The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1907-04-25
Private Company Is Organized to
Build Lake Shore Road for
Use of Automobiles
FARMERS TO PAY NO BILLS
Company Us Organized With Capital
Stock Of $5OO.OOO and Plan Is
to Make the Road a Toll
Collecting One

With hostile farmers fighting the
progress of the road at every step, a
new plan has been found to complete
the building of the Sheridan Drive
between Chicago and Milwaukee, and
company with this end in view has
been organized under the laws of the
state of Maine with capital stock of
$5OO,0OO. This company plans to COM
plete the lake shore road, and to make
of it a private road for the use of
which toll charges will be made. 1t
will be built along the lake shore.
A feature upon which much de-
ponds is that the highway will avoid
the towns and cities between ter
mini. 1t is felt by the company de-
veloping the idea, that the streets
leading from these municipalities are
Sufficient to enable users Of the road
to reach it without the further ex-
pense of spur feeders. The rights Of
way then will be secured through
open country, just skirting the towns,
and where property is at present at
low price an acre.
This again is included in the plan
by which the road shall be self-sup-
porting. When the line is surveyed
the property including not only the
100 feet, more or less, which will be
taken up by the boulevard itself,
but that lying back from the line for
some distance will be bought by the
constructing company. In every case
where fine roads have been built
through acreage property, the latter
has advanced in price to an enormous
and perfectly legitimate extent and
the sale of this land to investors, who
may be enabled to use it to advantage
because of the roadway, will in large
measure pay the bonds issued for the
actual construction of the enterprise
and for the initial purchase of the
acreage property.
When this has been accomplished
and the bonds redeemed the road will
become the property of the state
through which it runs. The plan thus
takes on the characteristic of public
improvement although the initial
cost is borne by private enterprise.
The contracting company is or
ganized under the laws Of the state
of Maine, with a capital stock of
100000. This stock all bears a par
value of 500 and a certain portion
of it has been transferred as purchase
price for the plans, specifications,
and patents of the originating en-
| gineers.
1t is not planned that any of the
proceeds of this stock will be used
in the construction OF the road nor
the purchase of real estate along the
right of way. This will be done by
bond issue, and the obligations thus
/ made will be considered the first
| preferred of the company-the inter
est and the redemption fund for the
[ bonds will first be met from the
| operating tolls in the privileged sec
tons of the roadway, and sale OF
/ land; and when there shall have been
made sufficient sum to be equiva.
lent to 10 per cent on the common
stock for a period of twenty years,
whether earned in one year or five,
the financial affairs of the company
/ will be in condition to consider the
residue" condition preparatory to
/ turning the plant over to the states
( through which it is operated.
! Careful figures and estimates have
/ convinced the constructing engineers
/ that the increase in the rise Of real
estate will be all out of proportion
with the charter obligations to bond
! and stockholders. For this reason
there has been clause inserted in
the original proposition that after
the obligations are fulfilled, seventy
five per cent of the residue of real
estate remaining unsold shall be ap-
I propriated for the construction and
maintenance of technical schools
along the line, which schools shall
be free to all. The remaining twenty
| FIVE per cent of the residue shall be
disposed of at the will of the board Of
directors of the company.