The Portland daily press., 1895-05-09
TO BE OR NOT TO BE.
Waterville To Vote on the Question of Pro
noting Railways.
Especial to the PRESS,

| Waterville, May S.-Juns 8 is the date on
which WateIyille people will vote to find
out whether they want to go into business
as railway promoters. They have been
asked to lend their aid to the construction
| of a narrow gauge railway from this city to
China. not to Hong Kong. China. or any
| part of the fowery kingdom where they
might come into competition with the enter
prising Japs. but to Weeks Mills, China,
Maine, which is the present terminus of the
| Wiscasset and Quebec Railway. Last sum-
mer there was an attempt to build this road
| to China and steps were taken to form a
corporation under the general law. The
city was then asked to take $4,000 of the
stock of the company, but declined and the
scheme was fer the time abandoned. as
| the $1,000 per mile. which the law requires,
could not be raised. When the legislature
met last winter another course was adopted
and a charter was procured. The law
makers are getting to be reluctant to grant
charters Tor corporations which may be or
ganized under the general law. Still there
are holes in all skimmers. Generally the
boomers of new railways run them over
tide waters, and that req uires special en-
actment. AS this line is going to China/by
iaIlds bhdo "a pC0AOAb COu1u AOG bS EuOptGQ,
| and another was found. The general law
does not consider all the modern improve
ments in railroad building. If you want to
run an amusement bureau, you must have a
special charter. and the charter for the
Waterville and Wiscasset Railroad company
gives it authority to maintain summer
hotels. pleasure grounds, etc. Under this
charter. he company has organized by the
choice of these officers:
President--I. c. Libby Of Waterville.
Clerk and Attorney-Wm. 4. Haines,
WatervilIe.
Treasurer Frank Redington. Waterville.
bbv HeSd al Lebs ebsres e. crazy GGopy A. +
Redington. G. G. Carleton, $. $. Brown, C.
llnauff, f. J. arnold, John n. Webber. l..
Il, soper, all of W;aterville; G.. H. Gates.
Thomas Sampson. VassalEoio. h. b. Goode-
nough, Boston.
The company is capitalized at 500. 900, but
it is proposed to finance it by an issue of
first mortgage ten year, per cent bonds.
The city of Wateryille has been asked 10
guarantee the payment of the interest on
$50, ,0G0 of these bonds. The city has not
been asked to guarantee the payment of the
principal. The gentlemen interested in the
company say that should the city be called
upon to make good the guaranty, the pay
ment of five per cent upon $4,000 for ten
years would not bankrupt it. The increase
in the taxes the payment would necessitate
would be SO small that man taxed ON
property valued at $1,000 would find his
annual tax increased only by half dollar.
But he promoters of the line are confident
that its earnings would pay the interest and
that the city would not be called upon. If
the city will guarantee the interest on the
S50, 900. the members of the company say
they will take care of the remainder of the
bond issue, at par. It is estimated that the
road would cost between $4,000 and $780,
600. It would extend from Waterville
through Winslow, North Vassalboro. East
Vassalboro and China to Weeks's Mills. AS
it is intended to run this road in connection
with the Wiscasset and Quebec. it will be a
narrow gauge line. The cmpany hope that
the Wiscasset and Quebec will lease it if
built. They say that beside trinaing the
trade OF a prosperous and thickly settled
region 10 Watervilla, it would give this city
u new route to the sea. This project, il is
understood. will not affect the plans of the
quebec and Wiseasset. and they will con-
lihue laying rails in the direction of Burn
nam whether the Watsrville plan materialiAe
or not