The Worcester spy., 1899-07-29
DOESN'T FAVOR LEASE.
Charles A. Chase Talks on
the Boston & Albany
Deal.

Charles A. Chase. treasurer of the
worcester County Institution for Saw
ings and stockholder in the Boston &
Albany railroad, comes out nat-footed
in opposition to a lease to the New York
Central
1T seems to me-" said he yesterday
that it would not be bargain except
to the Central people. The road must
inevitably increase in value in the next
~ years, and, in my opinion, it would
De an extremely short-sighted policy
to disregard this fact. The Boston &
Albany railroad has been managed IN
a manner very peculiar to itself in
keeping down it's dividends, and in
using its profits in an unusually liberal
I4shlon IN maintaining the road.
for TINS policy two reasons may be
given. The first is the pride taken in
having the best road in the country
10 make 1t such. the equipment, road
bed and stations have been constantly
improved and increased, curves in many
places, notably at Grafton, Hopkinton
and Natick have been Strengthened at
enormous expense, and altogether the
attempt has been made to make it an
ideal railroad. Other roads would have
charged these expenses to the construc-
tlon but the Boston & Albany takes
th9m out of its earnings, and [ fully
approve of this course.
The other reason for keeping down
the dividends is the evident desire to
keep the road from falling into the
hands of the state, under the we'll
known provision, made when the fran
chlse was granted, that permits the
state to take the road by paying the par
value of the shares, 500 each, and
making up the differ renee between div
ldand Of 10 per cent ard the dividend
that the shares have brought since the
commencement of the road. 1t has long
been felt that the state would quickly
make use of its privilege if this differ
ence were not so large as it is.
This road makes a great deal of it's
western business, but l think that its
Importance is greatly exaggerated. Tho
freight rate from Boston to Albany is
very low indeed and a large percentage
of the cars return empty.
II mas been said that the road is be-
ing injured by the electric lines. This
also has been exaggerated. The divi-
dends will surely be lowered, it is said,
by the encroaching competition of the
electrics, so let US snatch at this as
sured dividend offered by the Central
There is no doubt that the roads are
formerly by reason of the eiectrics, but
10 me there is no doubt that the con-
stantly increasing population will suf-
nclently make up the decrease. Then
too, the railroads viii soon be largely
propelled by electric power as is the
case even now in some places.
In considering this lease it should
be remembered that the building of the
great metropolitan water system is go
ing to affect the Boston and Maine rail
road by compelling it to change it's
route. This, If present indications do
not point wrong, will afford the latter
road a great opportunity to secure a
large share of Worcester patronage
Ihe line of the Massachusetts Central.
which is controlled by the Boston and
Maine. must abandon its present route
from Berlin to Oakdale on account of
It's interfering with the construction of
the metropolitan reservoir. 1t would
seem wise management, in any case
10 bring the road south of the reser-
voir, tapping the Nashua road about
mile beyond the Summit rather than to
carry 1t to the north and so much more
distant from Worcester Boston would
then be as near to Worcester by the
one line as by the other, and the newly
located Massachusetts Central would
assuredly get a good share of Worces-
ter patronage, and If our citizens were
not properly treated by the lessees of
the Albany road they would find relief
by using the other route This is not an
argument against the lease, bu& il Of
| fers crumb of comfort if the lease
| gets through"