New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-24

HARMONY AS A RESULT OF RECENT
TRUNK LINE CONFERENCES.
OF CHESAPEAKE AND OHIO FOLLOWED
BY THE ACQUISITION OF THE
NORFOLK AND WESTERN.

IudlCdJlONS multiply that the recent CONFER
ences and consultations between the representa-
tives Of the great Eastern trunk lines have been
most successful in bringing about thorough
understanding and harmonious relations among
the various railroads. There has never been a
time in the history Of the railroads in the East
when the situation satisfactory II is
to-day. Rates are in a fair state, and where
there is a little raggedness and decentralization
strong hands work to repair the defect
1t is known that several large mergers
under way and that soon two or three transac-
tions will be announced which will be OF wide
spread Importance.
The dominant factors in the Eastern territory
to-day are the New-York Central and the Penn
sylvania. They working together in the ut
most harmony, and whenever any differences
arise they are left TO arbitration and
ally settled quickly efficiently and satisfactorily
recent instance Of this was in the acquisition
Of the Chesapeake and Ohio by the Pennsylvania
and the New-York Central interests jointly. The
Chesapeake and Ohio always a rate cutter and
a disturber of traffic became so intolerable in
its policy of slashing schedules and breaking
traffic agreements that something was mpera-
tive 10 effect a remedy. The road had always
been a sort of nondescript affair. and the owner
ship supposed 10 be in the hands OF the
Vanderbilts and the Morgan interests. or asso-
ciates of this combination. For the Pennsylva-
MIA start out 10 purchase the road or Itself
would have aroused the keen interest and posi-
bly, the antagonism of the New-York Central
AIr, Galloway, president of the New-YOrk Cen
tral. and Mr.. Cassatt, president of the Pennsyl-
vania, went over plans together as a result OF
which the roads jointly bought a majority Of
the stock of the Chesapeake and Ohio. NJ Il.
ingalls, deposed the president and e. w
Stevens elected in his place. There was plan
for the Pennsylvania and the New-YOrk Central
each to send representatives into the Board, but
this was abandoned. The road is now being op-
Grated under the joint supervision Of the New
York Central and the Pennsylvania, and for
time TO come Will "be good
ACQUISITION OF NORFOLK AND WEST
ERN
It was learned yesterday that the same policy
followed in the acquisition OF the Chesapeake and
Ohio has been followed in the purchase Of the
stock Of the Norfolk and Western. This road,
desirable property in point Of connections and
possibilities TO both the New-York Central and
the Pennsylvania, has been quietly absorbed by
these great interests and it is said that every
thing is ready for the formal announcement of
the change of control except few minor de-
tails which remain 10 be settled. The stock of
the Norfolk and Western, which is widely scat
tered. much Of it being held abroad, has been
steadily going up within the last few weeks,
and there have been heavy purchases upon an
advancing market. The control Of the property
is vested in the preferred stock, to which on
the reorganization of the property in 1896 was
given the right to elect two thirds of the Board
of Directors each year for the five years ending
on September "a 1901 unless meanwhile the
full yearly dividend should be paid the pre-
ferred stock for three years; and it is believed
that before the expiration Of the five year period
1t will be found that the VanderbiltPennsyl-
vania combination is in control
The outstanding common stock OF the Nor
folk and Western Railway Company is S64-
40 400 and of its preferred stock 500. .T42 900
is outstanding. on which nOn-cumulative divi-
dends OF 1 per cent year are paid. Norfolk
and Western common closed yesterday in the
stock market at 377s. a net gain for the day
of u per cent on total transactions of about
30, 900 shares. and the preferred closed at TT1a.
Advices from Boston to the effect that in
that city it is believed that Pennsylvania Rail
road interests have already secured control in
the Norfolk and Western, and that Pennsyl-
vania representative will be placed the
Norfolk and Western Board.
President Fink Of the Norfolk and Western
quoted yesterday saying that he knew
OF no foundation for such a report, adding:
The same reasons which led TO that conpany's
purchases of the Baltimore and Ohio and Chesa-
peake and Ohio do not exist in the case OF the
in the traffic field and We're great rate cutters We
rates and the policy OF the company could not be
more conservative if II were controlled by that
company.
Nevertheless with the stock Of Norfolk and
Western as widely distributed II is added
to the fact of the recent heavy buying il is not
unreasonable 70 suppose that a purpose is be
ing carried into execution to bring the Norfolk
and Western into line with the East and West
roads which roughly speaking il may be said
10 parallel. the Baltimore and Ohio and the
Chesapeake and Ohio. in passing under the in
fuence of the Pennsylvania further step
in the development OF the policy of rail-
way harmonzation which was settled upon last
year by the Penn Jlvania and the NewYOrk
Central.
Recently. too, there has been much talk about
the Southern Railway This great property,
which is controlled by ]. Pierpont Morgan and
his associates, is being developed in a salts
factory way. and is being eyed with a great
deal of interest by the Vanderbilt -PennsyIva-
nia-Baltimore and Ohio combination. It is
ported that this property will pass into
merged into the Pennsylvania Will at least be
operated under the control and supervision OF
that corporation
SITUATION IN NEW W-ENGLAND.
The situation in New England has been out
lined previously in The Tribune. The New
York Central when II gets the Boston and Al
bany. which lease has already been undertaken
viii have the line terminals and traffic facilities
into New England which II wants. The Fitch
burg a OF an underlined factor in New
England. has now been taken under the wing
of the Boston and Maine by lease. 1t is only
q matter OF time, wise railroad men say
when the Vanderbilts will get control of the
Boston and Maine. This road now owns the
Maine Central. and has just arranged 10 take
over the FitChburg. This will give the Wander
bt interests the entire New England terri
tory outside of that controlled by the New
York, New Haven and Hartford. II is be-