The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1872-01-10
New Stock for the Boston and Maine
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In the Supreme Court Monday afternoon
the case of the Boston and Maine Railroad was
called up all but one of the justices being pres
ent. The question was upon the continuance of
injunction to restrain the company from issu-
ing any more stock. The case was fully pre-
sented to the Court by counsel last Saturday,
Attorney General Train and Charles Francis
Adams, Jr., appearing in favor of the injunc-
ton and Mr.. G. +. Choate and Hon. E. Rock
wood Hoar for the Boston and Maine Railroad
Corporation. The decision of the Court was
given Monday, and was in favor of the road,
and was refusal to grant an injunction. This
allows the company to proceedwi the issue of
the 81 DOC, 900 worth of stock for the purpose of
extending the read from South Berwick to
Portland. The grounds of the decision are as
follows: l,t-t i -.- .-f.4 - .-,!t1s
By the statute of Maine, approved February
II, 1871, the Boston and Maine Railroad was
authorized to extend its railway from Berwick
to Portland and for that purpose to increase
its capital stock and issue new shares. Ac-
cording to the laws of Maine it was authorized
under this act to issue the new stock in the
manner provided in the vote set forth in the
information. After the defendant had obtain
ed this authority, the Legislature of Massachu-
sets passed the two statutes upon which this
information is founded, being chapters 3S9 and
392 of the acts of 1871. Both were approved
the same day. The first act Chapter 1897
among other things prohibits any railroad cor
poration in this State, which is consolidated
with corporation in another State from ex-
tending its road or increasing its capital stock,
without the authority of the Legislature of
this Commonwealth, under the penalty of
rendering its charter and franchise liable
to forfeiture; but it contains the ex-
press proviso that "nothing herein contained
shall be construed to prohibit the Boston and
Maine Railroad from extending its railroad to
Portland, in the State of Maine, under the au-
thority granted by the Legislature of said
State" This proviso exempts the defendant
corporation from the operation of the act so
far regards the extension of its road, and
the increase of its capital for that purpose, and
as incidental thereto, according to the authori-
ty of the statutes of Maine, Chapter 1892
which provides that "a railroad corporation au-
thorlzed to increase its capital stock" shall sell
the new stock at auction in the city of Boston,
appears to have been intended to apply only to
corporations authorized by the Legislature of
this Commonwealth to issue new stock. If it
be admitted that it was intended to apply not on
ly to corporations whose roads are wholly with
in the limits of this State, but also to such con-
solidated corporations as obtain authority of
our Legislature under chapter 3S9, it does not
reach this case Exemption of defendant from
the operation of chapter 389, takes it out of
chapter 1872. tits not within the terms of the
last named statute. By the joint construction
of both statutes it appears that it was the in
tention of the Legislature to exempt the Bos-
ton and Maine Railroad from their operation so
far as the proposed extension to Portland is
concerned, and to sanction such extension I'M
der and in the mode provided by the statute of
the Legislature of Maine. 1t follows that the
action of the defendant corporation which is
complained of was legal, that this information
must be dismissed.
Charles Allen, Attorney General, and Charles
+. Adams, Jr., for the Commonwealth, and E.
r. Hoar and c. f. Choate for the defendants
Boston Journal