The Republican journal. [volume] (Belfast, Me.) 1829-current, 1871-04-13
The Railroad Lease.

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Ex-Gov. Coburn, A. D. Lockwood, II. N.
Jose, r. B. Dunn, and Geo. F. Patten.
! The Belfast Road was present with nearly
the whole board of Directors, A. Hayford,
Judge Dickerson, W. II. Burrill, S. L.
Milliken, w. II. Simpson, w. Z. Colburn,
j.. II Kaler, and Geo. B. Furguson A
day and q half was spent in discussing
propositions and plans. The Central Di-
rectors were very firm in their determin-
alton to adhere to their former offer of
$50, 900, and were moved from it with the
utmost difficulty They at length con
sented to substitute 1886, 900, and the fol
lowing basis for lease was agreed upon,
and accepted by vote of each board
/. The road to be taken in its present
condition, at an annual rental OF 1886 900
for 80 years.
,. The rates of fare and freight TO be
the same rs to and from Bangor, for same
distances, with same rates to and from
Belfast.
3. 70 run such trains rs shall give
reasonable accommodations to the traffic
in lrcights and passengers.
4. The Maine Central Co. to have the
right to use the name of the B. & M l..
r. Il. Co, in operating road, &c, and the
right TO use the charter and have the
benefit OF all necessary corporate action
and powers, in extending the road toward
Mooschcad Lake if it shall deem it expe-
dent.
5. With the right, on the part of the
B. & NJ l.. Co., at the end of FIVE years,
to receive 40 per cent. of the gross earn
ings Of said road in lieu of the rental of
$50 900 per year, on the condition that, in
case they shall elect to take the 40 per
cent. of the gross earnings, as above
stated they shall pay the NJ G. Railroad
for all permanent improvements made up
on the road during said five years, but not
including the ordinary repairs incurred for
running the road.
8. Differences arising between the
parties in regard to the construction of the
lease, to be determined by arbitrators.
These constitute the general basis on
which 4 permanent lease will be framed,
by committees of the two boards, and sub
mitted to the stockE ollcrs for ratification
This is not what our railroad company
expected, nor wha5 it had right to ex-
poet. We were led to believe that much
larger income from Investments in the
road would be realized 1t would not,
perhaps, be worth while at this time to 60
over the history IF these matters and to
show why we find ourselves in changed
circumstances. Suffice it for present pur-
poses to say that the alternative is pre-
scntcd, Of IN acceptance of this offer, or
of running the road under its present man
agement. We do not for one moment
hesitate to say that the choice is between
having the road run in q safe and proper
manner, with the interests of Belfast in
the interior trade protected, and receive
$4,000 per wear; OF of having it run in
an unskillful manner, lacking rolling
stock, means Of repair, burdcned by debt,
the end Of each year, worse off by $780,
900 than at -hc beginning, even if we do
not lose it entirely If we elect to run
the road ourselves, it will be upon the
plan that has been suggested viz that of
holding the Maine Central Company to its
lease. 10 that course several things are
necessary. First, to provide somewhere
from fifty to one hundred thousand dollars
which which to put the road in order, as
the Railroad Commissioners may prescribe.
Second, to provide over one hundred thou
sand dollars to pay immediate liabilities.
Third, 10 provide seyenty-five thousand
dollars for rolling stock, and twenty five
thousand dollars for machine shop.
After all these, we must extend the
road in search of business. Can it be
done? We credit our friends in the towns
above the Maine Central with the best in
tentions, but we know that there is limit
to the power of every community, and we
arc daily losing faith in the ability of town
to build and run railroads. III
those communities have produce to export
Or supplies to import ii is vastly for their
interest to promote rival lines, and cheaper
They would gain what
the competing lines would lose, should
such Il line be built. 1t would become u
question of endurance, and in such con-
test can we overcome the Maine Central2
And we might begin q suit for the enforce
ment of our former contract with the Cen
trail; but ii would be expensive, and at
tended by the laws proverbial delays and
1t might be advised by
lawyers with fees in expectancy, Or by
men who have never engaged in law suits,
but not by those who have been ground in
the mill Of legal strife.
Unless, therefore, we have among us
philanthronic citizens who will come for
ward with $500, 900 in cash on deposit
for we had too much experience with
agreements to pay to put faith in them
we cannot start an inch in the BUSINESS
Who believes that it can be done? And
who will guarantee the building Of the
extension?
If, ON the other hand, the lease is &C
eeptcd, it gives Il sum sufficient to pay
the interest on all the preferred stock,
including $4,000 to cover the company's
Indebtedness. Every person to whom the
company owes u dollar will then get his
pay. 1t will ensure an excellent service
on the road, by company with an album
dance Of rolling stock. The stipulation
that the trains shall he run to accommo-
date business and travels that the rates
shall he the same rs the most favored
point on their road, with the same rates
in Us out of Belfast, and arbitrator to de-
eide ditfcrcnces-all these amply protect
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