New-York tribune., 1900-05-08
BOSTON & MAINE CONTROL.
SAID TO HAVE PASSED TO THE NEW
YORK CENTRAL.
CONNECTION WITH THE FITCHBURG
LEAsE-A DENIAL FROM L. C.
LEDYARD.


and is persistent, that control Of the Boston and
Maine and the Maine Central properties has
! passed into the hands Of New-York Central in
! terests. 1t is declared. and the reports come
from official circles that the acquisition of these
| properties by the New-York Central interests
| was effected some time ago but that for various
! reasons there is no immediate intention of max
| ing formal announcement of the change in con-
troll or making any change in the management
There are other matters, it is said. to be dis
posed Of before the reorganization of the Boston
| and Maine and union with the New-York Cen
| trail are brought about.
As was told in The Tribune at the time the
New-York Central undertook the lease of the
| Boston and Albany. overtures were made for
lease Of the Fitchburg. The terms asked by
the Fitchburg were too high. and no agreement
was reached and the negotiations were dropped.
AT the same time it discovered that under
the State law the Fitchburg road large block
of the stock being owned by the State. could
not be leased to d corporation chartered in an
other State. So all negotiations were discon-
tinued. The scheme of the Vanderbilt inter
ests. at the time of the lease of the Boston ana
Albany contemplated a consolidation Of all
New-England railroad properties
A DIFFICULTY OVERCOME.
The stumbling block encountered IN the Fitch
burg was for the time being dfscoucertfne hu+
way was found around this. 1t was decided
that the best way to surmount this difficulty
would be to lease the property 10 the Boston
and Maine. and steps were taken to bring this
about Some OF those who saw the trend of af
fairs according 10 those in the confidence of
the New-York Central interest discovered the
scheme and thought they could get better terms
and started in TO oppose the lease. DR.. W
Seward Webb. supposedly part Of the Wander
Dit Interest, opposed the lease. and this was
confusing for a time until it was discovered
tfat Or. Webb wanted the Fitchburg as a part
OF the through rail and water route from Boston
to Chicago and the Northwest which he planned
with the Rutland road as the main part.
Previous TO the Boston and Maine undertake
ing the lease Of the Fitchburg road the Van
derbi!ts quietly secured control OF the former
property, and according to statements from
trustworthy sources the New-York Central in
terests to-day are in 4 position TO determine
the policy of the road and vote majority Of
the stock whenever the time comes to do so
On the other hand, the lease Of the Boston
and Albany has met with much opposition and
there is also legal and legislative fight over
the effecting Of the Fitchburg lease so that the
Vanderbilt interests are inclined 10 wait until
the Legislature and the courts have acted in
the matter Of the Boston and Albany and also
Of the Fitchburg and these leases are effected
securely before making formal announcement
of the change in control OF the Boston and
Maine system
IN CONTROL IN NEW-ENGLAND
With the ownership of the Boston and Maine
the New-York Central interests will be in con-
troll Of all the railroad properties in New-tng-
land Of Importance except the New-York. New
Haven and Hartford. but the latter is pracri-
calIy a Fanderbt-New-YOr Central property
now owing 70 the holdings Of William Rookie
feller. j. Pierpont Morgan and the Vanderbnts
This combination controls the property to-day
and II It is thought advisa bic at any time 20
merge it into the Central il will be done. but
Just at present there is a general disposition to
operate II Independently, although as Mr. Nor
gan, Mr.. Rockefeller and the Vanderbilts are
dominant in the New York Central as well as
the New-Haven. the two properties may be re-
garded as practically under the same ownership
and bound TO operate in harmony
1t is said that the Vanderbilt interests secured
the nucleus Of the controlling block Of stock IN
the Boston and Maine by acquiring the large
block held by the American Express COMPANY
BY additions through purchase in the open mar
ket and private sale a majority was secured
and now the New-York Central interests are
simply waiting for the time to come when II
will be deemed proper to announce the change
in control.
THE BOSTON AND MAINE LINES.
The Boston and Maine Railroad Company
operates lines of total length OF Ill miles. |
Its main lines are Boston 20 Portland. Ne. I16
miles; Boston TO the Maine State Line 81 miles:
Conway Junction, Me, to North Conway. N H |
i3 miles. It's branches aggregate 141 miles in |
length. and its leased lines. 1.345 miles. Among
the leased lines the Boston and Lowell and
its branches. 81 miles: the Connecticut and Pas
sumpsic River. 10 miles. and the Concord and
Montreal and its branches. 30 miles The Bos-
ton and Maine also owns control Of the Maine
Central, operating Sd miles Of line in the State
of Maine and the ST Johnsbury and Lake
Champain, l31 miles. The outstanding "a ritaI
stock of the Boston and Maine Railroad Com
pany. scrip, common and preferred. is S25 O52-
20, and its bonds aggregate sd .923. 134, face
value.
The FItchburg Railroad Company operates a |
line from Boston 10 Troy, 1870 miles with
branches and leased lines bringing the total |
length Of the system TO 438 miles. Its common |
stock amounts to 100000 and the preferred |
70 S1I037. 364. The total value of its bonds is |
$21 900
Lewis Cass Ledyard. one of the two New
York directors of the Boston and Maine. said |
yesterday afternoon that there was no founda- |
tion for the report that the control of that road
had been secured by the New-York Central |
Neither the New-York Central nor anv interest |
Identified with it owns a dollars worth of Bos- |
ton and Maine stock, he declared.
EXPRESS COMPANY MAY BE IN CONTROL |
Boston, May The feature Of the hearing be,o-. |
the Committee Railroads to-day on the nronosad |
lease OF the Fitchburg Railroad 10 the Boston a,d |
Maine was the attempt of s. J. Elder represent |
ing certain stockholders Of the Massachusetts CO..
tral Railroad, show that the American Ex
press Company a controlling factor IN rba
affairs of the Boston and Maine
The principal witness was Jean p Carver
holder OF 5000 shares OF preferred stock ~ the /
Central Massachusetts and counsel for the road
he said that year ago plan adopted by |