The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1899-07-07
RAILROADS
CONSOLIDATE
New York Central and PennSyI-
yania Form a Pact.
Two Great Systems are now
Practically One-WlI Pool Their
Interests Subordinate Roads
and Lateral Lines to belAcquired
w. X. VanderbiIt's Scheme.

New York, July THE Times this
morning says:
'The New York Central and the Penn
sylvania railroads have entered into a
compact unprecedented in railway histo-
ry. Under it's provisions the two great
properties become, for practical purposes.
one system Not only are cid rivalries
disposed of, but there is a new policy of
actual cooperation.
Again appears the ambitious planning
and the foreeful execution of William X
Vanderbilt. AS the recently rounded out
Boston and Albany deal WAS his, so is
this that is bigger Wall street and all
the railroad world marveled when they
heard President Cassatt of the Pennsyl-
vania was present at the Boston and AL
bany lease meeting of New York Cen
trails directors. Current representation
has had +; rat he was present as an in
cidental guest merely, though some far
fetched theories have suggested that he
was really doing picket service for the
Pennsylvania company, seeing to it that
his corporation was not to be discriminat-
ed against--an idea too grotesque for con-
sideration outside of Wall street.
Cassatt In the Board.
MIR. Cassatt sat with the board of the
New York Central for the reson that
practically he has become a member of
that board. William X. Vanderbilt,
through his direct share holding repre-
er of the Pennsylvania railroad.
This fact has been but little while
known, even to the foremost fnanciers
~ ;.,a
in Pennsylvania affairs. The election OF
a successor to the late Frank Thomson
brought it out with clearness that real
ly was unintended. According to well
recognized official precedent, Vice Presi-
dent Green was entitled to succeed to the
presidency, and so general was anticipa-
ton of that occurrence that Philadelphia
dispatches We're agreed in naming him.
But precedent was put aside. The
directors made canvass along the lines
that were new--a canvass to which they
were invited, having a chance to take
cognizance of where PENNSYLVANIA stock
was held and by whom held. Mr.. Cas-
satt was forthwith chosen, being the can
did8te of William Kissam Vanderbilt.
'Not all SURPRISE, however, was the
discovery of the big Vanderbilt holdings
Of Pennsylvania. Early last year Pres.
ident Thomson learned what the fact
Was and even then there was Official
action which looked to recognition OF
changing iDtePcorperaHoq relations
What then was made clear was that
while European holders of American Sc
cUrities, for half dozen years have been
letting go they found one continual
steady buyer for their Pennsylvania
shares, the same who was the foremost
taker Of New York Central-W. K. Van
derbik.
"The significance, the immediate bear
ings, Of this New York Central-P Pennsyl-
yania deal will show in vQriety of de-
velopments, and one Of the earliest is
likely to. be the acquisition in the joint
interest of number of smaller subordi-
nate RAILROADS. lying between the lines Of
the two systems and having status IN the
past asseontinual chaIlengers OF jealousy
and disturbance-pr properties of the Buff
falo, Rochester and Pittsburg type"