New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-10-27
READINGS LATEST ACTION.
1T SECURES CONTROL OF THE BOSTON AND
MAINE
NFw-ENGLAND ALSO PURCHASED.
IRY IEIRCp ApH TO TIE TRIRrNEl


tBr TELEGRAPH TO THE TRIBUNE.l
Boston, Oct. 26.-1he important developments
which have been expected in Boston and Maine have
come. President Archibald A. Mcleod, Of tho Phlla
delphla and Reading Railroad has been elected pre'
dent OF the Boston and Maine Railroad. and a close
alliance has been entered into between these roads
The change was affected follows william T. Hart
director Of the Boston and Maine. sent his re-iena
ton TO the board AT the meeting to-day. The
vacancy was filled by the election Of Archibald A.
Mcleod. president of tho Philadelphia and Reading
Railroad President Frank Jones' OF the Boston and
Maine. then rendered his resignation rs president
and Mr.. Mcleod WIS unanimously elected 10 that
Office The place Of chairman OF the Board Of Directors
was created for Mr.. Jones. who was charged with
the executive management Of the Boston and Maine
sy't"m. as heretofore. The Reading road and allied
lines Will distribute rs enormous merchandise and
coal traffic into New England over the Boston and
Maine system with Boston the centre o operations.
For some fine the minor details Of the re
latonshp hav" been under consideration hu thrv
not fully formulated until last Monday when President
Mcleod met representatives, II 'he Boston and Maine
Railroad in New-York. and everything WAS salts
fact0rily arranged.
Interests friendly TO Reading have boon buvnc New
York and New England also. but II Is said that the
Reading Is not seeking control for thc reason thn' II
already has control of that stock and that the New
York and New England road will be- used cor.
Meeting link between tho Boston and Main" ana the
Reading systems. II l. further stated that the en-
trance Of the Reading into the Boston and Main" sy'
has speculative Significance but Is entirely fr
the development Of the property; a-o that the arg"
expenditure recently made by the Boston and Maine
In acquisition Of the property ~ tho Mclean Insane
Asylum, al Somerve, and elsewhere was unQrc Sion
ably made with ths alliance In view.
The Mclean property contains over 100 acres NJ
land besides a number Of buildings and will, when
huts.If Tho
enormous In business. which the friendly re
lsons 81 the Boston aud Maine and Reading system,
will bring.
on being asked rhe significance NJ the alliance,
President Mcleod said "W1ilc The BOSTON and Maine
svaem has IN recent years made great progress IN
tonnage and revenue. and has bccom" The greatest
railroad system In New-Eneard. vet T. has remained
isolated comparatively speaking. from many sections
4 The country. II Is we'll known that the manu-
featuring Industries lis lines orc more numerous
and exceed in output and value noa" OF any system
I'm the country and they 10 contlnne 10 expand
they must extend and enlarge their markets. on ihr
thc- hand The network % ralpids controlled nv the
Rcadine covers Of the most popllouS regions OF
the cClntry which would consnm" n the New England
industries had accos- TO e. probably gr"ai"r pro
norton thnn any other section in the United States
IN .av nothing Ot the vast territory beyond. more
oaslv reached bv The Readlnc lines man any oH'r'
These regions are naturally tributary TO each DINER
and ne prop sol alliance BY bringing the" great IN
dn.trial r,glos into more infinite relations cannot "
n he q, great advantage to both. ard The consequent
adyantarr, OF The railroads that al once connect ana
serve them Tho lutrr.hanrc OF trnic viii be very
LARGE and Will greatly increase the revenue ~ both
srs,nn. each n the rads contributing - m" oh"r
what il dces not now possess. The rd'lph- VIII "'
very much IN the nature u th"c nov "NIs'hH DC
tween the Boston and Maine and The Canadian l""''
which have proved advantageous 10 b'ih '""lAl'''
I'D 1 \ . ND flf
IN ="
aOf omy., the main fcaturr is the alliance be
.xee, the Boston md Maine and tho Reading. hn ~
the New.York AID New England VIII nec'~sariV d"
used as a connection between them. with Gre' 10
vantage for com dernblc portion Of the uaihc the
friends and others o; the Reading have dce'nr u bes' 10
.o1,re largo interest IN he stock OF thai company
Tnie 7 think IS all I need % say NJ this time
tx President Jones SAYS: bear one thing IN
mind Their, IS no amasamat,on OF the two fy-icms
there y no exchange Of stock; there Is no fruD ;ai
rangement. In fn't. thor" = 10 airag"mcht o, "hi
description which will merge I'll" two companies mo
one corn rate organization To SUN the whole mat
ter ND the two corporations ar Interested Ia 'i'h
other and will work for caoh Others iatcrcsts"
"Mr. Jones Whit position doe, the New York ana
New Engiand Railroad occupy In tie arrangements n
now contemplated 3" was asked.
@You will pardon mo e decline 70 entcr into o'
| cxplanation at THIS time. The New England prop
A necessity In certain dfrclulls ANU II WI
thought expdent for he friends Of the Reading ,yf
TEN 10 own a majority Of 1t stocks. shall hold
the same position AZ regards the management OF n"
Boston and Maine In N. past. Mr. Mcleod.
naturally Will MAKO his headquarters IN Philadelphia.
and no chairman OF the Board Of Directors, Shall
have charge Oh this end Of the line"
W G. whitney, Of New York. speaking OF tie n""
deal aays: Prom nv standpoint this selection "l
Mr. Mcleod Is greatly 10 tie Interest Of the Boston ana
MIME Railroad. | have no inrrst IN the Reading
combination and have had. Mr. Jones. vino Is
the largest individual holder Of this sto'h ou 'ide o
the holdings " tho Mcleod Interest. is N opinion that
this alliance Is for the benefit o. the Boston AMI
Mime and Il 70 ne honestly carried ont, II
would b. | AIN assured that there is no Intention
10 saddle the Boston and Maine With tho Nov England
In any FORM nor with any o,ier property II cannot
be done wthout legislation. withoN Tie general con
currnce q the stockholders, When that n proposed
| Will De the time 10 consider ami a. llt st.
George G. Haven, If New York. representing, with
Mr. Whitney OF the largest interests Of The Boston
and Maine made the following observation Tin
only question before the dllrctOr Of the Boston and
Maine wa: VIII the election OF Mr Mcleod II, pr o.
dent improve and add TO the value II TIE system =
There l. no suggestion purport Of ANY lease guar
antcc, either Of the Reading, New England or any
other line II is reported that friends OF the Reading
have acquired the majority Of the stock II The New iorA
and New England road, but It'd las nothing Whatever
10 do with the Boston and Maine"
General Manager Miller. Of the New-York and New
England Road Is out Of town. and there is one
in the enmmer-st building who knew might Of the
,ev deal Mr. Fairchlld, " Lee. lIigginscn d Goa
knew nothing about the matter except that he thought
l.