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The Street Railway

The Street Railway image
Parent Issue
Day
17
Month
April
Year
1894
Copyright
Public Domain
OCR Text

I hereis as yet no signs of the Ann Arbor Street railway starting up. The difhculty does not seem to be generally comprehended. All that the public has known is that there has been no outward appearance of anything being done lookng toward the reopening of the railway line. As a matter of fact here has actually nothing been done which has developed into anyhing tangible. The situation of affairs may be ummarized as follows: The stockíolders of the road are not willing o put any more money into it and he most of them have finally determined that their stock is worthless. The road is bonded for $60,000. The bondholders are unwilling to :orclose for fear the road will not sell for the face valué of the bonds. They reason that if the stockíolders do anything with the road they must put more money in it, which of course makes the bonds more valuable. The stockholders reason the same way. The stockíolders have made a determined effort, however, to obtain more money from outside parties. They íave also tried to get the bonds re:unded in a new issue of bonds for a arger amount, which should take the place of the old bonds. In this case the stockholders were wiling to put up some more of their own money. The bondholders proved obdurate and the stockïolders are apparently at the end of their rope. The only way apparently for Ann Arbor to get a street railroad is for the stockholders to forclose their bonds. In case this was done, a syndicate would undoubtedly buy the road and start afresh. Most of the bonds are said to be held by Maine savings banks. It is not generally known butit is said to be a fact, however, that a large slice of the bonds is owned in Ann Arbor. The matter is one in which the city is greatly interested and it is to be hoped that something tnay be done at once which will cause the road to start up.

Article

Subjects
Ann Arbor Argus
Old News