The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-08-27
To HOLDERS OF B. & A.
Better Gather Their Rose
buds While They
May.
The U. s. Investor saws:

The U. s. Investor saws:
The Boston Chamber of Commerce,
which has been investigating the ques-
ton of the lease of the Boston & AL
bany to the New York Central, has
unanimously committed itself to the
view that the lease is good thing, not
only for the material interests of Bos-
ton. but also for the Boston & Albany
stockholders. 1t answers some of the
objections to the lease in very eff
fective manner. Listen to this: 1.-THE
suggestion by those who oppose the
lease that there is risk that the prop
erty may vet be returned in depreci-
ated condition and with increased in
debtedness, can hardly have very seri-
Gus weight, for it is well understood
that there would have been no serious
objection to the proposed lease, pro-
Vlded il had been made on a or 10 per
cent basis instead of S1a per cent, as
proposed" This is a very neat retort.
Can there be any doubt that a lease at
a higher figure than 815 per cent would
have met with little or no opposition?
Ana yet the risk of having the proper
" returned in a deprecated condition
would have been greater.
Ih1S is what the Chamber of Com
merce has to say regarding the danger
OF the Boston & Albany railroadETAIO
from the increase in indebtedness: LAS
10 the increase of the indebtedness of
the Boston & Albany railroad, which
1t is suggested the proposed lease
might entail, the safeguards which our
state has provided through the railroad
commissioners, and the fact that before
the proposed lease can be consum-
mated 1t must have the approval of the
legislature. and if any further reason
able protection is needed for the lessons
IT can be, and we understand it will be.
Incorporated in the lease, seem sufff-
Gent answers to the suggestions of
Danger in this line as resulting from the
lease"
1t is not believed by this body of
business men that the New York Gem
trai railroad would assume such an
obligation as this lease imposes without
ueIrnlte plan to so develop the posi-
Dllit1es of the road and increase the
terminal advantages to such an extent
that not only must its efficiency he
maintained, but constantly increased !:
Tor no railroad can do business success
fully If construction or maintenance
are neglected.
=, nc "HoIe question came back to
TINS: Can the stockholders realize Iarg-
er returns from their investment Nv
maintaining an independent road; or
II leased to the New York Central can
more than 6h per cent be secured for
Boston d Albany stockholders in the
shape of dividends? The Boston Cham
per OF Commerce believes that II is
not reasonable to expect that over a
per cent as maximum dividend will
be realized on Massachusetts all
roads IN the future" Neither do we
Two or three New England railroads
IKE the Manchester & Lawrence. the
BOSTON q providence, and the Connecti-
cut River may continue to receive more
than per cent, under leases made LONG
since, but such exceptions do not count
ne DAY OF 10 per cent railroad diyi
uelos IN Massachusetts, has gone by
ana we are at loss to understand nos,
any stocknolder who can obtain a guar
antee of 81 per cent can hesitate \
moment in closing with the offer W.
nave no doubt that if the Boston q Al
oahy continues to be oDerated indie
pendently, the management viii al
ways Ieel obliged to put proportion
10y % mucn money into improve
ai,,, % n tne future as in the pas. But
even II they should feel inclined f. nurs
sue an opposite policy, thev will tbtnl.
twice before Increasing the dividan6
rate. The public have somehow in
cured a hostility to corporations nav
ing more than per cent. It is patfin q.
20 pc more and more believed that lbs his
should be.a maximum figure Poss' jilfl
tne Boston & Albany directors Saue
f eeen ~ more or less influenced by that
r 49, II tne past. 1t is certainly point
eS4,;d remembering in the future. Orr
ers is 70 session & Albany stockhold-
they may. io'eouus while