New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-08-02
P. R. R. ENTERS NORFOLK
TO BUY THE n. T., p. 6 n.
U7M Pay IS in Bonds for Each 81
IN Stock for Cdssatt Road.

this iine by giving So in bonds for each 81 III
stock expired Saturday, and mas oeen q
cepted with practical unanimity oy the ~
holders This road extends from DeiIilai' oi r
state line OF Delaware and Maryland down ',e
bactbone of the peninsula between the Atiaii0e
1900 5-,,ssaneake Bay 70 the town of Cape
,-t,s~,es Va From there freight cars are car
,sed nv barge to Norfolk. where connexions
ara made with the Norfolk & Southern NorioiA
& western. Atlantic Coast Line, chesapeake
ohio southern Seaboard Air Line ana virgin
ian Railway a..
Including the thirty-six miles OF FERRY the
New York Philadelphia & Norfolk Raliroao Is
-, 2 miles in length yet with an un-
so,a-ee6 mileage its gross earnings grew from
s3I314s in 1885. the first year OF its operation,
10 So ISL 149 in 1907. an increase OF over l'ooo
mar cent There were many lean years, however
and even ten years ago the stock might nave
,ee, purchased at 80 cents on the dollar FOR
several years this company has paio oi'ioeiu
of II per cent, and in 1906 declared STOCK
-, % % Der cent The fact that it has be-
cor,e an profitable is due to the foresight OF the
late A 7 Cassatt It TO the New YORK
Phiadelphia & Norfolk Railroad that MT CAS-
saft actively devoted his great powers Oh raii-
road management in the period between 1851
and 1898 when his connection with the fehh-
svivania Railroad was only that OF director
subsequently a contract was made which gave
favorable terms thus preventing any one else
from getting hold OF the property
Mr. Cassatt developed the road. put his own
money into it and made il pay When ne pc
came president Of the Pennsylvania Railroad ne
resigned the presidency Of the small company
but lest there might be criticism he refused IN
his lifetime 10 allow the Pennsylvania to pur-
chase what had become q natural tributary IL
the Pennsylvania system
The principal ownership Of the New YORK.
Philadelphia & Norfolk Railroad has accord
ingiy. since Mr. Cassatt's death, been vested in
the Cassatt estate. Aside from j. g. Cassat1
and r. X Cassatt. who have represented the
interests Of the majority stockholders, the otner
directors Of the company have been w A Pat
ton C A. Griscom. Rudolph Ellis, john Lloyd
and Henry ". Biddle.
The purchase Of this line will signify the entry
OF Pennsylvania rails into the city OF Norfolk.V
thus marking the actual contamination OF a plan
long attempted-to provide continuous trans
r,ortation under the same management between
PHILADELPHIA and Norfolk This too, will give
the Pennsylvania Railroad an alternative low
grade route between the North and South TAX
ing Wilmington as a common point. the distance
10 Norfolk by the Cape Charles route, including
the ferry, is DDS miles: TO Richmond, the most
important Southern gateway via Washington, II
IS 224 miles The New York, Philadelphia 81
Norfolk Railroad is laid with Sj-pound rails,
and on the main line between Dernar and Cape
Charles there is tangent forty-two miles
long About 81 per cent OF the total line is alb
solutely straight. Though this road is at pres
ent of a single track il has more than seventy
miles of sidngs, and so rapid is the natural
growth of business that it will be necessary TO
double track the main line within few years.
William l. Scott of Erie Penn who was the
original prepayment of the scheme to build this
Il Ike II,
and accordingly preached the plan to Mr. Cas-
satt who Immediately became enthusiastic His
enthusiasm was intensified by a journey made in
person through the sixty-fve miles of virgin
forest land which It was proposed the new line
of railroad should penetrate Mr. Cassatt recon-
rnended TO the Pennsylvania Railroad that II
build the line. George 3. Roberts the president
of the Pennsylvania al that time, however did
not share Mr.. Cassatfs enthusiasm. ana the
proposition was declined.
In spite OF great difficulties of obtaining traffic
from the hard and fast combination which
listed the New York Philadelphia & Norfolk
Railroad has been gradually making its way. The
conditions up TO 1899 were exceedingly onerous
About the time friendly relations had been es-
tablished with the lines into Norfolk the hard
times Of 1898 came on, and the road was in diff
fculties- In 1888 Mr.. Cassatt determined upon
2 reorganization and an assessment made
and the interest on the first mortgage bonds
was scaled from TO per cent He determined,
too to enter upon line of heroic improvements
TO be able all the better TO handle the traffic
which he felt sure had only been delayed in ar
irving
The roads entering Norfolk had up to that
time been much at loggerheads, but this plan
that they should pull together on behalf of the
new line struck the popular chord The dip
lomatic solution Of that question has resulted
in harmonious relations having been maintained
BY all those roads since. The Belt Line.
built by Mr.. Cassatt. oSnnecting Port Norfolk
with all the lines entering Norfolk is now owned
Jointly by the New York. Philadelphia & Nor
folk Atlantic Coast Line Chesapeake & Ohio.
Southern Seaboard Air Line. Norfolk N South
ern and the Norfolk & Western railroads. The
virginian Railway which is being built into
Norfolk by H H. Rogers. has also been ac-
corded equal facilities (and when it is opened
for traffic VIII doubtless be admitted into equal
Joint ownership. The Belt Line gives access
INTERCHANGEABLE for traffic TO all lines at Nor
folk and in addition there are fifty in
dustriaI establishments located on its rails The
railroad is some seven and one-half miles long
and about one-third of it is double track
This railroad has developed the fastest freight
line in this country, and probably In the world
A regular scheduled train leaves New York at
= O'Clock in the evening and makes deliveries at
Norfolk early next morning
Forty per cent Of the total revenue of the
New York Philadelphia & Norfolk road is de-
rived from traffic originating in the territory
Immediately tributary TO II. So important mas
This DEVELOPMENT become that several years ago
she COMPANY chartered line to extend
from the town OF Cape Charles for eleven and
Gam Point,