Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-07-02

ing for the purchase by others from
the company enough common stock
to bring in that amount. 1t is recon-
mended that the old par value of 500
be abolished, permitting new stock
to be sold for it's market value.
The committee is of the opinion
that state cooperation should be ex-
tended by the states of Connecticut,
Rhode Island and Massachusetts,
such undertaking to return to the
road such portion of the taxes paid
by the New Haven to the States,
cities and towns within the state as
may be required to meet any failure
or net earnings to cover fixed charges
for that year.
In Matter State Help
If state help is to be given it is
recommended that the control and
management of the company be vest
cd in trustees to be appointed to
serve ten years, two to be appointed
by Connecticut, one by Rhode ISL
and and two by Massachusetts.
The committee urged that the fed
eral government be requested to fund
the New Haven company's indebted
ness to it for. reasonable period at
four per cent interest. The report
declared that receivership for the
New Haven would not only involve
heavy expense but would be ac-
companied by depressing effect on
New England.
1--WE feel sure that the New Haven
Railroad can attain standard of
which we shall be proud" says the
committee. Let us make up our
minds to help shippers, travellers,
officers. employees, public authorities,
everybody. Putting in a stream of
alibis why we are not what we want
to be here in New England is dull
stuff"
Restoration of q. & M.
For the rehabilitation of the Bos-
ton and Maine the committee urges:
that bondholders should be asked to
extend for IL years some $4,000, 900
OF bands maturing prior to De-
cember 81, 1885; that the Federal
government be asked to exchange the
bonds of the Boston and Maine that
it holds for bonds bearing a lower
rate of interest and Of a longer ma
turity: that the entire control of the
Boston and Maine and its operations
be invested in a board of seven
trustees, appointed for ten years by
the several states. two from New
Hampshire, one from Maine,
one from Vermont and three from
Massachusetts.
AS in the case of the New Haven
the committee recommended that the
states concerned, in this case, Mas
sachusetts, Vermont, New Hamp-
shire and Maine, should undertake
that in any year that the earnings of
the Boston and Maine do not equal
fixed charges that the total taxes
levied during such year be refund
ed up to the amount Of the deficit.
State Guarantees
1t also was recommended that
these four states sin order to further
ensure the stability of the road"
shall undertake to guarantee princi-
pal and interest of specified amount
Of bonds to be issued by the state
trustees during their period Of con-
troll.
Concerning consolidation the COM
mittee reported that If trunk line
consolidation should be compulsory
the Boston and Maine. and as an es-
sential consequence the Maine Gen.
trail and the Bangor and Aroostook,
should be consolidated with the New
York Central and the New Haven
with the Pennsylvania.
I'm the opinion of the committee"
the report stated. New England
should be allowed to ruin its own
railroads, and should not turn over
one to the Pennsylvania with its
management conferred in PhiladelS
phia, nor the others to the New
York Central with the control CEN