The Providence news. (Providence [R.I.]) 1891-1906, 1900-05-08
DEAL MADE SOME TIME AGO,
Roads Rspurtei Absorbed Are Boston AMI
Maine and Maine Central
THE vANDERBnTS HAVE THE STOCK.
Obtained the Nucleus Of Conrong lnlsrss! In
The Bos on and Maine foad BY Acquiring
Shares Of American Express Company.

Shares Of American Express Company.
Boston. May S.-The statement is
made here and is persistent that con-
troll Of the Boston and Maine and the
Maine Central properties has passed
into the hands of New York Central
interests. 1t is declared. and the re-
ports come from official circles, that
the acquisition of these propert es by
the New York Central interests was
effected some time ago, but that for
various reasons there was no inten-
tion OF making formal announcement
OF the change in control or making any
change in the management There are
other matters, SO [ is said, 10 be dis
posed of before the reorganization OF
the Boston and Maine and union with
the New York Central is brought
about.
As was told at the time the New
York Central undertook the lease OF
the Boston and Albany. overtures were
made for a 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 me IL was discovered that
under the state law the Fitchburg
road. large block OF the stock being
owned by the state. could not be leased
to a corporation chartered in another
state. So all negotiations were discon-
tinued. The scheme of the Vanderbilt
interests at the time of the lease OF the
Boston and Albany contemplated a
consolidation OF all New England rail.
road properties.
A WAY WAS FOIIND
The stumbling block encountered in
the Fitciburg was 70: the time being
disco lcerting, but way was found
around II. 1t. was lecidc.. tha- the
best way to surmount this difficulty
would be to lease the property to the
Boston and Name and steps were taxi
en- TO bring this about. Some OF those
who saw the trend of affairs, accord
ing to 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. DIR. w. Seward Webb. sup
posedly part OF the Vanderbilt inter-
est, opposed the lease, and this was
confusing for a time until 1t was dis
covered that DIR. Webb wanted the
Fitchburg as part of the through rail
and water route from Boston to Chca-
90 and the Northwest. which he
planned, with the Rutland road as the
main part.
Previous to the Boston and Maine un-
dertaking the lease of the Fitchburg
road. the Vanderbilts quietly secured
control of the former property and ac-
cording to statements from trustworthy
sources New York Central interests
today are in a position TO determine
4. 81 -. n1
jority of the stock whenever the time
comes 20 do so. On .he 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 inclin-
ed to 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 an
nouncement of the change in control OF
the Boston and Maine system.
N. Y. cENTRAL'S CONTROL.
With the ownership of the Boston
and Maine the New York Central in
terests will be In control OF all the rail
road properties In New England 80 iIn-
portance except the New York, New
Haven and Hartfori, but the lattcr Il
practically a Vanderbtt-Ne Yorl
Central property now owing 20 tht
holdings OF William Rockefeller. j. p
Morgan and the Vanderbilts. This com
bination controls the property terri
tory and IL IL Is thought advisable a
any time 20 merge IL into the Central 4
will be done. but just at present there
IS a general disposition 10 operate IL in
dependently. although as Mr.. Morgan
Mr.. Rockefeller and the Vanderbllts ar,
dominant in the New York Central al
well as the New Haven the two proper
ties may be regarded as PRACTICAL,
under the same ownership and bound 4
operate I'm harmony.
II is said that the Vanderbilt inter
ests secured the nucleus or the con
trolling stock I'm the Boston and MAINE
by acquiring the large block held o!
the American Express company. Is!
additions through purchase in the oper
market and private sale majort,
was secured and now the New Yor'
Central is simply waiting for the tim'
60 come when II will be deemed prope
70 announce the change in control.
BOSTON AND MAINE LINES.
The Boston and Maine Railroad com
pany operates Ines Of a total length o
i771 miles It's main lines are Bostoi
20 Portland. Me-. l16 miles: Boston Y
Junction, Me. to North Conway. N. III,
70 miles Its branches aggregate ~
miles I'm Length and its leased lines l3i
miles. Among the leased lines are tn
Boston and Lowell and Its branches. 9
miles; s'he Connecticut and PasSunpsI
River. 110 miles. and the Concord an
Montreal and its branches. 30 miles
The Boston and Maine also owns con
sroi OF the Maine Central. operating 50
miles of line In the state ~ Maine. ans
the 81. Johnsbury and Lake Champlain
131 miles. The outstanding capita
stock OF the Boston and Maine Rail
road company. common and preferred
S25.052. 7zs. and Its bonds aggregate $2l,
e22.13< face value.
The Fitchburg Railroad company op
crates a Nne from Bost0n 20 Troy. ~
miles. with branches and leased lines
bringing the total length of the svsten
90 ass miles. It's common stock amount
90 S7.o000oo and the preferred 90 s17.
o37, ,3sl The total value OF It's bond
IL 32f e6s.co0.
49,. r<.g-orI ox- 81 he t..,