The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-07-01
Matter Now Goes to Stock
holders For Ratification.
How Advent of VanderbiIts Into Now
England May Help Portland.

additional TO the stockholders 20 that the
proposition, stated broadly IL that the
stockholders of the Boston 81 Albany
viii derive net dividends Of f.2 per cent
on their lease.
OF course, this recommendation may be
affected by VARIOUS other considerations.
In the first place, IL must be accepted by
the stockholders who will vote ON the
proposition ..t the annual meeting to be
proved BY the Legislature Of this state.
All these preliminaries being favorable to
the proposition, July l. 1900. win find
the lease In operation and the new ten
ants in control.
In ths absence OF President Bliss, Hon.
4. ID. Hayden, the vice president, at the
conciusion OF the nesting denied that the
Vanderbilt interest was unfavorable to
the development Of Boston or that the
company had reached the limit Of its ca
pacity for handling grain. II is under
stood that the preliminary arranQements
for the lease ware made by Presi dent
Bliss Vice President Hayden and SAM
uel Hoar, counsel for the road and one Of
the directors. The origin OF the project
dates back months and even years. 10
WAS first suggested at an informal meet
ing of representatives Of interests In New
York Central ana Albany roads and
gradually took shape until an offsr was
made.
st Is assumed from. tho action u the
directors today that the lease Is assured.
They have quietly ascertained the senti-
ment Of some OF the heaviest stockholders
and have been guided by that To ascer-
attn the wishes of q majority OF the
stockholders would be quite q complicated
task, however. The holdings have been
split up into small parcels. and are dis
tributed throughout tine state. nine-tenths
az nor ara NJ ~ofa L. r.4s a -
there are i've thousand people In this
state who have holdings Of less than 20
shares each. In many families the stock
has come down from two or three genera
tions. 1t has been favorite investment
for trustees.
There seems, however, to be no question
that the recommendation VIII Le ap-
proved by the stockholders.
1t is expected that the approval of the
state Legislature will also be obtained
without any great difficulty.
II it can be shown that the lease would
be for the interests of the state and the
city OF Boston, the only issue which
would seem to become matter of discus
sion would be the question brought up
In the last Legislature. whether or not
the state ought to take advantage of the
option 1t has Of purchasing the Boston &
Albany road. There has always been a
great QUESTION az to just how much tho
state ought to pay.
The management of the Boston 81 Al
bany road has. as Is we'll understood. all
ways been of an extremely conservative
character. But for this fact . change Of
control would undoubtedly have been
effected years ago. 1t remains 20 beIseer
how financial circles will take the terms
OF the present lease but II IL is regarded
simply on the baSis Of past earnings the
guaranteed dividend is reasonably fair.
although 1t is not up to the actual net
earnings of 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
Some OF the stockholders of the road
may not think 1t Is quite SO profitable for
them. however. 1t means great deal
for the development Of this port. Suppose
ths Vanderbilts choose to exceed s5,0u0.
QUO In the development of freight termi
nails in this city. 10 them 10 is a matter
OF no tremendous Importance. To us II
would be out Of the question. -
General Counsel George A. Torfsy OF
the Fitohburg road said that he did not
think that the lease would have any
effect his road or that it would divert
western. traffic from it to the albany.
Continuing he said 81 presume the
reason the Central took the Albany was
that It whs afraid some other road would
get it.-k do not think they will change
the way of doing business now IN opera
tiou or that there will be any diversion oi
traffic. The Pennsylvania road might
like the Albany, or some other line,
might have had an eye on It,.
THE FITCHBURG INVOLVED.
New York. June S0.-Another matter
considered by the New York Central
directors was the proposed acquisition Of
the Fitchburg Is natural New England
connection of the West Shore and Its ter.
ritorial relations with the Boston a. AL.
property.
The fact was made known today that
the New York Central management had