XII 



choice of groups will be divided among all of the stockholders. 



Those who do not own stock, but prefer to stand in the 

 position of stockholders at the sale, will, doubtless, be able to 

 purchase stock at par, and possibly less, by communicating with 

 the stockholders, or addressing Cyrus Woodman, Managing 

 Director, or Geo. S. Feost, agent at Detroit. 



The sale will be continued from day to day, until all the 

 lands shall be sold or the biddings cease. 



Stockholders will be required to pay 27 per cent, of the 

 amount of their bids in cash, or bonds of the Company : the 

 remaing 73 per cent, they may pay in the stock of the Com- 

 pany, at par of $100 pr share ; or they may pay all in money 

 on the same terms as non-stockholders 



There are 4,627 shares of the stock of the St. Mary's 

 Canal Mineral Land Company, belonging to this Company, 

 which gives to each stockholder for every two shares in this 

 Company, nearly one share (at $50 per share) in that Company. 

 In other words every $1,000 of Canal Company Stock, is entitled 

 to about $250 in the Mineral Company Stock, and each stock- 

 holder who purchases at the sale will have the privilege of 

 taking his ratable share of stock in that Company, which 

 proportion is assumed to be one share of said stock for every 

 two shares of Canal Company stock, but no stockholder will 

 be allowed to purchase said Mineral Land Co. Stock, except 

 in proportion to his purchase of pine lands at the sale. Thus 

 a person holding ten shares of Canal Company Stock may, at 

 his option, either bid in land, to the amount of $1,369 86, or he 

 may buy land to the amount of $1,119 86, and take five shares 

 of mineralLand Co. Stock, making in land and stock, $1,369 86, 

 and, in either case, paying therefor 27 per cent., being $369 86, 

 in cash or bonds, and 73 per cent., being $1,000 in his ten 

 shares of Canal Company Stock. 



The Directors, however, reserve the right to withhold 

 said 4,627 shares from the sale, in which case stockholders 

 who buy lands and surrender stock, will, instead of 27 per 

 cent., be required to pay only ten or twelve and a half per 

 cent, of the amount of their bids in cash or bonds of the 

 Company. 



