Michigan Central Indebtedness

The Michigan Central is refnnding its funded delit at a lower rate of interest, aud will soou announce au issue of $10,000,000 thtee and one-balf per cent bonds to retire $8,000,000 seveus and f2,000,000 fives due in 190a. The management expeots to save about 1)4, per cent on the stock by this operation. Üntside of tbese bonds, the Michigan Central bas outstanding only 16,205,000 bonds, most of them assumed from leased lines, aud ail but 84,500,000 of these bear less than 6 per cent interest. The company already has outstanding $671,000 guaranteed bonds at 3 per cent and ?2, 000, 000 at 3j per cent.