Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-12-11
MR.. MAYER AS PRESIDENT.
He Will Succeed Mr.. Spencer ~ Presi.
dent Of the b. and o. Company.

dent of the b. and O. Company.
From the Baltimore Sun.
Tho stakeholder directors Of the Baltimore
and Ohio railroad company, who were elected
last month, revealed yesterday their plans con-
corning the presidency. II was definitely made
public that they propose to elect Mr.. Charles
+. Mayer to succeed President Samuel Spencer
wien the board meets for organization on De-
cember il. II was also stated that this change
was contemplated ss part Of the program when
the twelve stakeholder directors were chosen,
including seven new and only i've Of the old
directors. There is little doubt that the twelve
directors will vote for Mr.. Mayer. There are
seven city and four state directors, and there il
said to be friendliness for Mr.. Spencer in
that direction, which will show itself when the
election takes place, but IL will be minority
support. President Spencer has not been adj
vised, beyond newspaper statements and COM
mon report, Of the purposes of Q majority Of
the directory, and IL Ia positively stated in his
behalf that he has not had under consideration
any engagement outside Of the Baltimore and
Ohio company.
A report was circulated early yesterday after
noon that he bad resigned and would take a
place on the Pennsylvania railroad. He en-
phatically contradicted this story as baseless
Later in the day the purpose Of the stakeholder
directors became public. Mr.. Spencer has q
who, it seems, have advised with him in the
period OF uncertainty since the election Of di-
rectors. Their opinion is that his prestige as
a railroad manager will not suffer by the fail
ure to secure a reelection. It ia therefore
stated with confidence that he will not resign.
The majority directors say that Mr.. Mayors
place in the board will be filled by business
man who will command confidence. and that
the change in the presidency is contemplated
because. in their opinion, it will be to the ad-
vantage OF the company.
vice-president for some years and president for
one year Of the Baltimore and Ohio, he is pop
ularly known in trunk-l line railroad manage
ment. The salary Of the president is S25 900 a
year. Previous to his election to the presidency
it is said that he was rendered similar salary
In . western road Of the New York Central.
Mr.. Mayer is the president Of the Consolida-
ton coal company. the largest concern in the
Cumberland coal region, which is identified
with the Baltimore and Ohio railroad interests.
He IL also the president of the railroad which
connects the mines Of his company with Cum
berland city. For long time report has had
it that MIR. Mayors ambition led him to aspire
to the b. and o. presidency. He is an executor
Of the estate of the late Mr.. T. Harrison Gar
rett. and is closely allied to the Garrett inter-
ests in the railroad company. A conference
WA was held last evening at the Office of Mr..
present, including Dir. Prick, Mr.. Gregg and
Others. The naming Of Mr. Mayer for the
presidency became known soon afterward.
MIR. Buckley, the Baltimore and Ohio rail-
road expert accountant in the service Of the
investigating committee, left here q week ago
at the advice Of his physician, as stated. Mem
bers Of the committee aud others who have
taken an interest in the proceedings say the
investigation has surely come to an end.
The Garrett Family to the Front Again.
Baltimore Special to the New York Tribune
Under the new Baltimore and Ohio deal it is
now understood that Robt. Garrett will shortly
be returned to the directory. The various re-
ports recently circulated seem to give color to
the statement made by Baltimore paper that
the road is to be run again as q family institu-
ton. Gossip continues concerning change
in the presidency. Chas. F. Mayer, the coal
Spencer's successor. Mayer, W. F. Prick, and
Jas. Sloan are the accepted leaders Of the
twelve stockholders directors. The other
members of the board are the seven city and
the four state directors, who are controlled by
Senator German, himself state director. The
situation is explained by prominent banker
as being the choice Of two evils: 'Shall the
company be run by the Carrots as family
c-Tcern or shall it be turned into q political
nachine?'
All VINO are interested In the welfare OF the
road in business way prefer the Carrots to
the politicians. Mr.. Mayer, speaking Of the
rumors concerning the presidency, declares
that Mr.. Spencer will be reelected, and that he
was advised Of the changes in the directors be-
fore they were made public. On the other
hand, it is said that since the stakeholder di-
rectors were elected, they have left President
Spencer severely alone, so far as imparting to
him, as the head of the big railroad corpora
ton, their business condolences. He is very
popular among the business men Of Baltimore,
and has been praised for his management Of
the road. Mr.. Spencer may be reelected at
the directors meeting, and may subsequently
voluntarily resign. In the last week Baltimore
and Ohio stock solo at 9O1k regular and at 80
seller sixty. Financial Journals generally have
favorably upon President Spencer's
annual report. and have expressed surprise and
qualification at the satisfactory exhibit Of the
finances Of the company. The fast trains be-
tween Washington. Baltimore and Philadel-
Phia, over the Philadelphia branch, are grow
ing in favor and promise good results. Last
year the Baltimore and Ohio company charged
Of between $500, COO and $500 900 deficiency in
operating the Philadelphia branch, interest on
bonds, Of course, included. It is certain that
the Philadelphia extension will continue to do
better and better each year, and eventually the
road may earn the interest on its bonds II it
had done SO for the last year, the Baltimore
and Ohio could have paid small dividend on
its stock.