The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-05-05
Mr.. VANDERBILT VANISHES.
Reorganization OF the Corporations of
H. Which He Was President.
Merit Fifty Recognized by Deserved Promo
tiOn-The Lease of the T. II. & S. e.
On-Personal and General.
VANDERBILT RETIREs.

He Declines a Reelection as President of
His ROads-Strong and Harmonious Reor-
ganization of the Corporations.
4 NEW YORK, May 4.-The directors of the New
York Central, Lake Shore and Michigan Central
Railroad Companies met to-day at the Grand
Central Depot and elected the following officers;
New YORK Central & Hudson River Railroad
COmpany-Cbairnan BOARD of directors, Corne-
nius Vanderbilt; president, james Fl. Rutter;
first vice-preSldent, Charles G.. Clarke; second
vice-president, Chauncey NJ Depew; third vice
president. j. H. Hayden; assistant to the presi-
Ident, James Tillinghasi; treasurer, e. V. W.
iRosster; comptroller, Isaac Z. ChamDers; secre-
itary, L. ID. Worcester.
/ Lake Shore g. Michigan Southern Railroad
tCOmpany-Ch board of directors. VIM. K.
Vanderbilt; president, John Newell vioe-presl-
sdent, secretary and treasurer, E. ID. Worcester.
Michigan Central Railroad Company-Chair-
man board Of directors, Cornelius Vanderbilt;
president, Fl. B. Ledyard; vee-presdent, e ID.
Worcester; treasurer, Henry Pratt.
1t will be noticed that while W. II. Vanderbilt
sretires from the presidency and his from
the vlce-presdency, under the new bylaws the
position of chairman of the board of directors is
lcreated, with general supervising powers.
Under this arrangement Cornelius Vanderbilt
becomes chairman of the New York Central and
Michigan Central board, aud William X Wander
bilt remains president Of the Nickel-plate road,
and becomes chairman OF the Lake Shore direc-
j tuIo- A1dCu vi bu6Lu 10 hsO VI pOdiN
kot directors of the companies of which
hs brother Is chairman. This plan
relieves Vanderbilt and his sons of
detail work, and devolves it upon those who
have been actively engaged in it before. II also
illustrates that in their management merit is re-
cOgnized by deserved promotion. Harmonious
working of the varions companies forming what
Is popularity known as the Vanderbilt
system is thus assured, well as the
permanent control OF the Vanderbilt interest
Tho absence or inability. or even DEATH of any
one of them would not disturb the relations of
the survivors to the properties. William II. Van
derbilt remains director OF each of the com
panies and member of the executive and finance
committees In retiring from the presidency he
delivered the following remarks to tho directors
Of the varOus companies:
Gentlemen The companies Of which I have
had the honor to he president for many years
past are now about To elect new officers for the
ensuing year. The meetings OF all of them have
been called Mt this office at this time to thank
you as directors and officers, and also the share.
holders of the several companies, for the con
hdence they have always repOsed in me as their
president. IL is my BELIEF that these cOrnora-
lions are all in sound condition, and that every
prominent position In them is filed by gentle
men who understand their duties, and who will
dlscharge Them to the satisfaction of the stock
holders. This fact has had great influence
with me in determining the course of action
winch nave, after due deiheratiOn, decided
upon In nv judgment, the time has arrived
when owe it as duty to myself, to these cor
porattons and to those around me, upon whom
4 the Chief mhnaGe ment will devOve, to retire
from the presidency. In declining the honor OF
reelection from yOu do not mean TO sever
my relations or any interest have heretofore
taken IN these corporations I also wish to ex-
press my sincere thanks to the employees of the
different companies for the assistance and CO.
IN the peT f nave rendered dntw
1t fs very gratifying to recall the steady
and healthful growth of these companies and
their present stability and strength. The sys-
tenn, OF which they form part, is now operating
IN such manner as TO render the most salts
factory service TO the public and tho best re-
between New York and the West, on both the
south and north side of the lakes, it holds, and
will continue 70 hold, frst-class relation to the
trunk line traffic OF the country.
MY purpose and aim Is that these several cor
porntions shall remain upon such basis
for their harmonious working with each
other, and for the efficient management
of each as will for the system
reorganization each of Them will elect a chair
mau of the board, who, in connection with the
executive and finance committees, will have i'm
mediate and constant supervision of all affairs
of the companies. and bring 10 The support of
the officers the active assistance of the directors
The plan of organization now adopted and in
augnrated will remove the business of the com
panies from the cOntln cies of accident 10 any
individual and insure the continuance of the
Motley which has heretofore met the approval of
the stockholders.
The following resolutions were adOpted by the
New York Central board:
Resolved. That the directors learn with re-
greet the determination of William Fl. Vanderbilt
TO no longer act president Of the company.
For nineteen his Administrations first OF
the Hudson River Railroad Company, and snb-
sequently OF the consolidated New York Central
d Hudson River corporation, has met the unani-
nous approval of stockholders. His record
shows business success unexampled in the
management of companies of this character,
due, mainly, to the SKIN and fidelity with which
c0n6Dpfnn afr tiT nft ha
tons. The history of the New York
Central and tts allied system, during the period
OF MIR. Vanderhlt's presidency ia the story of the
development OF this country by tho railroads
and of q successful struggle to maintain the
commercial supremacy of New York agninst a
most able and energetic rivalry. While we recog-
nize the force 0 the reasons given for his retire
ment from executive and responsible
lilies, we hail with pleasure his sta tement that he
will remain member of the board and give to
it the benefit of his experience and his cordial
cooperation"