A MONSTER RAILWAY SCHEME.

Ashburton Guardian, Volume IV, Issue 1050, 17 September 1883, Page 4

A MONSTER RAILWAY SCHEME.

A colossal railway scheme is thus described in a telegram from Indianapolis, dated June 29th, and published in the San Francisco papers of the following day :—“ A secret meeting was held at Plymouth Hall last night in the interest of a new railway scheme of great proportions, the substance of which is as follows Two double-.rack narrow-gauge roads are to be built, traversing the country in opposite directions from New York to San Francisco, and from Chicago to New Orleans, or, as the circular states, ‘ from ocean to ocean and from lake to gulf.’ Eight series of stock of 25,000,000d01. each are to be issued, and the bonded debt on the doubletrack road, properly equipped, is to be but 20,000d01. to the mile, and on the single track 12,000d01. Indiana will be allowed but 100 stockholders, and the organisers of the scheme say that 75 of these stockholders can be residents of Indianapolis. The new company is to be known as the People’s Railroad Company of America. Every employee of the company is to be a stockholder, and the profits are to be divided upon this basis. It was stated last night that California capitalists were willing to advance money to get the colossal scheme in active operation. The stockholders of the People’s Railway of America met in Plymouth Church this morning to perfect the organisation begun last night. The committee on articles of association submitted the, report, and the articles were adopted. They provide for over 11,000 miles of narrowgauge road, with a capital stock of 360,000,000d01. The entire scheme is somewhat in the nature of a mutual benefit association! A national syndicate, with its headquarters in this city, is provided for, composed of 250 stock holders, the members of which are to be elected from organised boards of stockholders along the lines of the road. Up to this time there are 83 subscribers to the stock, representing ii2,ooodol. So soon as i,000,000d0l are subscribed by the people it is alleged that California capitalists stand ready to subscribe the balance, or such proportion as may be required to build the road.”