The daily morning journal and courier., 1899-07-01
B|G RAILROAD MERGER New York Central Directors Vote to Lease Boston
 and Albany. OFFICIAL STATEMENT MADE THE 4 CTION OF THE BOARD UNANI-
 MOUS.
Directors of the Boston and Albany Also Take Favorable eActiOn-COndittons of the Lease Giveh-Eight Per Cent. Dividends and the Reservation of S4,O0O,OO

New York, June 3O.-At o'clock this
 afternoon the following statement was
 given out by President Galloway of the
 New York Central railroad: At the
 New York Central and Hudson River
 Railroad company, held to-day, the lease of the Boston and Albany Railroad
 company to the New York Central and
 Hudson River Railroad for period of 999 years was unanimously passed and
 President Galloway has been notified
 that similar action has been taken by the Boston and Albany railroad"
 Supplementary to the foregoing, an of ficial assertion was made that the terms of this 999-year lease provided for guarantee by the New York Central of s per cent annual dividends on the $25,- 000, 900 of capital stock of the Boston and Albany This merger is one of the most important events of recent years. The scheme was planned and carried out by William K. Vanderbilt, quietly. J. Pier pont Morgan and H. Nick. Twombly were associated with MT. Vanderbilt in arranging the details of the transac- ton. One of the most interesting feat ures of the meeting at the Grand Central station was the presence of A. J. Cassett, president of the Pennsylvania railroad, and Vice President s. M. Provost of the same system. The relations between the New York Central and the Pennsylvania arrangements have been very friendly in recent years and as evidence of their desire to maintain the friendly relations, the New York Central people invited President Cassett to attend their meet ing and satisfy himself as to the char acter and purpose of the Boston and Albany merger.
 Such directors as were present at the meeting to-day were in perfect accord with MT Vanderbilts views. W. K. Vanderbilt, J. Pierpont Morgan and H. Mex Twombly were the influential fac tors in the meeting. The other direc- tors present were F. V. w. Rossiter, c. C. Clarke and H. J. Hayden.
 Assurances were given to President Cassett that the New York Central in obtaining control of the Boston and All bany had no intention of assuming an aggressive attitude toward the Penn- ] sylvania road. MT. Cassett declined to say anything regarding the subject un- der discussion. The New York Central officers were equally reticent on this point, but in a general way they de- clared that there would be no break in the friendly relations existing between the Vanderbilts and the Pennsylvania people and there was no expectation that there would be any friction in that quarter. President Galloway declined to make any comments for publication re- sarding the Boston and Albany lease. The lease as approved by the respective boards of directors, however, will have to go to the stockholders for ratification | and meetings of the New York Central | and Boston and Albany stockholders are to be called without delay.
 Another matter considered by the New York Central directors was the pro- posed acquisition of the Fitchburg rail- road. The Fitchburg is a natural New England connection of the West Shore and it's territorial relations with the Boston and Albany system are close and the Vanderbilts are desirous of control- ling the property. The fact was made known to-day that the New York Gen. tral management had offered to lease the Fitchburg in perpetuity on a guar antee of per cent. on the stock but this offer was refused.