The evening times., 1900-02-06
CASSATT'S GROWING SYSTEM.
A Deal for the Domination OF the
Virginia Line.

4
NEW YORK, Feb. 6.-It is the plan o
! Pennsylvania Railroad interests and their
allies as represented by President A. J.
| Cassatt. to obtain a voice in the manage
menJ of the Norfolk and Western Railway
! This is part OF the general Vanderbilt
| Pennsylvania scheme which has for its OBJ
| ject an alliance of all the railroads of
| the East having seaboard terminals.
whereby the Eastern rate situation will
be so securely held in the hands of the
dominant interests that railroad wars Will
be impossible, no matter what may be
the moves made by the Pennsylvania and
Vanderbilt lines.
There is good authority for the state
ment that the Pennsylvania interests have
been buyers OF Norfolk and Western COM
mon stock in the open market for some
time. They have bought la re blocks OF
1t around s25 per share. Wall street in
terests, however, have become cognizaut
of this demand for the stock. and have re-
Gently forced the price up 10 a higher
level. Yesterday the Pennsylvania CON
tingent apparently raised its figures. and
on spirited buying Norfolk, common, ran
up TO % l-2.
1t was the most active stock in the
market, more than 90 900 shares chang
ing hands. Much OF the selling was by
London houses on orders from abroad.
where large amounts of both the common
and preferred shares. as well as of the
company's bonds, have been held
This scheme OF the Pennsylvania Van
derbilt interests to reach into Southern
and bituminOus coal territory has been
shown by the action of the Cassatt con-
tingent in buying into the Baltimore and
Ohio and Chesapeake and Ohio properties
Large amounts OF the shares OF both OF
these companies were purchased by the
Pennsylvania people, largely in the open
market. They bought persistently. but so
quietly that no one knew what they were
doing until their purchases were COM
pleted.
Already one Pennsylvania Railroad man.
Vice President s. VI. Provost. has gone
into the Baltimore and Ohio directorate.
and another will soon be elected The
Pennsylvania voice will then be powerful
in Baltimore and Ohio affairs Already NJ
E. Ingalls, has resigned the Chesapeake
and Ohio presidency, and George w
Stevens, a Pennsylvania selection, has
been elected 10 that position Several
Pennsylvania men will soon go into that
company's directorate. Another accom-
plishment of the Cassatt contingent was
getting control of the Western New York
and Pennsylvania Railroad
Control of the situation in the PennsyI- |
vania, Baltimore and Ohio and Chesapeake |
and Ohio territory could not be complete
as long as the Norfolk and Western re-
mained al large. The property is practi- |
cally the key of the soft coal situation. |
running through the bituminous sections |
of Ohio. West Virginia, Virginia. and into |
North Carolina. 1t runs from Norfolk and /
Newport News, Va, to Columbus, Ohio.
and has an important branch through the /
Valley, to Hagerstown Md
Il connects with the Pennsylvania at New
port News by boat, from Cape Charles,
Va, again AT Hagerstown, and again at
Columbus. The company, which was re-
in 1896, has outstanding adjust
nent preferred stock to the amount of
23, ,000, GOO, and common stock of $50 000,-
100.