The Portland daily press., 1897-02-03

legislative committee On ra1lroaCs, Gele-
graphs and expresses, was called to order
today to give its postponed hearing on
the Engel bill it became known about
the corridors that the Alden heirs had
Withdrawn their objection to the meas
ure.
Senator Engel presided, announced the
hearing and offered to read the bill. No
one cared for a reading.
Lawyer Woodward Of Bangor. opened
the proceedings by announcing that he
represented the Maine Central railroad,
the Boston and Maine railroad and in a
general way the people of Maine. NO
ham," said Mr.. Woodward, has re-
suited from postponing the hearing. he
proceeded to announce that he thought
that the apparent objections to the bill
were more like desire for information
than real objection.
Mr.. Woodward said he had never heard
of any objection TO the first section OF the
bill. Regarding the second he said that
it was well known that the Boston and
Maine are owners. of a majorityRof the out
standing Maine Central stock. It has had
for years such control as may be realized
from the ownership Of stock. The Maine
Central remains an independent corpora
tion oven though the Boston and Maine
owns every share of Its stock. The bos-
ton and Maine has had the right to elect
directors, etc., just as any stookholder
he Mafn
wants is the right to increase its stock
or, to be more correct to issue what it
has been given right to by former acts
Of the legislature. 1t is desirable now to
do SO. 1t requires additional means and
it can get money better by new stock
than by an issue of bonds. The COM
pany's base needs to be broadened and
the top should not be enlarged. The
Boston and Maine management met the
Maine Central directors and said we can
as directors say whether new stock can be
issued We agree with you that it should
be issued, but unless we can have our
proportion according to our present hold
ings of the new stock we shall not con-
sent to it's issue. The Boston and Maine
does not wish to increase its stock for the
purpose of owning more Maine Central,
but for the purpose of keeping up its
propertion. Some of the papers have
said that the Boston and Maine wishes to
gobble the Maine Central.
If there was any gobbling to be done
it was done years ago. 1t there was q
marriage to take place it has been per-
formed. The Maine Central stock held
by the Boston and Maine is locked up in
the vaults. Other shareholders in the
Maine Central know that half of the
Maine Central stock is out of sight and
will never he put onto the market for
speculative effect.
TO any one familiar with the circum
stances of the connection of these roads
it will appear very much to the advantage
of the Maine Central to have this bill
passed. 1t is not right that the Maine
Central should increase the facilities Of
the road unless the Boston and Maine is
allowed to take and pay for its propor-
tional part of the new value thus created.
But you say why don't you come with
a special bill. We see no reasons why
similar circu instances should not come
up in the future when another increase
of stock may be auth orized. If we had
nut in special bill We would be confronted
with an article of the constitution which
forbids private legislation of this sort.
The third section of the bill makes pro-
visions which would be valuable to any
railroad corporation. 1t provides for the
taking of land for new tracks, buildings,
etc. Now there are lots of unnecessary
curves in nearly all roads, and there 1s
no law providing for the taking Of land
for improving the alignment OF road.
In 90 cases out Of 100 a railroad having
the right of eminent domain GOES not
have occasion to use 1t. l have settled
damages for lots of land and l find that
If can get it for three times its value it
is better than to have hearing on
damages under the right of eminent do
main. Occasionally company cannot
double track it's line inside Its four rod
limit, but generally it can without ac-
curing new lands.
Now the fact ia, according to this bill. a
company does not settle the matter. 1t
has to be referred to the railroad COM
missioner. You say that this gives them
new power. No, it does not. They al
ready have power to allow to be taken
for public convenience strip of land
five hundred feet long If necessary, for
branches for railroads built for companies
organized under the general laws. Ac-
cording to this bill only few square
rods in any one place will probably ever
be taken.
1t is now pretty hard for railroad
company trying to exist under the laws
of the state, when they have TO pay the
expense OF a railroad commission 1t is
hard, say when they cannot have the