The Republican journal. [volume] (Belfast, Me.) 1829-current, 1886-09-02
Railroad and Financial Matters.

THE b. \ NJ. L. r. r. co. DECLARES A DIVIDEND.
AT a meeting of the Belfast and Moosehead
Lake Railroad Company held in this city August
9th 1t was voted to pay dividend to stockholders
of record on that day as follows; On preferred
stock 3 per cent; on non preferred stock 80
per cent. Payable Sept. /. The city will receive
$S,S7320; individual stock holders $3S43, and the
town of Brooks, $3.50. Under the present policy
of the company, which is to divide all the earnings
after the payment of current expenses, similar
dividend will be made in November next, payable
Dec l. There is now in the treasury, subject to
the decision of the Court in the pending suit about
$4,000, and if the court decides, as there is every
reason to believe it WILL in favor of the new
board the total sum will be paid out in dividends
on the preferred and preferred stock. The $780,
600 due in 1890 will be refunded in four per cents,
OF less due at the expiration of the lease and pro
vision will probably be made for sinking fund to
meet these bonds at that date, leaving the road en-
tircly free from debt. The difference between
the present rate of interest and per cent. will
meet this requirement, and the debt will be extin-
guished without burdening tax payers. In this
connection it may be noted that the city of Provi
dence, r. L. recently issued 81 per cent. bonds
which sold at premium of IA; and the city of
years, which also brought premium.
A MOVE TO REFUND THE TOWN DEBT OF BROOKS
The town of Brooks is moving in the matter of
rcfunding her Indebtedness, which amounts to
about $25,0O0, the greater portion bearing per
cent. interest and the remainder 5 per cent. AS
the debt is past due there is no difficulty in the
way, and those who do not care to accept new
bonds at a lower rate of interest can be paid from
tha aJe nfe
advised to apply to the Legislature for permission
to refund, as was done by this city, this will add
to the value of the securities. The Belfast and
Moosehead Lake Railroad Company hold small
part of the Indebtedness of Brooks, for which they
will accept per cent. bonds; and the banks of
this city will aid in the refunding movement, thus
ensurlng its success The only question appears
to be whether the new bonds shall bear Az
per cent interest, and the town has been advised
to issue per cents, and to appropriate the half
per cent. to be used as 4 sinking fund for the
gradual extinction of the debt Brooks is now re
c1lNlng dividends on her non-preferred stock
which will eventually become valuable, and with
her debt refunded as proposed the town will be in
n good financial condition.
RAILROAD ENTERPRISES IN KENNEBEC COZ MY
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