The morning journal-courier., 1908-05-29
Friday, May 20, 100s.
DEwHIsKEsED MASSACHUSETTS.

DEwHIsKERED MASSACHUSETTS.
II begins to look as II the great
state OF Massachusetts, was determined
to Guido in legislative experiment the
state Of Kansas, when that state was
under the control of the populists. In
no other way can the conduct of the
railroad committee of the Massachus-
ctts legislature be considered It's re-
port on the proposed Boston and
Maine merger, made late on Wednes-
day and printed yesterday morning in
full in the news columns OF The Jour-
nal-CourIer, turns upon such reckless
understanding of the rights of prop
erty that It might we'll excite the APP
prehension of the small householder
resident there as we'll as the holder
OF the stocks and bonds of public
service corporation. If that kind Of
legislation can be approved in state
once noted for its conservative wis
dom all things become possible in The
line of impulsive experiment.
The bill to which reference is made
in these emphatic words is entitled:
IAN act concerning the control of rail-
road corporations" The first section
provides in the more or less confusing
phraseology of statute law, that no
outside corporation like the New Ha-
ven company can enter the state of
Massachusetts and there purchase the
controlling stock of railroad COM
pany incorporated under the laws of
that state without the consent of The
general assembly. In other words, II
the owners of the majority of the
holdings of a railroad located there
desire to sell out for reasons OF their
own, they may not do so to people
willing for other good reasons to buy
who live outside of the state unless
the general assembly, political body
subject 10 the whims of partisan ex
element, gives assent. II this actual
ly becomes the requirement Of the
laws of Massachusetts,, 1t can readily
be seen to what an extent investors
will withdraw from that field of invest
ment To deny man or a set of men
the right TO dispose OF their property
upon terms attractive to them is 70
limit the field OF corporate develop
ment to the state itself, We can i'm
agine of no force more potent in fore
ing government ownership.
Section second begins to put the
screws on the management of the New
Haven railroad company by providing
the manner in which the stock Of the
Boston and Maine under its control
shall not be voted at stockholders
meetings. The full significance Of
this proposed legislation is not seen
until the two following sections are
reached. Section third provides that
the New Haven company may hold on
for a while to the shares of stock in
the Boston and Maine, which II has
acquired In the usual way of acquir-
ing stocks and bonds, and until the
specified time has expired may ac-
ouire such additional stock as may be
offered under a new issue, but 1t is fof-
hidden to dispose Of any of this stock
to anybody without the consent Of the
railroad commission prior to the date
set Section four provides that while
the New Haven Railroad company
may fondle and finger its shares Of
stock to its hearts content, it shall not
ing of the stockholders of the Boston
and Maine but that the railroad COM
mlSSlOnerS or the state OF MdSSdcnus-
etts may vote the stock Sin such man
ner as they may deem to be for the
best interest of the commonwealth y
The remaining sections provide that
the commissioners shall make thor,
ough inquiry into the railroad stua-
ton in that state, ETC., ETC., in order
that when the time arrives when the
owners of the Boston and Maine viii
be permitted to vote at stockholders
meetings a comprehensive plan will
have been conceived to which the gen.
eral assembly may give approval
Penalties are provided for the viola.
ton of any of these provisions.
AS we have already said this pro.
posed law is worthy of Kansas in The
days of its longest heard. 1t Is start.
ling to learn that Massachusetts, pro.
poses seriously and upon any pretext
whatever to thus take from the own.
ers Of property their right to eithe,
manage 1t in their own way, or dispose
of 1t because they are not permitted