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Boston and Maine Railroad signed by Avery Brundage - Stock Certificate

Inv# AG1893   Stock
Boston and Maine Railroad signed by Avery Brundage - Stock Certificate
State(s): Maine
Massachusetts
Years: 1953

Stock issued to and signed on back by Avery Brundage. Born in Detroit, Brundage studied civil engineering at the University of Illinois at Urbana-Champaign, graduating in 1909. A few years later, he founded his own company, the Avery Brundage Company, which was active in the building business around Chicago until 1947. Brundage was an all-around athlete, competing in the 1912 Summer Olympics in Stockholm in the pentathlon and decathlon events, finishing 6th and 16th, respectively. He also won the US national all-around title in 1914, 1916 and 1918. In 1928, Brundage became president of the Amateur Athletic Union.

He became the president of the United States Olympic Committee in 1929 and gained the vice-presidency of the International Amateur Athletic Federation in 1930. As USOC president, Brundage rejected any proposals to boycott the 1936 Summer Olympics in Berlin, where German Jews were excluded, and became a member of the International Olympic Committee after the group expelled American Ernest Lee Jahnke, who had urged athletes to boycott the Berlin games. On the morning of the 400-meter relay race, at the last moment, the only two Jews on the 1936 US track team, Marty Glickman and Sam Stoller, were replaced by Jesse Owens and Ralph Metcalfe. Glickman later said that that decision might have been the result of pressure from Brundage. Brundage later praised the Nazi regime at a Madison Square rally, and was expelled from the America First Committee in 1941 because of his pro-German leanings. After the 1936 Olympics, Brundage's company, the Avery Brundage Company, was awarded a building contract by Nazi Germany in 1938 to build the German Embassy in America. As late as 1971, after many revelations over Nazi Germany's use of the 1936 Olympics for their own propaganda, Brundage still claimed "The Berlin Games were the finest in modern history...I will accept no dispute over that fact". Brundage was elected President of the IOC at the 47th IOC Session in Helsinki in 1952.

During his tenure as IOC president, Brundage strongly opposed any form of professionalism in the Olympic Games. Gradually, this opinion became less accepted by the sports world and other IOC members. He opposed the restoration of Olympic medals to Native American athlete Jim Thorpe, who had been stripped of them when it was found that he had played professional baseball before taking part in the 1912 Olympic games (where he had beaten Brundage in the pentathlon and decathlon). Despite this, Brundage accepted the "shamateurism" from Eastern bloc countries, in which team members were nominally students, soldiers, or civilians working in a non-sports profession, but in reality were paid by their states to train on a full-time basis. Brundage claimed it was "their way of life." It was revealed after his death that Brundage had been responsible for notifying the IOC of Thorpes playing professional baseball years before. Brundage opposed the inclusion of women as Olympic competitors; he insisted they have no role in the Olympic Games beyond the ceremonial or decorative. Brundage also opposed anything that he viewed as the politicisation of sport. At the 1968 Summer Olympics in Mexico City, US sprinters Tommie Smith and John Carlos raised their fists to show support for the Black Power movement during their medal ceremony. Brundage expelled both men from the Olympic Village, suspended them from the US Olympic team and had them stripped of their medals. He may be best remembered for his decision during the 1972 Summer Olympics in Munich, Germany, to continue the Games following the 5 September Palestinian terrorist attack which killed 11 Israeli athletes. While some (such as Israel) criticized Brundage's decision, most did not, and few athletes withdrew from the Games. The Olympic competition was suspended on September 5 for one complete day. The next day, a memorial service of 80,000 spectators and 3,000 athletes was held in the Olympic Stadium.

The Boston and Maine Corporation (reporting mark BM), known as the Boston and Maine Railroad (B&M), was a U.S. Class I railroad in northern New England. It became part of what is now the Pan Am Railways network in 1983.

At the end of 1970, B&M operated 1,515 route-miles (2,438 km) on 2,481 miles (3,993 km) of track, not including Springfield Terminal. That year it reported 2,744 million ton-miles of revenue freight and 92 million passenger-miles.

The Andover and Wilmington Railroad was incorporated March 15, 1833, to build a branch from the Boston and Lowell Railroad at Wilmington, Massachusetts, north to Andover, Massachusetts. The line opened to Andover on August 8, 1836. The name was changed to the Andover and Haverhill Railroad on April 18, 1837, reflecting plans to build further to Haverhill, Massachusetts (opened later that year), and yet further to Portland, Maine, with the renaming to the Boston and Portland Railroad on April 3, 1839, opening to the New Hampshire state line in 1840.

