Evening journal., 1912-09-30
NEW NEWS OF YESTERDAY
The Foresight That the
VanderbiItS- Lacked
BY Holland.


nelius Vanderbilt, in 1899. Alexander
]. Cassatt, the new president of the
Pennsylvania Railroad Company, cal
led upon Mr.. Vanderbilt at the Offices
Of the New York Central Railroad
Company in the Grand Central Sta
ton in New York. The call was made
by appointment and at the request
Of President Cassatt.
After a courteous, even friendly,
meeting Mr.. Cassatt suddenly said
Mr.. Vanderbilt, l called upon you
this afternoon for the purpose OF
saying to you that we have secured
an option upon all of the Long Is
land Railroad properties which we're
possessed by Austin Corbin at the
time of his death"
Mr.. Vanderbilt was greatly aston
lshed at this announcement. In fact,
he frankly said to President Cassatt:
Il suppose, when you say we, you
mean the Pennsylvania Railroad COM
pany?"
"Of course; that is what mean, Z"
Mr.. Cassatt replied.
Il must confess" said Mr.. Van
derbilt after moments thought,
that / cannot understand what the
pennsylvania wants of those rail-
roads over on Long Island. / know
what Austin Corbin wanted. He
though he could build up a railway
system on Long Island and create
an open 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 Railroad with the
trunk line terminals at Jersey City"
Yes, that was Mr.. Corbin's pur-
pose" President Cassatt quietly re-
piled.
81 can understand Mr.. Corbin's
motives" continued Mr. Vanderbilt.
but what does the PENNSYLVANIA
Railroad propose to do with the Long
Island Railroad? Il certainly can
not think of that property as an in
vestment, for IL will be a good while
before It is a good investment pro-
perty."
President Cassatt ignored these
feelers which Mr.. Vanderbilt pu. out
and which were inspired by sincere
curiousity. Instead, he said:
Mr.. Vanderbilt, | have come to see
you for the purpose of Offering you a
one-half interest in this option. II
you care to take It up / will say to
you that the Pennsylvania Railroad
is ready 60 have the New York Cen
trail buy upon equal terms the entire
Long Island Railroad property"
1 don't see what the New York
Central could do with Long Island
Railroad property" Mr.. Vanderbilt
replied.
We'll, of course, that is for you to
determine" said President Cassatt
But we felt that It would be unfair
to you for the Pennsylvania to take
over the Long Island Railroad pro-
perty without notifying you Of our
purpose and Offering you the opport.
unity to Join with us in the purchase
The offer is made in absolute good
faith. Mr.. Vanderbilt"
I'm reply Mr.. Vanderbilt said:
II fully recognize and appreciate
| the friendly spirit which you have
shown in Offering the New York Cen
trail an opportunity to join with you
in the purchase Of this property. But
! can say that il does not appeal to
me, and ] can say now as we'll as at
any time that we will decline to en-
ter with you into any negotiation
for the property
In that way the conversation was
ended. and after the usual formal.
| ties Of leave taking. President Gas.
/ sat retired. Shortly after the an.
! nounccment was made that the
! Pennsylvania Railroad Company hac
taken over the Corbin interests in
/ the Long Island Railroad. Three OF
four years later the announcement
was made that President Cassatt
acting for the Pennsylvania Railroad
would unite the Long Island and the
Pennsylvania roads by means Of tun.
nels stretching under the Hudson
| River, Manhattan Island and the East
River. Then Il was made apparent
to the New York Central people why
President Cassatt, for the Pennsyl.
vania Railroad company. had pur.
chased the Long Island Railroad
and it has always been the under
standing among railway managers
that had the Vanderbilts possessed
the foresight OF A. J. Cassatt, thel
would have jumped at his PROPOSE
ton ito go halves" in the purchase
OF the Long Island
Copyright 1912. by 4. J. Edwards
All rights reserved)
Tomorrow Mr.. Edwards will tell o
"A conversation that helped chang,
British Sentiment Towards tn,