New-York tribune., 1907-06-06
NEW HAVEN GETS B. 4 M.
NEW STOCK FOR DEAL.
Report of Purchase, Often Denied,
No1C Officially Confirmed.

STOCK OF the Boston * Maine, thus confirming
the statement made in The Tribune a few weeks
ago that control of the Boston & Maine would
pass into New Haven hands. At that time de-
mails were made by Charles s. Meen, the presi-
dent of the New Haven road and other officers.
Despite these dentals which in Wall Street were
called technical, 1t was known in we'll informed
quarters that negotiations were under way be-
tween the largest interests in the Bo5ton &
Maine and the New Haven management looking
to the acquisition of the first named property by
the latter
In It's application to list its $3OOOOOOO addi-
tional stock on the New York Stock Exchange.
the New Haven road, through it's treasurer, a.
s May, makes the following statement:
This additional stock will be used mainly for
the purpose of acquiring, in this companys in
tercst shares Of stock of the Boston & Maine
Railroad, which, when acquired. will be a treas
~ ~ asset such portion OF the 100000 shares 70
from this company that the same has been
ISSUED for the purpose stated
Transfer of Boston & Maine stock is proceed
ing at a rate that will give the New Haven com
pany in the course Of the next few deys upward
OF 100000 shares, amount large enough 20
place the New Haven in absolute control of the
Boston & Maine. 1t now appears that the
operation has reached the stage where nothing
can upset the deal except adverse legislation by
the Massachusetts Legislature.
MELLEN TELLS OF ADVANTAGES
1t is understood that the president OF the New
Haven has sent a letter TO Governor Guild of
Massachusetts stating in full the position of
the two roads and the attitude Of the New Haven
toward the Boston & Maine. and It is known that
the Massachusetts authorities have been ad-
vised by both companies Of the many prospective
advantages which may follow the change of con-
'rol OF the Boston & Maine. and that among
these is the establishment Of through train ser
vice up the Connecticut Valley through SPRING
field to Vermont and through Springfield to
Maine points also in time subway in Boston
and one large union station, to say nothing of
lower rates and fares.
1t will be recalled that a few weeks ago the
New Haven applied to the local Stock Exchange
TO have listed an additional amount OF stock,
bringing the total up to 30OOO0OO. This was
made necessary by the merger Of the ConsoII-
dated Railway Company and the New England
Navigation with the New Haven road. and with
this additional stock the New Haven holds in its
treasury between $3OOOOOOO and $4,000 900 OF
its own stock which will be available for ex-
change for Boston & Maine securities
The entire capital stock OF the Boston & Maine
is S2S,265.570 common and S3i49 500 per cent
preferred. the New Haven actually has
enough treasury stock 10 exchange for tro entire
capitalization OF the Boston & Maine and tho
minority stockholders OF the Boston & Maine will
be invited at once 20 turn over their holdings.
share for share. for New Haven stock
The stock OF the Boston & Maine secured by
the New Haven was formerly owned IN great
part by Lewis Cass Ledyard. the American Ex-
press Company, the Lawrence estate. OF Boston
and the Charles Pratt estate OF New York The
American Express Company owned 5000 shares
the Lawrence estate 5000 shares and tho
Charles Pratt estate 1900 shares. 1t is under
stood that the New York Central which owns
BIAS shares of the Boston & Maine. is ready TO
sell it's holdings to the New Haven and that I'm
return the New Haven Will not interfere with the
Central in its territory and will make a deal
with the Central by which the latter will come
into control OF the New York Ontario & West |
ern. now owned by tho New Haven. BY leasing
tho Boston & Maine the New Haven would be
compelled 70 secure the sanction of the Legis- |
latures of the states in which the Boston q
Maine operates, and tho management of the |
New Haven and the largest stockholders Of the |
Boston Maine therefore considered an ex-
change OF stock the most feasible plan
BOSTON & MAINE CONNECTIONS.
The Boston & Maine connects with the New
Haven at a number OF New England points |
The change in control will leave but one inde-
pendent railroad in New England-nameIy. the |
Vermont Central With the control OF the |
Boston & Maine in its hands. the New Haven |
will be in stronger position to oppose Charles |
w. Morse's steamboat plans for the water traffic
Of the Eastern States A director of the New
Haven said yesterday:
Negotiations for the control of the Boston & |
Maine by the New Haven have been under way !
for number of months, and enough stock OF |
the first named company has been turned over
TO a successful outcome of the negotia- |
tlons. Stockholders will be invited to exchange |
their Boston & Maine stock for New Haven |
stock share for share, and there Is reason |
suppose they will not accept, with the |
Boston e. Maine In the hands Of the New Haven |
the stock Of the latter will increase In actual !
value The directors of the Boston & Maine |
have favored the plan from the start and the |
largest stock interests in the Boston & Maine |
have agreed to take New Haven shares in re- |
turn for their Boston & Maine holdings. The !
only possible upset the plan lies in the chance
OF politicians preventing the operation on the !
ground that ii will create dangerous monop- |
DIV The roads are not competing lines. One |
is practically an extension of the other. Under
the present money market conditions no i'm |
provements will be undertaken
Charles S. Mellen. president of the New York
New Haven & Hartford will have conference !
with Governor Guild Of Massachusetts to-day |
regarding state opposition to the passing of the
control of the Boston & Maine to the New |
Haven 1t Is understood that some of the pres |
ent directors of the Boston & Maine Will enter
the New Haven board.
Boston, June 5.-Governor Guild sent special |
message to the Legislature to-day in which 1t
was Officially announced that the New York |
New Haven e. Hartford Railroad is acquiring |
control of the Boston & Maine road and urE- |
ing upon the Legislature the Importance OF
enacting new laws before adjournment for the |
nrotection of the state against watering of |