The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1901-01-08

3 the Editor Of ne Pes.

The assertion that "ths railroads own
the legislature may he taken In a
"Pickwiskian sense" They give relief
to impatience, az the safety valve does 20
excessive steam pressure. II IL were not
so, the people who elect. as well as the
Legislators elected, might feel a little
touched.
The necessity is forced upon the rail-
road managers to employ attorneys to
explain to the Legislators the true condi-
lions. The Legislators have intelligence
to understand and Independence to act.
Somebody is disappointed, and 1.-THE
railroads own the legislature.
The railroad manager IL not the own
er OF the property. His salary Is not reg
ulated by the rate of taxation on thou
sands of people who do own 1t. But so
long as the endeavor to Increase the al
ready unequal burden borne by those
whose interests he represents is con-
tinued, so long must he appear in de-
fence, unpleasant as the duty Is.
notwithstanding the frequent warn
ings against the dangers OF cousolIda-
tion, legislative authority has Iesn given
to such an extent that the principal rail-
road company in the state has secured
q monopoly of the trade in bankrupt rail-
roads. Being the offspring OF two bank
rupts, 1t inherited o bankrupt appetite.
II Is whispered about that the appetite
is satisfi I'D.
The Maine Central Railroad company.
organized In 1852 by the combination Of
two weak corporations, has gathered in
tine system number OF imbeoiles, and
given TO the State we'll organized, safe.
convenient. and speedy means of trans
roTtation for both persous and commodi
ties. The persons through whose saori-
lines this system has bsen established,
or the descendants OF such persons, being
Ecattersd over the State, are among the
constituents Of the members OF the legis-
lature Doubtless each legislators may
count among the sufferers, relativeF, can
nsotions and personal friends.
From the date of organization In 1869,
twenty years elapsed. during which the
burden of sustaining the new corporation
was added to the great losses already sus-
tanned In the construction and operation
OF the various roads composing the sys'
TEN, before any return was received In
the way of dividend. The rate OF divt
1end was increased, as fast as safety per-
mitted, until the present rate of six per
cent was established. Does anybody who
il familiar With the history of disaster
attending the buIi1ing of the railroad in
Maine believe that six per cent divi-
dend can ever make up the losssss The
purchasers OF stock, In recent years, have
paid a price for 1t which reduces 1t to
three and one-half per cent to four per
cent Investment.
Admitting the charge that the Boston g.
Maine Railroad controls the Maine Gem
trail systsm, through It's holding OF
majority of the capital stock, 1t is only
fair to consider the origin of such control
and to consider the treatment receiv ID
from the Boston s. Maine Railroad, be-
fore accepting, as true the frequent repre-
sensations that the Boston q Maine is
unfriendly to the Interests OF the people
Of Maine.
The Maine Central stock came TO the
Boston & Maine Railroad through its
Isass OF the Eastern Railroad, and repre-
fents the contribution OF the Eastern
Railroad to the establishment of rail-
road system In Maine, which contribu-
tion largely contributed to the downfall
of the Eastern Railroad Company. The
concessions in passenger and freight rates
allowed by the Eastern Railroad TO the
Maine Central, as an assistance, addi'
tioaal to the stock subscription, have
been continued by the Boston & Maine
Railroad. The withdrawal OF those con-
csssions is the quickest way to stop Maine
Central dividends. IL is unnecessary to
wait for the accomplishment Of it by leg
islntiva action. The greater portion OF
the earnings OF the Boston 81 Maine
railroad come from business outside OF
the State of Maine. The present law,
relating to the taxation of railroads, COM
pels the payment of tax to the state of
Maine, on basis Of mileage Of road. The
recent absorption OF the Portland a.
Rochester Railroad makes an Increase OF
several thousand dollars in the tax to be
paid by the Boston 81 Maine. There may
be reasonable doubt as toswhioh is IN the
most danger. the State of Maine, or the
Boston s. Maine Railroad. The spread-
ing OF the Boston earnings over the miles
Of road in Maine, where settlements are
few and far between, IL applied to the
whole State OF Maine, by the absorption
OF the Maine Central system, would be
SO manitestly unjust that eyeryb body could
see 1t.
Some six hundred Boston s. Maine
stockholders, holding some $1,000 in
stock, are residents of Maine. Tbs ma
jority OF the stockholders of the Maine
Central kaiioad Company are residents
OF Maine The savings banks of Maine
own several millions of dollars worth of
the securities of the railroads In Maine,
beside that held as collateral. The divi-
bends to the depositors depsnd upon the
stability OF the investments OF their
money. On page 20 of the bank exam
iner's rsport for 1893, he states that "ths
STATE as trustee is morally responsible
to the 1863, 7i4 depositars for the proper
man sgement and safety OF their funds In
our savings banks, More than ons-half
Of these depositors are women and sminor