The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1871-06-02
The Knox and Lincoln Haflread,


From the Kenperec journal,
The meeting of the stockb ol.els of The Knox
& Lincoln Railroad held at Newcastle, May
3lst was largely attended. MIR. Moses, Presi.
dent of the Company, was present and presid-
ed. A statement from the Directors was sub
mitted, containing substantially the following
facts.
The present meeting was called by the Dr.
rectors because the means provided to COM
plete the road we're fonnd TO he insufficient
In September last, an estimate was made
that S475.OOO in addition to what had been
raised would complete the road II was also
expected that a considerable part OF The road
would be nut in operation last Ct asOn, and the
remainder early this season. The delay has
added an increase Of interest, work, and loss of
earnings to the cost 9th road. but not to the
amount now required. Tue Directors admit
that the estimate last September was not snffi-
cient.
The books Of the Company have been exam.
ined by VIM. b. Taylor. a. an expert, from the
commencement, and he ceriifes that he fluids
the same correctly kept. BY the papers it APP
pears there is now on hand in cash and bonds
$3.50 496 "a.
In order to avoid error in the present esti.
mate, Mr. james Lanrie, an eminent engineer
OF Connecticut, has been employed, aud with
T.. III.
AN examination OF the road to Rock land.
Mr.. Lauiie estimates the additional expense
TO finish the road to tide water at RccKiatd
and pay one years interest on $2,245. 900. a,
$3.50 ,977 ,63. Deducting $3.50, 256 "a, being the
assets OF the company less ten per cest on
bOuds now On hand, the amount required il
SPA ,72O 70; adding one ninth for discount on
bonds, and the sum required is $8O5 245 49,
This estimate OF Mr.. Lanrie's is for first
| class road to complete it so that its earnings
may not be required to pay any cost Of con
| struction.
| A Committee of the Directors have had ar
| interview and correspondence with the Maine
| Central Company, to see about getting them tt
furnish money to- complete the road. The
Maine Central declines to furnish any money
to complete the road, but proposes to furnish
additional rolling stock, and ruu the road from
one to five years at cost.
| The Directors find 30 party that has more
interest in completing tbs road than the town,
and cities intended. Eight cities and towns
have furnished all except $S6O97 80, the sub
are practically the owners OF the road. II no
completed the loss will be theirs. The Direc
| tors have confidence thew will furnish III,
funds. 1t is suggested that the towns MAJ
raise part OF the sum required under the gen
eral law OF the State. say $3.50 600. This it il
| advised be voted as loan to The company, ant
| not as a subscription.
The towns at the same meetings may vott
additional sums TO make the balance, an,
have the legislature leaslize the sare.
A report from the Treasurer was submitted
also report from the Engineer. The Treas
urer's report shows the Treasury to be in u,
condition to continue the work Without NOR,
funds. The Engineer gave detailed state
ment of the condition of the road and the esti
mates for the various expenses yet required.
More money must be raised or the huildin,
Of the road suspended. This was plainli
stated by the Directors and il well understood
After discussiaa aud due consideration, i
was unanimously voted by the meeting to ad
vise tie towns on the road to raise the amour
required to complete the construction, $8O5,
245 81, and committee of twenty. three sc
lected from the several towns and cities, wa
chosen to exaulpe tho reports OF officers, AM
| report at an adjourned meeting of the stock
holders at Waldobor0 on the 9th of Joue
There is feeling Of soreness about the un
| expected cost OF the road, but the general con
clnsi0n appears to be that the location AM
survey were faulty, the route an expensive on
at best and its difficulties not unde rstood
There is no belief that any of the money ha
been squandered or anything Of that sort, bu
that the DIRECTORS were deceived themselves
There 9 determination to 90 ahead an,
raise the money, and 10 doubt II will be done
The road to Wiscasset rides very smoothly
and is doug good business. MIR. w. L. Whit
is conductor Of the train. A better man 10
the place could not have been selected,