The daily morning journal and courier., 1900-01-25
LEASE OF FIICHBURG ROAD
GOVERNOR CRANE AND COUNCIL OF
 MASSACHUSETTS ACT.
Willing to Sell the statc's 5O,OoO shares of Common Stock to the Boston and Maine Rond Provided the eg.slnture Approves-The Financial Conditions Par 10 be Obtained for the Stock.

Boston, Jan. 24.-The legislature will
 ing, within the next six weeks the
 Fitchburg railroad, one of the great
 transportation lines of New England,
 which for over twenty-five years has
 been practically under the control of
 the commonwealth of Massachusetts,
 will become a part of the Boston and
 Maine railroad and will if the hopes
 and desires of Governor Crane and his council, who to-day sanctioned the transfer, are fulfilled, prove of the greatest benefit to the city and port of | Boston, as well aS to the state itself. The action of the governor and council | to-day was somewhat unexpected in view of their refusal only week ago to express any view whatever on pro- posed lease between the two great prop critics and of the action of the state di- rectors against such lease. A sub>, stantial offer, however, was made to-
 day to the governor for the 50,00o shares of the common stock of the road, which the state has held as se- curity for the cash advanced in the building of the road, and after con- sultation the governor consented to sell the stock and take in payment $5,0O0,0OO in per cent. fifty-year gold bonds Of the Boston and Maine railroad. As provision. however, the governor stipu- lated that the legislature must approve of this sale and the subsequent lease. The vote of the executive council was as follows:
 Voted, That the proposition of the Boston and Maine Railroad company this day submitted to the council for the purchase by the railroad corporation of the outstanding common stock of the Fitchburg Railroad company now held by the commonwealth, be, and the same is, hereby accepted, subject to the conditions set forth therein to wit That the lease of the property of the Fitchburg company as proposed be ratified by the legislature during it's present session and that such sale of the common stock be also ratified by the legislature during It's present ses- sion.
 In brief, the state trustees backed by the governor and council, have succeeded in obtaining par for stock which, only week ago was quoted at 30 and have substituted for a on-dividend paying security, bonds paying yearly interest of per cent Whether the governor and council had the right to make such a transaction in view of the act of 1893, remains for the legislature to say. and tonight it is generally conceded that the move was good one and that the action of to-day will be ratified by the general court.
 Comment at the state house this af- ternoon after the governors action was known seemed to indicate that the ratification of the sale and the lease would not be mado without opposition It is known that the New York Central not long time ago attempted to obtain control of the Fitchburg road and 1t was intimated to-day that the Boston and Albany interests might oppose the Fitchburg, Boston and Maine lease
 statement by President TuttIe.
 President Futile of the Boston and Maine railroad issued a statement to- night giving clear history of the ori- gin and result of the offer of the state The feature of this statement is the Boston and Maine's offer of the same terms to the minority holders of the common stock of the Fitchburg road, and the belief that the proposed lease will enable the F'itchburg to pay per cent. dividends on the preferred stock