The story
Josiah S. Maxcy, a Gardiner banker who had recently financed construction of the Kennebec Central Railroad, obtained legislative approval for consolidation of the Sandy River Railroad and Phillips and Rangeley Railroad (P&R) on 10 March 1891. Maxcy purchased controlling stock of the Sandy River Railroad in 1892, and then obtained controlling stock of the Franklin and Megantic Railway (F&M) in 1897. Under Maxcy's direction, F&M purchased the Kingfield and Dead River Railway (K&DR) at auction on 2 August 1898; and the F&M, K&DR, and Sandy River railroads operated under common management until formally merged as the SR&RL in January 1908. Under Maxcy's direction, SR&RL purchased the Phillips & Rangeley Railroad (P&R) and the Madrid Railroad at auction on 12 June 1908 and the Eustis Railroad at auction on 24 August 1911.
From Wikipedia’s article on Sandy River and Rangeley Lakes Railroad, shared under CC BY-SA 4.0.3