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A Double Track

A Double Track image
Parent Issue
Day
30
Month
December
Year
1898
Copyright
Public Domain
OCR Text

A DOUBLE TRACK

Talked of for Detroit, Ypsilanti & Ann Arbor Road

It is rumored in business and railroad circles that the Detroit, Ypsilanti & Ann Arbor railroad will float a second mortgage bond issue of $400,000 to double track the road and wipe out the floating debt. Oue of the leading stockholders said this morning that such a plan has been discussed, but that Mr. Hawks and his associates have decided to wait a while. The original issue of $600,000 in first mortgage bonds proved inadequate on account of property in Ypsilanti and Ann Arbor costing a good deal more than estimated. The road is prosperous, however, and it is considered advisable to use the surplus earnings to pay off the floating debt and borrow what more is needed from the banks at 5 per cent, instead of burdening the property with a second bond issue. There is no immediate necessity for a double track.

Detroit Evening News