The Barre daily times. (Barre, Vt.) 1897-1959, 1909-04-22
A HOLDING
COMPANY
Details Of Governor Diapers
Plans
---
FOR BOSTON & MAINE R. R.
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Would Benefit All New England, He
Declares in a Message to the
Legislature Of Mas
chusetts.
FOR BOSTON & MAINE R. R.

Boston, April 22.--The creation OF a
corporation to be financed by any rail-
road corporation Of Massachusetts,, pre-
sumably the New York, New Haven q
Hartford railroad, for the purposes OF
purchasing and holding stock OF the Bos-
ton a Maine railroad, was the solution
Of the railroad controversy in this state,
suggested by Governor Draper in mes
sage to the Legislature yesterday.
The governor suggested that if such
corporation be formed it should be
strictly limited, that majority Of It's
directors should be citizens Of Massa-
chusetts and that its principal Office
should be in Boston.
The message was as follows;
'The existing situation in regard Of
some OF the great railroad companies
which are serving the commonwealth Of
Massachusetts, seems to me to BE- unsat-
isfactory. II Is not necessary for me
to state in detail The events which have
led up to this condition or to attempt
any characterization Of them. II Is the
condition which exists which needs i'm.
provement
cat the present time there Is a large
amount Of stock in the Boston a Maine
railroad which is generally understood to
be owned by foreign corporations or BY
gentlemen who are not citizens Of the
commonwealth Of Massachusetts,. This
stock may at any time change ownership
and become the property Of some great
railroad whose main interests would not
be in Massachusetts, or in New Eng.
land.
IF anything can be done SO that this
condition may be changed and the own
ership Of this stock brought into the
control Of Massachusetts it would seem
to be wise and for the best interests
Of the commonwealth. / am informed
and believe that this result can be
brought about il in the opinion Of your
honorable bodies IL IL considered wise.
Therefore, | suggest that you con
slider the advisability Of creating cor
poration, which, under such limitations
as you prescribe, shall have the right
to purchase and hold stock in the pos-
ton 8 Maine railroad. giving to any
railroad corporation incorporated under
the laws OF this commonwealth, il nee
essary, the power temporarily Of other
wise 10 finance said corporation. and I
would suggest that II charter is grant
ed to such corporation, It's powers be
strictly limited.
Among other things II should be
provided that q majority Of the directors
Of the corporation must at ali times be
citizens of the commonwealth and that
it's principal Offices and place Of business
must be in the city OF Boston. az well
as the meetings Of its directors, and that
the corporation shall not have the power
to sell or dispose Of the stock 50 acquired
By it without the consent Of the com
monwealth after investigation by the
railroad commissioners and action by the
legislature.
If such corporation Is organized
with the powers and limitation which
have indicated am informed and believe
that II could acquire large holding Of
stock of the Boston a Maine railroad
"This would result in bringing the
ownership and control of one Of the great
lines Of railroad serving Massachusetts,
and New England into the Massachusetts
company, located in and chartered BY
the commonwealth and such ownership
and control would rest in that company
until the commonwealth by act Of its leg
islature shoald relinquish it,
ut seems to me that this would result
in benefit 10 the commonwealth and New
England and would remove doubt and
uncertainty now existing and bring a
large part Of the railroad interests IN
our immediate vicinity into harmonious
relations with the government and citi.
Gems of the commonwealth and | COM
mend such action to your favorable con.
siderationn