Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-05-05
WIN. H. VANDERBILT
Retires From the Active Management of
the Great Railroad System Over
Whose Destinies He Has
Presided for SO Many Years, 10 Make
Way for His SOps, Cornelius
and William K.

New York, Msv4-The Boards of Direc.
tors of the New York Central, Lake Shore
and Michigan Central Railroad Companies
met today at the Grand Central depot and
elected the following officers:
New York Central and Hudson River Rail
road Company-Chairmsn of the Board OF
Directors, Cornelius Vanderbilt; president,
james H. Rutter; first vice president, Chss.
Q. Clarke; second vice president, Chsuncey
NJ. Depew; third vice presIdent, J. a. III ~
! den; assistant to the president, J. Tilling-
haet; ire asurtr, E. V. W.@Rossiter; comptroi-
Ter, Isaac z. Chambers; secretary, E. d.
Worcester.
Lake Shore and Michigan Southern Rail.
road Company of the Board of
Directors, VIM. K. Vanderbilt; president,
John Newell; vice-prtsident, secretary and
treasurer, e. D. Wor ter.
Michigan Central Railroad Company
Caairmsp of the Board of Director, Corne.
Illus Vanderbilt; president, II. e. Lady ard
vice-president, f. ID. Worcester; treasurer,
Henry Pratt.
Ii will be noticed that Vanderbilt retires
from the presidency and his cons from the
vice-presidency. Under the new bylaws the
position OF chairman OF The Board of Di.
rectors is created, with general supervisory
paweTs. Under this arrangement Cornelius
Nanderbilt becomes chairman of the New
York Central aud Mich gan Central boards,
and William X. Vanderbilt rem aims presi-
dent of the Nickel-Piste road, and becomes
chairman # the Lake Shore directors. Each
Of them is also member OF the Board of
Directors of the company OF which the
brother is chairman. This plan relieves
Vanderbilt aud his son of detail work, and
devoives ii upon those who have been actively
engaged in il before. 1t also illustrates that
in their management merit is recognized
by deserved promotion. The harmonious
working OF the various companies forming
what is popularity known 81 the Vanderbilt
system is thus assured, we'll as the per-
manent control eff the Vanderbilt interest.
The absence or insbility, or even death Of
any one Of them would not disturb the rela-
ton Of the survivors to the properties. Wm.
Ii. Vanderbilt remains director of esch of the
companies, and member of the Executive
aud Finance Committees. In retiring from
the presidency, he delivered the following
remarks to the directors OF the various COM
psnies:
GENTLEMEN-The companies OF which have
had the honor to be president for many years past
year. Meetings of all of them have been ca led
athis office at this tims to thank you directors
and officers, and also the shareholders of the sew
eral com panies for the confidence they have al
ways reposed in me as their president. 1t is my
delight that these corporations all in a sound
them is filed by gentlemen who understand their
duties, and who viii dlsehargethem TO the salts
faction of the stockholders This fact has had
great influence with me in Determining the course
OF action which have after due delibeGation, de-
cided upon. In my Judgment, the time has
arrived when owe II as duty to myself, TO the
corporation, and to those around me, upon whom
the chief management will oeyolve, TO retire from
the presidency. In declining the honor of a re-
election from you, do not mean to sever nv re-
lations or any interest have hereoore taken in
these corporations also wish to express my sin-
thanks To the eInDlOVeS of the
panies for the assistance and cooperation they
1t is very gratifying to recall the steady and health
full growth of thoss companies, and their present
stability and strength. The system oil which they
form part is now operating in such a manner as
70 " la rs n, - -e pm
erilg the territory between New Yo.k to the West
on both the south and north sides of the lakes,
It holds, snd will continue TO hold, first-cass
country. 1t is my purpose and aim that these
several corporations shall remain upon such basis
an for ihe efleIout management Of each ms viii
secure from the system both harmony and pros
will elect a chairman of the board, who, in con
nectiou with the Executive and Finance Commit
tees, will have immediate and constant supervis-
ion OF all the affairs of the companies and bring
to the support of the officers the active assistance
OF the Directors. The plan OF organization now
Of the companies rom the contingencies of acct
dent to any individual, and insure a continuance
OF the policy which has heretofore met the ap
proyal OF the stockholders.
The following resolution was adopted by
the New York Central board:
ResOirsd That the Directors learn with regret
OF the determination of VIM. II. Vanderbilt to no
longer act as president of the company. For nine.
teen yeaTS his administration first Of the Hudson
River Railroad Company, and subsequently of the
consolidated New YORK Central and Hudson River
corporation, has met the unanimous approval OF
the stockholders. The record shows a business
success unexam pied in the management of COM
panies of this character. due mainly to the skill
and fidelity with which he has conducted the
affairs of the corporations. The history of the New
York Central and its allied system during the
period OF Vanderbilts presidency, is story If the
development of this country by railroads, and of
successful struggle to maintain the commercial
supremacy of New York against most able and
energetic rivalry. While recognize the force OF
the reasons given for his retirement from the
executive cares and responsibilities, we hail with
pleasure his statement that he Will remain a mem
Der of the board and give to ii the benefit of his
experience and cordial co operation.