manistee & North Eastern, to Frankfort . It has been built during the season of 1887, and commenced running passenger trains early in December. The road is well built and in good shape. It will prove a great boon to the Frankfort people, especially in winter, as it gives them all rail communication with the rest of the State.
Changing Route
Filed October 8, 1888
ANNUAL REPORT
OF
THE
FRANKFORT &
SOUTHEASTERN RAILROAD COMPANY,
For the Year
Ending December 31, 1889
[Filed May 14, 1890]
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Officers of the company, with location of officers President, HENRY DAY, New
York City, N.Y Terms expires June 4,1890 |
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STOCKHOLDERS, STOCK, AND GENERAL OFFICES,
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When charted or articles of association filed, -- December 2, 1885 |
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Number of stockers at date of last election, |
7 |
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Amount of full paid stock held in Michigan at same date, |
$800.00 |
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Date of annual meeting of stockholders, - First Wednesday of June |
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Fiscal year of company ends, - December 31 |
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General offices of the company are located at, - Frankfort, Mich. |
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REMARKS
This road was not opened for traffic until December, 1889
ANALYSIS OF CAPITAL STOCK
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Amount authorized by charter or articles of association, |
$100,000.00 |
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Par value of share, |
$100.00 |
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Average price received per share, |
100.00 |
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No. of shares issued, |
571 |
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$57,100.00 |
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Total amount paid in as per books of the company |
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57,100.00 |
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Paid in per mile of road owned by company |
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--22 miles -- |
$2,595.46 |
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ANALYSIS OF DEBT ACCOUNTS
FUNDED DEBT
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Class, Character, and Date of Issue |
When Due |
Interest |
Amount |
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Rate |
Payable |
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First mortgage dated July 1, 1889 |
Jan & July |
6% |
New York City |
$223,000.00 |
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Total funded debt |
$223,000.00 |
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UNFUNDED DEBT
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Funded debt, |
None |
RECAPITULATION
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Total funded debt, |
$220,000.00 |
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Total debt liabilities, |
$220,000.00 |
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Amount of debt liabilities per mile of road, --22 miles, |
10,000.00 |
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Total amount of stock and debt, |
$277,100.00 |
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Stock and debt per mile of road, |
12,596.46 |
INTEREST ON THE FUNDED DEBT
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What is the amount of same due each year, |
$13,200.00 |
Was it paid fir the last year? Yes
COST OF ROAD AND EQUIPMENT
Total Cost for Construction and Equipment of Road, and Branches Built by Company
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Total expended for construction, |
$266,805.60 |
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Average cost of construction per mile of road, not including siding, --22 miles |
12,127.53 |
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Proportion of cost of construction for Michigan, |
266,805.60 |
DESCRIPTION OF ROAD
Date when road was opened for use between its present termini:
November 25, 1889
MAIN LINE
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Miles 100ths |
Miles 100ths |
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Length completed in Michigan, |
22.00 |
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Total length completed, |
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22.00 |
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Total length of road belonging to this company, |
22.00 |
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Total length of road belonging to this company in Michigan, |
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22.00 |
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Aggregate length of sidings, spurs, and other track not above enumerated, |
2.00 |
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Same in Michigan, |
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2.00 |
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Aggregate length of tracks belonging to this company, computed as single track, |
24.00 |
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Same in Michigan |
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24.00 |
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Gauge of track, 4 feet, 8 ½ inches |
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State of Michigan, |
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County of Benzie, |
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Henry Day, President, D. B. Butler, Secretary, of the Frankfort & South Eastern Railroad Company, being duly sworn, depose and say that they have caused the foregoing statements to be prepared by the proper officers and agents of this company, and having carefully examined the same, declare them to be a true, full, and correct statement of the stock, debt, and other matters as therein contained of said company, on the thirty-first day of December, A. D. 1889, to the best of their knowledge and belief.
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[L.S. of R.R.] |
Signed, |
HENRY DAY |
Subscribed and sworn to before me this 6th day of May, A. D. 1890, as to D. B. Butler, Secretary.
Chas. Burmeister, Notary Public
Subscribed and sworn to this 12th day of May 1890, as to Henry Day, President
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Lucien H.
Beers, |
