This would eventually represent 83% of the company's outstanding shares, the rest of which were purchased by several other towns along the line (Brooks, Unity, and Thorndike), and by about 100 private investors, mostly from Belfast and Boston. The corporation was formally organized on July 3, 1867, and after a year of planning, making detailed surveys, and acquiring additional financing, a contract was let to Ellis, Wilson and Hogan Co. of Canada on July 8, 1868, to build the line at a cost of $25,900 per mile.
This would eventually represent 83% of the company's outstanding shares, with the remaining portion purchased by towns along the line (Brooks, Unity, and Thorndike), as well as about 100 private investors from Belfast and Boston. The corporation was formally organized on July 3, 1867, after a year of planning, making detailed surveys, and acquiring additional financing. A contract was let to Ellis, Wilson and Hogan Co. of Canada on July 8, 1868, for the construction of the line at a cost of $25,900 per mile.