The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-01
CENTRAL GET THEB.ANDA.
THE RlILROAn Leased TO YAM
DERBILTs OR ODD YEARS.

quire an Oceail to Ocean system-Meet-
inEs of Boti Companies Yesterday.
The lease Of the Boston and Albany Railroad
by the New York Central and Hudson River
Railroad was agreed upon yesterday afternoon
by the directors OF the two companies at meet
ings held :, Sew York and Boston and the
| Vanderbilt system which. short time ago, COW
cred 5000 miles, now extends more than $500
miles. the acquisition OF the Boston and Albany
adding $50 miles to the system. The New
York Central leases the Boston and Albany for
900 years. guaranteeing the stockholders
| per cent. a year on their holdings. Before tho
lease becomes operative 1t must be ratified by
the stockholders OF tho two roads. The New
! York Central stockholders will hold a special
meeting In Albany to ratify the lease. Samuel
Hoar. general counsel of the Boston and Al
| hany. said last night in Boston that the lease
did not require the approval of the state OF
Massachusetts, although the New York Central
officials were OF the opinion that such ap-
| prevail was necessary.
| The New York Central Board Of Directors
met at the Grand Central station at / o'clock
| in the forenoon. Chauncey VI. Dcpew. the
| Chairman OF the board. was not ut tho meeting.
as he is now on the ocean returning from
| Europe. Neither was J. Perpont Morgan. who
| spent tho day at his Office IN Wall street: nor
William BIZ s. the President OF the Boston and
| Albany. who was in Boston attending the
meeting of the Boston and Albany direct
ors. Those who were present were Pres
ident s. H. Galloway. First Vice President
| Charles c. Clarke. Second Vice President
Horace j. Hayden. Treasurer Edward V. W.
| Rossiter William X. Vanderbilt Frederick W.
! Vanderbilt. Samuel F. Barger. Samuel d. Bah
] cock. II. Mex. Twombly and George s. Bow
duin. The board was in session until nearly
| noon. when a luncheon was sent over from
Sherrys. After luncheon the meeting contin-
ucd and it was not until after 3 o'clock that
the door OF the board room opened and the d.
rcctors came away.
President Galloway won't to his office and die
tated this statement to his secretary:
the New York Central and Hudson River Rail.
read .2a. held to-day me lease ot the Boston and
Hudson River Railroad for a period OF 300
years was, unanimously passed. and President
Galloway has been notified that similar action
While the New York Central directors were
the meeting there Vice President Edward b.
Hayden Of the Boston and Albany made this
,"At meeting OF the Board OF Directors of
the Boston and Albany Railroad, he'd In Bos-
sS$ yssr. 4 per c ": ths Boston and Albany
has been virtually Y vandeFbt road; Between
freight departments. The Vanderbilt road has
Board Q, Directors by Cha1neey n. 6epew
and Pres ident William Bliss OF the Boston and
4 os h4s BE-" sn dsf hs s. hs b, New
il the Vanderbilt, system which resulted in
the aPsSrptiHn q Gig the MiehigsR Central ana the
reaehns Sss ne. has
the lease Of the Boston and Albany IL undoubt-
in
r. Boston apa fany
some q the Boston, and H!sany ny people wers
transfer Of the stock in exchange for New York
William K vanderbilt intends to develop
transcontinental line in his lifetime. and in the
6s the he PAS aSs tho personal
has mace remarkabie prosress pHEH s noS has s
bHs.Sn snd eh fS Py
snf Fsnsnf EhG9 s's Shore s9 ss
the CGesapeafs and Ohio the chicago rand and
shCr ns the fS S the o5
Gsa aS snd shs Ss% H sRs Maine the sss
talk will be brisk In q few days when President
Clark returns from Europe, and whether this
bits or the Pennsylvania. its future viii be one
OF the most interesting developments In Ameri-
Hhs Bossq% ssd Albany is one o, the mos.
9Sss d, in J. Is
bridge. and the Hudson ard Boston, roads.
u g %atn Line from Boston to Albany e
bra S htho .0s Sprnssid to Ahe 1aess
niles oo Grand Junction, Cottage Farm to
Newton Highlands. Boston 70, riverside June:
NJ Mi Mih; y milss; MiSury; MilbnTy Junction
and Hu tson, Chatham to Mui son. 'i7.53
s' are IL al North oa Bfoot ms' M sf Ess
Rsld and North Adams KsiS:sa fittsfadto
providence, Webster and Springfield Railroad,
So Is miles. The length OF tho Boston n and d Al.
bangs tracks lis sol 81 miles The road owns
~ locomotives. 1851 passenger cars and 5,944
- The Boston and Albany has a capital stock of
$23OOo.OQO. Under an act OF the Legislature
was to Ne
, stoSk s7o00oQg for SGn the retirement Of az
for improvements. On Jan. s, 1892, So
retire, Z PER cent, bonds which 'matured on
Feb !, % 1892 6o t. The funded debt is S74a3.oO0
1902. and s3527. 900 in per cent. bonds ends.
payable Oct, !. 1913 The 3 per cent. bonds
were issued in 1882 at the rate Of 500
share for sail 800 Of stock held by the
loss, Of the shares 50 purchased
~ 1855; the remaining shares were
1888, the directors were authorized TO issue
S5vOO,ooO per cent bonds, $2.0000Q0 to re:
tire an equal amount Of per cent bonds Of
1880 and the remaining $3,OOO.OUO for i'm
proyements. The COMPANY guarantees . per
cent dividends ON S45U,0OU stock OF the Pitts
t2d an 4 m, North Adams Railroad and percent
Two per cent quarterly dividends have ben
declared by the company without interruption
Irlor To- 1876 the company paid half yearly
dividends Of per cent The earnings of the
road since 1912 have varied from 81 ti37, $50
ia 1884 8 to $40. lA,S75 in 1929, gross: and
from S2,lS93S2 in 1872 to S3.03U.7iS in
The Boston and Albany has Nth interest
IN the Boston Terminal Company, owner OF
tho MON station in ROStDn Thn