Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1883-08-24

DsaAs . Enaex inso . D1siness Arrange
As1e Adopted
At . meeting Of the directors Of the Maine
Central railroad held At the Augusta House
last evening, the report of the subcommittee
of the committee raised At . recent stock
holders meeting to confer With the directors
of the Eastern and Boston Maine railroads
to secure q modification of the proposed
lease. was presented to the directors. The
committee also presented the following prop
osition in substance That the time had now
arrived when it is advisable for the roads to
enter into q general business arrangement,
and that each raise q committee empowered
to consummate such an arrangement The
following is the text of the suggestions of the
Maine Central to the Eastern and Boston &
Maine directors, and the reply Of these d.
rectors to the same:
BOsToS, Aug. 81, 1888.
To the officers of the Eastern Railroad Co
and of the Boston Maine railroad:
Gentlemen The undersigned a sub-com
mittee of a committee appointed BY the stock
holders of the Maine Central Railroad Co,
at a meeting of said corporation held at Au-
gusta, Maine, on the l4th inst, to confer
with the officers of the Eastern and Boston
& Maine railroads, and to procure such mod
ifieations of the contract for lease between
said corporations as may be essential to the
protection of the interests Of the Maine Cen
trail Railroad Company. and of the individual
stockholders thereof. represent that many of
the stockholders of the Maine Central Rail-
81, hat tf.A Of sot1
lease by the Eastern and Boston & Maine
railroads, would hazard their interests and
the public interests of the State of Maine.
and they, therefore, respectfully ask that said
contract for a lease may be rescinded.
The committee, acting more strictly under
the terms of said vote authorizing the confer
ence, make the following brief summary of
its suggestions.
l. That if said lease is to be carried into
effect. the Maine Central Railroad Company
should be made party to the same, and
have some voice in relation to such of its
terms as especially effect the Maine Central
Railroad Company.
ii. The Maine Central Railroad Company
should be guaranteed proper representation
in the board of directors OF the Eastern and
Boston 4 Maine railroads.
Ill. Practical unanimity to be substitut-
fourths of the stockholders of the Maine
Central Railroad Company in order to ter
inmate existing traffic contracts Of the Maine
Central Railroad Company and the Eastern
and Boston & Maine railways.
w. The Boston & Maine railroad should
guarantee the contracts and leases of the
Maine Central Railroad Co., and payment of
fixed charges, and also the same dividends
at least upon the capital stock of the Maine
Central Railroad Co. that is paid to its own
stockholders.
The Maine Central railroad company en-
joys such valuable franchises from the State
of Maine that we feel that the interests of the
citizens of the State, particularly its manu-
featuring and commercial interests should
not be ignored, and we are confident that the
above stipulations will satisfy the public ap
prehensions.
This committee entertains sentiments of
the most entire confidence in the integrity
and good faith of the Eastern and Boston &
Maine railroads, but feel obliged to guard
against usual and almost inevitable contin-
gency of change in the personnel of the
boards of direction of all corporations.
All of which is respectfully submitted.
EFF = /" wrns, Committee,