Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-12-16
The Eastern Railroad Lease and
the New President.

The Boston Advertiser says;
''Mr. Jackson is the president of the
Maine Central Railroad, having his head
quarters at Portland, and is a railroad man of
experience and reputed ability. 1t is gener-
ally believed that the new board of directors
is q unit in favor of consolidation with the
Boston and Maine. A prominent officer of
the road stated that while it is impossible as yet
to predict certainly the course of the new
board, he believed that its members will give
their best endeavors to promoting a union Of
the Eastern and Boston and Maine on an
honorable and profitable basis. The election
of President Jackson would also seem to give
plausible color to the belief that the union
may also include the Maine Central, which
would certainly make very strong through
line
The Boston Herald says:
at is understood that, as a result of yes
terday's election Of Eastern Railroad officers,
all opposition to a lease of that road by the
Boston and Maine corporation is neutralized,
so far as the Eastern 10 concerned. The
members of the new board of directors. repre-
scnting both the bondholders and the stock
holders, are now a unit upon this subject. so
far as the propriety and desirability of lease
are concerned, whatever differences NAV
arise when the matter of terms is presented
1t is understood also that majority or con-
trolling interest of the stock is also represented
in the person of two members of the board
Gen. Lawrence, a holder of 10000 shares.
and Mr.. Houghton, understood to represent
Mr.. Weeks, who is said to control $1,000
shares, the total of shares of Eastern being
$4,000. Consequently, in anv decisions of
the board requiring the ratification by the
stock, the desired action may be had at
once, if the two directors above named
are in concord. What, then, remains in the
way of an immediate lease of the Eastern by
the Boston and Maine, since the legislature
of Massachusetts, has already granted per-
mission for the transaction? 1t remains that
the Boston and Maine and Eastern directors
shall be able to agree upon terms and speci-
.fcations; that the stockholders of the Boston
and Maine shall ratify such possible agree
ment; that the legislatures Of New Hampshire
and Maine shall grant permission in accor-
dance with that already given by Massachu-
sets; that the hue and cry to be raised by
the public over the joining of two parallel
lines, and the consequent destruction of the
benefits of competition, be overcome or null
fled, and that several ether perplexidg con-
siderations be satisfactorily adjusted. A
glance at these bars to union between the
parties reveals that the bans will not be con-
sumated Immediately, if a, ALL
The Journal remarks:
Ihe new president OF the Eastern has for
several years past filled very scceptably the
same position upon the Maine Central and
now, therefore, presides over q line Of roads
reaching from Boston to the New Brunswick
line. The new selection is considered a very
desirable one, since il is believed that Presi-
dent jackson 10 in hearty accord with the
methods and management which have brought
the Eastern up to its present high standard of
excellence, and that he will do much to sus-
tain and add to the public confidence in the
road and its future is confidently believed.
There lie variety of views as to the bearing
the new election will have upon the proposed
lease to the Boston and Maine of the Eastern.
We understand that this question stands just
about the same now as before. fterms salts
factory to all parties can be agreed upon there
will be no trouble in effecting the lease. We
have little confidence, however, that terms
mutually acceptable to all the conflicting in
terests can be arrived at, and, if as is report
ed, an important movement is under way
upon the part of the stockholders of the
Boston and Maine against any lease Of the
Eastern, upon the ground principally that the
latter 10 too willing to make the trade, the
prospect of union of the roads is q poor
one. Lease or no lease, we see no reason |
Why both roads have not prosperous failure |
before them. Operated together there would |
of course be some considerable economy, |
not 50 much so, however, as is generally |
estimated, and even il the next move results |
IN consolidation of the Eastern and Maine |
Central, the Boston and Names future will |
receive little harm thereby, rs there Is al
heid to the eastward Of the Hub sufficiently |
large for both of the companies, if wisdom IL |
one Of the eIementa In their future manage. .