Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1872-01-12
More stock for the Boston and Maine
Railroad.

In the Supreme Court Monday afternoon
the case of the Boston and Maine Railroad
was called up, all but one of the justices be-
ing present. The question was upon the
continuance Of an injunction to restrain the
company from issuing any more stock. The
case was fully presented to the Court by
counsel last Saturday, Attorney General
Train and Charles Francis Adams, Jr., APP
pearing in favor of the Injunction, and Mr..
G. +. Choate and Hon. f. lockwood Hoar
for the Boston and Maine Railroad Corpora
ton. 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 proceed with the issue
OF the 100000 worth of stock for the pur-
pose OF extending the road from South Ber-
wick to Portland. The grounds of the deci-
sion are as follows:
BY the statute of Maine, approved Feb Il,
1871, the Boston and Maine Railroad was au-
thorized 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 author
lied under this act 10 issue new stock in the
manner provided in the vote set forth in the
information. After the defendant had OBJ
tanned this authority, the Legislature Of
Massachusetts, passed the two statutes upon
which this information is founded, being
chapters $50 and 500 ofthe acts of 1871. Both
were approved the same day. The first act
chapter 389) among other things, prohibits
any railroad corporation in this State, which
is consolidated with corporation in another
State, from extending its road or increasing
its capital stock, without the authority of the
Legislature of this Commonwealth, under
the penalty of rendering its charter and fran
chise liable to forfeiture; but it contains the
express proviso that ''nothing herein con-
tanned shall be construed to prohibit the Bos-
ton & Maine Railroad from extending its
railroad to Portland, in the State of Maine,
under the authority granted by the Legisla-
ture of the said State" The proviso ex-
empts the defendant corporation from the OPP
Grafton of the act, SO far as regards the ex-
tension of its road, and the increase of its
capital for that purpose. and as incidental
thereto, according to the authority of the
statute of Maine, Chapter 1902, which pro-
vides that ga railroad corporation authorized
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 ap-
ply, not only to corporations whose roads are
wholly within the limits of this State, but
also to such consolidated corporations an
obtain authority of our Legislature under
chapter $50, it does not reach this case. The
exemption of the defendant from the opera
ton of chapter 3S9 takes it out of chapter
392. 1t is 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
Boston & Maine Railroad from their opera
ton SO tor as the proposed extension to Port
land is concerned, and to sanction such ex.
tension under and in the mode provided by
the statute of the Legislature of Maine. 1t
follows that the action of the defendent cor
poration which is complained of was legal,
and that this information must be dismissed.
Boston Journal.