New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-02-14
RAILWAY MANAGEMENT-A RADICAL BE-
EORM PROPOSED.


So much has been said of the rapacity, reck-
lessness disregard of public convenience, &C.,
of railroad management, which was coupled
with no practical suggestions OF reform, that
the public mind may well have weared
of an iteration that seemed like mere scOldiDg,
and to lead to no useful end, recent Re-
port to the Legislature of Massachusetts, on
Cheap Railway Transportation between Bos-
" ton and Lake Ontario" differs so widely from
it's predecessors that we proceed to give an out
line of Interpretations. The plan which embOdies
them extends to all the great Railroad lines
which center in Boston, but we shall render
it moro easily comprehensive by fixing our
attention on single trunk line-that which
connects Boston, through Worcester, Spring
field and Pittsfeld, with Albany-and show
how it is applied to shat important route:
l. Thirty persons ITO Be named in the actl whereof
fifteen residents OF Boston and its suburbs and the
residue live along the line, are o9nstituteda
corporation TO be entitled "The Boston, and Albany
Railway Trust Company"
O. The five frstnamed OF these corporators shah call
meeting csrporators organize the sand company
s. At this meeting, five Directors shall be chosen by
ballot from amo,g said oorporators; also President,
Treasurer and Clerk. who shall mol be corporators.
Their respectv salaries shall be fixed by the eerporators
The said President, Treasurer and Clerk, shall be
sworn discharge faithfully their respective duties and
shall hold their places subject to removal by avoe OF the
eorporators They shall engage In no other business
while holding such Offices.
The directors, chosen by the cOrporatoas from their
own body Aforesaid shall hold for year, until
others IN their stead Four directors 10 bo
quorum III they disagree, he corporat0rs shall be called
together to decide betweenthem.
G. The cor aeraors shall classify themselves by lot
onesrth to out annually and their places to be filed
by the Legislature No member Of the Legislature
be corpor&bor officer Of this company; corpora
officer should become member of the Legislature,
his connection with this company is thereby terminated.
The corporstors hold annual and semi annual meet
ings, at which alone may dividends be declared but
these are limited to seven per cent per annum. II u
smaller idend shall have been DECEASED at any time
larger may be, until tbs full amount OF per cont
per from the outset shall have been divided.
This corporation succeeds to and exercises all the
powers Of the present Boston and Albany Railroad Com
pany that 1t is forbidden to mortgage It's property
or issue any notes or bonds whatever.
1t shall have the right to purchase and hold stock
bons any evidences OF indebtedness OF the present
Boston and Albany Railroad Company, and may Vote
said stock In any meeting Of said Company
10 The capital stock of the company shall be
100000 In shares Of 500 eech each emitting the
holder semi annual dividends OF per cent per
annum up to January, 1890 OF this stock shares
being the value Of the States interest In the present
road shall Issued to the State Treasurer trust and
he shall receive the dividends thereon and invest Them
as they accrue In tho purchase OF the stock held by In
dvduas provided he can buy the at less than Is
per cent premium. II he cannot purchase ct or below
this rate he may invest the funds in such securities az
the Governor and Council shall approve until such time
as the stock aforesaid can be 20 purchased In the
month Of January $780, no shall purchase and pay for
all the stock OF this company still held otherwise than by
the State paying par therefor, with any deficiency
IN Va no NJ no
81 per cent. semiannually.
II. The 10000 shares In the new company not belong
ing the State shall be sod the proceeds invested
In the purchase OF the stock and bonds OF the
company held by Individuals but moro than si2a
per share shall DO paid for the stock and more than
par for the bonds OF the old company and stock
tho new company shall be sold below par All the stock
bonds &c., acquired by tho company shall DO dc.
| poaited in trust with the State Treasurer.
a. Should any stockholders In the present company
refuse to soil aforesaid their stock shall be taken and
paid for under the right reserved In s charter 10 the
State TO take the at any time by paying ten per
| cent premium on Its face.
H. Each share OF tho stock OF the new company shall
be contersigned by the State Treasurer and shall dis
tinctly specify that the holders are entitled 20 semi
annual dividend Of ~ cent to January 1907 at
which time tho State viii redeem their shares at par
and make up any deficiency In the dividends sforesaid
H. The new company shall have power to sell real es
tate owned by the old company and buy such other
lands az may bo needed for its legitimate uses.
u.s. Savings Banks Insurance Companies and all hold
OF tut funds authorized TO invest In the shares
| OF the new company.
TO- The new company shal not be subject 10 taxation
but ts stock shall be taxable like other property.
IT, All the shares held by the State In the present
company are TO DO exchanged for shares In tho new
company on the terms already specified.
"bEc Is Whenever this State shall have acquired tho
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