The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-04-04
SAVANNAH GA- WEDNESDAY, APRIL T. 1900
PRESIDENT FINK is PLEASED.
Pennsylvania Purchase of Norfolk
and Western.

New York, April 2.-President Henry
Fink of the Norfolk and Western Rail
road, to-day confirmed the report that
che Pennsylvania system had purchased a
considerable amount of the company
common and preferred stock, although the
total is far from enough to indicate u
change in control.
He said that he was very much pleased
with the interest taken by the Pennsyl-
vania in the Norfolk and Western, and
was confident that the position of the
road and of its securities had been mate
rally strengthened by recent develop
ments.
The newly acquired interest of the Penn
sy.vania in Norfolk and Western, said
Mr.. Fink, has been taken with the same
idea in mind that which in the past
four months has prompted large invest
ments in Baltimore and Ohio and Ches-
apeake and Ohio. In none of these cases
have the purchases been large enough TO
give the acquirer the power 10 dictate
policies, and this has not been desired.
Il has resulted in a change in personnel
in the board of directors in the two last
named roads and when the proper time
arrives. will show in The same way in the
Norfolk and Western board of directors
Under the plan of reorganization of the
Norfolk and Western, the comm1n stock
does not have the same REPRESENTATION as
the preferred and will not until September
of next year Al present the eferred has
the right to elect two-thlrds Of the Dos I'd
of directors For this reason the largest
part of the buying by Pennsylvania Ia til
has been Norfolk and Western preferred.
In talking about the matter to-day Pres
ident Fink said that ii was YET too cary
to indicate the retiring of the members CT
the board of directors and their likely sue
cessors. He added
Thinks 1t is n Good Thing.
Il think that the interest that the Penn
sylvania has taken in the Norfolk and
Western is the hest thing that could have
happened. 1t gives US a strong ally and
the fact that so powerful a corporation as
the Pennsylvania has a direct concern in
our proI erty increases our prestige. The
talk that Pennsylvania has made move
to stop rate cutting is se1seless. We have
for a number of years had very clcsa traf-
tc relations and there have been no dis
putes AS for buying to checkmate some
probable purchase by the Southern Rail
WayI regard that also as having no basis.
l cont think the Southern ever strongly
considered buying the Norfolk and West
ern."
President Fink said that ore great adj
vantage to his road of the Pennsylvania
interest was a relief from the ultimate re-
cessity of extensions from Columbus. O..
ito the lakes and from Hagerstown Md
north through Pennsylvania. Connections
are now made with the Pennsylvania at
roth of these points. He said that the con
tinued requirement Of representation by
large firanc al interests in different rail
road properties was simply an element of
necessity growing out of the law forbid
ding open agreements on rates. In his
opinion the small road is gradually be
coming less influential and must finally
ii present conditions continue. find its
greatest strength as a working part OF
some large system.