The Portland daily press., 1897-04-20
WisCAssETT,s DREAM.
A Construction Company to Try and Make
1t ii Reality.

| "iSo"neet, april ] D "A ClrcultA
been sent to the stockholders OF the
Wlscasset q Quebec railroad. We u1aer-
stana IL meets with the approval oi d
majority OF the directors as 1t no doupl
Will with the stockholders. The clrcu-
lar says:
The management have lending abroad
and propose to carry through, COM
prehensive plan and arrangement for
the ultimate financing, not only Of the
railroad, but also all its collateral en-
terplises. o bring this 10 maturity,
however, requ res both time and effort,
and it is vitally important that, pending
the Arrange ment referred 10, the road be
completed 10 buEnham and to conneC-
! tion With other roads at that Q d, which
will render INN ediate productive tie
unfinished mileage, increase the earnings
| 10 an extent that will put the balance
| en- tho right side of the leiqer imme s.
urahly facilitate the financial arran ge-
mens referred 10, and forthwith strength
en- the credit of the corporation ami in
grease the snlue and availability of its
securities.
TO this end the directors have approved
| the plan hereinafter outlined and re-
ppectfully recommend it through the
committee whose names are hersupto
affixed to the favorable consideration of
| the friends of the enterprise whose re spec
tive interests are and have been greatly
imperilled hy reason of the unavoida BILE
delay in accom- plishing the roads COM
pIetjon.
1t is proposed as follows:
IL here shall be organized corporn-
/ tion to he known as The Construction
End Security Company. Its capital stock
shall be S33, $780, divided into 1000 shares
of S33 SO each
2-The construction and Security Com
pany shall make contract with the
railroad company 10 furnish material
and complete its railroad from Albion to
Burnham, (the estimate cost thereof be-
ing nou in excess of thu above capital
stock, J the consideration of said contract
TO be S100, 600 of the capital stock of the
railroad company and the repayment
| within three years Of tie construction
cost aforesnid.
3-The cree ton OF trust whereby to
hold $780, 600 of the first mortgage o dis
of the railroad company for three ) ears
/ afol esaid, for the purpose Of securing the
repayment to the Construction AMI
Security Company of the construction
cost aforesaid.
fine railroad company to have the
right to redeem sain bonds at any time
within 8, id three years upon payment
of saiu construction cost, and the &C
oruei interest thereon.
/ 5-Stock holders in the railroad COM
pany to have the preference in the dis
posal of stock of the Construction and
Security Company.
1t will be observed that under this
| plan each owner of one share in the capt.
tai stock of the Construction and Securi-
tv Company for which he las Paid S33 80
will, as stockholder in said CONSTITUTE
/ tion and Security Company, be thu own
er of three fully paid shares in The capt.
tai stock of the railroad con pany, and
upon repayment by the railroad compa-
ny to the CONSTRUCTION and Security
Company to the amount expanded By the
hitter for material and COLI truction, will
be tha owner of $33 80 in the treasury of
said Construction and Security Eompa-
ny, and interest on the san from the
date Of his stock certificate in said latter
company.
| In event that saif railroad company
| does rot make such repayment within
| the three years aforesaid, then said own
| err of one share in the Construction and
Security Company will become IN addit-
| ion to his ownership of SHARES in the
railroad COMPANY, also the owner of 500
| In bonds of the railroad company.
In Case of repayment by the railroad
| company MS aforesaid, the Construction
and Security Company will thereapon
| cease doing busipesy and dist itute rail
according to their holdings therein,
| In CAS- of npp-pavmeat BY the railroad
company the Construction and Security
| Company will ceass doing busiYaes at
the eni # three years and distti hute
railroad stock and railroad bonds in the
same manner
| Under this plan O. cry subscriber tn
tho stock in tire Constructor and Sc
curty Cumps is most fully secured
| for tbs money that lie advances, and
| no circum starce or combination of cir
cur stances can deprive him of the Sc
curity
York Electric Road to Be Built.
Biddeford, April 1.-THE contracts for
building the Ports mouth and York cleo
trio road have been awarded aud work
will start next month
The contract for the new power house
calls for the completion of tina work
on July /. Tbs bridge from Kitery to
Badgers islaud will lie "a feet wide IN
| the insi 2, suitable for either wagons or
car. he cars will lie of the eight-w eel
| type and carry two d, namos OF 50-horse
power each, The summer cars viii be
ogen and capable OF seating IS euple
while the winter cars will be vtstibulad
AMI CT tire hest make. Nearly all The
| mater al III on hand ana it will take but
n short time to get things in shape.