The Portland daily press., 1900-07-30
ON ITS FEET.
The PenoBscOt Central Railway Pro-
ject.

ject.
The Penobscot Central railroad is at
last to be finished and within four months
the gentlemen behind the enterprise ex-
pect to see the cars running from Bangor
to Charleston, a distance of 90 miles.
The Penobscot Central railroad has an
interesting history. In 1t Hon. b. o.
Beal has been the prime mover and it was
due to his efforts to carry out the plans
for the enterprise that he became so in
vOIved that he was forced to make an as
signment year ago last winter, Since
that time the affairs of the road have
been hanging in the balance but the road
did not go into the hands of a receiver
and Mr.. Beal continued to act as it's pres
ident position that he still holds.
When Mr.. Beal assigned he was on the
paper of the company for large amount.
He had secured funds for carrying on
the work by becoming personally re-
sponslble for the loans and in addition
bonds Of the company had been pledged
as collateral to It's creditors. Mr.. Beal
anticipated that the bonds would find
purchasers as the road penetrated a pros
porous territory which was without rail-
road facilities. The expectation that the
bonds would be sold was for the time
doomed TO disappointment. One thing
which complicated the situation and
made investors look askance at the enter
prise was the adoption.of motor system
by which the cars were to be propelled by
motor which would do away with the
usual trolley system, each car carrying
It's propelling battery. The motors did
propel the cars but not as successfully as
had been hoped and capitalists did not
seem anxious to risk their money in what
many OF them regarded as an experiment.
Consequently the bonds did not sell and
the time came when Mr., Beal could not
carry the project further. He had built
the road to Corinth, a distance of 81
miles, and the construction account
showed that $3.50, 900 had been spent on it.
Last February plan was devised to
stra1ghten out the tangle in the affairs
OF the corporation and then Mr. Bion Will
son, the cashier of the Cumberland Ma
tional bank of this city, and George r.
Nutter, Esq. prominent Boston attor
n ey Were made trustees to take the bonds
In trust and finance the road anew.
These gentlemen have since been 1ndefat-
igable in their labors and have now sue
ceeded in securing the necessary funds to
complete the road, having offers to do
the work at price within the amount
they can command. AS first step it was
necessary for the trustees to secure the
consent of all the holders of the bonds to
the arrangement, including the Eastern
Trust and Banking company, which was
the trustee under the mortgage. AS the
bonds were held by great many differ
ent parties and as the consent of all was
imperative to the carrying out of the
plan, it was no small amount of work to
take the first step. That over, the trus-
tees proceeded to formulate and carry out
the arrangements which were last week
brought to a successful termination. 1t
will require about $50, 900 to complete the
line. The territory which the road
reached is midway between the Maine
Central and Bangor & AIoostook roads.
The road viii carry both freight and
passengers but looks to a large passenger
business, especially as at Pushaw lake
they have what it is thought will make
a beautiful summer park.