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Detroit, Mich., August 29nd, 1899.

Mr. Wm. H. Wells,
Hotel Ampersand, 
Ampersand, N.Y.

My dear Mr. Wells:-

I returned from my European trip yesterday, having had a very pleasant time. I am told that you are spending the summer in the Adirondacks. I hope you find yourself pleasantly located and that your health is steadily improving.

September 1st is the date for paying interest on Michigan Peninsular Bonds. There are exactly $100.000.00 par value of these bonds outstanding, that is, 100 bonds of $1.000.00 denomination each. You will remember that under date of May first we issued a circular to the holders of outstanding bonds, copy of which I enclose herewith. The circular stated that interest would cease on all outstanding bonds after June first. It is likely that on or before September 1st the Guaranty Trust Company will ask us to state what our position will be regarding payment of the interest. Will you kindly inform me by return mail what answer to make to the Guaranty people. The last time you and I discussed this question, we agreed, as I remember, to decline to pay coupons when presented and expected to bring the matter to a focus in this way. Are you still of the opinion that this is the right course to pursue.? Personally, I see no objection to following the original plan, but would be glad to hear from you fully on the subject.

Yours very truly,
Charles L. Freer

Transcription Notes:
---------- Reopened for Editing 2023-09-24 11:11:14 ---------- Reopened for Editing 2023-09-25 10:05:32