The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-07-08
Big R. R. COMBINE,
Between the n. Y.
Central and Penn
sylvania.
ALL OUT FOR HARMONY.
w. R. Vanderbilt's Strong
Hand Is Shown
Again.
ALL OUT FOR HARMONY.

sylvania railroads have entered into a
compact unprecedented in railway his
tory. Under its provisions the two great
properties become, for practical pur-
poses, one system. Not only are old
rivalries disposed. of, but there is a new
policy of actual cooperation.
Again appears the ambitious plan
ming and the forceful execution of VIM
K. Vanderbilt. AS the recently rounded
out Boston & Albany deal was his, so
Is this that is bigger. Wall street and
all the railroad world marvelled when
they heard President Cassatt of Penn
sylvania was present at the Boston &
Albany lease meeting of New York
Central directors.
Mr.. Cassatt was there for the reason
that practically he has become mem
Der of that board. William K. Wander
Dit, through his direct shareholding
representatives, is today the largest
stoekholder of the Pennsylvania rail-
road.
This fact has been but a little while
known, even to the foremost financiers
who have long held controlling influence
in Pennsylvania affairs. The election Of
q SuSSSSSOT 10 the late FRANK thomson
brought it out with q elearnesS that
really was unattended Mr. Cassatt was
chosen as the candidate of William Kis-
sam Vanderbilt
Not ali q surprise, however, was the
+ discovery of the big Vanderbilt hold
ings of Pennsylvania. Early last year
President Thomson learned what the
fact was; and even then, there was Off
cial action which looked to recognition
of changing Incorporation relations.
What then was made clear was that
while European holders of American
securities for half a dozen years have
been listing 80, they found one con-
tinual steady buyer for their Pennsyl-
vania shares-the same who was the
foremost taken of New York Central
w. K. Vanderbilt
Recognition of what are the actual
tiles in this new railroad spectre dis
poses of the speculation as to compe-
tition for the control of the New York
New Haven & Hartford system. j. P.
Morgan and the Messrs. Rockefeller
hold it now, and the Vanderbilt inter
ests are the only probable bidders for
II, wherefore it is likely for some time
to continue an independent property.
It is not beyond the range of things
practical. however, that there will be
changes in the administrative person
mel of the corporation. Boston & Maine
may even be absorbed, and Lucius Tut
tie, president of that company, put at
the head of the New Haven system, Of
which he was formerly operating vice
president. Under any circumstances
there will be neither rivalry nor clash
between New York Central and Penn
sylvania over New Haven control.
AS to the Fitchburg, the Vanderbilts
already have that in so far as they
immediately require.
If ic ha nA Iol al; hot
mediate effect of the new working ar
fangements between the New York
Central and the Pennsylvania will be
extraordinary increases in the net rev.
enues of both properties Cheapening
competition will disappear. Rate cut
ting will cease.
The one fact bound most to impress
Wall street. and please investors, is the
certainty of bigger dividends.
Boston, July with regard to the
story from New York that probable
changes in railroad management,
growing out of the absorption of the
Boston and Albany by the New York
CENTRAL might include the retirement
of Lucius Tuttle from the presidency
Of the Boston and Maine, to become the
head of the operating system of the
New York, New Haven and Hartford
It Is possible to say upon authority
that likelihood of such change-or
any other change in Mr.. Tuttles posi-
ton, in fact-has for some time been
discounted in this city.
One of the most influential of the
Boston and Maine directors was seen
today and affirmed this view of the
case with earnestness:
Mr.. futile would be foolish to leave
the Boston and Maine" he said, land
Mr.. futile is no fool When I first
heard Of the 1naSe Of ha no
confess that | was little alarmed, as
did not know what it might mean,
but since then I have been permitted
to become more or less familiar with
the terms of the lease, and l assure you
that not only the Boston and Maine,
but the merchants of Boston as such
Will have every reason to feel pleased
when the propositions indicated in the
present draft become known The
New York Central has no intention OF
acquiring the Boston and Maine. 1t
does not want 1t, and 1t would be diff
ficult to secure it If it did. There is, of
course, no telling what an offer of I'M
limited money might do with our
stockholders, but that offer has not
been made and will not be- The
stock moreover, is widely scattered, al
though there are some large holdings,
and It would not be easy to get 1t to-
gether."
10 any 0lhltully III the rdLlIlCaLlOn OF
the Boston and Albany lease expect
ed?"
i am not stakeholder of the Bos-
ton and Albany, and ! do not know. l
should think, however, that the lease
presents advantages which the stock
holders will recognize. Eight per cent
now Is as good as twelve per cent was
ten years ago, and as good as ten per
cent was five years ago."
What does the Boston and Maine
want or expect under the new arrange
ment?"
"Only, as we have already stated. a
comfortable traffic arrangement such
as we enjoy now. We anticipate moth
ing but good to come to the road and
to New England from the Vanderbilt
control"
How do you place the New Haven
In the present circumstances"
II should think that the officials of
the New Haven in the future would be
upon their very good behavior, to, saw
the least. The Vanderbllts have moth
ing to ask Of the New Haven and as
they control the New Ravens entrance
to New York and are in a position to do
a number of things which could in
crease competition with the New Ha-
ven, 1t Is only reasonable to expect that
the New Haven win be very wary how
itfruns counter to the will Of the Van
derbilts."
- N