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<DIV><FONT face="Trebuchet MS">Bluefield Daily Telegraph<BR>April 25,
1909</FONT></DIV>
<DIV> </DIV>
<DIV align=center><FONT size=4>NO PARTICULAR INTEREST IN N. & W.
DEAL</FONT></DIV>
<DIV align=center>------</DIV>
<DIV align=center><STRONG>Pennsylvania Railroad Simply Got Back Block of Stock
it Relinquished Some Years Ago</STRONG></DIV>
<DIV align=left> </DIV>
<DIV align=left> Richmond Times-Dispatch: That no
particular amount of interest followed the announcement that the Pennsylvania
Railroad had purchased a controlling interest in the Norfolk and Western Railway
seems to have been due to the fact that the Pennsylvania simply got back what it
relinquished some time ago, and for that reason it was different from the
ordinary railway deal.</DIV>
<DIV align=left> President McCrea, of the Pennsylvania, said
that the purchase of the additional stock brought the system's entire holdings
up to about 37 per cent. of the company's [<EM>N&</EM>W] capital. The
Pennsylvania several years ago parted with its entire interest in the Chesapeake
and Ohio and at least one-half of its ownership in the Baltimore and Ohio.</DIV>
<DIV align=left> Officials of the road said that they
appreciated the natural advantages for the interchange of traffic between the
various systems at Columbus, Cincinnati and Circleville to the west, and
Hagerstown and Norfolk in the east. A large proportion of the traffic of
the Norfolk and Western is exchanged directly with the Pennsylvania system, so
it appeared expedient to the directors of the Pennsylvania to increase the
road's holdings of Norfolk and Western Railway Company stock by repurchasing the
block which had been disposed of.</DIV>
<DIV align=left> It was announced in September 1906 that the
Pennsylvania system had disposed of about $16,000,000 of its Norfolk and Western
stock to the banking house of Kuhn, Loeb and Company. At that time it was
explained that the Pennsylvania had acquired interests in various coal roads for
the purpose of establishing relations with the managements of such properties
that would incline them to join the Pennsylvania in a effort to do away with the
practice of secret rebates and preferences. It was added that the desired
results had been fully realized and the management of the Pennsylvania
entertained no fear that the railroads of the country would ever fall back into
the old practices.</DIV>
<DIV align=left> In addition to the Norfolk and Western stock
purchased from the banking house, the holdings of the Pennsylvania company and
the Northern Central Railway, one of its subsidiaries, amounted to about
$17,500,000.</DIV>
<DIV align=center>------</DIV>
<DIV align=left> <FONT face=Script size=6>Gordon
Hamilton</FONT></DIV></BODY></HTML>