The Boston and Maine Railroad was chartered in New Hampshire on June 27, 1835, and the Maine, New Hampshire and Massachusetts Railroad was incorporated March 12, 1839, in Maine, both companies continuing the proposed line to South Berwick, Maine. The railroad opened in 1840 to Exeter, New Hampshire, and on January 1, 1842, the two companies merged with the Boston and Portland to form a new Boston and Maine Railroad.

On February 23, 1843, the B&M opened to Agamenticus, on the line of the Portland, Saco and Portsmouth Railroad in South Berwick. On January 28 of that year, the B&M and Eastern Railroad came to an agreement to both lease the PS&P as a joint line to Portland.

The Boston and Maine Railroad Extension was incorporated March 16, 1844, due to a dispute with the Boston and Lowell Railroad over trackage rights rates between Wilmington and Boston. That company was merged into the main B&M on March 19, 1845, and opened July 1, leading to the abandonment of the old connection to the B&L (later reused by the B&L for their Wildcat Branch). In 1848 another original section was abandoned, as a new alignment was built from Wilmington north to North Andover, Massachusetts, in order to better serve Lawrence, Massachusetts.

A new alignment to Portland opened in 1873, splitting from the old route at South Berwick, Maine. The old route was later abandoned. This completed the B&M "main line" which would become known as the Western Route to distinguish it from the Eastern Route (described below) which also connected Boston and Portland.

As the B&M grew, it also gained control of former rivals, including:

Eastern

On March 28, 1883, the boards of directors of B&M and the Eastern Railroad Company voted to ratify the proposition that Eastern Railroad would be leased by B&M. However, a disagreement about the wording of the contract delayed its execution until December 2, 1884. On May 9, 1890, B&M purchased Eastern Railroad outright. This provided a second route to Maine, ending competition along the immediate route between Boston and Portland. Along with the Eastern, the B&M also acquired many branch lines, including the Conway Branch, the Saugus Branch, the South Reading Branch, and branches to Marblehead and Rockport, Massachusetts.

Worcester, Nashua and Portland

The Worcester and Nashua Railroad was organized in 1845 (opened 1848) and the Nashua and Rochester Railroad in 1847, forming a line between Worcester, Massachusetts, and Rochester, New Hampshire, via Nashua. The W&N leased the N&R in 1874, and the two companies merged into the Worcester, Nashua and Rochester Railroad in 1883. The B&M leased the line on January 1, 1886. This acquisition also included the continuation from Rochester to Portland, Maine, incorporated in 1846 as the York and Cumberland Railroad. It opened partially in 1851 and 1853, was reorganized as the Portland and Rochester Railroad in 1867, and opened the rest of the way in 1871. It was again reorganized in 1881 and then operated in conjunction with the line to Worcester.

Boston and Lowell

On April 1, 1887, the B&M leased the Boston and Lowell Railroad, adding not only trackage in the Boston area, but also the Central Massachusetts Railroad west to Northampton, the Boston, Concord and Montreal Railroad into northern New Hampshire, the St. Johnsbury and Lake Champlain Railroad to northwestern Vermont, and the Connecticut and Passumpsic Rivers Railroad from White River Junction into Quebec. However, the BC&M was separated in 1889 and merged with the Concord Railroad to form the Concord and Montreal Railroad, which the B&M leased on April 1, 1895, gaining the Concord Railroad's direct line between Nashua and Concord. Additionally, the St. Johnsbury and Lake Champlain Railroad, owned by the B&M through stock, was leased to the Maine Central Railroad by 1912. The Central Massachusetts Railroad stayed a part of the B&M, as did the Connecticut and Passumpsic Rivers Railroad (as the Passumpsic Division).

Northern

The Northern Railroad was leased to the Boston and Lowell in 1884, but that lease was cancelled and the Northern was on its own until 1890, when it was released to the B&L, then part of the B&M. The Northern owned a number of lines running west from Concord.

Connecticut River

On January 1, 1893, the B&M leased the Connecticut River Railroad, with the main line from Springfield, Massachusetts north along the Connecticut River to White River Junction, Vermont, where the Connecticut and Passumpsic Rivers Railroad (acquired in 1887) continued north. Along with this railroad came the Ashuelot Railroad which had been acquired in 1877.

Concord and Montreal

The B&M acquired the Boston, Concord and Montreal Railroad in 1887, but gave it up in 1889, allowing it to merge with the Concord Railroad to form the Concord and Montreal Railroad. That company did poorly on its own and was leased by the B&M on April 1, 1895, giving the B&M the majority of lines in New Hampshire.

