Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-07-01
FOR 900 YEARS.
Lease of the Boston & Albany
Is Made, on Friday
TO the New York Central and Hudson
River Railroad Co.
The Lease. for 999 Years. Unanimously &C.
cepted by Both Companies.

New York. June 30.-At + o'clock this
afternoon. the following statement was
given by President Galloway Of the
New York Central Railroad:
"At a meeting Of the board Of di
rcctors Of the New York Central &
Hudson River Railroad Co. held. to-
day. the lease Of the Boston < Albany
Railroad Go. to the New York Central
ard Hudson River Railroad Co. for Il
period Of 500 years was unanimously
passed and President Galloway has
been notified that similar action has
been taken by the Boston 4 Albany
Railroad
Supplementary to the foregoing. an
official assertion was also made that
thu terms of this % years lease pro-
.-ideG for 4 guarantee by tire New York
Central Of pr cent. annual dividends
on the $25, 900. 600 Of capital stock Of the
Boston &sAlbany. This merger is one
of the most important railroad events
Of recent years. The scheme was
quietly planned ana carried out Ivy
William X. Vanderbilt. J. ii rpont
Morgan ana H. Mex. Twombiy We're
associated with Mr.. Vanderbilt in ar
ranging the details of the transaction.
one Of the most interesting features
of the meeting ut the Grand Central
station was the presence Of \. j. Cas-
sctt, president Of the Pennsylvania
Railroad. and Vice President $. NJ.
Provost of the same SYSTEM.
The relations between the New York
Central and the Pennsylvania Railroad
arrangements have been friendly in re-
cent years and as evidence of their
desire to maintain the friendly rela
tons the New York Central people in
vited President Cassett to attend to-
days meeting and satisfy himself as
to the character and purpose of the
Boston & Albany merger.
Such directors as were present at the
meeting. today. were in perfect accord
with Mr.. Vanderbit's views. W. X. Van
derbilt, J. Pierpont Morgan and IT, Mck.
Twombly were the influential factors in
the meeting The other directors present
were President Galloway. +. V. W. Roa-
sitter, c. c. Clarke and II. J. Hayden.
Assurances were given to Presiden,
Cassett that the New York Central in OBJ
tanning control OF the Boston & Albany
sive attitude toward The Pennsylvania
Road. Mr.. Cassett declined to say any
thing regarding the subject under discus
sion. The New York Central officers
were equally reticent on this. point, but
in general way they declared that there
would be no break in the friendly rea
tons existing between the Nanderbilts
and the Pennsylvania people, and there
was no expectation that there would be
any friction in that quarter.
President Galloway declined 10 make
any comments for publication REGARDING
the Boston Il Albany lease. The lease.
as approved BY the respective boards Of
directors. however. will have to go TO the
stockholders for ratification and meetings
of the New York Central and Boston &
Albany stockholders are to be called
without delay.
Another matter considered by the New
York Central directors was the proposcd
ACQUISITION of the F'itchburg Railroad.
The Fitchburg is natural New England
connection of the West Shore and its ter
ritoral relations with the Boston & All
bany system are 50 close that the Van
derbilts are DESTROYS OF controlling the
property.
The fact was made known, today. that
the New York Central management ma
offered to lease the Fitchburg in perpetu
ity on a guarantee of 4 per cent. on the
stock, but this offer was refused.