The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-09-29
MAKE COMPROMISE.
Old Boston & Albany
Directors Will Serve
a Year.
THREE new NAMES ON BOARD.
Lease Question Comes Up
for Settlement Novem-
Der Is.
THREE new NAMES ON BOARD.

Boston, Sept 2S-The fight between
the present board of directors and the
protective committee of the Boston and
Albany Railroad, which developed at
! the annual meeting yesterday on the
question of postponing the election of
a board of directors until Nov. Is, when
the question of leasing the road to the
/ New York Central is to be acted upon,
was compromised today and the old
beard of directors with one exception
and the addition of three new names,
will serve for the coming year. The
protective committee claim that this
! is a victory for their side, which OPP
] poses the New York Central lease.
By the terms of the compromise, AL
: bert Houghton is dropped from the old
board and Augustus G. Bullock, Rich
ard Olney and Eben S. Draper of the
! protective committee become members.
The new board, with these changes
made, is as follows; A. G. Bullock, Ze-
mas Crane Edward l.. Davis, Chauncey
M. Depew, Eben S. Draper, Edward d:
Hayden. Samuel Hoar, Richard Olney,
Jacob c. Rogers, James A. Rumrill,
Stephen Salisbury and Charles S. Sar-
gent.
When the adjourned meeting was
today, Chairman c. H. Johnson of the
Tellers' committee appointed yesterday
to count the ballots on the question of
postponement, reported that the COM
mittee probably could not finish their
work before tomorrow. Mr.. Hoar, coun-
sci for the road. then was recognized,
He announced that an agreement had
been reached between the board of di-
rectors ana the committee having in
view the protection of the property,
whereby a board of Is members as
heretofore was to be chosen. He ex-
planned the details and withdrew his
motion OF yesterday that the annual
meeting be postponed until Nov. Is. The
directors We're chosen by an aye and
nay vote, the result being unanimous.
The following IS an exact transcript
Of the letter erom President Galloway
of the New York Central and Hudson
River Railroad Company to the presi-
cent Of the Boston ard Albany Rail-
road Company, defining the position of
the Central Company in the matter of
the Boston and Albany lease, which was
read before the stockholders of the Bos-
ton and Albany Railroad Company at
their meeting here yesterday:
New York Sept d. 1899.
William Bliss, President. Boston & AL
bany Railroad. Boston,
Ny Dear Sir: In reply to your letter
inquiring whether this company is will
ing to modify it's offer touching the
lease of the Boston & Albany, think it
proper to state the position of the New
York Central Company in the matter.
This company has recently consolidat-
ed its system and now controls it's con-
nectionS west ard south. The arrange
ment is working to the entire satisfac-
ton of all parties interested 1t was
deemed advisable, in furtherance Of this
-l..Ng.
east by having our own line into New
England, thereby securing to this rail-
road the advantages of the eentraliza-
ton of the management of its business.
As to the New York Central and the
Boston & Albany, they have been work
ing together harmoniously and to their
mutual benefit for many years. 1t
seemed natural that we should seek a
union with the Boston & Albany rail-
road. The result Of the negotiations
has been the proposed lease to which
you now refer 1t is our desire that the
lease shall contain reasonable and prop
er safeguard for the protection of the
stockholders of the Boston & Albany
and for the preservation of its property
If in its present form the proposed lease
is deficient in III use particulars, we are
willing that it should be so modified as
TO secure these objects
Certain of your stockholders nave in
sisted that the smount of rental is in
sufficient and that, in fact, the property
is capable of earning during the lease q
net revenue considerably in excess of
the rental. In view of the constant de-
mands for increased facilities and the
constantly increasing expense of the
management Of railroads, the New York
Central Company considers the rental
quite as large as it is warranted BY any
prudent view of the probable revenue
of the property during the long term
OF the lease in offering. Our offer was
based upon a most careful examination
OF the property, is the best We will be
justified in making and cannot be in
creased, and while, es we have pre-
viously stated to you, we consider it ad-
Vantageous to the New York Central
system to have the Boston g. Albany as
part vet rather than assume any lar
ger financial obligations we would pre-
fer to withdraw from the negotiations.
Yours very truly,
S. R Galloway, President