Sale of the Detroit, Mackinac, and Marquette Railroad, 1886-10-28

Electronic reproduction of: Transcription of newspaper article : Newberry News (Newberry, Mich.), Oct. 28, 1886.

Source: The Newberry News, Newberry, Mi., October 28, 1886, Thursday Sale of the D. M. and M. R. R. [Detroit, Mackinac and Marquette Railroad Company] The D. M. and M. R. R. [DM and MRR], embracing the entire line or railroad between the straits of Mackinac and the city of Marquette and also the branch line as projected from its main line to S. S. [Sault Ste.] Marie, together with the l and s and all other property of the company, where sold [at] public sale in this [Marquette, Mi., October 21, 1886] city yesterday by E. W. Allen, special master in chancery. Mr. Hugh McMillan of Detroit being the highest bidder, the property was sold to him. The sale is part of a reorganization scheme, the nature of which will hereafter appear. The consideration paid was $1,010,000. As a result of the above transation, the control of the DM and M passes from the h and s of the former company and is now vested in Mr. McMillan. In connection with the above important sale comes the gratifying news that the contract for building the great through line from S. S. Marie, a portion of which is now projected as a branch of the DM and M to the latter point, has been let and that work on the same will begin this fall. The new through line above mentioned will be know as The DSS and A Ry., and by the terms of the contract it is to be completed fully equipped and in running order by October 20, 1887.