Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-04-28
To Provide For Massa.
chusetts Ownership
Of B. & N. Stock Now Held
By J. N. Bfi|Iard. .
perhaps Billiard Doesn't Want to
SELL" Suggests Mt. Byrnes.

Martin NJ. Lomasney filed with the
clerk of the House of Representatives
late today a bill providing for the ac-
QUESTION by the commonwealth of
Massachusetts of the stock of the Bos-
ton E. Maine Railroad now held by the
| Billiard interests in Connecticut.
| The bill provides that the governor
acting with the advice and consent
of tire council is requested to acquire
| by purchase or otherwise the shares in
question and to give in part payment
therefor the bonds of the Boston &
Maine Railroad now in the treasury
of the commonwealth and given to the
commonwealth in the year 1900. The
remainder of the purchase money shall
be raised by the issue of bonds of the
commonwealth in such amounts at such
| as the governor and council shall deem
| mon its passage.
The time for the introduction of new
business having passed, the bill will
be referred by the House under the
rules to the committee on rules, which
will determine whether the rules of the
| House shall be suspended to permit its
| consideration at the present session Of
the Legislature. In an interview after
| the hearing, Vice President Byrnes
said:
THE New Haven Road is not to say
what conditions will be imposed in re-
gard to getting the Boston & Maine
stock back into Massachusetts control,
| but it does object to any curtailment
of its rights or privileges under the
Massachusetts law. The speakers to-
| day on this message seem to have con-
| founded the matter of holding COM
| pany with the actual control of a rail-
road. Even if the state of Massachu-
sets wanted to buy Mr. Billiards
stock. l am not sure that he would sell
| it. ana certainly the Legislature of
| Massachusetts could not compel him
! to do so. Even that would not carry
the control of the Boston & Maine as
| a Massachusetts, corporation"
What do you think of Mr.. Roth
wells proposition to have the directors
of the holding company subject to the
| approval of the governor and council?'
| was asked him.
That was where he misunderstood
the Issue. Even if that was done, all
| the power the state would have would
be to choose the men who would vote
| for directors of the Boston & Maine
Road. not fer the men who would con-
troll the Boston & Maine. They might
go on and do anything they wished,
| subject TO the laws Of the state. In
any event, the directors could only be
reached through the restrictions i'm
posed by legislation and the Massa-
| pI,, crft ro;I ~
You understand" he went on, "that
this holding company is not a man
aging corporation. 1t is simply de-
signed to secure the ownership of the
stock by men who would naturally
| be interested in Boston and New Eng
| land interests and keep it out OF the
hands of those who might not have the
| interests of New England at heart. 1t
is similar, in some respects to the
Northern Securities Co., with the state
| as the holder. So far as the New Ha-
ven Road is concerned. it has no op-
position to the plan proposed by the
governor. Personally, 1 think it does
not go far enough in protecting New
England interests, but l think it is a
| great deal better to do something in
| this direction and go on afterwards,
| than to do nothing. 1t is possible that
the present situation might straighten
itself out in time, but it is better not
to trust too much to the future and
we should take those steps which will
assure absolute protection to New
| England interests. l have no bill to
submit and any position l take in re-
! gard to any bill which may be submit
| ted will be to protect the interests of
the New Haven Road, which l believe
arc identical with those Of New Eng
land