New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-11-05
FINANCIAL.

ENICHIGAN SOUTHERN RAIL
lYAROAD COMPANY.-24OO,O 900 SEVEN PER
CENT MORTGAGE LOAN.-Seaied proposals for four
hundred Thousand dollars OF me hIs ana only MHagag e
per cent interest," will be received until loh DAY OF
Tbess bonds are issued under the provisions OF special
act of the Legislature of Michigan authorizing Inc Company
dispose oor sell their obligations either within or with
ont that State such prices be agreedup
and if sold below par to be as binding as II soid al par
They secured by mortgage executed TO Shephera
h k9%pp Esq The City OF Ns'S 0rN IN ' '0' s O0"
This mortgage covers the entire line of the Companys
Road in Michigan whether already built or hereafter to be
constructed and provides that bonds 10 an amount not ex
ceedin million dollars in all may lsued OF winch
amount than 100000 can he issued unll after e
Road shall have been completed to Shrges Prairie da
lance III miles from Lake Erie to which point 1t VIII he
COMPLETED by the first of January next
Tie security offered for the boudss therefore mortgage
lien, and substantially the only lien, upon road wncn
when complete the state line OF Indiana VIII have near
" $40 miles of main line, beside branch OF ~ lnes hu
Which will cost including the original outlay Ny 5ne
State and the RELAXING the present traek about VVVV'
of which 81 5G00 600 will be represented by stoch N
The portion of the road Al ready in operation about ~
miles Yields income ample TO protect lhe ehllre deos
proposed be created and the length OF completed nne
and consequent increase ofreyenue IS daily ncresg al
foding security which will place the payment OF te aeoi
For August 1880 the earnings were $l64l7 q. FOR
September $2G480 These receipts derived from the
road in its present unfinished condition. Fifty miles OF
completed road will be added TO it within three monhs
and will be extended to the ST. Josephs River at the lnd
ana State line early Spring, thus doubling me lengln
ofthe main line now in operation.
the City of NewYok to the Mississippi River, by way OF
the Erie Railroad and tho Lake Shore Road, and is an I'M
portant link in the chain.
Nearly the whole OF this great line from NewYork to the
Mississippi River either completed or in the course OF con-
struction.
As for the construction Of the road ready for the
iron provided for by stock subscribed and being paid In
by regular instalmes and the proceeds OF the bonds are
mainly required for the purchase OF ron heavy II ran ana
equipments it is believed that railroad bonds before the
public offer greater Involvement for safe investment man
those of this Company.
The mortgage empowers the Trustees In OF failure,
Tho Tinrin
sion OF the road and receive It's earnings or to sell H. on due
notice and apply the proceeds to the extngushment oil the
debt.
The bonds are sums Of 81 each payable at the Me
chancs Bank in the City Of New York Nov 1860 with
interest at seven per cent per annu payable
" in NeWYork the LIST Nov. and lst May lnteresl
warrants coupons, attached to the bonds
-Four hundred thousand dollars of the bonds are now Of
fered for sale
Sealed proposals for any amount not less than 81 900 will
be received until the 18th day of November next
Proposals may be addressed TO WlNSLOW, LANlER&
CO 81 Wall-st. or f. c. LTCHEIELD Treasurer, 81
Wa-st Endorsed Proposals for Michigan Southern Rail-
road Bonds"
$2o0OOO (half the amount oferedl will be disposed
of absolutely and without the highest bidder
The Company The right TO withdraw the remainder
If the offers are not satisfactory.
All necessary information in relation to the bonds togeh
with maps, may be obtained by calling on WlNSLOW,
LANER co. or Z. c. LITCHFIELD, at either OF which
places copies of the bonds and mortgages be had
Copies of the bonds and mortgages may also be seen on
application Shepherd Knapp Esq President OF the Me-
chancs Bank James Van NoSand Esq President OF
the Merchants Exchange Bank.
Parties whose bids are accepted Will be required 10 pay
% per npon the amount awarded TO them immediately
npon being notified OF the acceptance OF their BLDG and inc
remainder equal amounts the st and 10th OF Decem.
Der next; but any party will be at liberty to pay IN u al
once Interest will commence from the day OF payment
EeW-York, Oct. 8, 1880.
Committee OF THE DIRECTORS
GEORGE BLISS, JOHN STRIKER,
CHARLES BUTLER, JOHN B. JERVlS,
oI9 If EDWIN C. LITCHFIELD.