The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1915-10-13

lateral notes. due In 1916. have "a
100000 outstanding. and bear inter
est at six per cent
And on top Of Il all the Detroit
United railway pays the United
States governments income tan on
all its funded debt.
Here ID . BODY Of dset. On which
thssV 10 annually bslns paid In In
tsresf the cum Of os7y.>e6 per year
~ lntersst. and nearly $4,000 q
iyear mere ~ gevsrnmsat income
tar.
This amounts TO an intsrsst 90
count ef oss.3so . meath. or ~
7<1.se . day.
And every penny u this h to be
paid acceediag to The LaschinslAx.
SOM onnslly -Baker6 palling- 0esvsn-
con contract. 10y Ne ny srs0s
saswlWUs - hsrslWaeese prevldsd.
aseerdiR0 20 the tsrws 81 such
mortgage Indebtedness from date u
transesr q possessloW."
Lucking and Lawson, equally with
the street railways lawyers. made
II sure that the New York and Mont,
real bondholders would continue
to get their interest not from the
precarious income Of q private COM
pany in constant danger Of attack
BY the city. but from ths city 81
Detroit. according 70 the esrms u
such mortgage Indebtedness from
date % transssr ~ poeeesslon.
So that's the game you have been
playing. sly old fox Of Shelby.st.
While you were shouting wolf!
Wolf" and saying at the top OF
your voice New York and Montreal
get all the earnings now" and yelp-
ing between times about the $500
an hour paid to the bondholders.
you and your lawyers OF whom you
have % much good TO say were
quietly making II sure things OF
these two items:
First-That every dollar Of inter
est now being paid TO New York
and Montreal 6oWdhe,ders and
bsnefieiarIes wherever else located.
should be paid dollar for dollar out
of the railways earnings, and
Second-That they should be paid
according to the terms Of such
mortgage Indebtedness. which Is the
way they are being paid now.
No matter how cheap money can
become. no matter whether Detroit
can borrow money in the future az
three per cent or three and half
per cent. you and your railway com
missioners who are 50 rich that
they know all things, have riveted
the city OF Detroit to the PROPOSE
ton of paying i've per cent and six
per cent till the debts are due.
Let me ask my fellow-citizens
whether In its widest dreams the
n. Y. r. ever wanted anything more
than a chance to earn high interest
rates
Never in it's period OF most
braxen demand did II ask the city
to guarantee the payments.
That is the only change and n il
all the change that The ID. L. r.
bondhoiders will experience through
this phony. pig-in-a-poke. blank
check transaction. Instead OF throw
ing of the shackles Of high inter
est, IL rivets them on.
They have beaten the people to
II, through You. Instead OF having
their rails torn up and their ties
torn out Of Fort-st. as you wanted
done last year. they need care no
more about rails OF ties, or service.
because the interest and the prin-
cipal have been secured forever.
This will be the finest brokerage
game that has ever been put over
on Detroit II II goes through. II
makes S25.0o0.0c0 that were worth
90 cents apiece. worth 100 cents
on the dollar.
Editors and owners OF the Detroit
News. who gets the commission for
putting u over
uryV frsu II TLInMDGnN