Press enter after choosing selection

A $600,000 Mortgage

A $600,000 Mortgage image
Parent Issue
Public Domain
OCR Text

The Detroit, Ypsilanti & Ann Arbor ' Electric Railway bas given the ünion ' Trost Compauy, trastee, a mortgage to ' secare an issae of boncis, known as the "six per cent first roortgage 20-year ' bonds," doe Nov. 1, 1917. The mortgage is signed by .T. D. Hawks, president, and John A. Rnssell. seoretary. It provides for the issue of $000,000 worth of bouds, secured by the mortgage, whioh runs to the Union Trast Co. The bonds are to run for 20 years at 6 per cent, and are to be payable in gold. The first 100 bouds are to be for $500 each, making $50,000, and the other 550 bonds are to be for $1,000 each. It is provided that the first 300 bonds, amoonting to $250,000 are to be used in paying for the Ann Arbor & Ypsilanti road, and tbe remainder is to be nsed fur the oonstruction of the road from Detroit co Ypsilanti and its equipment. The mortgage covers all the real estáte, eqnipruents, personal propeity, eto. , of the company and the line extended from Addiaon ave. in Springwells to the Michigan Central depot in Ann Arbor, with agreements for the use of the tracks of the Detroit Electriu Railway in Springwells, and the Citizens' Street Railway in Dutroit. Upon three mouths' defaalt in interest tbe trastee is authorized to comtuenee foreoloünre proceedings and anthority is given thu trustee to reorganize for the benefit of the bondholders. A sinking fnnd for the retirement of the Jbouds when due is provided for in iequiring a cleposit with the Trust Company, of $5,000 per year froiu the net eainings for the first five years. 10,000 per year for the next five i years, and $20,000 per year for the leniuining 10 years.


Ann Arbor Argus
Old News