Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-02-28

Jua1uln1y.

The eennifsse On jsdieiasy gsve hear
| ine % ~ eedsR requiring dist cs0mitsee
2 inquire ines he sxysd5escy Of passing q
Az compelling failroad corpofsnons when
nsy i1eennoe thsif esDini sack 70 ell the
49, q p1blfe sscioc.
Hon. W1. L. Pufnsm Of Portland AZ
veased ID behalf Of he Boston 4 Main.
essposasiea ard ths Maine Stsanship Com
pany u eppoition - sbs proposed leGisls-
non. Tbs bill vas siaed q fhe Bosom &
!stne, BE- aid. Ths Legislature had
aneady susbsfixsd three transportation
eenssstes 70 incssase- their capital
stock, Why single cut the Beseon
Msines There vas 70 water
ins scheme connected With the proposed
increase Of capital stock Of this corpora
ION. There vss not . single dollar of
fsssfosd sock in Maine that dossn't repre-
senf dollar in cash paid from somebedy's
pocket II would conAscxss tie earnings
OF the road Il would work gsestef hard
sbip on The Maine Steamship Company
Nan on the Boston { Maine. If they
vished 70 build smother boss they would be
compelled to put the stock On the market
. public suction, which vo-ld be injuHi-
Gus TO the company and drive stock below
par. When the brokers knew that the
stock must be sold ss public auction they
would stand ready to take advantage Of the
facs Continuing, Mr.. Putnam said he had
seen the time when the Boston & Maine had
bard time to borrow any money or psy ils
debts.
NJ Psyson, Of the com mi.tee, asked him
i The eject Of compelling railroad 70 sell
iss stock ~ suction wers such a. be had
stated them to be why the Old Colony sold
~ sock in that manner.
MI. Putnam replied tina. the Old Colony
road. through its attorneys, had been be-
fore the legislature Of Massachusetts and
o'sseriy and pevsistently opposed every
measure Designed TO compel such sale of
stock. Twas true that the Old Col ing
had followed this method Of diaposing Of
IL stock but it objected most styenuous.y
70 be put under compulsion in the matter
he did not believe I, wise or Just policy
10 put such straight jacket upon q rail
rosd management. Experience hsd shown
that the railroads that had been the most
successful financially; that had paid the
biggest dividends to their stockholders
we're the ones that did the business Of the
public the cheapest and in the most sstis-
factory manner. The question Of compe-
hfson vas the great problem tina.
governed railroad rates. When they were
considered, they involved far brosder
causes, than capitalization. The valus Of
stock depends upon the Management Of the
corporation. He was not wise enough to
undertake such . task, nor did he think
the members Of the committee were COM
petent 10 deal with the great problems Of
railroad Management - we're men like Mr.
Fufbef And Mr.. Jones Who had devoted
many years to their practical consideration
Lawyer Yeaton Of South Berwick also
appeared in behalf Of the Boston & Maine.
tie thought the proposition to compel that
road to sell its stock at auction was unsound
N principle, unjust to the stockholders and
injurious to the public. He believed that
the stock Of the railroad should be ia the
possession Of the corporators just as abso.
infely a. the gentlemen present possessed
their watches. He challenged any civil
led land to show in its code such STA
iute as was contemplated by the order un-
der consideration. The amount Of capital
stock was by no means the basis of railroad
rates. He had seen session after session
rxte billsintroduced into the Legislature,
but never one based on the capital stock.
He did not believe there was any such
statute in the country.
Legal Affairs
The committee on legal affairs heard
Frank s. Streeter, Esq, Of Concord, N. H.,
= director and attorney of the Granite State
and Provident Association, also G.. 2.
Stewart, A. W. Pierce and w. c. Scar
borough and their attorneys Heath and
Baker, who desire that whatever law the
Legislature may pass they shall not include
a provision requiring the company to de-
posite S25. 900 withe ths secretary Of State.
and thus, they claim, tie up so much of the
eompsny's funds. The hearing was simply
a continuation Of the one held tuesday.
Public Bulldogs.
The committee on public buildings had
meeting Friday afternoon. Mr.. George
West of Portland was before them and the
matter of electric lights was discussed
Messrs. Parker, Smith and Newcomb we're
appointed committee to inquire into the
expediency OF repairing the south side of
the State house aud to examine the roof Of
the new and the old building TWAS voted
to advertise for bids for putting suitable
cases in the adj utsnt generals office.