Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-05-05
The Ne,c Regime of the Vanderbilts.

New YORK, May 4.-The boards of di-
rectors of the New York Central, Lake
Shore and Michigan Central Railroad COM
panies met to-day at the Grand Central
depot and elected the following officers:
New York Central & Hudson River
Railroad company: Chairman of board of
directors, Cornelius Vanderbilt; president,
James Ii. Rutter; first vice-president,
Charles G. Clarke, second, Chauncey M.
Depew, third, j. Fl. Hayden; assistant to
president, j. Tillinghast; treasurer, E. V.
W. Kossiter; comptroller, Isaac p. Cham
bers, and secretary, E. d. Worcester.
Lake Shore q Michigan Southern Rail
road Co.: Chairman of board of directors,
VIM. K. Vanderbilt; president, John New
ell; vice president, secretary and treasurer,
E. D. Worcester.
Michigan Central Railroad company
Chairman of board of directors, Cornelius
Vanderbilt; president. H. B. Ledyard; vice
president, E. D. Worcester, and treasurer,
Henry Pratt.
1t will besnoticed that while Vanderbilt
retires from the presidency and his son
from the vice presidency, under the new
bylaws the position of chairman of board
of directors is created with general super
vising powers. Under this arrangement
G. Vanderbilt becomes chairman of the
New York Central and Michigan Central
boards, and VIM. K. Vanderbilt remains
president of the Nickel Plate road and be-
comes chairman of the Lake Shore direc-
tors. Each of them is a member of the
board of directors of the company which
his brother is chairman.
This plan relieves Vanderbilt and his
sons of detail work and it devolves upon
those who have been actively engaged in
it before. 1t also illustrates that, in their
management, merit is recognized by de-
served promotion. The harmonious
working of the various companies form
ing what is popularity known as the Van
derbilt system is thus assumed, as we'll as
the permanent control of the Vanderbilt
interest. Absence, or inability, or even
the death of any one of them, would not
disturb the relatives of the survivors to
the properties. VIM. b. Vanderbilt re-
mains director of each of the companies.
and member of the executive and finance
committees. In retiring from the presi-
dency, he delivered the following remarks
to the directors of the various companies:
Conference.-The companies of which 1
nave naQ In6 nOnOr 10 be president for
many years past, are now about to elect
new officers for the ensuing year. Meet
ings of all them have been called at this
Office at this time to thank you as direc-
tors and officers, and also shareholders of
the severa! companies for the confidence
they have always reposed in me as their
president. 1t is my belief these corpora
tions are all in a sound condition, and
that every prominent position in them is
filled by gentlemen who understand their
duties, and who will discharge them to
the satisfaction of the stockholders. This
fact has had great influence with me in
determining the course of action which I
have, after due deliberation decided upon.
In my judgment the time has arrived, when
1 owe it as duty to myself, to the corpora
tions and to those around me upon whom
the chief management will devolve, to
retire. from the presidency.
In declining the honor of collection from
you. l do not mean to sever my relations
or abate the interest 1 have heretofore
taken in these corporations. I also wish