, 1881-06-21
TINxfNCI1iT.
Toledo, Ann ArboI
Grand. Trunk R'y
First Mortgage 6 Per Cent
Forty-Ycar Gold Bonds. :.
Total Issue. @1,26O.OOO.
Interest payable Jan. I and Ju.y I,
In New York.
PRINCIPAL Due JAN. !, 1921.
Issued at rate Of $4,000 per Mile.

These hon.ls tssnod to pr0vdn for tho exton-
stan Of tho rncdo Il Ann ArboF tna ~ 1'nntiac
Mle,.. Is tcs further hurit, 10 cnnnactluh tllarp
with tho Grand Trunk Hallway. md ~ ntt,sri tint
1all~ny nsf vnslns 1ntersccttnx ltncs 0ntrt tn
9oIe,n. lht. extons,n is nav naatiy c,'nplotc,s.
nnd Will bs open aop. !. forming linz ot ~ nfEcs
first mortxaRe.
THE EARNINGS.
The urnss earnings. expenses. ant, nct earnings of
the Dlsstnn ren lcda TO Ann Arbor, Al inllos. fur
the last thtet months wero follows.
In Al Miles. Earnings, Expnnscs. Not
Ainfrhr. hr..................".,flt.t1 sh9l0 si!77
Apfi'...-..s..t.....+....t..1 1Al'f hu G.Nu
s,ay....."............".. l7san 7.uu 0nn
Ses earnings for Tho Inst three months. ..4!Ar5
The net earnings for tho year n. t'''s ratio would
oe-.' ...:....'. 'Ao"
Interest IN hnnds At siS,1sl per mile for 40 miles
~ *@N
The present et en.,InRs on III miles nte Alrcaay
sufficient for the interest chnTvns tho whle tsao
Uf tl,2J lfst inost1ngo b'nGs+ 80 tint without any
Increase frnm tho operation OF tho extension to
r"ntfae tho 'ntarost on tho bonds L. nssi!re. THO
bonds htwcvar, cover n additional miles Of limo That
wilt hc extremely productive from tho valuable cot"
nectl0n Arcnrcd.
ftho earnings npnn tho whole limo ba Mt samc ns
upon 20 miles, tho not earnings will bc Altt1 500.
whila tho lntnro*t c,arseA nniy F;A1U 1t Ia lo.
loved the earnings will tncrcaso IN larger ttlu.
THE CONNECTIONS.
HEEFH 1SNilF0Auk cEnlFC III y HlCHHt lEGHh IN
diana and Ohio. Tho To!ein. Ann Arhur 4 GTand
Trunk Hallway. running nnstlcf.y from Toicdu.
1nterasctx nnl cohncrts with niue sr.i1ro.d~
n0rih 1T Toledo.
At s1tiur. q nlites from Tolcdu. conncc:icn II now
Iunds with tho Wabash liailruAi for ilrtrnt. which
rnnte In hit u miles l0rKet thr ata Detroit itiser
lire. This rouo il no.s nsesl by tic sFnhn- Inns
fur u 1nrae tFhtttc bGtWGcn Toledo ind Detroit.
~ South Ly6ne. II miles north Of Ann Atbor. con-
ncct!Dn will hu nndc thls ntNnth with tho Notrait,
lan.lns y trent Northern Intlroad tho great lumber
rGnd OF atlchlxhn- T!lls connection will nu1Fti
Ercnt trntflc to rocsln.
At Wt1um. u miles nurtlt Of Ann Arior, connection
will be rnadc with tho Flat rero Marquette Nond.
IT. c,,r1rction will r!vc tito aim Asbor rout tho
Importance u1 1nrnayh t,tat +" for bsnncss tint
tG Urand Trunk. hthCro shut of frnn tlta quarter,
will 10 aho to reach urer Il. rtu Toledo. fram sovni
lines DE railway. crnaT!HV there from tD Eutl. This
Grand Trunk toad Ut cann1a has long alcd to reach
I0lodO.
BOTH GENERAL AND LOCAL TRAF-$
FIG.
The Toledo, Ann Arbor Grand Trunk hallway
trnserses of thu most forso md shlckiy uoitn-
lntcd portions Of Mch!Rau. and will hnvo local bue
ness kccond TO mono In the State.
The Ann Arbnr lnc, by saving distances. wtll
largo A0ulluaatwnrt traf.,t, ind, hy ts advantages
In Tolo.io II Ia assured ut 1hrIo And pEotabo nurth
westward traffic. which insurp productive hRu!a l"ta
tNgs and consequent 'arxc net "n Vrss tnlf.
TERMS OF SUBSCRIPTION.
Thr undcsrgnod aro now roady to receive *utscrip-
tlDnA I0r UOH0A ~ hHu HCCFNGH interest,"
Ton per cent ut tho amount taken wilt 1G tnyAhlc nt
tho tn,e Of subscription. Hnbs1rbo1 wilt hnyo tho
npnn, jMly 1881, of rnynR In full or In hyo monthly
tnBtAII,unMts This right Is resGrvod to udynnco tho
price without notice. Interest will he allowed all
teposlts maio account Ut subscriptions at tic rnto
ofGpef cont p1r Annun Pamphlet with Hnp fltr-
nsshed application Subscriptions for &tD.up
under will 10 illlod beforo otloE aoemcns nru made.
ANTHONY POOR & 0LlPHANT,
No. As Wall Street,
NEW YORK.