The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-01
CALL WAY CONFIRMS DEAL.
Says His Road is Not Aggressive Toward
the Pennsylvania.

New York, June 30.--At o'clock this
afternoon the following statement was
given out by President Galloway of the
New York Central and Hudson River
Railroad Company: "At a meeting Of
the board of directors of the New York
Central and Hudson River Railroad
Company, held today, the lease of the
Boston and Albany Railroad Company
to the New York Central and Hudson
River Railroad Company, for a period
OF 999 years, was unanimously passed,
and President Galloway has been noti-
fled that similar action has been taken
by the Boston and Albany railroad"
Supplementary to the foregoing, an
official assertion was also made that
the terms of this 800 years lease pro-
vided for a guarantee by the New York
Central of s per cent annual dividends
on the $25.000,O00 of capital stock Of the
Boston and Albany. This merger is
one Of the most important railroad
events of recent years. The scheme
was planned and carried out by VIII
liam X. Vanderbilt. quietly J. p.
Morgan and H. NICK. Twombly were
associated with Mr.. Vanderbilt in ar
ranging the details of the transaction.
One of the most interesting features
of the meeting at the Grand Central
station was the presence of a. j. Cass-
EFT, president of the Pennsylvania rail-
road, and Vice President S. M. Provost
OF the same system. The relations be-
tween the New York Central and the
Pennsylvania arrangements have been
very friendly In recent years, and as
evidence of their desire to retain the
friendly relations, the New York Cen
trail people invited President Cassett to
attend today's meeting and satisfy
himself as to the character and pur-
pose of the Boston and Albany merger.
Such directors as were present at
the meeting today were in perfect ac-
cord with Mr.. Vanderbilt's views. w.
X. Vanderbilt, ]. Pierpont Morgan and
H. Mex. Twombly were the influential
factors in the meeting. The other d.
rectors present were President Gallo
way, e. v. w. Rossher, C. c. Clarke
and III. J. Hayden.
Assurances were given President
Cassett that the New York Central. in
obtaining control of the Boston and
Albany, had no intention OF assuming
an aggressive attitude toward the
Pennsylvania road. Mr. Cassett de-
clined to say anything regarding the
subject under discussion. The New
York Central officers were equally retf-
SCit vi lhln punt, Dut III u general way
they declared that there would be no
break in the friendly relations existing
between the Vanderbilts and the PENN
sylvania people, and there was no ex-
pectation that there would be any
friction in that quarter.
President Galloway declined to make
any comments for publication regard
ing the Boston and Albany lease. The
lease, as approved by the respective
boards of directors, however. will have
to go to the stockholders for ratIfica-
ton. and meetings Of the New York
Central and Boston and Albany stock
holders are to be called without DELAY.
Another matter discussed by the New
York Central directors was the BRO
posed acquisition of the Fitchburg rail-
road. The Fitchburg is natural New
England connection of the West Shore
and its territorial relations with the
Boston & Albany system are SO close
that the Vanderbilts are DESTROYS Or
controlling the property.
The fact was made known today that
the New York Central management had
offered to lease the Fitchburg Id PER-