Fitchburg

The B&M leased the Fitchburg Railroad on July 1, 1900. This was primarily the main line from Boston west via the Hoosac Tunnel to the Albany, New York, area, with various branches. On December 1, 1919, the B&M purchased the Fitchburg Railroad.

At one point, the B&M also owned a majority of stock of the Maine Central Railroad, stretching from Quebec via northern New Hampshire to southern and eastern Maine.

20th century

The B&M flourished with the growth of New England's mill towns in the late 19th and early 20th centuries, but still faced financial struggles. It came under the control of J. P. Morgan and his New York, New Haven and Hartford Railroad around 1910, but anti-trust forces wrested control back. Later it faced heavy debt problems from track construction and from the cost of acquiring the Fitchburg Railroad, causing a reorganization in 1919.

Beginning in the 1930s freight business was hurt by the leveling off of New England manufacturing growth and by new competition from trucking. In 1925 B&M reported 2956 million net ton-miles of revenue freight and 740 million passenger-miles; at the end of the year it operated 2291 route- miles including "42.85 miles of electric street railway". (Those totals do not include B&C, M&WR, StJ&LC or YH&B.)

The B&M's most traveled and well known passenger trains included the Alouette, Ambassador, Cheshire, Day White Mountains, East Wind, Green Mountain Flyer, Gull, Kennebec, Minute Man, Montrealer/Washingtonian, Mountaineer, Pine Tree, Red Wing, and State of Maine. However, the popularization of the automobile doomed B&M as a passenger carrier.

After steady growth from 1901 to 1913, passenger rail ridership around Boston peaked in 1920 and began to decline due to competition from private automobiles and service cuts during World War I. In the mid-1920s, after several difficult years, the B&M discontinued service on some marginal lines and began using small self-propelled railcars on others. A second round of discontinuances occurred from 1931 to 1936 as the Great Depression reduced traffic. Ridership sharply increased during World War II; the B&M had a slower postwar decline than its contemporaries, though major frequency reductions occurred in 1949-50. The B&M began testing Budd Rail Diesel Cars (RDCs) in 1952; in 1954, the railroad decided to switch all commuter service to RDCs to cut costs.

Discontinuances in the 1920s and 1930s primarily affected minor branches and rural intercity routes, but the 1950s saw the loss of more significant intercity routes. September 1952 saw the first cut to the four main intercity mainlines, as Eastern Route service was cut from Portland, Maine to Portsmouth, New Hampshire. (Portland continued to see service to Boston on the Western Route through Dover, New Hampshire.) The New York–Montreal Green Mountain Flyer/Mount Royal, which had Boston sections running on the B&M via Bellows Falls, ended when the Rutland Railroad cut all passenger service in 1953. The northern section of the Boston–Wells River, Vermont route ended in 1954 (thus ending connections to Quebec City), as did Manchester–Portsmouth service. ConcordClaremont Junction service ended in 1955, and the Boston section of the Ambassador was reduced to a Boston–White River Junction RDC connecting train in 1956. Fitchburg mainline service was trimmed from Troy, New York, to Williamstown, Massachusetts, in January 1958.

The B&M became unprofitable in 1958 and moved to shed its money-losing passenger operations. On May 18, 1958, the B&M severely reduced Boston commuter service. The Maynard Branch, Saugus Branch, Essex Branch, and Stoneham Branch were cut, and the Central Mass Branch was cut from Clinton to Hudson. Almost all inner-suburb commuter stations within the MTA transit district were closed. Intercity service to Bellows Falls, Vermont and Brattleboro, Vermont (the Cheshire) via the Cheshire Branch was also cut. Service was trimmed again from Williamstown to Greenfield on December 30, 1958, and cut to Fitchburg on April 23, 1960. Further cuts on June 14, 1959 terminated the Swampscott Branch, Marblehead Branch, Danvers Branch, and the north half of the Woburn Loop. The State of Maine Express - the last through service between New York City and Maine - and the Boston–Halifax Gull were discontinued in 1960. Long rural lines to North Conway and Berlin, New Hampshire were cut on December 3, 1961. By 1962, the B&M was preparing ICC applications to discontinue all remaining service.

After the major cuts by the B&M and the New Haven Railroad in the late 1950s, public opinion in Massachusetts began to favor supporting Boston commuter service to prevent it from being cut entirely. From January 1963 to March 1964, the state Mass Transportation Commission funded an experiment testing various fares and service levels on the two railroads. On August 3, 1964, the Massachusetts Bay Transportation Authority (MBTA) was formed (as an expansion of the MTA funding district) to subsidize suburban commuter rail operations. In December 1964, the MBTA and B&M reached an agreement for the MBTA to subsidize in-district service (within about 20 miles (32 km) of Boston) should the ICC applications be approved. Municipalities outside the MBTA district could directly subsidize continued service.

