The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-20
THAT B. & A. LEASE.
Organization Of Those
Who Want to
Defeat It.
DIRECTORS ARE HOPEFUL.
Shares of the Albany Are
Widely Scattered.
DIRECTORS ARE HOPEFUL.

News of the definite organization of
the so-called Boston and Albany Pro-
teetive committee, formed to defeat the
proposed lease of the road to the New
York Central upon the terms under
stood to have been agreed upon by a
majority of the directors of the two
roads, continues to reach the street"
from apparently authentic sources.
1t Is understood that the committee
includes William Minot Charles S.
Sargent, Charles E. Getting, Alfred D.
Foster and T. Jefferson Coolidge, Jr.
Reginald Foster is counsel for the
committee and James NJ Goldman, Jr.,
is the secretary. 1t is asserted that
the holdings of the directors of the
Boston and Albany, including President
Bliss, who voted for the lease, are so
small In comparison with the total
holdings as to cut very little figure in a
stockholders meeting, and that al
though it will be difficult to reach all
the nine thousand shareholders resid-
emit in Massachusetts, the committee
Will succeed in obtaining enough stock
and proxies to defeat the lease PROPOSE
ton.
1t is not yet urged, however, that
there would be objection to the lease if
the terms were satisfactory to the eX-
perienced f1nanciers of the protective
committee, who are in a position to de-
termine what price the stock should
command.
The committee agreed upon is al
ready canvassing the stockholders with
view to learning just how many are
ready to indorse the opposition The
success attained in this direction is
very satisfactory to them, and they are
now confident of securing the necessary
two-thirds of the capital stock requis-
tie to defeat a ratification of the lease
The purpose of the committee is, as is
asserted by one who is in position to
know, not simply to secure a modifica-
ton of its terms, but to absolutely
break or defeat if possible the PROPOSE
tlon altogether. 1t is claimed that the
talk of possible reduction in earnings
as result of the extensive trolley
system development and all the pos
sloilities of the diversion of the New
York CentraPs traffic over the Fitch
burg road are mere bugaboos The
road is earning at the present time -
per cent or more and is in good posi-
tlon 70 maintain these earnings for
long time to come. The members of the
to putting their property under what
practically amounts to junior guar
antee. The Lake Shore and Michigan
central stocks are already under a
practical guarantee by the New York
Central people through their bond is
sue, and these must of necessity take
precedence to any guarantee on the
Boston and Albany. Experience has
also taught that the lessee Of a prop
iQ ~ ll,-
tain the property in the same condi-
ton that the owners would. They be-.
lieve that the Boston and Albany is in
a position to take an aggressive atti-
tude, and that the New York Central
VIII surfer more by any diversion of
traft1c that it may make than the Bos
ton and Albany. The Boston and Al
oany IS already giving the New York
central a large amount of business
from local points, and the latter can
Ill afford to sacrifice this
The members of the committee arc
not disposed as yet to say much. hui
VIII within two or three DAYS issue a
circular calling for proxies In this it
is very likely that they will indicate
some of their objections to the proposed
lease and outline the policy that thev
propose to pursue with reference to the
same. They are very confident now that
lney VIII secure the necessary amount
of stock to defeat the proposition when
IT comes before the stockholders. and
they do not believe that 1t will evar
reacn the legislature. The Boston and
Albany officials are still disinclined to
say much regarding the opposition be-
yord simply asserting that it is their
intention in due time to send out a
Iull copy of the lease with other in
formation to the stockholders, in order
that the same may understand fully the
reasons that governed them in making
the arrangement.
The distribution of Albany has gradu-
ally widened, with this result, compar-
ing the records Of 1871 with those of
1897: u
1871 1897.
Whole number of shares 100000 $50 600
Number of stockholders. 4,480 86t7
Average individ. holdings 1853 rs 9
The average individual ownership has
thus fallen in 26 years from 46.S to 2S.9
shares, a reduction of over one-third
Nearly twice as many owners are to
vote on the pending proposition as
would have been the case had the lease
been submitted quarter of a century
ago. 1t is, of course, still true that a
majority of the stock can be found in
a few q In