New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-11-06
FINANCIAL.

RgICBIGAN SOUTHERN RAIL
IskROAD 900 SEVEN PsR
CENT MORTGAGE LOAN.-Se4ied proposals for fosy
hundred thousand dollars tie first and only Mortgage
Bonds ofthe Michigan Southern Railroad Company b<sFRs
per cent interest VIII be received unnl 18Th day d
These bonds sre issued under the provisions Of se.,
tuftle Lesamreo OF Michigan. authorizing The CoHpaay
- dispose ofor sell TER obgaEols either wun or With
ana below par. 20 be a binding as sod IL par
Ihey secared BE- mortgage executed to Shepherd
SasgR ESQ OF me o Of Ns"f0'h n trust 'f the bond
THIS mortgage covers ne entire line Of the Compsnys
kosd IN Ncisrn Whether already olt or hereafter 10 b
eonsrpev sd provides tlt bonds TO an amount not
ctdus one million tdnars IN eli may beiszned Of which
amount not more than SiC0ool be issued unn after the
hoau sSl Fave been eGnPteat 70 snlrgts Praine- die
completed by The hrst Of January next
TIE security offered for the bonds therefore mortgage
len epd Substantially the only lien. upon road which
when complete u the hne OF Indiana wiz have near
y 40 miles OF man me beside branch OF 10 miles and
which VIII have cost, including the original outlay by tho
State and the RELAXING The present track about S2Ggt
of which 81 go coo viii be represented By stock
The portion OF Inc road already in opereon shout 10
miles yields an Income ample 10 protect the entire deb.
proposed 10 be created ana the length OF completed iRs
ud consequent increase OF revenue, is Dolly increasing az
ordng security which viii place the payAen, the debs
For August, 1850 the earnings were Sl6.il7 a. For
September $N4SG These receipts were derived from tbs
road in is present unfinished condition. Fiity mles Of
compeied r6ad win be added to il within three monhs
aud viii be extended to the ST Joseps River 81 e Indi
State line early next Spring, thus doubling the lengA
ofthe mainline nov in operation.
This road is part Of continuous line OF Railroads frot
tie CITY of NewIor ia the Mississippi River by wav of
the Erie Railroad aud tho Lake Shore Road and I'M.
p0rtan Ink in the chain
Nearly the whole of this great line from NewYork to The
Mississippi River either completed or IN the course OF co.,
structon.
As the means FOR the construction OF the road ready tor Tie
iron provided for by stock subscribed and beng paid d.
by regular nsments and the proceeds OF the bonds are
mainly required for the purchase OF iron heavy h ral and
equipments ii is believed that railroad bonds before The
public offer greater nducement for safe investment than
those of this Company
The mortgage empowers the Trustees OF failure
pay the principal interest Of the bonds 10 lake posses
sion OF the road and receive It's earnings or to sell It, ndas
notice and apply the proceeds 10 the eXtgshnen Of ha
The bombs are in sums OF 600 each payable at the Me-
chanics' Bank in the City OF New York, Nov 1860 with
interest per cent per ennum, payable emiannga
" in New-York on the LIST Nov. and Isl May ntersa,
warrants coupons are attached 10 the bonds
fered for sale.
Sealed proposals Tor any less than 600 wiz
be received until the 18Th day OF November next
Proposals may be addressed 10 WlNSLOW, LANIERA \
co. 50 Wallst or to E G. IITcHFiELD, Treasurer, 81
wallst Endorsed Proposals for Michigan Southern Rail-
$4,000 (half the oaeredl wln be disposed
of absolutely and without reserve TO the highest bidder
The Company reserve the right TO withdraw Inc remandec
If the offers not satisfactory.
All necessary information in relation to the bonds togeh
er with maps, may be obtained BY calling on WlNSLoW
LANIER co. or f. c. LlTCHFIELD, at either Of which
places copies The bonds and mortgages be had
Copies of the bonds and mortgages also be seen on
application Shepherd Knapp, Esq President OF the Me-
chanics Bank James Van Nos!rand Esq President Of
the Merchants Exchange Bank.
Parties whose bids accepted will be required to psy
q per cent npOn the amount awarded 10 them nneds1ey
npOu being notified OF the acceptance Of their Dds ana me
remainder in equal amounts on the s and 10Th OF Decem
Der but any party will be al liberty to pay IN NH az
once Interest will commence from the day OF payment
New York Oct 8, 1850
COMMITTEE OF THE DIRECTORS
cH4RIEs 1 B51ul7T'IIER, JOHN B jERVIS,
oI9 If EDWIN c. LrTCHFIELD.