Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-06-01
BY TELEGRAPH
TO THE
Daily Kpnnebec Journal.
Knox and Lincoln Railroad.

Especial despatch TO the Daliy hehneoec journal !
Newcastle, May 81. The meeting Of the
stockholders of the Knox & Lincoln Railroad
held here to-day was largely attended Mr..
Moses, President Of the Company, was pres
ent and presided. A statement from the
Directors was submitted, containing substan-
TALLY the following facts:
The present meeting was called by the
Directors because the means provided to
complete the road were found to be in
sufficient.
In September last an estimate was made
that $i75 900 in addition to what had been
raised would complete the road. 1t was also
expected that considerable part of the road
would be put in operation last season, and
the remainder early this season. The delay
has added an increase of interest, work, and
loss of earnings to the cost of the road, but
not to the amount now required. The Di-
rectors admit that the estimate last Septem-
Der was not sufficient.
The books of the Company have been ex-
amined by VIM. B. Taylor, as an expert,
from the commencement, and he certifies that
he finds the same correctly kept. By the
papers it appears there is now on hand in
cash and bonds $3.50, 49G.o4.
III order to avoid error in the present esti-
mate, Mr.. James Laurie, an eminent engi-
neer of Connecticut, has been employed, and
with the present engineer and Mr.. Sewall,
has do &C t1a
Rockland.
Mr.. Laurie estimates the additional ex-
pense to finish the road to tide water at Rock
land, and pay one years interest on SPAS
600, at $3.50, 971, SO. Deducting $3.50, 256 81,
being the assets of the company less ten per
cent. on bonds now on hand the amount
required is 1921, 720.79; adding one-n ninth
for discou mt on bonds, and the sum required
is $50, 245.32.
This estimate of Mr.. Laurie'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 an
interview and correspondence with the Maine
to 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 run the road
from one to five years at cost.
The Directors find no party that has more
interest in completing the road than the
| towns and cities intended. Eight cities and
| towns have furnished all except $50, 097.-
so, the subscriptions of individuals. These
eight towns are practically the owners of
the road. If not completed the loss will
be theirs. The Directors have confidence
they will furnish the funds. 1t is suggested
that the towns may raise part Of the sum re-
quired under the general law of the State, say
s25O,0OO. This it is advised be voted as
loan to the company, and not as a subscrip-
ton.
The towns at the same meetings may vote
| additional sums to make the balance, and
have the legislature legalize the same.
A report from the Treasurer was submitted
! also report from the Engineer. The Treas
urer's report shows the Treasury to be in no
| condition to continue the work without more
funds. The Engineer gave detailed state
ment of the condition of the road and the
estimates for the various expenses vet re-
CURED
More money must be raised or the building
of the road suspended This was plainly
stated by the Directors and is well under
stood.
After discussion and due consideration, it
was unanimously voted by the meeting to ad
amount required to complete the cohstruc-
ton, SS05, 245.32, and a committee of
twenty-three, selected from the several
towns and cities, was chosen to examine the
reports of officers, and report at an adjourned
meeting of the stockholders at Waldoboro
on the Sth of June.
There is feeling of soreness about the
unexpected cost Of the road, but the general
conclusion appears to be that the location
and survey we're faulty, the route an expen-
sive one at the best and its difficulties not un-
derstood. There is no belief that any of the
money has been squandered or anything of
that sort, but that the Directors were de-
ceived themselves. There is a determination
to go ahead and raise the money, and no
doubt it will be done.
The road to Wiscasset rides very smoothly
and is doing good business. Mr.. w. l..
White is conductor of the train. A better
| f,,rt hn vnIn haxa han
ected.
ETHIOPIAN NEWS &c