The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-12-29

greater than has ever been oficiaIly dis
On the cauisition Of the Long IslandMr.
Cassatt began perfeoting his plans for the
connection OF the Pennsylvania, the New
Haven and the Long Island by tunnels
under the East River, The plans called
for a tremendous expenditure OF money, the
greatest ever undertaken by n railroad,
but Mr.. Cassatt persuaded his directors
and the bankers hat il was we'll worth the
cost, n while expenditures have far eN-
seeded estimates, Increased proceeds as a
result OF other improvements OF the road
have kept the company's credit high and
enabled 10 20 borrow large sums. This
year there have been hoated two loans OF
$50 .OOO;OO0 each, one in this city, the other
in Paris.
In addition to the amounts raised by
these loans Mr.. Cassatt within the last
four months raised large sums by the sale
of a large part Of the company's holdings
of Baltimore and Ohio, Chesapeake
Ohio and Norfolk and Western stock. Be
fore the sale Of these securities the COM
pany held stock in other companies to the
market value Of 1881 900 600. These Sc
curities cost the company but $3.50 GOO, 900,
and the dividend return has increased
greatly since they were acquired. The COM
pany Is accordingly able to pay a consider
able portion of the expense OF the improve
ments from the profit on wise investments
made for it by its president.
At the same time that he was advancing
the work on the New York terminal and
the North and East river n Mr.. Cas-
satt was purchasing new equipment in
large quantities and in every other way in
creasinR the facilities OF the road. He be-
lieved the increase in business to follow
the completion OF the New York terminal
would require six tracks from New York
TO Pittsburg and planned to have these
laid by the time of the completion OF the
work in this city. A large part Of the addi-
IL was Mr.. Cassatt's fixed idea that the
completion Of all these improvements
would put the Pennsylvania in an impreg-
nable position for years to come. There
have been many who were sceptical over
the return from the investment, but most
railroad men, now that the completion Of
the work seems in sight, grant the wisdom
OF the plans. On one point all agree Mr..
Cassatts seven years as president OF the
road rave marked the greatest increase in
gross earnings and the formulation and
prosecution of the most progressive and
most costly plans in the history of railroad
ing. In fact. il was said, there has never
been a business expansion Of any kind
in the last seven years. Everywhere yes
terday there were expressions Of regret
that Mr.. Caseatt could not have live TO
witness the completion Of his life work,
Mr.. Cassatt went abroad in the early
ummer, intending to a a long vacation.
Hardly had he reached the other side be-
fore the disclosures of grating on the
part of sub~ordinates came out in the course
! of an Interstate Commerce Commission
investigation. Mr.. Cassatt returned TO
make a personal investigation. His on
troll of the road seemed endangered, but
since his return no protest appears to have
been made against his management.
Mr.. Cassatt's fortune Is estimated at
between $50 900, 900 and 500, 900, 900. Be-
sides his stock farm at Berwyn, always a
f~avorite place, he owned a large country
place, Cheswold, at Haverford.
Mr.. Cassatt was descended from an
ancient French line, although his direct
ancestors had lived in this country for
generations. He married Lois Buchanan,
a niece Of President Buchanan. They
had four children. The eldest is Major
Edward Buchanan Cassatt, an attache
OF the American Embassy at London He
married Emily Phillips, daughter OF Mrs.
A. Fullerton Phillips, who divorced him
two years ago She then married George
K. Batcheller OF New York.
Robert Kelso Cassatt, the second son,
is a prosperous banker. He married Minnie
Drexel Fell, daughter of Mrs. Alexander
Van Rensselaer,. They have one child,
Robert X. Cassatt, Jr.
Miss Elsie Cassatt married W. Plunkett
Stewart, formerly of Baltimore. They
now live in Philadelphia.
The fourth child was Miss Catharins
Cassatt, who married DIR. James Hutchin-
son. She died last year.
Mr.. Cassatt's sister, Mary Cassatt, lives in
Paris. She is an artist of note and her WORK
has attracted much hotice at exhibitions.