The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-02-03
MR. WOODWARD EXPLAINS.
Continued from First Page.


} services OF that board in deciding such q
small question it public notics has been
given to insure Justice 1t is as much as
No say that the state has no confidence in
it's own tribunals. / contend that this
responsibility can be properly invested in
the railroad commissions
The fourth section does not authorize q
railroad to build branch lice unless II
is otherwise authorized and this bill pro-
vides that stock may be increased by a
vote of the stockholders Tor various ether
purposes OF the company and for i'm
proyements of its property. Now your
legislature does not meet but once in two
years. The Maine Central has been
authorized from time to time to increase
it's capital stock. AT one time it WAS au-
thorized to double it, Now do you sup
pose that it WAS understood that it would
double the amount Of stock at one jump
No. And why should not railroad COM
panies be authorized to increase their
stock when they choose, subject to the
approval OF the board, which the state
has established, to look after railroad
matters and whose duties mako them
familiar with railroad business. The
law makes one of them a lawyer and an
other railroad expert. Now 1T Is de-
cided that the Maine Central nesds more
money and that more stock must be sold
to get 1t. Now this bill provides that it
may do so with the approval of the rail-
road commissioners. 1t is desirable for
the Boston and Maine to have its proper
tional share of the new stock. The Bos-
ton and Maine wishes to increase its
stock in order to purchase the Maine
Central stock that it desires. But the
Boston and Maine is chartered under
concurrent legislation Of three states,
and q provision has been introduced in
this bill so that the Boston and Maine
can increase its stock for that purpose
and to have the Maine law on the matter
conform with the laws of the other two
states. similar measure has been in
PRODUCED in New Hampshire.
Now in regard to selling the new stock
at auction, the new stock of the Maine
Central will not be issued under this
law, but under former law. Therefore
the only railroad which will sell it's new
stock under this law. in other words, at
public auction, will bo the Boston q
Maine. TIE. law of Massa chusetts already
compels new stock to be sold at public
auction, so practically all this bill re-
ouires is that the Boston & Maine stock
shall be sold the way the Massachusetts
law says it shall be sold.
| This bill is Marie Central bill and in
the interests of the Maine Central. Now
am willing to answer any questions
you may ask. Mr.. Wilson will tell you
whether this bill is wanted by the Maine
Central.
Mr.. Wilson said substantially: The
Maine Central Railroad company has
received large privileges from Maine,
and under grants. and powers given the
| read by tho state, the company feels
that it owes good deal to Maine. 1t
sonable rates and to do other things for
public convenience. What we have been
doing IN the past in the way of improve
ments we intend to do indefinitely.
When we replace wooden bridge with
an iron one we charge it to running ex-
penses. but if we,should double track it
the public would not stand it to pay for
such work. So we must issue new stock or
get money by some form of credit We have
got to build a new railroad station at
Brunswick, @ new one at Bangor, and
we have got to improve freight facilities
a5 Lewiston where the business has out
grown us. Now, shall we create bond
ed debt? do not believe in such q
course. So We come and request for the
stock privileges asked for in this bill.
Our relations with the Boston & Maine
have been mentioned, SO I will say right
here that they have strengthened us in
the market Il has been limited in the
papers that there would be some domi-
nation by the Boston & Maine Now
we have very favorable contract with
the Boston & Maine. The details of our
arrangement are in accordance With &C.
oepted methods Of such Iailroadfinter-
course There is no disposition on the
Boston q Maine to change in the least
any part of the contract between the
Boston & Maine and the Maine Central.
In the resident majority in our board
of directors am sure that we have as
surances that Maine towns and cities
and Maine people will be properly
treated.
L never saw any important measure
passed by the directors without unani
nous vote There is perfect unanimity
in the board.
Chairman Engel asked if there was
anything more to be said for the bill,
and then offered the opposition chance
to state it's case. No one spoke and the
following letter was then read:
Rockland, February /, 1897.
Hon. William Engel, chairman railroad
committee, Augusta, Me-:
My dear sir-My clients, the represent
tatives of the Alden estate, have decided