Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1858-08-21
Milwaukee and Mississippi R. r.

To the holders Of tie Form Mortgage ana
screen per cent, convertible bonds Of this
company.
The company owe floating and un-
funded debt, amounting to about 5000
600, and in consequence of such indebted
ness and the general prostration of bust
ness, are unable to pay the interest Of the
present year, on their farm mortgage, aud
on their seven per cent. construction bonds
maturing in 1859. The directors have is
sued a circular to the mortgage stockhold
ers, stating such inability to meet the in
terest on their mortgages, and requesting
them to provide for its payment; but as
the circular creates excitement among
hem, leading to the conviction that they
will not respond to the CALL but show a dis
position to combine in resisting the foreclo-
sure, the company being strongly impressed
that they will be able, next year, from IN
creased earnings and business, to pay the
interest on these bonds, have decided to
offer TO pay the said interest in per cent.
bonds of the company, secured by mort.
gage to Thomas L. Ogden, Esq, subject,
however, to previous mortgages on the
whole road for $3,75O,00O. This issue OF
100000, appropriated to pay the unfunl-
ed debt of the company, Of which the in
terest forms a part, is in bonds of $500
each, due and payable in four years, and
the interest half-yearly, in New York,
from the surplus earnings of the road, af-
ter the payment of the interest on the pre-
vious mortgages and on the city bonds, and
of keeping the road in repair. The com
pany now offer to exchange these bonds at
par with the holders of such farm Inortga-
ges ard convertible seven per cent co,
pons, when produced in amounts of $500.
AS it is possible, on the revival Of bust
ness, that the road will earn sufficient to
pay the interest on the Farm Mortgage
Bonds, and on all other Indebtedness of the
Company, it is submitted to the holders of
the bonds, whether they had not better
accept the offer of the Company to pay
the secured interest, and the interest to
accrue the present year in the per cent
Mortgage Bonds aforesaid. The trouble
and cost of foreclosure, and the value of
the Bonds offered in payment are to be
considered. The times are hard in WIS
consin for farmers to raise money this pres
ent year, when prices for grain rule low,
and when confidence is i,nNsl in every
security they can offer for II kastn of mon
ey; and under such circumstances it is nat
ural for those who cannot pay to resist
payment and resort to means perhaps moi
strictly lawful. A compulsory course may
unnecessarily hazard the security, when
bv taking the Bonds the risk would be
avoided.
The earnings of the road last year were
1892, 900, and for the present year will
probably amount to about 81, 900, 900, and
on the revival of business must amount
to great deal more. The Trustee in the
mortgages has the right to take possession
of the road at any time when in his opin-
ion the trusts created in the mortgages re-
quire it. The whole cost and expenditures
Of the road is about $3,50o,00o, and il
ought at least to produce a revenue sutfi-
CleDG 10 pay dH III tcTGSG On udll Ills csiu u,
which the bonds offered and the previous
mortgages woald only present
The previous mortgages on the main
line amount to So, 100, 900, less the accum-
mulated sinking fund Of $4,000, but
the mortgage covers both lines, on which
the previous mortgages amount to So, $780,
900 as before stated.
II is DESTROYS to have application made
by those who are willing to take the bonds
at the office of the company, No. 81 Ex
change place, New York, on as early a
day as practicable.
When coupons are presented in amounts
less than $500, or there is an excess over
so, a certificate will be issued for such
amounto or excess, convertible into said bonds
when produced in amounts of $500.
And to make out this amount, the cou-
pons TO fall due the 1st of January and
March next may be included.
JOHN CATLIN,
President.