Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1873-03-20
The Railroad War.
THE CAUSE OF TIE DECLINE IN TIE Bos-
TON AND MAINE STOCK.
tongue.

The Railroad War.
| THE CAUSE OF TIE DECLINE IN THE BoS-
TON AND MAINE STOCK.
The public have observed for the last
! few days that the stock of the Boston *
Maine railroad had suddenly taken down.
ward tendency. The cause of this is ex
/ planned ut length in the TrdrclIer of Friday,
! by their correspondent from Augusta. The
fact may be recalled that the Eastern and
Boston and Maine railroad companies,
! having termui in common and being pow
erful rivals. have for years been autagonis-
Tie TO each other. They competed for
through traffic. the which of itself, was in
adequate tnSurnish business for both roads
and hence their warfare was suicidal.
The Boston ~ Maine X. r., however, has
a stronger and more lucrative local trade
than it, rival. and as natural consequence
its property becomes more valuable and
it, shares sold for more money IN the mark
et. The Revere accident with its costly
results also tended to depreciate the value
of Eastern securities. until they got way
doNn. Remembering these facts, the
efforts Of the two roads 10 consolidate will
be- better understood. Neither could work
well apart. Consolidation, however, with
all due rc>pcc. to the parties concerned
therein. was more easily talked of than
accomplished. Inc difficulty laid in reach
ins an agreement on the respective value
OF the stock.
Milking a price to their own shares. tho
Boston & Maine Il. i. Co., declined to al
low what their neishbor> considered a fair
margin for the stock with which they were
10 exchange. and there was 4 hitch Ere
quent consultations only resulted in con
l:ma;ion Of the belief that the two roads
could not bee united, and they therefore
began AZ once to war with each other.
Zach road stretched out branches TO tap
the business Of the other and divert 1t
from its natural channels. The Eastern
people obtained control of the i. sap.
Il. L.. thereby compelling their anta2on-
ist- fn build an expensive extension Of
their tracks from South Berwick Junction
into Portland, and then made an arrange
mcut with the Maine Central Railroad
which results ia through trains from Bos-
ton 10 Bangor, entirely outside and indie
pendent of the b. ~ VI. X. Il. Very natural
ly the friends of the i. 4 VI. resorted to
measures Of seli-protcction They had q
line ufrOad rom Boston TO Portland, aud
needed extension eastward, 10 accomplish
which they induced sundry gentlemen to
petition the legislature of this State for
road from Portland TO bath. to connect
with the Knox q Lincoln K. X. at the lat
ter place, and, ultimately. to connect with
a new road to be built from Roekland TO
Bangor. This would form a new route in
opposition 10 that now controlled by the
Eastern and Maine Central companies,
and the friends of the Boston Il Maiue Il.
both those companies in the legislature.
They came here for that purpose, but were
surprised to learn that the friends OF the
Eastern road exhibited very quiet de-
meanor and did not take an active part in
the fight.
Lobbying progressed for awhile. IL was
evident that the Maine Central people were
inclined To die hard, and it was presumed
that the Eastern Railroad men were aid
ing them 90 the extent OF their power. For
weeks the parlors of the AUGUSTA House
/ and the corridors OF the legislative halls
were crowded with friends and foes until
finally the bill was passed. 1t creates
MesSrs. Charles Levi Woodbury.. Charles
+. Fuller, ). ii. Hubbard, and forty odd
! others, a corporation, with capital stock
/ OF not less than fifteen and not more than
/ twenty thousand shares AT Il par value of
/ 500 each, with power to issue bonds, ETC.,
| aud instructions 10 complete the road on
or before Jan. lst, 1851. The bill was
| looked upon as victory for the Boston
and Maine, but when meeting of the cor
! porators was held it was found TO be quite
the other way. The Eastern Railrord
people, it was found, although they had
seemingly done nothing. had re ally effect
ed great deal. By judicious manage
ment they had secured controlling iniiu-
ence in the new road, euchering both the
| Boston a Maine and Maue Central roads
and standing alone in the victory. Such
4 Disguised set of men as the losers in the
fight has seldom been seen in this State.
The officers of the Maine Central Rail-
road presuming that the Eastern men were
! x-;,l ~ a . ha
OF the Boston & Maine, when really it was
the old game of each one for himself. The
action of the Eastern Railroad is said to
have been prompted by desire to rid it.
self of the rule of the Maine Central Rail-
road Company, which insists upon demand
ing full local fares for all through passen-
gers over its road.
The Maine Central people are indignant,
of course, as they are expected to be, and
the friends of the Boston & Maine rail-
road We're driven into a corner where they
still remain. The result has also embitter-
ed the warfare between all the roads. so
that Boston & Maine freight is refused car
riage over the Maine Central unless it gets
into Portland by way of the p. 5. & P. Z.
Il. In this state of affairs the stock of this
company (the B. & NJ has dropped way
down in the market. and will probably
| stay there until that road adopts some new
plan for the securing of an Eastern Rail-
road Company, backed by eminent capital
lists of New York and Boston, who will built
and control an entirely new rail route from
Boston to Bangor. The Boston & Maine
Railroad has been made what is at present
only local enterprise. and the Maine Cen.
trail Railroad will sool lose its absolute