7264Re: Financial information
- Apr 9, 2014
I don't think C&O financials for the carferry service if they could be found would tell you much if they were published for public and/or government consumption other than it lost money. Something to consider if they existed is what operations did they include or not include. I think its very possible that they would have included the Port Huron operations. The reason I think this is because not only did the Marine Workshop in Ludington service the Ludington fleet but the also worked on parts and equipment for Port Huron. (That's the reason why the propeller for the Pere Marquette 10 is in Ludington.) Also Captain Bissell in addition to working on the Ludington ferries worked on the Pere Marquette 10. I can imagine, while its easy to determine what expenses belonged to the river fleet it would be very hard to determine what revenue belonged to it, if it were included in the carferry service financials.
In regards to coal being "free", that may have been true from an overall corporate perspective, but I am sure the carferry service was charged for it (probably at cost) by the mines that the C&O owned. Think about it, they needed to keep track of usage somehow. The revenue for the mines and the cost for the carferries would have been a wash on the corporate financials. Also just because that was true when the Badger and Spartan were built does not mean that it was true in the years after that. It could be possible the sometime before the Chessie System transferred ownership to the MWT that those coal mines that supplied were sold, or the C&O found a supplier that sold coal to them that was more expensive to make the books look bad when they were trying to apply for abandonment.
An interesting note about the coal purchases LMC makes with the Manitowoc Public utility, those who were working against the Badger tried to claim it was a subsidy. Someone shattered that myth when they got the price of what the coal was selling for versus what LMC was paying, Turns out the Utility is making a profit on the coal.
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