Daily Kennebec journal., 1911-03-03

| among the members Of the Legislature
| with opposing the other scheme. not
! with favoring this particular matter
| Nobody that is connected with the
| proposition to build the electric road
! or extend the electric road had any
| thing to do with tabling this bill.
1t was my own idea to give me time
t. look II over. Nobody that has any
connection with the electric road has
| anything to do since that with the
| framing of this amendment or any
| thing else connected with this bill
Ard any connection that I'll" bangor
and Aroostook has with the electric
railroad is connection of their own
| seeking. when they appear as they
do against the granting of the char
ter of the electric road.
[ speak of that not because this has
| an' connection at all with the other
| pr, position but because il has been
| said by the counsel for the Bangor
| and ArooStook that it did have. !
| hav, no doubt that some have talked
| with YOU. rs they have a perfect right
to 10. and have given you the impress
| sion that this amendment was intend
| cd - a cloud, to nave some effect up
| ON the passage of the other bill. If
! thc,. sincerely believed that. they
havf. right to present it to yoH.
| Now one thing further before !
| proceed to the discussion of the main
| question. want to make entirely
| clear the situation with reference to
! the railroad committee. This amend
ment has never been presented to the
| railroad committee. They have right
| and any committee in this Legisia-
| tur.. las right to hear any amend
,nent offered to any bill they have
passed upon, and unless there were
| reasons Tor it, they would have right
| To feel they We're sighted if the prop
! osition had not been presented to them
and Ma; afterwards offered i'll the
! Legislature.
| | have explained that l did not un-
dcrstand this bill, what the bill meant,
es 7 think do now, and that tn"
amendment was necessary. l found out
| afterwards that an amendment would
probab,v be necessary. and asked til"
members of the railroad committee
to ALLOW me to wait until after the
! llaarlng upon another matter III ofo',
| tnot I might fluid out the position OF
! the Bangor and Aroostook. ana "iia'
| would le said there in regard TO u"
| stock and bonds of tho Bangor ana
| Aroostcok in order that ! might see
| what amendment was necessary.
then went before the committee
| while this WIS on the table ana asked
| them If they wanted it referred |"
| them or would have it heard mere.
understand they were willing to have
| il heard here. have gone into tins
| simply to mike it perfectly clear, taa'
| this is heard now br members of the
railroad committee for the first time.
| and Of course without prejudice.
want 10 make plain one thing III
regard to this main proposition at the
| outset. and want YOU to bear IL IN
| mind and hear me ptiehtiS. IN"
| purpose OF tl1i.5 amendment IS not Z"
| introduce anything new or reNein-
| tionars or drastic: not 10 impose hpo'i
| the construction of ANY new eNteH-
tiorg ci the Bangor and Afoostooh
any new or unusual provisions. Inc
! u1rnosc OF the amendment Is slmpiH
| to deprive that railroad, 50 far rs
| any future construction work is con-
cerued. OF an unusual, unique priv
,laca which they have enjoyed i'll the
| ua:t and which no other railroad III
| this state enjoys, and which / think
| they should not enjoy any longer.
| In other words, this amendment
| might he entitled this way; An Amend
ment to provide that further eNten-
| sion; OF the Bangor and -Aroostooii
shall be made under the provisions
of the general law applicable to all
4 ,,-1t
whatever in regard to the issue c,
| stocks and bonds or other privileges
! We said two years ago that we
| would not give them for further eN-
| tensions the privilege given tRehl ~
| the past cl having So per cent. OF theH
taxes rebated. This is simply an
other priyilege chat has been gwen
| them and which this amendment Seeha
| to 10 away with.
| In regard to the form ot the aiuenu-
ment or the way in which II IS ""fu :
ed. | have no preference whatever. II
Ianybody objects to any phtas' OF
clause of il. am ready to entertain
Ianv amendment 10 this amendment
| nrnyi,lca il does not violate tn mann
| purpose. and that is TO tags away tpo
nriyilcgo of watering their stock ana
bonds, in = Nay illegal il done h% amy
| other railroad.
Tho reason this extension al thc
| charter is asked is not for prov luii's
authority to build the AllaGash brahch
or any other but TO continue Tor Nv.
wears from March 1913. this special
:aud peculiar exemption.
Now before coming 10 the question
of the charter itself. which is sought
| here to be extended. want to ask
YOU to consider for just moment
| with me what tn" provisions Of the
Eeeneral law are in this State applicable
| in such cases as this. In the first place
| | want YOU to notice that it Is a well
recognized principle Of law III this
statc. as well as principle of ousi-
ness honesty. that directors of corpor-
ations or prominent stockholders in a
corporation have no right to sell TO the
corporation at an enhanced valuation
property belonging to themselves. In
| other words they occupy With reler-
| ence to their stockholders a position
Of trust. and it is not proper, as any
| body will see, for the director of a
| corporation or prominent stock