1901 annual report
Submitted by Nute Chapman
From Onaway Outlook March 29, 2013
CAPTION #1: The American Wood Rim Company in 1904.
CAPTION #2: A BIRD'S EYE VIEW of the American Wood Rim Plant, sometime after 1903. On the right side is the Lobdell offices and living quarters in 1902, many know this landmark as the Masonic temple, now our new museum.
This week we will share some information about the Onaway and Northern Michigan Railroad Company from its 1901 annual report.
Annual Report of the Onaway and Northern Michigan Rail Road Company for the year ending December 31, 1901 - Filed April 2, 1902.
Officers of the company with location of officers.
President - W.W. Bell, Onaway, Mi.
Vice-President - E.J. Lobdell, Onaway, Mi.
Secretary - B.M. Bailey, Onaway, Mi.
Auditor - B.M. Bailey, Onaway, Mi.
Treasurer - D.A. Stratton, Onaway, Mi.
General Manager - E.J. Lobdell, Onaway, Mi.
General Superintendent - D.A. Stratton, Onaway, Mi.
Cashier - Fred Muellerweiss, Onaway, Mi.
Attorney - Charles R. Henry, Alpena, Mi.
E.J. Lobdell Sr., Marietta, Ohio
W.W. Bell, Bradford, Pa.
B.M. Bailey, Bradford, Pa.
D.A. Stratton, Onaway, Mi.
Mrs. Grace A. Lobdell, Marietta, Ohio
Mrs. B.M. Bailey, Bradford, Pa.
Mrs. Alice A. Stratton, Alpena, Mi.
Terms expire September 9, 1902
Stockholders, stock and general offices when chartered or articles of association files, August 15, 1901.
Number of stockholders at date of last election - 8. Number of stockholders in Michigan at same time - 5. Amount of full paid stock held in Michigan at same date $50,000. Date of Annual Meeting of stockholders - September 9, 1902. Fiscal year of company ends - September 1902.
General offices of the company are located at Onaway, Michigan.
On the 15th day of August 1901, the Onaway and Northern Michigan Railway Company were incorporated by the owners of the Huron Handle and Manufacturing Company. On the 9th day of September 1901 the Lobdell and Bailey Manufacturing Company purchased all the interests of said Huron Handle Company, including said railway. Whereupon Lobdell and Bailey Company met and distributed the stock of said railway, amongst its members and others, and elected the officers herein designated. This road was constructed for the chief purpose of transporting forest products to the Lobdell and Bailey Company Plants at Onaway, Michigan, same not being equipped for operation until after January 1, 1902. There being only 6 1/2 miles of road up to the present date, and only three miles constructed up to January 1, 1902.
Analysis of Capital Stock
Amounts authorized by charter or articles of association.
Par value of shares - 70 cents.
Number of shares issued - 500.
Total amount paid in as per books of the company $21,385.32
Paid in per mile of road owned by company $7,128.44
General Balance Sheet
Construction Account - DR $10, 128.92
Equipment Account - $11,256.40
Total - $21, 385.32
General Balance Sheet - CR - $50,000.00
Cost of Road and Equipment
Total cost for construction and road equipment of road and branches built by company.
Total expanded for construction and equipment - $21, 385.32
Average cost per mile of road - $7,128.44
Purchased September 9, 1901
-From The Onaway Outlook, March 29, 2013, p. 3. Retyped by J. Anderson.