Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-02-23
x,ocI,.Lobbina EXTRAORDINARY,


The history of the Marginal Freight railway
of Boston, as told by the Advertiser affords a
useful study, as an example of that kind of
adroit and unprincipled fuanciering which
is becoming too common, and also be-
cause Mr.. Crane, its father and manager, comes
pretty regularly before the legislature every
year, introducing some scheme of railroad poll
cy, supported by a plausible array If figures
and abundance of fine promises, it is worth
while, therefore, to test the value Of his profered
services, as protector and counsellor, by learn
ing something Of his methods and their success
when entrusted by con6ding legislature with
unusual powers, for the purpose of promoting a
really valuable public work.
AS early as 1851 plans we're first asitated for
building railroad track along the marginal
streets of Boston, connecting the depots with
the wharves and saving the transportation of
much heavy freight across the city, through
narrow and crowded streets. After some at
tempts to accomplish this had failed, Mr. Crane
and two other persons applied for charter in
1867, and the legislature of that year, believing
that the measure was important to the welfare
of Boston, and trusting in Mr. Cranes plausible
assurances, granted their petition. The char
ter was very liberal one. 1t gave
the right TO make almost the entire
circuit of the ciiy's water front, to lay
side tracks to wharves and warehouses; it COM
PEELED all steam railroads TO connect their tracks
with it,; authorized the company to use tracks
already laid to build elevators, to widen Streets
&C., subject only to the approval of the board of
aldermen for the time being. The subscriptions
were required to be kept open, so that each one
of the nine railroads centeriEg in Boston might
have an opportunity to subscribe for five per
cent. of the capital, which was fixed at first at
100000. The railroads failed TO avail them
selves of this opportunity for reasons which
were, no doubt, satisfactory TO them. When |
the ninety days time reserved for this purpose |
had expired all the stock was taken by the Ma |
tional transportation company, a Connecticut
corporation, organized under the laws of that |
state, with extensive and rather indefinite |
powers to buy, build, lease and operate railroads
and canals, and having its nominal place of bus
mess al Bridgeport. The stock of this company
was fixed at $500 900, or twelve thousand
shares at twenty-five dollars each, of which Ed
ward Crane owned, OF the time of its oraaniza-
ton. ten thousand shares, his son, now de |
ceased, sixteen hundred, and J. Winaatc
Thornton four hundred.
The Advertiser continues the narrative as fi |
lows; Mr. crane had thus the control and
i mahageinent OF tw Sc- corporations. This being
tive OF the Marginal freight ralroad aatal
into contracts with Mr.. Crane represent;n,, ~,
National transportation company, by wbie6 W., W.
latter agreed TO construct the Marginal road ~
erect the buildings, and TO furnish transDorta
ton. This heinz done IL might hoNo boa
pected that Mr.. Crane as representing the Mar
glnal ireisht railroad would have called upon
Alr. Crane as representing the National trans
porlaton company to fulfil his agreement; and
IN case Of his noncompliance would have com.
menced suit against him. Why this was moi
done does no. appear; but It has been su rgestnd
that Mr.. Crane Of the railroad suspectinp Thar
Mr.. Crane Of the transportation company
had not paid in the two hundred and flty thon
sand dollars due on bis ten thousand shares
therein, came 10 the conclusion that there was
no money in the treasury, and wisely lorbore
the suit
-Four years after these contracts were made.
the directors Of the Marginal railway who came
into Office in January, 1871, OF whom Mr.. Crane
was still one, found that these old contracts
were a great obstacle 10 putting the affairs OF
the company on a business basis, and acting
enoer the advice of distinguished counsel, they
agreed with the holder Of the contracts 70 refer
tuiee experts the determination OF their
aue' nc question submitted 10 these experts
ossnis y nave neen not what the TRANSFORMATION
company should pay for not ca,r,,i,,r t .i
eousrasts, but what the Marginal railroad sbonld
Ray them for not Compelling them m ' do ~
es eA Ms estimated the value of The con
wv, aud the contracts were canee,ioa sioo5-
psafs w the statement Of the directoss az s az
issue Of half million dollars in seven ny ny lhe
bonds, and two hundred and eghty.Gys , Sent
san dollars 10 cash, which was ufohaii,, ~
vested ~ shares. Ii was also stated AZ fhe to au
10! last week that further contingent Iabu.
ny Of four hundred thousand dollars was IN
cured making the whole expense Of capsei-
nuA usse contracts about twelve hundred
thousand doarsp With reference 10 tlis c',,
lnsent sum, MIR. Crane Explained at the hearing
iAas hi2ht mat there was an agreement 10 paw n
OUT 81 the earnings Of the road but as inc nros.
poet vi IFS payment was cu ,,,tnutnt 4nd N 49,.