The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-11

those now existing thereon, and in a,
good order and condition as the sam,
now are, together with all permanen
| improvements thereon, and with rollins
stock, machinery, tools, furniture, an
pliances telegraph apparatus anC
equipment of at least equal value will
that hereby demised, according to the
| appraisal thereof"
In addition to and in connection witt
the foregoing, should be added provi
slons for proper inventory and ap.
praisal of all the leased property, in.
Guiding rolling stock. I append ex.
tract from recent leases indicating
what certainly in substance if not ir
1 form, ought to be embodied in the pres.
ent proposed lease:
That the property herein demiseo
and to be accounted for at the expira-
lon or earlier termination of this lease
may be accurately determined, there
shan be made, as of the day when this
Iease takes effect, a full, complete and
particular inventory description an6
appraisal of all estate and property
real and personal, belonging to the les.
sor' ana coming into the possession OF
the Iessee by virtue of this lease. and
10 this from time to time, shall be
added such other estate and property
as shall come into possession of the
lessee under the terms of this lease
Such inventory, description and an.
praisal, and the additions thereto from
time TO time, shall be made nv twr
competent persons, one selected by each
party; IN case of their disagreement
they shall refer the matter in difference
70 some third person, whose decision
shaH be final. Such inventory, desorin.
tlop and appraisal shall be made in On
pllcate. and an original furnished r.
each party, and shall be evidence of the
nature, value and condition Of tbe
property demised at the inception Of
TINS tease, or at the time of the addi-
uons thereto, in all cases in which any
question Of such nature. conditTon =,
value may arise" 0ii u
g. Certain other provisions of tbe
lease-it they mean what they annea
70 mean on their face-would seem n
pe orawn for the sole advantage Of th,s
lessee ana without due regard n H.
interests of the lessor, - 'nI
mus, the lessee covenants NOT +c
underlet the demised premises as .
rallroad system: the lessons existina
eases OF railroads are to be renewed
only II the lessee SO request: and az the
.eri iil OF the lease, the lessee is
~ IetuIh the demised road and prop
erty with all improvements ana adj
lions thereon to the lessor as ali.
road between Boston and the Hudson
river with its branches"
me ERECT of these provisions taker
tosether would seem to be that how
ever soon or late the lease NAV end
an the lessee is bound to retlIrn r.
the lessor is the line between Rostor
ana the Hudson river; that the Iess5r,s
leased lines may be sublet at any fine
a. the lessee's pleasure; and that
Mheh the leases of such lines exnire
lhey are to be renewed only If ths
tessee go qeslre and request. But, unless
the lessofs directors are prepared IN
assure stockholders that IFS Leased
iines are burden upon the lessor
business and property or would be If its
tease TO the New York Central were
broken and the lessor were again n
become an Independent corporation. Il
IS surely improvident to permit the
lessee at its pleasure to thus disinta.
crate the lessons present system. The
matter is pre-eminently one upor
winch the lessor ought to be consulted
Inc truth is, as these and other pro-
VISIONS clearly SHOW that the lessee is
Interested in the leased railroad only
as It is a small part of a great through
line, which is and is to be the hrst
object of it's consideration and tc
whose benefit the special and peculiar
interests of the lessor as an independ.
ent company and of the local public i
has hitherto served are quite certain
to be subordinated
While there are other particulars il
which the lease is susceptible of crlti
cism, I have, I think, substantially
covered the ground of your inquiry
and remain, Very truly yours,
Richard Olney.
Boston, Mass,
% Court street,
10th August, 1899.
Stockholders who have not sent Ii.
their proxies are requested to do SO a
the earliest possible moment
Charles S. Sargent.
William Minot.
Charles E. Getting.
Alfred D. Foster
T. Jefferson Coolidge, Jr,