D., Y. & A. A. Electric Railway Has Made One.
A consolidated mortgage for $1,000,000 was given yesterday by the Detroit, Ypsilanti & Ann Arbor railway to the Union Trust Co., as trustee, to insure bondholders in an issue of $1,000,000 of bonds dated Feb. 1, 1899, and running for 25 years, with interest at 6 per cent. The purpose is to take up the $600,000 of bonds now issued, which will mature in 1907, and to use the other $400,000 for extensions and improvement of the road. The mortgage covers all franchise, rights and property of the company. Five hundred dollars in war tax stamps was paid when the mortgage was filed in the office of the register of deeds.