Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-10-20

ter cars destined to the Boston &
Maine were held out of the Portland
| Terminal. This delay was practically
| confined to the month of February
| during the worst of the winter, and
was the first occurrence of this kind
| for many years. The Boston G.
Maine, as we'll as the Maine Central,
has for long time been handicapped
by inadequate facilities at Portland.
and you are, no doubt. informed as to
| the extensive improvements which are
| now under way at that point by the
Portland Terminal Company. the par
tial use Of which 1t is expected will be
available during the present winter. =
During the past 10 years the Boston
& Maine has expended over $50. 100000
in improvements and additions to itp
property and equipment, and much of
this expense has had direct bearing
upon the handling of traffic to and
from Maine. t"t- ~
1.-THE citizens of Maine have enjoyed
the benefits not only Of this invest
ment but of the enormous sums pre-
viously invested in the property. The
stockholders who contributed much of
this money, have had no return on it
for years. In the meantime, Maine
has prospered under the service fur.
nished and on rates which have been
held down to enable your industries
to compete with those more centrally
located. You are not now, I am sure.
ready to further plan that would
weaken the railroad which has for SO
many years been such a vital part OF
your indu strial life.
This railroad which we are discuss
ing and the maintenance of adequate
transportation by it, is important not
only to the territory Immediately
served by it, but to the country as a
whole for which its territory is an
important market, and to which prod
ucts of it's territory move in large vol
umes 1t must be strengthened and
not weakened if it is to continue to
perform its part in the commerce of
the country, and of New England par
ticularly.
From valuation standpoint the
integrity of both its property invest
ment account and its capitalization is
assured. The physical valuation as
Tentatively certified to by the Inter
state Commerce Commission exceeds
by many millions both its capitalza
ton and its property investment &C
counts. If it We're able to earn the
rate (5+i % currently established as
fair by the Interstate Commerce Com
, !
charges, dividends and provide a sub
stantial amount for surplus which
could, and would be employed in con-
tinuing the program of improvements
!, to its property. Thus far, however
since the return of the railroads
from Federal control. there has not
been year in which its normal earn
ing power could be established.
In the past 20 years. its freight
traffic, measured in ton miles, has
more than doubled and despite the en-
croachment of the automobile. it's pas
scngers carried one mile has increased
800. These tonnage figures that
have just quoted are not applicable.
alone to the Boston & Maine. but all of
of the New England roads have shown
a similar substantial increase.
AT this point let me digrcss and
say word of cncoura cement about
New England industrially.
| while New England has not grown
as fast as some parts of the country,
1t has by no means gone backward.
Statistics recently prepared indicate
that based on revenue ton miles of all
railroads the growth i'll New England
during tho past ~ years hes cqualled
that of the Eastern District as a
whole. The Eastern District, as you
|
he Mississippi and north of the Ohio
i and Potomac.
Just a word as to efficiency. As
measured by train load, the increase
of the Boston Il Maine has been great
err than that FOR the railroads of the
United States as whole, which in
creased 700 during a 10-ycar period
from 1910 to 1920 while the increase
of the Boston 6 Maine during this pc
riod was S4tc.
surely YOU do not seriously pro-
pose TO take action that would have
the effect of rctarding rather than
helping to build up a transportation
machine which will properly perform
its functions in providing the neces-
sary transportation 70 meet the de-
imands of commerce.
! III l have not succeeded in convnc-
ing you that all of the equities of the
case are against the proposed Maine
New York Central Trunk Line Plan"
then l know You will permit me to
say that, in my Judgment. the plan it
self is impracticablc. and is rot likely
to become effective even though you
declare yourselves in favor of it,
There is nothing in the Transport
tation Act requiring it, and We're 1t to
be recommended by the Interstate
Commerce Commission as permissi-
bic (and l 90 not believe that it will
he) it would require the consent of
the owners of the Boston * Maine
which, for reasons stated. / cannot
conceive could ever be secured
However, if it is seriously believed
that the Interstate Commerce Commits
sion would adopt any such policy, can
YOU not see that every railroad and
| every community would develop in
Vulnerable plans along similar lines?
| Why should not the Boston G. Maine.
with equal propricty, ask for por-
ton Of the Maine Central as a connect
ing line with the Bangor & Aroostooll
or the Canadian Pacific, or a portion
of the New Haven for line from
| Worcester to Provide nee or New York?
| Furthermore, even the advocates of a
New England system have had difficult
ty in suggesting a solution for the
financial obstacles in the way OF such
a system. and it is inconccivahle that
the Commission should consider the
formation of New England system
weakened by the proposed transfer Of
an important volume of traffic to an
already strong Trunk Line system
AT one of the recent hearings held
| in Boston, Mr. Pattangall stated in ef-
| feet that the constitution of Maine was
such that it relieved him from any
fear that the plan of the Joint New
, England Committee would ever be
| adopted.
II might with equal franllness say
| that the constitution of the United
| States is such that 1 am relieved Of
| any fear that the "Maine-New York
Central Trunk Line" scheme will ever
| be adopted