Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1883-12-13

The annual meeting Of the bond and stock
holders of the Eastern railroad 10 being held
here today 1t fremont Temple. The bond.
holders were first called to orper BY John A.
Grams, who, in the absence Of all the trustees
was chosen chairman, and the election OF
six directors on behalf of certificate holders,
was proceeded with.
President G. z. B. Jackson called the
stockholdsrs' meeting to order. Jonas d.
French, whom it 10 proposed to Dust from the
directorate, made an acrimonious speech which
created some commotion. Balloting for three
directors on the part of the stockholders then
commenced. It vas voted to keep the polls
open until o'clock.
Col. French, in commenting upon the fact
that President Jackson's name had been
dropped by both thu bond and stockholders
on one of the tickets, explained it on the
ground that Mr. Jackson had refused to sign
the proposed lease of the road to the Boston
& Maine railroad company.
The whole trouble with this bond holders
ticket was that one man employed ~ an
agent flor Barring brothers Co., who held
about O., 900, 600 of bonds. had ever since
1876 controlled the bondholders. This man
had dictated to them every year who should
20 on to the board and who should not. He
had kept himself on the ticket every year,
had quarrelled with nearly every man on thu
board, and hod within six or seven years put
in and put out nearly ~ many presidents;
and now that another president is to be chosen
we venture to say he will quarrel with him
within four months. The man to whom he
referred was, he observed, present He was
glad of it, inasmuch a. he disliked very much
to attack man behidd his back. With all
this high standing of Barring Bros. &. Co.,
and with all the power financially and other
wise at their command, they we're not strong
enough to maintain . one-man power in the
directory Of the Eastern railroad company.
This man tells our president to step down
and out. He says the same to those Of the
directors who refuse to obey his dictates He
proposes to have q board of directors "solid"
for the lease of the Boston & Maine. The
situation Is regards the lease 10, he cOntin-
ued, about the same a. last year, though it
had been somewhat in favor among the stock
holders, a. he felt confident the vote ,hen
taken would clearly show.
He did not doubt but that his opponents
would succeed in carrying out their plans at
the meeting, bvt he did strongly doubt as to
the success of their plans in che future.
He then proceeded to review the history of
the fight in the New Hampshire legislature
last summer over the matter. He called at
tention to an agreement entered into by the
Eastern and Boston s Maine directors, under
vhics each was to pay one-half of "counsel
fees" required in securing needed legislation,
and caustically remarked that counsel fees
was term that covered up much that was
very strange. The land grant to the South
ern Pacific railroad companies of Arizona,
New Mexico and California, and copies OF
any memorials, briefs or letters relating to
the land grants or subsidies the Texas Pacific
we're ordered to lie over until tomorrow and
be printed.
The following directors were elected:
Stockholders' ticket-Erancis l. Amory OF
Boston; Thos. w. Hyde of Bath, Me-. Chas.
Houghton Of Boston.
Certificate holders tieket-Frank Jones of
Portsmouth,; Samuel c. Lawrence of Med
ford; Geo. s. Morrison of New York Rich
ard Olney Of Boston; Jacob c. Rogers Of
Peabody; Arthur Sewal Of Bath, Me.
meeting of the directors was subsequent
ly held and the organization effected by the
choice of the following:
President-Arthur Sswall of Bath, Ne.
Treasursr-N. G. Chaplin of Boston.
Auditor-W. j. Hobbs of Boston.
Clerk-Francis l. Armsny.