After approval of the applications, the B&M discontinued most interstate service on January 4, 1965. Service via Concord to Laconia, New Hampshire and to Montreal via White River Junction ended, though a single Boston–Concord round trip remained. Western Route service to Portland and Eastern Route service to Portsmouth were discontinued; single Boston–Dover and Boston–Newburyport round trips were retained. On January 18, 1965, commuter service was cut to the MBTA district and subsidies began. Fitchburg Route service was cut to West Concord, New Hampshire Route and Western Route service to Wilmington save for the Concord and Dover trip, Eastern Route service to Manchester and Wenham except for the Newburyport trip, and Central Mass service to South Sudbury. After out-of-district communities agreed to subsidies, service was re-extended to Ayer, Lowell, Ipswich, and Rockport on June 28.

The Montrealer was discontinued in September 1966; local service on the Connecticut River Line lasted until the end of the year. On June 30, 1967, the Concord trip was cut to Lowell, and the Dover trip to Haverhill. The four routes with single daily round trips slowly ended: South Sudbury on November 26, 1971, Newburyport in April 1976, Haverhill in June 1976, and Bedford on January 10, 1977. (However, Haverhill service was restored by MVRTA subsidy in 1979.) On December 27, 1976, the MBTA bought all B&M commuter equipment, as well as most suburban trackage (included several abandoned lines). On March 12, 1977, the MBTA contracted with the B&M to operate the ex-New Haven and ex-B&A southside commuter rail lines; the B&M operated the whole system until 1987. The final B&M line to lose passenger service was the Woburn Branch (former Woburn Loop), which was cut on January 30, 1981 due to poor track quality. Under public control, commuter rail service has returned to several lines cut by the B&M, and Portland intercity service returned with the Amtrak Downeaster in 2001.

Regrowth

The B&M filed for bankruptcy in December 1970. During bankruptcy the B&M reorganized. It rebuilt its existing fleet of locomotives, it leased new locomotives and rolling stock, and it secured funds for upgrading its track and signal systems.

For much of the 1970s, the Boston and Maine limped along. In 1973 and 1974 the B&M was on the brink of liquidation. The B&M was offered to merge its properties into the new Conrail but opted out.

By 1980, though still a sick company, the B&M started turning around thanks to aggressive marketing and its purchase of a cluster of branch lines in Connecticut. The addition of coal traffic and piggyback service also helped. In 1983 the B&M emerged from bankruptcy when it was purchased by Timothy Mellon's Guilford Transportation Industries for $24 million. This was the beginning of the end of the Boston & Maine corporate image, and the start of major changes, such as the labor issues which caused the strikes of 1986 and 1987, and drastic cost cutting such as the 1990 closure of B&M's Mechanicville, New York, site, the largest rail yard and shop facilities on the B&M system.

21st century

Guilford Rail System changed its name to Pan Am Railways in 2006. Technically, Boston & Maine Corporation still exists today but only as a non-operating ward of PAR. Boston & Maine owns the property (and also employs its own railroad police), while Springfield Terminal Railway, a B&M subsidiary, operates the trains and performs maintenance. This complicated operation is mainly due to more favorable labor agreements under Springfield Terminal's rules.

Pan Am entered a joint venture with Norfolk Southern Railway (NS) in April 2009 to form Pan Am Southern (PAS). PAR transferred to the PAS assets that included its 155-mile (249 km) main line track between Mechanicville, New York, and Ayer, Massachusetts, including the Hoosac Tunnel and Fitchburg line as far as Littleton, Massachusetts, and 281 miles (452 km) of secondary and branch lines, plus trackage rights, in Connecticut, Massachusetts, New Hampshire, New York, and Vermont. NS transferred cash and other property valued at $140 million to the joint venture, $87.5 million of which was expected to be invested within a three-year period in capital improvements on the Patriot Corridor, such as terminal expansions, track and signal upgrades. Springfield Terminal provides all railroad services for the joint venture.

Service at B&M's former yard in Mechanicville, New York, was restored as an intermodal and automotive terminal in January 2012 under PAS.

New York City trains served Grand Central Terminal, except where noted. Boston trains served North Station. Trains originating in New York City or Washington, D.C., bypassed Boston.

Condition: Excellent

A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.

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