Tbe Detroit, Ypsilanti & Aun Artoor rallway has given the Union Trust company, trustee, a ■m-or-tgage to secure ,in issue of bonds, knoTvn as the "(i per cent, flrst mortgage 20-yenr bonds." The total issue is $600,000, and bonds num'bered froni 1 to 100 are of the valué oí $500 each, and honds numbered 101 to 650 are of the valué oí $1,000 each. The mortgage irnviles for the issue of the bonds from time to time aa the work progresses as follows: Bonds numbered 1 to 300 shall be issued to pay for the stock, bonds, equipmcnt and rolling stock of the Aun Arbor & Ynsilanti Electric Railwav comoany. and for the right of way from the Detroit & Saline Plank Road compai'y; bon ds numtoercd 301 to 650 to be used for the eonstruetio:i, equipment, real estáte, cars, etc, a.'?d shall be issued as follows: On the completion of the grading $1,000 per oille graded, to be issued; on completion of the track-laying ?5,000 per mile; on eompleüon and eqnipnieut of the liouse, $100,000; on completion of the overhead equlpuient, $2,000 per mile, and the ,Si;000 peínale to be issued when the railway is ready for opera t ion. The mortage further provides tliat if any portlon of the railway shail be eompleted and placed in operation, $10,000 per mile in bands may be issued for that portion. A sinking fund for the retirement oí the boiids when due is provided for in requiring a áeposit witli the Trust eompany, of .f5,000 per year f rom the net earniugs for the first live years, $10,000 per year for the nexl live years, and -it.000 per year for tihe remisáning lu years. The niortgage covers all the real estáte, equipmems. personal propon y. etc., of the coaipaiiy and the line extended froia Addison avenue m SpringwaJls to the M. C. 11. It. depot in Ann Arlior. witli agreetuents for the use of the tracks of the Detroit Elec trie railway in Spriugwells, and the Citizens' Street railway in Detroit. Upon three laonths" default in inicies: the ti-ustee is authorizetl to oónunenije foreclosure proeeediugs, and authority is given the trustee to reorgauize for the benefit of the bondholders. The mortgage was anthorized at a of the directors, heul December 7; is due November 1. 1917, and is sigrned by James D. Hawks. president, and John A. Hussel!, secretary.