The Portland daily press., 1885-12-10
RAILWAY MATTERS.
THE BOSTON & MAINE.

y Maine RallrOaO was nelu yesterday morning Ill
the City Hall, Lawrence, Mass. The report of
the dire ctors was accepted without being read.
1t was then voted to proceed to the election Of
directors for the ensuing year. But one ticket
was in the field. The election resulted as fol-
lows:
Whole number of shares voted on, 24,771.
George c. Lord of Newton had 24,4 486.
Nathaniel G. White of Lawrence, "a 482.
Amos Paul OF South New Market, N. H., "a
436.
Nathaniel j. Bradlee of Boston, "a, ,4S6.
James r. Nichols of Hayerhill, 24483.
William $. Stevens Of Dover, n II, oo PASS.
Richard Olney of Boston, 24,486.
Samuel G. Lawrence of Medford, 24,47S.
Frank Jones of Portsmouth, n. H., "a, ,463.
Immediately after the election of the directors
the special meeting was called. President Lord
stated that the directors considered it advisable
for the. benefit of the Boston & Maine road to
lease the Worcester, Nashua & Rochester and
the Rochester s. Portland and Solomon Lincoln,
Esq., of Boston, then read the cases to be ratified
by the stockholders, and moved they be accepted.
He said that the Worcester Nashua and Roches-
ter and the Rochester & Portland roads made a
continuous line of road with the Boston 8 Maine,
and touches at points TO where the Boston "
Maine extends If it should fall into hostile hands
it was capable of doing much harm, as 1t would
enable hostile road to compete with the Boston
& Maine. Peeuniarily, he believed that the rati-
icatiOn of the cases would not entail any loss on
the Boston & Maine, and even if it did such loss
would not be as great as if hostile line obtained
made to the ratification of the leases
EASTERN RAILROAD.
The holders of the certificates of Indebtedness
of the Eastern Railroad met at the depot of that
road in Boston yesterday morning. There was a
large attendance.
Mr. Willard P. Phillips called the meeting to
order. The first business was the reading and
acceptance of the records of the previous meet
ing, after which the chair announced that the
next business in order was the annual election of
six directors, and on motion it was voted to pro-
ceed to ballotlng and leave the polls open until
IL O'Clock.
During the hour just proceeding noon there was
considerable canVaSSing done among the holders
of the certificates of indebtedness, as there were
two tickets in the field. One of these was headed
Regular ticket and contalned the names mes OF the
George c. Lord, Newton; Nathaniel J. Bradlee,
Boston Samuel c. Lawrence, Medford; Richard
The Other ticket was headed aodeTs Ger
Gates of Indebtedness" and contained the follow
ing names for directors: Jacob c. Rogers, Pea
Hooper, Cambridge George E. B. jackson, Port
land; John Cummings, WOburn; Richard Olney,
Boston.
The following gentlemen were declared elected
directors: Richard Olney, Chas. j. Merrill, Geo
c. Jackson, John Cummings, Jacob c. Rogers.
Several protests were raised against the vote on
the ground that enough votes were thrown out to
change the result; second, that the votes were
votes was illegal, unauthorized and invalid.
Mr.. Phillips said no votes had been counted
which were not registered and that under the law
no votes not registered could be counted. Cert-
fcates held In trust by trustees to the amount OF
S57 900 and $4,000, had been voted on, and in
reply to another question he stated that the votes
were cast for the successful ticket.
After heated debate Chairman Phillips and
other trustees left in disgust and the meeting sub
sequently adjourned until January.
At 1130 O'Clock, also at the Eastern Railroad
station, special meeting of the stockholders was
held to take final action on the proposed lease by
the Boston and Railroad of the railroad and prop
erty of the Worcester, Nashua and Rochester
Railroad Company. At the suggestion of one OF
the stockholders, the lease was read The ques-
tion of its approval by the stockholders was de-
bated at length Mr.. Lorenzo S. Dabney, repre-
sentng Mr.. T. Jefferson Coolidge, offered the fol-
lowing protest against the approval proposed:
BOSTON, 8 Dec, 1885.
The holder of 1000 shares of the capital stock
of the Eastern Railroad Company protests
against the proposed lease to the Boston and
Nashua and Rochester Railroad Company and
the ratification thereof and desires to place on
record his reasons for his protest, as follows:
1t appears by the reports made by said COM
setts and now file in their Office that for the
year ending 3oth of September, 1884, the total
ua and Rochester Railroad Company, was $685.
447.13 the total expenses including taxes but not
interest, were $45s ,o25s4 or, in other words,
amounting to S13 7O5.59. For the year ending
3Oth September, 1885, the figures are: Total in
n t1a est nSHas
S191, ,996. 90, and taxes amounting to S17,51666,
Although for the latter year there is an increase
OF net earnings, this increase results from re-
ductlon of net expenses with an actual decrease
of gross earnings.
The rental reserved by the proposed lease, to
be paid to said Worcester. Nashua & Rochester
Railroad Company, is $3.50 900 and taxes.
The difference between this sum and the net
earnings of said company, amounting to 100000
thQ ninoC and aXno finn
at the same rate, will be loss to the lessee and
this loss, under the terms of the division of the
e5 70 the BosoS II Maine
fall wholly on the stockholders of the Eastern
Railroad Company, and will be so much more
placed ahead Of any possible dividend to them.
To say that the earnings of the lessor can be
increased by the lessee is no answer, because be-
ing parallel roads an increase so obtained must be
at the expense of the earnings of the line of the
Boston g. Maine.
1t requires no argument to show who gets the
best of the bargain when it is notorious That the
prospect of this lease has more than doubled the
market value of the stock of the Worcester Nash
ua & Rochester Railroad Company and bargain
which it is thus shown is expected to serve SC
greatly to the advantage of company cannot but
be grossly unfair to those at whose expense the
rent will be paid
the road OF the Worcester, Nashua & Rochester
Railroad Company does not enter upon or connect
with the road OF any railroad corporation, created
by this commonwealth, which is leased to or oper
ated by the Boston & Maine Railroad Company
and the lease is therefore not permitted by the
public statutes chapter 112, sections 22o and
221. T. JEFFERSON COOLIDGE.
Mr. Dabney, in a lengthy speech, supported the
protest which he presented to the meeting in the
| form of an amendment In conclusion he sug
gested that committee of the stockholders 6t
appointed to inquire into the effects the lease
would have, and just who would be the gamers O.
such lease.
Mr. w. 4. L. Dillaway, in a spicy speech
answered the remarks made by Mr.. Dabney. Th'
former said that he understood that Mr.. Coolidg,
was shareholder in the Boston & Lowell rail
road. and that accounted for the protest which h,
entered.
Mr.. Dillaway said further that Mr.. Dabney wa
nothing more than a representative of the Bostol
& Lowell road and the stockholders of the East
| ern railroad should not allow themselves to b.
| dictated to by rival road. He hoped that tn
| lease would receive the approval of the stock
| holders.
| MIR. Dabney's amendment was lost by vote O
| 19,471 nays TO 1887 yeas. The leases were the
| ratified, that OF the Worcester, Nashua & Rocl
| ester road by a vote of "a ,022 to 1897 and tina
| Of the Portland & Rochester road by vote OF 81