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288

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Detroit,
July 15th, 1904.

My dear Colonel:--

The Hendries have arranged to reorganize the Grand Rapids and Holland Railway, and, in order to provide for all floating debt and retire the second mortgage bonds, the principal holders of the first mortgage bonds have decided to furnish a part of the new capital required.

You doubtless remember that after the Andrews failure, certain banks and individuals in Detroit became the owners of a considerable number of the first mortgage bonds.  The list is practically as follows:--

State Savings Bank  $ 105,000.00 par value
Dime Savings Bank      80,000.00
First National Bank    70,000.00
Preston National Bank  71,000.00
Detroit Trust Co.,     20,000.00
A. L. Stephens,        50,000.00

Total held in Detroit
about $400,000.00

A man named Crozier, living in the East, holds a little over $400,000.00.

The Hendries have already put in the enterprise in cash about $175,000.00.

In reorganizing the Company, all the second mortgage bonds will be exchanged for stock.  The amount of the bonds, I be-