Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-07-01
FOR 900 YEARS.
continued from page ~

Hiss was IN attendance at the New Yorl,
snt,. h e. inc directors OF the Massachu-
.t.s roau' AFTER short conference
passed the vote recommending the lease
win the provlso. however. that an ner
ne beh o.. dividend, payable quarterly, shall
and aisa NEE, px oo the New York Central
snaii De reserved by the Boston x Al
pany. rms sum consists of the trust i'm
movement fund of the road and other
FUNDS and property which had been laid
by for improvements and other speciai
expenses. II the road Is turned over fo
the New York Central it will not be
necessary 70 apply these funds to the
signed VIC
This sum of s4.OOO,o0o. invested at the
current rates of interest, would mean ::
tional to the stockholders, so that the
proposition. stated broadly is that the
stockholders of the Boston & Albany will
derive net dividends of ST. per cent. on
their lease.
Or course. this recommendation may be
affected by various other considera tions
IN the ilrst place 1t must be accepted by
the stockholders, who will vote on the
proposition at the annual meeting to be
held, Sent. 2. Then ii must be approved
by the Legislature of this state. ALI
these preliminaries being favorable to the
proposition, July /. 1900, will find the
lease in operation and the new tenants III
control.
In the absence of President Bliss, Hon
II. -. nay t'ii, tllt vice pltSiutnt. at lut
conclusion of the meeting denied that the
Vanderbilt interest was unfavorablc to
the development of Boston or that the
company had reached the limit of its
capacity for handling grain.
1t is understood that the preliminary
arrangements for the lease were made by
President Bliss. Vice President Hayden
and Samuel Hoar. counsel for the road
and one of the directors. The origin OF
the project dates back months and even
years. II was first suggested at an infor-
NAL meeting of representatives of the
New York Central and Albany roads and
gradually took shape until an offer was
made
1t is assumed from the action of the
directors, today, that the lease is assured
They have quietly ascertdined the sentI
ment of some of the heaviest stock
holders and have been guided by that
To ascertain the wishes of Il majority OF
The stockholders. however. would be quite
complicated task. The holdings have
been split up into small parcels and are
distributed throughout the state; nine
tenths or them are. at any rate. II is
said that there are 5000 people in this
state who have holdings of less than %
shares each. In many families the stock
has come down from two or three gener-
atoms. It has been favorite investmen:
for trustees. There seems. however 10
he no question that the recommendations
will be approved by the stockholders
1t Is expected that the approval of the
state Legislature will also be obtained
without any great. difficulty.
II il can be shown that The lease would
be for the interests of the state ana the
| city of Boston. the only issue which
would seem to become a matter of discus
| sion would be the question brought ui in
the last Legislature whether or not the
| state ought 10 take advantage of the OPP
| ton it has of purchasing the Boston K
| Albany road.
There has always been n great question
| as to JUST how much the state ought 70
| pay.
The management of the Boston e. Al
| bany road has, As is we'll understood
always been Of an extremely conserva-
! change Of control would undoubtedly
| have been effected years ago.
1t remains to bc seen how financial cir
| Giles Will take the terms of the present
! lease. but if it is regarded simply on the
| basis of past earnings the guaranteed
dividend is reasonably fair. although II
| is not up To the actual net earnings at
| the property. one of the directors after
the meeting said that the lease would BE-
an excellent thing for the city and the
state. He said: Som of the stock
quite profitable for them, however. II
means a great deal for the development
Of this port. Suppose the Nanderbilta
| chHose to expcnd $j,Vc0 000. coo in the devei
! opment of freight terminals in this city
| To them il is matter of no tremendous
| importance. TO Us i would he out IF
| the question.
| General Counsel George A. Torrey or
the F'itchburg Railroad. said that he dill
| MOI think the lease would have any effect
| on his road or that it would divert West
| ern traffic from 1t TO the Albany. Con-
| tinuing he said: Il resume The reason
| the central took the Albany was that il
was afraid some other road would secure
| it, do not think they will change the
way OF doing business now in operation
, or that there will be any diversion OF
traffic The Pennsylvania Road Nigh;
| like the Albany or some other line migni
have had an eye on il.