The Portland daily press., 1900-01-25
Governor and Council
Approve.
Only Remains for Legislature to
Act.

Boston, January 2i.-The Legislature
willing, within the next si1 months, the
Fitohburg railroad, one of this great
transportation lines Of New England,
which for over twenty live years has been
practically under the control of the Com
monwsnith Of Massachusetts, will become
a part Of the Boston IL Maine railroad,
and will, II the hopes and desires OF Gov.
Crane and his council, who today sane
toned the transfer, are fulfilled prove Of
the greatest benefit to the city and port
Of Boston as we'll as to the state itself.
The action Of the governor and council
today was somewhat unexpected In view
o Ct cir refusal only week ago to ex-
press any view whatever on Q proposed
lease between the two gr.s1s propsittss
and Of the action OF the state directors
against such lease. A suits tantial ofier.
however. was made today to the governor
Of the road which the state has held as
security for the cash advanced In the
building Of the familiar Hoosac tunnel,
and after consulting and obtaining the
approval Of tbs council, the governor CON-
sentei 10 sell the stock and take in pay
ment 81, 200, 000 In three psr cent fifty
year gold bonds Of the Boston and Maine
railroad. Asa proviso, however, the
governor stipulated that the Legislature
must approve Of this sale and the subse-'
quent lease. The vote Of the executive
council was IS follows:
Voted, that the proposition Of the Bos-
ton and Maine railroad company this day
submitted to the council for the purchase
by the railroad corporation Of the out
standing common stook Of the Fitohburg
railroad company now held By the com-
monwealth, he. and the same is, hereby
accepted, subject to the conditions set
forth therein, to wit: That the leass Of
the property Of the Fltchburg Railroad
company, as proposed be ratified By the
legislature during its present session, and
that such sale Of this common stock be al
SO ratified by the Legislature during Its
present session.
In view of the proposed lease Of the
Boston and Albany to the New York
Central, which Ia also before the legisla-
turs for approval, the action OF the
nor and council today is generally
regarded as shrewd business move. al
though there is some doubt II the selling
Of the stock is not contrary to the act Of
The legislature passed seven years ago,
which contemplated keeping the stock In
the possession Of the Commonwealth; and
not giving 1t up to rival road. Under
the act of 1898 the stock and bonds Of the
read are put "undsr the direction and
control Of q committee consisting Of the
governor, Lieut.. governor, treasurer and
reosiving general, who shall in all cases
wherein said securities have voting
power ut any meeting Of said corporation
dstsrinine by whom and what way suoh
voting power shall be exercised. Said
commi ttee shall manage and control the
common stock herein referred to for the
best interests Of the Commonwealth and
Of the city OF Boston, and particularly
with q view TO preventing the merging or
consolidation of aid railroad with. or It's
control by any parallel line and to man.
tain the lire of the said company perma-
nsntly as an independent line from Bos-
ton to points In New York state"
The evident intent Of this legislation
was to prevent just such disposition Of
the securities as the governor sanctioned
today. How the legislature will view IL
remains to be seen.
In brisf. the state trustees backed by
the governor and council have succeeded
in obtaining par for stock, which. only
wssksRo wss quoted At thirty and have
substfsut cd for non dividend paying Sc
curity, bonds payi- 6 yearly interest Of
three per cent.
A gentle nan very close to the governor
s.id after the mestiug that His Excsllen :.
ey does not believe that the state should
bs In the railroad business. That 1t Is no