The Republican journal. [volume] (Belfast, Me.) 1829-current, 1869-12-23
THE BELFAST AND MOOSEHEAD LAKE
RAILROAD. THE WRINKLES sMOOTHED

"VsIuONO. TIE WRINKLES oMOO HEU
| OUT.
We are happy to say to our readers that
we think the affairs of our railroad have been
so arranged that no further difficulty need be
apprehended, either as to its location, con-
struction, OF the furnishing of funds-and
that all paper warfare upon the subject will
cease. An arrangement has been effected
whereby all subscribers to the stock, save on
ly the towns of Brooks and Unity, agree to
acqulesce in all that has been done, and to
pay their subscriptions as due. This is eff
tected by sort of compromise on plan
that originated with the companys solicitor,
Gov. Crosby, and is as follows
First. Determine what amount of money,
over ana above what is represented by sub
scriptions for stock, preferred and non-pre-
terred, and which can be collected, is reouir-
ed to complete the road. Borrow that amount
on bonds, secured by mortgage of the road.
This to be the first mortgage.
| Second. Then issue to holders of shares
preferred and non-preferred bonds equal in
amount to the shares so held. secured by
mortgage on the road This to be the second
mortgage.
| The rate of interest on these bonds to be
graduated as provided in article IS of the
| bylaws OF the company, or bv such other
scale as may be deemed iudicious This ar
rangement can be made only by vote of the
stockholders at 4 meeting legally called, and
the arrangement must have the sanction of
Legislative authority to be valid
| This plan was submitted at a meeting of
the Directors on Friday night and having
been approved by them, was taken in hand
| by c. B. Hazeltne, Esq. one of the most
prominent Of the non-paying stockholders,
who urged IFS acceptance upon his associates
At the date Of this writing they have all,
with few insignificant exceptions, sub
scribed an agreement to pay their assess
mcnts and accept the new arrangement
| The amount to be raised on the first mort
gage bonds is small, probably not over $50
o00-but in order to have margin sufficient,
| it was agreed that the sum should not exceed
| $l5o,0o0. On a road-bed costing S95S, 900
| this sum is so small as to render the second
mortgages as good as first mortgages COM
monty are, and a security that will sell readi-
| ly in any market. Another advantage to the
| stock holder is the readiness with which he
can make use of the bonds as security in rails
ing money, or any like purpose. And finally
| the city Of Belfast, with the other holders of
preferred and non-preferred stock, will have
security on the road, with bonded indebted
ness of probably only one eighth its value
| between the whole property and themselves.
| In view of this arrangement, the Directors,
at q meeting held on Monday morning, di-
rected the Treasurer to adjourn the sale Of
| the individual stock, and to proceed with
that of the towns of Brooks and Unity. Ac-
cordngly three hundred shares subscribed by
Unity and two hundred by Brooks, were sold
| to ANcl Hayford, at one dollar per share
Subsequently u vote was passed instructing
the company's solicitors, Messrs Crosby and
Jewett to at once begin suits against those
towns TO recover the balance due.
Very little doubt is entertained that these
delinquent towns will see the hopelessncss
and folly Of contcnding in this matter, and
pay their subscriptions At any rate, the
last Of the ''hard places in the progress Of
the enterprise has been gotten over, and
hencctorh there is plain sailing. We con-
graduate citizens and the public on the
tiattering prospect There is no good reason
why the cars may not be running over the
whole route by August next