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660

(497) 

Oct. 7/96.

Henry Marshel, Esq.,
C/o Mich. Cent. R.R. Co.,
City.

Dear Sir:

Replying to yours of 5th inst., while we are entirely willing to do all we can to expedite the insurance of the new bonds of the Fontina, Oxford & Northern R.R. Co., we cannot see our way clear to accepting the proposition of Messrs. Cushman, Fisher & Phelps. They say they have sold a round block of the new bonds for delivery at buyer's offering this [[?]] Nov. 1. Why then should we extend payment of $25,000.00 as their election for a period of four months?

Again, as we know nothing of the financial strength of the gentlemen, we do not feel the $25,000.00 new  bonds is sufficient collateral.

I think we would be willing to sell these $55,000.00 of bonds, accepting $30,000.00 in cash and their note for $25,000.00 payable in thirty days with $30,000.00 of the new bonds as collateral, interest at 6%. As it will be a few days before this matter could be brought about, the thirty days would carry them sufficiently beyond Nov. 1 to enable to make a turn and meet the note with money released from the sale of the bonds.

Yours truly,
[[?]]

Transcription Notes:
Rest is too smudged to read ---------- Reopened for Editing 2023-09-18 02:12:36