New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-05-05
W. II. VANDERBILT RETIRES.
GIVING UP HIS RAILWAY PREsIDENCIEs.

| william III. Vanderbilt formally surrendered. al
meetings of the directors yesterday, the presiden
cies OF the several railroad companies with which
he has been identified for many years He
had virtually retired from the active manage.
ment of the road, year or more ago, although he
nominally remained at the head of them. Hii
sons Cornelius and William X. succeeded him in the
practical administration of the affairs of the road s.
| The change is this account super
bcial rather than real. Ii has been
anticipated for some time but the announcement
OF the names Of the new presidents, together with
the fact that Mr.. Vanderbilts also gave up
their active participation the management of the
roads, caused considerable excitement last evening.
In making these changes. Mr.. Vanderbilt
has adopted in part the English
| system of railroad management. The
| presidents the practical managers, but the
responsibilities Of the directors enlarged. The
office of chairman of the board is created; new
Office in American railroad management. The
chairman has nothing 10 do with the routine busi-
| ness Of tho road, but in connection with the
directors or their committees he shapes the general
| financial and managerial policy of the company.
Mr. Vanderbts sons, in giving up their Offices, do
| not abandon supervisory control. Cornelius Van
derbt ~ made chairman of the board OF directors of
the New-York Central and tho Michigan Central
companies and William X. Vanderbilt chairman of
the Lake Shore board. The last-named is also pres
| dent of the New-York, Chicago and st. Louis
nickel Platej Company, an office which he will re-
tain. The two rold3 ubstantially parallel and
under this change in the Lake Shore manage
mont are brought into still more intimate
| relations than they have before sustained While
| his sons only surrender their active management,
| Mr.. Vanderbilps retirement is complete although
| he remains member OF the several boards.
| TIE NEW OFFICERS.
The meetings were held late yesterday afternoon
at the Grand Central Depot. The officers elected
were as follows:
8 New-York Central and Hudson River-Charman OF
thooard Of Directors. Cornelius Vanderbilt president,
James H. Ruter first yicepresident, Charles c. Clarke
president J. H. Hayden assistant TO the president j.
fllnghast; treasurer E. V. W. Rosslter controller.
Lake Shore and Michigan sOuthern-Chairman OF the
Board OF Directors william X. Vanderbilt; president,
John Newell; vccpcsident, secretary and treasurer, E
Michigan Central-Charman Of the Board Of Directors
PRECEDENT L. d. Worcester treasurer, Henry Pratt.
MI. yANDEEBuTs SPEECH.
Mr.. Vanderbilt announced his retirement from
the presidency Of the companies in tho following
remarks:
GENTLEMEN The companies Of which have had the
honor 20 be president for many years past now
about 10 elect officers for the ensuing year. The
meetngs OF all OF them have teen called at hs office at
this time thank you the directors and officers and
also the shareholders OF the several companies for the
president IL Is my belief that these poratons all
IN SOUND condition. ami that all the prominent positions
IN them are filled by gentlemen who understand their
duties and who win dischrge them TO the satisfaction
with mo In determining the course OF action which
have, after due dellberation, decided upon.
In my judgment the time has arrived when owe II as
duty 10 myself, TO tho corporations and To those
around me upon whom the chief management VIII de
yoye retire from the presidency. II declining tie
honor uf a reelection from you 90 10
my ations abate tue interest | have heretofore
taken IN these corporations also wish 10 express my
sincere thanks 20 all the employees OF the different
companies for the assistance and cooperation they have
rendered mo In tue performance OF my duties. t
is very gratifying to recall tho steady and hlathinl
CROWN OF these an5 ther n Prssen, sen er
now operating In such inanner as TO render the most
the stockholders. Covering the territory between New
York aud the West both the south and north sides OF
relation tho Trunk Limo traffic OF the country.
It Is my purpose and aim that these several corpor-
aOns shall remain upon such basis for their harmon
ious working with each other aud for tho efficient man
ngement OF each Will secure for the system boh per
mancncy and prosperity Under the reorgsnz alton each
viii eject chairman OF the Board who, In con-
neeion with tho EIecnllye ana Finance Sommiees, m m
affairs OF the companies aud br ng to the support OF the
officers the acdve assistance OF the directors The plan
OF organization adopted and inauguraed will re-
business OF the companies from the contnSou-
ance policy which has heretofore met the appro-
val Uf the stockholders.
ACTION OF THE DIRECTORS.
The Boards of Directors accepted Mr.. Yanderblfs
decision by passing this resolution:
termlnnon OF William H. Vanderbilt no Longer 10 act as
president OF the company For nineteen years his nd
pany and subsequently OF the consolidated New-York
central and Hudson River eorgora,tion has met Ins
shows u business success uneItmpled IN tho manage
mainly sns fSS f%p1ai' p: and H dcy Sn"f% SS wGSS
he has conducted tho affairs OF the, corpora
allied system during the period Of MryanderblFs presi.
dency IL the OF the development OF tns country
tain commercial supremacy OF New York against tue
most able aud energetic rivalry. Wme we recognize
the force OF the reasons gwen or bis retirement from
executive responsibilities, we hall with pleas
hs statement that he will remain q memper OF Tue
Board aud give t the benefit Of his experience and
cordial cooperation.
TALK ABOUT THE RETIREMENT.
Mr.. Vanderbilt, with his youngest son, George w.
and bis uncle Jacob II. Vanderbilt, will sail for
Europe on the White Star steamship Britannia
to-day. He intends to return on tho same ship.
In the hurry incidental TO his departure he said
last night that all that no wished to say about his
withdrawal from railroad management was con-
tanned IN his address at the directors meeting. His
sons. Cornelius aud William X, declined to speak
about the changes.
The announcement Of Mr. Vanderbilts retire
ment on the eve of his sailing for Europe, caused
great excitement at the Windsor Hotel. There |
were some dealings in New-Y York Central and Lako
Shore stocks, which were offered ut considerable |
concessions from the closing prices at the etoek
Exchange. At Demonico's the same
stocks were also offered at lower
prices. Friends of the Vanderbilt roads
declared that there was no reason why the changes
should affect the prices of the stocks because Mr.
Vanderbilt had taken no active part IN the panage-
ment of the roads for some time. The " bears pre-
dcted lower prices for the reason that the stocks
would be deprived OF the support OF MI 'ahder-
bilt's name and fortune.
MR. RUrTER RErIcENT.
James II. Rutter the new president said last
night that he had Dothing to say about his election
except that he had accepted the position The offer
of the place was a surprise to hun, but tho change
did not reduce Mr. Vanderbilts control OF the prop