New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-04
FINANCIAL ELEMENTS.
RAILROAD AND STOCK CHANGES.


THE CHANGE IN ERIE-A WESTERN UNION DlVIDENp
IMPORTANT RAILROAD ELECTIONS,
The principal topics of discussion in Wall-st.
yesterday were the approaching change in the
administration of Erie and the expected Western
Union Telegraph dividend. Many of the leading
railroad men in the Vanderbilt party had gone to
Albany to attend the annual election of the New-fork
Central and Hudson River Railroad Company. The
stock market opened firm, and advanced from To 1t
per cent along the general list There was some
rreguarty just before the close of business but the
tone was firm ut the last. The principal ACTIVITY
was IN Western Union and Lake Shore, In which the
changes were frequent Western Union was strong
after 1t became known that dividend had been de-
clared and advanced to 70. decline to III fol-
lowed this but at the close the price reacted again
to 72.. In Philadelphia Col. Thomas A. Scott was
elected President Of the Pennsylvania Railroad.
THE PENNSYLVANIA RAILROAD ELECTION.
COL THOMAS A. SCOTT CHOSEN PRESIDENT AND
GEORGE b. ROBERTS, FIRST vICE-PREsIDENr-
GREAT CONFIDENCE PLACED IN MR.. SCOTS
MANAGEMENT.
rBr TELEGRAPH TO THE RIDuHE.l
PHILADELPHIA June AT the special meeting OF
the Board of Directors of the Pennsylvania Railroad
to-day, Col Thomas A. Scott elected President
Of the road BY unanimous vote, in place OF the
late J. Edgar Thomson. The vacancy in the office
of First Vice-Presdent. created by Col SCOTS pro-
motion was filed by the selection of George b. Rob
erts. the former efficient Second Vice-Presldent.
From the moment of the public announcement OF
Mr.. Thomson's death, there not the least ques-
ton here that Col Scott would be bis successor and
the result of the election creates special interest
The effect of his Presidency on the finances and
business Of the road was fully discussed In advance
both on the stock market and IN railroad circles
but Mr.. Scott has been so potential an influence III
the general control of the road for many years. anu
especially in those bold and enterprisng moves by
which it has reached its hand over a large portion
Of the continent and made thousands OF miles Oh
railway tributary its line, that nothing strlklngiy
new is looked for from his accession to power
which has so long been practically In MS grasp.
any change is observable in the policy OF the Penn
sylvania road. it viii not, probably be on the SIDE
of timidity conservatism Ii s said Dy some that
Mr. Thompson was, TO some extent, balance wheei
for Mr. Scott: others assert. however, that in his
most daring schemes the latter had always the CO.
operation of his nominal chief 1t will soon be seen
which is right
The indications of the stock market are that
great confidence is placed in Mr.. Scotts manage
ment, and the general belief Of men familiar with
the railroad business is that the road WILL II pos
sbe be stronger than ever under It's new President
Col Scott is already President of the PennsyIvanla
Company, the agency by which the pennsylvania
Railroad leases several Western roads. be Is also
President Of the Pittsburgh, Cincinnati and CT.
Louis Railroad of the Texas Pacific Railroad and OF
the Atlantic and Pacific Railroad. and dIrectorln
large number of other roads. He is now, by all
odds, the most powerful Miiroad man in the world.
Col Thomas A. Scott, who has attained what may DC
considered the highest position connected with the rail-
road svst,m OF the United States has risen from the
ranks OF the people by his industry ability, and
energy Born in 1924 Loudon, Franklin County Penn,
educated the village school, and on the death
Of his father 1894 placed at business he heid
several mercantile situations until IN 1898 he became
clerk of Major James Patton, his brother-inaw, who
was collector OF tolls at Columbia, under the admins
tration OF Gov Porter. He transferred from the
latter position the extensive warehouse and comms
sion establishment OF the Leeches. at Columbia where
he remained until ls47, when he went TO Phla-
delphia as chief clerk under A. B. Cummings
collector OF tolls he entered the service OF the
Peunsylvania Central Railroad at Duncanvie as the
general agent Of the Eastern Division. on
the opening of the Western Division he was put In
charge OF that Section and be remained thers I'LL ne
was called to take control Of the entire line &c conse-
auence OF the il-health OF Gen. II. j. Lombaert the
superintendent. In 1889 on the death Oh the Hon.
william b. Foster, Nce-fresuehI oi INC Ioau' no was
elected TO that position which he has held ever
since Early In the war, Col Scott accepted
the position OF Assistant Secretary OF War,
AT the instance OF President Lincoln, and
at that critical time rendered important service to the
national cause BY his administrative ability and untiring
energy In 1871 he became President OF the Pennsyl-
vauia Company, which has managed the great branch
lines connected with the Pennsylvania Central
Col. Scott has been President Of the Texas Pacific
Railroad since its organization in April 1871, and con-
trolling director Of the Southern Railway Security Com
many which has the MANAGEMENT OF a great network
Of railroads in the South Since Col Scott acquired
leading part In its affairs the business Of the Pennsy
yania Railroad has enormously extended ana has be-
come identified with railroad system extending from
the Atlantic seaboard TO the lakes and gradually widen
ing to the South West and Pacific States