The Portland daily press., 1875-03-31
RAILROAD HISTORY,
AN INTERESTING TRAIN OF
EVENTS


| The Eastern Maine Central ALLAN ce-Not
| anaffair of sentiment--AnU nh Apply Un-
ion and why--COquetting with the Boston
81 Naine-The Contract BrOken-IIow il
was done-Why the Combination Failed
| ETC., etc, csc.
| A writer possessed of an imaginative mind
| aud poetical temperament would ind rich
| field for the display of his genius had he the
opportunity to consult the official records of the
Maine Central Railroad Company and to learn
| from the various parties who figured conspicu-
| ously the interesting events, the many moves on
| the railroad board, the motives which impelled
| and the results of the many conferences, plans
| and combinations. AS we have none of these
| qualifications so requisite to the interesting
historian, we cannot promise to entertain our
readers, but simply to collect and preserve for
the Name Historical Society or some other
praise-worthy association, a few statements of
parties in interest and events which have
TRANSFERRED during the past three years. We
have not seen the official records Indeed, we
are not of the privileged stockholders who
may demand the right to inspect tedious con-
tracts and formal votes In fact the corpora
ton clerk always fails to take note of those
matters which most interest the public. He
never tells of the negotiations, the combina-
lions and the reasons which have led to the
signing of contracts but simply the vote
Of the fact. We have, however, listened
to many versions of the transactions
and events between the Maine Central and
Eastern railroads.
We begin at that period when..the oldsMaine
Central and Portland & Kennebec railroads
had ceased from their years of bitter feuds and
had come to the conclusion that their future
prosperity could only be found in a union which
should embrace all the railroad interests in
Maine which would be likely to compete with
each other-at that period when the Boston u
Maine had obtained its charter to build into
Portland and had vigorously begun the work,
and when it's competitor, the Eastern, had
leased the p. S. & P. Railroad and with its
stock above par was ambitiously looking for
such connections as would make it the railroad
east of Boston. The international line, the E.
& N. A. Railway was then just opening to st.
John and the work on the Halifax end of that
long line was far towards completion. When
it was completed, we were told that Halifax
would rival New York as terminus of Euro
pean steamships, and consequently the line from
Halifax to Boston and New York would beyond
question, become the greatest passenger rail-
way on the continent We have not learned
that all of these bright anticipatons have been
entirely realized.
No wonder then that the Eastern managers
looked with longing if not covetous eyes to the
control of this magnifcently promising line,
and took immediate steps to obtain control OF
it. The precise date at which the negotiations
began with the Maine Central managers for
life long lease, we do not know; nor are we
permitted to describe the advances that the
Eastern, as an ambitious sutton, made to the
Maine Central, which occupied the position of
a prudent and not over sentimental young wo-
man who knew she had two lovers (?) and only
was coy that she might ascertain which would
be the most liberal "provider" in all the years
of after life. The Boston and Maine was less
ardent as sutton; indeed, that uncivil party
intImated that Miss Maine Central had much
better remain single and live as neighbor.
But, as the story-writers say, time passed by
and the Eastern and Maine Central became
more intimate, until in 1871 the bans of
marriage between these parties were proclaimed
in the form of a ninety-nine years compact or
contract, by which the net earninge of the
Eastern and Name Central railroads We're to
be divided between the two corporations, the
former receiving five parts and the latter four.
The prudent Maine Central was greatly pleased
at ii; its sn.pposad sharp trade for however pru
IDENTIFY its business had been manSagSc@a hltherto,
| ~ I.u;I Rod hoo a rid
| in crowded car to thes annual meeting at
Watervle. Now she ~ had made lifelong
alliance with wealthy party whose stock was
| quoted at par and above, because it regularly
| paid its stockholders legal tender dividends,
while its own stock had, until that time, grow
| elIed at &c. SIS, $40 and 1875 per share of 800.
| For time everything was harmonious.
| Through trains were arranged, Pullman cars
were introduced and conductors run from Ban
| gor to Boston. 1t was practically one road.
| The Boston & Maine at length made its way to
| this city. 1t demanded connection, and all
| the parties went to Augusta with attorneys and
lobbyists. The bill to force connection was
defeated, but it cost all tho parties large sums
| of money and liberal issue of annual comph-
mentary passes to interested parties and some
members of the Legslature-a potent means
of reaching men, because it appeals alike to
their vanity and self interest.
| Well, days and months passed. The Maine
| Central participated in all of the Eastern quar-
rels; or rather its quarrels about transfer sta-
tons, connecting rails, frogs, injunctions, etc.,
were turned over to the Maine Central. All of
the annoyanees and delays experienced by ship
pers-and they were many-were charged to
| the Maine Central, until it was conundrum
| whether the railroads were built for the bene-
fit of the people or the people created for them.
| In the meantime, the Eastern did not lose
| sight of the grand international route, and
| their interest in the Maine Genital board urged
| a 80 years lease of the E. & N. A. Railway
| by the Maine Central, and so far had the di-
rectors been convinced that this was the proper
policy that the papers for such contract had
been drawn ready for signing, when the resi-
dent Maine members of the Board, with one or
two others, broke up the negotiations by refus-
ing to ratify the agreement. In the meantime
the expectant Maine Central people saw no
dividends. 1t appeared that their own road
was earning surplus, but by the contract one
company could not declare a dividend until the
other was ia a situation to do the same. Little
by little, confidence and harmony between the
two sets of managers departed. The union,.if
net eonsummated from mercenary motives, was
| not based on sincere affection. The Maine
Central interest proper began to grow weary OF
the contract. WEAKNESS soon became disgust.
Disgust bred determination to be rid of it.
They reasoned thus "The Eastern people in
| order to get US into this arrangement told us
that their debt was but $50OO,0O0, little later
81 900, 900, now it appears to be $11 100000.
They told us that they were able to pay div
idends and did pay them, but we have reason
to believe that the money to pay them was
borrowed and has been added to the debt. BY
paying such dividends they kept their stock
at par, and now they have ceased to declare
| dividends, the stock has fallen to $50 per
share. The contract was secured by false rep
reservations and is consequently void; besides,
| by that contract they have debarred US from
declaring a dividend on our stock"
In the meantime an adversary, in the guise
of the Boston & Maine began to coquette With
| the Maine Central managers and large stock
~ +t,o lot ada tn that