The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1888-12-20
THR GARRETT POLICY
To be Revived in the Manage
meut Of the 3. & o. Road.
MAYER ELECTED PRESIDENT
And Spencer Steps Down and Out
The Road to be Made Trunk
Line Through to New York.
Meeting of the Directors. =

BALTIMORE, MD, Dec. lS.-CnAfIeb
Mayer has been elected President OF the
Baltimore & Ohio railroad. It is stated
that he will at once revive to some ex-
tent the old aggressive policy Of the Gar
retts. It is believed that he will favor
the construction Of road from this city
to Staten Island, making the Baltimore &
Ohio in reality what it has been long in
name, an independent trunk line. AS a
line is projected already from Twenty
fourth street and Penn avenue, Phila-
delphia, to Wayne Junction, and an
other line is being constructed from
Elizabeth, N. j., to Staten Island, there
would be only about seventy miles OF
road to build, which would cost, it is
estimated, not over SlO,OOO,OOO. With
ample terminals at Staten Island, it is
believed the company could easily earn
the interest on the cost. The construc-
ton OF the Philadelphia extension was
denounced as a reckless exhibition OF
extravaganza, but in the second year the
net earnings were large enough to de-
fray all expenses OF completing the
double track and all but $50O,0O0 OF the
interest account. This year this division
is expected to do still better. besides fur
nishing good deal OF traffic for the
main line.
A resolution was adopted requesting
the committee appointed last April toin-
yestigate the financial condition OF the
company not TO make a report until they
could bring full and final report. Ithad
been the intention Of the minority ofthe
committee (Messrs. German and Lam
ahau, State and city directors) to report
to-day.
The monthly report OF earnings aud
expenses of the company for November
shows:
Earnings for November, 1855, $780,
302; for November, 1887, 81, 100, 1897. Ex-
penses for November, 1883, 81, ,lS7, ,923;
Tor November, 1887, 81, ,220, 740. Net de-
crease, $l06,.59.
After the adjournment OF the Board OF
Directors a reporter called upon Mr..
Samuel Spencer, the retiring President,
and asked him il he had any statement
to make. He replied: las to the var
ious newspaper statement which have
been made regarding my retirement from
the Presidency OF the Baltimore & Ohio
Company, have only to say that until
after the stockholders meeting, on No.
vember 10, was absolutely without any
information as TO what the composition
OF the new Board would be. There had
never been any indications Of dissatis-
faction, so far as knew, with the man.
agement OF the property, and i had no
reason to suspect any intention as to
change in the Presidency. Some days af-
ter that meeting member OF the Board
advised me OF a preference on the part Of
certain large stockholder interests for
Mr.. Mayer for the position, and Mr..
Mayer subsequently, stated to me that he
had consented to the use OF his name.
These gentlemen came of their own ac-
cord, and l could not regard their state
ments as coming from Board then un-
organized. Under these circumstances,
and as no causes for the desired change
were given, preferred 10 await such
authoritative expressions rs the Board, or
u majority Of 1t, might see 1T to make.
1t has acted to-day, exercising rights
which no one will question, and l have
now nothing to say on the subject"
Mr.. Spencer takes the action OF the
Board very coolly, and his digni6ed de-
pertinent has not been at all ruttled.
That he has managed the Baltimore &
Ohio with consumate skill, both as n
railroad man and as q financier, is ad-
mitted by the whole business public,
and his retirement is generally regret
ted.
Mr.. Mayer is fifty-six years OF age and
Is Baltimoreap by birth. He is recog-
nized as man Of fine business talents.
Mr.. Mayer Is also President Of the Cum
berland & Pennsylvania Railroad Com
pany, the Susquehanna & Tidewater
Canal Company, and number OF other
corporations.