The Superior times. [volume] (Superior, Wis.) 1870-1912, 1897-01-02
BORROWED A MILLION.
The Consolidated Land Company
Files a Big Mortgage, and Will
= Pay Delinquent Taxes.

Monday morning the Superior Con
solidated Land Company filed with the
city clerk an instrument mortgaglng
the property of the company in this
city and county to William ii. Hollis, OF
Philadelphia, and on the strength OF
this the land company borrows the
modest sum of one million dollars
The document placed on file was signed
by Henry S. Butler and Grafton Mason,
vice president and secretary, for the
land company, and by William II. IIol-
lis. Harry W Austin and A. Don Nc
Carly witnessed the signatures of
McsSrs Butler and Mason, and Horace
Disbrow Reeve and Victor Gullou were
witnesses for Mr.. Hollis. The deal was
authorized by the following resolution
adopted by the stockholders Of the land
company at the annual meeting heid
in July last:
" Whereas this company is indebted
in a large amount on notes, bonds and
for delinquent taxes and otherwise, and
|
gwen to the board of directors to pro-
vide for new issue of bonds of sufli-
cient amount 10 fund the present in
debtedness of the company, and to
raise money for the purposes of the
corporation and to advance its interests,
Now, therefore, be it resolved that
authority is hereby given to the board
of directors to provide for the issue of
bonds at such rate of interest as to
them shall seem reasonable and proper,
the whole amount of bonds to be issued
not to exceed one million dollars. And
said board is authorized to direct the
proper officials to execute said bonds
and in order to secure the payment OF
the same to pledge or mortgage all the
properties of the company, real and
personal, or such portion thereof as in
their judgment shall seem for the best
interests of the company"
The directors met in Chicago on the
Sth inst. and provided for the issuance
of 900 five per cent. gold bonds of
81 600 each, secured by a general mort
gage deed. The bonds, it was provided,
will become due on Sept. l, 1903, and
the general mortgage deed was the in
strument filed last Monday.
The company's Indebtedness a"gre-
gates about 1923 900 III mortgage bonds
dated Feb. u, 1898, with unpaid inter
est amounting to 5000 secured by
mortgages or deeds of trust executed TO
the international Trust company;
promissory notes of the company held
by divers parties, aggreglting about
$64, 900, which fell due on Dec. -, hay
ing collateral security of $S5,000 of tn e
last mortgage bonds; pronissory notes
and other evidences of ind ebtedness
to the amount of about $2l3, 0)0, secured
by large number of mortgages; take s
amounting to $l31 ,929. 80, without in
terest or penalties, the validity OF which
is now in litigation; other Indebtedness
amounting to about $4,000.
The announcement that the company
had borrowed a million dollars was re-
ceived with great deal of salts action
here and the general opinion seems to
be that the tax litigation between the
city and the company and the county
and company is now practically at an
end, and that the land companv's taxes
will be paid up, thus enabling the city
and county to straIghten UP its own af-
fairs to some extent.