The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-05-30
No Quotations Made
on the Curb Even
Yesterday.
BOSTON ELEVATED STOCK.
Why It Has Not Gone in
the Great Consolida-
ton.

The stock exchanges Of New York
and Boston adjourned at u m. Satur-
day until 10 a m. Wednesday, and due
advantage has been taken Of the long
holiday, brokers offices being deserted
yesterday and the curb operator did
not show up. Not quotation was
heard of, and there was every evidence
of genuine and sincere desire to drop
stocks until Wednesday.
A London dispatch says: Stocks here
Were. generally firm yesterday on the
favorable condition of the morning set
tlement Americans We're we'll sup
ported and were above the parity, The
buying was partly on New York ac-
count. The London market discount
rate is, ? 9-16 per cent. The frmness
in money here and the ease in New
York causes much discussion as to the
possibility Of gold exports from New
York
At the clearing house balances be-
tween the banks loaned at per cent,
and New York funds sold at 100l5
cents per $1,000 discount. The eX-
changes were SIS, 9SI, 663. against So, 426,-
> y
of $3.50, 799, or 25 per cent, and the bal
ances were $2,2l1,2O7.
1t is not strange that during the mys-
ferrous proceedings which have fore
Swallowed the consolidation Of 80 street
railway properties in eastern Nassa-
chusettS the name of the Boston Ele-
waited Railway Company should fire.
quently have figured, and that denials
and counter denials of the relation the
great Boston street railway system
might bear to that under process OF
formation should have been made
The Boston Elevated is assumed to
have general if not a special interest
in project so gigantic, and it is only
after an examination of facts and con-
illusions that the Boston Elevated is
seen to stand out as so precious a
property in itself as to constitute its
own reason why it should not be so
easy step to add that system or be
added to that system"
Broadly speaking, the possession Of
its own priceless charter supplies rea-
son enough why the Boston Elevated
should not seek to become a part of any
other system. This charter, some Of
whose provisions have % years yet to
run, exempts the company for that pc
riod from taxes, excuses not at pres
ent in fact imposed upon street railways
obligation which is not at the same
time imposed by general law on all
street railway companies; and it guar
antees to the road the right to main
tain rate of fare not exceeding five
cents, which shall enable it to pay a
dividend of eight per cent upon its cap
ltaI STOCK. Aside from general COndi-
lions as unusual to corporations as
these, it is beyond the power Of the
Boston Elevated, under the general
laws, to lease itself, except by an act
OF the legislature required for the Ieas-
ing of all steam and street railways i'm
the state, while, in the opinion of law
yers who are expert in street railway
legislation, the lease and operation
clauses Of its charter give it the right
TO lease any or all tributary lines with
out the necessity Of approval by any
authority. Should, however, the Bos-
ton Elevated acquire another line or
system by lease or operating contract.
II could be required, under its char
ter. to grant a five-cent fare from
point to point-from Boston TO Worces-
ter for eXample-fOr a continuous pas
sage in the same general direction
Should the Boston Elevated pay a div
ldeEd Of more than eight per cent, the
railroad comm sslOners are given the
right, upon petition Of cities. towns or
citizens, to reduce the fare; but. as
stated, the toll cannot be reduced with
out the consent Of the corporation SO
long as only a dividend OF eight per
cent, after paying all expenses Of OPP
GRAFTON, interest, taxes, rentals and
other lawful charges, and after cha~g-
ing of a reasonable amount for depre-
ciatiOn, is actually paid in cash on the
outstanding capital stock"
These considerations We're aDprecis-
ted, it is needless to say. by the Bos-
ton Elevated and the parties to the
recent consolidation, TO be known as
the Massachusetts Electric c0mparles.
Assuming that the net earnings of tie
Boston Elevated Will be, if they are
not already, enormously in excess Of a
dividend rate Of eight per cent. it
might easily have been possible for
the Boston Elevated to secure tribu-
tary properties Of less value than its
own and pay dividends upon that stock
from its own surplus earnings, but this
proposition has been considered and re-
jected as impracticable by the Postuu