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The T., A. A. & G. T. Railroad

The T., A. A. & G. T. Railroad image
Parent Issue
Public Domain
OCR Text

Apropos of the contemplated extensión ot' the Toledo road northward the Free Press says : " Mention has been made of .1. M. Ashley's plan of soliciting ald for the Toledo, Aun Arbor & Northern Kailroad, which he isendeavorlng to have extended northward through Livingston, Shiawassee and Gratiot counties. Mr. Ashley asks no subscriptions for stock, but sells to contributors at par first tnortgage six per cent. twenly-year bonds of the road. The bonds are to be a int Hen on ' all the property nowowned' and that may hereafter be acquired by the Toledo, Aun Arbor & Northern Kailroad, and shall ' also be a second mortgageon all property now owned or shall hereafter be acquired by tlie Toledo, Ann Arbor & Grand Trunk Railway Company.' The issue of the bonds is limited to $20,000 per mile of new road to be constructed- of which $5,000 per mile is offered to subscribers alongthe line, and it is 'expressly stipulated that the remaining$ld,000 per mile shall only be issued in amounts of $90,000 on the completlon of each six miles of road.' The bonds to the amount of $5,000 per mile are to be paid for in installinentsof twenty percent., on the 8th of each month, the mileage to be based on the certifícate of the Chief Bngineer of the company rendered each month."


Ann Arbor Courier
Old News