Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1883-03-29
RAILROAD MATTERS.
Meeting Of Srockhold r. of Boston 4
Maine to Ratify the Lease of the
Eastern.-EaFnest Protest of One
Of the Eastern Directors
Against the C0ns0l.
idation.
LAWRENCE. Mass. Mar IS.

LAWRENCE. Mass, Mar 2s.
A special meeting of the Boston & Maine
stockholders was held this forenoon, 10 rat fly
the lease of the Eastern road. The personal
representation of the stock was larger than
for years, and proxies representing Zoo
shares favorable to the lease were in the
hands Of the directors previous TO the open
ing meeting. The meeting was called to
order by President Lord, after which the
call was read by the clerk. President Lord
read the lease, after which solomon Lincoln
of Boston presented the following for a yea
and nav vote:
Voted That the stockholders of this cor
poration approve of the lease OF the Eastern
railroad by this corporation on such terms as
have been agreed to by the directors and as
are contained in paper herewith presented
and annexed to this vote Ia copy of the
lease) and that the president and treasurer
be authorized to execute and deliver such
indenture NAV be necessary and proper
to carry said lease into full effect. Said
lease to take effect at the time in said paper
expressed, but only when and in event that
said paper shall be duly authorized by the
laws of the State of New Hampshire.
A yea and nay vote was then taken, result
ing as follows: Yes, ~ 563; no, i53. The
meeting thereupon adjourned.
BosroS. Mar %
The special meeting of the stockholders of
the Eastern railroad held TODAY was largely
attended. Many were present from New
Hampshire and Maine. 1t was voted unani-
mou-ly to accept the legislative act of 1882
authorizing directors to issue preferred stock,
in exchange for the certificates of indebted
ness. The meeting then voted On the APP
prevail of the lease of the road TO the Boston
& Maine road on the terms already announced
and subject to the approval of the New
Hampshire legislature. Jonas II. French,
director of the Eastern. opposed the cosolida-
ton. He found that the Eastern would make
a great sacrifice of property. Its earnings
would soon enable il to pay 8 to > per cent,
but under the lease only six was promised
for fifty years To come. Referring to the
Portland arrangement between the Eastern
and Boston & Maine and Maine Central.
French said it was an expensive one for the
Eastern. the latter being obliged to pay large
sums of money TO the Boston & Maine for
the purpose of obviating Il so called minor
competition. Another enOrmity of the lease
was the prohibition of the payment of the
dividends for fifty years which was provided
for by clause that all the earnings over and
above 6 per cent. should be put into improve
ments. Why not provide for the distribution
of these earnings in dividends after all needed
improvements shall be made?
The truth was ths-it was wholly in the
interest of the Boston & Maine. The East
ern road was asked by it to build terminal
facilities and other great and expensive ben
efits for the Boston & Maine. The speaker
closed by saying that though he had no hope
| therefor he believed it would be for the best
interest of the Eastern road to reject the
lease. Frenchs remarks were much APPLAUD
ed. He spoke nearly an hour and in the
course of his remarks was frequently APP
plauded in hearty manner by many of his
hearers. w. Parsons. New Hampshire
stakeholder, was opposed to the union, much
as he believed in harmony and peace be-
tween railroad corporations, and thou yht that
the union would place too many miles of road
under the management of too few men.
Following Col. French, Seth J. Thomas,
Mr.. Palmer of Swampscolt, and others op-
posed the lease amidst much excitement. The
motion to adjourn for one month was voted
by a stock vote and was lost, %, 400 against
and 1855 shares in favor.
The vote was taken by stock on the orig
inal motion to ratify the lease, the polls be-
ing kept open till 2.l5. The vLte was de-
clared at 4.05 as follows Yeas, 30, 261 !;
nays. 1860. The meeting then adjourned.