The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1892-10-27

~~SSN~--
Active Management of His Road
President Mcleod Talks of the Bene-
fits of the New Arrangement-He
Says 1t Means Increased Business
New Market for New England Facto
ries-A Good Thing for Maine Summer
Resorts.
Boston, November 26-The directors
of the Boston & Maine Railroad con-
vened at the call of Clerk Sigourney But
Ter at the Causeway street station at II
a. m. 1t was the regular monthly meet
ing of the board, and no special signif-
canoe was attached to the event, until it
was learned that, with two exceptions,
the entire board was in attendance.
There were present Hon. Frank Jones,
president of the corporation; Hon. VIM.
G. Whitney and George G. Haven, who
came from New York; Gen. Samuel G.
Lawrence, Joseph S. Kicker, AIvah w.
Sulloway, Richard Olney, Walter Hun
newell, John W. Sanborn and Joseph H.
White Dr.. W. Seward Webb and VIM.
I. Hart were absent. President Jones
occupied the chair. The resignation of
| VIM. 7. Hart as director, was received
and accepted, and President Archibald
| A. Mcleod of the Philadelphia & Read
ing Railroad was chosen to the vacancy.
| Mr. Mcleod was escorted to the board
room, receiving most cordial greeting
from the gentlemen there assembled
President Jones then referred to the
large interest held by Mr.. Mcleod and
associates in the stock of the Boston &
Maine, and stated that in view of the
| fact
He Had Decided to Resign
the presidency of the road in favor of
Mr.. Mcleod.
After complimentary remarks by all
present the resignation was accepted,
and Mr.. Mcleod was unanimously chos-
en- president of the system. President
Mcleod then suggested the ADVISABLE ty
of creating the position of chairman of
the board of directors, and this was also
unanimously passed, and Mr.. Jones was
elected to that office, where he will con-
tinue as the executive head of the cor
poration. He was also chosen vice pres
! ident
| The board then adjourned, transacting
no other business.
For some time minor details of the
new relationship have been under consid-
GRAFTON, but they were not fully formu-
lated until last Monday, when President
Mcleod met representatives of the Bos-
| ton & Maine railroad in New York and
matters were brought to a satisfactory
| conclusion. For several months this al
| lance has been under consideration by
| Mr.. Mcleod who was reluctant to take
| upon himself cares and responsibilities
other than those now resting upon him;
but after looking over the situation care
fully, and believing that such an alliance
would be greatly to the. advantage of
both properties, he decided to take hold
and to give whatever assistance he could
to the practical development and, he
trusts, the successful operation of the
property After he arrived at this de-
termination he enlisted many of his
whose financial strength will be of great
benefit to the property.
The large expenditures recently made
by the Boston & Maine in the acquisi-
tion of the property of the Mclean In
sane Asylum at Somerville and else
where were unquestionably made with
this
Pending Alliance in View.
The Mclean property contains over 100
acres of land, besides number of build
ings, and will, when arranged, afford am
pie facilities for handling the enormous
increase in business which the friendly
relations of the Boston & Maine and
Reading systems will bring. The Boston
o -: 1ak 10
ton harbor, and has recently acquired
still greater wharfage facilities. Illus
trative of this, one has only to call atten
ton to the fact that the Boston & Maine
railroad is today building the largest
grain elevator in the United States, and
which will be equal in capacity to all the
other grain elevators in Boston combined
and which will be utilized to handle the
enormous grain traffic of the lake and
rail routes of the Reading system.
1t is no secret that the Reading,
through it's Lehigh Valley and other con
nections, has the most extensive and eff
ficient fleet of vessels on the great lakes,
reaching Chicago, Milwaukee, Duluth
and other principal cities.
The relation of the New York & New
England to this alliance of the Reading
and Boston & Maine has not been given
u,
New York & New England railroad will
be used as connecting link in certain
directions between the Boston & Maine
and Reading systems.
Speaking of the new alliance,
President Mcleod Said:
sWhile the Boston & Maine system has
in recent years made great progress in
tonnage and revenue and has become the
greatest railroad system in New England
vet it has remained isolated, compara-
lively speaking, from many sections OF
the country.
sIt is we'll known that the manufac-
turing industries on its lines are more
numerous and exceed in output and val
ne those of any system in the country,
and if they are to continue to expand
they must extend and enlarge their mar
kets.
con the other hand, the network of
railroads controlled by the Reading COW
ers one of the most populous regions OF
the country, and would consume, if the
New England industries had access to
than, probably greater proportion