Sacramento daily record-union., 1890-04-08
SENATOR STANFORD.
He Will Retire from the Southern Pacific
Management


SAN FRANCISCO April 7th.-Mr. Stanford
is now 66 years of age, and for twenty
seven years has been at the head of the
railroad system now operated by the South
ern Pacific Company. His retirement prob
ably puts an end to his career as an active
railroad builder and manager, in which
character he ranks second TO no man in the
world.
The position of First Vice resident of
the Southern Pacific Company will be
taken by Colonel C. +. Crocker, A. n.
Towne will become Second Vice President,
and J. c. Slubos will become Third Vice
President The position of Fourth Vice
President now held by Mr.. S;ubbs will be
abolished. The new Board of Directors, it
is stated, will be composed of these five
and Judge Stillman of. New York, repre-.
senting the interest of Mrs. Hopkins
Searles; E. III. Miller. Jr., W. E. Brown, w.
V. Harrington, S. T. Gage and Ariel Lath-
rop. The two last-named will represent
Senator Stanford in the Directory.
When the Senator arrived at his office at
Fourth and Townsend streets this morning
large number of his associates called to
pay their respects. Among these were
Messrs. Gage, Lathrop. Strowbridge and
Judge McKisick. He talked about railroad
building with Strowbridge, about his health
with Gage and McKisick, and about his
Palo Alto horses with Lathrop. Although
still hoarse from an attack of Ia grippe,
and disinclined to converse much, Senator
Stanford looks and is in better health than
when he left here year ago. He says his
nervousness has mostly disappeared and
that he feels in tolerable condition To a
reporter who called he said:
st is true that | shall present my resig-
nation as President of the Southern Pacific
Company at the meeting of the Board of
Directors on Wednesday. The reason is
simply that | cannot attend to my duties
The university and Senatorship consume
so much of my time that / cannot meet
with my associates and give them the
assistance they require from one who occu-
pies my position, and SO at last they have
agreed to consent to my retirement. have
contemplated this step for four years, but
heretofore my associates have declined to
accept the resignation. 1t is also time that
Mr.. Huntington will succeed me. He has
lately retired from the Presidency of the
Chesapeake and Ohio road, and can now
devote his time to our company. l shall
retain ali my interest in the railroads COM
prising the Southern Pacific system, and
when my assistance is necessary shall give
it toward the management.
Zone of my reasons for returning to the
coast at this time is the condition of affairs
at the University. The heavy rains of this
winter have practically stopped work on
the building and we have lost four months
time. We had intended to begin opera
tions next fall, but l consider it to be doubt
full now whether that will be possible
have all along intended to place the man
agement of the University in the hands of
man of tried experience, but the dis,
covery of such a man is not so easy as
thought. There are plenty of fine edu.
Gators in the country, but there are few
men who combine the business ability
necessary to manage an institution of this
kind with irst-class educational capacity.
Those who do are comfortably situated
and have no desire to change their quar-
tiers. so think it quite probable that we
shall be compelled to select an untried man
and create great University manager, so
to speak In that event l shall take hold
of the University myself and see that its
business affairs are properly cared for. In
a few days shall visit Palo Alto and see
how the work is progressing"
Senator Stanford said it was extremely
improbable that Creed Raymond would
retire from the law department Of the COM
pany, but if be did finally succeed in in
ducipg the Directors to accept his resigna-
ton ne would probably be succeeded by
one of the regular attorneys for the COM
pany. He said if he were not quite so
hoarse he would like to talk about his farm
mortgage legislation.
THAT matter is very imperfectly under
stood he added, 'and would like to ex-
plain it, but don't want to talk any more
than / can help this morning. l believe
my plan would promote business activity
fput into operation. As society is now
organized all men are borrowers, and debt
seems to be every business mans normal
condition. There is scarcely corporation
or business man in the country out of debt
| was never free from debt but once in my
life. That being the case, cheap money on
undoubted security would seem to be the
thing to promote business activity and
relieve stagnated industries"