The Barre daily times. (Barre, Vt.) 1897-1959, 1916-02-05
Mr.. French Proposes 1t in
Boston & Maine
Problem
A RECEIVERSHIP
UNTHINKABLE
The Legislation Which New
Hampshire Rejected
Last Year Faulty

Boston, Feb. 5--Asa p French, senior
counsel for the Boston & Maine Minori
ty Stockholders Protective association
told Governor Mccall Thursday, in O
statement filed with him urging state
aid for the Boston q Maine, that:
Few things, ] believe, could be urged
by you which would command the APP
proval and enttle you to the gratitude
of the public 20 greater extent that
vigorous and intelligent action on the
part of the legislature TO avert a situa-
ton which, unless it is dealt with
promptly and in broad minded, pub
lic.spirited way, is almost certain to re-
suit in the ruin of this great property"
Mr.. French's statement is in support
of the argument made by him on pro-
posed b. q NJ. state credit legislation
before the governor at a recent confer
ence the governor had with the eXecu-
tive committee of the Stockholders Pro-
tectiye association. The statement in
full reads:
Il am taking the liberty to urge upon
you briefly by letter some of the things
which | should have said at the hear
ing week ago if L had had opportunity
in support OF the request for executive
you then in behalf OF the Boston &
Maine Minority Stockholders Protective
association.
1T is hard, / think, to conceive of a
more important public question affecting
the material interests of the community
than that which is raised by the deplor-
able situation in which the Boston &
Maine finds itself to-day, and the issue
is of vital consequence to the people OF
Massachusetts and of New England,
whether they are stockholders or not.
"Three solutions have been suggested;
Reorganization, reeeiyership and state
legislative authority has thus proved
futile, and, even if it were as certain
as ii is improbable that New Hampshire
will fall into line with Massachusetts,
and Maine, the bill enacted by our leg
islature last year is obviously a yulner-
able one from many points of view and
invites litigation which could be def
nitely terminated only by a judgment
of the supreme court of the United
States, after long delay.
"The second alternative, a receiver
ship, would complete the disaster and
would be catastrophe disgraceful to
the commonwealth and to New Eng
land.
THE third, embodied in House bill No. |
6s3 of the current session, provides for |
the lending of the faith and credit of /
the commonwealth to any railroad in |
here for the purpose of fund |
ing its unfunded debt, the supreme court I
having first determined that the tinan-
,ial situation of such railroad entitled I
i to such relief. The principle of state
Md under such circumstances has been I
repeatedly in Massachusetts,,
Notably in the cases Of the western rail
'oad and the Troy & Greenfield railroad,
ISee among other acts, statute 1898,
,hapter 8; statute 1868, chapter ST. +
While in some details and with respect I
o the machinery which it prescribes the
proposed legislation can perhaps be inn
proved. / am satisfied that, in it's basic
it is the only solution which,
pplied to the Boston Il Maine, is likely
o afford any relief, and is the best
means by which the road can be econom-
calIy and promptly rehabilitated and
he stockholders and the public protect
d against selfish interests.
Some years ago, as you may remem-
Ter, ! had occasion to inquire officially !
nto the management and policies OF the
Few York, New Haven & Hartford Rail !
Dad company, especially as to its re- {
atoms with the Boston & Maine and
he New England trolley lines. Events {
ave proved how thoroughly rotten they {
ere.
"The litigation which / had been in
tructed to begin, if carried through {
-ould have brought to light many things g
hat if known then would, believe, have Q
yerted or minimized the disaster which, Q
18th respect to that road, has since en-
led. / was directed TO discontinue the I
nit, which was based upon allegations
violations of law-then denied and I
ow admitted in the similar proceedings Il
aeun in the federal court in New York g
because our legislature, regardless OF
re interests of the people of Massa- s
Iusetts, had passed the so-called Hold I
q Bill The proposed bill affords an g
oportunity to undo. as far as It is now ?
,ssible, the unfortunate consequences p
that legislation" =
Mr.. French requests another inter i
ew for members of the executive COM =
ittee with the governor. q