Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-11-14
PENOBSCOT BA Y AND RIVER RAIL
ROAD.

An important meeting of the directors of
the Penobscot Bay & River Railroad, and
one that we hope will lead to decided results
before the year is out, was held in this viii
lage on Monday evening. The President,
Mr.. Hichborn, who had been chosen at pre-
vious meeting as a committee to confer with
the Knox & Lincoln Railroad Co. in regard to
the lease of this road to them, and have an
agreement drawn up if everything was salts
factory, made a report of his doings. He
found that company anxious that the Bay &
River road should be built, and willing to do
all in their power to aid it. At the annual
meeting of stockholders, held the first of last
month, they voted to lease the section to
Camden when built and as there was some
question whether their charter allowed them
to lease another road without further legisla-
tive action, several of the directors, including
the President, agreed to give private guar
antee that the vote should be carried into eff
fect.-The report of Mr.. Hichborn was emf
nently satisfactory. The ways and means to
commence operations was then discussed. 1t
appearing that there was some difficulty in
obtaining the town bonds just now, a new
scheme to do without them, at present, was
preached and canvassed by the directors, all
of whom regarded it very fayorably. The
plan is for the Penobscot Bay & River Co. to
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to the amount of 100000, the sum upon
which the Knox & Lincoln is to pay interest,
the face of each bond to recite the fact that
the latter company is pledged to pay the in :
terest. 1t is calculated that these are as
good and will sell as readily as town bonds,
and a larger sum be realized. In fact, it is
believed that this would raise about money
enough to build the road from Rockland to
Camden village, two offers having been made
by contractors to undertake the job for $780,
600 and take from 1000 to $50, 900 in
stock. There can be no question about the
security of the bonds proposed, for although
the Knox & Lincoln road is heavily mort
gagged the mortgages are the towns and cities
on its line. which are the most deeply inter-
ested in its financial success. 1t is thought
that these bonds would be readily absorbed as
investments by the savings banks on the line
of the two roads from Bath to Camden. In
case this plan is adopted the town would prob
ably be asked to loan its credit in extending
the road towards Lincolnyile, when the
time arrives to do so, when it is supposed
there would be no opposition.
Action was also taken looking towards the
lease of certain portion of the northern end
of the road committee was chosen to at
tend to the matter, and reasonable hope is
INDUCED that construction may be commenced
about the same time at both ends of the
route. If such should be the case an early
completion of the whole road would be as
sured, consummation most devoutly wished
for.
Altogether, the directors of the Penobscot
Bay & River Railroad take cheerful view Of
the situation, and seem to believe that the
time has nearly arrived at last when some
thing substantial will be done. SO mote it be.
- Camden Herald