The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1892-10-27
ANOTHER BIG DEAL.
Alliance Between the Boston and
Maine and Reading Systems.
THE FORMERS PRESIDENT RESIGNS
And A. A. Mcleod, of the Reading
Road, Is Chosen to Succeed Him.
while Retaining His Present Posi-
tion,

And A. A. Mcleod, of the Reading
Road, Is Chosen TO Succeed Him.
while Retaining His Present Posi-
tion.
BosToN, Oct. 27.-A great railroad
combination. rumors of which have
been in the air for several weeks was
consummated yesterday. Parties largely
interested in the Boston and Maine and
Philadelphia and Reading railroads have
made friendly alliance,
This explains the surprising activity
and sharp advance in the market price
of Boston and Maine stock during the
past fortnight Vanderbilt interests
were not the purchasers. as currently
believed, but President Mcleod, of the
Reading his friends and associates, and
IL is known that they have acquired
large blocks Of the stock, This resulted
yesterday in the resignation of William
T. Hart, director of the Boston and
Maine, The vacancy was filled by the
election of Archibald A. Mcleod, presi-
dent of the Philadelphia and Reading
railroad, President Frank Jones, of the
Boston and Maine railroad, then ten
uciCu hio anu hGlAtOd
was unanimously elected to the presi-
dency of that corporation. The position
of chairman of the board of directors
was created, and Mr. Jones was chosen,
that official being charged with the ex-
ecutive management of the Boston and
Maine system, as heretofore. He was
also chosen vice president. The Reading
road and allied lines will distribute its
enormous merchandise and coal traffic
into New England over the Boston and
Maine system. Boston will be made
the center of its distribution.
Big Financial Backing.
For some time the minor details of the
new relationship have been under con-
sideration, but they were not fully for
mulated until last Monday, when Presi-
dent Mcleod met representatives of the
Boston and Maine in New York and mat
ters were brought to satisfactory con-
clusion. 1t is stated that for several
months this alliance has been under con-
sideration by Mr.. Mcleod, who, at the
earnest solicitation Of parties interested
IN Boston and Maine, was reluctant TO
take upon himself cares and response
bilities Other than those now resting upon
him; but after looking over the situation
carefully, and believing that such an
alliance would be greatly to the advan-
tage of both properties, he decided to
take hold and to give whatever assist
ance he could to the practical develop
ment and he trusts the successful opera
tion of the property. After he arrived
at this determination he enlisted many
of his friends and associates of large
means, whose financial strength will be
of great benefit to the property
1t is true that interests friendly to the
Reading have been buying New York
and New England, but it is stated that
the Reading is not seeking control, be-
cause it already has control of that stock
and that the New York and New Eng
land will be used as a connecting link in
certain directions between the Boston
and Maine and Reading systems. II is
further stated that the entrance of the
Reading into the Boston and Maine has
no speculative significance, also that tho
large expenditures recently made by tho
Boston and Maine in the acquisition Of
the property of the Mclean Insane
asylum at Somerville and elsewhere was
hnquestionably made with this pending
alliance in view. The Mclean property
contains over 100 acres of land, besides
buildings. and will, when arranged,
afford ample facilities for handling tho
enormous increase in the business which
the friendly relations between the Boston
dhd mdlho anu htaulHB SySltllS VIII
bring.
Monster Aggregation.
The Boston and Maine has large
front on Boston harbor. and has recently
acquired greater facilities, and il build
ing the largest grain elevator in the
United States, which will be equal in
capacity to all the other elevators in Bos-
ton combined, and which will be utilized
to handle the grain traffic Of the lake
and all routes of the Reading system. 1t
is believed by its friends that the new
relations must prove enormously renunl-
erative to both corporations, and that
Boston will receive incalculable benefits
as the central distributing point for the
enormous volume of grain and coal
which will reach this city. The two
corporations will have an aggregate
mileage of over 1000 miles, and will
carry upon its pay rolls over 1870 600 en-.
ployes.
In an interview regarding the alliance
President Mcleod was asked "Where
does the New York and New England
come in?"
"Of course" he answered, ftthe main
feature is the alliance between the Bos-
ton and Maine and the Reading, but rs
the New York and New England will
necessarily be used as connection be-
tween Them to the great advantage of a
considerable portion of the traffic. the
friends of the Reading have deemed it
best to acquire large interest in the
stock of that company. This, think, IL
all need say at this time"