The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-08-27
RAILWAY NOTES.
The Maine Central stockholders Meeting

The Maine Central Stockholders Meeting
Speaking OF the Maine Central stockholders
meeting at Augusta last Friday. the Boston
Journal Augusta correspondent says: There
seemed to be unanimous feeling that, under
the existing circumstances, the best interest Of
the road could be subserved by its practical
consolidation. with the Eastern and Boston and
Maine Railroads, and the same conference
committee was appointedsto negotiate TO that
end. To accomplish this, it is necessary to ask
that the present contrrct for lease oetweoa
the Boston ana Maine and Eastern Railroads
shall be rescinded and new contract prepared
that shall embrace all three roads, and the
committee was directed to ask this, and IL sue
cessful in their negotiations to report to the
Directors of the road in thirty days, but il I'M
successful to report at once. At the close Of
the stockholders meeting. the committee met
and decided to at once notify the officers of
the othsr roads that they may appoint a time
and place Of meeting. The spirit manifested
toward the Maine Central leads the stockhold-
ers to believe that an amicable adjustment OF
matters will be secured Ia which case all oppo-
sition by the stockholders TO the proposed con-
solidation OF the Boston and Maine and East
ern Railroads will cease. There is, however,
among the outside public, feeling Of distrust
which it will be hard to allay If practical
consolidation Of the three roads is not consum-
mated the stockholders will undoubtedly at
once proceed to take all measures to prevent
the ratification of the present lease contract,
aud 1t was with that view that the conference
committee was directed to report at once to
the Directors. The meeting Of the Legisla-
ture is close at hand, and it is said there Ia
quite willingness among the members 20 open
the doors and allow the introduction OF a bill
that shall secure Maine interests. The Jour-
nails representative has conversed with num-
Der OF the prominent stockholders OF the Maine
Central, that full understanding Of the situa-
tion might be obtained. What can be done il
a satisfactory contract is not secured? war ask
ed. We can have the pending equity suits
pressed, so as to prevent a settlement OF the
question involved for long period. was the re-
ply, and we can also enter other suits against
those Directors Of the Maine Central who are
also officers OF the Eastern Road Either ac-
ton would prevent any immediate settlement
OF the lease contract and would cause an in
definite delay. 1t is claimed that the Maine
Central stock was allowed to go into the hands
oil the Eastern Railroad to insure the favorable
action OF that road with the Maiae Central,
but that instead the Eastern stock has been
used IN the conduct of this lease in disregard
Of the wishes OF the minority shareholders.
| Such, however, does not appear to be- the spirit
| OF the reply made to the suggestions Of the
stockholders committee, and there seems TO
be growing willingness to place liberal con-
struction upon the action OF the Eastern d.
rectors in negotiating for lease. But while
this Is the feeling as regards their own road,
the lease is looked upon primarily as q stock
jobbing transaction; that Messrs Weeks and
Lawrence, who respectively hold 79000 aud
10000 shares of the Eastern stock (which is
majority were the promoters OF the LEASE to se-
cure raise In the value of their stock No
war Of rates can be inaugurated so as to affect
the Maine Central, II consolidation is defeated
| till the expiration of years notice. The con-
| tract existing between the roads was for Ave
| years, after which time either road could ter
inmate it by giving twelve months notice.
| The i've years have already expired, and the
| contract can now be terminated any year
whether the Maine stockholders object or not
| as it requires only majority vote Of the stock
and that can be cast by the promoters OF the
proposed c)usolidation.
Inc statement OF the Associated Press dis
patch, that the Maine Central Directors Al
their meeting on Thursday evening, voted 4 IN
| 3, to accept the report of their COMMITTEES. was
incorrect. The vote was upon o resolve THAT
| the report OF the committee be referred to the
stockholders meeting with the recommended
ton that committee be appointed to arrange
| for contract for practical consolidation Of
| the thrAe rnrnOrafionsD