New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-27
THE CENTRAL AND B. & A..
STORY OF THE LEASE BELIEVED IN
RAILROAD CIRCLES


The report published yesterday morning that
the New-York Central had come to an agree
nent with the Boston and Albany Railroad by
which the Central would lease the Boston and
Albany for a term OF 900 years and guarantee
: per cent on the stock. was in no way a sur
prise either in railroad circles or in Wall Street
The story has been told from time to time. and
The Tribune has stated that negotiations were
under way looking to a closer agreement be-
tween the two roads with the ultimate end of
consolidation. That the lease is practically
closed was confirmed from a trustworthy source
Yesterday. From one Of the NEST influential
railroad officials OF the Vanderbilt system some
acts were CLEANED about the negotiations TO
,ecure control OF the Boston and Albany.
For more than two years William X. Wander
nit and his friends have been working to get
control Of that line as IT is the Centrars natural
outlet to Boston for its Western trains. About
4 year ago Dr. W. Seward Webb. president of
he Wagner Palace Car Company. started in to
'uy Boston and Albany stock AS this stock
largely dealt In in Boston. he authorized
}oston broker to buy all the stock he could find
the Boston market and did not stipulate
nee but said TO get IL. In about ten days
is broker sent word that he had secured some
hing over r. thousand shares, and wanted to
gone up about fifty points these few sales
Then a stop was put 10 that The stock was
closely held that many thought control could
never be secured. Despite this, persistent work
has been done and this is said TO have been
crowned with success.
Samuel r Galloway. president Of the New
York Central. when seen yesterday and asked
about the report said: This is premature. II
anything I haven't anything 70 say about II
one way or the ether"
Chauncey NJ. Depew. chairman Of the Board OF
Directors Of the associated Vanderbilt lines is in
Europe, and is not expected back until about
July 8 II. c. Du Val. Mr. Depew's secretary,
said Yesterday: THE first thing I knew Of this
was when newspaper men came in here 10 con-
firm the report We don't know anything about
It In this Office
J. Pierpont Morgan declined to discuss the re-
port
The general opinion In Wall Street yesterday.
however. although no official confirmation OF the
transaction could be obtained. was in line with
The Trbune's Information, that the lease had
virtually been Effected. and the view was taken
that this New-E England arrangement would be-
fore long be followed by the long talked-of ex-
tension Of the New-York Central system to the
Pacific Coast from its present Western terminus
,r Chicago by consolidation with the Chicago
and Northwestern llt NAiOh oSiAiN INV N44N
Oregon Short Line. a downtown railroad au-
thority was quoted yesterday as saying IN re-
gard 10 the Boston aad Albany lease
Il regard the New-York Central-Boston and
Albany report as premature. but as possibly
having some foundation in purpose II not III
fact II is no secret that the Nanderollts nave
sought 10 extend the sphere OF their influence
in New England. They have unquestlonaoy
held an interest in Boston and Albany for some
time and moves which have been MADE IN con-
naction with other roads have shown the i'm
portance TO them OF acquiring larger interest,".
7 have heard recently that representatives OF
the Vanderbilts have been looking over the
hooks of Boston and Albany and New-York'
Haven and Hartford doubt II holoers
~ BOSTON and Albany would be willing to ac-
cent an S per cent guarantee. Boston ana Al
bany has paid additional dividends at various
times II paid 8 1-3 per cent in 1876 ana d
stock dividend of 10 per cent in 1898. Oh course
stockholders might be impressed by the loea
that the limit Of development had been reacheu'
ard that for a long period OF years per cent
was good enough. r. 49, -,ars
looking TO the establishment OF a trahsconl'-
mental line. and that we shall near nloI r 20
'o7,16 he no greater achievement for the pres
emf Vanderbilt connection than was the acquilsi-
ZION OF the lines which made up the NahGerol''
route 10 Chicago not so many years ago; .o
The double-tracked main line Of the Boston
and Albany extending from Boston TO Aloahy'
is 300 miles in length, and about a dozen prdHcH
lines bring the total mileage up 70 90 eAclu
I've ~ S3 miles Of leased lines. the mileage oI
the entire system thus aggregatng go; me
rbvsical condition of the road is eXceHeht II
bayying ALWAYS been the policy OF the nanase-
rnent 70 make liberal expenditures for improve
mi The Boston and Albany was organize
abCut 1870 as a consolidation OF several Toaus
~ Tew-Fngland 1t has capltal sIoch y,
COX 600 600 and a funded debt OF > ',4SoVVo' anu
{or many years it has paid its stockholders olS!-
derde az per cent year, besides hdNlns nc
cIe~ed two stock dividends, as already hoteu.
rbs T2oston and Albany connects al AloaIg
,,.itb the New-York Central, with Wnlch toa S
I, has long had close traffic relations. U 1Ga
tre,rbt and passenger. 1t has been an eilTTti.e
rt'.a7 ~ the New York, New-Haven ana ialt-
"a which important system also, accoIulHs ~
rUrrsnt rumor may by and by pass INTO the co- ~
troi ~ the Vanderbilt interests. ana II mas mas. a.
Us overshadowed It's paralleng conpe III DE-
,bs Fitchburg. which last spring was saIu ~ 80 o
ebopt 10 be taken over by the NeW-forh Cen
trail. ,os &, tho stock market
,o+ordav AZ 1875 a net gain LOT the uaS "a
Slt ne~ cent and an advance or as per 0eN' -
coS5nppsred with Thursdays closing price