Daily Kennebec journal., 1899-07-18
WILL FORECLOSE.
Watervi|Ie Trust Co. to Take
Wiscasset & Quebec R. R.
Failure to Pay Interest on Bonds the
Cause of This Action.
Latest Move Believed May Cause Road 10 Be
Built to WateIville.

Watcrville, Me, July 17-(SpeciaD.-
The Waterville Trust Co, acting
through its attorney, Hon. :. s.
Brown. will take possession of the
Wiscasset & Quebec Railroad. This
action will be taken through the rail
roads being unable to pay the interest
on the $3.50, 600 worth of bonds issued
in 1896
This action was agreed on at the
meeting of the executive board of di-
rectors, held, this afternoon, at the
banking rooms of the Trust Co. in this
city. The move to take such action
was commenced, Il week ago, when )
:. Brown, the attorney for the Trust
Co, went to Wiscasset to look into the
affairs of the railroad.
The issue of bonds was made during
August. 1896 There was at that time
a considerable amount of bonds out
standing against the railroad. The
railroad was authorized to make new
issue of bonds up to the amount ol
$500. 600 The railroad accordingly
made a new issue but only to tn"
amount of $3.50. 600 The WaterVille
Trust co. was named as the trustee OF
the new issue.
Within the last two years the rail-
road has not been able to meet the in
tercst when due. The road has been
able to pay a part Of the running eX-
penses and within the past year has
been able to pay all of the operating
expenses 1t is not, however, been able
to pay the interest on the bonds.
The matter Of having some action
taken by the Trust Go. has been under
consideration for some time. The
oondholders have accordingly called on
the Trust Co. to take possession Of the
road The first step was accordingly
taken. this afternoon. 1t was an
nounced. this morning. that the Trust
GO. would take possession of the road
as soon as Il satisfactory bond could
be filed by those in whose hands it is
proposed To put the management Of the
road
The Trust 60. had then decided on
Godfrey l.. Farley and Will ID. Patter-
son. both of Wiscasset. as their mana
gers Of the road. The only question
was in the men giving a satisfactory
bund protecting the Trust O.. against
all liabilities.
The bond was presented to the meet
| ing Of the directors. this afternoon. The
first bond which was talked of was not
| quite satisfactory to the directors and
| finally a bond was accepted. AS the
| result Of the acceptance Of the bond
| Hon : :. Brown, acting as the attor-
nay for the Trust co. will so to Wis
.assct. Wednesday. and take possession
of the road. The road will then be run
in the name Of the Trust co.
| IL is generally believed that the ac-
| ton taken by the Trust Co. in taking
| possession Of the quebec " Wiscasset
will have some effect on the building
Of tn" Waterville & Weeks Mills Road.
| At the time the matter of the city 5
| making an appropriation of $1,000 Tor
! the stock of the road was brought up
| the statement was made that all that
the head ones in the road are waiting
Tor was for the foreclosure of the bonds
| to be made. on account of this state
ment il is believed that some move will
vet be made in the enterprise.
! This Sunp0sition was strengthened
during the past week when three of the
men formerly interested in the Rich
mond & Potomac Construction Co
were in this city. What was done at
that time is not generally known. 1t is
believed, however. that something was
done toward carrying on the work of
building the road.
Pres Thayer Of the WaterVille &
Weeks Mills Road. when seen, tonight,
said he did not know what would be
done. Regarding the Trust co. taking
possession Of the Wiscassct & Quebec
he said that was only a formal matter.