"The idea, Mr. Montague, is to extend the railroad according to the
old plan, with which you are familiar. Before we took the matter up,
we approached the holders of the remainder of the stock, most of
whom, I suppose, are known to you. We made them, through our agents,
a proposition to buy their stock at what we considered a fair price;
and we have purchased about five thousand shares additional. The
prices quoted on the balance were more than we cared to pay, in
consideration of the very great cost of the improvements we proposed
to undertake. Our idea is now to make a new proposition to these
other shareholders. The annual stockholders' meeting takes place
next month. At this meeting will be brought up the project for the
issue of twenty thousand additional shares, with the understanding
that as much of this new stock as is not taken by the present
shareholders is to go to us. As I assume that few of them will take
their allotments, that will give us control of the road; you can
understand, of course, that our syndicate would not undertake the
venture unless it could obtain control.
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