New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-13
Elk. NORTON RESIGNS.
NO LONGER LOUISVILLE AND NASHVILLES
PRESIDENT.
ONLY PRIVATE BUSINESS REASONS FOR HIS
ACTION, HE sAYs-THE ROAD IL
FINE SHAPE.

FINE SHAPE.
Wall street heard with regret yesterday that tx.
Norton president Of the Louisville and NashVNle
Railroad had decided to retire from the place. At
q meeting Of the Board OF Directors Mr.. Norton pre-
sented letter, Saying:
1t has been my intention for a considerable time
mast 10 retire from the presidency Of the Louisville
and Nashville Railroad Company as soon As the
financial araTs of the company were In condition
entirely sat ,facory and success was assured In the
various improvements in progress. have so deter
mined because my private and family affairs demand
a share Of my attention which IS now impossible, ana
because feel that the work undertook has been IN
large measure performed We have now been en-
ablet by converting a portion Of the bonded debt
into stock very largely to rcducc fixed charges:
a new per cent bond, secured by a unified mortgage.
has been placed upon the market proVionS lOI All
future wants Of the company the physical cohditoh
Of the property has been greatly improved new
properties have greatly strengthened our position ana
we have returned at last to cash dividend-paymS
basis.
Under these circumstances feel that may now
carry ont nv purpose without injury TO the affairs
Of the company, and hereby tender my resignation
of the Office of president of the Louisville ana NaShNe
Railroad Company, TO take effect on tEc l't' cay VI
APRIL 1891. upon the election and qualihcauoh Oh
nv successor at any time anterior 10 me ABOVE ud"
in doing so, have to thank the Board Of Directors
and the officers Of the company for the unvaryns con-
fdencc and assistance with which have been faVOed'
and TO express my appreciation for all the courtesy anu
consideration exhibited toward me during my con-
neoton with the company
The board adopted resolutions accepting the nsig.
nation of Mr. Norton and appointed August Belmont,
Thoma, Rutter and John d. Frobt to suggest suitable
action in reference to Mr. Nortons lette Mr. Merton
remains director Of the company lie said yester-
day: "The Louisville and Nashville was never III
better condition financially or physically, than TO-DAY
am growing DID, and feel that need rest and more
time 10 give to my family and personal Affairs Ihers
IS nothing else whatever back OF this step, Whch
determined upon long time ago. Last septem6.r
my brother. Judge Elijah IL. Norton Of Plat Cry
No. wrote 10 ne. urging me not 10 accept reelection
10 the presidency l replied that wished to see tho
company placed in position whore Il could resume
cash dividends, and then | would step OUT Ihat
point has been reached, and my work is finished"
with regard to the rumors II deal with Rich
mond Terminal, Mr.. Norton said There Is but ono
way for any one to secure control Of Louisville and
Nashville. That i to % into the market and buy IT,
There Is no option out the control, ald no neso-
tiatlons pending for any change in management
The Louisville ard Nashville i, bound mp b.; c9nt:ac.
with no one system, and at every point where u
touches other lines II treats each ana every one On
Mr.. norton was born in Kentucky December Is.
1881. L. l-51 he entered mercantile bu,lness WIN
hi, brother. W +. Norton. al Fadutah lie entered
tie service of the Illinois Central in ls3i. Three
years aferWard he went into the banking business
with hi~ brother at PaduCah and early IN l-bd E,A'
stein removed 10 This city founding the lanhng hou'e
co. In l76o Mr.. Norton bought the Paducah ani
Gulf Railroad. which Wa subsequently, con, oa"'ea
active part the construction Of the ElizabethioTn
and Paducah which Is now part of he She.ape'ae.
tered directory OF the Louisville and Nashville IN
i-5l and his services in rehabtating the FINANCES
administration the company has been developed
and strengthened in many ways.