Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1920-05-29

Belfast and Moosehead
Line Clear

cest " 11nac ma~ own.d %
SerrknaiuWs frr Amount Ut Capt.
tahxzE,nn So4a, 1nn
Aetfast- Ne, 1zy 2s-Clsa- and
srse OF dsbt with al It's bunds re-
aesmsd cpsrius ever s1.sBa. Dap ana 70
dsC pwneh ry Itx stnrknnaders rur the
sEnsnunf OF trs capitalization. ss4s.t8e
etha Ballast 4 Mouseh.ad Exi,rsad
SaSwn as Ehs Belfast Burutzm branch
M lz'ae MEsns Contra Is ID sRy the
IiezH1 urirue ms railroads %.
The ennrruriug interest IN this
Unique road Is owned by me city IF
Ne ..SaE1 which holds 36g4 shares uf
rsznznan and 1896 shares preferred
The TOWN of Brooks nplcs zoo snz-es
COMMON and the balance Of Che pre-
fsr-ec, 12s1 shares is heid by some Iao
individuals. mostly residents uf Ral-
fast During rhe pest yeEr the bonds
have been -etieamed and IN April 1877
the 90 ears lease ID the Maine Cen
HrHi VIII expire when the question Is
.propsrry VIII hzve 70 be sszllsd
There are three answers ID the
question. Sell, release or Operate
The annual rental paid 4ur the past
asa Years is $50. 300 From this the
dividends hsve been pHIr. rne interest
on Las bonds ana the hnnnE them
selves. Now II is free Of debt anu q
property worth rrurr rnu-s---han tine
million three hundred Thousand thar il
cost over 30 vsRx ago has COST the
Stockholders only s64E.100
The Original project Of rtr.s road was
TO Duiid Il from Belfast 70 MnoseaeaG
Lake. thence the nanrel IN order to
give an cutter al the salt wR1sr.
Therefore The Belfast anr Monsenead
Lake Railroad Company was tncur-
puratsn ny d special act o1 the Maine
Legislature, anc approved by Gov.
Chamberlain, Feb. %. 1867. Forum
organization was perfected IN July Of
the same rear. The road was built
- -2-tG " AAEs.8il- E1pEAU 10. Oh
Canada. the price 70 be Sc, 900 per
mile fsr the estimated distance of IS
miles, but IN the language of the
agreement the total cash PAYMENTS
under the contract shall in no event
excel $50 0ea' and q provision was
-nade whereby s4z-z Of the sg5 soc ne
pRid IN prsfer-ef stock Of the com
pany 70 be subscribed epr by the con-
tractors upon the execution Of the
CONTRACT Actual construction was
begun N august 1868 and the ~oad
was completed IN November. 1870.
The original route was changed ne
fore the contract was made and IN
stead Of running TO Muusehead Lake It
WAS Duilr only To Clinton Gore Plarta-
ton CBurnhRn}, distance Of
So 49, 90 miles.
For few months only II was run
under It's own management but al the
enu Of tt1at time the Maine Central
took Il under a 5e-vear lease and since
that time has operated H. laying out
tnarlv thousands u dollars in add
-rions and berrsrnent
Il funny lirLle Ole road and has
beer the hurr NJ great many iokes.
II mas no Pullman service and its
trains STOP Al every little village and
hHrniet between the Junction al Burn
ham and rs terminal al Belfast. At
present only -wo passenger trains out
and rwu in run daily, with no SUNDAY
t-ains- It's a hard trip 'drwn the
branch On the END Of the ride from
Bostnn on Pullman. 70 get out Of the
luxurious chair and into the IN
coach. but nevertheless, nike or no
joke rhe road mas certain dignity
1nat many Of the biggest loads IN the
country envy. Il is out Of debt II is
not bonded and II is owned by
It's srockhalders for less than
half what Il cnst TO construct.
During the vsa-s since 1886 II mas paid
scc On lis preferred stock and since
1900, 2.S4Fr on the preferred The
balance Of the rental has been used 10
nay interest and redeem the bonds
The original bnnd issue was s15Geoa.