The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-10
Cassatt Succeeds Thomson.

At a special meeting OF the board of direc-
tors OF the Pennsylvania Railroad held in
Philadelphia yesterday. A. ]. Cassatt, Of
that city, was elected president to succeed
the late Frank Thomson. James McCrea,
Of Pittsburg. first vice president of the
company. was chosen a member of the
board OF directors TO fill the vacancy Gre
ated by Mr.. Cassatt's election to the pres
idency. Mr.. Cassatt's election caused a
surprise in railroad and financial circles. as
II had been generally anticipated that First
vice President Green or one Of the other
vice presidents would secure the honor. The
board or directors, however, was unan-
imously or the opinion that the emergency
caused by the sudden death of Mr.. Thomson
could pest De met by Mr.. CasSatt, and tina I
gentleman, after some hesitation, concluded
10 accept the responsibility: The election
gao 20 airecsorship Of James McCrea, who has
charge OF the lines west of Pittsburg
brings to the board a strong railroad man
90 take the place of Mr.. Cassatt in that
Mr.. Cassatt, like Mr.. Thomson has been
connected with the company since his boy
MOOD, and has thorough knowledge of the
ROAD ana It's resources and business In 1882
ne rssIgnea as nrst vice president of the
company, out was subsequently induced to
become director, and since then he mas
OF the company, occupying in fact. the no.
sltlon OF managing director So that In
view on this fact. Mr.. Cassatt is no stranger
70 the dutleS that he will be called on to
perform In his new position Mr.. Cassaft
is perhaps the best known railroad man in
leader in trunk-line Councils He is sixtv
years OF age. and commenced his railroad
career IN 1901 as rodman on the Philatiel-
phia division of the Pennsylvania lines He
remained IN the construction department.
until 1866, when he was appointed sunerin
tendent OF motive power of the Pennsy.-
superintendent of the road. and i'm MA wa
made general manager of the PENNSYLVANIA
th res east OF Erie and Pittsburg; later held
the position OF vice president OF the North
ern Central, then the Pennsylvania road
or late years he has given less attention
TO railroad matters, but is considered an
unusually able official. prominent rail
read official says that at no time in the
history of the Pennsylvania road has it's
ent. 1t Ia well known that in the mast
pennsylvania stock and securities have been
largely held in Philadelphia. There have
or two that New York was endeavorine to
gain control OF the property. but this move
0rent has not succeeded The feature that
appealed to Wall street most forciblv wa
this: Here was road that in its opiniou
vas skinning It's stockholders: the man
ayers or the property were held to be guilty
OF the heinous crime of earning more than
Il was worth, which Is against Wall streets
policy. consequently the death of President
thomson creates new interest In the fu-
ture Of the road. No one has claimed that
he mismanaged the property: on the con-
trary. he was instrumental in making 1t IN.
best railroad system In the country as far
as physical perfection is concerned and its
ar ancial condition Is evident by a profit
and loss surplus OF So, 9SS on Dec. 81.
last. Those opposed 10 the policy which has
been pursued In the past which was to pay
not over per cent. dividends and to put
all surplus earnings back In the property
covering them UP far as possible 40 a
TO show little more than the dividend
earned. now hope that through the change
OF the presidency dividends will be in
creased As the stockholders own the prop
erty and the money was unquestionably
erent for the Improvement of the same.
why the diversion is not proper and for the
interest or the owners of the property is
not altogether clear"