Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1899-07-07
BOSTON & ALBANY LEASE.
Favorable Action by tile Direc-
tors of Two Systems.

New York Central May wish 60 Control
FItchburg and Central Vermont Rail-
way see what n Prominent Director
Says.
If the stockholders ratify and the state
legislature approves the recommendations
of the directors the Boston & Albany
railroad will, on and after July 1, 1900,
become part of the New York Central
and Hudson River railroad company, at
least for a period of 900 years. Simulta-
neously with the meeting of the New York
Central directors in New York Friday, the
Boston q Albany directors came together
in Boston. The directors of the Massachu-
sets road after a short conference passed
the vote recommending the lease, with the
proviso, however, that an eight per cent
dividend payable quarterly shall be guaran-
teed by the New York Central road, and
also that 81, 900, 600 in money or property
shall be reserved by the. Boston & Albany
road.
This sum consists of the trust improve
ment fund of the road, and other funds
and property which had been laid by for
improvements and other special expenses.
If the road is turned over to the New York
Central it will not be necessary to apply
these funds to the uses for which they were
originally designed. The proposition, stated
broadly is that the stockholders of the Bos-
ton & Albany will derive net dividends of
12 per cent on their lease.
This recommendation may be affected by
various after considerations. 1t must be
accepted by the stockholders, who will vote
on the proposition at the annual meeting to
be held Sept 27. Then it must be approved
hxrt ba claf of tl,a gta 70
preliminaries being favorable to the propo-
sition, July 1, 1900 will find the lease in
operation and the new tenants in control.
One of the directors after the meeting
said that the lease would be an excellent
thing for the city and the state. He said:
Some of the stockholders of the road may
not think it is quite so profitable for them,
however, it means a great deal for the de-
velopment of Boston. Suppose the Wander
bits choose to expend S., 900, 900 in the de-
velopment of freight terminals in Boston.
To them it is a matter of no tremendous
Importance. To us unquestionably.
Gen. George A. Tomey of the Fitchburg
road said that he did not think the lease
would have any effect on his road, or that
it would divert western traffic from it TO
the Albany. Continuing he said 81 pre-
sumo the reason the Central took the AL
bany was that it was afraid some other
road would get it. l do not think they will
change the way of doing business now in
operation, or that there will be any diver
sion of traffic. The Pennsylvania road
might like the Albany, or some other line
might have had an eye on it."
May Get Fitchburg and Central Ver-
mont.
There has been a rumor among railroad
| men in New York that the Vanderbilt in
terests have made overtures to the Central
Vermont to get control of that road and SO
dominate the New England traffic. DR.. W.
Seward Webb, it is said, has been the
| agent in negotiating with the Fitchburg
and the Central Vermont He has been
much pleased with the progress made, and
it is rumored that plans are practically
| agreed upon and only the formal steps re-
main to be taken at the proper time
While the lease of the Boston & Albany,
the Vermont Central and the Fitchburg
would give the Vanderbilts supreme con.
troll in the upper part of New England, yet
the fact remains that the New York, New
Haven & Hartford controls the lower part
of that district. 1t is believed by some
that it will be only matter of time until
the New Haven will lose its identity and
be merged into the New York Central OF
the Pennsylvania.