Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-11-19
Meeting OF she Stockholders of the Ross
ton and Worcester Railroad Corpora

The stockholders of the Boston and Wor-
ccster railroad met in Boston on the 18th to
consider the report vi u committee announc-
ing that the terms of Il union between the
Worcester and Western railroad corporations
were agreed upon before the legislature adj
ourned al the last session, The committee APP.
piled to the general court for an act Of consol-
idatun, and for authority to issue ten thou
saud additional shares, to settle the djier-
erence of values. The legislature failed to
pass the necessary legislation to accomplish
the union, and the committee agreed that as
the relative values of the property of the Two
corporations might change, the terms should
he u, longer binding. The present meeting
was called, by request of tie committee, to
see if the stockholders would direct the Off
GERS Of the Worcester company to petition the
legislature for an act of consolidation with the
Western, and to cooperate with the commits
tee in all requisite legislation to bring about
the union OF the two corporations. There was
very large collection of stockholders. Cen
cry Twichel presided over the meeting.
Sydney Bartlett, Esq, presented Il series
of votes for the consideration Of the meeting,
as follows
l. That the report OF your committee so far as it
relates to the eXpedsncy of the union OF the TWO
corporations, be adopted provided always that the
terms of union and the act Of consolidation before
takes effect shall be considered aud be adopted at
a stockholders meeting OF the corporation, after
such notice and report of the terms is provided
| by the vote OF the 4th of February last.
2. That the committee may postpone the consd-
Grafton OF the Terms OF union until an act giving
authority therefor shall be first obtained from the
legislature, anything in the vote OF the 4th of Feb
| ruary last to the contrary Notwithstanding.
8. Voted TO direct the officers OF Tie company,
| and they are hereby directed accordingly TO petit
ton the next general court Tor act OF consoiida
ton with the w estern railroad corporation, and 10
ufpV flt4 It
in procuring all necessary legislation Tor such
nniOM.
Mr.. Bartlett moved the adoption of the
above votes (Which had not been drawn by
hin), and also for stock vote on the ques-
ton. Twenty years ago, committee report
ed in favor OF the union of the two corpora
tons; but the report was rejected, not on the
ground of expectancy, but from the distavor
with which the terms were received. Mr..
Bartlett considered the three propositions TO
be discussed were-What will the W Worcester
road gain directly? what indirectly? and what
can it possibly lose? He commended that the
indirect gains would be the Stoppage of con-
troversy between the W urcester and Western
roads. and the dinilnution of the number Of
officials which consolidation would render pos
sible. The direct gain would consist in issu-
ing additional shares, 50 that the stockholders
of both roads would more nearly obtain the
representative value OF the property in both
roads. On the point whether anything can
be lost by consolidation, that is an impossible
contingency, as this committee are only
thOrized TO report the terms of union tOr tu-
ture action. On the grounds, therefore, that
a long quarrel would cease, unity be produced,
economy be subserved, and positive gain be
ensured, he hoped the votes would pass.
Hon. Emory Washburn presented the sub
ject on the broad ground ct the public good.
| He examined deliberately the management OF
| the Worcester road, showing how its business
| had been conducted, the success of its hnan-
cial affairs, and the returns the stockholders
| had received. Mr.. Washburn did not believe
that any stakeholder would act on the merely
| selfish motives suggested by the preceding
| speaker. But upon these, he asked, if the
road had not paid to its stockholders regular
return? The corporation has been a constant
| eight per cent stock. The mammoth corpo-
ration that would be constituted by the union
| OF the Worcester ana W ostern companies
| l." worked SO economically as the
be for rpm rtf ib What reas9n san the Te
corporation for the purpose of building an
| other on its own ruins, when both are doing
| well enough now?
| The new corporation would sacrifice the
way stations between Boston and Worcester
for the benefit Of places beyond the latter city.
| 1t thus ignores the interest cSthose for whom
the Worcester company WAS established. In
| regard to the controversy between the Wor-
cester and Western, Mr.. W. said there was
| merely difference of opinion between the
managers OF the two corporations, which had
not affected the carrying of single pound Of
| freight.
The speaker argued that au immense
| corporation like that sought to be established,
would control rho trade tho tbat
the business of Boston might suffer. He
urged strongly the impolicy Of creating giant
| corporation, not only to control the business
of the commonwealth, but to become a great
political machine, to dictate who shall hold
the Offices. In closing, Mr. Washburn sug-
guested that perhaps the commonwealth
| might yet assume the ownership of the West
| ern, as it had right to do by the statute
passed in 1889.
Hon George f. Hoar, of Worcester, OPP
| posed the formation of company with 500
0,000 capital in state of so limited terrific
rial capacity as Massachusetts. He stated
that the president Of the company would in eff
feet be its sole manager, and would have in
each railroad town one or more active men
removable at his pleasure. There was another
state, situated very much as Massachusetts
wond be under such circumstances. That
| state is sometimes called the state of Camden
| and Amboy. He did not desire Massachu-
sets to become the state of Western or
| Chaplin.
Mr. Hoar said the reasons that would ever
| govern the minds OF a majority of the legisla
| turc would prevent the establishment OF such
| corporation. If established, it would become
| partisan machine, until the people arose
against it and destroyed it. He referred to the
ownership of the commonwealth in the West
ern, and said gentlemen in State street would
pay two millions Of dollars for the purchase
Of the rights of the state. He observed that
the stock of the Western railroad Sold ac-
cording to the newspapers, tor $l55 to SlG0
per share. But the auditor of the common
wealth had made calculation, which put the
realvaue of the shares of the company at 1914.
Mr.. Pratt moved to lay the whole matter on
the table. This was favored by Mr.. Chaplin
of Worcester.
Hon. Dwight Foster asked ifsome member
of the committee, which had agreed upon the
terms of the union, would state these terms
in substance, and whether the claim of the
commonwealth upon the Western railroad,
which had been stated and was not denied,
had been considered in settling these terms.
Mr.. Bacon, member of the committee
said that no report could be made, as the leg
islature had not granted the necessary legis-
ton to consolidate the two companies.
Mr.. Foster then offered the following re-
solve =
Resolved, that the committee of stockholders be