Sale of the Detroit, Mackinac, and Marquette Railroad, 1886-10-23

Electronic reproduction of: Transcription of newspaper article : Mining journal (Marquette, Mich.), Oct. 23, 1886.

Source: The Mining Journal, Marquette, Mi., October 23, 1886, Saturday Sale of the DM and M [Detroit, Mackinac and Marquette Railroad Company] Railroad Pursuant to notice of sale, and by virtue of a decree of the United States circuit court for the western district of the state, the right, title and equity of redemption in and to the DM and M, embracing its entire line of railroad between the straits of Mackinac and the city of Marquette, and also the branch line as projected from its main line to Sault Ste. Marie, together with the l and s and all other property of the company, were sold at public sale in this city Thursday by E. W. Allen, special master in chancery. Mr. Hugh McMillan of Detroit being the highest bidder, the property was sold to him. This 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 transaction, the control of the DM and M railroad 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 Sault St. 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 will be known as the DSS and A, [Duluth, South Shore and Atlantic Railway Company] and by the terms of contract it is to be completed, fully equipped and in running order by October 20, 1887.