The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1912-10-01
New News
of Yesterday
THE FORESIGHT THAT THE
V~ANDERBILTS LACKED.

HotluS sdIlOcI uflt, III 1ooo, A~1cAdUuc1
J. Cassatt. the new president Of the
Pennsylvania railroad company, cali
ed upon Mr.. Vanderbilt at the Offices
company in the Grand Central Sta
ton in New York. The call was
made by appointment and at the re-
quest OF President Cassatt.
After a courteous, even friendly,
meeting Mr.. Cassatt suddenly said:
Mr.. Vanderbilt, I called upon you
this afternoon for the purpose of say
ing to you that we have secured an
option upon all Of the Long Island.
railroad properties which were pos
sessed by Austin Corbin at the time Of
his DEATH"
Mr.. Vanderbilt was greatly aston
shed at this announcement. In fact,
nc frankly said to President Cassatt:
Il suppose, when you say We you
mean the Pennsylvania railroad COM
pany?"
"Of coarse; hat is what I mean,'
Mr.. Cassatt replied.
Il must confess said Mr.. Wander
bilt after a moments thought that
I cannot understand what the Penn
syivania wants of those railroads over
on Long Island. I know what Austin
Corbin wanted. He thought he could
build up a railway system on Long
Island and create an ocean port at
Montauk Point from which he could
operate European steamships. He
also contemplated the building Of a
tunnel under the Hudson river which
would connect the Long Island rail-
road with the trunk lines terminals
at Jersey City.
Yes. that was Mr.. Corbin's pur-
pose President Cassatt quietly re-
piled.
II can understand MI. Corbin's
motives" continued Mr.. Vanderbilt,
but what does the PENNSYLVANIA
railroad propose to do with the Long
Island railroad? 1t certainly cannot
think Of that property as an invest
ment, tor it will be a good while be-
fore 1t is a good investment proper
ty."
President Cassat ignored these feel
and which were inspired by sincere
curiosity. Instead, he said:
Mr.. Vanderbilt, | have come to see
you Tor the purpose of Offering you
a one-half interest in this option. If
you care to take it up I will say to
you that h Pennsylvania railroad
is ready to the New York Central
buy upon equal terms the entire Long
Island railroad property
II don't see what the New York
Central could do with a Long Island
railroad property" Mr.. Vanderbilt re-
| piled.
We'll. of course. that is for YOU to
determine,' said President Cassatt.
But we felt that it would be unfair
to you for thu Pennsylvania to take
over the Long Island railroad oper
ty without notifying o Of our pur-
pose and offering you the opportunity
TO join with US in the purchase. The
oner IS made in absolute good faith,
MIR. Vanderbilt
In reply Mr.. Vanderbilt said:
Il fully recognize and appreciate the
friendly spirit which you have shown
IN offering the New York Central an
opportunity to join with you in the
purchase of this property. But l can
say that it does not appeal to me. and
] can say now as we'll as at any time
tRat we will decline to enter with YOU
into any negotiation for the property
In that way the conversation was
ended. and after the usual formali-
ties Of cave taking, President Cassatt
retired. Shortly after the
ment was made that the PENNSYLVANIA
railroad company had taken over the
Corbln interests in the Long Island
railroad. Three or four years lat Of
the announcement Was made tina,
PreSldent CasSatt. acting for the Penn
s%ylvania railroad, would unite the
Long Island and the Pennsylvani
roads by means Of tunnels stretching
under the Hudson river, Manhattar
island and the East river. Then s
was made apparent 70 the New Yorl
Central people why President Cas-.
satt, for the Pennsylvania railroad
company, had purchased the Ions
Island railroad, and it has alway,
been the understanding among rail
way managers that had the Wander
bits possessed the foresight Of A. 7
Caasatt they would have jumped at hi
proposition TO go halves in the pur
chase Of tho Long Island.
Copyright 1872, by e. J. Edwards
Ali rights reserved.)
HARMONY