The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1883-05-05
Vanderbilt sails tomorrow for Europe.
The Vanderbilt System Election of ON
GERS


The Vanderbilt System-Eiection of ON.
GERS.
NEW YORK, May 4.-rhe board of direc
tors of the New York Central and Lake
Shore q Michigan Central Railroad com.
panes met to-day at the Grand Central
depot and elected the following officers
New York Central S Hudson River Rail.
way Company-Chairman of board of
directors, Cornelius Vanderbilt; presi-
dent, James II, Rutter; first vice
president, Charles c. Clarke; second .
vice-president, Chauncy NJ. Depew; third
vice-presdent, j. III Hayden; assistant
to vice presidents, Telling6ast treasurer
II. w. Rosster comptroller, Isaac y.
Chambers; secretary, H. ID. Worcester.
Lake Shore Il Michigan Southern Rail
way Company-Chairman board of direct
ors, William X. Vanderbilt president, John
Newell vice e-president, secretary and treas.
urer, Il d. Worcester,
Michigan Central Railroad Company
Chairman board of directors. Cornelius
Vanderbilt president, IL. b. Ledyard; vice
president, Il. ID. Worcester; treasurer, Henry
Pratt.
1t will be noticed that while Vanderbilt
retires from the presidency and his sons
from the vice presidency, under the new by.
laws the position of chairman of board of
directors is created, with general superyis
ing powers. Under this arrangement
Cornelius Vanderbilt becomes chairman of
the New York Central and Michigan Cen
tral boards, and VIM. X. Vanderbilt re-
mains president OF the Nickel. Plate road
and becomes chairman of the Lake Shore
directors. Each of them is also a mem
Der of the board of directors of the
company of which his brother is
chairman. This plan relieves Vanderbilt
and his sons of detail work ami devolves il
upon those who have been actively en-.
gagged IN II before. 1t also illustrates that
in their management merit is recognized
by deserved promotion. The harmonious
workings OF the various comp inies forming
what is popularly known as the Wander
bit system, is thus assured, rs well AS per.
manent contol of the Vanderbilt interest.
The absence, inability, or even death
ofany one ofthem would not disturb the re-
lations OF the survivors to the properties
William II. Vanderbilt remains director f
each OF the companies and member of the
executive and finance committees In re.
tiring from presidency he delivered the fol.
lowing remarks to the directors of the
various companies:
GENTLEMEN;-The companies of which
have had the honor to be president for
many years past are now about TO select
new officers for the ensuing year Meet
ines OF all of them will be called at this
Office. At this time desire to thank you
as directors and officers, and also share
holders OF the several companies. for the
confidence they have always reposed in ne
as their president. IL is my be-
lief these corporations are all in
sound condition, and that every prominent
position in them is filled by gentlemen who
understand their duties, aud who will dis.
charge them to the satisfaction OF the
stockholders. This fact has had great in
huence with me in determining this
course of action, which have
after due deliberatiod, decided upon.
In my judgment the time has arrived
when owe II as duty to myself to the
corporations and TO those around me
upon whom the chief management will
devolve, to retire from the presidency.
In declining the honor of n reelection
from you, | do not mean to sever nv re.
latlons or any interest have here
tofore taken In these corporations.
also wish to express my sincere thanks
to the employees OF the different companies
for the assistance and cooperation they
have rendered me in the performance of my
duty. 10 is very gratifying to recall the
steady and healthful growth of these com
panies, and their present stability and
strength of the system, whereby 1t is en-.
abled to render most satisfactory
service to the public and best returns
to the stockholders. Covering the
territory between New York and the west
on both the south and the north sides. of
the lakes 1t holds and will continue to hold
ilrst-class relations with the trunk line trai-
tic of the country. My purpose and aim is
that these several corporations snail remain
on such basis for their harmonious work.
ing with each other and for the
efficient management OF each as
will secure for the system
both permanency ana prosperity. Under
the Reorganization each Of them will elect
chairman OF the board, who, in connection
with the executive and finance committees.
will have immediate and constant super. |
vision OF all affairs of the companies AMI
bring to the support OF the officers the
active assistance OF the directors. The pl an of
organization now adopted and inaugurated
will remove the business of the companies
from the contingencies of accident TO any
individual, and insure the continuance Of
the policy which has heretofore met the
approval the stockholders.
The following resolution was adopted by
the New York Central board:
Resolved, That the directors learn with
regret the de ermination of William II |
Vanderbilt to no longer act as president of
the company. For nineteen years he has
had the admiplstra ion, first, of
the Hudson River Railroad company. and
subsequently ot the consolidated New York
Cenl,al q Hudson River corporation. he
has met with the unanimous approval OF
the stockholders, and his record shows
business success unexampled In the man.
agement OF the companies, and their pros.
perty is 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 Vanderbilt's presidency Is
that of the development OF this country by
railways and Of n successful struggle 10
maintain the commercial supremacy of New
York against the most able md energetic
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