Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1882-12-12
tn. K.,.bdIn Iron Works.

A Bangor correspondent learns the following
particulars of the Katahdn Iron Company's fall
ure in addition TO those already published Mr..
Davis, the manager. began work at the mine In
1873. In 1876 the Katahdin Iron Company was
chartered By the Legislature, the amount OF It's
capital fixed az 100000. The Company issued
however. but SIC. 900. Previous 10 1876, Hon. A.
2. Gould, OF Thomaston, mad put sllo,OOO In
cash into the concern. and at the time OF the in-
corporation, lac agreed 10 accept sSO.OOO OF stock
in payment, and Mr.. Davis took $50 900 In stock
for sir 900 cash which he had invested, aud Tor
several v, ars' salary for services. This ABSORBED
the Sl00. 900 stock.
Up 10 November lst Mr.. Gould had invested
Including the previous amount mentioned
above) over $3.50 GOO, and he accepted transfer
for 0. W. Davis $40, 900 stock as collateral, and
now holds Il rs security for nearly sjOOOO,
which he has loaned the Katahdin Company
The total liabilities are Sl73.1459S. secured
debts, s3S. 7O9S4; unsecured, Sl35,O36. ii de-
ficiency Nov. lst, S64 ,30S.33 The katandin
Iron Company holds a lease OF townships ana
6, range 9, Piscataquis county, for twenty-five
wears. from Mr.. L. y. Egery, the owner. BY
The terms of the lease the company was 10 pay
10 Mr.. Egery a royalty of sl.5O to per cent.
per ton on iron produced, according TO the mar
ket price This lease Is 10 be forfeited II the
works are closed twelve months. The royalty is
acumulative and attaches as lien on all IRON
made or TO be made. The back ROYALTY due MT
Egcry, Nov. Isl, looZ, was Sio,VoV'oVt o"e -
Egery can collect this amount on iron 10 DC
made. The pig iron was sent to Bangor oy ran
and stored in Henry McLaughlins storehouse
MIR Mclaughlin would render certificate OF the
amount of iron received, aud Manager JAWS
would pledge the certificate 10 the company
note al the First National Bank. which advanced
s25 per ton upon the amount oil iron represented
in the certificate. The bank bad debt mus Sc,
cured of $50 $50. Nov. Isl. The First National
NAV not be fully secured, as IL has advanced
Manager Davis additional money on the margin
of the price OF iron over S25 per ton. The price
is declining. and on this marginal advance inc
bank is liable 10 lose. II Is thought likely That
the creditors will accept the proposition 10 iund
their bills in the new stock, and that the compa-
nv will get along. There are about IOO tons Oh
the iron IN store at Bangor now.
IL Is understood that three-fourths OF the Ma
| tahdn Iron Company's creditors have signihed
their willingness TO capitalize their oills ana the
company Is likely TO continue business. Ire
| works are in full operation now. Men employed
will lose nothing.
| Zion's Advocate says OF Maine Baptist
churches Rev. ]. Brownylle OF Fairfield Cen
ter. breaches in the Baptist church at Cornvilie
one quarter OF the time and at Athens one-quar-
ter. :. Rev. G. B. llsley, PASTOR OF the Second
| Baptist church, Bangor, baptized one on SUNDAY.
There are several new cases Of interest. Five
| candidates were baptized last Sabbath by Rev.
| w. II. Spencer at Waterville, two Of them mem
| beers of the Freshman class Of Colby University
All but one are the welcome fruits OF the religious
interest In the Classical Institute during the past
! year.