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Is Just Like Ice Cream

Is Just Like Ice Cream image
Parent Issue
Day
11
Month
August
Year
1899
Copyright
Public Domain
OCR Text

A nrmiber of prominent citizens interested in tuaking Ann Arbor an electrio railroad center, met A. M. Rockwell, of the firm of Rockwell & Snyder, consulting and contracting engineers, of Chicago, in tbe council chamber yesterday afternoon for a consultation. The proposición under consideratiori was the building of a road frorn Ann Artor to Jackson aud another to Adrián. Mr. Rockwell had been over a poition of the proposed route to Jackson with Hndson Morton and considered the field a most promising one for a paying road. The plans of Mr. Morton, upon which the proposition of Rockwell is based, contemplaos a road running south on State st. for abont two miles then directly west to Jackson. Also a cross road from Manchester to ühelsea. The Adrián road would branch off from the Jackson line at a point in Lodi, run thence to Saline, then south to the Ridge road and along or near that roaa to Ridgeway, then west to Tecumseh and from Teuumseh to Adrián. The plan also coutemplates spurs from Ridgeway connecting Biitton aud Lake Kidge foriniug a triangle, also a spur from Tecumseh to Sand Lake an important suniruer resort. It is thought that tfce main lines will include at least 75 miles of track. The idea of Mr. Rockwel was to avoid the highway and run parallel with it or across farms as stearu roads are bnilt, bis idea being that a better grade can be obtained and mucb litigation avoided which is sure to arise where a road runs along the highway. Mr.Rocwkell's plan for financing the construction of the road may seere novel to many bnt it bas worked and is working in maoy larger construction deals. He proposes that a Corporation be formed in Ann Arbor and stocked at $2,500,000 and that bonds be issued in tbe som of 11,500,000. It is not e.xpected that the stock will be paid in. Mr. Rockwell estimates that abont $2.400 will be all that it will be necessry to start the project. This inüch will be necessary to meet the foliowing items of expense: Prehminary survey, $256; preparing bonds, $1,UOO; attorney fees, $500; blue prints, Si 50; franchise, 4300; extras, 8200; amuuntnig in all to $2,400. It is thongbt that stock can be used largeJy in paying for right of way.j When this much is done, Rockwell and Snyder stand ready to construct the road andfinance the matter tbemselves. They will give a guarautse bond or contract to the corporation with anyone of several of the best sarity companies of tbe country as endorsers that they will complete the road. They also contract to refund all the money put up by thu Ann Arbor corporation for the preliminanes, except the cost of right of way, if tbey fail to baild the road. They float tbe bonds themselves. They are placed in the hands of a trust company in New York. When five miles of track have been completed the trust compauy senda lts engineer to inspect it. If it is all right one-third of tne coat of the construction price of the five miles is paid the contractors, and so on for f ach additional five miles until the road is coiopleted, when the other twothirds is paid over Under tbis plan Rockwell & Snyder, of course, have to put up two-thirds of the cost of construction. The corporation is insured against any loss for labor or material by its contract with a strong surity company as endnrsersof the contractors The success of the whole scheme would depend upon theability of Rockwell & Suyder to float the bonds and of their ability to do tbis they have no doubt for they are handling much larger schemes constantly. The Alley L road, an elevated road in Chicago, was Duilt on a similar plan, 811,000,000 being raised on tbe bonds, whils the stockholders only put in an amount sufficient to meet the preliminary expense of the kind before mentioud. Here seems then to be a fine opportunity to make Ann Arbor an important elcetric road center with piactically no. risk. The proposition deserves carefol consideration.