Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-03-26

Il. Lawrence spoke in opposition 70
tie trustees bill He declared that $50
CeGco9 f the floating debt of tic Pos
TON & Moine wds acquired Illegally
sod used for the purchase Of stock
.t ulhcI corporations absolutely IN dc
4 nee If the laws, anG he further de-
MED that it vas authorized by the
laws of massachusetts or validated by
the eo-c;>llod validating commission.
IT. asked WIS the burden Of these IL
teal L rs of rast administrations
,.l.ouil he thrust upon the road ~
LEGISLATION.
Nour bill is better bill than ours"
Nr. Crockett went on, referring to the
Massachusetts bill. for there are some
sections III our, understand, that are
not i'll yours. Your Public Utilities
Commission had The courage to stand
Up IN their boots 10 the Massa chusetts
commission and to leave out Of the re-
organization the miserable incubus of
a iEampden road, which ! understand
has Hc-n included III the massachusetts
bill
Nj Crooher then turned his attcn-
ton - present conditions New and
proposed new contracts with express
companies and others would, he said,
result in increased revenue to the ex-
tent Of s2,310,o00, and there was no
need Of legislation to save tie Bos-
ton & Maine. He quoted the Manches-
ter Union as saying the losers under
a receiVerShip, in the order Of their
losses, would bc the noteholders. the
New Haven with its Al per cent. Of
common stock. the owners Of the 9TH
or - per cent. the bondholders and
lastly the stockholders Of the leased
lines. 1t is natural he said. that the
greatest efforts for reorganization
should be taken by the noteholders
and the New Haven trustees
Hon. j. c. Scates
Never III the history of the State"
said Hon. John Clark Scates of West
brook, has such grave responsibility
rested on a committee as rests on YOU
gentlemen today, for it involves $500, 600
GO, one-half the valuation of the State
Also | am glad to see that the Boston
& Maine has maintained no lobby in con-
nection with its proposition, a situation
that is unique" He then asked il the
Hampden railroad clause in the Massa-
chusetts act would not thrust the Hamp-
den upon the Boston & Maine, despite
the fact that it was not included in the
Maine and New Hampshire bills. He OBJ
jected TO the assessment, pointing out the
large number Of women stockholders and
saying it would be an outrage to take
their money to pay the noteholders or for
the Iiampdcn. The troubles with the f.
nancial interests of the railroads have
been twofold, Hatered stock and the fact
that directors were not financially inter.
ested in the roads, he said and he Of
fered an amendment providing that d-
rectors shall be the owners of one share
in every 1900 outstanding, which as the
Boston & Maine now stands would re-
quire that each stockholder own from
s1S, 20 to $4,000, he said.
NJ. Cook again spoke, saying the road
IS still operating with a deficit and the
estimated net deficit for the year ending
next June is from 100000 to 5000, 900.
The trustees want a reorganization to
avoid this, he said, and then want some
workable bill for reorganization.
He said Mr.. Cooper told the committee
.hA New Haven interests want a reor-
Eanization because of the large block Of