New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-11-15
NgICHIGAN SOUTHERN Raj

NAROAp CoMPANY-St0 0,0 o0 SEVEN Pr
CENT. MORTGAGE LOAN.-Sested proposals or Rgr
hundred thousacd collars Of the hrsl sd only Aoc1gS,
Bonds ofte Michigan Southern Railroad Company Aesinr
per cent interest VIII BE- received 1nel Sa Gag q
November next
SCI oihe Leg.s!nceof Michigan, authorizing he G0apzzy
10 dispose OF or sell their ub9 anOns, either Sn WlS
out thai State such rates or prices SIS may be agreed lsT
and sold below par, 10 &c binding as If sod 81 par
Ihey are secured by norcsgc executed % Shepherd
s k3deR Esq 'f'Ae City Of Ns-YO'A in 's' ne 5ea
This mortgage covers the entire line Of the Compsay,
Road IN Michigan wheer already built or hereafter i, m
ceeding million ofdoary In s nav I've ssss,l: of ss
amount not more than SicocCo can be issued una se ~
hoaa sqi afe ~ ee Sgpeea TO stges Pfairle d.
completed by the FIRST OF January next "
The security offered for the bonds 10 therefore p,ortp,
when complete the state line OF Indiana will have pesn
" 40 miles main line beside branch OF e niles sss
which viii have cost, including the original outlay BY Ia
State and the relaying the present track, about sGe
OF which 81 10000 will be represented by stock.
The portion Of the rosd already In operation, shoat
miles Yields SIN income ample 10 protect the enrs 54
proposed to be created, and the length Of completed Ira
and consequent increase of revenue, dsy increasing <
ording security which VIII place me paysent OF the d
beyond all contingencies.
For August 1850 the earnings were SEAT n Ps
September $20,48e These receipts were derived hom Tia
road in lis present unfinished condition Eiy mles II
completed road will be added 10 Il within three month";
and win be extended 10 the st Josephs River at The lni
ana State line. early next Spring thus doubling the lergA
otthe manl now IN operation
This road Is part OF continuous line Of Railroads nos,
the City of NewYork 70 the Mississippi River by wayd
the Erie Railroad and the Lake Shore Road, anc an '
portant link In the chain.
Nearly the whole OF this great line from New-fork he
Mississippi River ID either completed or IN Inc course u sc
struction
AS the construction Of the read ready 70, IL
iron are provided for by stock subscribed and beng PAD L.
by regunr nstanents and the proceeds Of the bonda ara
mainly required for the purchase OF iron heavy rail md
equipments is believed that railroad bonds before o
public offer greater inducement for safe investment hso
those this Company.
The mortgage empowers the Trustees In case of failure
pay the principal or interest Of the bonds 10 lake poase
sion of the road and receive its earnings sell ondu,
notice. and apply e proceeds to the extnguishmeu. Of he
debt
Tie bonds are IN sums Of 81 600 EACH payable at Tho Nc.
chanics' Bank in the City OF NewYork Nov lS6O with
interest per cent per annum, payable semannus.
" in NewYork the is, Nov and LIST May, IlIeresI
warrants or coupons are attached 10 the bonds
Four hundred thousand dollars OF the bonds are cow CT
Sealed proposals for any amount not less than 81 Geo viii
be received until the 18th day of November next
Proposals may he addressed 10 WlNSLOW, LANlER6
CO 50 Wallst to Z. c. LITcHFlELD, Treasurer, s.
Wast Endorsed Proposals for Michigan Southern Rail-
$4,000 (half the amount now oHered viii bs disposed
of absolutely and without reserve TO the highest bidder,
The Company reserve the right 10 WluraW ue REMAINDER
Ii the offers are not satisfactory.
All necessary information in relation to the bonds .oge
LANIER Co or Z. C. LITCHFlELD, at either Of Which
places copies Of the bonds and mortgages be had
Copies of the bonds and mortgages may also be %
application 10 Shepherd Knapp, Esq President Of tia Ne
chanics Bank, TO James Van Nostrand Esq President
the Merchants Exchange Bank.
Parties whose bids are accepted will be required oRg
% per cent npOn the amount awarded to Them Immediately
npon being notified OF the acceptance OF their bldg and hs
remainder in equal amounts the lst and 18th OF Deem
Der next; but any party will be at liberty pay In hull
once. Interest will commence from the day OF payment
New.York Oct. 3, 1880.
COMMITTEES OF THE DIRECTORS.
GEORGE BLISS, JOHN STRIKER
CHARLES BUTLER, JOHN B. JERyI9,
ol9 II EDWIN C. LITCHFlELD.