New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-08-09
HUGH J. JEWETT TO RETIRE.
HIS SUCCESSOR NOT YET AGREED ON.

|
months that Hugh j. Jewett was about to resign
the presidency of the New-York. Lake Erie and
| Western Railroad. The rumOrs have been officially
| denied, but 1t has come to be understood that
President Jewett would retire from the active
| management of the road at the annual meeting,
| which occurs in the latter part of November. Tho
ten years for which Mr. Jewett contracted to devote
| his services to the company expired on July IA.
| The contract was made virtually void by the bank
| ruptcy of the Erie Company I'm 1870, when tho
property was placed in the hands Of a receiver. but
| Mr.. Jewett then said that he had entered
| into the agreement in good faith, and
| that If the company wished to retain
him he considered the contract binding.
| He was asked to remain at the head Of the com
| pany aud wasappointed receiver of the property.
The present company took possession of the road,
under the plan Of reorganization. on june I, 1873
| when the ten years expired. President Jewett
called the attention Of the directors 10 the fact
| and announced his purpose to retire from
| active railroad management. He stated.
| IN answer to the objections which we're at
once raised by his associates in the board that no
had no wish to leave the company abruptly IN tho
existing depression in business that his personal
pride as well as his interest IN the road prevented
| any rude acton Of the kind. but that under no
circumstances would hc consent to u reelection at
| the general meeting 0f the company. commlttc"
| was elected by tho directors 10 consider tho
| matter Of Mr Jcwctt retirement,
| tnr vANprnBiLf rtAN PROPOSED,
Tho committee after careful dclibcfnton. haa
| recently proposed i0 President joWrlt change IN
| the pf fiotionl nagcmont of the rond similar 10
| that made last yoar by the New-fOrk Central aud
| other Vanderbilt companies. Tho committee Ia
ylte him 10 continue his supervision of the ailalrs
OF the company by accepting the position OF chair
man of the Board of Directors. while new presi-
| dent should relieve him of the many wearying de-
| tails belonging to the Office at present To this
| offer Mr.. Jewett has not yet made a reply
| Some persons who are familiar with these facts
| surmse that the chief difficulty in obtaining Mr..
| Jewett's consent to the plan is the seec-
| ton of the new president. Ii Is indis-
| pensable that he should command tho
| full confidence of tho chairman of the board not
only in his ability and experience in railroad man
| agement but also in other respects equally i'm
| portant. No choice has yet been made Outside
of the Erie office where there is said to be abundant
| ability the names of several prominent railroad
| men have been suggested to the committee. Among
them are \. J. Cassatt formerly vice-prcsident Of
| the Pennsylvania Railroad; Robert II. Ssyre Of
| the Lehigh Valley; Marvin IIughitt second vice.
president of the Northwestern and president of the
| Omaha; John King, jr., formerly president OF
| the Baltimore and Ohio and receiver of the Ohio
of the Fltchburg; Robert Harris, presi-
| dent of the Northern Pacific,
who recently resigned a vice-prcSdency Of the Erie
| to accept his present position and Commissioning
| Albert Fink, chairman of the Joint Executive Com
| mittee of the trunk lines and their Western con-
] nections. 1t is not known that President Jewett
has expressed his preference to the committee in re-
| gard to these any other names which may have
| been mentioned. The selection will be made de-
| IL, Il UHa aI
ing does not take place for three months. and
in case Mr.. Jewett should consent 10 the proposal
he is interested equally with the committee in
making a wise choice.
WHAT FRIEND OF Mr.. JEwErr SAYS.
An intimate friend of President JeWett'S was
asked by a TRIBUNE reporter yesterday the
for the presidents retirement. He re-
piled: - can give no better explanation
than what have gathered from several conyersa-
tions with Mr. Jewett himself. He tells me that he
Is weary with the vast amount Of merely routino
work which he now has to do. Vie has fulfilled
his contract made ten years ago with tho Erie Rail-
road and to the perfect satisfaction of every
interested in il. He wishes now to re-
turn to his old home for the rest which
he has well earned | think. moreover.
that Mr.. Jewctt has been deeply affected by tho
recent deaths IN his board. 1t Is not long time
within which he has followed 10 their graves ex-
Governor Morgan, Theron X. Buter ami, wthn
"A few DAYS Thomas Dickson These were certainly
three OF the strongest men in the directory and 1
know that Mr. Jewett relied LARGELY on
their advice and judgment lie coIll always
depend on them at any time when he
wished to consult with his director, ON matter
which had come up suddenly They would always
leave their other business at ms caUL am sure
that he misses them very much Mr. Jrwctt is not
a youngma hmself and he feels that ne ,wouid
like to return 10 the quiet repOSe OF ms od h0me.'
About the new presIdeucy-whv saOuld not
Vice President Blanchard be promotcd
" am not on the committee and dp not even
know what IT il doing. | cannot SAY that Mr.
Blanchard will not Ice chosen for tl' position. lie
/. a man of large ability aud is Thoroughly conyer-
SAINT with the affairs of the road. bl' have been
lea to understand that the committee enter
tanned some objections to hlm he member,
fear that his election ~ President wOuld
not he well received ana thai t
would hurt rather than strengthen he company.
We'll, they think believe, that Mr. "anch9'd has
allowed too many stories to bee circulated abont
hlm There may be- no foundation Tor thrm, but II
/, certain that they w'nd seriously i"pur hls use.
fulucss in the office of President. No consider "
. Have you ever heard William W. NIcFarlands
name mentioned for the place = >.
Never. aud the suggestion even is ~ liculons' t
there has bccn any such rnmoI II has had NO fonn-
ddion: lie ~ the G unset ol tue bnRl'n 'pnmlt,no
ui stoc kholhcrs, aud undoubtedly IA tllt cdpicity
has had frequent occasion TO visit the Erc oiliccs
lately. The next president of lhe go nptny IN, noe
been chosen, but IL will not be MI MacFarlAnd'
WORK oF rHE ENGLISH CoNmirrE.
The English committee has ab1ut finished ITS work
of Investigating the condition of the company and
is thinking about its return to England. IL n un-
derstood that It has found tho affairs of the road N
a more satisfactory condition than 1t la been led
to expect before leaving Lonaon. The members
will hold several further conferences with tho
Erie officers before sailing. On their re-
tuIn they will probably propose 70
the English stockholders the formation of
a syndicate for the purchase OF the S10ooJOOo
Chicago and Atlantic bonds now held by the tne
cnmna1,v They have expressed confidence ia their
ability to arrange the placing Of the bonds.
THE PROPOSED ELEOTRIOAL CONGRESS.
PHILADELPHIA Aug. S.-The commissioners