Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-04-10
THE 18th maine LEGISLATURE.
Reports Of Yesterdays Sessions Of
The Senate and House Of Representatives.

ton that can be considered is mo-
ton TO reconsider this vote.
The PRESIDENTS: Under unfinished
business the Chair lays before the
Senate for consideration. an Act
|amendatory of and additional to
Chapter 81 of the Public Laws Of 1909,
relating to the issuance of mileage
books by railroad corporations.
This bill was introduced in the
House under suspension of the rules.
The pending question now is shall the
rules be suspended on the Introduction
of the bill. =.
Mr.. RICHARDSON Of Penobscot-.
Mr. President. l yield to tine senator
from Sagadahoc; Senator MAXWELL
Mr. MAXWELL of Sagadahoc: Mr.
President and gentlemen of the Serate
When the original. bill came into the
Senate last week I had supposed that
arrangement had BEEN made. as ! was
called away on accosnt Of sickness at
that time, that in case the bill did come
in that it should be put over until the
next morning that l might say few
words on it, but through some misunder-
standing that was not brought about
I feel that little should be said in
regard to this bill. as l was a member of
the committee that had this matter under
consideration.
Now this was bill that was intro
dueed early in the session. a hearing
was advertised and large number of
people appeared before the committee on
railroads and expresses in favor of this
bill. The only opposition that appeared
before our committee was the position
of the railroad attorneys. They opposed
this bill very strongly on the ground that
it would decrease the revenue of the
roads several thousand dollars per year.
That was their only objection. They
felt they said. that the people who now
purchase the local ticket at "a. y and 8
cents a mile, would be able to buy a 500
mileage where they are now now able to
put $40 into a mileage, and they felt that
it was a hardship on the railroad COM
panies to grant this 800 mile mileage.
Now tor a moment, let us see about
this hardship to the railroad. Now with
in a year and half the Maine Central
Railroad-or about a year and half
the Maine Central Railroad.-and | would
say to start with, that l feel justified n
making this statement. and that It cam
not be said that i am taking this posi-
ton in the interests of the railroad be-
cause I am a very large stakeholder in
the securities of the Maine Central Rail-
very large holdings in this same corpora
tion-thereforc ] am not working In the
interest of any moneycd interest. Now
ho Nain Railroad 1rit al
year and half have Increased their
capital stock from five million to twenty
five million, which is enough increase to
build five roads in the State of Maine to
cost as much as the original road be-
cause the original capital stock was only
five million.
Now what has the Maine Central Raft
road done in the State of Maine with
that twenty million of increase? Is there
any one here who knows of any eXpen-
diture that the Maine Central Railroad
has made that caused the increase or the
capital stock from five million to twenty
five millione Now ii has been said that
they. were going to a large expenditure
of money in the city of Portland, and an
expenditure of four million dollars In a
new terminal. But let us see whether
any of this money is to be used for that
or not.
In addition to the Increase of their
capital stock from five million to twenty
five. they have been granted permit to
issue ten million dollars worth of bonds.
which are to be used for all these pur-
poses. Now what is the fact? 1t is this,
that the Maine Central Railroad are
paying to the stockholders holding that
twenty-five million of stock six per cent.
/ believe that it is also an acknowledged
fact that that money has beens loaned to
the Boston & Maine Railroad at four
per cent. q
Now if the Maine Central Railroad
stock from five million to twenty-five
million and pay six per cent. 10 she
and take that money and
loan 1t to somebody else for four, and by
50 doing losing two per cent. on the en-
tire amount, l do not think there is any
question but what they are able to issue
a 500 mileage to Il few people down here
in the State of Maine. Not only that,
but had they taken the money that they
have spent in maintaining counsel in
this Legislature for the past Is weeks
and applied it to that one item. think
1t would have taken care of the loss that
they will make in issuing this mileage.
Now let us go a little further. In the
message that came in here with the veto
to this bill, the statement was made that
IL it had not been for the Public Utilities
being created this bill would
have been signed.
Now If this bill was a good bill to sign
without the public utilities, what is the
reason that it is not just as good a bill
to sign with the public utilities? 1t is
not necessary. a little matter like this,
to bother the public utilities with it. II
is is a good bill to sign, what is the
matter with us people here passing it?
This bill had unanimous report in the
committee. 1t passed both branches OF
the Legislature by a unanimous vote,
dnd why should we be asked to defer
this matter and let the public utilities
decide it? That was the argument OF
this same railroad corporation by their
attorneys before us, this matter of ex-i
pense and that we were going to have a
public utilities and we ought to leave this