The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-11-18
president CAssATTs MISTAKE.

PHEAIDIlNI AANNAll'S MS ~ II
If what is appearing in the news
papers relative to the affairs OF the
Pennsylvania Railroad are true,
great mistake was made by A. j. Cas-
satt. president of that road, when,
last May, he ordered the poles OF the
Western Union Telegraph Company
along its lines cut down and the wires
removed. Only about six months have
elapsed. and the stock of the Pennsyl-
vania Railroad has fallen lower than
it has been at any previous time in
half a dozen years.
The story is that the Standard Oil
interests led by Mr.. Rockefeller,
have joined George Gould and other
capitalists in a movement to make
Pennsylvania regret the pole-cutting
act. 1t is said that George Gould has
never openly made any threats
against Mr. Cassatt and the Pennsyl-
vania. but his friends say that he will
never be satisfied until he has brought
Mr.. Cassatt to his knees.
And, as the public see the situation
now NldL IluS BGCil ACCOMPLISHED III
that direction? In the first place the
Wabash system win soon be in Pitts
burg, and n little later on will have
an outlet on the seaboard at Balti-
more. 1t will divide the immense
freight that goes out Of Pittsburg
with the Pennsylvania-freigh which
the latter road now monopolizes.
1t is asserted that the Gould-Rock-
efeller syndicate has control of the
New York Central Railway and of
the United States Steel Corporation,
the latter corporation providing more
freight for railroads than any other
one institution in the world. This
freight is now practically controlled
by the Pennsylvania.
With the Wabash system running
through the heart of the coal and
iron region Of Pennsylvania and the
great steel corporation in the hands
of Mr.. Gould and his friends, it is
easy to see that the Pennsylvania
would not be the great road that it is
now.
vi COuISG we uO IAOl ullOGI ltlhC W
say that the things which we have
mapped out have taken place or will
take place. We simply present the sit
uation as 1t is being presented in the
Pittsburg papers, and the statements
made in them seem to be reasonable
and to account for the remarkable
decline in the price of Pennsylvania's
stock. The owners of that stock, see
ing the combination that has been
made against the road, have become
ings on the market. Besides, it is
apparent that If the road loses a big
part of it's business it will find it diff
ficult to pay dividends on it's stock,
especially as the volume of that stock
has been increased about $100, 10000
within the last few months, the money
being obtained for the purpose of
building new terminals In the heart of
the city of New York.
If there was a gilt.edged security
outside of government bonds on the
market the shares Of Pennsylvania
Railroad were thought to be. They
sold at about $40 per share and paid
per cent. per annum. Now they are
selling at about $119 per share. If it
be true that Mr.. Gould is getting even
with Mr.. Cassatt for cutting down the
poles Of the Western Union along the
lines of the Pennsylvania, it will be
agreed that Mr.. Cassatts hostility to
Mr.. Gould and his Wabash system SO
clouded his judgment that he failed
to make an accurate forecast of that
part of the railroad situation in which
the Pennsylvania road was concerned.