New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-08-19
PRICE THREE CENTS.
Mr.. JEWETT'S RETIREMENT.
JOHN KING, JR., CHOSEN TO SUCCEED HIN.

THE CONDITION on WHICH HE Will ACCEPT THE
PoslrIoN-MR. vANDERBHI's INFLUENCE.
The proposed change Of mana cement was the
subject Of long discussion at q special meeting Of
the directors Of the New York Lake Erie aud
Western Railroad Company yesterday. The COM
mttee recently appointed 10 recommend a plan of
action, in view Of President Jewett's determination
TO decline a reelection at the next annual meeting
Of the company in November made report which
was unanimously adopted The committee sug-
gested- was fully and exclusively reported ia
THE TRIBUNE ten DAYS ago-that Mr. Jewett
should be retained in a supervisory capacity either
as chairman of the Board or head of the Executive
Committee. That Mr.. Jewett should not wholly
sever bis connection with the road until after the
annual election at least is the wish also Of John
King ir.. formerly vIce-president OF the Baltimore
and Ohio Railroad who has been selected ~ his
successor. Mr.. King has intimaied his willingness
TO accept the trust on certain conditions which. It
is said. will be promptly fulfill d. The whole mat
ter referred yesterday to a committee, consists
ing of Jacob II. >chif and r. Suydam Grant, Of
New-York and J. Lowber Welsh, Of Philadelphia
which instructed to report at the regular meet
ing of the directors on Thursday.
The principal condition which Mr. King imposes
on his acceptance of the practical management Of
the road is the payment of the floating debt amount
dscharging this debt has yet been made but it is
probable that an absolute SAFE Of some Sj,00o,000
Chicago and Atlantic bonds which the Erie
Company holds in its treasury. the placing
Of them i'm a collateral trust will be the pur
sued. The committee of English share and bond
holders. which has recently been investigating the
condition of the company has agreed 10 undertake
raise the necessary funds for the payment Of tho
floating debt If Mr. King shall be- made president ~
the company. Messrs Powell aud Ncsflake were
not present az the meeting but sat ~ the presidents
private room throughout the session Of the Board
The election Of Mr. King depends Therefore. only on
the ability the company tonegot loan oi hb"nt
$1,000. OOO aud of tins the friends of the company
express no doubt. lhev say that the simple ques-
tion now is one of method alone.
MIR King will probably take charge of the road
i'm few days. Until after the annual meeting,
which occurs in the latter part Oi November,
lac viii bo called assistant to the president ~ by
some similar title. while Prcsldcnt JeWctt VII fe-
tain general supervision of the COMPANY affairs
At the general meeting Mf Jewptt will retire FROM
tho active management aud MI King ho formally
elected president II ia well understood nov that
William H. Vanderbilt haa recently acquired 4
large interest in the Efe tdad aud that hn viii
have largo influence ~ the rlrciuh. u 10 limited
rVru that during s usual apfing TIP in lfuiupn hs
consulted some Of the large IugllHh holders nf lta
securities ~ regard to tho proposed change ~ maiF
hrrmrut, In consequence uT ihr ACCORD bet wrHh
them u u probable that some 'husrs ~ ihn diso-
tory viii he made At tho November election, No
intimation as 10 tho extent hhd thhiholhr
Gt these changes, II any should DO
decided on, has set been given Alr Vanderbilt is
heartily ia favor of Mn King the suoeessor 10
President Jewett and Mi Kings acceptance ot the
call Is largely due IN some respects To MI Wander
bt's influence.
IN intimate friend If Mr.. Jewelts said Yesterday
that while no definite action had been taken ~
the directors at their meeting the proDo'" change
was making satisfactory progress ana mat MI
Jewett was only waiting 10 see whether the Ing
lsh committee could carry out ITS promises. II
the commit zee can raise any money he remarked,
President JeVett II anxious 10 secure II. lie Will
retire as soon As thspurpO,e n III br accompll shell
1t is understood that the members of the English
committee said after the meeting that they cOnsd-
cred the change virtually made.